公告称，一方面，集团协助电子雾化客户迅速推出创新、合规产品以填补不合规产品禁令留下的市场缺 口。集团的ToB业务录得收益约人民币47.39亿元，同比增长约19.5%。另一方面，自有品牌电子雾化业 务通过扩大渠道覆盖、深化本地化运营，促使在关键区域的市占率持续增长。因此，凭藉行业领先品牌 VAPORESSO的强劲表现，自有品牌业务实现收入约人民币12.74亿元，同比增长约14.1%。 智通财经APP获悉，思摩尔国际(06969)绩后涨超8%，截至发稿，涨4.71%，报23.12港元，成交额2.97亿 港元。 消息面上，思摩尔国际发布中期业绩，上半年收益人民币60.13亿元，同比增加18.3%；调整后期内溢利 7.37亿元，同比减少2.1%；期内溢利4.92亿元，同比减少27.96%。收入增长主要得益于全球主要市场对 不合规产品更为有效的执法行动，以及本集团快速推出创新合规新产品以满足市场需求的敏捷能力使本 集团的雾化业务得以复苏。 ...

Core Insights - The company achieved revenue of RMB 6.013 billion for the six months ending June 30, 2025, representing a year-on-year growth of 18.3% [1] - Adjusted net profit was RMB 737 million, showing a decrease of 2.1% compared to the previous year [1] Revenue Breakdown - The ToB (Business-to-Business) segment generated revenue of RMB 4.739 billion, reflecting a year-on-year increase of 19.5% [1] - The proprietary brand business reported revenue of RMB 1.274 billion, which is a year-on-year growth of 14.1%, with strong performance from the VAPORESSO brand [1] Expense Analysis - Sales and distribution expenses increased by 31.2% year-on-year, amounting to approximately RMB 491 million [1] - Research and development expenses were RMB 723 million, showing a decline of 4.9% year-on-year, as the company prioritized key R&D projects while reducing investment in electronic vaporization products [1]

于2025年上半年，本集团实现收益约60.13亿元，较去年同期增长约18.3%。这一销售业绩主要得益于全 球主要市场对不合规产品更为有效的执法行动，以及本集团快速推出创新合规新产品以满足市场需求的 敏捷能力使本集团的雾化业务得以复苏。一方面，本集团把握这一机遇，协助电子雾化客户迅速推出创 新、合规产品以填补不合规产品禁令留下的市场缺口。本集团的ToB业务取得收益约47.39亿元，同比增 长约19.5%。另一方面，自有品牌电子雾化业务通过扩大渠道覆盖、深化本地化运营，促使在关键区域 的市佔率持续增长。因此，凭藉行业领先品牌VAPORESSO的强劲表现，自有品牌业务实现收入约12.74 亿元，同比增长约14.1%。 思摩尔国际(06969)发布截至2025年6月30日止6个月中期业绩,该集团取得收益人民币60.13亿元(单位下 同)，同比增加18.3%;调整后期内溢利7.37亿元，同比减少2.1%;期内溢利4.92亿元，同比减少27.96%;每 股基本盈利8.08分。 本集团高度重视与终端用户的紧密互动，借此洞悉消费偏好、提升产品上架率，进而拉动销售增长。于 回顾期内，本集团持续投资本地化运营，扩大全球主要市场的 ...

本集团高度重视与终端用户的紧密互动，借此洞悉消费偏好、提升产品上架率，进而拉动销售增长。于 回顾期内，本集团持续投资本地化运营，扩大全球主要市场的零售渠道覆盖。同时，凭藉自身市场洞察 与渠道覆盖优势，本集团已深化与部分客户的合作。除产品开发与制造外，本集团已向其输出市场营 销、品牌及渠道运营服务，该模式已初见成效。于回顾期内，销售及分销开支约为4.91亿元，同比增加 约31.2%。 本集团的主要竞争优势之一在于对研发(研发)的持续投入，以巩固技术领先地位。于回顾期内，本集团 聚焦战略赛道，提升研发效率并优化资源配置。作为该战略的一部分，本集团优先推进关键研发项目， 同时缩减对电子雾化产品的投入。因此，研发开支约为7.23亿元，较去年同期下降约4.9%。 智通财经APP讯，思摩尔国际(06969)发布截至2025年6月30日止6个月中期业绩,该集团取得收益人民币 60.13亿元(单位下同)，同比增加18.3%;调整后期内溢利7.37亿元，同比减少2.1%;期内溢利4.92亿元，同 比减少27.96%;每股基本盈利8.08分。 于2025年上半年，本集团实现收益约60.13亿元，较去年同期增长约18.3%。这一销 ...

格隆汇8月20日丨思摩尔国际(06969.HK)公告，于2025年上半年，集团实现收益约人民币60.13亿元，较 去年同期增长约18.3%。集团于回顾期的溢利约为人民币4.92亿元；若加回以股份为基础的非现金付款 开支，经调整后期内溢利约为人民币7.37亿元。每股盈利8.08人民币分。 这一销售业绩主要得益于全球主要市场对不合规产品更为有效的执法行动，以及集团快速推出创新合规 新产品以满足市场需求的敏捷能力使本集团的雾化业务得以复苏。 一方面，集团把握这一机遇，协助电子雾化客户迅速推出创新、合规产品以填补不合规产品禁令留下的 市场缺口。集团的ToB业务录得收益约人民币47.39亿元，同比增长约19.5%。 另一方面，自有品牌电子雾化业务通过扩大渠道覆盖、深化本地化运营，促使在关键区域的市占率持续 增长。因此，凭藉行业领先品牌VAPORESSO的强劲表现，自有品牌业务实现收入约人民币12.74亿元， 同比增长约14.1%。 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 25.00, up from the previous target of HKD 16.25 [6][4]. Core Insights - The company is expected to see a revenue increase of 18% year-on-year for the first half of 2025, with projected revenue of HKD 60.13 billion. However, net profit is forecasted to decline by 21% to 35% year-on-year, primarily due to increased non-cash share payments and rising operational costs associated with expanding its proprietary brand business [1][4]. - The regulatory environment in the US and Europe is tightening, which is anticipated to drive demand for compliant products, positively impacting the company's core vaporization business [2][4]. - The new HNB product, Glo Hilo, has shown promising performance in the Japanese market, indicating significant growth potential for the company as it expands its product offerings [3][4]. Summary by Sections Revenue and Profit Forecast - The company forecasts a net profit of HKD 13.23 billion, HKD 21.40 billion, and HKD 27.62 billion for the years 2025 to 2027, respectively, with corresponding EPS of HKD 0.21, HKD 0.35, and HKD 0.45 [4][10]. Market and Regulatory Environment - The report highlights that the enforcement of regulations by the FDA in the US and similar measures in Europe are expected to restore sales of compliant vapor products, benefiting the company's market position [2][4]. Product Development and Innovation - The Glo Hilo product, launched in Japan, features enhanced heating efficiency and a variety of flavor options, which are expected to validate the product's market potential and drive future growth [3][4]. Valuation Metrics - The report assigns a PE ratio of 65 for 2026, reflecting the company's strong growth prospects and competitive advantages in the HNB market, leading to a target price increase [4][10].

Core Viewpoint - Recently, Ruijie Information has partnered with Shenzhen Heyuan Technology Co., Ltd., a leader in the electronic atomization field, to enhance Heyuan Group's global channel operations and business growth through digital marketing services [1] Company Overview - Heyuan Group, established in 2004 and headquartered in Shenzhen, China, is a pioneer in the global electronic atomization sector, providing advanced one-stop electronic atomization technology solutions to clients in over 80 countries and regions, serving more than 200 internationally renowned brands [3] - The company focuses on research and innovation in atomization technology, holding over 7,140 patents, including more than 4,700 domestic patents and around 2,000 overseas patents [5] Strategic Partnership Goals - The collaboration aims to build a unified and efficient digital platform to support complex global channel network management and refined terminal market operations, marking a significant step in Heyuan Group's digital transformation and global competitiveness enhancement [7] - The partnership will focus on three main objectives: - Efficient collaboration across all channels to optimize supply chain efficiency and ensure market responsiveness [7] - Data-driven precision marketing and services to enhance customer engagement and improve market performance [8] - Integration and visualization of business processes to increase operational efficiency and management transparency [9] Industry Impact - This partnership signifies a solid step for Heyuan Group in refining global operations and digital transformation, with Ruijie Information's leading technology and experience expected to support the successful implementation of the project, setting a new benchmark for digital upgrades in the global electronic atomization industry [10]

Investment Rating - The report maintains a positive outlook on new consumption sectors, particularly in pet products, AI glasses, and personal care, indicating a "Buy" recommendation for several companies in these areas [5][13][19]. Core Insights - The report highlights the emergence of new consumption sectors, including the pet products market, AI glasses, and personal care, with specific companies recommended for investment [5][13][19]. - It emphasizes the resilience of domestic brands in the personal care sector, driven by the rise of local products and consumer demand [13][14]. - The report notes the expected stabilization of paper prices due to recent price increase notices and supply adjustments, suggesting a potential recovery in the paper industry [24][25]. - The housing market is projected to gradually stabilize, supported by government policies aimed at promoting healthy development, which is expected to positively impact the home furnishings sector [26][27][28]. Summary by Sections New Consumption Sectors - The report identifies key players in the pet products sector, such as Tianyuan Pet, Yiyi Co., Yuanfei Pet, and Chaoyun Group, highlighting their strategic acquisitions and market positions [5][6][7][8]. - In the AI glasses segment, companies like Kangnait Optical, Mingyue Lens, and Boshi Glasses are noted for their potential benefits from new product launches and technological advancements [10][12]. - The personal care sector is characterized by strong domestic brands like Baiya Co., Haoyue Care, and Dengkang Oral Care, which are expected to thrive amid rising consumer preferences for local products [13][14]. Paper Industry - The report mentions that Arauco has announced price increases for cultural paper and white cardboard, indicating a potential stabilization in paper prices [24]. - It also discusses the long-term supply-demand improvements expected in the paper industry, recommending companies with integrated operations and strong management, such as Sun Paper [25]. Housing and Home Furnishings - The report outlines government initiatives to support the real estate market, which are anticipated to enhance the valuation of home furnishing companies like Sophia and Oppein [26][27]. - It highlights the positive impact of the "old-for-new" subsidy policies on the home furnishings sector, with significant sales growth reported in related products [28].

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to see a recovery in its core business of atomization, with promising growth in the HNB (Heated Not Burned) segment. The revenue growth trend is anticipated to continue into 2025, supported by increased demand for compliant products due to regulatory changes in the US and Europe [1][2][4] Summary by Sections Financial Performance - The company forecasts a pre-tax profit of 255 million RMB for Q1 2025, representing a year-over-year decline of 36.3%, and a post-tax profit of 192 million RMB, down 43.4% year-over-year. This decline is attributed to increased business investments and a higher tax rate [1] - For 2025, the company expects revenues to reach 12.96 billion RMB, reflecting a growth of 9.82% compared to 2024 [6] Business Segments - In the To B (business-to-business) segment, the company anticipates revenue recovery driven by stricter enforcement of regulations on non-compliant electronic vapor products in the US and increased demand for compliant products in Europe. Revenue growth in the US and Europe is projected at 5.2% and 14.4% respectively for the second half of 2024 [2] - The To C (business-to-consumer) segment is expected to see continued strong performance from the company's proprietary brand, VAPORESSO, with projected revenue of 2.48 billion RMB in 2024, a year-over-year increase of 34.0% [2] HNB Business - The company has made significant progress with its HNB business, particularly with the launch of new products by a major client, British American Tobacco (BAT). The Glo Hilo series is expected to be introduced to additional markets in 2025-2026, indicating substantial growth potential for the company [3] - The global HNB market was valued at 34.463 billion USD in 2023, with PMI holding a market share of 71% and BAT at 15.3%, highlighting the competitive landscape and growth opportunities for the company [3] Profit Forecast and Valuation - The report adjusts the profit forecasts for 2025-2027, estimating net profits of 1.323 billion RMB, 2.140 billion RMB, and 2.762 billion RMB respectively. The corresponding EPS is projected to be 0.21 RMB for 2025, 0.35 RMB for 2026, and 0.45 RMB for 2027 [4][6] - The target price is set at 16.25 HKD, based on a PE ratio of 43 times the expected EPS of 0.36 RMB for 2026 [4]

思摩尔国际2024年研发开支持续加码 创新成果显著 收益同比增长5.31%至117.99亿元 公告称，加热不燃烧业务是该集团重要的第二条业务增长曲线，2025年是该业务的关键落地阶段。 2025年，该集团支持客户推出的加热不燃烧产品有望在全球更多市场推出。该集团将密切关注用户反 馈，支持客户完成产品优化与迭代。新产品有望自2025年开始逐步为集团贡献更多收入增长机会。同 时，集团在加热不燃烧领域将继续保持研发投入，储备更多的技术和产品解决方案，并积极寻求与其他 行业领先者合作，为第二条增长曲线的落地打下坚实基础。 思摩尔国际(06969)公布2024年业绩，实现收益约117.99亿元，同比增长5.31%;研发开支约15.72亿 元，同比增长约6%;毛利约44.12亿元，同比增长1.64%;净利约13.03亿元，每股基本盈利21.42分，拟派 末期股息每股5港仙。 面向企业客户业务收入约93.24亿元，虽较去年下降约0.3%，但下半年呈现良好恢复趋势，下半年 收入约53.57亿元，较去年增长约9.7%。不同地区业务表现各异，美国市场受FDA监管政策影响，业务 收入下半年实现同比增长;欧洲及其他市场，在监管加强的 ...