Smoore International Reports 2025 Revenue of RMB 14.256 Billion, Up 20.8%

Mar.18

On March 17, Smoore International Holdings Limited released its annual results for the year ended December 31, 2025. Revenue reached RMB 14.256 billion, up 20.8% year on year. Gross profit was RMB 4.857 billion, with a gross margin of 34.1%. Profit for the year was RMB 1.062 billion, down 18.5%, while adjusted profit for the year was RMB 1.530 billion, up 1.3%. By segment, revenue from enterprise customers was RMB 11.344 billion and revenue from own-brand business was RMB 2.912 billion.

Key Takeaways

Revenue in 2025 was RMB 14.256 billion, up 20.8% year on year.
Gross profit was RMB 4.857 billion, with a gross margin of 34.1%.
Profit for the year was RMB 1.062 billion, down 18.5% year on year.
Adjusted profit for the year was RMB 1.530 billion, up 1.3% year on year.
ToB revenue was RMB 11.344 billion, up 21.7% year on year.
Own-brand revenue was RMB 2.912 billion, up 17.6% year on year.
Cash and cash equivalents stood at RMB 7.323 billion as of December 31, 2025.

2Firsts, March 17,2026

Smoore International Holdings Limited released its annual results for the year ended December 31, 2025.

The announcement showed that revenue in 2025 was RMB 14.256 billion, compared with RMB 11.799 billion a year earlier, up 20.8% year on year. Gross profit was RMB 4.857 billion, compared with RMB 4.412 billion in the previous year. Gross margin was 34.1%, compared with 37.4% a year earlier.

In terms of profitability, profit before tax in 2025 was RMB 1.476 billion, compared with RMB 1.655 billion a year earlier. Profit for the year was RMB 1.062 billion, compared with RMB 1.303 billion in the previous year, down 18.5% year on year. Adjusted profit for the year was RMB 1.530 billion, compared with RMB 1.509 billion a year earlier, up 1.3%.

By business segment, revenue from enterprise customers was RMB 11.344 billion in 2025, up 21.7% year on year and accounting for 79.6% of total revenue. Revenue from own-brand business was RMB 2.912 billion, up 17.6% year on year.

By region, revenue from Europe and other countries and regions was RMB 10.548 billion. Revenue from the U.S. market was RMB 4.597 billion, and revenue from the China market was RMB 257 million.

As of December 31, 2025, cash and cash equivalents were RMB 7.323 billion. The board proposed a final dividend of HKD 0.20 per ordinary share.

Image source：Smoore

Philip Morris International reported full-year 2025 results on February 6, with smoke-free products accounting for 41.5% of adjusted net revenues, up from 38.7% a year earlier. Total net revenues rose 7.3% to $40.65 billion, while shipment volumes increased 1.4%, widening the gap between revenue and volume growth. Cigarette shipments declined as smoke-free volumes rose 12.8%, driven by heated tobacco, oral nicotine and e-vapor products. Results were released alongside a 9:00 a.m. EST webcast.

www.2firsts.com

References:

[1] 截至2025年12月31日止年度業績公告

Also Read:

[1] 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

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn

Notice

1. This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2. The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3. This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4. Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

Copyright

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

AI Assistance Disclaimer

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com