Core Insights - Smoore International (06969) reported a record quarterly revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise customer business and proprietary brand business [1] - The heated non-combustible business and electronic vaporization business recorded healthy growth both year-on-year and quarter-on-quarter [1] - The company supported strategic clients in launching new heated non-combustible products in major global markets, significantly increasing product shipments and driving revenue growth [1] Group 2: Proprietary Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced local operations and increased marketing investments tailored to local characteristics in key markets, leading to a continuous rise in market share for proprietary brands [1] Group 3: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year growth of about 4.0% and a quarter-on-quarter growth of approximately 4.8% [2] - The profit increase was attributed to revenue and gross profit growth, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than the revenue growth rate [2] - Additional income and gains contributed to the overall profitability [2]

Core Insights - Smoore International (06969) reported a record high revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, representing a year-on-year growth of about 27.2% and a quarter-on-quarter growth of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise client business and self-owned brand business [1] - The heated non-combustible and electronic vaporization businesses recorded healthy growth both year-on-year and quarter-on-quarter [1] Group 2: Enterprise Client Business - The heated non-combustible business saw significant revenue growth due to the successful launch of new products in major global markets [1] - The electronic vaporization business maintained revenue growth as the company supported clients in launching new compliant products amid increasing regulatory scrutiny [1] Group 3: Self-Owned Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced localized operations and increased marketing investments in key markets, leading to a healthy year-on-year revenue growth in the self-owned brand business [1] Group 4: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year increase of about 4.0% and a quarter-on-quarter increase of approximately 4.8% [2] - The profit growth was attributed to revenue and gross profit increases, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than revenue growth [2]

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].

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 6.013 billion yuan, a year-on-year increase of 18.3%, aligning with forecast values and exceeding early-year high single-digit expectations [1] - The net profit was 492 million yuan, a year-on-year decrease of 28.0%, which is the midpoint of the forecast range, attributed to increased management expenses and legal compliance costs [1] - Adjusted net profit was 737 million yuan, a year-on-year decline of 2.1%, also within the forecast range [1] - The company's gross margin for H1 was 37.3%, a decrease of 0.5 percentage points year-on-year, while the adjusted net profit margin was 12.3%, an increase of 2.5 percentage points year-on-year [1] Group 2: Business Segments - The self-owned brand business generated revenue of 1.274 billion yuan in H1, a year-on-year increase of 14.1%, with European revenue growing by 15.1% [1] - The To B business revenue was 4.739 billion yuan, a year-on-year increase of 19.5%, with European revenue rising by 38.0% [2] - The HNB market is experiencing rapid growth, with the company collaborating with British American Tobacco on the HNB product gloHilo, which received positive feedback during trials in Japan [2] Group 3: Market Outlook and Projections - The company is adjusting its profit forecasts due to the impact of incentive amortization and other expenses, projecting net profits of 1.33 billion, 2.22 billion, and 2.89 billion yuan for 2025-2027 [3] - The company maintains a "buy" rating, with projected P/E ratios of 100, 60, and 46 for the respective years [3]

Core Viewpoint - RLX Technology reported strong financial performance for Q2 2025, with a significant year-over-year revenue increase driven by international expansion and effective cost management [1] Financial Performance - Q2 net revenue reached 880 million RMB (approximately 122.8 million USD), a 40.3% increase from 627.2 million RMB in the same period last year, surpassing market expectations [1] - Gross margin for Q2 was 27.5%, up from 25.2% in Q2 2024 [1] - Non-GAAP operating profit was 116.2 million RMB (approximately 16.2 million USD), compared to 46.9 million RMB in Q2 2024, reflecting a 147.6% year-over-year increase [1] - Non-GAAP net profit was 291.2 million RMB (approximately 40.6 million USD), up from 214.8 million RMB in the same period last year [1] - Diluted earnings per share were 0.023 USD, slightly exceeding market expectations [1] Strategic Insights - The company attributes its strong performance to effective execution of its strategy amid ongoing industry changes and rapid shifts in regulatory policies and consumer behavior [1] - RLX Technology emphasizes its commitment to global compliance, data-driven localization strategies, and strengthening strategic partnerships to enhance its international distribution network [1] - The company expresses confidence in navigating complex challenges and seizing emerging opportunities to create sustainable value for stakeholders [1]

Core Viewpoint - Smoore International, the world's largest electronic vapor product manufacturer, reported a revenue of 6.013 billion RMB for the first half of 2025, an increase of 18.3% year-on-year, while adjusted net profit decreased by 2.1% to 737 million RMB [1] Group 1: Financial Performance - The company proposed an interim dividend of 0.20 HKD per share, with a payout ratio increasing to 225.1%, compared to approximately 38.7% in the same period of 2024 [1] - The self-owned brand business generated approximately 1.274 billion RMB in revenue, a year-on-year increase of about 14.1%, accounting for approximately 21.2% of total revenue [1] Group 2: Brand and Market Performance - The self-owned brand "Lanzhi" in mainland China generated approximately 31 million RMB in revenue, showing a significant year-on-year growth of about 2595.2% [2] - The "Lanzhi" home beauty device has surpassed 10,000 users, and the professional equipment has received Class II medical device certification, being adopted by over 100 private institutions [2] Group 3: Business Segments - The To B (business-to-business) segment recorded revenue of approximately 4.739 billion RMB, a year-on-year increase of about 19.5%, driven mainly by the recovery of the electronic vapor business [2] - The company successfully supported key clients in launching a series of innovative compliant products in response to regulatory changes in the European market, leading to strong order growth [2] Group 4: Research and Development - The company focused on enhancing R&D efficiency, prioritizing investments in heated non-combustible (HNB) products and vapor medical applications, achieving several breakthroughs in R&D [3] - A significant milestone was the successful support of a strategic client in launching a high-end HNB product series in key markets, with plans for a nationwide launch in Japan by September 2025 [3] Group 5: Future Outlook - The company aims to continue leveraging technological innovation as a foundation, focusing on electronic vapor, heated non-combustible, special-purpose vapor products, vapor medical, and vapor beauty sectors to provide comprehensive vapor technology solutions [3]

Core Viewpoint - RLX Technology (雾芯科技) reported strong financial performance for Q2 2025, with significant year-over-year growth in revenue and profits, driven by international expansion and effective strategic execution [1][2] Financial Performance - Q2 net revenue reached 880 million RMB (approximately 122.8 million USD), a 40.3% increase from 627.2 million RMB in the same period last year, exceeding market expectations [1] - Q2 gross margin improved to 27.5%, up from 25.2% in Q2 2024 [1] - Non-GAAP operating profit was 116.2 million RMB (approximately 16.2 million USD), a substantial increase of 147.6% compared to 46.9 million RMB in Q2 2024 [2] - Non-GAAP net profit for Q2 was 291.2 million RMB (approximately 40.6 million USD), compared to 214.8 million RMB in the same quarter last year [1] - Diluted earnings per share were 0.023 USD, slightly exceeding market expectations [1] Strategic Insights - The company emphasized its commitment to global compliance and localized strategies to strengthen its international distribution network [2] - The CEO highlighted the ongoing transformation in the global industry, which presents new opportunities for growth and innovation [1][2] - The CFO noted that strict cost control and an optimized product mix contributed to the significant increase in operating profit [2]

Group 1: Logistics and Warehousing Industry - In July 2025, the national express delivery volume reached 16.4 billion pieces, a year-on-year increase of 15.1%, with a total of 112.05 billion pieces from January to July, up 18.7% year-on-year [5][6] - The express delivery industry is experiencing a trend of concentration, with the CR8 increasing to 86.9, reflecting a 1.7 point year-on-year increase, indicating a significant rise in the market share of leading companies [6][7] - The revenue of the express delivery industry in July 2025 increased by 8.9% year-on-year, while the average revenue per piece decreased by 5.3%, showing a narrowing of the price decline and a shift towards healthier competition [7][8] Group 2: New Energy Power Generation Industry - The report discusses the supply-demand contradictions and cyclical nature of the new energy industry, particularly focusing on the photovoltaic sector [10] - It emphasizes the importance of reviewing the photovoltaic industry's supply-side capacity cycles and new technologies [10] Group 3: Building Materials Industry - The report outlines a research framework focusing on sub-industries such as cement, glass fiber, and consumer building materials [11] Group 4: Robotics Industry - The report highlights breakthroughs in humanoid robots, particularly in their ability to walk without visual aids, indicating significant advancements in technology [12][13] - It suggests that the humanoid robot industry is rapidly evolving, driven by technological deepening and practical applications, with a focus on key manufacturers and core component suppliers [13][15] Group 5: Dairy Products Industry - The report indicates that raw milk prices are expected to continue declining, with a potential supply-demand balance in the second half of 2025, benefiting from reduced costs and improved demand [17][18] - It notes that beef prices are entering an upward cycle, driven by supply reduction and decreased import pressures, which could enhance profitability for livestock companies [18][20] Group 6: Company Reports - Futu Holdings reported a strong net inflow of funds, with H1 2025 revenue and net profit reaching 10.006 billion and 4.72 billion HKD, respectively, marking increases of 74.89% and 109.76% year-on-year [22][23] - Baba Foods achieved H1 2025 revenue of 8.35 billion, a year-on-year increase of 9.31%, with net profit rising by 18.08% [26][28] - Milky Way achieved a 13.17% year-on-year increase in net profit for H1 2025, driven by a focus on intelligent supply chain services [35][36]