第三季度，思摩尔国际收入41.97亿元，创单季度收入历史新高，同比增加27.2%，环比增加27.5%；期内利润约3.17亿元，同比下降16.4%，环比增长5.7%； 经调整利润4.44亿元，同比增长4.0%，环比增长4.8%。 整体业绩来看，思摩尔国际三季度营业收入保持高增长，但净利润表现依旧逊色，无法扭转"增收不增利"尴尬局面。 资料显示，思摩尔国际主要经营两个业务板块：1）面向企业客户业务（「ToB业务」），为全球烟草巨头等提供电子雾化设备、HNB（加热不燃烧）设备 等解决方案；2）研究、设计、制造及销售自有品牌电子雾化产品及雾化美容产品。 对于营收的增长，思摩尔国际称，主要得益于面向企业客户业务，及自有品牌业务增长所带动。 面向企业客户业务方面，报告期内，公司全力支持战略客户在全球更多主要市场成功推出加热不燃烧新品，产品出货量大幅增加，带动该业务收入同环比均 实现快速增长。 10月13日，电子烟龙头思摩尔国际（06969.HK）上演了一出"过山车"行情。 今日开盘伊始，该股大幅拉涨4.3%，但随即又迅速回落，涨幅一度收窄至0.26%；截至发稿前，该股涨幅为1.56%，报15.58港元/股。 股价剧烈震荡 ...

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Insights - The report highlights the implementation of new regulations on e-cigarettes across multiple states in the U.S. starting September 1, 2025, aimed at enhancing public health and product safety [1] - China's e-cigarette exports showed a steady recovery in July 2025, with an export value of $889 million, reflecting a month-on-month increase of 32.04% despite a year-on-year decline of 11.10% [2] - The report suggests a significant restructuring of the e-cigarette market in the U.S. due to stricter regulations, which may lead to a reduction in product variety and changes in supply chain and marketing strategies [1] Summary by Sections E-Cigarette Regulations - New regulations in states like Texas, Wisconsin, Arkansas, and California impose strict limits on product packaging, ingredients, origin, and advertising, with severe penalties for non-compliance [1] Export Data - In the first seven months of 2025, China's e-cigarette exports totaled $5.616 billion, with July exports reaching $889 million, showing a notable recovery in the U.S. market [2] - The U.S. remains the largest market for Chinese e-cigarettes, accounting for 29.41% of total exports, despite a year-on-year decline of 14.17% [2] Investment Opportunities - The report recommends focusing on companies within the vaping supply chain, including Smoore International, Jincheng Pharmaceutical, and others, as well as tobacco supply chain companies like China Tobacco Hong Kong and China Baotong [3]

Core Viewpoint - The Huangpi District Tobacco Monopoly Bureau is implementing strict regulations on e-cigarettes to protect minors' health, focusing on policy promotion, joint law enforcement, and source governance to combat illegal sales [1][2]. Group 1: Policy Promotion - The bureau is enhancing regulatory measures through a combination of online and offline methods, expanding the reach of e-cigarette legal knowledge [1]. - Online platforms such as official accounts and SMS are used to disseminate information, while offline efforts include direct outreach to retailers to explain regulations against selling to minors [1]. - Warning signs are posted around retail stores and schools to create a strong awareness atmosphere, leading to improved understanding of regulations among retailers and consumers [1]. Group 2: Joint Law Enforcement - The bureau collaborates with market regulation and public security departments to conduct special inspections in key areas like schools and youth activity centers [1]. - During inspections, the bureau verifies licenses, supply chains, and sales records to combat illegal production and sales of counterfeit products [1]. - A specific case involved a store selling to minors, which was penalized and required to rectify its practices, demonstrating effective law enforcement deterrence [1]. Group 3: Source Governance - The bureau focuses on cutting off illegal transactions by monitoring online sales of e-cigarettes, utilizing advanced tools for real-time analysis of social media and online platforms [2]. - Upon discovering illegal sales, the bureau collaborates with relevant departments to take precise action against identified illegal products [2]. - As a result of these efforts, the e-cigarette market order in Huangpi District has improved, with a reduction in sales points near schools and a significant decrease in illegal online sales [2]. Group 4: Future Directions - The bureau acknowledges ongoing challenges in e-cigarette regulation and plans to continue monitoring new trends, innovate work methods, and strengthen inter-departmental collaboration [2]. - There will be an emphasis on public education regarding the dangers of e-cigarettes to foster a community-wide participation in regulation efforts [2].

Core Points - The Singapore government announced stricter penalties for e-cigarette violations starting September 1, particularly targeting the use and sale of e-cigarettes containing banned substances [1] - The new regulations classify "etomidate" as a Class C drug under the Misuse of Drugs Act, with a temporary enforcement period of six months [1] - Individuals caught possessing, using, or purchasing e-cigarettes with harmful substances will face increased fines and mandatory rehabilitation programs, with repeat offenders facing harsher penalties [1] Regulatory Changes - Starting September 1, penalties for holding, using, or purchasing e-cigarettes will be increased, with first-time offenders facing higher fines and repeat offenders required to undergo a three-month rehabilitation program or face more severe penalties [1] - The maximum punishment for importing, selling, or distributing e-cigarettes containing etomidate includes up to 15 strokes of the cane and a maximum of 20 years in prison [1] Health Concerns - Etomidate is a sedative drug typically used for intravenous anesthesia, and its consumption through e-cigarettes can lead to severe side effects such as nausea, vomiting, seizures, and in severe cases, organ failure or death [2]

Core Viewpoint - Jia Yao Holdings (01626) anticipates a post-tax loss of approximately RMB 20 million to 24 million for the six months ending June 30, 2025, compared to a post-tax profit of approximately RMB 27.2 million for the six months ending June 30, 2024 [1] Group 1 - The increase in post-tax loss is primarily due to the adjustment of sales strategies in multiple international markets to address recent fluctuations in global e-cigarette regulations and international trade turmoil [1] - Sales orders and profitability have been adversely affected as a result of these adjustments [1]

Core Viewpoint - 嘉耀控股 (01626) anticipates a net loss after tax of approximately RMB 20 million to 24 million for the six months ending June 30, 2025, compared to a net profit after tax of approximately RMB 27.2 million for the six months ending June 30, 2024 [1] Group 1: Financial Performance - The expected net loss for the upcoming period represents a significant decline from the previous year's profit, indicating a shift in financial performance [1] - The anticipated loss is attributed to adjustments in sales strategies across multiple international markets [1] Group 2: Market Conditions - The adjustments in sales strategies are a response to recent fluctuations in global e-cigarette regulations and international trade disruptions [1] - These market conditions have adversely affected sales orders and profitability for the company [1]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company is expected to achieve strong revenue growth in 25H1, with a forecasted revenue of 60.13 billion, representing an 18% year-on-year increase, outperforming market expectations [1] - Profit is projected to decline to between 4.43 billion and 5.41 billion, a decrease of 21% to 35% year-on-year, with an average estimate of 4.92 billion, indicating a significant narrowing of the profit decline in Q2 [1][2] - The decline in profit is attributed to increased incentive costs, marketing investments, and legal service fees, with adjusted net profit expected to be between 6.88 billion and 7.87 billion, reflecting a year-on-year change of -9% to +4% [2] Revenue Insights - The company's revenue from vaping products has shown resilience due to regulatory improvements, with all products being compliant [3] - The implementation of bans on disposable e-cigarettes in various regions, including the UK and New Zealand, has led to a shift towards open and refillable e-cigarettes, benefiting the company's sales [3] Future Outlook - The recent trial sales of HNB products in Japan have received positive feedback, with expectations for significant market share growth as the product is set for nationwide launch on September 1 [4] - The pricing strategy for Glo Hilo in Japan has been adjusted to enhance supply chain value distribution, indicating a strong competitive position [4] Financial Forecast and Valuation - The company is projected to achieve revenues of 131.61 billion, 155.90 billion, and 186.33 billion from 2025 to 2027, with year-on-year growth rates of 11.55%, 18.45%, and 19.52% respectively [5] - Net profit is expected to reach 13.11 billion, 20.40 billion, and 27.63 billion during the same period, with growth rates of 0.57%, 55.68%, and 35.40% respectively [5] - The current market capitalization corresponds to a PE ratio of 90.72X, 58.28X, and 43.04X for the years 2025 to 2027 [5]

Core Viewpoint - The implementation of the Electronic Cigarette Management Measures has led to a reduction in the sale of flavored e-cigarettes in physical stores, but online sales and hidden transactions continue to thrive, indicating regulatory loopholes and challenges in consumer awareness [1][14][24] Regulatory Measures - The Electronic Cigarette Management Measures, effective from May 1, 2022, include prohibitions on the sale of flavored e-cigarettes (except tobacco flavor), sales to minors, and the use of vending machines for e-cigarette sales, along with product traceability and warning labels [1] - Despite these regulations, some stores claim compliance while still facilitating the sale of flavored e-cigarettes through hidden channels [1][5] Market Dynamics - Physical stores prominently display signs prohibiting sales to minors and claim to sell only tobacco-flavored products, yet there is evidence of flavored e-cigarettes being sold to familiar customers [2][5] - Online platforms and social media have become primary channels for purchasing flavored e-cigarettes, with consumers reporting ease of access through these means [7][13] Consumer Behavior - Many consumers, particularly younger individuals, perceive e-cigarettes as a healthier alternative to traditional cigarettes, leading to misconceptions about their safety [23][24] - The marketing strategies on social media heavily emphasize the benefits of e-cigarettes, with a significant portion of content promoting their use while downplaying health risks [23] Regulatory Effectiveness - A report from Fudan University indicates that while the number of stores selling flavored e-cigarettes has decreased, online sales remain prevalent, highlighting the need for stricter enforcement of regulations [14][24] - The report suggests that the marketing of e-cigarettes should be regulated similarly to tobacco advertising to mitigate their appeal, especially to minors [24]

Core Viewpoint - The implementation of the "Electronic Cigarette Management Measures" has led to a significant reduction in the number of electronic cigarette stores in popular shopping districts of Shanghai and Chengdu, indicating the initial effectiveness of the regulations [1][2]. Group 1: Regulatory Impact - The number of stores selling flavored electronic cigarettes has notably decreased since the enforcement of the regulations [1]. - A study conducted by Fudan University found that 21% of former electronic cigarette users have quit since the regulations were implemented [1]. - Continuous users reported fewer product flavor options and purchasing channels, with strong support for health warnings and protections for minors on packaging [1]. Group 2: Expert Opinions - Experts at a media conference emphasized the need for stricter enforcement against gray market transactions and online sales of flavored electronic cigarettes, as well as a complete ban on sales to minors [2]. - There is a call for enhanced regulation of the entire marketing chain of electronic cigarettes to prevent them from being marketed as "fashionable," "entertaining," or "harm-reducing" [2]. - Experts advocate for a collaborative approach across departments and society to strengthen the regulatory framework for electronic cigarettes and protect public health [3].

Group 1 - The National Tobacco Monopoly Administration is enhancing regulatory policies for the electronic cigarette industry to protect minors and ensure compliance with laws [1] - The average capacity utilization rate for electronic cigarettes, vaping products, and nicotine used in electronic cigarettes is significantly lower than the manufacturing industry average, indicating overcapacity in the market [2] - Since 2024, 103 illegal new electronic cigarette projects have been stopped, and 6 licenses have been revoked, demonstrating strict enforcement of capacity management [2][3] Group 2 - There is a strong focus on combating the illegal sale of flavored electronic cigarettes, with 7,615 administrative cases and 2,470 criminal cases reported, highlighting the ongoing enforcement efforts [4] - The global regulatory environment for electronic cigarettes is tightening, with countries like the UK, Belgium, and France implementing bans on disposable e-cigarettes [2] - The National Tobacco Monopoly Administration is enhancing oversight of electronic cigarette exports, addressing issues such as illegal exports and trade risks due to stricter international regulations [6]