Smoore alcança uma receita anual de 14,3 mil milhões de yuan com cigarro eletrônico: aumento de 21% em comparação com o ano anterior, lucro líquido de 1,06 mil milhões de yuan, uma diminuição de 18%

雷递网 乐天 3月17日

思摩尔国际控股有限公司（股份代号：06969）今日发布截至2025年的财报。
A Smore International Holdings Limited (stock code: 06969) today released its financial report for the year ending 2025.

财报显示，思摩尔2025年营收为142.56亿元，较上年同期的118亿元增长20.8%。
The financial report shows that Smore’s revenue for 2025 is 14.256 billion yuan, an increase of 20.8% compared to 11.8 billion yuan in the same period last year.

思摩尔2025年毛利为48.57亿元，毛利率为34.1%，较上年同期的37.4%下降了3.3个百分点。
Smore’s gross profit for 2025 is 4.857 billion yuan, with a gross margin of 34.1%, down 3.3 percentage points from 37.4% in the same period last year.

思摩尔2025年主要运营两个业务板块：面向企业客户业务（「ToB业务」）专注于为烟草公司、独立雾化品牌及其他企业客户研究、设计及制造雾化产品、加热不燃烧（「HNB」）产品、特殊用途雾化产品及雾化医疗产品，及提供围绕该等产品的相关技术服务；自有品牌业务专注于研究、设计、制造及销售自有品牌电子雾化产品及雾化美容产品。
In 2025, Smore primarily operates two business segments: the business aimed at corporate clients (“ToB business”), focusing on researching, designing, and manufacturing vaping products, heat-not-burn (“HNB”) products, special-purpose vaping products, and vaping medical products for tobacco companies, independent vaping brands, and other corporate clients, as well as providing related technical services; the own-brand business focuses on researching, designing, manufacturing, and selling its own brand of electronic vaping products and vaping beauty products.

思摩尔2025年主ToB业务贡献收益约113.44亿元，同比增长约21.7%。
Smore’s main ToB business contributed approximately 11.344 billion yuan in revenue in 2025, a year-on-year increase of about 21.7%.

ToB业务主要包括雾化产品、HNB产品及特殊用途雾化产品销售。
The ToB business mainly includes sales of vaping products, HNB products, and special-purpose vaping products.

思摩尔第二增长曲线—HNB业务收益突破12亿元。
Smore’s second growth curve - HNB business revenue exceeds 1.2 billion yuan.

思摩尔2025年研发开支约为15.23亿元，同比减少约3.1%。
Smore’s R&D expenditure for 2025 is approximately 1.523 billion yuan, a year-on-year decrease of about 3.1%.

于回顾期内，思摩尔行政开支约为12.86亿元，同比增长约40.6%。
During the review period, Smore’s administrative expenses were approximately 1.286 billion yuan, a year-on-year increase of about 40.6%.

增长主要是由于以股份为基础的非现金付款开支增加及法律及合规服务相关费用所致。
The increase was mainly due to higher share-based non-cash payment expenses and costs related to legal and compliance services.

思摩尔2025年利润为10.62亿元，较上年同期的13亿元下降18.31%；
Smore’s profit for 2025 is 1.062 billion yuan, a decrease of 18.31% compared to 1.3 billion yuan in the same period last year;

经调整净利为15.3亿元，与上年同期基本持平；
The adjusted net profit is 1.53 billion yuan, roughly unchanged from the same period last year;

经调整净利率为10.7%，较上年同期的12.8%下降了2.1个百分点。
The adjusted net profit margin is 10.7%, down 2.1 percentage points from 12.8% in the same period last year.

截至今日收盘，思摩尔股价为11.9港元，市值为737亿港元。
As of today’s close, Smore’s stock price is 11.9 HKD, with a market capitalization of 73.7 billion HKD.

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雷递网正在做一篇关于小米汽车品牌的论文，做了一份小米汽车用户购车体验与反馈调研问卷，恳请小米汽车车主通过二维码参与问答：
A Smore Network is conducting a paper on the Xiaomi car brand and has created a survey questionnaire regarding the purchase experience and feedback of Xiaomi car users. We kindly ask Xiaomi car owners to participate in the questionnaire via the QR code:

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