Group 1 - The company, Dimi Life Holdings, is optimistic about the prospects of the electronic vaporization and medical beauty vaporization industries and plans to leverage its technology R&D and supply chain management advantages in these sectors [1] - A strategic cooperation framework agreement was signed on January 8, 2026, between Dimi Chain Technology Co., Ltd. and its partners, making Dimi Chain the main raw material supplier in China during the agreement's duration [1] - The board of directors is seeking diversification opportunities due to the downturn in the Hong Kong and Chinese construction and real estate industries, believing that technology related to daily life will be the next trend [1] Group 2 - The electronic vaporization industry is in a stable growth phase, with increasing regulatory policies globally aimed at youth protection, environmental protection, product safety, and taxation [2] - The board has decided to gradually enter the electronic vaporization industry by providing raw material supply and technical cooperation, utilizing resources and experience gained from the electric toothbrush business [2] - The company is actively seeking professionals in the electronic vaporization industry to assist in developing this new business [2]

Core Viewpoint - The company is optimistic about the prospects of the electronic vaporization and medical beauty vaporization industries, leading to a strategic partnership to leverage its technology and supply chain management expertise in these sectors [1][2] Group 1: Company Strategy - The company plans to provide supply chain management and technology research and development services for the electronic vaporization and medical beauty vaporization industries, utilizing its accumulated advantages in the electronic consumer goods sector [1] - A strategic cooperation framework agreement was signed on January 8, 2026, with a partner, making the company's subsidiary the main raw material supplier in China during the agreement's duration [1] - The board is seeking diversification opportunities due to the downturn in the Hong Kong and Chinese construction and real estate sectors, believing that technology related to daily life will be the next trend [1] Group 2: Industry Insights - The electronic vaporization industry is in a stable growth phase, with increasing regulatory policies globally aimed at youth protection, environmental protection, product safety, and taxation [2] - Enhanced regulatory enforcement against non-compliant electronic vaporization products is expected to benefit the long-term sustainable development of the industry and compliant enterprises [2] - The company aims to gradually enter the electronic vaporization industry by leveraging resources and experience gained from its electric toothbrush business, focusing on raw material supply and technical cooperation [2]

Core Viewpoint - The company is optimistic about the prospects of the electronic vaporization and medical beauty vaporization industries and plans to leverage its technological and supply chain management advantages to provide services in these sectors [1][2] Group 1: Company Strategy - The company has signed a strategic cooperation framework agreement with a partner, where it will become the main raw material supplier in China and support new technology development during the agreement period [1] - The board is seeking diversification opportunities due to the downturn in the construction and real estate sectors in Hong Kong and China [1] - The company believes that technology related to daily life will be the next trend, which influenced its previous entry into the electric toothbrush business focused on online marketing and sales [1] Group 2: Industry Insights - The electronic vaporization industry is in a stable growth phase, with increasing regulatory policies globally aimed at youth protection, environmental protection, product safety, and taxation [2] - The regulatory strength against non-compliant electronic vaporization products is gradually increasing, which will benefit the long-term sustainable development of compliant enterprises in the industry [2] - The company plans to gradually enter the electronic vaporization industry by providing raw material supply and technical cooperation, leveraging resources and experience gained from its electric toothbrush business [2] - The board is actively seeking professionals in the electronic vaporization industry to assist in developing this new business [2]

Core Viewpoint - The report from Guotai Junan indicates that Smoore International (06969) has shown an upward trend in industry prosperity in Q3, leading to an upward revision of profit forecasts for the company, with expected net profits of 1.03 billion, 1.94 billion, and 2.54 billion yuan for 2025-2027, maintaining a "Buy" rating [1] Group 1: Financial Performance - In Q3 2025, the company achieved a record revenue of 4.197 billion yuan, a year-on-year increase of 27.2% and a quarter-on-quarter increase of 27.5% [1] - The net profit attributable to shareholders was 317 million yuan, a year-on-year decrease of 16.4% but a quarter-on-quarter increase of 5.7%; excluding stock incentive expenses, net profit increased by 4.0% year-on-year and 4.8% quarter-on-quarter [1] Group 2: Business Growth - The OEM and proprietary brand revenues both experienced growth on a quarter-on-quarter basis, with significant increases in HNB and vaping businesses [2] - In the HNB segment, the company supported strategic customers in global market expansion, resulting in a substantial increase in product shipments [2] - In the vaping segment, the company assisted more clients in launching new compliant electronic vaping products due to increased regulatory scrutiny in major global markets [2] Group 3: Industry Outlook - The traditional vaping business is expected to benefit from changes in regulatory environments in the US and Europe, with a potential increase in market share under compliant operations [3] - The new Glo Hilo product in the HNB segment has received positive feedback, with the company aiding clients in nationwide product promotion in Japan by September 2025 and plans to expand into more core markets in the second half of 2025 [3] - The company has developed multiple technology platforms to address various user pain points, and collaborative efforts to accelerate commercialization are ongoing, indicating a clear growth path for the business [3]

Investment Rating - The investment rating for the company is "Buy" with a target price set for the next six months [6][14]. Core Insights - The company achieved a record high revenue of 41.97 billion yuan in Q3 2025, marking a 27.5% increase quarter-on-quarter and a 27.2% increase year-on-year. However, net profit for the same quarter was 3.17 billion yuan, reflecting a 16.4% year-on-year decline [1][2]. - The HNB (Heated Not Burned) business saw a significant increase in shipment volumes, contributing to the overall revenue growth. The company is also expanding its self-owned brand business and enhancing localized marketing efforts [2][5]. - The medical aerosol business has made a breakthrough with the submission of an ANDA application for Breo® Ellipta®, which, if approved, could provide a 180-day market exclusivity in the U.S. This product is expected to generate significant sales in the future [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 102.10 billion yuan, a year-on-year increase of 21.8%. Adjusted net profit was 11.82 billion yuan, a slight increase of 0.1% year-on-year [1]. - In Q3 2025, the company achieved revenues of 41.97 billion yuan, with an adjusted net profit of 4.44 billion yuan, reflecting a 4.0% year-on-year increase [1][2]. Business Growth - The company’s HNB and electronic vaporization businesses both experienced growth, with strategic clients successfully launching new products in major global markets [2]. - The GloHilo product line is being introduced in Italy, Poland, and Serbia, aiming to reach 50 million adult consumers of smoke-free products by 2030 [3]. Future Outlook - The company is expected to see significant contributions from the HNB business starting in 2026, with adjusted net profit forecasts for 2025-2027 revised to 13.92 billion, 20.23 billion, and 27.59 billion yuan respectively [5].

Core Viewpoint - Smoore International (06969) reported a record high quarterly revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Group 1: Financial Performance - The company achieved a historical high in quarterly revenue, with significant growth in both enterprise client business and proprietary brand business [1] - Revenue from the enterprise client business, including heated non-combustible and electronic vaporization segments, showed healthy growth both year-on-year and quarter-on-quarter [1] Group 2: Business Segments - In the heated non-combustible segment, the company supported strategic clients in launching new products in major global markets, leading to a substantial increase in product shipments and revenue growth [1] - The electronic vaporization business maintained revenue growth due to the company's proactive approach in helping clients launch compliant products amid increasing regulatory scrutiny [1] - The proprietary brand business saw healthy revenue growth, driven by the successful iteration of flagship products and increased marketing investments tailored to local markets [1]

Core Viewpoint - Smoore International (06969) reported a record high quarterly revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Group 1: Financial Performance - The company achieved a historical high in quarterly revenue, with significant growth in both enterprise client business and proprietary brand business [1] - Revenue from the enterprise client business, including heated non-combustible and electronic vaporization segments, showed healthy growth both year-on-year and quarter-on-quarter [1] Group 2: Business Segments - In the heated non-combustible segment, the company supported strategic clients in launching new products in major global markets, leading to a substantial increase in product shipments and revenue growth [1] - The electronic vaporization business benefited from increased regulatory scrutiny on non-compliant products, allowing the company to assist clients in launching new compliant products, thus maintaining revenue growth [1] - The proprietary brand business saw healthy revenue growth due to the successful iteration of flagship products and increased marketing investments tailored to local markets [1]

Core Insights - The company reported a revenue of approximately RMB 4.197 billion for the quarter ending September 30, 2025, representing a year-on-year growth of 27.2% and a quarter-on-quarter growth of 27.5% [1] Business Segments - In the enterprise customer segment, both the heated non-combustion and electronic vaporization businesses achieved growth both year-on-year and quarter-on-quarter. The heated non-combustion business benefited from strategic clients launching new products in major global markets, leading to a significant increase in shipment volume. The electronic vaporization business saw growth due to strengthened regulation on non-compliant products, with the company supporting clients in launching new compliant products [1] - In the proprietary brand segment, the successful iteration of flagship series new products in the first half of the year expanded the consumer base. Increased localization operations and marketing investments contributed to healthy revenue growth [1] Financial Performance - The adjusted profit for the quarter was approximately RMB 444 million, reflecting a year-on-year increase of 4.0% and a quarter-on-quarter increase of 4.8%. The growth was attributed to increases in revenue and gross profit, a lower growth rate of operating expenses compared to revenue growth, and an increase in other income and gains [1]

Core Insights - Smoore International (06969) reported a record quarterly revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, marking a year-on-year increase of about 27.2% and a quarter-on-quarter increase of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise customer business and proprietary brand business [1] - The heated non-combustible business and electronic vaporization business recorded healthy growth both year-on-year and quarter-on-quarter [1] - The company supported strategic clients in launching new heated non-combustible products in major global markets, significantly increasing product shipments and driving revenue growth [1] Group 2: Proprietary Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced local operations and increased marketing investments tailored to local characteristics in key markets, leading to a continuous rise in market share for proprietary brands [1] Group 3: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year growth of about 4.0% and a quarter-on-quarter growth of approximately 4.8% [2] - The profit increase was attributed to revenue and gross profit growth, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than the revenue growth rate [2] - Additional income and gains contributed to the overall profitability [2]

Core Insights - Smoore International (06969) reported a record high revenue of approximately RMB 4.197 billion for the three months ending September 30, 2025, representing a year-on-year growth of about 27.2% and a quarter-on-quarter growth of approximately 27.5% [1] Group 1: Revenue Growth - The revenue growth was driven by satisfactory increases in both enterprise client business and self-owned brand business [1] - The heated non-combustible and electronic vaporization businesses recorded healthy growth both year-on-year and quarter-on-quarter [1] Group 2: Enterprise Client Business - The heated non-combustible business saw significant revenue growth due to the successful launch of new products in major global markets [1] - The electronic vaporization business maintained revenue growth as the company supported clients in launching new compliant products amid increasing regulatory scrutiny [1] Group 3: Self-Owned Brand Business - The flagship series of new products launched in the first half of the year successfully expanded the consumer base [1] - The company enhanced localized operations and increased marketing investments in key markets, leading to a healthy year-on-year revenue growth in the self-owned brand business [1] Group 4: Profitability - The adjusted profit for the period was approximately RMB 444 million, reflecting a year-on-year increase of about 4.0% and a quarter-on-quarter increase of approximately 4.8% [2] - The profit growth was attributed to revenue and gross profit increases, with the growth rates of distribution, sales, administrative, and R&D expenses being lower than revenue growth [2]