Group 1 - The core point of the article is that Smoore International (06969) experienced a decline of over 4% in its stock price due to the announcement by the Ministry of Finance and the State Taxation Administration to cancel the export tax rebate for e-cigarette products starting from April 1, 2026, which will significantly impact profit margins [1] - The previous 13% tax rebate was crucial for companies to hedge costs and maintain international pricing advantages, and its removal means companies will have to bear the full VAT cost [1] - Zheshang Securities recently published a report indicating that the government is intensifying efforts to regulate illegal activities in the domestic e-cigarette production, sales, and export sectors, suggesting that the supply-side landscape of the industry will change [1] Group 2 - The report suggests that smaller illegal producers may be accelerated out of the market, which could benefit compliant companies like Smoore International, positioning it as a leading player in the industry [1]
港股异动 | 思摩尔国际(06969)午后跌超4% 电子烟增值税出口退税将取消