SMOORE INTL(06969) first-quarter revenue was 3.856 billion yuan, an increase of 41.7% year-on-year.

SMOORE INTL (06969) announced that for the three months ended March 31, 2026, the group achieved a revenue of RMB 3.856 billion, an increase of 41.7% year-on-year; pre-tax profit was RMB 364 million, an increase of 42.8% year-on-year; adjusted net profit for the period was RMB 347 million, an increase of 10.7% year-on-year. The announcement stated that the steady growth in revenue was mainly due to the growth in business-to-business (ToB) and own-brand business. During this period, revenue from ToB business was approximately RMB 3.267 billion, a significant increase of 48.6% year-on-year. This growth was mainly attributed to the continuous growth of electronic vaping business and Heat-Not-Burn (HNB) business. Revenue from electronic vaping products, related technical services, and special purpose vaping products for the period was approximately RMB 2.524 billion, a steady increase of 21.8% year-on-year. The group further supported its original design manufacturer (ODM) customers in various key markets with strong policy foresight, market insights, and excellent manufacturing capabilities to achieve growth in the vaping business. During this period, revenue from HNB products and technical services was approximately RMB 664 million, a significant increase of 1324.9% year-on-year. The main reason for the significant revenue growth was the group's support for its strategic customers to launch high-end HNB products in the second half of 2025. Revenue from the group's vaping medical business for the period was approximately RMB 79.3 million, a slight decrease of 1.7% year-on-year. Revenue from the vaping medical business mainly came from technical services provided to corporate customers. The vaping medical business progressed as planned during this period. Revenue from the group's own-brand business for the period was approximately RMB 0.5886 billion, an increase of 12.6% year-on-year. This growth was driven by the group's own-brand electronic vaping business, which continued to increase its market share in emerging markets during this period. During this period, net profit was approximately RMB 262.5 million, an increase of 36.6% year-on-year, mainly due to revenue and gross profit growth; distribution and sales expenses decreased. Excluding share-based payment expenses, adjusted net profit for the period was approximately RMB 347 million, an increase of 10.7% year-on-year. During this period, the group continued to invest in Transpire Bio Inc., focusing on enhancing the technology platform and pipeline products within Transpire Bio's vaping medical business to support its long-term business development. Excluding losses from this business, adjusted net profit for the period was approximately RMB 467 million, an increase of 25.7% year-on-year.