Core Viewpoint - Smoore International, known as the "first stock of electronic cigarettes," is facing significant challenges, including a declining stock price and market value, attributed to regulatory pressures, stagnant profits despite revenue growth, and changing market sentiment [1][6][25] Financial Performance - In Q3 2025, Smoore's revenue reached 10.21 billion RMB, a year-on-year increase of 21.8%, with Q3 revenue hitting a record high of 4.197 billion RMB, growing over 27% year-on-year and quarter-on-quarter [4] - However, net profit for the first three quarters of 2025 was 809 million RMB, down 23.8% year-on-year, with a Q3 net profit of 317 million RMB, a decrease of 16.4% [4] - The company's net profit margin has plummeted from 38.44% in 2021 to 7.92% in the first three quarters of 2025 [4] Market Challenges - Smoore's revenue from mainland China dropped by 92.7% in 2023 due to stringent regulations, with its revenue share falling from approximately 18.5% to about 1.5% [6] - Increased sales and distribution expenses, which rose by 31.2% to 491 million RMB in the first half of 2025, have further pressured profitability [6] - The company's gross margin has decreased from 53.6% in 2021 to 37.3% in the first half of 2025, indicating a decline in the quality of revenue growth [7] Strategic Shift - Smoore is attempting to diversify its business by launching the "Lanzhi" beauty brand, which utilizes TPS (Transdermal Permeation System) technology, aiming to create a "second growth curve" [1][13] - The Lanzhi brand generated sales of 30.61 million RMB in the first half of 2025, but its contribution to overall revenue remains minimal [12][23] - The beauty market is seen as a high-margin opportunity, with Smoore hoping to replicate its electronic cigarette success in this new sector [13] Competitive Landscape - The beauty device market is highly competitive, with established international brands dominating the high-end segment and local brands capturing the mid-to-low end [16] - Lanzhi faces challenges such as low brand recognition, insufficient distribution channels, and competition from other beauty companies [16][24] - The effectiveness and safety of the TPS technology remain under scrutiny, with concerns about its ability to deliver active ingredients effectively and safely [18][19] Regulatory Environment - The regulatory landscape for beauty aerosol products is still evolving, with uncertainties regarding specific regulations for aerosol beauty technology [21] - Smoore's transition into the beauty sector may not provide immediate relief from its current profitability issues, as the Lanzhi brand's profitability may take up to two years to materialize [23][25]

Group 1 - The company, Smoore International (06969), announced the grant of a total of 915,000 share options to five eligible participants under the revised share option plan approved by shareholders on February 18, 2025 [1] - Each grantee is required to pay HKD 1 as the consideration for accepting the grant of share options within a period determined by the board, not exceeding 30 days from the grant date [1]

Group 1 - The core announcement is that Smoore International (06969) has granted a total of 915,000 stock options to five eligible participants under a revised stock option plan approved by shareholders on February 18, 2025 [1] - Each participant must pay HKD 1 as the consideration for accepting the stock options within a period determined by the board, not exceeding 30 days from the grant date [1]

Group 1 - The core announcement is that Smoore International (06969) has granted a total of 545,000 share awards to seven eligible participants under the revised share award plan, pending acceptance by the recipients [1]

Group 1 - The core announcement is that Smoore International (06969.HK) will grant a total of 915,000 stock options to five eligible participants under a revised stock option plan approved by shareholders on February 18, 2025 [1] - Each participant must pay HKD 1 as the consideration for accepting the stock options within a period determined by the board, which will not exceed 30 days from the grant date [1]

Group 1 - The company, Smoore International (06969.HK), announced the grant of a total of 545,000 shares to 7 eligible participants under the revised share award plan [1] - The grant of shares is subject to acceptance by the participants before it can be finalized [1] - Each awarded share entitles the participant to receive one share on the vesting date [1]

Core Viewpoint - Smoore International (06969) announced the grant of a total of 545,000 share awards to seven eligible participants under the revised share award scheme, pending acceptance by the grantees [1] Group 1 - The company will issue 545,000 award shares to seven qualified participants [1] - The grant of shares is subject to acceptance by the grantees before it becomes effective [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） – 1 – （股份代號：6969） 授出獎勵股份 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第17.06A， 17.06B及17.06C條作出。茲提述思摩爾國際控股有限公司（「本公司」）日期為2025年2月18日 之 公 告（「 該 公 告 」）， 內 容 有 關 本 公 司 股 東 批 准 經 修 訂 股 份 獎 勵 計 劃（「 經 修 訂 股 份 獎 勵 計 劃」）。除文義另有所指外，本公告所用詞彙與該公告所界定者具有相同涵義。 授出詳情如下： 授出日期： 2025年12月31日 承授人類別： 所有承授人均為本集團僱員。 – 2 – 授出獎勵股份股數： 545,000 授出獎勵股份購買價： 零 股份於授出日期之 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 授出購股權 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第17.06A、 17.06B及17.06C條作出。 思摩爾國際控股有限公司（「本公司」，連同其附屬公司統稱「本集團」）董事（「董事」）會（「董 事會」）宣佈，於2025年12月31日（「授出日期」），根據本公司股東於2025年2月18日批准的經 修 訂首 次公 開發 售後 購股 權計 劃（「 經修 訂購 股權 計劃」）向 本集 團5 名 合資 格參 與者（「承 授 人」）授出合計915,000股購股權（「購股權」）。根據經修訂購股權計劃，每名承授人須於董事 會可能釐定並通知有關承授人的期間內（ 不超過自授出日期起計30 天（ 包括當日 ） ...

Investment Rating - The investment rating for Smoore International (06969) is maintained as "Buy" [7] Core Views - The report highlights the gradual improvement in electronic cigarette regulations, emphasizing the bottom value of Smoore International as a compliant market leader poised to benefit from the changing supply landscape [2][3] - The report anticipates significant revenue growth for Smoore International, projecting revenues of HK$141.32 billion, HK$163.76 billion, and HK$195.88 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of +19.78%, +15.88%, and +19.62% [11] Summary by Sections Regulatory Environment - Recent regulatory developments include a comprehensive crackdown on illegal electronic cigarette activities, with the government emphasizing the need for stricter oversight and compliance in production and sales [2] - The National Tobacco Monopoly Administration has initiated measures to curb excessive competition and prevent overcapacity in the electronic cigarette industry [2] Market Performance - British American Tobacco's Hilo brand is expected to see positive growth, with new product launches in various countries contributing to revenue increases [3] - The report notes a recovery in the vaping segment, with improved sales for the Vuse brand in the U.S. due to enforcement actions against illegal products [4] Financial Highlights - Smoore International executed significant share buybacks totaling approximately HK$1.99 billion, reflecting confidence in its long-term growth prospects [5] - The forecasted net profit for Smoore International is projected to be HK$9.13 billion, HK$18.46 billion, and HK$26.75 billion for 2025, 2026, and 2027, with respective growth rates of -29.94%, +102.23%, and +44.87% [11]