SMOORE INTL (06969) rose more than 4% in late trading. At the time of writing, the stock was up 3.93%, trading at HK$9.79 with a turnover of HK$188 million. The company recently released its first-quarter results, reporting revenue of RMB 3.856 billion, a year-on-year increase of 41.7%. Adjusted profit for the period was RMB 347 million, up 10.7% compared to the same period last year. Analysts pointed out that the company's strong performance in both revenue and profit for Q1 2026 was primarily driven by the ongoing recovery of its core vaping business and the rapid scaling of its new Heat-Not-Burn (HNB) business. Looking ahead to 2026, it is expected that changes in global regulatory policies will benefit compliant industry leaders. SMOORE INTL's core vaping business is anticipated to continue its recovery trend. Concurrently, the commercialization of its HNB technology platform is accelerating. While existing operations steadily progress, the company is expected to gradually build a "multi-client + multi-product" business matrix, rapidly establishing new growth drivers. The value of the company's vaping technology and heated tobacco solutions platform is viewed positively, supporting a maintained "Buy" rating.