Key Takeaways
- For the three months ended March 31, 2026, revenue was RMB3.856 billion, up 41.7% year-on-year;
- Revenue from the ToB business was RMB3.2674 billion, up 48.6% year-on-year;
- Revenue from the proprietary brand business was RMB588.6 million (approximately US$81 million), up 12.6% year-on-year;
- Revenue from HNB products and technology services was RMB664 million, up 1324.9% year-on-year.
2Firsts, April 10, 2026
According to an announcement issued by Smoore International Holdings Limited on April 9, Smoore International Holdings Limited released an unaudited financial update for the three months ended March 31, 2026.
Enterprise-Focused Business Up 48.6% Year-on-Year, Proprietary Brand Business Up 12.6%
The announcement showed that for the three months ended March 31, 2026, the Group recorded revenue of RMB3.856 billion (approximately US$528 million), representing a 41.7% increase from RMB2.7215 billion (approximately US$373 million) in the same period of 2025.
Among this, revenue from the enterprise-focused business was RMB3.2674 billion (approximately US$448 million), up 48.6% from RMB2.1989 billion (approximately US$301 million) in the same period last year.
- Within this segment, revenue from e-vapor products and related technology services as well as special-purpose atomization products was RMB2.5241 billion (approximately US$346 million), up 21.8% year-on-year;
- revenue from heated-not-burn products and technology services was RMB664 million (approximately US$91 million), up 1324.9% year-on-year;
- revenue from atomized medical technology services was RMB79.3 million (approximately US$11 million), down 1.7% year-on-year.
Revenue from the proprietary brand business was RMB588.6 million (approximately US$81 million), up 12.6% from RMB522.6 million (approximately US$72 million) in the same period last year.
- Among this, revenue from e-vapor products was RMB581 million (approximately US$80 million), up 14.3% year-on-year;
- revenue from atomized beauty products was RMB7.6 million (approximately US$1 million), down 46.1% year-on-year.
Net Profit Up 36.6%, Adjusted Net Profit Up 10.7%
The announcement showed that the Group’s profit before tax for the period was RMB363.5 million (approximately US$50 million), up 42.8% from RMB254.6 million (approximately US$35 million) in the same period last year;
- net profit was RMB262.5 million (approximately US$36 million), up 36.6% from RMB192.2 million (approximately US$26 million) a year earlier;
- total comprehensive income was RMB127.9 million (approximately US$18 million), down 38.5% from RMB207.8 million (approximately US$28 million) in the same period last year.
- Excluding share-based payment expenses, adjusted net profit was RMB347 million (approximately US$48 million), up 10.7% from RMB313.6 million (approximately US$43 million) a year earlier.
- Excluding the atomized medical business, adjusted net profit was RMB467 million (approximately US$64 million), up 25.7% from RMB371.5 million (approximately US$51 million) in the same period last year.
Growth in ToB and Proprietary Brand Businesses Drove Performance; Atomized Medical Business Revenue Reached RMB79.3 Million
The company said the solid performance during the period was mainly attributable to growth in both the ToB business and the proprietary brand business. Among them, the e-vapor business and HNB business continued to grow. The significant increase in revenue from HNB products and technology services was mainly because the Group supported its strategic client in launching a premium HNB product in the second half of 2025.
Growth in the proprietary brand business was driven by the Group’s proprietary e-vapor business, which continued to increase its market share in emerging markets during the period.
In the atomized medical business, the Group recorded revenue of RMB79.3 million (approximately US$11 million) during the period, mainly from technology services provided to enterprise customers.
The company said the business progressed as planned during the period. The Group also continued to invest in Transpire Bio Inc., and its atomized medical business focused on enhancing Transpire Bio’s internal technology platform and pipeline products to support its long-term business development.
From April 1, Nicotine-Containing Non-Combustible Inhalation Products No Longer Eligible for Export Tax Rebates
As previously reported by 2Firsts, according to Announcement No. 2 of 2026 jointly issued by China’s Ministry of Finance and the State Taxation Administration, export VAT rebates for products including photovoltaic products were cancelled effective April 1, 2026. In the attached List of Photovoltaic and Other Products, commodity code 2404120000 — “products for inhalation without combustion, containing nicotine, and not containing tobacco or reconstituted tobacco” — was included in the list.
Cover image source: Smoore
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