Group 1 - The core viewpoint of the article highlights the recent stock performance of Smoore International, which experienced a decline of 4.94% on August 22, trading at HKD 22.3 per share with a transaction volume of HKD 540 million [1] - Smoore International Holdings Limited is recognized as a global leader in aerosol technology solutions, employing nearly 20,000 staff and operating 9 research institutes worldwide, supported by a research and development team of over 1,000 [1] - As of June 30, 2021, the company has filed a total of 2,612 patents and 566 trademarks globally, with 1,272 patents and 360 trademarks granted, alongside multiple national and international certifications and honors [1] Group 2 - For the mid-term of 2025, the company plans to distribute a dividend of HKD 0.2 per share, with the ex-dividend date set for September 5, 2025, and the payment date on September 25, 2025, as per the board's proposal [2]

Group 1 - As of August 21, SMOORE International (06969.HK) closed at HKD 23.460, up 6.25% from the previous trading day, with an intraday high of HKD 24.120, marking a nearly one-year high [1] - On that day, the net inflow of funds was HKD 165.748 million, with no specific data provided for inflows and outflows [1] Group 2 - SMOORE International Holdings Limited was established in 2009 and is a global leader in providing atomization technology solutions, owning one proprietary brand (VAPORESSO) and three technology brands (FEELM, CCELL, METEX) [2] - The company is headquartered in Bao'an District, Shenzhen, with nearly 20,000 employees [2] - SMOORE was officially listed on the Hong Kong Stock Exchange on July 10, 2020, under the stock code HK6969 [2] - The company places a strong emphasis on technological innovation and research and development, with a total of 9 research institutes globally and a research team of over 1,000, accounting for nearly half of its non-production staff [2] - As of June 30, 2021, SMOORE had applied for a total of 2,612 patents and 566 trademarks, with 1,272 patents and 360 trademarks granted [2] - The company has received various certifications and honors, including "National CNAS Laboratory Certification," "International UL Safety Laboratory Certification," "National High-tech Enterprise Certification," "ISO9001 Quality System Certification," "GSV Factory Safety Certification," "AEO Advanced Customs Certification," and "Shenzhen Bao'an District Mayor's Quality Award" [2]

Group 1 - The core point of the article highlights the significant stock performance of Smoore International, which saw an increase of 8.64% on August 20, reaching a price of 22.12 HKD per share with a trading volume of 8.82 billion HKD [1] - Smoore International is recognized as a leading provider of atomization technology solutions globally, employing nearly 20,000 people and operating 9 research institutes worldwide with a research and development team exceeding 1,000 [1] - As of June 30, 2021, the company has filed a total of 2,612 patents and 566 trademarks globally, with 1,272 patents and 360 trademarks granted, alongside various national and international certifications and honors [1] Group 2 - For the fiscal year ending 2024, Smoore International reported total revenue of 11.799 billion CNY and a net profit of 1.303 billion CNY [2] - On August 20, Smoore International disclosed its mid-year report for the fiscal year 2025 [3]

Core Viewpoint - Smoore International (06969) shares rose over 6%, currently at HKD 21.64, with a trading volume of HKD 501 million, as the company prepares to discuss its mid-term performance and potential dividend distribution [1] Financial Performance - Smoore International anticipates a revenue of RMB 6.013 billion for the first half of 2025, representing an 18% year-on-year increase [1] - The company expects a pre-tax profit of approximately RMB 629 million to RMB 769 million, reflecting a decrease of 5% to 23% year-on-year, primarily due to increased non-cash share-based payment expenses of RMB 176 million, along with higher distribution, sales expenses, and legal service costs [1] Market Insights - UBS noted that the preliminary performance indicates an 18% year-on-year revenue growth, attributed to the recovery of the vape business, with increased shipments ahead of U.S. tariffs [1] - The company projects a 21% to 35% year-on-year decline in net profit for the second half, mainly due to high expenditures related to stock options and S&D in Q4 [1] - Zheshang Securities highlighted that British American Tobacco is heavily investing in resources and marketing for Glo Hilo, with positive trial feedback in Japan and early deployments in some European countries, maintaining a positive outlook for Smoore International as a core supplier [1]

Macro Insights - The US June CPI shows partial transmission of tariffs, with core CPI rising 0.23% month-on-month, slightly below the expected 0.3% [2] - Core CPI year-on-year increased by 0.1 percentage points to 2.9%, aligning with expectations [2] - The overall CPI month-on-month rose from 0.08% in May to 0.29%, with a year-on-year increase of 0.3 percentage points to 2.7%, slightly above the expected 2.6% [2] Fixed Income - The bond market remains in a warm supply-demand environment despite short-term disturbances, with credit demand still increasing [3] - The central bank continues to support technology innovation bonds, with expectations of a slight compression in the yield spread of related ETFs [3] - Short-term disturbances have led to a focus on medium to short-duration investments, particularly in high-quality city investment bonds and industries with high growth potential [3] Electronics Industry - ASML's Q2 2025 performance met prior guidance, with new orders significantly increasing, although logic customer orders saw a notable decline [5] - ASML projects Q3 2025 revenue between €7.4 billion and €7.9 billion, with a year-on-year growth of 2.5% and a quarter-on-quarter decline of 0.5% [5] - The semiconductor industry continues to see strong demand driven by AI, with expectations for domestic advanced process and storage expansion [5] Basic Chemicals - Glyphosate prices have increased by 9% year-on-year to ¥25,901 per ton, driven by seasonal demand in South America and production cuts [6] - The domestic and international planting areas are expected to rise, leading to a potential bottom reversal for glyphosate prices, benefiting leading domestic companies [6] Energy and Power Equipment - Gansu province has introduced a capacity pricing policy for power generation, which is expected to enhance the profitability of energy storage [7] - The policy sets a capacity price of ¥330 per kilowatt per year for coal power units and new energy storage, with a two-year execution period [7] - The domestic energy storage market is anticipated to see increased demand in the short, medium, and long term due to clearer profitability models [7] Construction and Engineering - The recent central urban work conference indicates a shift from rapid urbanization to stable development, focusing on quality improvement of existing urban infrastructure [8] - The construction materials industry is expected to face demand changes and supply transformation challenges as urban renewal becomes a priority [8] - Key areas of focus include pipeline renovation, architectural coatings, and infrastructure projects with quick asset recovery [8] Transportation - Airlines have maintained a high passenger load factor of 84.6%, with a year-on-year increase of 1.7 percentage points [9] - Despite limited capacity growth during the summer travel season, ticket prices have shown weakness, indicating potential challenges in revenue management [9] - The airline sector is recommended for investment, particularly in China National Aviation and Huaxia Airlines, due to expected profitability improvements [9] ETF Market - The domestic ETF market expanded by nearly ¥580 billion in the first half of 2025, reaching a total scale of ¥4.3 trillion [11] - Bond ETFs and Hong Kong stock ETFs have become major attractors of capital, with significant growth in several thematic ETFs [11] - The performance of trading-type ETFs is closely linked to market conditions, while configuration-type ETFs can achieve steady growth through continuous marketing [11]

Group 1 - SMOORE International (06969.HK) closed at HKD 18.120 on May 23, marking a 2.49% increase from the previous trading day, with an intraday high of HKD 18.820, the highest in nearly a year [1] - The net capital inflow for the day was HKD 87.0088 million, with a total of HKD 39,232.538 million flowing in and HKD 30,531.660 million flowing out [1] Group 2 - SMOORE International Holdings Limited was established in 2009 and is a global leader in providing atomization technology solutions, owning one proprietary brand (VAPORESSO) and three technology brands (FEELM, CCELL, METEX) [2] - The company is headquartered in Bao'an District, Shenzhen, with nearly 20,000 employees [2] - SMOORE was officially listed on the Hong Kong Stock Exchange on July 10, 2020, under the stock code HK6969 [2] - The company places a strong emphasis on technological innovation and research and development, with a total of 9 research institutes globally and a research team of over 1,000, accounting for nearly half of its non-production staff [2] - As of June 30, 2021, SMOORE had applied for a total of 2,612 patents and 566 trademarks, with 1,272 patents and 360 trademarks granted [2] - The company has received various certifications and honors, including "National CNAS Laboratory Certification," "International UL Safety Laboratory Certification," "National High-tech Enterprise Certification," and "ISO9001 Quality System Certification" [2]

Company and Industry Summary Company Overview - The company reported a revenue of 11.8 billion and a net profit of 1.3 billion for 2024, reflecting a year-on-year increase of 5.3% in revenue but a decrease of 20.8% in net profit [1] - The overall profit met expectations, with a recovery trend observed in ODM (Original Design Manufacturer) business revenue in the second half of the year [1] ODM Business Insights - The ODM business is projected to decline by 0.3% for the entire year 2024, but is expected to grow by 9.7% year-on-year in the second half [1] - Recovery in the ODM business is noted across various regions, with the United States and Europe showing growth rates of 5.1% and 14.2% respectively in the second half [1] - The Chinese market for ODM is expected to see a year-on-year increase of 25.1%, reaching 240 million [1] - The overall assessment aligns with previous expectations regarding the end of the global downturn for the company's aerosol ODM business [1] OBM Business Performance - The OBM (Original Brand Manufacturer) business is projected to generate 2.48 billion in revenue for the year, reflecting a year-on-year increase of 34%, with a 13.4% increase in the second half [1] R&D Investment - The company is increasing its R&D investment, with a projected R&D expenditure of 1.57 billion for 2024, marking a 6% year-on-year increase, primarily focused on HNB (Heated Not Burned) and medical aerosol products [2] Future Outlook - 2025 is anticipated to be a turning point for the company's performance, with long-term growth expected [2] - Two core growth drivers are emphasized: 1. **Aerosol Products**: The company is closely tied to leading tobacco groups and is expected to benefit significantly from the expansion of the compliant market in the U.S., where over 70% of aerosol sales are currently from the illegal market, as well as from category shifts in Europe [2] 2. **HNB Products**: The glo hilo product line is considered to have a competitive edge, with strong potential for market share growth as major clients express positive sentiments [2] Key Catalysts to Monitor - The market sales performance and consumer feedback for the gloHilo product line in key countries (excluding Serbia) after its launch in 2025 [2] - The regulatory environment for aerosol electronic cigarettes in the U.S. and Europe, and the pace of expansion in the compliant aerosol market [2]