---
title: "News: SMOORE INTL earned nearly 20% less last year"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/279536247.md"
description: "SMOORE INTL announced its 2025 financial report, with total revenue of 14.256 billion yuan (2.07 billion USD), a year-on-year increase of 20.8%. However, due to rising expenses, the profit attributable to shareholders fell to 1.064 billion yuan, a decrease of 18.4%, and the gross profit margin dropped from 37.4% to 34.1%. The revenue from ToB business was 11.344 billion yuan, accounting for 79.6% of total revenue, an increase of 21.7%. The company's stock price fell 15.38% on Wednesday, with a cumulative decline of 45% over the past six months"
datetime: "2026-03-18T05:15:58.000Z"
locales:
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  - [en](https://longbridge.com/en/news/279536247.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/279536247.md)
---

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# News: SMOORE INTL earned nearly 20% less last year

Electronic vaporization device manufacturer **SMOORE INTL Holdings Limited** (6969.HK) announced on Tuesday that its total revenue for the year 2025 is expected to be 14.256 billion yuan (2.07 billion USD), representing a year-on-year growth of 20.8%. However, due to rising expenses, the profit attributable to shareholders has decreased to 1.064 billion yuan, down 18.4% year-on-year, with the gross profit margin falling from 37.4% to 34.1%.

By business segment, the business targeting enterprise customers (ToB) remains the main source of revenue, with annual revenue of 11.344 billion yuan, a year-on-year increase of 21.7%, accounting for approximately 79.6% of total revenue; revenue from proprietary brand business reached 2.912 billion yuan, up 17.6% year-on-year. Among them, the performance in Europe and other overseas markets was the strongest, with ToB revenue increasing by 38.5% year-on-year; the company is also promoting the commercialization of heated not-burn (HNB) products, with related revenue exceeding 1.2 billion yuan.

The company stated that the growth in revenue and gross profit was insufficient to offset the rising costs, including a significant increase in non-cash expenses related to share-based payments, as well as rising legal and compliance service fees, while also increasing investment in marketing for its proprietary brands, all of which put pressure on profitability. Excluding share-based payment expenses, the adjusted profit is 1.53 billion yuan, still up about 1.3% year-on-year.

The company's stock price opened high but fell on Wednesday, reporting 10.07 HKD at noon, down 15.38%. The stock has fallen 45% over the past six months.

_Li Shida_

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