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思摩尔国际中期调整后净利润7.37亿元 同比减少2.1%
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]
思摩尔国际发布中期业绩,调整后期内溢利7.37亿元 同比减少2.1%
Zhi Tong Cai Jing· 2025-08-20 14:40
Core Viewpoint - Smoore International (06969) reported a revenue of RMB 6.013 billion for the six months ending June 30, 2025, representing an 18.3% year-on-year increase, driven by effective enforcement against non-compliant products and the company's ability to quickly launch innovative compliant products to meet market demand [1] Group 1: Financial Performance - The adjusted profit for the period was RMB 737 million, a decrease of 2.1% year-on-year [1] - The net profit for the period was RMB 492 million, down 27.96% year-on-year [1] - Basic earnings per share were 8.08 cents [1] Group 2: Business Growth Drivers - The company's ToB (business-to-business) segment generated revenue of approximately RMB 4.739 billion, an increase of about 19.5% year-on-year [1] - The proprietary brand electronic vaporization business achieved revenue of approximately RMB 1.274 billion, a year-on-year increase of about 14.1%, supported by strong performance from the leading brand VAPORESSO [1] Group 3: Market Strategy and R&D - The company emphasizes close interaction with end-users to understand consumer preferences and enhance product placement, which drives sales growth [2] - Sales and distribution expenses were approximately RMB 491 million, an increase of about 31.2% year-on-year [2] - The company continues to invest in R&D to maintain its technological leadership, with R&D expenses amounting to approximately RMB 723 million, a decrease of about 4.9% year-on-year [2]
思摩尔国际(06969)发布中期业绩,调整后期内溢利7.37亿元 同比减少2.1%
智通财经网· 2025-08-20 14:39
Group 1 - The company reported a revenue of RMB 6.013 billion for the six months ending June 30, 2025, representing an 18.3% year-on-year increase [1] - Adjusted profit for the period was RMB 737 million, a decrease of 2.1% year-on-year, while net profit was RMB 492 million, down 27.96% year-on-year [1] - The growth in revenue was primarily driven by effective enforcement actions against non-compliant products in major global markets and the company's ability to quickly launch innovative compliant products [1] Group 2 - The company's ToB (business-to-business) segment achieved revenue of approximately RMB 4.739 billion, reflecting a year-on-year increase of about 19.5% [1] - The proprietary brand electronic vaporization business generated revenue of approximately RMB 1.274 billion, with a year-on-year growth of about 14.1%, supported by strong performance from the leading brand VAPORESSO [1] - The company emphasized close interaction with end-users to understand consumer preferences and enhance product placement, which contributed to sales growth [2] Group 3 - The company invested in local operations and expanded retail channel coverage in major global markets, resulting in a sales and distribution expense of approximately RMB 491 million, an increase of about 31.2% year-on-year [2] - Continuous investment in research and development (R&D) is a key competitive advantage for the company, with R&D expenditure amounting to approximately RMB 723 million, a decrease of about 4.9% year-on-year [2] - The company focused on strategic R&D projects while reducing investment in electronic vaporization products to enhance R&D efficiency and optimize resource allocation [2]
思摩尔国际(06969.HK)上半年收益约60.13亿元 同比增长约18.3%
Ge Long Hui· 2025-08-20 14:31
Core Viewpoint - Smoore International (06969.HK) reported a revenue of approximately RMB 6.013 billion for the first half of 2025, representing an increase of about 18.3% compared to the same period last year [1] Financial Performance - The company's profit for the review period was approximately RMB 492 million; adjusted profit, excluding stock-based non-cash payment expenses, was about RMB 737 million [1] - Earnings per share were RMB 8.08 [1] Business Segments - The growth in sales performance was primarily driven by effective enforcement actions against non-compliant products in major global markets and the company's agile ability to launch innovative compliant products to meet market demand [1] - The ToB (business-to-business) segment recorded revenue of approximately RMB 4.739 billion, a year-on-year increase of about 19.5% [1] - The proprietary brand electronic vaporization business achieved revenue of approximately RMB 1.274 billion, reflecting a year-on-year growth of about 14.1%, supported by the strong performance of the leading brand VAPORESSO and expanded channel coverage [1]
思摩尔国际(06969):雾化主业驱动营收+18%,HNB反馈积极
HTSC· 2025-07-16 06:31
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].
合元集团CRM项目启动,为电子雾化领军企业打造数字化引擎,助力全球业务扩张
Sou Hu Cai Jing· 2025-07-16 06:15
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]
造纸轻工周报:持续关注电子烟、宠物用品、AI眼镜等新消费赛道及高股息品种-20250603
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].
思摩尔国际(06969):看好雾化主业修复,HNB成长可期
HTSC· 2025-04-08 11:25
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
Zhi Tong Cai Jing· 2025-03-17 16:16
Group 1 - The core viewpoint of the articles highlights Smoore International's significant growth in revenue and R&D investment, indicating a strong focus on innovation and market expansion [1][2][3] - In 2024, Smoore International achieved a revenue of approximately 11.799 billion yuan, representing a year-on-year increase of 5.31% [1] - The company's R&D expenditure reached about 1.572 billion yuan, reflecting a year-on-year growth of approximately 6% [1] - The gross profit was around 4.412 billion yuan, with a year-on-year increase of 1.64% [1] - Net profit stood at approximately 1.303 billion yuan, with basic earnings per share of 21.42 cents, and a proposed final dividend of 0.05 HKD per share [1] Group 2 - The self-owned brand business showed remarkable performance, with sales revenue of about 2.475 billion yuan, a substantial year-on-year increase of 34.0%, and its share of total revenue rising from 16.5% in 2023 to 21.0% [1] - Revenue from electronic vapor products in Europe and other markets was approximately 2.024 billion yuan, marking a year-on-year growth of 37.2% [1] - In the U.S. market, revenue reached about 424 million yuan, reflecting a year-on-year increase of 14.0% [1] - The company reported that revenue from enterprise client business was approximately 9.324 billion yuan, showing a slight decline of about 0.3% year-on-year, but a recovery trend was observed in the second half of the year with a revenue of about 5.357 billion yuan, up approximately 9.7% [2] - The growth in R&D spending was primarily due to increased investment in the fields of vapor medical and heated non-combustible products [2] Group 3 - The heated non-combustible business is identified as a crucial second growth curve for the company, with 2025 being a key phase for its rollout [3] - The company plans to support clients in launching heated non-combustible products in more global markets starting in 2025 [3] - Continuous R&D investment in the heated non-combustible sector is expected to yield more technological and product solutions, with a focus on collaboration with industry leaders [3]