思摩尔国际 20251013 摘要 思摩尔国际三季度收入增长 27.5%，经调整利润环比增长 4.8%，主要 受益于 HNB 产品强劲出货和欧洲市场雾化烟业务增长，特别是欧洲市场 因一次性电子烟禁令而推出新产品，增速远超整体水平。 欧洲市场因监管变化表现突出，美国市场虽恢复较慢，但合规产品监管 趋严为思摩尔合作客户（如英美烟草 VUSE 品牌）带来机会，公司正积 极抢占市场份额。 思摩尔通过加大渠道覆盖和本土化经营，提升自由品牌 WAPER 的市场 份额，虽然自由品牌业务弹性有限，但整体行业已从下滑转为正增长， 欧洲市场表现尤为亮眼。 思摩尔正逐步进入更多 HNB 核心市场，如波兰和意大利，预计 HNB 业 务将从 0 到 1 阶段迈向 1 到 10 阶段。公司定位为技术平台，为包括英 美烟草在内的多家烟草公司提供差异化解决方案。 公司预计 2026 年及以后盈利能力将逐步提升，目前重点是提升收入指 标，包括 HNB 业务的大规模销售铺货，以及通过抢占监管变化带来的新 份额来提升整体盈利水平。 Q&A 思摩尔国际在 2025 年第三季度的业绩表现如何？ 思摩尔与英美烟草的合作是当前阶段最值得期待的增长点，HN ...

Group 1: Market Overview - The Hong Kong stock market lacks direction, with the Hang Seng Index expected to continue fluctuating around the 25,000 points level [2][3] - The Hang Seng Index opened at 25,216, reached a high of 25,216, and closed at 25,104, down 61 points or 0.24% [3] - The total market turnover decreased to HKD 23.94 billion [3] Group 2: Macro & Industry Dynamics - As of August 18, the overall return of the Mandatory Provident Fund (MPF) increased by 1.6%, with an average gain of HKD 4,956 per person [6] - Year-to-date, the MPF composite index rose by 11.9%, with stock fund indices increasing by 16.7% [6] - The strongest performing fund in August was the Japanese stock fund, which rose by 5.5%, while the weakest was the US stock fund, which only increased by 1.3% [6] Group 3: Company News - Smoore (06969) continues to invest in the development of Heat-Not-Burn (HNB) products, with a focus on enhancing user experience and optimizing tobacco flavor [11] - The company reduced its R&D spending on electronic vapor products, prioritizing HNB products and medical vaporization, with total R&D expenditure of approximately RMB 723 million, down about 4.9% year-on-year [11] - Tencent's new mobile game "Valorant" generated approximately HKD 7.8 million on its first day of release, with around 170,000 downloads [13]