机构：天风证券 研究员：吴立 事件：公司发布2025 年中期业绩，2025 年上半年公司实现营收60.13 亿元，同比增长18.3%；实现毛利 22.44 亿元，同比增长16.6%，毛利率为37.3%，同比-0.5pct；实现净利4.92 亿元，同比下降28.0%，加 回以股份为基础的非现金开支后，实现经调整净利7.37 亿元，同比下降2.1%，经调整后净利润率 12.3%，同比-2.5pct。 全球市场打击不合规产品，雾化电子烟业务复苏推动收入增长分板块来看，公司自有品牌业务收入主要 来自销售电子雾化产品及雾化美容产品，2025H1 实现收入12.74 亿元，同比增长14.1%，占收入百分比 为21.2%。 其中，欧洲和其他国家和地区市场实现收入10.69 亿元，同比增长15.1%，主要受益于公司行业领先品 牌VAPORESSO 的出色表现；美国市场实现收入1.74亿元，同比下降6.7%；中国市场收入3061.8 万元， 同比增长2595.2%，主要来自雾化美容产品"岚至"品牌的销售。2025H1，公司面向企业客户业务实现收 入47.39 亿元，同比增长19.5%，占收入百分比为78.8%。其中，欧洲和其他 ...

具体来看，自有品牌业务在欧洲及其他市场的收入达10.69亿元，同比增长15.1%，主要得益于公司行业 领导品牌VAPORESSO的出色表现。报告期内，公司继续通过其自主开发的数据系统，加强其营销数字 化、销售本地化和终端门店监控，从而能够迅速应对市场变化。这一战略巩固了其在全球主要市场的领 先品牌地位。 此外，公司的雾化医疗附属公司传思生物在佛罗里达州迈阿密附近建立了一个吸入产品研发中心，该中 心具备产品开发的全部能力。传思生物亦积极与世界领先的合同开发和制造组织(CDMO)合作，建立药 械结合产品的制造能力，并将持续与欧美药品监管机构保持定期沟通搜集反馈。 公司的自有品牌雾化美容产品"岚至"品牌在中国内地销售，产生收入约0.31亿元，同比增长约 2595.2%。产品组合包括面向零售客户的家用"岚至"家用美容仪和专为美容机构设计的"岚至"专业设 备。面向零售客户的"岚至"家用美容仪的用户数量已突破1万人，"岚至"专业设备亦获得了二类医疗器 械认证。推出后，已被多家全国性美容机构和公立医院采用，目前有超过100家私营机构采购该设备。 对于未来前景，公司表示，将以科技创新为基石，将继续以"雾化科技"为核心，在电子 ...

思摩尔国际 20250821 摘要 思摩尔国际 2025 年上半年营收 9 亿元，同比增长 19.5%，欧洲市场受 益于一次性禁令下的合规产品销售，增速达 38%，而美国和中国市场收 入增速分别为 1.5%和-6.1%。 上半年利润 4.92 亿元，同比下滑 28%，主要受股权激励摊销、行政管 理费用及自有品牌营销费用增长影响；调整后净利润 7.37 亿元，同比 下滑 2.1%，剔除 OECD 双支柱国际税收影响后实际增长。 预计下半年思摩尔国际收入端维持双位数增长，利润端持平。关注 HNB 产品在日本 9 月销售情况及英美烟草在欧洲推进 Halo 上市的进展，后 者投入了史上最大营销预算。 雾化医疗领域，思摩尔国际与大型医药公司合作顺利，目标未来两三年 内通过美国 FDA 审核。美容雾化方面，兰芝上半年实现收入 3,100 万 元，预计未来两年内贡献可观利润。 传统业务触底回升，尤其欧洲市场表现超预期。HNB 业务进展顺利，有 望明年贡献 10 亿元以上利润增量。新兴业务需两三年后才能在报表中 体现。 思摩尔国际作为雾化科技龙头，在烟草行业转型发展特别是 HNB 赛道保 持乐观态度，未来业绩增长可期。 20 ...

Group 1 - SMOORE International (06969.HK) closed at HKD 18.120 on May 23, marking a 2.49% increase from the previous trading day, with an intraday high of HKD 18.820, the highest in nearly a year [1] - The net capital inflow for the day was HKD 87.0088 million, with a total of HKD 39,232.538 million flowing in and HKD 30,531.660 million flowing out [1] Group 2 - SMOORE International Holdings Limited was established in 2009 and is a global leader in providing atomization technology solutions, owning one proprietary brand (VAPORESSO) and three technology brands (FEELM, CCELL, METEX) [2] - The company is headquartered in Bao'an District, Shenzhen, with nearly 20,000 employees [2] - SMOORE was officially listed on the Hong Kong Stock Exchange on July 10, 2020, under the stock code HK6969 [2] - The company places a strong emphasis on technological innovation and research and development, with a total of 9 research institutes globally and a research team of over 1,000, accounting for nearly half of its non-production staff [2] - As of June 30, 2021, SMOORE had applied for a total of 2,612 patents and 566 trademarks, with 1,272 patents and 360 trademarks granted [2] - The company has received various certifications and honors, including "National CNAS Laboratory Certification," "International UL Safety Laboratory Certification," "National High-tech Enterprise Certification," and "ISO9001 Quality System Certification" [2]

Investment Rating - Industry rating is maintained at "Outperform the Market" [5] Core Viewpoints - The report highlights the impact of the U.S. imposing tariffs on Chinese e-cigarette products, with a total tariff rate reaching 150% [2]. - The report emphasizes that Smoore's Indonesian production capacity is maturing, which is expected to mitigate the impact of these tariffs [3]. - In the first two months of 2025, China's e-cigarette exports decreased by 9.4% year-on-year, with the U.S. remaining the largest market, accounting for 39.64% of total exports [1]. Summary by Sections E-Cigarette Market Overview - In January 2025, e-cigarette exports amounted to $1.02 billion, a year-on-year decrease of 1.47%, while February saw exports drop to $498 million, down 22.07% [1]. - The average export price for e-cigarettes and similar devices was $71.1 per kilogram, with an average price of $3.93 per unit [1]. Company Focus: Smoore International - Smoore reported a pre-tax profit of 255 million yuan in Q1 2025, a decline of 36.3% year-on-year, with a post-tax profit of 192 million yuan, down 43.4% [3]. - The company invested approximately $500 million in building its first overseas factory in Indonesia, which is expected to have an annual output value of $860 million [3]. Industry Recommendations - The report suggests monitoring companies within the vaping supply chain, including Winbond Technology, Jinlong Electromechanical, and others [4]. - It also highlights companies in the tobacco supply chain such as China Tobacco Hong Kong and Jinjia Shares [4].