2Firsts, reporting from Shenzhen - On the evening of March 17, Smoore International Holdings Limited (referred to as "Smoore", stock code: 6969) released its 2024 earnings report.
According to the financial report, Smoore reported a total revenue of 11.799 billion yuan (about $1.63 billion) in 2024, marking a 5.3% increase from the previous year. However, net profit fell by about 20% to around 1.3 billion yuan (around $180 million).
Revenue from Smoore’s self-owned brand business reached 2.475 billion yuan (around $340 million), accounting for 21% of total revenue, up 34% year-on-year.
Revenue from corporate client oriented business totaled 9.324 billion yuan (about $1.29 billion), making up 79% of total revenue, down 0.3% from the previous year.
Speifically, Smoore's revenue from Europe and other markets rose 8.7% year-on-year to 5.512 billion yuan (around $760 million), making up 46.7% of total revenue. U.S. revenue climbed 15.5% to 1.399 billion yuan (about $190 million), accounting for 11.9%.
Mainland of China revenue increased 12.9% to 1.011 billion yuan (around $140 million), representing 8.6% of the total. Revenue from Hong Kong, China, however, fell 3.7% to 3.876 billion yuan (around $540 million), contributing 32.8% to overall revenue.
In addition, Smoore's research and development expenses rose 6% year-on-year to 1.57 billion yuan (about $220 million) in 2024, accounting for 13.3% of total revenue. The increase was mainly driven by investment in medical atomization and heated tobacco (heat-not-burn) products.
The management expressed confidence in the company's long-term growth and stated that they will continue to focus on the core technology of atomization, expanding their business in areas such as electronic atomization, HNB (heat-not-burn) products, special purpose atomization products, inhalation therapy, and beauty atomization.
The company plans to further optimize collaboration models by 2025, offering more customized services to meet rapidly changing market demands.
2Firsts will provide an analysis of Smoore International's 2024 annual report. Stay tuned.
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