Core Viewpoint - The announcement by the Ministry of Finance and the State Taxation Administration to cancel the VAT export tax rebate for e-cigarettes starting April 1, 2026, is expected to accelerate industry consolidation and benefit leading compliant companies with scale and technological advantages [1] Company Summary - Smoore International (06969) saw its stock price rise over 5% in early trading, currently up 4.63% at HKD 11.52, with a trading volume of HKD 123 million [1] - Despite the short-term impact of the tax policy on Smoore's performance, its strong ties with leading brands are expected to solidify its market position in the long run [1] Industry Summary - The policy adjustment is anticipated to significantly impact the e-cigarette manufacturing industry, leading to a new round of reshuffling [1] - The reduction of tax rebates is likely to help the industry move away from price wars, promoting a healthier market environment [1]

Group 1 - The core viewpoint of the article indicates that the cancellation of VAT export rebates for e-cigarettes and other products starting from April 1, 2026, is expected to accelerate industry consolidation, benefiting leading compliant companies with scale and technological advantages [1] - The stock price of Smoore International (06969) rose over 5% in early trading, reflecting positive market sentiment regarding the policy change [1] - The adjustment in tax policy is anticipated to significantly impact the e-cigarette manufacturing industry, leading to a new round of reshuffling, with Smoore's long-term position expected to strengthen despite short-term performance challenges due to the removal of tax rebates [1] Group 2 - The reduction of tax incentives is seen as a way for the industry to gradually move away from price wars, which have been detrimental to profitability [1] - The trading volume for Smoore International reached 123 million HKD, indicating strong investor interest following the announcement [1]

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: 2026年1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) | 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 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | 100,000,000 | | 增加 / 減少 (-) | | | | | | USD | | | | 本月底結存 | | | 10,000,000,000 | USD | | 0.01 USD | | 100,000,000 | 本月底法定/註冊股本總額： USD 100,000,000 ...

Group 1 - Smoore International (06969.HK) experienced a rebound of over 6% [2] - As of the report, the stock rose by 5.54%, reaching HKD 11.44 [2] - The trading volume amounted to HKD 294 million [2]

Core Viewpoint - The recent adjustment in the electronic cigarette export tax rebate policy is expected to significantly impact the electronic cigarette manufacturing industry, leading to a new round of industry reshuffling. Although the short-term performance of Smoore International (06969) may be affected, its long-term position is likely to be further solidified [1] Group 1: Company Insights - Smoore International's stock rebounded over 6%, currently trading at 11.44 HKD with a transaction volume of 294 million HKD [1] - The company is closely tied to leading brands, which may help it navigate the short-term challenges posed by the tax rebate policy [1] Group 2: Industry Analysis - The adjustment in tax rebates is anticipated to help the industry gradually emerge from the price war [1] - International tobacco giants are entering mainstream markets with HNB products, which may boost sales of new tobacco products in new regions [1] - There is potential for increased profitability in regions like the UK and Europe, particularly with the shift towards more profitable pod-based and open-system products [1] - Strengthened enforcement of electronic cigarette regulations in the U.S. is expected to create significant recovery space for compliant product shares [1]

Group 1 - The core viewpoint of the article highlights a significant rebound in Smoore International's stock price, which increased by over 6% and is currently trading at 11.44 HKD with a transaction volume of 294 million HKD [1] - The recent adjustment in the electronic cigarette export tax rebate policy is expected to have a substantial impact on the electronic cigarette manufacturing industry, leading to a new round of industry reshuffling [1] - Although Smoore's short-term performance may be affected by the tax rebate policy changes, its long-term position is anticipated to strengthen due to its deep ties with leading brands [1] Group 2 - The reduction in tax rebate incentives is expected to help the industry gradually emerge from the price war [1] - With the entry of international tobacco giants' HNB products into mainstream markets, the sales of the company's new tobacco products in new regions are likely to contribute to incremental growth [1] - The enforcement of electronic cigarette regulations, particularly in the United States, is expected to create significant recovery opportunities for compliant product market share [1]

Group 1 - The company conducted significant share buybacks on December 11 and 12, totaling nearly 200 million HKD, reflecting management's long-term confidence in the company's value and future growth [1] - On December 11, the company repurchased 8.14 million shares at an average price of 12.26 HKD per share, costing 99.77 million HKD, and on December 12, it repurchased 7.99 million shares at an average price of 12.48 HKD per share, costing 99.76 million HKD [1] - The proportion of shares held by the trustee increased from 1.2853% to 1.5457% following these buybacks [1] Group 2 - In Q3 2025, the company's revenue reached approximately 4.197 billion RMB, a year-on-year increase of 27.2%, driven by the successful launch of heated non-combustible (HNB) products in major global markets [1] - The company benefited from stricter global regulations leading to the elimination of non-compliant products, positioning itself as a compliant leader in the industry [1] - Adjusted net profit for Q3 was approximately 444 million RMB, reflecting a year-on-year growth of 4.0%, with effective cost control as the growth rate of expenses was lower than that of revenue [1] Group 3 - The company is recognized as a global leader in electronic vaporization, focusing on R&D and technological leadership [2] - Future revenue projections for the company are 14.108 billion RMB, 16.717 billion RMB, and 19.867 billion RMB for 2025-2027, with year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively [2] - Net profit forecasts for the same period are 1.043 billion RMB, 1.931 billion RMB, and 2.726 billion RMB, with growth rates of -19.93%, 85.12%, and 41.14% respectively [2]

Investment Rating - The investment rating for Smoore International is maintained as "Buy-A" with a target price of HKD 16.80 [6][4]. Core Insights - Smoore International has demonstrated strong confidence in its long-term value through significant share buybacks, totaling nearly HKD 200 million over two days [2]. - The company reported record revenue of approximately RMB 4.197 billion for Q3 2025, reflecting a year-on-year growth of 27.2%, driven by the successful launch of new heated not-burn (HNB) products in major global markets [3]. - The company is positioned to benefit from stricter global regulations on non-compliant products, enhancing its status as a compliant leader in the industry [4]. Financial Summary - Revenue projections for Smoore International from 2025 to 2027 are RMB 141.08 billion, RMB 167.17 billion, and RMB 198.67 billion, representing year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively [4]. - Net profit estimates for the same period are RMB 10.43 billion, RMB 19.31 billion, and RMB 27.26 billion, with growth rates of -19.93%, 85.12%, and 41.14% respectively [4]. - The company’s price-to-earnings (PE) ratios are projected to be 63.16x, 34.12x, and 24.17x for 2025, 2026, and 2027 respectively [4].

Group 1 - The core viewpoint of the report is that Smoore International (06969) maintains a "Buy" investment rating due to its leadership in the global electronic vaporization market, ongoing R&D efforts, and strong management confidence reflected in recent share buybacks [1] - The company has conducted significant share repurchases, spending nearly HKD 200 million over two days, which indicates long-term confidence from management regarding the company's value and future business growth [1] - The projected revenue for Smoore International from 2025 to 2027 is estimated to be RMB 14.108 billion, RMB 16.717 billion, and RMB 19.867 billion, representing year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively [1] Group 2 - In Q3 2025, the company achieved record revenue of approximately RMB 4.197 billion, a year-on-year increase of 27.2%, primarily driven by the successful launch of heated not-burn (HNB) products by strategic clients in major global markets [2] - The tightening of global regulations has accelerated the exit of non-compliant products, allowing the company, as a compliant leader, to fully benefit from policy advantages, resulting in steady growth in its electronic vaporization business [2] - The adjusted net profit for Q3 was approximately RMB 444 million, reflecting a year-on-year growth of 4.0%, with excellent cost control as the growth rate of expenses was lower than that of revenue [2]

Core Viewpoint - Guotou Securities maintains a "Buy" rating for Smoore International (06969), highlighting its leadership in the global electronic vaporization market and its commitment to R&D and technology innovation. The company is expected to benefit from increased regulatory scrutiny on non-compliant products and ongoing business expansion, with significant share buybacks reflecting long-term confidence in its growth potential [1][8]. Group 1: Share Buybacks - The company executed two significant share buybacks on December 11 and 12, spending nearly HKD 200 million. On December 11, it repurchased 8.14 million shares at an average price of HKD 12.26 per share, costing HKD 99.77 million. On December 12, it repurchased 7.99 million shares at an average price of HKD 12.48 per share, costing HKD 99.76 million. The proportion of shares held by the trustee increased from 1.2853% to 1.5457%, indicating management's long-term confidence in the company's value and future growth [2][8]. Group 2: Financial Performance - In Q3 2025, the company achieved a record revenue of approximately RMB 4.197 billion, representing a year-on-year growth of 27.2%. This strong performance was primarily driven by the successful launch of heated not-burn (HNB) products by strategic clients in major global markets. The tightening global regulations accelerated the exit of non-compliant products, allowing the company to fully benefit from policy advantages as a compliant leader. The flagship new products contributed to an increase in the share of its proprietary brand business. Adjusted net profit for Q3 was approximately RMB 444 million, up 4.0% year-on-year, with expense growth below revenue growth, indicating excellent cost control [3][9]. Group 3: Revenue Projections - Guotou Securities projects Smoore International's revenue for 2025-2027 to be RMB 14.108 billion, RMB 16.717 billion, and RMB 19.867 billion, reflecting year-on-year growth rates of 19.57%, 18.50%, and 18.84% respectively. The company is assigned a target price of HKD 16.80 for 2026, based on a price-to-earnings ratio of 48x [1][8].