Smoore's 2025 first-half performance: Revenue rose 18.3% to 6.013 billion yuan, with self - brand revenue up 14.1% to 1.274 billion yuan

Aug.21.2025

In the first half of 2025, Smoore's revenue reached 6.013 billion yuan, up by 18.3%. The adjusted net profit was 737 million yuan, down by 2.1%. The ToB business revenue was 4.739 billion yuan, up by 19.5%, while the self - brand business revenue was 1.274 billion yuan, up by 14.1%.

Key points:

·Overall performance:

Total revenue was 6.013 billion yuan, an increase of 18.3% year-on-year. Net profit for the period was 492 million yuan, a decrease of 28% year-on-year. Adjusted net profit was 737 million yuan, a slight decrease of 2.1% year-on-year.

·Performance of business segments:

Total revenue from ToB business reached 4.739 billion RMB, a year-on-year increase of 19.5%. Revenue from proprietary brand businesses amounted to 1.274 billion RMB, representing a 14.1% increase compared to the previous year.

·Regional market performance:

Europe and other countries: Revenue of RMB 2.734 billion, a year-on-year increase of 38%. U.S. market: Revenue of RMB 1.888 billion, a year-on-year increase of 1.5%. Mainland China: Revenue of RMB 0.117 billion, a year-on-year decrease of 6.1%.

·New business highlights:

HNB products: Support strategic clients to launch high-end series in the Japanese market and plan nationwide promotion in September. Special purpose atomization and medical, beauty business: Revenue of Lanmei beauty device reached 31 million RMB, a year-on-year increase of 2595%.

·Research and Development investment:

Research and development expenditures: 723 million RMB, a decrease of 4.9% year-on-year. Future direction: Focus on HNB and atomized medical sector.

According to a message from Smoore's official website on August 20th, Smoore International (06969.HK) announced its performance for the first half of 2025: the group achieved revenue of approximately RMB 6.013 billion, an 18.3% increase year-on-year; net profit for the period was approximately RMB 492 million, a 28% decrease year-on-year; excluding non-cash expenses such as share-based payments, adjusted net profit was approximately RMB 737 million, a slight decrease of 2.1% year-on-year.

Among them, the revenue of ToB business reached 4.739 billion yuan, a year-on-year increase of 19.5%, mainly driven by the increasing demand for compliant products following the European market's ban on disposable electronic cigarettes. The revenue of the self-owned brand business reached approximately 1.274 billion yuan, representing a year-on-year increase of 14.1%.

By region, revenue (ToB) in Europe and other countries increased by 38% year-on-year to 27.34 billion yuan, revenue (ToB) in the US market was approximately 18.88 billion yuan, a year-on-year growth of 1.5%, and revenue (ToB) in mainland China decreased by about 6.1% year-on-year to 1.17 billion yuan.

Smoore stated that in the HNB (Heat-Not-Burn) product field, the group has supported strategic clients in launching high-end series in the Japanese market and plans to promote nationwide in September; the special purpose atomization and medical, beauty business continue to advance, with the revenue of the Lan Zhi beauty instrument reaching 310 million yuan, a year-on-year increase of 2595%.

In addition, Smoore's research and development expenses were 723 million yuan, a decrease of 4.9% from the previous year, with a focus on HNB and atomization medical directions in the future.

References:

[1] 截至二零二五年六月三十日止六个月中期股息

Also Read:

[1] KT&G Q2 earnings: net profit falls 54% to $103 million, NGP revenue down 0.8% to $141 million

[2] Japan Tobacco 2025 H1 Financial Report: Net Profit Up 5% YoY to $2.1 Billion, Heated Tobacco Shipments Rise Nearly 30%

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