具体来看，自有品牌业务在欧洲及其他市场的收入达10.69亿元，同比增长15.1%，主要得益于公司行业 领导品牌VAPORESSO的出色表现。报告期内，公司继续通过其自主开发的数据系统，加强其营销数字 化、销售本地化和终端门店监控，从而能够迅速应对市场变化。这一战略巩固了其在全球主要市场的领 先品牌地位。 此外，公司的雾化医疗附属公司传思生物在佛罗里达州迈阿密附近建立了一个吸入产品研发中心，该中 心具备产品开发的全部能力。传思生物亦积极与世界领先的合同开发和制造组织(CDMO)合作，建立药 械结合产品的制造能力，并将持续与欧美药品监管机构保持定期沟通搜集反馈。 公司的自有品牌雾化美容产品"岚至"品牌在中国内地销售，产生收入约0.31亿元，同比增长约 2595.2%。产品组合包括面向零售客户的家用"岚至"家用美容仪和专为美容机构设计的"岚至"专业设 备。面向零售客户的"岚至"家用美容仪的用户数量已突破1万人，"岚至"专业设备亦获得了二类医疗器 械认证。推出后，已被多家全国性美容机构和公立医院采用，目前有超过100家私营机构采购该设备。 对于未来前景，公司表示，将以科技创新为基石，将继续以"雾化科技"为核心，在电子 ...

港股公司报告 | 公司点评 思摩尔国际（06969） 证券研究报告 25H1 雾化电子烟业务复苏，HNB+雾化医疗商业化落地可期！ HNB：2025H1 成功支持战略客户推出高端 HNB 产品 Hilo 系列，公司与客户合 作开发该产品，在还原烟草口味和缩短预热时间方面表现出色，将于 2025 年 9 月在日本全国范围内推出该 HNB 产品，并在 25 年下半年拓展至更多关键市 场。公司已开发多个旨在解决各种用户痛点的技术平台，将继续致力于 HNB 产品的持续研发。 雾化医疗：公司旗下的雾化医疗附属公司传思生物致力于开发在美国和欧洲使 用的领先哮喘和 COPD 产品的仿制药，未来将进一步与更多国际制药公司合作， 有望为公司带来更大的收入贡献。 雾化美容：截至 2025 上半年，"岚至"家用美容仪的用户数量已突破一万人， "岚至"专业设备已获得二类医疗器械认证，已被超过 100 家私营机构采购。 事件：公司发布 2025 年中期业绩，2025 年上半年公司实现营收 60.13 亿元， 同比增长 18.3%；实现毛利 22.44 亿元，同比增长 16.6%，毛利率为 37.3%，同 比-0.5pct；实现净利 4 ...

机构：华安证券 研究员：徐偲/余倩莹 事件l：公司发布2025年半年报 公司发布2025 年半年报，2025H1 实现营业收入60.13 亿元，同比增长18.3%；净利润4.92 亿元，同比下 降28.0%；调整后净利润7.37 亿元，同比下降2.1%。公司收入增长主要得益于全球主要市场对不合规产 品更为有效的执法行动，以及公司快速推出创新合规新产品以满足市场需求的敏捷能力使雾化业务得以 复苏。 我们认为，在全球监管趋严的趋势下，行业集中度将加速提升，而公司依靠合规能力、技术领先优势、 健康的客户结构和开放灵活的商业模式，竞争壁垒凸显，市场份额有望持续提升。2025 年公司HNB 业 务取得重要突破，第二增长曲线确立。此外，公司布局的雾化医疗/美容等新兴业务有望逐渐进入放量 阶段，提供新业绩增量。我们预计公司2025-2027年营收分别为134.50/154.90/176.55 亿元（前值为 128.05/149.52/172.34 亿元），分别同比增长14%/15%/14%；归母净利润分别为10.70/18.12/25.95 亿元 （前值为14.21/17.88/22.69 亿元），分别同比-18%/+69 ...

[Table_ReportType] 公司点评报告 [Table_StockAndRank] 思摩尔国际(6969.HK) 证券研究报告 公司研究 投资评级 无评级 上次评级 [Table_Author] 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] 思摩尔国际：欧洲雾化增速靓丽，HNB 大幕 将启 [Table_ReportDate] 2025 年 8 月 21 日 [Table_S 事件：公司发布 ummary]2025 半年报。2025H1 实现收入 60.13 亿元（同比+18.3%）， 期内溢利为 4.92 亿元（同比-28.0%），剔除股份支付费用后为 7.37 亿元（同 比-2.1%），毛利率为 37.3%（同比-0.5pct），盈利承压主要系短期销售/管理 费用提升。 自有品牌稳健增长，雾化美容贡献增量。2025H1 公司自有品牌业务收入为 12 ...

（以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流入16574.80万港元。 来源：金融界 截至8月21日收盘，思摩尔国际（06969.HK）报23.460港元，较上个交易日上涨6.25%，当日盘中最高 价触及24.120港元，创近一年新高。 思摩尔国际控股有限公司成立于2009年,思摩尔国际(SMOORE)为提供雾化科技解决方案的全球领导者, 旗下拥有一个自有品牌(VAPORESSO)和三个技术品牌(FEELM、CCELL、METEX)。集团总部位于深圳 市宝安区,现有员工总数近20000人。2020年7月10日,思摩尔国际正式在香港联合交易所上市(股票代 码:HK6969)。SMOORE非常重视技术创新和研发。集团目前在全球范围内拥有及在建研究院共9所,涉及 不同基础研究领域;同时拥有超千人研发团队,研发人员数量占总非生产人员近半数。截止2021年6月30 日,SMOORE在全球累计申请专利2612件,商标566件,累计获得专利授权1272件,商标授权360件。同 时,SMOORE还获得"国家级CNAS实验室认 ...

思摩尔国际（ [Table_StockNameRptType] 6969.HK） 公司点评 电子雾化业务持续复苏，HNB 业务有望加速放量 | | | | | | | [Table_BaseData] 收盘价（港元） | 22.08 | | --- | --- | | 近 12 个月最高/最低（港元） 22.80/8.77 | | | 总股本（百万股） | 6190 | | 流通股本（百万股） | 6190 | | 流通股比例（%） | 100 | | 总市值（亿港元） | 1400 | | 流通市值（亿港元） | 1400 | [公司价格与恒生指数走势比较 Table_Chart] [Table_Author] 分析师：徐偲 执业证书号：S0010523120001 邮箱：xucai@hazq.com 分析师：余倩莹 公司发布 2025 年半年报，2025H1 实现营业收入 60.13 亿元，同比增 长 18.3%；净利润 4.92 亿元，同比下降 28.0%；调整后净利润 7.37 亿 元，同比下降 2.1%。公司收入增长主要得益于全球主要市场对不合规 产品更为有效的执法行动，以及公司快速推出创新合规新产 ...

Core Viewpoint - Smoore International (06969) reported a strong performance in its interim results, with revenue growth driven by effective enforcement actions against non-compliant products and the company's ability to quickly launch innovative compliant products to meet market demand [1] Financial Performance - The company achieved a revenue of RMB 6.013 billion in the first half of the year, representing an increase of 18.3% year-on-year [1] - Adjusted profit for the period was RMB 737 million, a decrease of 2.1% year-on-year, while net profit was RMB 492 million, down 27.96% year-on-year [1] Business Segments - The ToB (business-to-business) segment generated approximately RMB 4.739 billion in revenue, reflecting a year-on-year growth of about 19.5% [1] - The proprietary brand electronic vaporization business achieved revenue of approximately RMB 1.274 billion, with a year-on-year increase of about 14.1%, supported by the strong performance of the leading brand VAPORESSO [1]

Core Insights - The company achieved revenue of RMB 6.013 billion for the six months ending June 30, 2025, representing a year-on-year growth of 18.3% [1] - Adjusted net profit was RMB 737 million, showing a decrease of 2.1% compared to the previous year [1] Revenue Breakdown - The ToB (Business-to-Business) segment generated revenue of RMB 4.739 billion, reflecting a year-on-year increase of 19.5% [1] - The proprietary brand business reported revenue of RMB 1.274 billion, which is a year-on-year growth of 14.1%, with strong performance from the VAPORESSO brand [1] Expense Analysis - Sales and distribution expenses increased by 31.2% year-on-year, amounting to approximately RMB 491 million [1] - Research and development expenses were RMB 723 million, showing a decline of 4.9% year-on-year, as the company prioritized key R&D projects while reducing investment in electronic vaporization products [1]

Group 1 - SMOORE International (06969.HK) closed at HKD 18.120 on May 23, marking a 2.49% increase from the previous trading day, with an intraday high of HKD 18.820, the highest in nearly a year [1] - The net capital inflow for the day was HKD 87.0088 million, with a total of HKD 39,232.538 million flowing in and HKD 30,531.660 million flowing out [1] Group 2 - SMOORE International Holdings Limited was established in 2009 and is a global leader in providing atomization technology solutions, owning one proprietary brand (VAPORESSO) and three technology brands (FEELM, CCELL, METEX) [2] - The company is headquartered in Bao'an District, Shenzhen, with nearly 20,000 employees [2] - SMOORE was officially listed on the Hong Kong Stock Exchange on July 10, 2020, under the stock code HK6969 [2] - The company places a strong emphasis on technological innovation and research and development, with a total of 9 research institutes globally and a research team of over 1,000, accounting for nearly half of its non-production staff [2] - As of June 30, 2021, SMOORE had applied for a total of 2,612 patents and 566 trademarks, with 1,272 patents and 360 trademarks granted [2] - The company has received various certifications and honors, including "National CNAS Laboratory Certification," "International UL Safety Laboratory Certification," "National High-tech Enterprise Certification," and "ISO9001 Quality System Certification" [2]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is expected to see a recovery in its core business of atomization, with promising growth in the HNB (Heated Not Burned) segment. The revenue growth trend is anticipated to continue into 2025, supported by increased demand for compliant products due to regulatory changes in the US and Europe [1][2][4] Summary by Sections Financial Performance - The company forecasts a pre-tax profit of 255 million RMB for Q1 2025, representing a year-over-year decline of 36.3%, and a post-tax profit of 192 million RMB, down 43.4% year-over-year. This decline is attributed to increased business investments and a higher tax rate [1] - For 2025, the company expects revenues to reach 12.96 billion RMB, reflecting a growth of 9.82% compared to 2024 [6] Business Segments - In the To B (business-to-business) segment, the company anticipates revenue recovery driven by stricter enforcement of regulations on non-compliant electronic vapor products in the US and increased demand for compliant products in Europe. Revenue growth in the US and Europe is projected at 5.2% and 14.4% respectively for the second half of 2024 [2] - The To C (business-to-consumer) segment is expected to see continued strong performance from the company's proprietary brand, VAPORESSO, with projected revenue of 2.48 billion RMB in 2024, a year-over-year increase of 34.0% [2] HNB Business - The company has made significant progress with its HNB business, particularly with the launch of new products by a major client, British American Tobacco (BAT). The Glo Hilo series is expected to be introduced to additional markets in 2025-2026, indicating substantial growth potential for the company [3] - The global HNB market was valued at 34.463 billion USD in 2023, with PMI holding a market share of 71% and BAT at 15.3%, highlighting the competitive landscape and growth opportunities for the company [3] Profit Forecast and Valuation - The report adjusts the profit forecasts for 2025-2027, estimating net profits of 1.323 billion RMB, 2.140 billion RMB, and 2.762 billion RMB respectively. The corresponding EPS is projected to be 0.21 RMB for 2025, 0.35 RMB for 2026, and 0.45 RMB for 2027 [4][6] - The target price is set at 16.25 HKD, based on a PE ratio of 43 times the expected EPS of 0.36 RMB for 2026 [4]