思摩尔国际今日盘中大跌5.01%，引起了市场的广泛关注。
消息面上，公司此前发布的2025年全年业绩报告显示，尽管营收同比增长20.8%至历史新高，但归母净利润却同比下滑18.5%。同时，公司综合毛利率跌至34.1%，创下上市五年以来的新低。上游原材料及人工成本大幅上涨，而公司受制于ODM代工模式的议价权短板，难以将成本压力完全转嫁，导致盈利空间持续收缩。
此外，公司产品结构发生变化，毛利率相对较低的合规替代产品在欧洲市场放量，叠加中美传统市场增长乏力，进一步摊薄了整体利润。尽管公司推出了派息率超200%的高额分红方案，但盈利修复不及预期以及2026年增长指引大幅低于市场判断，触发了资本市场对这家行业龙头估值体系的重构，是导致股价承压下行的重要原因。
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