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]