Core Viewpoint - Smoore International (06969) shares rose over 6%, currently at HKD 21.64, with a trading volume of HKD 501 million, as the company prepares to discuss its mid-term performance and potential dividend distribution [1] Financial Performance - Smoore International anticipates a revenue of RMB 6.013 billion for the first half of 2025, representing an 18% year-on-year increase [1] - The company expects a pre-tax profit of approximately RMB 629 million to RMB 769 million, reflecting a decrease of 5% to 23% year-on-year, primarily due to increased non-cash share-based payment expenses of RMB 176 million, along with higher distribution, sales expenses, and legal service costs [1] Market Insights - UBS noted that the preliminary performance indicates an 18% year-on-year revenue growth, attributed to the recovery of the vape business, with increased shipments ahead of U.S. tariffs [1] - The company projects a 21% to 35% year-on-year decline in net profit for the second half, mainly due to high expenditures related to stock options and S&D in Q4 [1] - Zheshang Securities highlighted that British American Tobacco is heavily investing in resources and marketing for Glo Hilo, with positive trial feedback in Japan and early deployments in some European countries, maintaining a positive outlook for Smoore International as a core supplier [1]