Hong Kong-listed Smoore International Holdings Limited (Smoore) reported unaudited revenue of RMB 3.86 billion for the three months ended 31 March 2026, a year-on-year increase of 41.7%. Growth was driven chiefly by the corporate client–oriented (To B) segment, which expanded 48.6% to RMB 3.27 billion.

The To B division benefitted from a sharp acceleration in heat-not-burn (HNB) products and technical services, where revenue jumped to RMB 664.0 million, up 1,324.9% versus the prior-year period following the roll-out of premium offerings for a strategic customer in 2H 2025. Electronic vaping products and related technical services, including special-purpose atomization products, contributed RMB 2.52 billion, a 21.8% increase. Inhalation therapy technical services generated RMB 79.3 million, edging down 1.7%.

Self-branded operations added RMB 588.6 million, up 12.6%, supported by continued share gains for Smoore’s own electronic vaping lines, which delivered RMB 581.0 million in revenue (+14.3% year on year). Beauty atomization sales declined 46.1% to RMB 7.6 million.

Profit before tax reached RMB 363.5 million, up 42.8%. Net profit rose 36.6% to RMB 262.5 million, while adjusted profit—excluding RMB 84.5 million of share-based payment expenses—grew 10.7% to RMB 347.0 million. Excluding the inhalation therapy business, which recorded a RMB 120.0 million loss, adjusted profit increased 25.7% to RMB 467.0 million. Total comprehensive income narrowed 38.5% to RMB 127.9 million.

Balance-sheet metrics remain solid: current assets stood at RMB 16.74 billion against current liabilities of RMB 5.15 billion, translating to a current ratio of 3.3x. Non-current assets totaled RMB 10.94 billion and non-current liabilities were RMB 442.0 million. Net assets excluding goodwill amounted to RMB 22.10 billion, with equity attributable to shareholders at RMB 22.06 billion.

Management highlighted that the inhalation therapy initiative, pursued through investee Transpire Bio Inc., is progressing as scheduled despite near-term losses. The company cautioned that the quarterly figures are unaudited and may not fully reflect full-year performance, advising investors to exercise prudence.