Hong Kong, 17 Mar 2026—Smoore International Holdings Ltd. (SMOORE INTL, 06969.HK) released audited results for the year ended 31 Dec 2025.
Financial Highlights • Revenue climbed 20.8% year-on-year (YoY) to RMB 14.26 billion, driven by both Corporate-Client (ToB) and Self-Branded segments. • Gross profit rose 10.11% to RMB 4.86 billion; margin compressed to 34.1% (2024: 37.4%) on product mix shift and higher materials and labour costs. • Profit before tax fell 10.82% to RMB 1.48 billion; net profit declined 18.46% to RMB 1.06 billion. • Excluding RMB 0.47 billion in non-cash share-based payment expenses, adjusted profit increased 1.35% to RMB 1.53 billion, implying an adjusted net margin of 10.7% (2024: 12.8%). • Basic earnings per share were RMB 17.44 cents (-18.6% YoY). • Board proposes a final dividend of HK$0.20 per share.
Segment & Geographic Performance • ToB business contributed RMB 11.34 billion, up 21.7% YoY and accounting for 79.6% of total revenue. Stronger electronic-vaping orders and the first scalable heat-not-burn (HNB) shipments (revenue > RMB 1.20 billion) underpinned growth. • Self-Branded revenue grew 17.6% to RMB 2.91 billion, led by VAPORESSO’s product refresh and wider channel coverage. • Europe & other regions became the largest market, advancing 38.5% to RMB 7.06 billion (49.5% of group revenue). • U.S. revenue inched up 2.1% to RMB 4.07 billion (28.6%), while Mainland China declined 10.9% to RMB 0.21 billion (1.5%).
Cost Structure & Expenses • Cost of revenue rose 27.23% to RMB 9.40 billion; raw materials now represent 50.5% of sales (2024: 47.7%). • Selling & distribution expenses edged down 0.68% to RMB 0.91 billion (6.4% of revenue). • Administrative expenses surged 40.6% to RMB 1.29 billion (9.0% of revenue) due mainly to higher share-based charges and legal/compliance fees. • R&D spending trimmed 3.1% to RMB 1.52 billion, equivalent to 10.7% of revenue; focus remained on HNB, inhalation therapy and vaping technology.
Balance Sheet & Cash Flow • Cash and cash equivalents increased to RMB 7.32 billion (+41.62% YoY). • Net current assets stood at RMB 9.65 billion; current ratio at 2.57x (2024: 3.20x). • Net cash from operations amounted to RMB 0.49 billion; free cash flow supported a HK$0.20 per-share interim dividend already paid and the proposed final dividend. • Capital expenditure rose to RMB 1.30 billion, mainly for equipment, R&D capitalization, and headquarters construction. • No interest-bearing bank borrowings; gearing ratio (total debt/total equity) at 30.5% (2024: 26.2%), reflecting higher bills discounting.
Operational Developments • Successful commercialization of HNB technology marked a new revenue stream. • FEELM platform introduced multi-category compliant vaping solutions amid tightening regulations, supporting market share gains. • Patent portfolio expanded to 11,309 filings globally, including 6,066 invention patents. • Transpire Bio’s inhalation therapy facility in Florida obtained FDA Establishment Inspection Report, advancing respiratory drug-device pipeline.
Outlook per Management The company targets continued investment in HNB, compliant vaping products, special-purpose atomization, inhalation therapy, and beauty atomization, while emphasizing cost optimization, automation and global compliance to support sustainable growth in 2026.