Core Viewpoint - The company reported a revenue of 6.013 billion yuan for the first half of 2025, marking an 18.3% year-on-year increase, while net profit decreased by 28.0% to 492 million yuan [1] Financial Performance - Revenue for H1 2025 reached 6.013 billion yuan, up 18.3% year-on-year [1] - Gross profit was 2.244 billion yuan, a 16.6% increase, with a gross margin of 37.3%, down 0.5 percentage points [1] - Net profit fell to 492 million yuan, a decrease of 28.0%, while adjusted net profit was 737 million yuan, down 2.1% [1] - Adjusted net profit margin stood at 12.3%, down 2.5 percentage points year-on-year [1] Segment Performance - Self-owned brand revenue from electronic vapor products and vapor beauty products was 1.274 billion yuan, up 14.1%, accounting for 21.2% of total revenue [1] - Revenue from the European and other regions was 1.069 billion yuan, a 15.1% increase, driven by the strong performance of the VAPORESSO brand [2] - The U.S. market revenue was 174 million yuan, down 6.7%, while the Chinese market saw a significant increase of 2595.2% to 30.618 million yuan, mainly from the "岚至" brand [2] - Revenue from enterprise clients was 4.739 billion yuan, up 19.5%, making up 78.8% of total revenue [2] Regulatory Environment - Increased enforcement against non-compliant products in the U.S. has been noted, with the FDA and CBP seizing over 135 million USD worth of illegal e-cigarettes [2] - In Europe, several countries have imposed restrictions or bans on disposable e-cigarettes, with the UK implementing a sales ban on June 1, 2025 [2] R&D and Future Growth - The company successfully supported the launch of the high-end HNB product Hilo series, set to be released in Japan in September 2025 [3] - The vapor medical subsidiary is developing leading asthma and COPD products for the U.S. and European markets, aiming for greater revenue contributions [3] - The "岚至" home beauty device has surpassed 10,000 users, and the professional equipment has received Class II medical device certification [3] - R&D expenditure for H1 2025 was 723 million yuan, down approximately 4.9%, representing about 12.0% of revenue [3] Profit Forecast and Investment Outlook - The company is expected to benefit from increased market concentration due to stricter regulations, with significant contributions from HNB business anticipated from 2026 [3] - Adjusted net profit forecasts for 2025-2027 are 1.472 billion, 1.979 billion, and 2.663 billion yuan, respectively, with year-on-year growth of 34.40% and 34.60% in 2026 and 2027 [3]
思摩尔国际(06969.HK)：25H1雾化电子烟业务复苏 HNB+雾化医疗商业化落地可期！