海外业绩大增，收入从负增长到双位数增长，然而却增收不增利，思摩尔国际（06969）估值遇反弹压力。 智通财经APP了解到，今日思摩尔国际发布2025年Q3财报，期间收入41.97亿元，同比增长27.2%，创下单季度收入历史新高，前三季度收入 102.1亿元，同比增长21.8%；然而增收不增利，Q3净利润3.17亿元，同比下滑16.4%，前三季度净利润8.09亿元，同比下滑23.8%，盈利能力呈下 滑趋势。 该公司此次收入大增主要是面向企业客户业务以及自有品牌业务双轮驱动，均实现了可观的收入增长，而最大的功劳为海外业绩贡献，主要受欧 洲及其他国家和美国两大海外市场客户需求增长影响，这两个市场的收入贡献超过97%。但由于成本以及竞争压力，该公司盈利能力不增反降， 净利润连续四年下滑，2025年前三季度净利率下降至7.92%。 但受业绩增收及板块驱动，该公司于2024年市值探底反弹，升幅超过100%，2025年继续反弹，不过明显存在反弹压力，升幅远低于同行以及大 市，且以月线看已连续三个月回落，那么，该公司反弹结束了吗？ 双轮驱动，海外成业绩拐点 显然，这两大业务主要增长亮点均于欧洲其它国家市场，形成了双轮驱动的趋 ...

Investment Rating - The industry rating is "Outperform the Market" (first time) [7] Core Insights - British American Tobacco and Japan Tobacco International are actively capturing the heated tobacco market in Japan and South Korea, with British American Tobacco's new product Glo Hilo set for nationwide launch in Japan on September 1, 2025 [1] - Japan's market for smoke-free products has surpassed traditional cigarettes, with forecasts indicating that Philip Morris International will hold a 69.8% market share in heated tobacco by 2024, while British American Tobacco is expected to maintain a 16.3% share [1] - Japan Tobacco International plans to invest approximately 650 billion yen (about 4.4 billion USD) from 2025 to 2027, aiming for a 10% global market share in heated not burned (HNB) products by 2028 [2] - The market share of heated not burned products in South Korea has increased ninefold over seven years, from 2.2% in 2017 to 18.4% in 2024, indicating significant growth potential [3] - In the first five months of 2025, China's e-cigarette exports amounted to 4.054 billion USD, with May exports reaching 812 million USD, reflecting a year-on-year decline of 19.52% [4] Summary by Sections British American Tobacco - The Glo Hilo product utilizes infrared quartz heating technology, reaching 370 degrees Celsius in five seconds, and is priced at 3,980 yen (approximately 25 USD) [1] - The product's trial in Miyagi Prefecture was successful, leading to a nationwide rollout [1] Japan Tobacco International - The company is focusing on product innovation and channel expansion in South Korea, including the re-launch of Ploom X Advanced and the introduction of limited edition devices [2][3] - The strategy includes enhancing online and offline sales channels and responding to local consumer demands [3] E-Cigarette Market - The e-cigarette export value from China has been affected by US-China trade tensions, with a notable decline in exports to the US [4] - The Middle East market is experiencing rapid growth, with the UAE becoming a significant destination for e-cigarette exports [4] Investment Opportunities - Suggested companies to watch in the vaping supply chain include Smoore International, Jincheng Pharmaceutical, and others [5]