Core Viewpoint - The recent adjustment in the electronic cigarette export tax rebate policy is expected to significantly impact the electronic cigarette manufacturing industry, leading to a new round of industry reshuffling. Although the short-term performance of Smoore International (06969) may be affected, its long-term position is likely to be further solidified [1] Group 1: Company Insights - Smoore International's stock rebounded over 6%, currently trading at 11.44 HKD with a transaction volume of 294 million HKD [1] - The company is closely tied to leading brands, which may help it navigate the short-term challenges posed by the tax rebate policy [1] Group 2: Industry Analysis - The adjustment in tax rebates is anticipated to help the industry gradually emerge from the price war [1] - International tobacco giants are entering mainstream markets with HNB products, which may boost sales of new tobacco products in new regions [1] - There is potential for increased profitability in regions like the UK and Europe, particularly with the shift towards more profitable pod-based and open-system products [1] - Strengthened enforcement of electronic cigarette regulations in the U.S. is expected to create significant recovery space for compliant product shares [1]

Group 1 - The core viewpoint of the article highlights a significant rebound in Smoore International's stock price, which increased by over 6% and is currently trading at 11.44 HKD with a transaction volume of 294 million HKD [1] - The recent adjustment in the electronic cigarette export tax rebate policy is expected to have a substantial impact on the electronic cigarette manufacturing industry, leading to a new round of industry reshuffling [1] - Although Smoore's short-term performance may be affected by the tax rebate policy changes, its long-term position is anticipated to strengthen due to its deep ties with leading brands [1] Group 2 - The reduction in tax rebate incentives is expected to help the industry gradually emerge from the price war [1] - With the entry of international tobacco giants' HNB products into mainstream markets, the sales of the company's new tobacco products in new regions are likely to contribute to incremental growth [1] - The enforcement of electronic cigarette regulations, particularly in the United States, is expected to create significant recovery opportunities for compliant product market share [1]