Financial Update of Smoore International Holdings Limited for Q3 2024

Oct.21.2024

Smoore International Holdings Limited announces strong quarterly financial results with 16.5% revenue growth, but profits decline.

Recently, Smoore International Holdings Limited (hereinafter referred to as "Smoore", stock code: 6969) released its financial update for the period ending on September 30, 2024. According to the financial report, in the third quarter of 2024, Smoore's revenue reached 32.861 billion RMB, representing a 16.5% growth compared to the previous quarter and a 14.1% growth compared to the same period last year. The company's net profit after tax was 3.789 billion RMB, an increase of 10.2% compared to the previous quarter but a decrease of 22.5% year-on-year.

In the third quarter of 2024, Smoore's revenue reached 3.286 billion yuan, an increase of 16.5% compared to the previous quarter and 14.1% compared to the same period last year. This growth is primarily attributed to an increase in revenue from proprietary brand products and closed-loop products in the enterprise customer business. As of September 30, 2024, the company's total revenue was 8.3234 billion yuan, a year-on-year increase of 4.0%.

In the third quarter of 2024, Smoore Company's net profit after tax was 3.789 billion RMB, showing a quarter-on-quarter increase of 10.2% from 3.437 billion RMB in the second quarter. However, it decreased by 22.5% compared to 4.887 billion RMB in the same period last year. In the first nine months of 2024, the total net profit after tax was 10.621 billion RMB, a year-on-year decrease of 11.9% from 12.06 billion RMB in the same period in 2023. This decrease is mainly attributed to a significant increase in the provision for income tax expenses compared to the same period last year.

Smoore stated that the company will continue to increase investment in product development for HNB products and vaporized medical products projects.

References:

[1] 摩爾國際控股有限公司

Also Read:

[1] E-Cigarette Industry Shifts: "Heaven Gifts + Geekvape" Surpass Smoore as Market Leader

[2] Research on Nicotine Alternatives for E-Cigarettes Raises Concerns

[3] Analysis and Highlights of Smoore International's 2024 Interim Report

[4] Data | Smoore Interim Financial Report: 2-Year Decline in Sales Revenue, Pod-System Surge 22.5% in Europe and Other Markets

[5] Smoore 2024 Interim Financial Report: 71.9% Growth in Proprietary Brand Business, 12.3% Decline in Corporate Client Revenue

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