思摩尔国际:Q3收入同增27% 看好HNB商业化前景

中金公司
Oct 14, 2025

3Q25 业绩符合我们预期公司公布1-3Q25 业绩,收入实现102.1 亿元,同增21.8%,归母净利润实现8.1 亿元,同降23.8%,调整股权激励费用后归母净利润11.8 亿元,同增0.1%。分季度看,1Q/2Q/3Q25 净利润实现2/3/3.17 亿元,同比分别-43.4%/+12.7%/-16.4%,符合我们预期。发展趋势1、Glo Hilo 日本及波兰市场稳步推进,雾化电子烟欧洲延续...

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