文｜商业范儿 "电子烟第一股"思摩尔国际正陷入"成长的烦恼"。2025年8月下旬以来，其股价陷入持续下行通道，公司市值也较年内高点缩水近半。资本市场用脚投票 的背后，是监管寒流、"增收不增利"及市场情绪等多重因素。 面对电子烟市场退潮，一个名为"岚至"的雾化美容品牌被推至台前，承载了思摩尔国际培育"第二增长曲线"的厚望。然而，这项基于TPS透皮超导技术 （TPS雾化无创透皮技术）的美容新业务，究竟是"解药"还是一场"昂贵试错"？在激烈的市场竞争与严苛的技术质疑中，岚至能否帮助思摩尔国际穿越迷 雾？ 增长焦虑与"美丽"转型 思摩尔国际控股有限公司（以下简称"思摩尔"，06969.HK）的股价走势，直观地反映了市场的担忧。 整体来看，2025年思摩尔的股价几乎呈"倒V"，自4月低点之后开始上涨，在8月达到23.92港元/股的高点之后，再次持续走低。 2025年第三季度，思摩尔的营收同比仍为增长，延续了上半年的趋势，但净利润指标却未能同步跟上，出现了典型的"增收不增利"。财报显示，思摩尔的 营收端持续回暖，2025年前三季度总营收达102.1亿元，同比增长21.8%；其中第三季度营收41.97亿元创下历史新高，同比 ...

Core Insights - MOYAL, a professional aesthetic brand under SMOORE, has partnered with Hainan Zhonghai Shenzhou Golf Club to introduce a strategic collaboration focused on skincare solutions for outdoor sports enthusiasts [1][6] Group 1: Market Opportunity - The outdoor sports participation in China has surpassed 400 million, with golf and cycling gaining popularity among women and youth [3] - There is a significant unmet demand for post-sun exposure recovery and prevention of photoaging among outdoor sports participants, particularly golfers who typically experience 4-6 hours of sun exposure [3] Group 2: Product Innovation - MOYAL's product offerings include the M10 PRO device and a range of specialized skincare solutions that utilize SMOORE's advanced TPS atomization technology, enhancing absorption rates by 17.7 times compared to traditional methods [4] - The M10 PRO device is designed for ease of use, allowing for deep hydration and redness reduction in just 30 seconds, addressing immediate post-sun exposure recovery needs [4] Group 3: Strategic Collaboration - The partnership with Hainan Zhonghai Shenzhou Golf Club aims to provide comprehensive skincare solutions for golfers, addressing both pre-sun defense and post-sun recovery needs [6] - This collaboration marks the beginning of MOYAL's expansion into the golf sector, with plans to partner with more top golf clubs in China and potentially expand to mature golf markets in Japan, South Korea, and Singapore [8]