Smoore International 2023 H1 Results: Revenue Reaches RMB 5.123 Billion, with Overseas Markets Contr

Recently, e-cigarette giant Smoore released its mid-year performance announcement for 2023. The financial report shows that Smoore's revenue for the first half of 2023 reached 5.123 billion yuan, a 9.4% decline compared to last year, with an adjusted net profit of 758 million yuan.

The revenue from enterprise customer business (ODM) was 4.474 billion yuan, accounting for 87.3% of total revenue, with overseas market revenue increasing by 30% year-on-year. In the U.S. market, revenue accounted for 40.2%, a year-on-year increase of 27.7%.

Additionally, revenue in Europe and other markets grew by 32% year-on-year. Notably, revenue from disposable products achieved rapid large-scale shipments, with a year-on-year increase of 369%.

The report states that Smoore Group's sales growth varies significantly across different global markets:

U.S. market: Revenue growth is attributed to major clients maintaining the top market share in closed-loop pod products and achieving further enhancements;

Domestic market: Significant decline, down 96.3% compared to the same period last year;

Europe and others: Significant growth, driven by the upgraded ceramic atomization core technology platform FEELM Max, with disposable product revenue skyrocketing.

In terms of R&D, Smoore continues to maintain high investment, exceeding 600 million yuan, a 1.8% increase compared to the same period last year. Among these, R&D expenditures for electronic atomization products and heated tobacco products accounted for the highest proportion at 68.1%, followed by special-purpose atomization products and atomization medical and beauty products.

Notably, the R&D expenditure for atomization medical and beauty products has increased significantly from 4.3% in previous years to 18.5%. This indicates that Smoore intends to explore new avenues in atomization medical and beauty products.