（ 於開曼群島註冊成立的有限公司） （股份代號：6969） 董事會成員名單與其角色和職能 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 思摩爾國際控股有限公司董事會（「董事會」）成員載列如下： 執行董事 陳志平先生 （ 主席及首席執行官） 熊少明先生 王貴升先生 王鑫女士 非執行董事 江敏女士 獨立非執行董事 閻小穎先生 （ 主席） 王高博士 陳志平先生 提名委員會 陳志平先生 （ 主席） 王鑫女士 鍾山先生 王高博士 閻小穎先生 環境、社會及管治委員會 陳志平先生 （ 主席） 王貴升先生 鍾山先生 香港，2025年12月24日 鍾山先生 （ 首席獨立非執行董事） 閻小穎先生 王高博士 董事會設有四個董事委員會。董事委員會的組成如下： 審核委員會 鍾山先生 （ 主席） 閻小穎先生 王高博士 薪酬委員會 ...

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） 提名委員會組成變動 及 委任首席獨立非執行董事 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的內容概不負責，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份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 董 事 會 委 任 獨 立 非 執 行 董 事 鍾 山 先 生 擔 任 首 席 獨 立 非 執 行 董 事 一 職（「 首 席 獨 立 非 執 行 董 事」），自2025年12月24日起生效。首席獨立非執行董事並非本公司的行政職位，且不擔任 本集團的任何管理角色。鍾山先生於董事會及相關董事會委員會的其他職位維持不變。 上 述 委 任 是 根 據 於 2025 年 7 月 1 日 起 生 效 及 載 於 上 市 規 則 中 之 經 修 訂 的 企 業 管 治 守 則 而 實 施。良好的企業管治對公司的整體表現發揮重要作用，董事會相信實施有關變動可加強董 事會的有效性及多元化，並進一 ...

Summary of Key Points from the Conference Call Company and Industry Overview - **Company**: Smoore International - **Industry**: Heated Tobacco Products (HNB) and E-cigarettes Core Insights and Arguments - Smoore International's vaping business is expected to rebound by the end of 2024, contributing approximately 40 billion RMB in market value due to regulatory adjustments in the TA framework and market normalization in Europe and the US [1][2] - The new HNB product, Glow Halo, developed by Smoore, has rapidly gained market share in Japan and achieved significant results in Poland and Italy, validating its market potential [1][4] - The overall growth rate of the HNB industry is steadily increasing, with major tobacco companies actively launching new products, anticipating accelerated penetration rates by 2030 [1][5] - Despite short-term underperformance of Glow Halo in Japan, its long-term viability is recognized, with expectations of achieving a profit target of 10 billion RMB, further boosting the company's market value [1][5] Financial Projections and Market Performance - Smoore's HNB business is projected to ship 20-30 billion units over the next two to three years, generating profits of 1-1.5 billion USD, corresponding to a market value of 25 billion RMB [1][7][15] - The vaping business is expected to contribute 40 billion RMB in market value, with a 20x valuation multiple, while the HNB segment could add another 25 billion RMB [7][17] - The company anticipates a significant increase in revenue from its vaping business, driven by regulatory changes in Europe and a return of compliant products in the US market, projecting a double-digit growth rate [16] Market Dynamics and Competitive Landscape - BAT's Glow Halo has a market share of 1.3% in Japan, which is lower than expected, but the transition of consumers to HNB products is acknowledged to take time [8][10] - In Europe, particularly in Poland and Italy, Glow Halo is performing better than in Japan, aided by aggressive promotional activities [11] - BAT plans to cover at least 20 core countries by the end of 2026, with expectations of terminal sales exceeding 10 billion units, half of which will come from Japan [12][13] Future Catalysts and Risks - Upcoming reports from BAT in February 2026 and Smoore's performance updates in March 2026 are potential catalysts for stock price movements [18] - The company is expected to increase R&D investments in the HNB sector, with a projected profit increase of approximately 200 million RMB in 2026 [14] - The overall market sentiment is currently at a low point, but the fundamentals support a valuation of around 65 billion RMB, with potential upside from collaborations with other tobacco companies [17] Additional Important Insights - Smoore's entry into the medical aerosol sector is expected to gradually reflect its value by 2026-2027, although it has not yet contributed significantly to profits [1][7] - The dual-brand strategy of BAT in Japan, with both Hyper and Halo targeting different market segments, is designed to enhance brand image and cater to varying consumer preferences [7][10]

Core Viewpoint - The company demonstrates strong confidence in its future development by repurchasing 8.14 million shares at an average price of 12.26 HKD per share, totaling 99.77 million HKD [1] Business Analysis - The Hilo product's capabilities are being validated, with British American Tobacco (BAT) increasing promotional efforts. In the Japanese market, BAT is actively promoting online and offline marketing activities, achieving a retention rate of approximately 50% among traditional cigarette and heated tobacco consumers, which supports the strong product performance of Hilo [1] - Hilo has significantly increased promotional offers in the Polish market, with Hilo devices bundled with two packs of cartridges priced at only 1 Zloty, and Hilo Plus devices with two packs at 79 Zloty. This strategy, supported by BAT's extensive sales network and marketing resources, is expected to drive continued sales growth of Hilo cartridges, contributing to core profit increments for the company [1] - The core vaping business is recovering and is expected to benefit from the expansion of the European and American markets. In 2024, U.S. regulatory authorities are intensifying efforts against illegal e-cigarettes, which is severely squeezing the market for illegal products. The FDA has cautiously supported the expansion of flavored tobacco, indicating a potential for continued market growth [2] - The European market is transitioning from disposable to refillable and open-system products, with BAT's U.S. market revenue expected to rebound in the second half of 2025. The global core market share is projected to increase by 0.1 percentage points by the end of 2024, with the U.S. market alone expected to grow by 0.7 percentage points [2] - BAT plans to accelerate the global promotion of Hilo by 2026 to capture market share across various segments of heated tobacco, amidst increasing competition from products like IQOS and heated tobacco from Japan. The long-term trend of increasing penetration of new tobacco products overseas is confirmed, with the company leveraging its technological strength and production capacity to maintain a prominent position in the industry [2] - The upward trend in the company's vaping and heated non-burn (HNB) businesses remains unchanged, with positive signals emerging across various operations, suggesting a need for active attention [2] Profit Forecast, Valuation, and Rating - The company forecasts EPS for 2025, 2026, and 2027 to be 0.22, 0.37, and 0.59 CNY respectively, with current stock prices corresponding to PE ratios of 53, 31, and 20 times, maintaining a "buy" rating [3]

Group 1 - The core announcement is that Smoore International (06969.HK) has disclosed the purchase of a total of 7.991 million shares under its share award plan by the trustee [1] - The trustee also purchased an additional 8.14 million shares as part of the same share award plan [1]

Group 1 - The core announcement is that Smoore International (06969) has engaged a trustee to purchase a total of 7.991 million shares under its share award plan, scheduled for December 12, 2025 [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]