电子烟更新：再看 HNB 和思摩尔国际 20251221 核心成长盘业务。Glow Halo 在日本市场推出后，其市场份额迅速提升，到 2025 年 6 月已达到 1%，高端市场份额更达 2%。此外，在波兰和意大利等地 也取得了显著成绩，例如意大利仅销售一个月就占据 0.5%的市场份额。这些 成功验证了 Glow Halo 的市场潜力，并推动公司股价在 2025 年达到高点。 对于 HNB 行业及 Glow Halo 未来的发展预期如何？ HNB 行业整体增速稳定且呈现上升趋势，各大烟草巨头如英美、菲莫和日烟都 处于推新周期，预计到 2030 年整个行业渗透率将加速提升。基于这一预期， 以及 Glow Halo 在全球各大市场中的良好表现，有望实现 100 亿利润左右的 目标，从而使公司市值进一步提升。然而近期由于成长斜率存在分歧，公司股 价经历了一定幅度调整，但整体来看 HNB 行业依然具备良好的发展前景。 摘要 受益于 TA 法规调整和欧美市场规范，斯摩尔国际雾化烟业务在 2024 年底触底反弹，预计未来几年将保持稳定增长，为公司贡献约 400 亿人 民币市值。 英美烟草新型 HNB 产品 Glow Ha ...

Summary of Smoore International's Conference Call Company Overview - **Company**: Smoore International - **Industry**: Vapor Technology and Tobacco Industry Key Financial Performance - **Revenue**: In the first half of 2025, Smoore International reported revenue of 9 billion yuan, a year-on-year increase of 19.5% [2][4] - **Regional Performance**: - European market revenue growth reached 38% due to compliance product sales following a one-time ban [2][4] - Revenue growth in the US and China was 1.5% and -6.1%, respectively [2][4] - **Profit**: The company achieved a profit of 4.92 billion yuan, a decline of 28% year-on-year, primarily due to increased stock incentive amortization, administrative expenses, and marketing costs [2][5] - **Adjusted Net Profit**: Adjusted net profit was 7.37 billion yuan, down 2.1% year-on-year, but actual growth was noted after excluding a 70 million yuan tax impact from OECD's dual pillar international tax [2][5] Future Outlook - **Second Half Expectations**: Smoore International anticipates maintaining double-digit revenue growth in the second half of 2025, with profits expected to remain flat [2][6] - **Key Focus Areas**: - Sales performance of HNB products in Japan in September [2][6] - Progress of British American Tobacco's Halo product launch in Europe, which has the largest marketing budget in its history [2][6] Emerging Business Developments - **Medical Vaporization**: The company is successfully collaborating with major pharmaceutical companies, aiming for FDA approval within the next two to three years [2][7] - **Beauty Vaporization**: The Lancome brand achieved revenue of 31 million yuan in the first half of the year, with expectations of significant profit contributions in the next two years [2][7] Industry Perspective - **Market Position**: Smoore International is viewed as a leader in vapor technology, with a positive outlook on the transformation of the tobacco industry, particularly in the HNB segment [3][8] - **Traditional Business Recovery**: The traditional business is showing signs of recovery, especially in the European market, which has exceeded expectations [2][8] - **Future Profit Contribution**: HNB business is projected to contribute over 1 billion yuan in profit increment next year, while other emerging businesses will take two to three years to reflect in financial statements [2][8]