SMOORE INTL (06969) shares tumbled more than 4% during Hong Kong trading. At publication time, the stock dipped 4.03% to HK$20.25 with turnover reaching HK$204 million. The electronic vaporizer manufacturer disclosed preliminary H1 2025 results projecting revenue of RMB6.013 billion - an 18% annual increase. However, profit before tax is anticipated between RMB629 million and RMB769 million, marking a 5%-23% year-on-year contraction. Net profit for the period is forecast at RMB443 million to RMB541.4 million, plummeting approximately 21%-35% compared to 2024. This profit erosion stems primarily from a RMB176 million surge in non-cash share-based compensation expenses coupled with substantial increases in distribution costs, sales expenditures, and legal service fees. Excluding non-cash compensation expenses, adjusted net profit would range from RMB688 million to RMB787 million - translating to a narrower annual variance between a 9% decline and 4% growth.