To B 业务收入为47.39 亿元，同比+19.5%，其中欧洲及其他/美国/中国收入分别为27.34/18.88/1.17 亿 元，同比+38.0%/+1.5%/-6.1%。欧洲实行一次性禁令后合规产品销售快速回升，美国加强执法力度，短 期仍受不合规市场影响，中长期市场回归良性发展。 机构：东吴证券 研究员：吴劲草/石旖瑄/王琳婧 利润位于预告区间中值：2025 年上半年公司实现收入60.13 亿元，同比+18.3%，符合预告值，高于年初 高个位数预期。净利润为4.92 亿元，同比-28.0%，为预告区间中值，下滑系管理费用的长期激励摊销同 增1.76亿元、法律合规费用增加，同时自有品牌推广使得销售费用增加。经调净利润为7.37 亿元，同 比-2.1%，为预告区间中值。H1 公司毛利率为37.3%，同比-0.5pct；经调净利率为12.3%，同比+2.5pct。 公司拟派发中期股息0.2 港元/股。 欧洲市场加速修复：分业务来看，H1 自有品牌业务收入为12.74 亿元，同比+14.1%，其中欧洲及其他/ 美国/中国收入分别为10.69/1.74/0.31 亿元，同比+15.1%/-6.7%/+2595.2 ...

Investment Rating - Industry rating is maintained as "Outperform the Market" [9] Core Insights - The report highlights the production launch of Smoore's high-end medical device project, which is expected to generate revenue of 1 billion yuan within three years [4] - The French ban on disposable e-cigarettes officially took effect on February 25, 2025, following legislative approval [5] - China's total e-cigarette export value for 2024 reached approximately 10.96 billion USD, showing a slight year-on-year decline of 1.11% [6] Summary by Sections Smoore's Medical Device Project - Smoore's skincare brand MOYAL has obtained a Class II medical device certificate and launched a non-invasive aerosol high-end medical device project, focusing on aerosol beauty equipment [4] - The project aims to achieve production in the first half of the year and expects to generate 1 billion yuan in revenue within three years [4] E-Cigarette Market Developments - The French government has implemented a ban on disposable e-cigarettes, making it the second EU country to do so after Belgium [5] - The e-cigarette export data for 2024 indicates a total export value of 10.96 billion USD, with the U.S. being the largest market, accounting for one-third of the exports [6] Company Performance - Smoore reported a revenue of 8.32 billion yuan for the first three quarters of 2024, a year-on-year increase of 4.0%, with a net profit of 1.06 billion yuan, down 11.9% [7] - The company is positioned as a global leader in aerosol technology solutions, with increasing competitive advantages amid tightening regulations [7]