英美烟草：新型烟草盈利修复，HNB 产品 Hilo 表态 积极 [Table_Industry] 轻工制造 [Table_ReportDate] 2025 年 08 月 02 日 行业研究 [Table_ReportType] 行业事项点评 | [Table_StockAndRank] 轻工制造 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 英美烟草：新型烟草盈利修复，HNB 产品 Hilo 表态积极 [Table_ReportDate] 2025 年 08 月 02 日 本期内容提要: 证券研究报告 姜文镪，信达证券研究开发中心所长助理，新消费研究中心总经理，上海交通大学硕士， 第一作者发表多篇 SCI+EI 论文，曾就职于国盛证券，带领团队获 2024 年新财富最佳分 ...

Summary of Smoore International and the E-Cigarette Industry Update Company and Industry Overview - **Company**: Smoore International - **Industry**: E-Cigarette and Vapor Products Key Points and Arguments 1. **Revenue Performance**: Smoore International reported an 18% year-on-year increase in revenue for the first half of 2025, with both ODM business and free brand business showing strong growth, particularly among small clients [2][5] 2. **U.S. Market Recovery**: The enforcement of regulations against non-compliant disposable e-cigarettes in the U.S. is expected to clear the market of non-compliant products, creating a better environment for compliant products and aiding Smoore's business recovery [3][7] 3. **European Market Changes**: The implementation of a ban on disposable e-cigarettes in Europe starting June 1, 2025, is anticipated to increase the market share of compliant products, which is favorable for Smoore in the long term [4][7] 4. **Profit Decline Factors**: Smoore's profit decreased by 21% to 35% in the first half of 2025, primarily due to increased equity incentive costs and legal-related expenses, with equity incentive costs expected to rise by over 300 million yuan for the year [5][12] 5. **New Product Trials in Japan**: The new product Hilo, developed in collaboration with British American Tobacco, has shown optimistic trial results in Sendai, Japan, with a high user satisfaction rate and a significant conversion rate from traditional smokers [6][7] 6. **Future Growth Trends**: The HNB (Heat-Not-Burn) market is expected to grow, with favorable conditions in the U.S. and Europe, and successful product trials in Japan indicating a positive outlook for Smoore's future [7][10] 7. **Impact of Tariffs on Indonesian Factory**: The tariff issues related to the Indonesian factory are expected to have a limited impact on overall performance due to high product markup and low unit prices, as the products are considered addictive consumer goods [8][12] 8. **Sales Performance in Japan**: The overall sales situation in Japan is optimistic, with expectations of meeting annual performance guidance despite 2025 not being a high-profit year [9][10] 9. **Traditional E-Cigarette Market Trends**: The traditional e-cigarette market in the U.S. and Europe is showing marginal improvement, indicating a positive trend in both policy and operational aspects [10][12] 10. **THC and Medical Aesthetics Growth**: The THC vaporization products are stabilizing, and related fields such as medical aesthetics are showing promising growth prospects, potentially providing new growth opportunities for Smoore [11][12] Additional Important Insights - **Stock Volatility and Investment Value**: Despite lower profits in 2025, Smoore's long-term investment value remains significant, warranting close attention from investors [12]