According to CICC's research report, Smore International's revenue for the third quarter was $3.28 billion, up 14.1% and 16.5% from year to quarter, respectively. The bank expects that with the support of the Group's European and American localization channels, product differentiation and innovation, and digital marketing systems, the company's own brand APV revenue is expected to continue to grow rapidly. Furthermore, under the impetus of Europe and the US strengthening e-cigarette regulations and product upgrades, etc., the rebound trend in the third quarter is expected to improve steadily. CICC expects that as high-margin private brands and exchangeable businesses grow, product structure optimization is expected to drive the company's gross margin steady, moderate and positive. With nebulized beauty, HNB, nebulized medicine, etc. gradually being commercialized, R&D investment is expected to enter the harvest period. The bank maintained the Group's “outperforming the industry” rating and raised its target price by 17% to HK$13.5.

According to CICC's research report, Smore International's revenue for the third quarter was $3.28 billion, up 14.1% and 16.5% from year to quarter, respectively. The bank expects that with the support of the Group's European and American localization channels, product differentiation and innovation, and digital marketing systems, the company's own brand APV revenue is expected to continue to grow rapidly. Furthermore, under the impetus of Europe and the US strengthening e-cigarette regulations and product upgrades, etc., the rebound trend in the third quarter is expected to improve steadily. CICC expects that as high-margin private brands and exchangeable businesses grow, product structure optimization is expected to drive the company's gross margin steady, moderate and positive. With nebulized beauty, HNB, nebulized medicine, etc. gradually being commercialized, R&D investment is expected to enter the harvest period. The bank maintained the Group's “outperforming the industry” rating and raised its target price by 17% to HK$13.5.