Zheshang Securities has released a research report maintaining a "Buy" rating for SMOORE INTL (06969). The firm forecasts revenue of RMB 14.175 billion, RMB 16.689 billion, and RMB 19.495 billion for the years 2025 to 2027, representing year-on-year growth of 20.14%, 17.73%, and 16.81%, respectively. The net profit attributable to shareholders is expected to reach RMB 1.08 billion, RMB 1.934 billion, and RMB 2.652 billion in the same period, with growth rates of 17.15%, 79.13%, and 37.10%. British American Tobacco is significantly investing in resources and marketing for Glo Hilo; aside from positive sales feedback from Japan, there are early deployments in several European countries, signaling optimism for future volume growth. Furthermore, with regulatory oversight on illegal smoking products intensifying, the vaping segment is expected to recover, thus maintaining a positive outlook on core supplier SMOORE INTL.