SMOORE INTL (06969) announced its interim results for the six months ended June 30, 2025. The group achieved revenue of RMB 6.013 billion, representing an 18.3% year-on-year increase. Adjusted profit for the period was RMB 737 million, down 2.1% compared to the same period last year. Period profit reached RMB 492 million, declining 27.96% year-on-year, while basic earnings per share stood at 8.08 cents.
For the first half of 2025, the group realized revenue of approximately RMB 6.013 billion, marking an increase of about 18.3% from the previous year. This sales performance was primarily driven by more effective enforcement actions against non-compliant products in major global markets, combined with the group's agile capability to rapidly launch innovative compliant new products to meet market demand, enabling the recovery of the group's atomization business.
On one hand, the group capitalized on this opportunity by assisting e-cigarette clients in quickly launching innovative, compliant products to fill the market gap left by the ban on non-compliant products. The group's ToB business generated revenue of approximately RMB 4.739 billion, up about 19.5% year-on-year.
On the other hand, the proprietary brand e-cigarette business achieved continuous market share growth in key regions through expanded channel coverage and deepened localized operations. Consequently, driven by the strong performance of industry-leading brand VAPORESSO, the proprietary brand business realized revenue of approximately RMB 1.274 billion, up about 14.1% year-on-year.
The group places great emphasis on close interaction with end users to gain insights into consumer preferences, improve product shelf rates, and drive sales growth. During the review period, the group continued to invest in localized operations, expanding retail channel coverage in major global markets. Meanwhile, leveraging its market insights and channel coverage advantages, the group has deepened cooperation with certain clients. Beyond product development and manufacturing, the group has begun providing marketing, branding, and channel operation services to these clients, and this model has shown initial success.
During the review period, sales and distribution expenses were approximately RMB 491 million, up about 31.2% year-on-year.
One of the group's key competitive advantages lies in its continuous investment in research and development (R&D) to consolidate its technological leadership position. During the review period, the group focused on strategic tracks, improved R&D efficiency, and optimized resource allocation. As part of this strategy, the group prioritized key R&D projects while reducing investment in e-cigarette products. Consequently, R&D expenses were approximately RMB 723 million, down about 4.9% from the previous year.