SMOORE INTL announced its financial results for the three months ended March 31, 2026. The group achieved revenue of RMB 3.856 billion, representing a year-on-year increase of 41.7%. Pre-tax profit reached RMB 364 million, up 42.8% compared to the same period last year. Adjusted profit for the period was RMB 347 million, marking a 10.7% increase year-on-year.

The steady revenue growth was primarily driven by expansion in both the business-to-business segment and the proprietary brand operations. During the period, revenue from the ToB business amounted to approximately RMB 3.267 billion, a significant increase of 48.6% year-on-year. This growth was mainly attributed to the continued expansion of the vaping and heated-not-burn businesses. Revenue from vaping products, related technical services, and special-purpose vaping products reached approximately RMB 2.524 billion, showing solid growth of 21.8% year-on-year. The group leveraged its strong policy foresight, market insight, and superior manufacturing capabilities to further support the growth of its vaping ODM clients in key markets.

Revenue from HNB products and technical services was approximately RMB 664 million, an increase of 1324.9% year-on-year. The substantial growth was primarily due to the group's support for a strategic client's launch of a premium HNB product in the second half of 2025.

The group's medical vaping business generated revenue of approximately RMB 79.3 million during the period, a slight decrease of 1.7% year-on-year. Revenue from this segment mainly came from technical services provided to corporate clients. The medical vaping business progressed according to plan during the period.

Revenue from the group's proprietary brand business was approximately RMB 588.6 million, an increase of 12.6% year-on-year. This growth was driven by the proprietary brand vaping business, which continued to increase its market share in emerging markets.

Profit for the period was approximately RMB 262.5 million, an increase of 36.6% year-on-year, benefiting mainly from higher revenue and gross profit, as well as reduced distribution and selling expenses. After excluding share-based payment expenses, the adjusted profit for the period was approximately RMB 347 million, up 10.7% year-on-year.

During the period, the group continued its investment in Transpire Bio Inc. The medical vaping business focuses on enhancing Transpire Bio's internal technology platform and product pipeline to support its long-term business development. Excluding the losses from this business, the adjusted profit for the period would have been approximately RMB 467 million, an increase of 25.7% year-on-year.