Group 1 - The company Smoore International (06969) announced the grant of a total of 1.18 million stock options to 9 eligible participants on October 15, 2025 [1] - The exercise price for the stock options is set at HKD 15.72 per share [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） （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。 授出獎勵股份 董事會宣佈，於2025年10月15日，本公司根據經修訂股份獎勵計劃之條款，向10名合資格 參與者（「承授人」），授出合共540,000股獎勵股份（「授出事項」），惟授出事項須待承授人接 ...

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。 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10月15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9 名 合資 格參 與者（「承 授 人」）授出合計1,180,000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 ））支付1 港元，作為接納授出購股權的代價。 所授出購股權的詳情如下： – ...

Core Viewpoint - The report from CICC indicates a downward adjustment of 20% in the forecast for Smoore International's (06969) 2025 net profit attributable to shareholders, bringing it to 1.05 billion yuan, while the 2026 net profit forecast is raised by 11% to 1.88 billion yuan, reflecting a positive outlook driven by HNB product sales [1] Group 1: Financial Performance - For the first three quarters of 2025, the company reported revenue of 10.21 billion yuan, a year-on-year increase of 21.8%, while net profit attributable to shareholders was 810 million yuan, a decrease of 23.8%. Adjusted net profit after accounting for stock incentive expenses was 1.18 billion yuan, showing a slight increase of 0.1% [2] - Quarterly net profit figures for 2025 were 200 million yuan in Q1, 300 million yuan in Q2, and 317 million yuan in Q3, with year-on-year changes of -43.4%, +12.7%, and -16.4% respectively, aligning with CICC's expectations [2] Group 2: Market Expansion and Product Development - The Glo Hilo brand is expanding steadily in Japan and Poland, with the company positioned as a leader in flavor restoration, heating speed, and brand image. The positive sales momentum of heating devices is expected to contribute to revenue [3] - The company anticipates continued growth in the European vaping market, driven by differentiated compliant products from small brands, while orders in the U.S. are expected to remain stable despite regulatory tightening [3] - The company is leading in global market share for open-system proprietary brands, with expectations of continued year-on-year growth in Q3 2025 [3] Group 3: Profitability and R&D Investment - Short-term profitability may be slightly pressured due to increased orders from small customers in the European vaping market and initial sales of HNB heating devices. However, profitability is expected to improve as orders for vaping products increase and high-margin HNB products gain traction [4] - The company is increasing R&D investments in vaping medical and HNB new businesses, which, combined with the impact of stock incentive expenses, resulted in a year-on-year net profit decline of 16.4% and an adjusted net profit increase of 4% in Q3 2025 [4] Group 4: Long-term Growth Prospects - The company expects Glo Hilo to accelerate its global expansion in 2026, with concentrated shipments of HNB products likely to drive revenue growth. New products, technologies, and customers are anticipated to open up long-term opportunities [5] - In the vaping medical sector, the acceleration of complex generic drug development and the gradual realization of innovative drug collaborations are expected to lead to commercialization, providing long-term growth potential [5]

Core Viewpoint - The report from CICC indicates a downward adjustment in the net profit forecast for Smoore International (06969) for 2025 by 20% to 1.05 billion yuan, while the 2026 net profit forecast is raised by 11% to 1.88 billion yuan, reflecting a strong performance driven by HNB product sales [1] Group 1: Financial Performance - For the first three quarters of 2025, the company reported revenue of 10.21 billion yuan, a year-on-year increase of 21.8%, while the net profit attributable to shareholders was 810 million yuan, a year-on-year decrease of 23.8% [2] - Adjusted for stock incentive expenses, the net profit attributable to shareholders was 1.18 billion yuan, showing a slight year-on-year increase of 0.1% [2] - Quarterly net profit for 1Q, 2Q, and 3Q of 2025 was 200 million, 300 million, and 317 million yuan respectively, with year-on-year changes of -43.4%, +12.7%, and -16.4% [2] Group 2: Market Expansion and Product Performance - The Glo Hilo brand is expanding steadily in Japan and Poland, with the company positioned as a leader in flavor restoration, heating speed, and brand image [3] - The company anticipates continued growth in the European vaping market, driven by differentiated compliant products amid regulatory changes [3] - The open-system self-owned brand is leading in global market share, with expectations of continued year-on-year growth in 3Q25 [3] Group 3: Cost Structure and R&D Investment - Short-term profitability is impacted by the allocation of stock incentive expenses, while R&D investments remain high [4] - The company expects slight pressure on gross margins in the short term due to increased orders from small clients in the European vaping market and initial sales of HNB heating devices [4] - The net profit and adjusted net profit for 3Q25 showed year-on-year changes of -16.4% and +4% respectively [4] Group 4: Long-term Growth Prospects - The company is optimistic about the global expansion of HNB products, which is expected to drive performance in the coming years [5] - The combination of drug-device complex generic drug development and innovative drug collaborations is anticipated to lead to commercialization in the vaping medical sector, opening up long-term growth opportunities [5]

Core Viewpoint - Smoore International (06969) reported significant revenue growth in Q3 2025, reaching 4.197 billion yuan, a 27.2% year-on-year increase, but faced declining profitability with a net profit of 317 million yuan, down 16.4% year-on-year [1][10] Revenue Performance - The company achieved a record high quarterly revenue, with total revenue for the first three quarters of 2025 at 10.21 billion yuan, up 21.8% year-on-year [1] - Revenue growth was primarily driven by the enterprise client business and proprietary brand business, with overseas markets, particularly Europe and the US, contributing over 97% of revenue [1][4] Business Segments - Smoore International operates two main business segments: enterprise client business and proprietary brand business, both focusing on overseas markets, especially Europe [4] - The enterprise client business generated 2.734 billion yuan in Europe and other countries in the first half of 2025, a 38% increase, accounting for 57.7% of this segment's revenue [4] - The proprietary brand business saw revenue of 1.07 billion yuan in Europe and other countries, a 15.1% increase, contributing 84% of its segment revenue [4][5] Market Strategy - The company shifted its market strategy post-2022, focusing on overseas expansion after facing declines due to pandemic-related supply chain issues and domestic regulatory challenges [2] - The US and China markets showed weaker performance, with a 6.7% decline in the US proprietary brand revenue and only 0.5% revenue contribution from China [5] Research and Development - Smoore International invested heavily in R&D, with total R&D expenditure of 722 million yuan in the first half of 2025, focusing on electronic nicotine delivery systems [6][8] - The company holds a significant number of patents, with 839 new applications globally, ensuring a competitive edge in the electronic vaporization market [8] Profitability Challenges - The company's profitability is under pressure, with net profit margins declining from 20.67% in 2022 to 7.92% in the first three quarters of 2025 [9] - Increased R&D and operational costs have led to a rise in expense ratios, impacting overall profitability despite revenue growth [9] Market Outlook - Analysts have mixed views on Smoore International's future, with some predicting revenue growth driven by electronic cigarette sales but cautioning about declining net profits due to rising costs [10] - The company's growth potential hinges on regulatory conditions in key markets, with expectations for profitability to improve as overseas markets and new product lines continue to develop [10]

Core Viewpoint - Smoore International (06969) reported significant revenue growth in Q3 2025, reaching 4.197 billion yuan, a 27.2% year-on-year increase, but faced declining profitability with a net profit of 317 million yuan, down 16.4% year-on-year [1][11] Revenue Performance - The company achieved a record high quarterly revenue, with total revenue for the first three quarters of 2025 at 10.21 billion yuan, up 21.8% year-on-year [1] - Revenue growth was primarily driven by the enterprise client business and proprietary brand business, with overseas markets, particularly Europe and the US, contributing over 97% of revenue [1][5] Profitability Challenges - Despite revenue growth, net profit has declined for four consecutive years, with a net profit margin dropping to 7.92% in the first three quarters of 2025 [1][10] - The gross margin has also decreased from 43.3% in 2022 to 37.3% in the first half of 2025, indicating pressure on profitability [10] Business Segments - The company operates two main business segments: enterprise client business and proprietary brand business, both focusing on overseas markets, especially Europe [5][6] - The enterprise client business generated 2.734 billion yuan in Europe and other countries in the first half of 2025, a 38% increase, accounting for 57.7% of this segment's revenue [5] - The proprietary brand business saw revenue of 1.07 billion yuan in Europe and other countries, a 15.1% increase, contributing 84% of its segment revenue [5] Research and Development - Smoore International has invested heavily in R&D, with total R&D expenditure of 722 million yuan in the first half of 2025, focusing on electronic nicotine delivery systems [7][9] - The company holds a significant number of patents, with 839 new patent applications globally, indicating a strong commitment to innovation [9] Market Outlook - The company has shifted its market strategy post-2022, focusing on overseas expansion to recover from previous declines in revenue [2][11] - Despite challenges in the US and China markets, the company anticipates continued high growth in Europe and other international markets [6][11] Investment Sentiment - Analysts have mixed views on Smoore International, with some predicting revenue growth driven by electronic cigarette sales but cautioning about rising costs and declining net profit [11] - Others remain optimistic about the company's potential for recovery and growth, particularly in the HNB product line [11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown rapid revenue growth, with a 21.8% year-on-year increase in total revenue for the first three quarters of 2025, amounting to 10.21 billion yuan [8] - The HNB (Heated Not Burned) products are gradually being promoted, with positive feedback from customers and plans for expansion into new markets [8] - The company is expected to benefit from stricter regulations in the electronic vaporization market, leading to a recovery in its business [8] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 11,168 million yuan, 11,799 million yuan, 13,722 million yuan, 16,166 million yuan, and 18,395 million yuan respectively, with year-on-year growth rates of -8.04%, 5.64%, 16.30%, 17.81%, and 13.79% [1] - The net profit attributable to the parent company for the same years is projected to be 1,645 million yuan, 1,303 million yuan, 1,331 million yuan, 2,219 million yuan, and 2,893 million yuan, with year-on-year growth rates of -34.47%, -20.78%, 2.11%, 66.75%, and 30.37% [1] - The latest diluted EPS (Earnings Per Share) is forecasted to be 0.27 yuan, 0.21 yuan, 0.21 yuan, 0.36 yuan, and 0.47 yuan for the years 2023A to 2027E [1] Market Data - The closing price of the company's stock is 15.77 HKD, with a market capitalization of approximately 89.18 billion HKD [5] - The price-to-book ratio is 3.97 [5] - The company has a total share capital of 6,193.04 million shares [6]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][14]. Core Insights - The company achieved a record high revenue of 41.97 billion yuan in Q3 2025, marking a 27.5% increase quarter-on-quarter and a 27.2% increase year-on-year. However, net profit for the same quarter was 3.17 billion yuan, reflecting a 16.4% year-on-year decline [1][2]. - The HNB (Heated Not Burned) business saw a significant increase in shipment volumes, contributing to the overall revenue growth. The company is also expanding its self-owned brand business and enhancing localized marketing efforts [2][5]. - The medical aerosol business has made a breakthrough with the submission of an ANDA application for Breo® Ellipta®, which, if approved, could provide a 180-day market exclusivity in the U.S. This product is expected to generate significant sales in the future [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 102.10 billion yuan, a year-on-year increase of 21.8%. Adjusted net profit was 11.82 billion yuan, a slight increase of 0.1% year-on-year [1]. - In Q3 2025, the company achieved revenues of 41.97 billion yuan, with an adjusted net profit of 4.44 billion yuan, reflecting a 4.0% year-on-year increase [1][2]. Business Growth - The company’s HNB and electronic vaporization businesses both experienced growth, with strategic clients successfully launching new products in major global markets [2]. - The GloHilo product line is being introduced in Italy, Poland, and Serbia, aiming to reach 50 million adult consumers of smoke-free products by 2030 [3]. Future Outlook - The company is expected to see significant contributions from the HNB business starting in 2026, with adjusted net profit forecasts for 2025-2027 revised to 13.92 billion, 20.23 billion, and 27.59 billion yuan respectively [5].

Investment Rating - The investment rating for Smoore International (6969.HK) is not explicitly stated in the provided documents, but the report indicates a positive outlook based on revenue growth and market opportunities [1]. Core Insights - Smoore International reported a record high revenue of 10.21 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 21.8%. The total comprehensive income for the period was 785 million yuan, down 25.5% year-on-year. In Q3 alone, revenue reached 4.196 billion yuan, with a quarter-on-quarter increase of 27.5% and a year-on-year increase of 27.2% [1]. - The company is expected to benefit from stringent global regulations, particularly in the vaping sector, with steady growth anticipated in the U.S. and high growth in Europe due to the introduction of compliant products [2]. - The HNB (Heated Not Burned) segment is gradually contributing to revenue growth, with expectations for increased shipments and market expansion in key regions like Poland and Italy [2]. - The adjusted net profit margin for Q3 2025 was approximately 10.6%, down from 13.0% in Q3 2024, primarily due to changes in product mix affecting gross margins. However, the company is optimizing its expense ratios, which are expected to decline as HNB product sales increase [3]. Financial Summary - For the fiscal years 2024 to 2027, the projected total revenue is as follows: - 2024: 11.799 billion yuan - 2025: 14.610 billion yuan - 2026: 17.669 billion yuan - 2027: 21.253 billion yuan - The expected growth rates year-on-year are 6% for 2024, 24% for 2025, 21% for 2026, and 20% for 2027 [4]. - The projected net profit attributable to the parent company is: - 2024: 1.303 billion yuan - 2025: 1.088 billion yuan - 2026: 2.040 billion yuan - 2027: 3.050 billion yuan - The corresponding P/E ratios are projected to be 57.75X for 2024, 83.46X for 2025, 44.52X for 2026, and 29.78X for 2027 [4][6].