Breaking Down Smoore International Holdings Limited Financial Health: Key Insights for Investors

Founded in Shenzhen in 2009, Smoore International has grown into a global vaping-technology powerhouse that reported 11.80 billion CNY in revenue for 2024 (up 5.31% year-over-year) and stood at a market capitalization of 80.21 billion HKD as of December 5, 2025 (a 34.10% increase over the prior year); the company - with approximately 18,566 employees and over 5,000 patents - operates FEELM, VAPORESSO and METEX brands, serves tobacco companies and retail clients with closed-system e‑vapor and heat‑not‑burn products, reported quarterly revenue of 4.20 billion CNY for Q3 2025 (up 27.71% year-over-year), generated net income of 1.15 billion CNY with a trailing EPS of 0.19, trades on the HKEX as 6969.HK with 6.19 billion shares outstanding (insiders ~39.65%, institutional holders ~3.92%, float 1.84 billion), carries a trailing P/E of 66.58 and forward P/E of 53.03, and faces an upcoming earnings release on March 18, 2026 while analysts project ~37.6% annual earnings growth and ~13.9% annual revenue growth over the next three years - read on to see how Smoore's vertical integration, R&D-driven IP and diversified revenue streams translate into its business model and market positioning.

Smoore International Holdings Limited (6969.HK): Intro

• Headquarters: Shenzhen, China
• Founding year: 2009
• Core products: closed‑system e‑vaping devices, HNB technology, atomizers, coils, and modules
• Workforce: ~18,566 employees (significant scale for R&D, manufacturing and global operations)

• Initial focus on atomizer and coil technologies, expanding into full device platforms and modular solutions.
• Progressive move from China‑centric manufacturing to a global footprint supporting customers in multiple regulatory jurisdictions.
• Regional operations include Hong Kong, Mainland China, the United States, the United Kingdom, France, Japan, Croatia and New Zealand.

• Publicly listed on the Hong Kong Stock Exchange under the ticker 6969.HK.
• Ownership mix: institutional investors, retail shareholders and founder/management holdings (typical for a listed technology OEM/ODM; specific major shareholders vary by filing).

• Mission: advance safer nicotine delivery alternatives through innovation in vaping and HNB technologies while balancing regulatory compliance and product quality.
• Research‑intensive approach: significant investment in R&D to develop closed‑system performance, safety features, and materials science for heating elements and e‑liquid compatibility.

• OEM/ODM manufacturing: design and manufacture devices and components for third‑party brands-large, recurring contracts for device platforms and consumable components (coils, pods, cartridges).
• Direct product sales: branded and private‑label closed‑system devices and HNB units sold through distribution partners and regional channels.
• Component and module licensing: sales of atomizer modules, heating elements and proprietary components that integrate into customer products.
• R&D and technical services: bespoke engineering, testing and regulatory support for clients entering new markets.
• Aftermarket consumables: recurring revenue from pods, coils and cartridges tied to device installed bases.

• High fixed costs from manufacturing plants and R&D drive scale economics; margins improve as production volume and utilization rise.
• Revenue mix between hardware (one‑time device sales) and consumables (recurring, higher‑margin) influences gross margin profile.
• Geographic and regulatory diversification helps offset local regulatory headwinds and taxation changes in tobacco and nicotine markets.

• Significant R&D investment to optimize coil/heater lifetimes, battery efficiency, liquid delivery systems and safety circuitry.
• Vertical capabilities: in‑house design, component fabrication, assembly lines and testing labs to control quality and time‑to‑market.
• Regulatory compliance teams to support product approvals and certifications across multiple jurisdictions.

• Customer base comprises large tobacco companies seeking HNB or closed‑system partners, independent vaping brands requiring OEM/ODM capabilities, and distributors in regulated markets.
• Competitive strengths: deep component technology, manufacturing scale, and global regulatory experience. Key competitors include other vaping OEMs and component suppliers.

• For statements on mission and values: Mission Statement, Vision, & Core Values (2026) of Smoore International Holdings Limited.

Smoore International Holdings Limited (6969.HK): History

• Founded: 2006
• IPO: Hong Kong Stock Exchange, 2020 (Ticker: 6969.HK)
• Core competencies: atomization R&D, pod/cartridge systems, chipset and hardware manufacturing
• Global footprint: manufacturing and R&D centers serving OEM/ODM customers worldwide

Ownership Structure

• Shares outstanding: 6.19 billion (as of December 15, 2025)
• Insider ownership: ~39.65%
• Institutional ownership: ~3.92%
• Public float: 1.84 billion shares
• Next estimated earnings date: March 18, 2026

Mission

How It Works

• R&D and IP: proprietary atomization and chipset technologies underpin product differentiation.
• OEM/ODM manufacturing: Smoore produces finished devices, pods/cartridges, and components for global brands under contract.
• Vertical integration: in-house component fabrication, assembly lines, quality control and supply-chain management reduce unit costs and control timing.
• Regulatory and testing: dedicated teams manage compliance and testing to meet diverse market requirements.

How Smoore Makes Money

• Device and component sales: majority revenue from OEM/ODM contracts for vape devices, pods, and related hardware.
• High-volume manufacturing margins: scale and vertical integration enable lower cost per unit and margin capture on assembly and components.
• Technology licensing and service revenues: fees for specialized atomization tech, design services, and quality/regulatory support.
• Geographic and customer diversification: serving multiple regions and blue‑chip vape brands reduces single-customer exposure.

Smoore International Holdings Limited (6969.HK): Ownership Structure

• Mission: deliver innovative vaping technology solutions that enhance product quality and user experience through sustained R&D.
• Values: quality control, cost efficiency, IP-driven innovation, and global customer support.
• Brands & solutions: FEELM (atomization tech), VAPORESSO (consumer vaping products), METEX (HTP atomization solutions).
• Global presence: operations and sales across Hong Kong, Mainland China, the United States, the United Kingdom, France, Japan, Croatia, New Zealand and other markets.

• How it makes money:
  • Component sales (FEELM coils and modules) to OEM/ODM partners and device brands.
  • Finished product sales under VAPORESSO and other consumer brands via distributors and retailers.
  • HTP and specialized atomization solutions (METEX) for heated tobacco and other reduced-risk product categories.
  • Value-added services: supply chain management, R&D collaborations, and trustee services for partners.
• Ownership notes: publicly listed on the Hong Kong Stock Exchange (ticker 6969.HK) with institutional and retail investors; major shareholders and exact shareholdings are disclosed in regulatory filings.

Smoore International Holdings Limited (6969.HK): Mission and Values

• Core activities: research & development, design, manufacturing, quality control, sales, and after-sales support.
• Customer segments: tobacco companies and HTP partners, independent vaping brands, retail consumers (via own and third‑party brands), and beauty/atomization clients.
• Product types: closed‑system electronic vaping devices, pod systems, heat‑not‑burn (HTP) atomization modules, coils/atomizers, and beauty atomizers.

• OEM/ODM manufacturing contracts: design and mass production of devices and heating/atomization components for tobacco companies and international vaping brands.
• Proprietary brands and components: sales of FEELM (coil/atomization technology), VAPORESSO (consumer devices), and METEX (HTP atomization solutions) products and modules.
• Aftermarket consumables: replacement coils, pods and cartridges that generate recurring revenue.
• Supply‑chain and trustee services: logistics, component sourcing, and coordination services embedded in large B2B contracts.
• R&D and licensing: licensing of core atomization technologies and engineering services to partners.

• FEELM - atomization/coil technology platform sold to device makers and integrated into third‑party pods and HTP modules.
• VAPORESSO - consumer-facing vaping devices and kits sold globally through retail and distributor channels.
• METEX - heat‑not‑burn (HTP) atomization components and modules for tobacco partners and HTP system integrators.

• Manufacturing and R&D hubs: mainland China (majority), with global sales and support offices in Hong Kong, the US, Europe and Asia-Pacific markets.
• Export orientation: large proportion of revenue from overseas OEM/ODM contracts and international retail brands; diversified client base mitigates single-market exposure.

• Heavy R&D investment to advance atomization, coil design and device safety - contributing to FEELM's adoption by major brand partners.
• Extensive patent portfolio protecting coil technologies, atomization methods and device designs.
• Vertical integration from core components to finished devices enabling cost control, quality consistency and faster product iterations.

• Discovery & joint product specification
• Prototype development and FEELM/METEX integration
• Pilot production and regulatory testing
• Mass production, logistics and aftermarket supply of consumables
• Ongoing R&D upgrades, firmware or component revisions

• Volume utilization of manufacturing lines (higher volumes lower unit costs).
• Recurring consumable sales (pods/coils) that lengthen customer lifetime value.
• New product cycles and licensing deals that amplify margins compared with pure OEM work.
• R&D reinvestment and patent monetization supporting premium pricing for proprietary technologies.

Smoore International Holdings Limited (6969.HK): How It Works

• Core offer: closed-system electronic vaping products and heat-not-burn modules sold to tobacco companies, independent vaping brands and other corporate clients.
• Retail & branded sales: direct manufacture and sale of finished electronic vaping and beauty atomization products under in-house and partner brands.
• Technology & service revenues: R&D, supply-chain services, trustee services and licensing (including FEELM coil technology and other proprietary components).

• OEM/ODM manufacturing: high-volume production contracts for tobacco firms and consumer brands (steady annuity-like revenue from long-term supply agreements).
• Branded product sales: FEELM, VAPORESSO, METEX and bespoke products targeting different market segments and price points.
• Value-added services: custom R&D projects, component licensing, supply-chain management and trustee services that carry higher margins per engagement.

• Product sales (closed-system vaping & HNB) - largest contributor, driven by volume contracts and brand adoption.
• Branded finished goods - variable by market cycles and consumer demand; contributes diversification.
• Services & licensing - smaller but higher-margin, supports profitability during volume fluctuations.

• Design & IP: FEELM and other component technologies are developed by in-house R&D teams.
• Customer engagement: tobacco companies or brands contract Smoore for modules, coils or finished products.
• Manufacturing & quality: high-volume production in Smoore facilities with integrated supply-chain services.
• Distribution: products sent to B2B clients or through retail/brand channels to end consumers.
• After-sales & services: trustee arrangements, ongoing R&D upgrades and spare-part supply sustain relationships.

Smoore International Holdings Limited (6969.HK): How It Makes Money

• Primary revenue streams: ODM device manufacturing, modules & atomizers (coils), and aftermarket parts & services.
• Geographic mix: strong exposure to international markets and increasing share in China and Europe.
• Competitive advantages: large-scale production capacity, proprietary R&D, and long-term OEM contracts.

• How it monetizes products: long-term OEM contracts (recurring device orders), component & module sales (high-volume, lower-margin), and bespoke design services (higher-margin).
• Profit drivers: scale efficiencies, product mix shift toward modules and proprietary technologies, and growing international aftermarket.
• Risks to monetization: regulatory changes, shifts in consumer preferences, and margin pressure from component commoditization.