电子雾化设备龙头企业思摩尔国际控股有限公司（06969.HK）发布2025年上半年业绩预告。尽管营收实现双位数增长，公司却面临利润大幅下滑的困境。
财务数据显示，截至2025年6月30日的六个月内，思摩尔国际营收达60.133亿元人民币，较去年同期增长18%。但税前利润预计将降至6.289亿至7.686亿元区间，同比下滑5%-23%；期内净利润更可能骤降21%-35%，缩水至4.429亿至5.414亿元。综合收益总额降幅或达24%-38%，预估区间为4.510亿至5.513亿元。
造成增收不增利的关键因素有三：首先是激增的股权激励费用，其次是自主品牌海外市场开拓成本攀升，第三是法律费用大幅增加。若剔除股权激励支出影响，经调整后净利润预计在6.882亿至7.867亿元之间，较2024年同期跌幅收窄至9%，甚至可能实现4%的微幅增长。
目前思摩尔国际仍在编制中期财务报告，最终数据可能与该预警存在差异。这份业绩预警折射出电子雾化行业当前面临的共同挑战——在全球化扩张与合规成本攀升的双重压力下，企业盈利空间持续承压。
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