Core Viewpoint - Smoore International (06969) reported a record high quarterly revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Group 1: Financial Performance - The company achieved a historical high in quarterly revenue, with significant growth in both enterprise client business and proprietary brand business [1] - Revenue from the enterprise client business, including heated non-combustible and electronic vaporization segments, showed healthy growth both year-on-year and quarter-on-quarter [1] Group 2: Business Segments - In the heated non-combustible segment, the company supported strategic clients in launching new products in major global markets, leading to a substantial increase in product shipments and revenue growth [1] - The electronic vaporization business benefited from increased regulatory scrutiny on non-compliant products, allowing the company to assist clients in launching new compliant products, thus maintaining revenue growth [1] - The proprietary brand business saw healthy revenue growth due to the successful iteration of flagship products and increased marketing investments tailored to local markets [1]

受特朗普关税消息影响，上周五港A美集体下挫。港股三大指数再度大幅低开，恒指跌2.5%，国指跌 2.39%，恒生科技指数跌2.43%。盘面上，大型科技股集体低开，其中，小米跌4.5%，阿里巴巴跌近 4%，腾讯、美团、快手、京东均跌超3%，百度跌2.3%，惟网易涨超3%；生物医药股、苹果概念股、 内险股、光伏股、锂电池股、中资券商股、内房股、钢铁股、水务股、汽车股等纷纷下跌，其中，高伟 电子跌超10%，君实生物跌超9%，蓝思科技跌超7%，中国财险跌6%，优必选、信义光能、宁德时代跌 超5%。另一方面，早盘现货黄金一度冲上4060美元/盎司再创历史新高，黄金股逆势走强，紫金黄金国 际涨超4%，山东黄金、赤峰黄金涨超3%，第三季经调整溢利4.44亿按年增4%，思摩尔逆势高开4.3%。 (格隆汇) ...

Core Insights - The company reported a revenue of approximately RMB 4.197 billion for the quarter ending September 30, 2025, representing a year-on-year growth of 27.2% and a quarter-on-quarter growth of 27.5% [1] Business Segments - In the enterprise customer segment, both the heated non-combustion and electronic vaporization businesses achieved growth both year-on-year and quarter-on-quarter. The heated non-combustion business benefited from strategic clients launching new products in major global markets, leading to a significant increase in shipment volume. The electronic vaporization business saw growth due to strengthened regulation on non-compliant products, with the company supporting clients in launching new compliant products [1] - In the proprietary brand segment, the successful iteration of flagship series new products in the first half of the year expanded the consumer base. Increased localization operations and marketing investments contributed to healthy revenue growth [1] Financial Performance - The adjusted profit for the quarter was approximately RMB 444 million, reflecting a year-on-year increase of 4.0% and a quarter-on-quarter increase of 4.8%. The growth was attributed to increases in revenue and gross profit, a lower growth rate of operating expenses compared to revenue growth, and an increase in other income and gains [1]

Group 1: Cobalt Export Quota in Congo - The Democratic Republic of Congo (DRC) has announced a cobalt export quota, effective from October 16, aimed at strengthening resource sovereignty and signaling a shift from a surplus to a shortage in the cobalt market, leading to a systematic increase in price levels [1] - The DRC's Strategic Mineral Market Regulatory Authority stated that miners will be allowed to export slightly over 18,000 tons of cobalt for the remainder of this year, with annual export limits of 96,600 tons for 2026 and 2027, which is less than half of last year's production [1] - The quota distribution includes major companies such as Luoyang Molybdenum, which received a quota of 31,200 tons (32.3%), exceeding some prior expectations [1] Group 2: Future Cobalt Supply and Demand - Institutions predict a cobalt supply gap in the next two years, with global supply expected to be 290,000 tons in 2024 (DRC 220,000 tons + Indonesia 28,000 tons) against a demand of 185,000 tons, resulting in a surplus of 105,000 tons; by 2026, supply is projected to drop to 180,000 tons (DRC 96,600 tons + Indonesia 40,000 tons) while demand will rise to 200,000 tons, leading to a shortfall of 20,000 tons [2] Group 3: Market Trends and Stock Performance - The Nasdaq China Golden Dragon Index fell by 6.1%, with major U.S. stock indices also experiencing significant declines, indicating a bearish trend in the market [3] - Notable declines were observed in large tech stocks, with companies like Broadcom and Tesla dropping nearly 6% and 5.06% respectively, reflecting broader market challenges [3] Group 4: Rare Earth Prices - Baotou Steel and Northern Rare Earth announced an increase in rare earth concentrate prices for Q4 2025, with a projected 37.13% increase compared to Q3 [7] Group 5: Company Announcements - China Energy Construction signed three new energy EPC contracts worth approximately 27.45 billion USD (about 195.54 billion RMB) with Saudi companies [11] - Smoore International reported a record high quarterly revenue of approximately 4.1968 billion RMB, a year-on-year increase of about 27.2% [12] - Kelun-Biotech's TROP2ADC drug received approval for a new indication, expanding its market potential in treating specific lung cancer cases [13] - Zhaojin Mining reported a net profit of approximately 2.117 billion RMB for the first three quarters of 2025, a year-on-year increase of 140.43% [14]

Consumer Macro Strategy - The report highlights three major events that influenced consumer market trends over the past two weeks, including stable growth in overall consumption during the Mid-Autumn and National Day holidays, with a notable increase in outbound tourism but fewer domestic consumption highlights leading to a post-holiday decline in related sectors [3][10] - The Q3 earnings preview indicates that while the overall consumer service sector remains stable compared to Q2, consumption-related products face high base pressure in Q4, and other sectors are in a positioning phase after negative earnings surprises in Q3 [3][10] - The ongoing US-China technological competition is expanding into the consumer sector, with new tariffs announced by the US on imports from China, posing challenges for export-oriented consumer companies [3][10] New Consumption Manufacturing - The two-wheeler market showed strong performance in Q3, with healthy inventory levels in downstream channels, but the industry faces a critical test in Q1 2026 [21] - The pet industry is experiencing weaker performance in the off-season, but the upcoming Double Eleven shopping festival is expected to act as a catalyst [21] Light Industry Manufacturing - In the home furnishing sector, domestic demand remains weak due to unhealed real estate issues, while external demand faces increased tariff risks, with significant tariff hikes announced by the US [24] - The new tobacco sector is seeing intensified actions against illegal e-cigarettes in the US, benefiting legitimate brands, while HNB products maintain strong production schedules in Japan and Europe [27] - The packaging paper market is experiencing a bullish sentiment with frequent price increases expected [27] Textile and Apparel - The apparel retail sector showed a year-on-year growth of 3.1% in August, but sales weakened in September and during the National Day holiday due to weather conditions and timing changes [29] - The report suggests focusing on brands with unique market positions and those showing significant performance advantages in sub-sectors [29][30] Beauty and Personal Care - The beauty sector is recovering after a previous decline, with cosmetic retail sales increasing by 5.1% year-on-year in August, indicating a positive trend [31] - Recommendations include focusing on leading brands with strong performance and those undergoing successful reforms [31] Home Appliances - TV panel prices remained stable in early October, with various sizes maintaining consistent pricing [32] - Gree Electric's new product line aims to capture the online market segment, enhancing its competitive position [32][33] Retail and E-commerce - Offline retail shows signs of stabilization, with supermarkets performing well while department stores face slight pressure [34] - The jewelry sector is benefiting from rising gold prices, enhancing consumer acceptance and brand premium capabilities [34] Social Services - The report expresses optimism for high-value dining and the recovery of mid-to-high-end restaurants, alongside stable growth in tourism and education sectors [35] - The tea beverage market is expected to see a decline in performance due to policy impacts, with leading brands like Mixue Ice City and Gu Ming showing growth potential [36]

Core Viewpoint - Smoore International reported a record high quarterly revenue of approximately RMB 4.1968 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Financial Performance - The adjusted profit for the period was approximately RMB 444.2 million, reflecting a year-on-year growth of about 4.0% and a quarter-on-quarter increase of approximately 4.8% [1]

Core Insights - Smoore International (06969) reported a record quarterly revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise customer business and proprietary brand business [1] - The heated non-combustible business and electronic vaporization business recorded healthy growth both year-on-year and quarter-on-quarter [1] - The company supported strategic clients in launching new heated non-combustible products in major global markets, significantly increasing product shipments and driving revenue growth [1] Group 2: Proprietary Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced local operations and increased marketing investments tailored to local characteristics in key markets, leading to a continuous rise in market share for proprietary brands [1] Group 3: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year growth of about 4.0% and a quarter-on-quarter growth of approximately 4.8% [2] - The profit increase was attributed to revenue and gross profit growth, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than the revenue growth rate [2] - Additional income and gains contributed to the overall profitability [2]

Core Insights - Smoore International (06969) reported a record high revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, representing a year-on-year growth of about 27.2% and a quarter-on-quarter growth of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise client business and self-owned brand business [1] - The heated non-combustible and electronic vaporization businesses recorded healthy growth both year-on-year and quarter-on-quarter [1] Group 2: Enterprise Client Business - The heated non-combustible business saw significant revenue growth due to the successful launch of new products in major global markets [1] - The electronic vaporization business maintained revenue growth as the company supported clients in launching new compliant products amid increasing regulatory scrutiny [1] Group 3: Self-Owned Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced localized operations and increased marketing investments in key markets, leading to a healthy year-on-year revenue growth in the self-owned brand business [1] Group 4: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year increase of about 4.0% and a quarter-on-quarter increase of approximately 4.8% [2] - The profit growth was attributed to revenue and gross profit increases, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than revenue growth [2]

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，概不對因本公告全部或任何部分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。 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 財務更新 截至2025年9月30日止期間 本公告乃思摩爾國際控股有限公司（「本公司」）董事會（「董事會」））根據香港聯合交易所有限 公司證券上市規則第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條 文作出，依據於本公司及其附屬公司（ 統稱「本集團」）截至2025年9月30日止三個月（「本期 間」）未經審核的綜合管理賬目。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 惠 州 億 緯 鋰 能 股 份 有 限 公 司（「 億 緯 鋰 能 」）， 本 公 司 在 深 圳 證 券 交 易 所 上 市 的 控 股 股 東 之 一，根據深圳證券交易所創業板股票上市規則要求需披露季度財務報告。億緯鋰能的季度 財務報告中包含特定財務信息，這些財務信息被視為對本集 ...

Group 1: Alibaba Group (阿里巴巴) - Daiwa Securities maintains a "Buy" rating for Alibaba-SW, raising the target price to HKD 205 due to optimistic expectations for Alibaba Cloud's business prospects and long-term gross margin outlook [1] - JPMorgan upgrades Alibaba-SW to "Overweight" and raises the target price to HKD 240, citing the company's stock performance over the past three months and optimistic growth opportunities in cloud revenue and e-commerce synergy [1] Group 2: Gao Xin Retail (高鑫零售) - Macquarie Securities downgrades Gao Xin Retail to a "Neutral" rating and lowers the target price to HKD 1.7, anticipating a decline in same-store sales due to significant subsidies in instant retail and pressure on gross margins [2] Group 3: Budweiser APAC (百威亚太) - CMB International maintains a "Buy" rating for Budweiser APAC but lowers the target price to HKD 9.5, noting that the current stock price reflects short-term sales pressure and a potential marginal improvement in Q4 [3] Group 4: Galaxy Entertainment Group (金界控股) - Citigroup maintains a "Sell" rating for Galaxy Entertainment but raises the target price to HKD 5.4, as the company's Q3 gaming revenue significantly exceeded expectations, leading to a 20%-24% increase in profit forecasts [4] Group 5: Sands China Ltd. (金沙中国有限公司) - Haitong International initiates an "Outperform" rating for Sands China Ltd. with a target price of HKD 25.6, highlighting the company's strong market position in Macau and the positive impact of the Londoner project on EBITDA margins [5] Group 6: Contemporary Amperex Technology Co. (宁德时代) - JPMorgan maintains a "Neutral" rating for Contemporary Amperex Technology Co. while raising the target price to HKD 600, based on a valuation adjustment for 2026, despite a projected 20% upside in stock price [6] Group 7: Smoore International Holdings (思摩尔国际) - UBS maintains a "Sell" rating for Smoore International, setting a target price of HKD 13.11, citing rising R&D and sales expenses along with gross margin pressure leading to a projected 40% decline in net profit for 2025 [7] Group 8: Standard Chartered Group (渣打集团) - Goldman Sachs maintains a "Neutral" rating for Standard Chartered Group, raising the target price to HKD 135, expecting a 6% year-on-year growth in adjusted pre-tax profit for Q3 due to strong non-interest income and cost reductions [8] Group 9: Cheung Kong Infrastructure Holdings (长江基建集团) - Morgan Stanley maintains a "Market Perform" rating for Cheung Kong Infrastructure Holdings, increasing the target price to HKD 54 based on the latest regulatory asset value and extending the valuation timeframe to 2026 [9][10]