消息面上，香港联交所最新资料显示，10月22日，HSSP INTL股东将股票由第一上海证券公司转入发利 证券，转仓市值3.4亿港元，占比20.09%。据悉，今年7月份，香港证监会曾就该公司的股权分布进行查 讯，查询结果显示，该公司已发行股份只有9.87%由其他股东持有。 此外，公司近期宣布，全资附属公司启明东方有限公司已与COTY签署协议，将在阿联酋共同成立一家 合资公司，已获授权在中东开展全球电子烟巨头爱奇迹品牌的分销业务。另一全资附属公司已与一家服 务提供商签订专业服务协议，旨在推动电子烟产品在澳大利亚注册与进口工作。董事会还建议将上市公 司改名为East Nova Holdings Limited(启明东方控股有限公司)。 HSSP INTL(03626)早盘一度冲高逾36%，此后股价持续走低，尾盘跌幅扩大逾55%。截至发稿，跌 55.13%，报3.72港元，成交额8943.39万港元，全天振幅接近95%。 ...

此次HSSP INTL的合作方都是业界内巨头。 中东的合作方COTY是一家总部位于迪拜的多元化投资控股公司，拥有替代尼古丁、科技和零售领域的 战略平台。凭借其深厚的市场网络、监管专业知识以及广泛的分销和零售资源，COTY将为合资公司拓 展中东的高增长市场提供支持。 电子烟巨头爱奇迹则源于2007年，是中国最早的新型烟草出口企业之一。作为行业出海引领企业，爱奇 迹2009年建立独立贸易平台HEAVEN GIFTS，逐渐成为国内电子雾化产品出海的首选平台之一。2018 至2021年间，爱奇迹正式从渠道贸易商转型为全球化品牌的所有者，相继推出了ELFBAR和LOST MARY等电子雾化品牌。如今，爱奇迹业务遍及全球 100 多个市场，全球零售网点突破10万个，服务全 球5000多万成年用户。 爱奇迹旗下品牌包括： 10月30日，港股公司Hang Sang (Siu Po) International Holding Company (HSSP INTL, 03626.HK) 宣布，其 全资附属公司启明东方有限公司（East Nova）已与COTY Holding Limited（以下简称"COTY"）签署协 议，将 ...

HSSP INTL(03626)公布，于2025年10月30日，该公司全资附属East Nova Limited与Coty Holding Ltd订立 协议，于阿拉伯联合酋长国成立一间合资公司，于合资公司订约双方将予协定的地区从事品牌电子烟设 备的分销。 公司将透过East Nova持有商业合资公司30%权益，而余下70%则由Coty持有。East Nova及Coty各自将分 别支付90,000迪拉姆(约190,000港元)及210,000迪拉姆(约440,000港元)，用作彼等于商业合资公司的投 资。订约双方的责任为支付有关资本承担，惟须待阿联酋法律顾问确认于阿联酋正式成立商业合资公司 后方可作实。商业合资公司的任何进一步融资须透过第三方进行，或倘需要股东贷款，Coty负责按商业 合资公司董事会厘定拨付所有股东贷款。 公告称，成立商业合资公司旨在为公司电子烟设备业务提供良好平台，把握商机。Coty为一间多元化投 资控股公司，总部位于阿拉伯联合酋长国杜拜，战略利益横跨尼古丁替代品、科技及零售行业。透过其 附属公司及联属公司，Coty监管多个区域性领先平台，如海湾阿拉伯国家合作委员会(海合会)地区尼古 丁替代品 ...

前三季度，公司实现营收102.10亿元，同比+21.8%;净利润8.09亿元，同比-23.8%;经调整净利润11.82亿 元，同比+0.1%。单三季度，公司实现营收41.97亿元，同比+27.2%;净利润3.17亿元，同比-16.4%;经调 整净利润4.44亿元，同比+4.0%。 华创证券发布研报称，维持思摩尔国际(06969)"强推"评级，目标价21.90港元。公司是全球电子雾化龙 头，技术壁垒高，在监管趋严背景下，电子烟业务或将持续享受份额提升红利，而HNB业务有望打造 第二曲线，长期成长可期。根据公司25Q3经营表现和HNB推广进度，该行调整盈利预测，预计25-27年 归母净利润为10.58/20.64/26.21亿元(前值为15.14/20.29/24.55亿元)，对应PE为76/39/30X。 华创证券主要观点如下： 公司公布三季度经营表现 雾化业务受益于行业监管趋严，自有品牌表现亮眼 全球主要国家对不合规产品的监管力度加强，据newsmax消息，美国一项新的民意调查发现，80%的选 民支持加强对非法电子烟的执法力度，公司业务有望加速修复。另外，得益于旗舰系列新品推出和本地 化运营加强，自有品牌业务 ...

HNB产品市场反馈积极，看好其后续成长性 25Q3，公司配合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收 入同比/环比均录得亮眼表现。其中，根据2Firsts反馈，与IQOS相比，用户普遍称赞Glo Hilo的时尚设 计、风味传递和气味控制。展望后续，随着Glo Hilo在欧洲市场逐步铺开，产品渗透率有望加速提升。 雾化业务受益于行业监管趋严，自有品牌表现亮眼 全球主要国家对不合规产品的监管力度加强，据newsmax消息，美国一项新的民意调查发现，80%的选 民支持加强对非法电子烟的执法力度，公司业务有望加速修复。另外，得益于旗舰系列新品推出和本地 化运营加强，自有品牌业务收入保持稳健增长。 智通财经APP获悉，华创证券发布研报称，维持思摩尔国际(06969)"强推"评级，目标价21.90港元。公 司是全球电子雾化龙头，技术壁垒高，在监管趋严背景下，电子烟业务或将持续享受份额提升红利，而 HNB业务有望打造第二曲线，长期成长可期。根据公司25Q3经营表现和HNB推广进度，该行调整盈利 预测，预计25-27年归母净利润为10.58/20.64/26.21亿元(前值为15.14/20 ...

Summary of Ispire Technology Conference Call (October 21, 2025) Company Overview - **Company**: Ispire Technology (NasdaqCM:ISPR) - **Industry**: Vaping devices, including e-cigarettes and cannabis-related products - **Revenue**: $127 million for the last fiscal year ending June [3] Core Business Focus - **Key Areas**: - Global e-cigarette industry - Vaping devices related to cannabis and CBD [2] - **Market Position**: Historically, the company was the number one selling brand in the U.S. until 2016 [4] Revenue Distribution - **Geographic Revenue Breakdown**: - Europe: ~50% - North America: ~40% - Rest of the World: Remaining revenue [5] Key Pillars of Business Strategy 1. **Age Verification Technology**: - Developed a blockchain-based age verification system to prevent underage access to e-cigarettes [14] - FDA has shown strong interest in this technology, suggesting it could be a solution for flavored e-cigarettes [19][21] - The technology has a 100% success rate in age verification trials [20] 2. **Manufacturing in Malaysia**: - Established factories in Malaysia to mitigate trade barriers and secure a nicotine manufacturing license [28] - Plans for a third factory to expand production capacity [27] 3. **Innovative Product Development**: - Introduced "g mesh technology" to replace ceramic cores in e-cigarettes, enhancing safety by preventing particle breakdown [32] - Engaging with major tobacco companies for potential manufacturing deals [33] 4. **Focus on High-Quality Cannabis Clients**: - Shifted strategy to prioritize financially stable cannabis customers amid regulatory uncertainties [34] Regulatory Environment - **FDA Involvement**: - The FDA's PMTA process requires products to meet safety and marketing standards before sale [11] - Current legal e-cigarette products account for less than 10% of total sales, with the majority coming from the illicit market [13][37] Market Dynamics - **Illicit Market Concerns**: - The illicit market for e-cigarettes is nine times larger than the legal market in the U.S. [37] - The age verification technology aims to address both adult consumer needs for flavored products and prevent youth access [38] Global Expansion Efforts - **International Engagement**: - Actively pursuing age verification technology adoption in various countries, including potential mandates in the UK [25] - Engaging with democratic countries for faster implementation of age gating [24] Conclusion - **Outlook**: The company is optimistic about the FDA's fast-tracked review of its age verification technology and is actively engaging with major tobacco players for licensing opportunities [22][23]

智通财经APP获悉，浙商证券发布研报称，维持思摩尔国际(06969)"买入"评级，预计25-27年实现营收 141.75亿元、166.89亿元、194.95亿元，同比增长+20.14%、+17.73%、+16.81%，实现归母净利润10.80 亿元、19.34亿元、26.52亿元，同比增长17.15%、+79.13%、+37.10%。英美烟草在Glo Hilo上资源与营 销投入力度较大，除日本销售反馈较好外，在欧洲部分国家也提前做了部署，看好后续放量;此外雾化 烟在非法烟监管发力下有望迎来修复，持续看好核心供应商思摩尔国际。 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported Q3 2025 revenue of 4.2 billion HKD, a year-on-year increase of 27.2%, achieving a historical high for quarterly revenue, while profit was 317 million HKD, down 16.4% [1] - The company announced a new stock incentive plan, granting stock options and reward shares to employees, indicating ongoing commitment to employee motivation [1] - HNB product shipments have significantly increased, with positive feedback on the Glo Hilo product in Japan, and plans for expansion into European markets [2] - The ODM business has shown growth due to increased compliance orders, while the self-branded products have successfully iterated flagship offerings and improved local marketing efforts [3] - The company is expected to benefit from the regulatory crackdown on illegal products in the vaping industry, leading to a recovery in the market [4] Financial Summary - The company is projected to achieve revenues of 141.75 billion HKD, 166.89 billion HKD, and 194.95 billion HKD for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 20.14%, 17.73%, and 16.81% [4][11] - The net profit attributable to the parent company is expected to be 10.80 billion HKD, 19.34 billion HKD, and 26.52 billion HKD for the same years, with growth rates of -17.15%, 79.13%, and 37.10% [4][11] - The current market capitalization is approximately 96.43 billion HKD, with a closing price of 15.57 HKD per share [5]

机构：中金公司 研究员：柳政甫/邹煜莹/徐卓楠 3Q25 业绩符合我们预期 公司公布1-3Q25 业绩，收入实现102.1 亿元，同增21.8%，归母净利润实现8.1 亿元，同降23.8%，调整 股权激励费用后归母净利润11.8 亿元，同增0.1%。分季度看，1Q/2Q/3Q25 净利润实现2/3/3.17 亿元， 同比分别-43.4%/+12.7%/-16.4%，符合我们预期。 政策监管风险；客户依赖风险；技术风险；汇率波动。 3Q25 收入具体看，1）HNB：英美烟草Glo Hilo 目前已在日本、波兰进行全面销售，我们认为Glo Hilo 口味还原度、加热速度及品牌形象均处行业第一梯队，近期终端动销节奏整体积极，加热器具率先出货 有望贡献收入；2）雾化电子烟：我们预计欧洲一次性禁令下，公司合作中小品牌差异化合规产品销售 积极，有望带动欧洲业务营收延续快增；美国监管强化下订单有望相对稳健；3）APV： 开放式自有品牌全球份额领先，我们判断3Q25 同比持续增长。 2、股权激励费用分摊影响短期盈利能力，研发投入持续高位。短期看，我们预计欧洲雾化电子烟中小 客户订单快增、HNB 加热器具前期销售下，公司短期毛 ...

Core Viewpoint - The report from CICC indicates a downward adjustment of 20% in the forecast for Smoore International's (06969) 2025 net profit attributable to shareholders, bringing it to 1.05 billion yuan, while the 2026 net profit forecast is raised by 11% to 1.88 billion yuan, reflecting a positive outlook driven by HNB product sales [1] Group 1: Financial Performance - For the first three quarters of 2025, the company reported revenue of 10.21 billion yuan, a year-on-year increase of 21.8%, while net profit attributable to shareholders was 810 million yuan, a decrease of 23.8%. Adjusted net profit after accounting for stock incentive expenses was 1.18 billion yuan, showing a slight increase of 0.1% [2] - Quarterly net profit figures for 2025 were 200 million yuan in Q1, 300 million yuan in Q2, and 317 million yuan in Q3, with year-on-year changes of -43.4%, +12.7%, and -16.4% respectively, aligning with CICC's expectations [2] Group 2: Market Expansion and Product Development - The Glo Hilo brand is expanding steadily in Japan and Poland, with the company positioned as a leader in flavor restoration, heating speed, and brand image. The positive sales momentum of heating devices is expected to contribute to revenue [3] - The company anticipates continued growth in the European vaping market, driven by differentiated compliant products from small brands, while orders in the U.S. are expected to remain stable despite regulatory tightening [3] - The company is leading in global market share for open-system proprietary brands, with expectations of continued year-on-year growth in Q3 2025 [3] Group 3: Profitability and R&D Investment - Short-term profitability may be slightly pressured due to increased orders from small customers in the European vaping market and initial sales of HNB heating devices. However, profitability is expected to improve as orders for vaping products increase and high-margin HNB products gain traction [4] - The company is increasing R&D investments in vaping medical and HNB new businesses, which, combined with the impact of stock incentive expenses, resulted in a year-on-year net profit decline of 16.4% and an adjusted net profit increase of 4% in Q3 2025 [4] Group 4: Long-term Growth Prospects - The company expects Glo Hilo to accelerate its global expansion in 2026, with concentrated shipments of HNB products likely to drive revenue growth. New products, technologies, and customers are anticipated to open up long-term opportunities [5] - In the vaping medical sector, the acceleration of complex generic drug development and the gradual realization of innovative drug collaborations are expected to lead to commercialization, providing long-term growth potential [5]