机构：东吴证券 风险提示：监管政策不确定性、新业务推广不及预期、市场竞争加剧等。 投资要点 事件：思摩尔国际发布2025 年三季度财务数据，2025Q1-3 收入为102.10亿元，同比+21.8%；净利润 11.31 亿元，同比-14.6%；经调整净利润11.82亿元，同比+0.1%。 Q3 收入快速增长，利润增速转正：25Q3 公司收入41.97 亿元，同比+27.2%，环比+27.5%；净利润为 3.17 亿元，同比-16.4%，环比+5.7%；还原股权激励费用后的经调净利润为4.44 亿元，同比+4.0%，环 比+4.8%。经调净利率为10.6%，同比-2.4pct，主要系毛利率因产品结构变化有所下滑，未来随着新产 品和HNB 业务放量，毛利率有望持续提升。 雾化电子业务持续修复：自有品牌同比实现稳健增长，得益于新品迭代成功和本地化营销。代工业务同 比快速增长，美国加大对违法产品的查处力度，公司业务在恢复中；欧洲市场，公司在一次性禁令后推 出新型产品，开发新增客户，收入增速较快。 盈利预测与投资评级：思摩尔国际是全球雾化科技龙头，电子雾化受益于欧美政策和执法趋严触底回 升， HNB 业务独家绑定英美烟 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown rapid revenue growth, with a 21.8% year-on-year increase in total revenue for the first three quarters of 2025, amounting to 10.21 billion yuan [8] - The HNB (Heated Not Burned) products are gradually being promoted, with positive feedback from customers and plans for expansion into new markets [8] - The company is expected to benefit from stricter regulations in the electronic vaporization market, leading to a recovery in its business [8] Financial Summary - Total revenue projections for 2023A, 2024A, 2025E, 2026E, and 2027E are 11,168 million yuan, 11,799 million yuan, 13,722 million yuan, 16,166 million yuan, and 18,395 million yuan respectively, with year-on-year growth rates of -8.04%, 5.64%, 16.30%, 17.81%, and 13.79% [1] - The net profit attributable to the parent company for the same years is projected to be 1,645 million yuan, 1,303 million yuan, 1,331 million yuan, 2,219 million yuan, and 2,893 million yuan, with year-on-year growth rates of -34.47%, -20.78%, 2.11%, 66.75%, and 30.37% [1] - The latest diluted EPS (Earnings Per Share) is forecasted to be 0.27 yuan, 0.21 yuan, 0.21 yuan, 0.36 yuan, and 0.47 yuan for the years 2023A to 2027E [1] Market Data - The closing price of the company's stock is 15.77 HKD, with a market capitalization of approximately 89.18 billion HKD [5] - The price-to-book ratio is 3.97 [5] - The company has a total share capital of 6,193.04 million shares [6]

思摩尔国际(06969)绩后高开4%，截至发稿，涨4.3%，报16港元，成交额534.4万港元。 面向企业客户业务方面，加热不燃烧业务及电子雾化业务同比及环比均录得健康增长。加热不燃烧业务 方面，集团本期间全力支持战略客户在全球更多主要市场成功推出加热不燃烧新品，产品出货量大幅增 加带动该业务收入同比及环比实现快速增长。电子雾化业务方面，全球主要国家对不合规产品监管力度 持续加强，集团凭借强政策预判力及市场洞察力，支持更多客户推出新型合规的电子雾化产品，助力该 业务收入同比及环比保持增长。 自有品牌业务方面，本年度上半年推出的旗舰系列新品迭代成功，消费者基数继续扩大。另外，集团继 续加强本地化运营，在重点市场加大符合当地特色的营销投入，推动品牌市场份额持续提升，带动自有 品牌业务收入同比实现健康增长。 消息面上，10月12日，思摩尔国际发布公告，集团截至2025年9月30日止三个月实现收入约人民币41.97 亿元，创集团单季度收入的历史新高，较上年同期增长约27.2%，较本年二季度增长约27.5%，面向企 业客户业务及自有品牌业务收入同比及环比均实现令人满意的增长。 ...

智通财经APP获悉，思摩尔国际(06969)绩后高开4%，截至发稿，涨4.3%，报16港元，成交额534.4万港 元。 自有品牌业务方面，本年度上半年推出的旗舰系列新品迭代成功，消费者基数继续扩大。另外，集团继 续加强本地化运营，在重点市场加大符合当地特色的营销投入，推动品牌市场份额持续提升，带动自有 品牌业务收入同比实现健康增长。 面向企业客户业务方面，加热不燃烧业务及电子雾化业务同比及环比均录得健康增长。加热不燃烧业务 方面，集团本期间全力支持战略客户在全球更多主要市场成功推出加热不燃烧新品，产品出货量大幅增 加带动该业务收入同比及环比实现快速增长。电子雾化业务方面，全球主要国家对不合规产品监管力度 持续加强，集团凭借强政策预判力及市场洞察力，支持更多客户推出新型合规的电子雾化产品，助力该 业务收入同比及环比保持增长。 消息面上，10月12日，思摩尔国际发布公告，集团截至2025年9月30日止三个月实现收入约人民币41.97 亿元，创集团单季度收入的历史新高，较上年同期增长约27.2%，较本年二季度增长约27.5%，面向企 业客户业务及自有品牌业务收入同比及环比均实现令人满意的增长。 ...

思摩尔国际公布截至2025年9月30日的三个月业绩。本季度收入达到约人民币41.97亿元，同比增长 27.2%，环比增长27.5%。 本季度经调整期内溢利约为人民币4.44亿元，同比增长4.0%，环比增长4.8%。增长原因包括：收入和毛 利额增长；期间费用增长率低于收入增长率；以及其他收入及收益增加。 自有品牌业务方面，上半年旗舰系列新品迭代成功，消费者基础扩大，加上本地化运营和营销投入增 加，带动收入健康增长。 企业客户业务方面，加热不燃烧和电子雾化业务均实现同比和环比增长。加热不燃烧业务受益于支持战 略客户在全球主要市场推出新品，出货量大幅增加。电子雾化业务则得益于对不合规产品监管加强，思 摩尔支持客户推出新型合规产品。 ...

自有品牌业务方面，本年度上半年推出的旗舰系列新品迭代成功，消费者基数继续扩大。另外，集团继 续加强本地化运营，在重点市场加大符合当地特色的营销投入，推动品牌市场份额持续提升，带动自有 品牌业务收入同比实现健康增长。 集团本期间经调整期内溢利约为人民币4.44亿元，同比增长约4.0%，环比增长约4.8%。增长的主要原因 为：1)收入和毛利额的增长;2)剔除以股份为基础的付款开支后，分销及销售开支、行政开支及研发开支 三项期间费用的增长率低于收入的增长率;3)其他收入及收益的增加。 思摩尔国际(06969)发布公告，集团截至2025年9月30日止三个月实现收入约人民币41.97亿元，创集团单 季度收入的历史新高，较上年同期增长约27.2%，较本年二季度增长约27.5%，面向企业客户业务及自 有品牌业务收入同比及环比均实现令人满意的增长。 面向企业客户业务方面，加热不燃烧业务及电子雾化业务同比及环比均录得健康增长。加热不燃烧业务 方面，集团本期间全力支持战略客户在全球更多主要市场成功推出加热不燃烧新品，产品出货量大幅增 加带动该业务收入同比及环比实现快速增长。电子雾化业务方面，全球主要国家对不合规产品监管力度 持续 ...

智通财经APP讯，思摩尔国际(06969)发布公告，集团截至2025年9月30日止三个月实现收入约人民币 41.97亿元，创集团单季度收入的历史新高，较上年同期增长约27.2%，较本年二季度增长约27.5%，面 向企业客户业务及自有品牌业务收入同比及环比均实现令人满意的增长。 集团本期间经调整期内溢利约为人民币4.44亿元，同比增长约4.0%，环比增长约4.8%。增长的主要原因 为：1)收入和毛利额的增长;2)剔除以股份为基础的付款开支后，分销及销售开支、行政开支及研发开支 三项期间费用的增长率低于收入的增长率;3)其他收入及收益的增加。 面向企业客户业务方面，加热不燃烧业务及电子雾化业务同比及环比均录得健康增长。加热不燃烧业务 方面，集团本期间全力支持战略客户在全球更多主要市场成功推出加热不燃烧新品，产品出货量大幅增 加带动该业务收入同比及环比实现快速增长。电子雾化业务方面，全球主要国家对不合规产品监管力度 持续加强，集团凭借强政策预判力及市场洞察力，支持更多客户推出新型合规的电子雾化产品，助力该 业务收入同比及环比保持增长。 自有品牌业务方面，本年度上半年推出的旗舰系列新品迭代成功，消费者基数继续扩大。另 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 財務更新 截至2025年9月30日止期間 本公告乃思摩爾國際控股有限公司（「本公司」）董事會（「董事會」））根據香港聯合交易所有限 公司證券上市規則第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條 文作出，依據於本公司及其附屬公司（ 統稱「本集團」）截至2025年9月30日止三個月（「本期 間」）未經審核的綜合管理賬目。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 惠 州 億 緯 鋰 能 股 份 有 限 公 司（「 億 緯 鋰 能 」）， 本 公 司 在 深 圳 證 券 交 易 所 上 市 的 控 股 股 東 之 一，根據深圳證券交易所創業板股票上市規則要求需披露季度財務報告。億緯鋰能的季度 財務報告中包含特定財務信息，這些財務信息被視為對本集 ...

Group 1: Company Developments - Transpire Bio, a wholly-owned subsidiary of Smoore International, has submitted an Abbreviated New Drug Application (ANDA) for Breo® Ellipta® and received acceptance from the FDA on September 23 [1][1] - If approved, Transpire Bio will have a 180-day exclusivity period in the U.S. market for Breo® Ellipta®, which is used for the maintenance treatment of asthma and COPD, with projected sales of $2.02 billion in 2024 [1][1] - This breakthrough highlights Transpire Bio's strategic positioning in the complex generic drug sector and strengthens Smoore International's innovative advantage in the global inhalation drug market [1][1] Group 2: Industry Trends - The FDA has launched a pilot program to enhance the efficiency of pre-market tobacco product applications (PMTAs) for nicotine pouch products, aiming for more frequent feedback and shorter review times [2][2] - The pilot program reflects the FDA's commitment to improving regulatory efficiency while maintaining scientific standards for tobacco product reviews [2][2] - As of now, the FDA has authorized 20 nicotine pouch products, with potential for more varieties in the future [2][2] Group 3: Export Data - In the first eight months of 2025, the export value of e-cigarettes and similar personal vaporizing devices reached $2.116 billion, a year-on-year increase of 14.55%, while other non-combustible nicotine products saw a decrease of 18.31% [3][3] - In August 2025, the export value of e-cigarettes was $301 million, up 34.01% year-on-year, while other nicotine products reached $635 million, down 5.68% year-on-year [3][3] - The average export price for e-cigarettes was $4.46 per unit, with an overall export price of $45.07 per kilogram in August [3][3] Group 4: Regional Insights - The top five export destinations (U.S., U.K., Germany, South Korea, UAE) accounted for 62.32% of total exports in the first eight months of 2025, a slight decrease of 0.56 percentage points year-on-year [4][4] - The U.S. remains the largest market with an export value of $2.199 billion, down 8.67% year-on-year, representing 33.56% of total exports [4][4] - Notable growth was observed in exports to the UAE and Indonesia, with increases of 60.57% and 67.25% respectively, while South Korea, Russia, and the Netherlands experienced significant declines [4][4]

Core Viewpoint - The company's 1H25 performance aligns with expectations, showing revenue growth but a decline in net profit, indicating a mixed financial outlook amid evolving market conditions [1][2]. Financial Performance - Revenue for 1H25 reached 6.01 billion, an 18.3% year-on-year increase, while net profit attributable to shareholders was 500 million, a 30.8% decline. Adjusted net profit after stock incentive expenses was 740 million, down 2.1% [1]. - The company declared an interim dividend of 0.2 HKD per share, with a payout ratio of 225.1%, significantly higher than the 38.7% in 1H24, indicating increased shareholder returns [1]. Market Trends - The ToB revenue grew by 19.5% to 4.739 billion, driven by strong performance in Europe and potential improvements in the U.S. market due to stricter regulations [1]. - In Europe, revenue surged by 38% to 2.73 billion, benefiting from regulatory changes that favored compliant companies [1]. - U.S. revenue increased by 1.5% to 1.89 billion, with expectations of continued improvement as enforcement tightens [1]. - Domestic revenue, however, saw a decline of 6.1% to 120 million [1]. Product Development - The ToC revenue rose by 14.1% to 1.274 billion, with significant growth in the APV segment, particularly in Europe, where new product launches are driving user conversion [2]. - The APV revenue in Europe and the U.S. was 1.07 billion and 170 million, respectively, with declines of 15.1% and 6.7% [2]. - The nebulization beauty segment experienced a remarkable growth of 2595% to 30.618 million, with over 10,000 C-end users and more than 100 B-end partnerships established [2]. Profitability and Costs - The overall gross margin remained stable, decreasing slightly by 0.5 percentage points to 37.3%. However, the net profit margin fell by 5.9 percentage points to 8.3%, and adjusted for stock incentive expenses, it decreased by 1.2 percentage points to 12.3% [2]. - Sales expense ratio increased by 0.8 percentage points to 8.2% due to heightened investment in self-owned brands, while R&D expense ratio decreased by 2.9 percentage points to 12% [2]. - Management expenses rose significantly by 15.5 percentage points to 22.2%, primarily due to increased stock incentive costs [2]. Growth Outlook - The HNB segment is expected to accelerate globally, with Glo Hilo's market share in Japan increasing by 1.5% during its sales period, indicating strong growth potential [3]. - The regulatory environment for vaping products in Europe and the U.S. is expected to lead to a more standardized industry, allowing the company to recover market share and continue growing [3]. - The company is also focusing on developing nebulization medical products and expanding its nebulization beauty segment domestically, which opens up additional growth opportunities [3]. Profit Forecast and Valuation - The company maintains its profit forecast and industry outperform rating, with a target price reflecting a 4% upside from the current stock price [3].