Smoore International Holdings Limited (HK:6969)
:6969
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Smoore International Holdings Limited
(6969)
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Rating:54Neutral
Price Target:
HK$8.00
▼(-47.44% Downside)
Action:Reiterated
Date:05/07/26
The score is held back primarily by materially weaker profitability and inconsistent free-cash-flow conversion despite a strong, low-leverage balance sheet. Technicals are neutral-to-soft with a negative MACD and price still below key longer-term averages. Valuation is a further headwind given the high P/E with only moderate dividend support.
Positive Factors
Conservative balance sheet / low leverage
Very low leverage and a conservative capital structure materially reduce solvency and refinancing risk over the medium term. That durability preserves management flexibility to fund capex, maintain operations through regulatory cycles, and support OEM production scale without immediate external financing needs.
Negative Factors
Material margin compression
A substantial, multi-year decline in gross and net margins signals reduced pricing power or rising input and mix pressures. Persistently lower margins erode the firm's ability to fund R&D, sustain dividends, or rebuild ROE, and suggest structural competitiveness or cost issues that will slow recovery of profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet / low leverage
Very low leverage and a conservative capital structure materially reduce solvency and refinancing risk over the medium term. That durability preserves management flexibility to fund capex, maintain operations through regulatory cycles, and support OEM production scale without immediate external financing needs.
Read all positive factors
Smoore International Holdings Limited (6969) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$46.90B
Dividend Yield2.03%
Average Volume (3M)18.00M
Price to Earnings (P/E)37.7
Beta (1Y)1.16
Revenue Growth21.03%
EPS Growth-18.51%
CountryHK
Employees18,566
SectorConsumer Defensive
Sector Strength42
IndustryTobacco
Share Statistics
EPS (TTM)0.17
Shares Outstanding6,195,324,700
10 Day Avg. Volume22,205,835
30 Day Avg. Volume18,001,075
Financial Highlights & Ratios
PEG Ratio-3.30
Price to Book (P/B)3.04
Price to Sales (P/S)4.67
P/FCF Ratio-183.03
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$12.17Price Target Upside-20.03% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)0.23
Revenue Forecast (FY)HK$16.65B
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 electronic atomization products and providing related manufacturing and technology services. Its revenue is primarily generated through (1) business-to-business sales where Smoore designs and manufactures vapin...
Smoore International Holdings Limited Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
78
Positive
Cash Flow
42
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.26B | 11.80B | 11.17B | 12.14B | 13.76B |
| Gross Profit | 4.93B | 4.41B | 4.37B | 5.26B | 7.38B |
| EBITDA | 1.39B | 1.07B | 2.24B | 2.58B | 5.75B |
| Net Income | 1.06B | 1.30B | 1.65B | 2.51B | 5.29B |
Balance Sheet | |||||
| Total Assets | 28.55B | 27.65B | 25.51B | 24.36B | 22.87B |
| Cash, Cash Equivalents and Short-Term Investments | 10.83B | 12.49B | 16.17B | 15.19B | 14.66B |
| Total Debt | 2.23B | 1.88B | 776.39M | 558.55M | 757.58M |
| Total Liabilities | 6.66B | 5.75B | 4.10B | 3.98B | 3.62B |
| Stockholders Equity | 21.86B | 21.90B | 21.41B | 20.38B | 19.25B |
Cash Flow | |||||
| Free Cash Flow | -363.40M | 717.57M | 1.96B | -1.22B | 1.61B |
| Operating Cash Flow | 486.88M | 1.75B | 3.19B | 469.86M | 3.59B |
| Investing Cash Flow | 2.65B | -1.86B | -7.02B | -2.42B | -5.23B |
| Financing Cash Flow | -885.94M | -45.71M | -612.36M | 276.19M | 3.52B |
Smoore International Holdings Limited Technical Analysis
Negative
15.22
Price Trends
9.30
Negative
10.03
Negative
12.10
Negative
Market Momentum
-0.48
Positive
24.59
Positive
7.64
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:6969, the sentiment is Negative. The current price of 15.22 is above the 20-day moving average (MA) of 8.80, above the 50-day MA of 9.30, and above the 200-day MA of 12.10, indicating a bearish trend. The MACD of -0.48 indicates Positive momentum. The RSI at 24.59 is Positive, neither overbought nor oversold. The STOCH value of 7.64 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:6969.
Smoore International Holdings Limited Peers Comparison
UnderperformOutperform
Sector (62)
HK:6969
Smoore International Holdings Limited
7.43
-10.62
-58.84%
HK:6055
China Tobacco International (HK) Co
19.63
-11.61
-37.17%
Smoore International Holdings Limited Corporate Events
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...
Smoore Shareholders Back All AGM Resolutions, Renew Capital Mandates and Incentive Tweaks
May 22, 2026
Shareholders of Smoore International Holdings Limited have approved all resolutions at the 22 May 2026 annual general meeting, including receipt of the 2025 financial statements, a final dividend of HK20 cents per share, and the re-election of key...
Smoore Deploys US$280 Million into Citigroup-Linked Notes in Disclosable Deal
May 12, 2026
Smoore International Holdings has subscribed to a series of U.S. dollar-denominated notes issued by Citigroup Global Markets Holdings Inc. and Citigroup Inc., with an aggregate principal amount of US$280 million, funded entirely from its available...
Smoore Moves to Reappoint Deloitte as Auditor Under Updated HKEX Guidance
May 8, 2026
Smoore International Holdings has issued a supplemental announcement ahead of its annual general meeting, addressing updated Hong Kong Stock Exchange guidance on auditor disclosure and clarifying its plans regarding Deloitte Touche Tohmatsu. The b...
Smoore Boosts Share Award Pool With HK$59.9 Million Market Purchase
Apr 27, 2026
Smoore International Holdings Limited has disclosed that the trustee of its share award plan purchased 6,125,000 shares on the market on 27 April 2026 at an average price of about HK$9.77 per share, for a total consideration of roughly HK$59.86 mi...
Smoore Sets 2026 AGM to Approve 2025 Results, Dividend and Capital Mandates
Apr 24, 2026
Smoore International Holdings Limited has called its annual general meeting for 22 May 2026 in Hong Kong to seek shareholder approval on its 2025 audited accounts, dividend arrangements, board composition, and key corporate governance matters. The...
Smoore Boosts Share Award Plan With HK$59.9 Million Stock Purchase
Apr 21, 2026
Smoore International Holdings Limited, a Cayman Islands–incorporated company listed on the Hong Kong Stock Exchange under stock code 06969, uses a share award plan to provide equity incentives to eligible participants within the group. The p...
Smoore Expands Share Award Pool with HK$59.9 Million Share Purchase
Apr 20, 2026
Smoore International Holdings has disclosed that the trustee of its share award plan purchased 5,977,000 company shares on the market on 20 April 2026 at an average price of about HK$10.0137, for a total consideration of approximately HK$59.85 mil...
Smoore Boosts Share Award Plan With HK$49.9 Million Market Purchase
Apr 17, 2026
Smoore International Holdings Limited has disclosed a new share purchase executed under its existing Share Award Plan, which was originally adopted in 2021 and amended with shareholder approval in February 2025. The plan allows the board or its co...
Smoore Grants 1.93 Million Share Options to Employees Under Amended Scheme
Apr 16, 2026
Smoore International Holdings has granted 1.93 million share options to 10 employees under its amended share option scheme, with an exercise price of HK$9.42 per share and a 10-year validity period ending in April 2036. The options will vest in tr...
Smoore Grants 930,000 Performance-Linked Shares to Employees Under Amended Award Scheme
Apr 16, 2026
Smoore International Holdings has granted 930,000 awarded shares to nine employee participants under its amended share award scheme, with the grant made on 16 April 2026 at no purchase price and referenced to a market closing price of HK$9.42 per ...
Smoore’s Q1 2026 Revenue Jumps on Heat‑Not‑Burn Surge Despite Drop in Comprehensive Income
Apr 9, 2026
Smoore International reported strong top-line growth for the three months ended 31 March 2026, with revenue rising 41.7% year on year to RMB3.86 billion, driven mainly by a 48.6% increase in its corporate client-oriented business. Within this segm...
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.