Smoore International Holdings Limited (6969) AI Stock Analysis

• Market Cap: HK$128.72B
• Dividend Yield: 0.48%
• Average Volume (3M): 25.89M
• Price to Earnings (P/E): 89.6
• Beta (1Y): 1.05
• Revenue Growth: 3.80%
• EPS Growth: -22.16%
• Country: HK
• Employees: 18,566
• Sector: Consumer Cyclical
• Sector Strength: 64
• Industry: Tobacco
• EPS (TTM): 0.11
• Shares Outstanding: 6,188,322,800
• 10 Day Avg. Volume: 22,431,961
• 30 Day Avg. Volume: 25,893,723
• PEG Ratio: -4.60
• Price to Book (P/B): 5.27
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 573.00
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: HK$22.00
• Price Target Upside: 7.84% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 0

• Rating: 62 Neutral
• Price Target: HK$23.50 ▲(15.20%Upside)

Smoore International's overall stock score is influenced by its financial stability and strong balance sheet, though this is offset by declining revenues and profitability. The technical indicators show positive momentum but suggest overbought conditions. The valuation appears high, with a significant P/E ratio and low dividend yield, indicating potential overvaluation.

Smoore International Holdings Limited Business Overview & Revenue Model

Company Description

Smoore International Holdings Limited, an investment holding company, engages in the provision of vaping technology solutions. It researches, designs, and manufactures closed system vaping devices and vaping components for tobacco companies and independent vaping companies. The company also offers open system vaping devices for retail clients under the Vaporesso and FEELM brands. It serves in Hong Kong, the People's Republic of China, the United States, the United Kingdom, France, Japan, Switzerland, and internationally. The company was founded in 2009 and is headquartered in Shenzhen, China.

How the Company Makes Money

Smoore International Holdings Limited generates revenue through the design, manufacture, and sale of vaping devices and related components. The company's primary revenue streams include sales of its branded vaping products to consumers and the provision of manufacturing services to other brands and companies within the vaping industry. Smoore benefits from significant partnerships with global tobacco companies, leveraging its technological expertise to supply them with high-quality atomization hardware. Additionally, Smoore capitalizes on its research and development capabilities to innovate and maintain a competitive edge in the rapidly evolving vaping market. The company also explores opportunities in the medical and healthcare sectors by developing atomization technologies applicable to these fields.

Smoore International Holdings Limited Financial Statement Overview

Summary

Smoore International Holdings Limited demonstrates financial stability with strong equity and low leverage. However, declining revenues and reduced profitability over recent years are concerning. The company has a solid cash position but faces challenges in sustaining cash flow growth. Overall, while the financials indicate a stable foundation, strategic adjustments are necessary to enhance performance and growth prospects.

Income Statement

The company shows strong gross profit margins consistently above 35%. However, revenue growth has been erratic with a decline of 13.71% from 2021 to 2022, followed by a further decrease of 8.06% in the latest year. Net profit margin remains healthy at around 11% for the current period, though it has decreased compared to prior years. The company needs to address the continuous revenue decline to improve overall income statement performance.

Balance Sheet

Smoore International maintains a strong equity position with an equity ratio of about 79% as of the latest report. The debt-to-equity ratio is low at approximately 0.09, indicating financial stability and low leverage. Return on equity has decreased over the years, reflecting reduced profitability. Nonetheless, the company's balance sheet remains robust with ample liquidity, as evidenced by a significant cash reserve.

Cash Flow

Operating cash flow has seen fluctuations, but the company remains cash flow positive, with a free cash flow to net income ratio above 0.5 in the latest year. The significant decline in free cash flow compared to prior years highlights potential operational challenges. Cash flow management appears prudent, but improvements may be needed to sustain growth.

Breakdown	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	11.80B	11.17B	12.14B	13.76B	10.01B
Gross Profit	4.41B	4.37B	5.26B	7.38B	5.30B
EBITDA	1.26B	2.24B	2.58B	5.75B	4.11B
Net Income	1.30B	1.65B	2.51B	5.29B	2.40B
Balance Sheet
Total Assets	27.65B	25.51B	24.36B	22.87B	14.77B
Cash, Cash Equivalents and Short-Term Investments	12.49B	16.17B	15.19B	14.66B	9.56B
Total Debt	1.88B	776.39M	558.55M	320.07M	330.66M
Total Liabilities	5.75B	4.10B	3.98B	3.62B	2.37B
Stockholders Equity	21.90B	21.41B	20.38B	19.25B	12.40B
Cash Flow
Free Cash Flow	717.57M	1.96B	-1.22B	1.61B	2.65B
Operating Cash Flow	1.75B	3.19B	469.86M	3.59B	3.04B
Investing Cash Flow	-1.86B	-7.02B	-2.42B	-5.23B	-1.26B
Financing Cash Flow	-45.71M	-612.36M	276.19M	3.52B	7.06B

Smoore International Holdings Limited Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 20.40
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6969, the sentiment is Positive. The current price of 20.4 is above the 20-day moving average (MA) of 19.96, above the 50-day MA of 19.37, and above the 200-day MA of 14.01, indicating a bullish trend. The MACD of 0.61 indicates Positive momentum. The RSI at 57.44 is Neutral, neither overbought nor oversold. The STOCH value of 21.73 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:6969.

Smoore International Holdings Limited Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
6055	71 Outperform	HK$22.58B	26.45	31.05%	1.41%	10.46%	42.58%
Sector *	63 Neutral	$17.26B	10.39	-8.50%	3.06%	1.63%	-25.95%
6969	62 Neutral	HK$128.72B	89.58	6.03%	0.48%	3.80%	-22.16%

Smoore International Holdings Limited Corporate Events

Smoore International Grants 2.19 Million Share Options to Employees

Smoore International Holdings Limited has announced the grant of 2,190,000 share options to 10 eligible employees under its Amended post-IPO share option scheme. This move is part of the company’s strategy to incentivize and retain its workforce, with the options being subject to a performance evaluation mechanism and a clawback provision. The share options have a validity period of 10 years and are set to vest between 2026 and 2029, reflecting the company’s commitment to aligning employee performance with its long-term growth objectives.

The most recent analyst rating on (HK:6969) stock is a Sell with a HK$10.72 price target. To see the full list of analyst forecasts on Smoore International Holdings Limited stock, see the HK:6969 Stock Forecast page.

Smoore International Grants 1.2 Million Shares to Employees

Smoore International Holdings Limited has announced the grant of 1,200,000 awarded shares to eight eligible employees as part of its Amended Share Award Scheme. The shares, which have no purchase price, will vest between July 2026 and July 2029, with the number of shares and vesting period determined by the employees’ performance evaluations. This move aims to incentivize employees and align their interests with the company’s long-term goals, potentially impacting employee retention and performance.

The most recent analyst rating on (HK:6969) stock is a Sell with a HK$10.72 price target. To see the full list of analyst forecasts on Smoore International Holdings Limited stock, see the HK:6969 Stock Forecast page.

Smoore International Issues Profit Warning Amid Rising Expenses

Smoore International Holdings Limited has issued a profit warning for the six months ending June 30, 2025, despite achieving an 18% increase in revenue due to the competitiveness of its innovative products. The company’s profit is expected to decrease by 21% to 35% compared to the previous year, primarily due to increased non-cash share-based payment expenses, heightened distribution and selling expenses, and rising legal costs. Adjusted profit, accounting for share-based payment expenses, shows a potential decrease of 9% to a slight increase of 4% over the same period last year, indicating challenges in maintaining profitability amidst rising operational costs.

The most recent analyst rating on (HK:6969) stock is a Sell with a HK$10.72 price target. To see the full list of analyst forecasts on Smoore International Holdings Limited stock, see the HK:6969 Stock Forecast page.

Smoore’s Controlling Shareholder Plans Shareholding Reduction

Smoore International Holdings Limited announced that its controlling shareholder, EVE Energy Co., Ltd., has received approval to reduce its shareholding in the company by up to 3.5% within a year. This reduction plan follows previous plans that expired without any actual reduction in shareholding. If completed, EVE Energy will cease to be a controlling shareholder, impacting the company’s shareholder structure and potentially affecting investor perceptions.

The most recent analyst rating on (HK:6969) stock is a Sell with a HK$10.72 price target. To see the full list of analyst forecasts on Smoore International Holdings Limited stock, see the HK:6969 Stock Forecast page.

Smoore International Approves Key Resolutions at AGM

Smoore International Holdings Limited held its Annual General Meeting on May 23, 2025, where all proposed resolutions were passed with overwhelming support. Key resolutions included the approval of financial statements, declaration of a final dividend, re-election of directors, and authorization for share repurchase and issuance mandates. The outcomes of the AGM reinforce Smoore’s stable governance and strategic direction, potentially strengthening its position in the vaping industry and providing confidence to stakeholders.

The most recent analyst rating on (HK:6969) stock is a Sell with a HK$10.72 price target. To see the full list of analyst forecasts on Smoore International Holdings Limited stock, see the HK:6969 Stock Forecast page.

Smoore International Grants 2.39 Million Share Options to Employees

Smoore International Holdings Limited announced the grant of 2,390,000 share options to 13 eligible employees under its amended post-IPO share option scheme. This initiative is designed to incentivize employees based on their performance and contributions, with options vesting over a period from 2026 to 2029 and exercisable until 2035. The grant reflects the company’s commitment to aligning employee rewards with performance, potentially enhancing employee retention and motivation.

Smoore International Grants Shares to Employees Under Award Scheme

Smoore International Holdings Limited announced the grant of 1,614,000 awarded shares to 36 eligible employees under its Share Award Scheme. This initiative, which includes a performance evaluation mechanism and a clawback provision, aims to incentivize and retain talent by linking share awards to employee performance and tenure, potentially impacting the company’s operational efficiency and employee engagement.