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Smoore International Holdings Limited
(6969)
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Rating:56Neutral
Price Target:
HK$10.00
â–Ľ(-10.15% Downside)
Action:Reiterated
Date:08/27/26
Overall score reflects a stable balance sheet but weakened profitability and volatile cash generation (including negative free cash flow in 2025) as the biggest constraint. Technicals are supportive due to a strong uptrend, but overbought signals add pullback risk. Valuation is a further headwind given the high P/E, only partially offset by the dividend yield.
Positive Factors
Revenue Recovery
The return to revenue growth indicates renewed demand for Smoore’s vaping hardware and atomization products. If sustained, higher sales can improve operating scale, support customer programs, and provide a stronger base for rebuilding profitability over the next several quarters.
Negative Factors
Margin Compression
The sharp, multi-year decline in gross and net margins shows that revenue recovery is not translating into comparable earnings strength. Persistent pricing pressure or cost inefficiency would reduce reinvestment capacity and make future profit growth more difficult to sustain.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
The return to revenue growth indicates renewed demand for Smoore’s vaping hardware and atomization products. If sustained, higher sales can improve operating scale, support customer programs, and provide a stronger base for rebuilding profitability over the next several quarters.
Read all positive factors
Smoore International Holdings Limited (6969) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$60.91B
Dividend Yield4.07%
Average Volume (3M)18.99M
Price to Earnings (P/E)45.1
Beta (1Y)1.26
Revenue Growth25.00%
EPS Growth6.03%
CountryHK
Employees25,332
SectorConsumer Defensive
Sector Strength42
IndustryTobacco
Share Statistics
EPS (TTM)0.19
Shares Outstanding6,196,186,000
10 Day Avg. Volume20,411,710
30 Day Avg. Volume18,992,153
Financial Highlights & Ratios
PEG Ratio-3.30
Price to Book (P/B)3.04
Price to Sales (P/S)4.66
P/FCF Ratio-182.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$12.83Price Target Upside15.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.22
Revenue Forecast (FY)HK$16.58B
Smoore International Holdings Limited Business Overview & Revenue Model
Company Description
Smoore International Holdings Limited operates as an investment holding company, specializing in comprehensive vaping technology solutions. The firm actively researches, designs, and manufactures closed-system vaping devices and components, supply...
How the Company Makes Money
Smoore makes money mainly by selling vaping hardware and atomization-related products and services. (1) OEM/ODM manufacturing: A core revenue stream comes from designing and manufacturing vaping devices and components for third-party brands. In th...
Smoore International Holdings Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
78
Positive
Cash Flow
42
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.35B | 14.26B | 11.80B | 11.17B | 12.14B | 13.76B |
| Gross Profit | 4.86B | 4.93B | 4.41B | 4.37B | 5.26B | 7.38B |
| EBITDA | 1.45B | 1.39B | 1.07B | 2.24B | 2.58B | 5.75B |
| Net Income | 1.14B | 1.06B | 1.30B | 1.65B | 2.51B | 5.29B |
Balance Sheet | ||||||
| Total Assets | 25.79B | 28.55B | 27.65B | 25.51B | 24.36B | 22.87B |
| Cash, Cash Equivalents and Short-Term Investments | 10.90B | 10.83B | 12.49B | 16.17B | 15.19B | 14.66B |
| Total Debt | 777.77M | 2.23B | 1.88B | 776.39M | 558.55M | 757.58M |
| Total Liabilities | 4.71B | 6.66B | 5.75B | 4.10B | 3.98B | 3.62B |
| Stockholders Equity | 21.04B | 21.86B | 21.90B | 21.41B | 20.38B | 19.25B |
Cash Flow | ||||||
| Free Cash Flow | 50.17M | -363.40M | 717.57M | 1.96B | -1.22B | 1.61B |
| Operating Cash Flow | 659.95M | 486.88M | 1.75B | 3.19B | 469.86M | 3.59B |
| Investing Cash Flow | 205.83M | 2.65B | -1.86B | -7.02B | -2.42B | -5.23B |
| Financing Cash Flow | -2.47B | -885.94M | -45.71M | -612.36M | 276.19M | 3.52B |
Smoore International Holdings Limited Technical Analysis
Neutral
11.13
Price Trends
8.72
Positive
8.85
Positive
9.93
Negative
Market Momentum
0.40
Positive
54.99
Neutral
4.25
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6969, the sentiment is Neutral. The current price of 11.13 is above the 20-day moving average (MA) of 9.71, above the 50-day MA of 8.72, and above the 200-day MA of 9.93, indicating a neutral trend. The MACD of 0.40 indicates Positive momentum. The RSI at 54.99 is Neutral, neither overbought nor oversold. The STOCH value of 4.25 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for HK:6969.
Smoore International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (62)
HK:6969
Smoore International Holdings Limited
9.84
-8.42
-46.11%
HK:6055
China Tobacco International (HK) Co
24.60
-18.00
-42.25%
Smoore International Holdings Limited Corporate Events
Smoore Grants 3.67 Million Share Options Under Amended Employee Scheme
Aug 24, 2026
Smoore International Holdings has granted 3,670,000 share options to six employees under its amended share option scheme, with an exercise price of HK$10.18 per share and a 10-year validity period ending in August 2036. The options will vest in tr...
Smoore Grants 2.2 Million Performance-Based Shares to Employees
Aug 24, 2026
Smoore International Holdings has granted 2,200,000 awarded shares at no purchase price to seven employees under its amended share award scheme, with each award entitling the holder to receive a share upon vesting. The grants, made on 24 August 20...
Smoore Delivers Strong Revenue Growth but Faces Margin Pressure in First Half 2026
Aug 19, 2026
Smoore International Holdings reported unaudited interim results for the six months ended 30 June 2026, showing revenue of RMB 7.21 billion, up 19.9% year-on-year, and profit for the period of RMB 571.9 million, an increase of 16.2%. Despite this ...
Smoore International Declares HKD 0.2 Interim Dividend for First Half of 2026
Aug 19, 2026
Smoore International Holdings Limited, listed on the Hong Kong Stock Exchange under stock code 06969, maintains a standard corporate governance mix of executive, non-executive and independent non-executive directors. Its use of a professional shar...
Smoore Sets August Board Meeting to Approve 2026 Interim Results and Dividend
Aug 7, 2026
Smoore International Holdings has scheduled a board meeting for 19 August 2026 to review and approve the Group’s interim financial results for the six months ended 30 June 2026. The board will also consider the declaration of an interim divi...
Smoore’s Controlling Shareholder Plans New Stake Cut That Could End Control
Jul 3, 2026
Smoore International Holdings’ controlling shareholder, EVE Battery Investment, has received board approval from its parent EVE Energy to launch a new plan to cut its stake in the company by up to 3.5% of total issued shares within a year vi...
Smoore Commits US$110 Million to Citigroup-Guaranteed Structured Notes
Jun 22, 2026
Smoore International Holdings has subscribed to Ensemble Investment Corporation SA’s Ensemble USD Callable Fixed-to-Floating Secured Notes with a principal amount of US$110 million, funded entirely from its existing cash reserves and free ca...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.