Group 1 - The core point of the article highlights a significant decline in the stock price of Smoore International (06969), which dropped nearly 7% during trading and is currently down 3.31% at HKD 11.4, with a trading volume of HKD 132 million [1] - The Chinese Ministry of Finance and the State Taxation Administration announced a new export tax rebate adjustment, which will exclude nicotine-containing non-combustible products from the rebate starting April 1, 2026 [1] - Analysts indicate that the previous 13% tax rebate was crucial for companies to offset costs and maintain international pricing advantages; the removal of this rebate means companies will have to bear the full VAT cost, directly compressing profit margins [1] Group 2 - Huafu Securities released a research report suggesting that with international tobacco leaders' HNB products entering mainstream markets, Smoore's new tobacco products in new regions are expected to contribute incremental sales [1] - The report also notes that regions like the UK and other European areas are likely to shift towards more profitable products such as cartridge-based and open-system devices [1] - There is a significant increase in enforcement of regulations on e-cigarettes in the US, which is expected to restore market share for compliant products [1]
思摩尔国际盘中跌近7% 电子烟增值税出口退税将取消 相关企业利润或承压