Investment Rating - The investment rating for Smoore International (06969) is maintained as "Buy" [7] Core Views - The report highlights the gradual improvement in electronic cigarette regulations, emphasizing the bottom value of Smoore International as a compliant market leader poised to benefit from the changing supply landscape [2][3] - The report anticipates significant revenue growth for Smoore International, projecting revenues of HK$141.32 billion, HK$163.76 billion, and HK$195.88 billion for 2025, 2026, and 2027 respectively, with year-on-year growth rates of +19.78%, +15.88%, and +19.62% [11] Summary by Sections Regulatory Environment - Recent regulatory developments include a comprehensive crackdown on illegal electronic cigarette activities, with the government emphasizing the need for stricter oversight and compliance in production and sales [2] - The National Tobacco Monopoly Administration has initiated measures to curb excessive competition and prevent overcapacity in the electronic cigarette industry [2] Market Performance - British American Tobacco's Hilo brand is expected to see positive growth, with new product launches in various countries contributing to revenue increases [3] - The report notes a recovery in the vaping segment, with improved sales for the Vuse brand in the U.S. due to enforcement actions against illegal products [4] Financial Highlights - Smoore International executed significant share buybacks totaling approximately HK$1.99 billion, reflecting confidence in its long-term growth prospects [5] - The forecasted net profit for Smoore International is projected to be HK$9.13 billion, HK$18.46 billion, and HK$26.75 billion for 2025, 2026, and 2027, with respective growth rates of -29.94%, +102.23%, and +44.87% [11]

Core Insights - The textile and apparel industry is expected to see a recovery in performance, particularly in the upstream textile manufacturing sector, with positive trends in wool prices and inventory appreciation benefiting leading companies like New Australia [5] - The report highlights potential growth in the downstream apparel and home textile sectors, driven by the rise of the sleep economy and the recovery of traditional businesses, with companies like Luolai Life and Jinhong Group being key focuses [5] - The textile and light industry sectors have shown mixed performance, with the textile sector rising by 0.91% and light industry by 2.65% during the reporting period [13][18] Textile and Apparel Industry Market Review - The Shanghai Composite Index increased by 2.31%, while the ChiNext Index rose by 3.02% during the period from December 22 to December 26, 2025 [13] - The textile and apparel sector ranked 22nd among 31 primary industries, while the light manufacturing sector ranked 11th [13] - The textile sector's latest PE (TTM) as of December 26, 2025, was 20.32X, with historical highs and lows of 57.80X and 14.44X respectively [15] Textile and Apparel Data Tracking - In the first nine months of 2025, China accounted for 17.10% of the EU's textile and apparel imports, followed by Bangladesh at 14.88% and Turkey at 6.18% [5] - The export values of Chinese cotton socks, zippers, and seamless apparel saw year-on-year declines of -3.40%, -0.65%, and -10.60% respectively in November 2025 [5] Light Industry Market Review - The light manufacturing sector's performance was bolstered by a favorable export environment, with key companies like Xiangxin Home and Yuanfei Pet showing potential for growth [5] - The report emphasizes the importance of monitoring the housing market, with a reported 8.46% year-on-year increase in transaction area for major cities during the period [5] Key Company Valuation and Financial Analysis - Notable companies in the textile and apparel sector include: - Mercury Home Textiles (603365.SH) with a target price of CNY 23.08 and a current PE of 13.38X for 2025E [6] - Anta Sports (02020.HK) with a target price of HKD 105.00 and a current PE of 17.09X for 2025E [6] - Li Ning (02331.HK) with a target price of HKD 20.22 and a current PE of 19.79X for 2025E [6]

Investment Rating - The report maintains a "Positive" investment rating for the new tobacco industry [9]. Core Insights - The National Tobacco Monopoly Administration has issued a notice to implement electronic cigarette industry policies, aiming to regulate industry operations, curb excessive competition, prevent overcapacity risks, and enhance compliance among electronic cigarette manufacturers [2][6]. - The notice emphasizes the need for investment behavior regulation among electronic cigarette manufacturers, including requirements for new projects, technological renovations, relocations, and resuming construction [7]. - Key changes and impacts include: 1. Support for the exit of outdated and excess production capacity, benefiting large-scale electronic cigarette enterprises. As of January 2025, there are approximately 583 licensed electronic cigarette manufacturers in China, and the notice aims to facilitate the exit of inefficient capacity, allowing leading companies to consolidate and enhance their market position [7]. 2. Implementation of capacity quota management and increased compliance requirements for exports. The notice specifies that production capacity must be regulated, and companies focusing on exports must ensure that their products comply with the laws and regulations of the destination countries or regions [7]. 3. Separation of management for heated tobacco products and electronic cigarettes, indicating potential future changes in the new tobacco industry [7]. Summary by Sections - **Investment Opportunities**: The acceleration of globalization in the new tobacco sector presents investment opportunities for companies with core barriers or resource advantages. Key companies to watch include Smoore International (leading in electronic vaporization devices), China Tobacco Hong Kong (supporting China Tobacco's international mission), Hengfeng Paper (an undervalued player in the heated tobacco industry), and others involved in heated tobacco solutions or manufacturing [8]. - **Market Dynamics**: The notice aims to balance supply and demand in the electronic cigarette market, clarifying production scale requirements and adjustments, while also addressing the need to prevent overcapacity risks [12].

Investment Rating - The report suggests that the domestic HNB (Heated Not Burned) industry is on the verge of significant growth, driven by international tobacco giants shifting towards new tobacco products [5]. Core Insights - The global cigarette market is experiencing an irreversible decline, with smoking rates dropping from 30.75% in 2005 to 21.74% in 2022, and cigarette market size decreasing from 53,908 billion sticks in 2018 to an estimated 51,561 billion sticks in 2024, reflecting a CAGR of -0.74% [1][13]. - Major tobacco companies, including Philip Morris International (PMI), are focusing on new tobacco products as a core growth driver, with PMI planning for over two-thirds of its revenue to come from new tobacco products by 2030 [1][20]. - The Japanese market serves as a reference point, showing that the rapid penetration of heated tobacco products has not negatively impacted tax revenues, with the market size growing from 37.28 billion sticks in 2019 to 64.50 billion sticks in 2024, a CAGR of 11.59% [2][51]. Summary by Sections Section 1: HNB as a Core Development Category - International tobacco giants are increasingly focusing on new tobacco products as a long-term performance core, with significant contributions to profitability [1.1]. - The global market for heated tobacco and electronic cigarettes is projected to grow, with sales expected to reach $38.85 billion and $23.04 billion respectively by 2024, reflecting growth rates of 12.7% and 9.5% [1.1][13]. Section 2: Domestic Tobacco Industry Challenges - The traditional cigarette market in China is under pressure, with production increasing from 23,642 billion sticks in 2019 to 24,655 billion sticks in 2024, but at a slowing growth rate [3][55]. - The inventory levels in the tobacco industry have risen significantly, from 150 billion yuan in 2010 to approximately 4,394 billion yuan in 2024, indicating a high stock level [3][56]. Section 3: Regulatory Framework for HNB - The regulatory landscape for heated tobacco products is becoming clearer globally, with established frameworks in the US, Japan, and Europe, providing a roadmap for compliance [4][62]. - The US has implemented a structured regulatory process for HNB products, which includes pre-market tobacco application (PMTA) requirements, ensuring a predictable compliance environment [4][66]. Section 4: Domestic Product Development and Market Readiness - Chinese tobacco companies have made significant strides in developing HNB products, with several companies launching domestic HNB devices and achieving a substantial number of patents in the field [4][5]. - The report emphasizes the importance of product innovation and international expansion for the high-quality development of the domestic tobacco industry [3][5]. Section 5: Company Analysis - Companies like Huabao International and Smoore International are highlighted for their strong technical reserves and potential for growth in the HNB sector, with Huabao expected to benefit from its leading position in the flavoring segment [5][5.1][5.2].

Group 1 - The company announced the appointment of Ms. Wang Xin as an executive director and Mr. Yan Xiaoying as an independent non-executive director to the nomination committee, effective from December 24, 2025 [1] - Mr. Zhong Shan has been appointed as the chief independent non-executive director, effective from December 24, 2025 [1]

该信息由智通财经网提供 智通财经APP讯，思摩尔国际(06969)发布公告，董事会委任执行董事王鑫女士及独立非执行董事阎小颖 先生为公司提名委员会新任成员，自2025年12月24日起生效。委任独立非执行董事钟山先生担任首席独 立非执行董事一职，自2025年12月24日起生效。 ...

格隆汇12月24日丨思摩尔国际(06969.HK)公布，委任执行董事王鑫及独立非执行董事阎小颖为公司提名 委员会新任成员，自2025年12月24日起生效。 董事会委任独立非执行董事钟山担任首席独立非执行董事一职，自2025年12月24日起生效。首席独立非 执行董事并非公司的行政职位，且不担任集团的任何管理角色。钟山于董事会及相关董事会委员会的其 他职位维持不变。 ...

Smoore International Holdings Limited （股份代號：6969） 公司董事會之 提名委員會的 職權範圍 於2020年6月15日採納及 於2025年12月24日修訂 定義 於本職權範圍內，除文義另有所指外，下列詞彙具有以下涵義： 「上市規則」 指 香港聯合交易所有限公司證券上市規則。 – 1 – 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） 授權 職責 – 2 – 1. 委員會 應至少 由三名 董事組成 ，且獨 立非執 行董事 應佔大 多數，而 至少一 名成員 為不 同性別。 2. 委員會主席應由董事會任命，並應由董事會主席或一位獨立非執行董事擔任。 3. 委員會秘書應為公司秘書，或委員會不時指派的任何人員。 4. 委員會的會議法定參與人數為兩位委員會成員。 5. 委員會 主席可 酌情召 集會議， 但無論 如何， 於每年 應召開 最少一次 委員會 會議， 或按 上市規則規定或其他不時適用於公司的監管要求所規定的頻率召開會議。 6. 董事會 授權委 員會可 對其職責 範圍內 的任何 活動進 行調查 。委員會 有權向 任何一 個員 工獲取任何資訊， ...

（ 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 ...