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Key Points
● Record revenue: Q3 2025 revenue reached RMB 4.20 billion (US$ 575 million), up 27% YoY, a quarterly record.
● Business drivers: Growth came from both heating-not-burning (HNB) and e-vapor segments, supported by new product launches and compliance-driven demand.
● Profit trend: Adjusted profit rose 4% YoY, while reported profit fell 16% YoY.
● Rising non-cash costs: Share-based payment expenses jumped 164% YoY to RMB 127 million (US$ 17 million) in Q3.
● Industry signal: Results reflect structural growth in global HNB and e-vapor markets amid tightening regulations.
2Firsts, Oct. 12, 2025, Shenzhen -- Smoore International Holdings Limited (HKEX: 6969), a leading global manufacturer of electronic vaporization devices, released its unaudited financial update for the period ended September 30, 2025.The company reported third-quarter revenue of RMB 4.20 billion (US$ 575 million), up 27.2% year-on-year and 27.5% quarter-on-quarter, marking the highest quarterly revenue in its history.
Smoore said the growth was mainly driven by its two core business segments—HNB and e-vapor. For HNB products, the company stated it had “fully supported strategic customers in launching new products across more major global markets,” leading to a significant increase in shipment volume. In the e-vapor segment, tighter regulation on non-compliant products in key countries prompted clients to introduce “new compliant products,” resulting in both year-on-year and quarter-on-quarter growth.
The company also noted that its self-owned brands maintained growth momentum. The flagship series launched in the first half of the year continued to contribute to sales in the third quarter. According to Smoore, localized operations in key markets and marketing efforts tailored to local consumer preferences supported brand share and revenue increases.
During the quarter, profit before tax was RMB 433 million (US$ 59 million), down 15.6% from a year earlier; profit for the period was RMB 317 million (US$ 43 million), down 16.4%; and adjusted profit for the period reached RMB 444 million (US$ 61 million), up 4.0% year-on-year and 4.8% quarter-on-quarter.
The report disclosed that share-based payment expenses rose sharply to RMB 127 million (US$ 17 million) in the quarter, a 164.1% increase year-on-year, and totaled RMB 373 million (US$ 51 million) for the first nine months, up 215.9% year-on-year. The company explained that adjusted profit excluded this non-cash expense, but did not specify the reason for the increase.
For the nine months ended September 30, 2025, Smoore recorded revenue of RMB 10.21 billion (US$ 1.40 billion), up 21.8% year-on-year, and adjusted profit of RMB 1.18 billion (US$ 162 million), a marginal increase of 0.1%.
Smoore emphasized that the disclosed figures are based on unaudited consolidated management accounts and have not been independently audited or reviewed, noting that “actual results may differ from those disclosed herein.”
2Firsts Editor’s Comment:
Smoore’s third-quarter financial data not only show record-high quarterly revenue but also highlight broader developments in the global next-generation tobacco industry—steady growth in heating-not-burning products and a structurally shifting e-vapor market increasingly driven by regulatory compliance.
