SMOORE INTL (06969) announced its performance for the year 2025, achieving a net profit of approximately 1.062 billion yuan, a year-on-year decrease of about 18.5%.

SMOORE INTL (06969) announced its performance for the year 2025, with revenue of approximately 14.256 billion yuan, an increase of about 20.8% year-on-year. The gross profit is about 4.857 billion yuan, an increase of about 10.1% year-on-year. The net profit for the year is about 1.062 billion yuan, a decrease of about 18.5% year-on-year. The basic earnings per share is 17.44 cents, and a final dividend of 20 Hong Kong cents per ordinary share is proposed. Among them, the ToB business contributed revenue of about 11.344 billion yuan, an increase of about 21.7% year-on-year. The ToB business mainly includes the sales of atomization products, HNB products, and special purpose atomization products. Benefiting from the stronger enforcement of regulations on non-compliant products externally and the internal enhancement of ODM capabilities to help customers respond quickly to market changes, the company's atomization business showed growth during the review period. The second growth curve - HNB business also began to show results, with revenue exceeding 1.2 billion yuan. The Group supported a strategic customer in launching high-end HNB products in multiple major markets worldwide, marking the company's first realization of HNB product scale shipments and successfully commercializing the ten-year HNB technology investment. The revenue from own-brand business is approximately 2.912 billion yuan, an increase of about 17.6% year-on-year, mainly driven by the own-brand atomization business. During the review period, benefiting from flagship product iterations, expanded channel coverage, and continued market share growth, the company's own atomization brand VAPORRESSO achieved growth again. The announcement stated that the main reason for the decrease in net profit for the year is that the growth in revenue and gross profit is not sufficient to offset the increase in expenses, mainly attributed to: (i) the group's stock-based payment expenses during the review period have significantly increased compared to last year; (ii) the group's legal and compliance services-related expenses have increased significantly compared to last year; and (iii) the group has increased its market development efforts for own-brand products during the review period.