October 12, 2025 — Vape titan Smoore International (06969.HK) just dropped its unaudited Q3 financial update, and let’s just say business is smoking.
The company posted RMB 4.197 billion in third-quarter revenue — up 27.2% year-over-year and 27.5% quarter-on-quarter — hitting an all-time high.

Even better, both its heat-not-burn and vaporization businesses are glowing brighter than a fresh coil.

💸 Quarter Highlights: Puff, Profit, Repeat

• Revenue: RMB 4.197 billion — a new single-quarter record.
• Adjusted profit: RMB 444 million, up 4% year-on-year and 4.8% quarter-on-quarter.
• Nine-month performance: RMB 10.21 billion in revenue (+21.8%), and RMB 1.182 billion in adjusted profit (+0.1%).

That’s not just healthy — that’s “ran a marathon while inhaling profits” healthy.

🚀 Two Growth Engines: B2B Power + Brand Brilliance

Smoore’s growth isn’t a fluke — it’s running on a twin-turbo system:

1️⃣ Enterprise Business: Heat-Not-Burn + Smart Vaporization

On the heat-not-burn front, Smoore is fueling major global clients to launch new products in key markets. The result? Big shipment gains and rapid revenue growth — proof that even when you take the fire out of smoking, the numbers can still be lit.

Meanwhile, its vaporization division keeps shining thanks to its regulatory sixth sense. As more countries crack down on non-compliant products, Smoore has been the straight-A student of the industry — helping clients design fully compliant, region-specific devices.

In other words: while competitors scramble to keep up with the rulebook, Smoore’s already on the next chapter.

2️⃣ Self-Owned Brands: New Products + Local Love

• Product upgrades: Smoore’s flagship 2025 lineup didn’t just get a facelift — it got a standing ovation. Consumers keep flocking to the updated models, driving long-term growth.
• Localized operations: The company doubled down on cultural fit, tailoring marketing strategies to match each country’s vibe. More local presence = more market share.

Together, these moves helped the brand division pull off strong year-on-year growth — and probably earned a few new fan clubs along the way.

💡 What’s Driving Profit: Three Little Words — Revenue, Efficiency, and Luck

Smoore’s not just earning more; it’s earning smarter.

1. Higher revenue and gross margin (that’s the easy part).
2. Controlled spending: Distribution, admin, and R&D costs all grew slower than revenue.
3. More “other income” (aka that mysterious bonus line accountants smile about).

When your expenses grow slower than your sales, you’re doing business right.

🧾 A Tiny Disclaimer (Because Lawyers Exist)

Smoore noted that these figures are based on unaudited internal accounts and may differ slightly from its final audited report.
But honestly? Even if they’re off by a hair, the direction’s clear: up and to the right.

🌍 The Takeaway

In a market clouded by regulation, competition, and copycats, Smoore is still breathing easy — with record revenue, steady profits, and a double-engine strategy that keeps it ahead of the pack.

Its latest performance isn’t just a quarterly win — it’s a message to the global vaping industry: the big dogs are still running, and they’re not slowing down anytime soon.