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World's largest maker of vaping devices and atomizers, supplying components to major e-cigarette brands.
World's largest maker of vaping devices and atomizers, supplying components to major e-cigarette brands.
Makes the pods and devices that other brands put their names on, so it sells to vaping and tobacco brands rather than to smokers directly, and orders depend on a few large customers. Most output is exported, because Chinese rules sharply limit the home market, so US and European rules on flavors and approvals largely set demand.
In one line: The world's leading vape-hardware OEM/ODM supplier.
Moat: narrow (IP / patents, scale, process know-how). Largest atomization-technology patent portfolio and manufacturing scale in vaping hardware.
Headquarters: Shenzhen, China · Founded: 2009 · Employees: 19,937
Size Smoore International (6969.HK) is a Hong Kong Consumer Staples company (Tobacco) with a market value of $6.61B, the 223rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$8.37 on 6 Nov 2026.
Performance Over six months the shares fell 18.9%, against -1.4% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 5th lowest of 14 in its peer set.
Growth Revenue grew 25.0% over the last twelve months (peer median +1.2%); the operating margin is 7.4% (peer median 21.4%).
Valuation It trades at 32.3× forward earnings against a peer median of 15.6× (2nd most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +22 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 3.7 points below its cost of capital (12.3% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$17.2B | HK$15.5B | HK$12.8B | HK$12.4B | HK$14.1B |
| Revenue growth | — | +21% | +3% | -12% | — |
| Gross profit | HK$5.31B | HK$5.07B | HK$4.54B | HK$4.59B | HK$6.00B |
| EBITDA | HK$1.62B | HK$1.51B | HK$1.38B | HK$1.91B | HK$2.99B |
| Net income | HK$1.28B | HK$1.15B | HK$1.41B | HK$1.82B | HK$2.92B |
| Free cash flow | HK$539M | HK$335M | HK$1.54B | HK$2.75B | -HK$963M |
| Capital expenditure | HK$785M | HK$922M | HK$1.12B | HK$1.36B | HK$1.99B |
| Total debt | n/a | HK$2.48B | HK$2.00B | HK$855M | HK$627M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Smoore International 6969.HK | $6.61B | -19% | +25% | 7% | 32.3× | 28.7% |
| British American Tobacco p.l.c BATS.L | $132B | -1% | +1% | 38% | 12.6× | 3.8% |
| Philip Morris International PM | $308B | +17% | +8% | 38% | 22.6× | -0.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 6969.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.4% | +5.7% | 3rd lowest of 14 |
| 6-month return | -18.9% | -1.4% | 5th lowest of 14 |
| Distance from 52-week high | -40.0% | -26.0% | 4th lowest of 14 |
| Revenue growth (TTM) | +25.0% | +1.2% | highest of 14 |
| Operating margin | 7.4% | 21.4% | lowest of 14 |
| Forward P/E | 32.3× | 15.6× | 2nd most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 28.7% | -0.8% | most demanding of 14 |
| Growth delivered (Del g) | +6.6% | +5.4% | 6th highest of 14 |
| Hurdle (Req g minus delivered) | +22.1 pp | -9.6 pp | most demanding of 14 |
| ROIC minus cost of capital | -3.7 pp | +8.4 pp | lowest of 14 |
| EV / EBITDA | 24.7× | 10.5× | most expensive of 14 |
| Net debt / EBITDA | -7.3× | 0.5× | least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Smoore International 6969.HK | Hong Kong | $6.61B | -19% | +25% | 7% | 32.3× | 28.7% | +6.6% |
| KT&G 033780.KS | South Korea | $14.5B | +7% | +11% | 21% | 15.2× | -4.2% | +5.4% |
| Godfrey Phillips India GODFRYPHLP.NS | India | $2.96B | -24% | +1% | 21% | 16.0× | 27.1% | +20.6% |
| China Tobacco International (HK) 6055.HK | Hong Kong | $2.31B | -12% | -20% | 10% | 19.8× | 4.1% | +33.1% |
| Imperial Brands IMB.L | United Kingdom | $29.9B | +5% | +5% | 19% | 8.9× | -9.3% | +2.7% |
| Turning Point Brands TPB | United States | $1.32B | -29% | +20% | 17% | 71.8× | 11.0% | +2.7% |
| ITC ITC.NS | India | $37.5B | -8% | -2% | 30% | 20.2× | 13.2% | +9.8% |
| Scandinavian Tobacco Group A/S STG.CO | Denmark | $890M | +10% | -4% | 14% | 7.6× | -9.1% | +2.4% |
| Japan Tobacco 2914.T | Japan | $70.6B | +9% | +13% | 25% | 16.8× | -5.3% | +10.6% |
| Miquel y Costas & Miquel MCM.MC | Spain | $434M | -29% | -4% | 15% | n/a | -7.7% | +2.7% |
| VST Industries VSTIND.NS | India | $349M | -25% | -2% | 22% | 8.7× | 9.5% | +5.7% |
| Altria MO | United States | $127B | +13% | +2% | 75% | 12.9× | -10.9% | -0.7% |
| British American Tobacco p.l.c BATS.L | United Kingdom | $132B | -1% | +1% | 38% | 12.6× | 3.8% | -0.1% |
| Philip Morris International PM | United States | $308B | +17% | +8% | 38% | 22.6× | -0.8% | +7.2% |