思摩尔国际 20250825 思摩尔国际 ODM 业务表现良好，尤其是在欧洲禁售一次性电子烟政策 下，代工业务率先修复。HNB 产品在日本试销获得积极反馈，并计划在 欧洲等市场陆续上市，预计将实现放量增长。 思摩尔国际对应 2025-2027 年的预测 PE 分别为 95 倍、60 倍和 42 倍， 估值较高，但基于行业前景和公司研发实力，市值解锁目标 3,000 亿可 期。 新型烟草三种形态（电子雾化、HNB、口含烟）目前渗透率均较低，不 存在直接竞争，各自满足不同减害需求，将在长期内共存并共同推动市 场发展。 新型烟草有哪些主要类型？它们各自的发展情况如何？ 目前，新型烟草主要有三种类型：电子雾化烟、加热不燃烧（HNB）和口含烟 或尼古丁袋。电子雾化烟大约在 2000 年左右在中国诞生，经历了快速发展后， 由于全球政策监管收紧，自 2021 年起略有下行。加热不燃烧产品由菲莫国际 于 2014 年开创，通过降低温度减少有害物质释放，同时保留尼古丁摄取，自 发布以来经历了近十年的快速增长，但由于欧洲等国家对调味加热不燃烧产品 的监管，其增速近两年下滑至中低双位数水平。口含烟或尼古丁袋则通过口腔 黏膜吸收尼古 ...

Glo Hilo 日本销售反馈积极，核心供应商思摩尔国际成长 空间广阔 20250824 摘要 思摩尔国际的新产品于 2025 年 6 月 9 日在日本宫城县首次发布。宫城县是英 美烟草上一代产品 Hyper Glow 最早推广的地区，同时也是 HMB 渗透率最高 的地区之一，达到 56%。思摩尔选择该地作为首发地具有代表性，因为高渗透 率意味着消费者对该品类较为熟悉，有助于加快新产品教育和推广。在上市初 期，通过广告宣传和各种推广活动逐步提高知名度，目前其产品已在仙台市的 大多数便利店中陈列，并且位置较为显眼，如全家、罗森和 new days 等主流 便利店。 日本各主要品牌的新型烟草产品有哪些差异化特点？ 日本主要品牌的新型烟草产品在设计理念上有明显差异化。例如，日本烟草公 司的 Pro 系列采用低温加热（约 280 度），符合当地消费者偏好清淡口味、低 雾量卷烟习惯；菲莫国际的 IQOS 则处于中间档次；而英美烟草与思摩尔合作 推出的 GLO Helo 系列则定位高温、大雾量、重口味。这些差异化设计使得各 品牌能够针对不同消费群体提供不同体验，从而避免直接竞争。 日本 HNB 市场渗透率全球领先，202 ...

行 华福证券 轻工制造 2025 年 08 月 24 日 业 研 究 轻工制造 软体龙头 Q2 略超预期，包装纸价延续小幅回暖 投资要点： 行 业 定 期 报 告 【周观点】本周顾家家居、喜临门发布中报，均略好于市场预期，市场情 绪底部关注家居估值修复；玖龙纸业 FY25 业绩预告高增，8 月以来包装 纸价持续小幅回升，金九银十旺季在即，看好废纸系需求回暖；思摩尔国 际发布中报，电子烟 ODM 及自有品牌业务受益美国监管执法趋严、欧洲 换弹式恢复表现亮眼，营收及盈利企稳向上。 强于大市（维持评级） 一年内行业相对大盘走势 团队成员 | 分析师： | 李宏鹏(S0210524050017) | | --- | --- | | lhp30568@hfzq.com.cn | | | 分析师： | 汪浚哲(S0210524050024) | | wjz30579@hfzq.com.cn | | | 分析师： | 李含稚(S0210524060005) | | lhz30597@hfzq.com.cn | | 相关报告 1、轻工纺服行业周报：7 月个护电商改善，中美 关税暂缓关注出口链——2025.08.17 2、轻工 ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 思摩尔国际(6969.HK) 证券研究报告 公司研究 投资评级 无评级 上次评级 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 思摩尔国际：欧洲雾化增速靓丽，HNB 大幕 将启 [Table_ReportDate] 2025 年 8 月 21 日 [Table_S 事件：公司发布 ummary]2025 半年报。2025H1 实现收入 60.13 亿元（同比+18.3%）， 期内溢利为 4.92 亿元（同比-28.0%），剔除股份支付费用后为 7.37 亿元（同 比-2.1%），毛利率为 37.3%（同比-0.5pct），盈利承压主要系短期销售/管理 费用提升。 自有品牌稳健增长，雾化美容贡献增量。2025H1 公司自有品牌业务收入为 12 ...

思摩尔国际（ [Table_StockNameRptType] 6969.HK） 公司点评 电子雾化业务持续复苏，HNB 业务有望加速放量 | | | | | | | [Table_BaseData] 收盘价（港元） | 22.08 | | --- | --- | | 近 12 个月最高/最低（港元） 22.80/8.77 | | | 总股本（百万股） | 6190 | | 流通股本（百万股） | 6190 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 1400 | | 流通市值（亿港元） | 1400 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 公司发布 2025 年半年报，2025H1 实现营业收入 60.13 亿元，同比增 长 18.3%；净利润 4.92 亿元，同比下降 28.0%；调整后净利润 7.37 亿 元，同比下降 2.1%。公司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，以及公司快速推出创新合规新产 ...

Summary of Conference Call Records Industry Overview Gold and Jewelry Industry - The gold and jewelry industry is a mature market with a total scale of approximately 700 to 800 billion yuan, with gold jewelry accounting for about 500 billion yuan [1][3] - Rising gold prices have led to a decline in consumption volume, posing challenges for companies relying on volume-based pricing models [1][3] - Opportunities for product innovation arise from an increase in the proportion of new inlays and revisions to the standard for pure gold, shifting from thousand-foot gold to hundred-foot gold [1][3] - Leading companies like Laopu Gold have shown outstanding performance in adapting to these changes [4] IP Toy Industry - The IP toy sector includes various categories such as building blocks, plush toys, and cards, with Bubble Mart and Blokus being notable representatives [5] - Bubble Mart has expanded its female customer base through gummy toys, while Blokus has innovated in the building block sector, appealing more to male consumers [5] - The advantages of Chinese manufacturing and product innovation position Blokus favorably for international expansion, drawing inspiration from high-revenue global IPs like Transformers and Bandai [5] Medical Aesthetics Industry - The medical aesthetics industry is characterized as a product-driven sector, with continuous iterations of materials such as hyaluronic acid, regenerative materials, and collagen [6] - High-end products like regenerative materials and collagen injections face significant certification challenges, which will be key factors for pricing power in the coming years [6] - The rise of affordable light medical aesthetics brands like New Oxygen is prompting a restructuring of the industry chain, potentially leading to a new wave of supply chain integration [6] New Tobacco Industry - The new tobacco market is primarily focused on overseas markets, with a clear global trend towards smokeless alternatives, although penetration remains below 10% [7][8] - Philip Morris International's IQOS dominates the heated tobacco market with a 70% market share, but brands like Sima are introducing similar products through patent innovations, indicating increased competition in the future [7][8] Core Insights and Arguments - The core of new consumption lies in supply-side innovation, shifting focus from demand growth to innovative supply capabilities [2] - Despite a general decline in market sentiment, certain sectors exhibit new highlights, with competitive companies enhancing operational capabilities and market share [2] - The emphasis on the innovative capabilities of entrepreneurs is crucial for future growth across various sectors, including gold jewelry, IP toys, new tobacco, and medical aesthetics [9] Additional Important Points - Companies with social attributes and viral potential, such as Stanley thermos, are favored for their rapid growth trajectories [9] - The selection of stocks should consider both supply-side innovation capabilities and social dissemination potential [9]

Summary of Key Points from Conference Call Records Industry Overview - The records discuss trends in the **new tobacco industry**, **personal care industry**, and **trendy toy industry** [1][2][10][18]. New Tobacco Industry - The new tobacco industry is entering a rapid development phase, with major international players like Philip Morris International, British American Tobacco, and Japan Tobacco accelerating their efforts [10][11]. - New tobacco products are expected to account for over 40% of total revenue by 2025, driven by the decline of traditional tobacco consumption [12]. - The average selling price of new tobacco products is 2.3 times that of traditional cigarettes, contributing to revenue growth and reducing regulatory risks [12]. - Key products in the new tobacco sector include heated non-combustible products and oral tobacco, which are better suited for large companies due to lower regulatory pressures [14][15]. Personal Care Industry - Emerging brands are achieving rapid growth through multi-channel competition, product innovation, and adapting to market changes, exemplified by Baiya Co. in the sanitary napkin and toothpaste sectors [1][4]. - Baiya Co. launched a probiotic product that captured significant market share, with health-oriented products contributing over 60% of its revenue by Q1 2025 [1][4]. - The toothpaste market is favorable for companies like Dengkang, which is positioned to gain market share as foreign brands decline [7]. - Haoyue's acquisition of the Jieting brand has strengthened its product portfolio and market position in the sanitary napkin category [8]. Trendy Toy Industry - The trendy toy industry is shifting from material consumption to emotional consumption, with IP (intellectual property) and AI (artificial intelligence) as key development directions [2][20]. - Companies like Pop Mart have successfully expanded their product lines and achieved significant international sales growth, with overseas revenue expected to match domestic revenue by 2025 [25]. - The market for IP toys is characterized by emotional, social, and collectible values, which enhance consumer engagement and drive demand [21][22]. - The industry is seeing a rise in companies that excel in both IP creation and monetization, which is crucial for sustaining growth [28]. Additional Insights - The personal care industry is experiencing a transformation with increased consumer recognition of domestic brands, leading to new investment opportunities [2]. - The competitive landscape in the personal care sector is evolving, with companies focusing on innovative product offerings and effective channel strategies to capture market share [4][6]. - Regulatory risks in the new tobacco sector may negatively impact domestic white-label and private enterprises, while compliance products from established tobacco companies may benefit from stricter regulations [14]. This summary encapsulates the essential insights and trends from the conference call records, highlighting the dynamics within the new tobacco, personal care, and trendy toy industries.

Summary of Smoore International Conference Call Company Overview - Smoore International primarily engages in the manufacturing of vaping products, serving major tobacco companies and domestic brands. The global market for vaping products is approximately $20 billion, with Smoore holding a significant position in this sector, including key clients like British American Tobacco [3][4]. Industry Challenges - Since 2021, Smoore has faced significant challenges, including: - The ban on fruit-flavored e-cigarettes in China since Q3 2022, leading to a drastic revenue decline from nearly 5 billion RMB [2][4]. - The illegal e-cigarette market in the U.S. capturing over 75% of market share, stalling growth for compliant products [4]. - The rise of disposable e-cigarettes in Europe, negatively impacting overall profit margins, with disposable e-cigarettes having a gross margin below 20% compared to over 50% for traditional products [5][7]. Current Development Logic - Smoore's current strategy focuses on: - Stabilizing its traditional vaping business by deepening ties with core clients and maintaining technological leadership [6]. - Actively expanding into the heated not burned (HNB) product category as a second growth avenue [2][6]. Market Dynamics - The U.S. market's compliance process is influenced by the regulation of illegal products. If fruit-flavored products are allowed, the compliant market demand could significantly expand [2][7]. - In Europe, the transition from disposable to refillable and open-system products is expected to enhance profitability, especially following bans on disposable e-cigarettes in the UK and France [10]. Key Factors for Market Expansion - The expansion of the compliant market hinges on the potential lifting of the fruit-flavored e-cigarette ban. Signals indicate that the FDA may relax restrictions, which could greatly boost demand [8][9]. HNB Market Potential - The global HNB market is valued at $38 billion, with rapid growth observed. North America has low penetration, but significant potential exists, especially with upcoming product launches from Philip Morris [11][12]. - Smoore's technological advantages in HNB products position it well for competition, with expectations of achieving a market share of around 30% in the mid-term [12]. Future Outlook - Smoore aims for a market capitalization target of 300 billion to 500 billion, driven primarily by HNB business growth and potential policy changes in the U.S. regarding vaping products [15]. - The company is also exploring new business avenues such as medical vaping, which holds considerable long-term potential [13][14]. Conclusion - Smoore International is navigating a challenging landscape with strategic focus areas in traditional vaping and HNB products. The company's future growth will depend on regulatory changes, market dynamics, and successful product launches.

Group 1: Market Trends - The Hong Kong stock market is expected to continue its bull run in the second half of 2025, outperforming the A-share market, driven by sectors like innovative drugs, new consumption, and AI applications[4] - The overall increase in the Hong Kong stock market is attributed to the scarcity of certain assets, aligning with current industry development trends and better fundamentals, which may attract continued capital inflow from mainland investors[5] Group 2: Sector Analysis - The AI sector is leading the technological cycle upward, with significant growth potential for Hong Kong's tech assets, particularly in the AI industry chain, which includes model development and commercial applications[5] - The film industry has shown significant improvement, with a 49% increase in box office revenue week-on-week, and a year-on-year growth of 64.8% due to new releases during the summer season[11] Group 3: Economic Indicators - Real estate sales in 30 major cities have decreased by 20.8% year-on-year, with first-tier cities seeing a decline of 17.8%[10] - The average daily retail sales of passenger cars increased by 5.0% year-on-year, indicating a slight recovery in consumer demand despite rising inventory pressures among dealers[10] Group 4: Policy and Regulatory Environment - The U.S. and China have agreed to extend the tariff exemption period by 90 days, stabilizing trade relations temporarily[14] - Recent meetings have emphasized the need for macroeconomic policies to support economic recovery and stabilize the capital market, with a focus on promoting consumption and managing risks[16]

Summary of Key Points from Conference Call Records Industry or Company Involved - **Pork Industry**: Focus on companies like Muyuan, Dekang, Wens, Shennong, and Juxing Agriculture - **Beauty and Personal Care Industry**: Highlighting brands such as Mao Ge Ping and Shangmei - **Gold and Jewelry Industry**: Recommendations for Changhongqi and Caibai - **Retail Industry**: Emphasis on Xiaoshangpin City and Bubu Gao - **Education and Training Sector**: Focus on K12 education leaders and AI applications - **Restaurant and Beverage Sector**: Recommendations for Mixue and Guming - **Automotive Industry**: Focus on Huawei's smart vehicles and Changan Automobile - **Textile Manufacturing Sector**: Recommendations for companies in the ASEAN region and Nike's supply chain - **Innovative Pharmaceutical Industry**: Focus on companies with high R&D investment Core Points and Arguments - **Pork Industry**: The significant impact of pork prices on CPI, with a noted 8.5% decrease in pork prices leading to a 0.12 percentage point drop in CPI in June 2025. The strategy of capacity control to boost pork prices is crucial to mitigate CPI pressure [2][3][4] - **Beauty and Personal Care**: The industry is in a traditional off-season, but high-end brands like Mao Ge Ping and operationally strong brands like Shangmei are recommended due to low base effects from last year [6] - **Gold and Jewelry**: Despite a 20% drop in gold jewelry consumption in Q2, brands with strong same-store performance like Changhongqi and low-valuation, high-dividend companies like Caibai are recommended [6] - **Retail Sector**: Xiaoshangpin City is highlighted for its strong business certainty, while Bubu Gao is noted for potential investment opportunities post-unlock of shares [7] - **Education Sector**: K12 education leaders and AI applications are emphasized, with companies like Dou Shen and Fen Bi showing strong growth [8] - **Restaurant Sector**: The rise of takeaway services is noted, with companies like Guming and Mixue recommended for their growth potential [8][9] - **Automotive Sector**: Huawei's smart vehicles are performing well, with new models like M7 and M8 expected to launch soon, while Changan's S9 model shows stable delivery [10][11][12] - **Textile Manufacturing**: The sector is expected to see performance and stock price turning points, with a focus on companies benefiting from reduced tariffs in the ASEAN region [13][14][15] - **Innovative Pharmaceutical Industry**: A new cycle of R&D investment is anticipated, with a focus on companies sensitive to domestic demand recovery and those specializing in large molecules and oncology [26][27] Other Important but Possibly Overlooked Content - **Pork Industry**: The adjustment in the pork breeding sector is linked to broader economic conditions and CPI management strategies [3][4][5] - **Retail Sector**: The potential for supermarkets and department stores to experience operational turning points is noted [7] - **Automotive Sector**: The upcoming launch of multiple new models indicates a strategic push for market share [10][11][12] - **Textile Manufacturing**: The impact of tariff changes on the competitive landscape and the potential for recovery in the sector is highlighted [14][15] - **Innovative Pharmaceutical Industry**: The increasing trend of funding sources and the focus on early-stage research are critical for future growth [26][27]