智通财经APP讯，思摩尔国际(06969)发布公告，集团截至2025年9月30日止三个月实现收入约人民币 41.97亿元，创集团单季度收入的历史新高，较上年同期增长约27.2%，较本年二季度增长约27.5%，面 向企业客户业务及自有品牌业务收入同比及环比均实现令人满意的增长。 集团本期间经调整期内溢利约为人民币4.44亿元，同比增长约4.0%，环比增长约4.8%。增长的主要原因 为：1)收入和毛利额的增长;2)剔除以股份为基础的付款开支后，分销及销售开支、行政开支及研发开支 三项期间费用的增长率低于收入的增长率;3)其他收入及收益的增加。 面向企业客户业务方面，加热不燃烧业务及电子雾化业务同比及环比均录得健康增长。加热不燃烧业务 方面，集团本期间全力支持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 加带动该业务收入同比及环比实现快速增长。电子雾化业务方面，全球主要国家对不合规产品监管力度 持续加强，集团凭借强政策预判力及市场洞察力，支持更多客户推出新型合规的电子雾化产品，助力该 业务收入同比及环比保持增长。 自有品牌业务方面，本年度上半年推出的旗舰系列新品迭代成功，消费者基数继续扩大。另 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致之任何損 失承擔任何責任。 （ 於開曼群島註冊成立的有限公司） （股份代號：6969） 財務更新 截至2025年9月30日止期間 本公告乃思摩爾國際控股有限公司（「本公司」）董事會（「董事會」））根據香港聯合交易所有限 公司證券上市規則第13.09條及香港法例第571章證券及期貨條例第XIVA部項下內幕消息條 文作出，依據於本公司及其附屬公司（ 統稱「本集團」）截至2025年9月30日止三個月（「本期 間」）未經審核的綜合管理賬目。 Smoore International Holdings Limited 思 摩 爾 國 際 控 股 有 限 公 司 惠 州 億 緯 鋰 能 股 份 有 限 公 司（「 億 緯 鋰 能 」）， 本 公 司 在 深 圳 證 券 交 易 所 上 市 的 控 股 股 東 之 一，根據深圳證券交易所創業板股票上市規則要求需披露季度財務報告。億緯鋰能的季度 財務報告中包含特定財務信息，這些財務信息被視為對本集 ...

整个产业链始于上游的烟叶种植。烟叶作为核心原材料，主要由特定地区的农户在适宜气候条件下种 植，经采摘后进行晾晒、发酵等初加工处理。这一环节受自然条件、政策调控及种植技术影响较大，价 格波动可能对后续环节产生传导效应。 中游为烟草制品的生产制造，主要包括卷烟、雪茄、电子烟等产品的加工。生产企业需具备较高的工艺 水平和质量控制能力，同时受到国家严格的生产许可和税收监管。由于烟草行业具有高利润率特征，规 模化生产和品牌效应成为企业竞争力的重要体现。此外，近年来新型烟草制品如加热不燃烧产品和电子 雾化设备发展迅速，推动产业链向多元化延伸。 下游则涵盖批发、物流配送及终端销售。我国实行烟草专卖制度，销售渠道高度集中，主要通过专营网 络进行分销。零售端包括便利店、超市、烟酒专卖店等，消费场景广泛分布于城市与乡村。由于烟草消 费具有一定刚性，整体需求相对稳定，但受控烟政策、健康意识提升等因素影响，长期增长空间受限。 值得注意的是，烟草行业受政策影响显著，从生产配额、税收调整到广告限制，均可能对产业链各环节 产生深远影响。同时，全球控烟趋势和公共卫生导向也促使企业加快转型步伐，探索减害产品或多元化 布局。 烟草作为一种特殊消 ...

Summary of Key Points from Conference Call Records Industry Overview - The conference call discusses the **vaping industry in the United States** and its regulatory environment, particularly focusing on the impact of flavor bans and compliance issues on market dynamics [1][4][5]. Core Insights and Arguments - Following the ban on fruit-flavored vaping products in the U.S., the market experienced a temporary decline, but disposable e-cigarettes have since dominated the market due to regulatory loopholes, capturing **80% of the market share** [1][4]. - The **illegal vaping market** grew from **$12.9 billion** in 2021 to **$21 billion** in 2024, marking a **63% increase**, while the compliant market shrank by **14%** to **$5.87 billion** [1][4][5]. - The U.S. government has been criticized for insufficient regulation of disposable e-cigarettes, which has led to a significant squeeze on compliant brands like British American Tobacco and G O, with Views experiencing a **5% decline** in 2024 [1][5]. - Starting in 2024, U.S. Customs has tightened regulations on e-cigarette imports, increasing costs and limiting the influx of illegal products, which is expected to improve the operating environment for compliant products [1][6]. - The FDA approved four menthol-flavored e-cigarettes in June 2024 and 20 ZYN nicotine pouches in January 2025, indicating a potential easing of restrictions on certain flavors, which could benefit compliant product sales [1][9]. Additional Important Content - China's exports of e-cigarettes to the U.S. totaled **$812 million** in May 2025, reflecting a **7.38%** month-over-month decline and a **19.52%** year-over-year decline [1][7]. - The European market has begun tightening regulations on disposable e-cigarettes and certain flavors since 2024, which primarily affects domestic white-label companies while benefiting international brands [1][10]. - The global new tobacco industry is transitioning into a healthier development phase after experiencing regulatory restrictions, with heated tobacco and nicotine pouch products expected to see significant growth in the coming years [2][12]. - The domestic market in China has stabilized since the implementation of the e-cigarette law in 2022, allowing only traditional flavor sales, with a focus on heated tobacco and nicotine products as key growth areas [2][13].

Summary of China Tobacco Hong Kong Conference Call Company Overview - **Company**: China Tobacco Hong Kong - **Industry**: Tobacco Key Financial Highlights - **2024 Revenue**: HKD 13 billion, a 10% year-on-year increase [2][3] - **Gross Profit**: Increased by 26.6% to nearly HKD 1.4 billion [2][3] - **Earnings Per Share (EPS)**: Grew by 42% [2][3] - **Dividend**: Planned increase in dividend to HKD 0.46 per share, with an increase in mid-term dividend frequency [2][4][8] Business Performance and Strategy - **Post-Pandemic Export Performance**: Strong recovery in cigarette exports, particularly in Thailand, Singapore, Hong Kong, Macau, and duty-free shops in mainland China [2][5] - **Duty-Free Market Expansion**: Ongoing efforts to expand the duty-free cigar market and increase the self-operated export ratio, currently at approximately 0.5% [2][5] - **Core Business Segments**: - Bulk tobacco products (import and export) - Cigarette exports (traditional Chinese brands) - New tobacco products (limited to heated non-combustible products) [3] Regional Operations - **Brazil Operations**: Managed by China Tobacco Brazil, covering the entire supply chain from planting to sales, with 111,000 tons of tobacco imported into China in 2024, including Brazilian imports [2][6] - **Impact of US-China Tariff Policies**: Limited impact on the company, with only the tobacco import business affected; plans to import approximately 20,000 tons of tobacco from the US [2][9] Supply Chain and Quality Assurance - **Cigar Leaf Procurement**: Primarily sourced from the Dominican Republic and Zambia, with a focus on ensuring quality stability for the existing 20,000 tons of cigar leaves [2][10][11] - **Quality Control**: Current suppliers have not met quality expectations, leading to no increase in procurement volume [2][10] Market Outlook - **Tobacco Industry Growth**: Expected compound annual growth rate (CAGR) of approximately 6% over the next 3-5 years, driven by domestic demand and international market expansion [3][27] - **Long-term Growth Logic**: Based on domestic cigarette formulation needs and the cost-effectiveness of foreign tobacco [28] Challenges and Risks - **Geopolitical Factors**: Uncertainties in US tobacco exports due to geopolitical issues, with over 10,000 tons of planned exports still under internal discussion [25][26] - **Market Volatility**: Tobacco prices subject to cyclical fluctuations and climate impacts, with a stable growth expectation despite potential short-term disruptions [24] Future Developments - **Expansion Plans**: Continued focus on expanding overseas customer base and enhancing supply chain resilience [7][13] - **Innovation in Products**: Development of proprietary technologies for heated non-combustible products, with positive feedback on domestic innovations [13][15] Conclusion China Tobacco Hong Kong is positioned for steady growth with a strong financial performance and strategic expansion plans, while navigating challenges in the geopolitical landscape and ensuring quality in its supply chain.

Summary of the Conference Call on the Tobacco Industry and Philip Morris International Industry Overview - The traditional tobacco industry has experienced significant changes, particularly in the U.S. market, where per capita smoking volume grew at a compound annual growth rate (CAGR) of 8% from 1900 to 1960, but saw a 20% decline from 1975 to 1994 due to anti-smoking campaigns [1][5] - The global tobacco industry is shifting from traditional cigarettes to new tobacco products, with Philip Morris International (PMI) leading this transition [2][16] Key Points on Philip Morris International - PMI has become the largest tobacco company globally through globalization and has actively transitioned to new tobacco products, especially heated tobacco products (HTPs) [1][5] - As of 2024, PMI's smoke-free products cover nearly 40 million users, with IQOS users reaching 32 million and a user conversion rate of 72% [6][7] - PMI's market share for IQOS in the global market stands at 77%, indicating a dominant position [6][7] - PMI forecasts a 12%-14% growth in smoke-free product sales for 2025, with HTPs expected to grow by 10%-12% and nicotine replacement products by 38%-45% [7] Competitors and Market Dynamics - British American Tobacco (BAT) and Japan Tobacco are also increasing their focus on new tobacco products, aiming for 50% of their sales to come from these products by 2035. As of the end of 2024, their new product shares are 13% and 3%, respectively, compared to PMI's over 40% [8] - The heated tobacco category is seen as having explosive growth potential, with only three companies currently selling four products, led by PMI [11] Chinese Market Potential - China accounts for nearly 40% of global cigarette sales, presenting a significant growth opportunity for new tobacco products [9] - Although the domestic heated tobacco market has room for improvement compared to international leaders, the recent introduction of HTPs in the U.S. suggests potential changes in China [9][15] Emerging Trends and Future Outlook - The new tobacco industry is expected to be a long-term trend, with substantial opportunities arising from the global tobacco revolution over the next 5 to 10 years [16] - The development of nicotine pouches is growing, but they are unlikely to become mainstream due to their limited appeal [12] - Companies like Smoore International and China Tobacco Hong Kong are highlighted as key players in the new tobacco landscape, with Smoore being the most engaged in the heated tobacco sector [13][14] Conclusion - The tobacco industry is undergoing a significant transformation, with PMI at the forefront of this shift towards new tobacco products. The competitive landscape is evolving, with both established players and emerging companies vying for market share in a rapidly changing environment. The Chinese market, in particular, holds vast potential for growth in new tobacco products, making it a focal point for future developments in the industry [9][15][16]

Summary of Key Points from Conference Call Records Industry or Company Involved - Focus on the **Chinese economy**, **gold and jewelry industry**, **new consumption sectors**, **traditional consumption sectors**, **technology sector**, and **pharmaceutical industry**. Core Insights and Arguments 1. **Economic Environment**: The U.S. tariff policy remains unresolved, leading to increased pressure on Chinese exports and weakened production, investment, and consumption willingness among enterprises. Employment data shows negative growth, further impacting liquidity [1][2][4]. 2. **Industrial Profit Decline**: Domestic industrial profits are at their lowest since 2020, with PMI data hitting new lows, indicating persistent deflationary pressures. Actual financing costs for enterprises have risen, leading to decreased production willingness [1][4]. 3. **Investment Strategy**: A defensive investment strategy is recommended, focusing on trading U.S. recession through gold and gold stocks for certain returns, and increasing positions in growth dividends and innovative pharmaceuticals as domestic fiscal policies strengthen [1][5]. 4. **New Consumption Opportunities**: New consumption sectors such as the silver economy, tourism, pet economy, smart home, animation, and personal care are gaining traction, supported by fiscal stimulus and less correlation with economic cycles [1][6]. 5. **Traditional Consumption Stability**: Traditional sectors like education, dairy, maternal and infant consumption, hospitality, tourism, and medical beauty show stable cash flows and increasing ROE, with dividends expected to rise [1][8]. 6. **Technology Sector Focus**: Key areas in the technology sector include optical chips, smart speakers, new display materials, AI wearable devices, autonomous driving technology, GPUs, and radar. Companies with rising volume and price, along with high valuation tolerance, are of particular interest [3][9]. 7. **Gold and Jewelry Market Outlook**: The gold and jewelry industry is expected to perform well in 2025, with high gold prices increasing consumer acceptance. Companies like Chao Hong Ji are expanding overseas and innovating product lines to enhance consumer demand [15][16]. 8. **Pharmaceutical Sector Insights**: Innovative pharmaceutical companies are highlighted as key investment targets, with a focus on large pharmaceutical firms that are currently undervalued. Companies like Huadong Medicine and Sanofi are noted for their strong growth potential [12][14]. 9. **Gold Supply and Demand Dynamics**: The gold supply is expected to decline in 2025 due to reduced copper-associated gold mining, while demand remains strong, particularly from gold ETFs and central bank purchases [20]. 10. **Small Metals Market Performance**: The small metals market, especially rare earths and antimony, is performing well due to improved pricing and inventory replenishment driven by export controls [21]. Other Important but Possibly Overlooked Content 1. **Market Sentiment**: The uncertainty surrounding trade negotiations is significantly impacting market sentiment and fundamentals, particularly as U.S.-China relations remain tense [2]. 2. **Long-term Growth Potential**: Despite short-term volatility, companies with solid fundamentals, such as those in the insurance and banking sectors, are expected to show strong long-term growth potential [27][28]. 3. **Investment Timing**: Investors are advised to consider buying during short-term adjustments in new consumption sectors to capture long-term value [7][11]. This summary encapsulates the critical insights and recommendations from the conference call records, providing a comprehensive overview of the current market landscape and investment opportunities across various sectors.

Core Viewpoint - The electronic cigarette sector has regained market attention, with stocks like Smoore International experiencing significant price increases, indicating a potential recovery in the industry [1][9]. Industry Overview - The global tobacco market remains dominated by traditional cigarettes, which account for over 80% of the market, while new tobacco products, including heated not burned (HNB) and electronic cigarettes, represent a growing segment valued at $76.9 billion, approximately 8% of the market [1]. - The number of smokers aged 15 and above globally is around 1.25 billion, with a penetration rate of about 15.6%, indicating substantial room for growth in new tobacco product adoption [1]. Market Segmentation - Electronic cigarettes and HNB products are the two main categories of new tobacco, with global market shares of 28% and 45%, respectively [2]. - The global market for e-vapour products is valued at $21.2 billion, with a compound annual growth rate (CAGR) of 6.6% from 2018 to 2023, while HNB products have a market size of $34.5 billion and a CAGR of 23.3% during the same period [2][3]. Company Performance - Smoore International has shown rapid revenue growth from 2016 to 2021, increasing from 710 million to 13.76 billion yuan, with a CAGR of 81%. However, the company faced challenges in 2022 due to regulatory pressures in China and the U.S. [5]. - The company is expected to achieve a revenue of 11.799 billion yuan in 2024, reflecting a year-on-year growth of 5.56% [5]. Strategic Initiatives - Smoore has been proactive in developing HNB products since 2010 and has established a dedicated division for HNB, acquiring multiple patents and technological capabilities [6]. - The collaboration with British American Tobacco to launch the Glo Hilo series is anticipated to enhance Smoore's HNB business and overall market position [7]. Future Outlook - The Glo Hilo product is set to launch in Japan and expand into European markets, with expectations of significant profit growth starting in 2025 [8]. - The regulatory environment for electronic cigarettes is stabilizing, which may benefit compliant companies like Smoore, enhancing their market share [8][9].

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]