Core Viewpoint - Smoore International (06969.HK) has seen a significant increase in its stock price, rising over 4% to reach HKD 12.96, with a trading volume of HKD 146 million [1] Group 1 - The stock price of Smoore International increased by 4.6% [1] - The current trading price is HKD 12.96 [1] - The trading volume reached HKD 146 million [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。 採購框架協議將於2025年12月31日失效。有鑑於此，本公司欣然宣佈，本公 司已與億緯鋰能訂立新採購框架協議。 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 重續持續關連交易 重續持續關連交易 茲提述本公司（ 為其本身及代表其附屬公司（） 作為客戶 ）與億緯鋰能（ 為其本 身及代表其附屬公司（）作為供應商 ）所訂立日期為2022年11月4日的採購框架 協 議 ， 據 此 ， 億 緯 鋰 能 集 團 將 為 本 集 團 製 造 電 池 產 品 。 詳 情 請 參 閱 本 公 司 2024年年報第36至37頁「持續關連交易」一節。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 新採購框架 ...

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2025年11月5日 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06969 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 6,193,035,778 | | 0 | | 6,193,035,778 | | 增加 / 減少 (-) | | | 536,737 | | 0 | | | | 本月底結存 | | | 6,193,572,515 | | 0 | | 6,193,572,515 | 第 2 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變 ...

Core Viewpoint - Smoore International (06969) has subscribed to a total of $80 million in notes issued by Morgan Stanley, indicating a strategic move to leverage existing cash reserves and free cash flow for investment purposes [1] Group 1: Subscription Details - On October 28, 2025, the company subscribed to notes with a principal amount of $20 million, equivalent to approximately HKD 156 million [1] - On October 31, 2025, the company subscribed to additional notes with a principal amount of $60 million, equivalent to approximately HKD 468 million [1] - The subscriptions were funded through the company's existing cash reserves and free cash flow [1]

Core Viewpoint - Smoore International (06969) has announced the subscription of notes issued by Morgan Stanley Financial LLC, indicating a strategic move to utilize available cash reserves and free cash flow for investment purposes [1] Group 1: Subscription Details - On October 28, 2025, the company subscribed to notes with a principal amount of $20 million, equivalent to approximately HKD 156 million [1] - On October 31, 2025, the company subscribed to additional notes with a principal amount of $60 million, equivalent to approximately HKD 468 million [1] - The funding for these subscriptions will be sourced from the company's existing cash reserves and free cash flow [1]

Core Viewpoint - Smoore International (06969.HK) has announced the subscription of notes issued by Morgan Stanley with a total principal amount of $80 million, funded by the company's available cash reserves and free cash flow [1] Group 1 - On October 28, 2025, the company subscribed to notes with a principal amount of $20 million issued by Morgan Stanley [1] - On October 31, 2025, the company subscribed to additional notes with a principal amount of $60 million issued by Morgan Stanley [1] - The funding for these subscriptions will come from the company's existing cash reserves and free cash flow [1]

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） 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。 須予披露交易 認購票據 認購事項 於 2025 年 10 月 28 日 ， 本 公 司 認 購 了 由 摩 根 士 丹 利 金 融 有 限 責 任 公 司 發 行 的 本 金 金 額 為 20,000,000美元（ 相當於約156,000,000港元 ）之票據。於2025年10月31日，本公司認購了由 摩根士丹利 金融有限責 任公司發行的 本金金額為60,000,000美元（ 相當 於約468,000,000 港 元）之票據。認購事項由本集團現有可動用現金儲備及自由現金流撥付資金。 上市規則之涵義 由於2025年10月28日認購及2025年10月31日認購均與同一家訂約方於12個月內訂立，根 據上市規則第14.22條，該等認購 ...

Core Viewpoint - Huachuang Securities maintains a "strong buy" rating for Smoore International (06969) with a target price of HKD 21.90, highlighting the company's leading position in the global electronic vaporization market and potential for growth in both e-cigarette and HNB (Heated Not Burned) businesses [1] Group 1: Financial Performance - In the first three quarters, the company achieved revenue of CNY 10.21 billion, a year-on-year increase of 21.8%, while net profit was CNY 809 million, a decrease of 23.8%. Adjusted net profit was CNY 1.182 billion, a slight increase of 0.1% [1] - For Q3 alone, the company reported revenue of CNY 4.197 billion, a year-on-year increase of 27.2%, and net profit of CNY 317 million, down 16.4%. Adjusted net profit for the quarter was CNY 444 million, up 4.0% year-on-year [1] Group 2: HNB Product Growth - The market feedback for HNB products is positive, with significant increases in product shipments contributing to impressive revenue growth. The Glo Hilo product has received praise for its stylish design and flavor delivery compared to IQOS [2] - As Glo Hilo expands in the European market, the product penetration rate is expected to accelerate [2] Group 3: E-Cigarette Business and Regulatory Environment - The company benefits from stricter regulations on non-compliant products globally, with a recent poll indicating that 80% of U.S. voters support increased enforcement against illegal e-cigarettes, which may help the company's business recovery [3] - The company's own brand performance remains strong due to the launch of flagship new products and enhanced localized operations [3] Group 4: Profitability and Cost Management - The adjusted net profit margin for Q3 was approximately 10.6%, a decrease of 2.4 percentage points year-on-year, primarily due to the product mix with a higher proportion of lower-margin HNB products in early sales [4] - The company has seen steady improvement in sales, management, and R&D expense ratios, which is expected to enhance profit flexibility in the future [4]

Core Viewpoint - Huachuang Securities maintains a "strong buy" rating for Smoore International (06969) with a target price of HKD 21.90, highlighting the company's leading position in the global electronic vaporization market and potential for growth in both e-cigarette and HNB (Heated Not Burned) segments [1] Group 1: Financial Performance - In Q3 2025, the company reported revenue of CNY 10.21 billion, a year-on-year increase of 21.8%, while net profit was CNY 809 million, a decrease of 23.8%. Adjusted net profit stood at CNY 1.18 billion, a slight increase of 0.1% [1] - For Q3 alone, revenue reached CNY 4.197 billion, up 27.2% year-on-year, with net profit at CNY 317 million, down 16.4%. Adjusted net profit for the quarter was CNY 444 million, reflecting a 4.0% increase year-on-year [1] Group 2: HNB Product Growth - The market feedback for HNB products has been positive, with significant increases in product shipments contributing to impressive revenue growth. The Glo Hilo product has received favorable comparisons to IQOS, particularly for its design and flavor delivery [2] - As Glo Hilo expands in the European market, the product penetration rate is expected to accelerate [2] Group 3: Vaporization Business and Regulatory Environment - The vaporization business is benefiting from stricter regulations on non-compliant products globally, with a recent survey indicating that 80% of U.S. voters support enhanced enforcement against illegal e-cigarettes, which may help the company's business recovery [3] - The company's own brand performance has shown steady growth, aided by the launch of flagship products and enhanced local operations [3] Group 4: Profitability and Cost Management - The adjusted net profit margin for Q3 2025 was approximately 10.6%, a decrease of 2.4 percentage points year-on-year, primarily due to the product mix with a higher proportion of lower-margin HNB devices in early sales [4] - The company has seen steady improvements in sales, management, and R&D expense ratios, which are expected to enhance profit flexibility in the future [4]

Core Viewpoint - The company's third-quarter performance confirms the upward trend in industry prosperity, with significant achievements in technology research and development [1] Group 1: Investment Recommendations - The company has adjusted its profit forecast for 2025-2027, expecting net profit attributable to shareholders to reach 1.03 billion, 1.94 billion, and 2.54 billion yuan respectively, maintaining a "buy" rating [1] - The company is positioned as a core supplier in the heated non-combustible industry chain, benefiting from long-term R&D investments and a broad growth space [1] - The target price for 2025 is set at 19.87 HKD, based on a PE ratio of 110.0X [1] Group 2: Financial Performance - In Q3 2025, the company achieved a record revenue of 4.197 billion yuan, a year-on-year increase of 27.2% and a quarter-on-quarter increase of 27.5% [1] - The net profit attributable to shareholders was 317 million yuan, a year-on-year decrease of 16.4% but a quarter-on-quarter increase of 5.7% [1] - Excluding equity incentive expenses, net profit increased by 4.0% year-on-year and 4.8% quarter-on-quarter [1] Group 3: Business Growth - The OEM and proprietary brand revenues both experienced growth, with significant increases in HNB and vaping businesses [2] - The company supports strategic customers in global market expansion, leading to a substantial increase in product shipments for HNB [2] - The company has successfully launched new compliant electronic vaping products in response to increased regulatory scrutiny in major global markets [2] Group 4: Industry Trends - The upward trend in industry prosperity is clear, with traditional vaping businesses expected to benefit from regulatory changes in the US and Europe [2] - The new Glo Hilo product has received positive feedback, with plans for nationwide promotion in Japan by September 2025 and expansion into more core markets in the second half of 2025 [2] - The company is developing multiple technology platforms to address various user pain points, accelerating commercialization efforts in collaboration with partners [2]