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，並明確表示概不就因本公告全部或任何部份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） 自願性公告 | 股份購買日期： | 2025年12月12日 | | --- | --- | | 已購買股份總數： | 7,991,000股 | | 每股股份平均代價： | 約12.4835港元 | | 不包括所有相關開支、交易徵費、佣 總代價（ | 約99,755,620港元 | 金、稅項、稅費及稅款）： – 1 – 受託人所持股份數目結餘： 於股份獎勵計劃的規限下，董事會或委員會可不時酌情挑選任何合資格參與者作為選定參 與者參與股份獎勵計劃，並按其可能酌情決定的有關條款及條件並在其規限下，向任何選 定參與者授出其可能酌情決定數目的獎勵股份。 承董事會命 思摩爾國際控股有限公司 根據股份獎勵計劃購買股份 本公告乃由思摩爾國際控股 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [5]. Core Views - The company demonstrates confidence in its future development by repurchasing 8.14 million shares at an average price of 12.26 HKD, totaling 99.77 million HKD [2]. - The Hilo product line is gaining traction, with strong promotional efforts from British American Tobacco (BAT) leading to a 50% retention rate among traditional and heated tobacco consumers, which supports future sales growth [3]. - The core vaping business is recovering, benefiting from regulatory crackdowns on illegal e-cigarettes in the U.S. and a shift in European markets towards compliant products. BAT expects revenue recovery in the U.S. market by the second half of 2025, with a projected market share increase [4]. - The company is well-positioned to capitalize on the expanding compliant vaping market in Europe and the U.S., with a focus on accelerating the global promotion of Hilo products by 2026 [4]. Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are 0.22, 0.37, and 0.59 CNY, respectively, with corresponding price-to-earnings (P/E) ratios of 53, 31, and 20 [5]. - Revenue is expected to grow from 11,168 million CNY in 2023 to 20,462 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.48% [10]. - The net profit is projected to recover from 1,303 million CNY in 2024 to 3,656 million CNY by 2027, indicating a significant growth trajectory [10].

Core Viewpoint - Smoore International (06969) has seen a decline of over 4%, currently trading at HKD 11.81, with a transaction volume of HKD 64.45 million. This drop is influenced by the performance guidance from its major client, British American Tobacco (BTI.US), which indicates challenges in the U.S. e-cigarette market due to regulatory pressures and intense competition [1] Group 1: Company Performance - British American Tobacco has revised its 2026 performance guidance, projecting revenue growth at the lower end of its mid-term target range of 3%-5% due to regulatory pressures in the U.S. e-cigarette market [1] - The adjusted operating profit growth for British American Tobacco is expected to be between 4%-6% for the same period [1] Group 2: Regulatory Environment - A new tax policy in the UK will come into effect, imposing an additional tax of 22 pence per milliliter on e-liquids starting October 1, 2026, which will be added on top of the existing 20% value-added tax [1] - Tianfeng Securities indicates that the upcoming UK e-cigarette tax may create new opportunities for 2ml cartridge systems and nicotine pouches [1]

Group 1 - Smoore International (06969.HK) experienced a decline of over 4%, specifically a drop of 4.53%, trading at HKD 11.81 [2] - The trading volume reached HKD 64.4465 million [2]

Core Viewpoint - Smoore International (06969) has seen a decline of over 4%, currently trading at HKD 11.81, with a transaction volume of HKD 64.45 million. This drop is influenced by the performance guidance from its major client, British American Tobacco (BTI.US), which anticipates its 2026 earnings to be at the lower end of its mid-term targets due to regulatory pressures and intense competition in the U.S. e-cigarette market [1][1][1]. Group 1 - British American Tobacco expects its 2026 revenue growth to be between 3%-5%, aligning with the lower end of its mid-term target range, while adjusted operating profit growth is projected at 4%-6% [1][1]. - A new tax policy in the UK will impose an additional tax of 22 pence per milliliter on e-liquids starting October 1, 2026, which will be added on top of the existing 20% value-added tax [1][1]. - Tianfeng Securities indicates that the upcoming UK e-cigarette tax may create new opportunities for 2ml cartridge systems and nicotine pouches [1][1].

Group 1 - The company, Smoore International (06969.HK), announced that as of December 11, 2025, a trustee has purchased a total of 8.14 million shares under the share award plan [1]

Group 1 - The company, Smoore International (06969), announced that on December 11, 2025, the trustee will purchase a total of 8.14 million shares under the share award plan [1] - The average price per share for this purchase is approximately HKD 12.2564 [1]

智通财经APP讯，思摩尔国际(06969)发布公告，于2025年12月11日，受托人已就股份奖励计划于市场上 购买合共814万股股份。每股股份平均代价约12.2564港元。 ...

自願性公告 根據股份獎勵計劃購買股份 本公告乃由思摩爾國際控股有限公司（「本公司」，連同其附屬公司，合稱「本集團」）作出的 自願性公告。 茲 提 述 本 公 司 於 2021 年 9 月 2 日 採 納 並 於 2025 年 2 月 18 日 獲 股 東 批 准 修 訂 的 股 份 獎 勵 計 劃 （「股份獎勵計劃」）。除文義另有所指外，本公告所用詞彙與本公司日期為2025年1月8日內 容有關（ 包括）修訂股份獎勵計劃的通函所界定者具有相同涵義。 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，並明確表示概不就因本公告全部或任何部份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） 於股份獎勵計劃的規限下，董事會或委員會可不時酌情挑選任何合資格參與者作為選定參 與者參與股份獎勵計劃，並按其可能酌情決定的有關條款及條件並在其規限下，向任何選 定參與者授出其可能酌情決 ...

本文源自：智通财经网 消息面上，国金证券近日研报指出，英美烟草宣布日本hilo/hilo Plus器具+5包烟弹免费试用14天，波兰1 兹罗提即可购买hilo器具+2包烟弹，79兹罗提即可购买hilo plus和2包烟弹，促销力度显著加大。HNB行 业竞争日益激烈，Hilo凭借优秀的产品力与完备的营销渠道建设，有望持续放量。思摩尔作为BAT在雾 化及加热烟草领域的核心供应商，双方合作力度不断加深，思摩尔有望在BAT加速推进无烟战略中充分 受益。 智通财经获悉，思摩尔国际(06969)反弹近7%，该股昨日一度跌超8%。截至发稿，涨6.84%，报12.18港 元，成交额3.15亿港元。 ...