最近、米中貿易摩擦の再燃に注目が集まっている、, スモア International quietly disclosed its Q3 2025 performance. Although the market’s reaction hasn’t been overwhelmingly positive, a closer look reveals that the results are actually quite impressive.

1. 2025年第3四半期決算が予想を上回る

SMOORE International reported Q3 2025 revenue of RMB 4.2 billion, setting a new single-quarter record and reflecting a 27.5% year-on-year growth. Adjusted net profit reached RMB 444 million, marking a 4.8% increase year-on-year. Both revenue and adjusted net profit growth exceeded market expectations. For the first three quarters of 2025, SMOORE’s revenue totaled RMB 10.2 billion, up 21.8% year-on-year, while adjusted net profit stood at RMB 1.18 billion, a slight 0.1% increase. So far, both revenue and profit have surpassed our expectations (with revenue significantly exceeding expectations, while adjusted net profit was largely in line).

2. なぜSMOOREは期待を上回ったのか？

The main reason for SMOORE’s better-than-expected performance in Q3 2025 is the significant increase in the shipment of heated tobacco products. Consumer feedback has been largely positive, with many praising the rapid heating, smoke-like flavor, and better odor control compared to competitors like IQOS. While some reports mention minor burnt or paper-like tastes, the overall response has been favorable. SMOORE has accelerated the market rollout of its products: the Hilo brand was launched nationwide in Japan on September 1 and will be available in Poland starting in October, with further expansion planned for Italy. Additionally, the European ban on disposable e-cigarettes and increased enforcement in the US have helped revive SMOORE’s vaporizer e-cigarette business. Many previously popular disposable e-cigarette flavors in the US have been removed from the shelves, leading to a decline in non-compliant e-cigarette products, although some remain in certain stores, such as gas stations or local shops in immigrant communities.

3. 利益率はなぜ前年比で低下したのか？

2025年第3四半期のSMOORE社の売上総利益率および利益率は、昨年と比較して低下した可能性がある。同社によれば、その理由は以下の通りである：

1、成長を遂げた加熱式タバコ事業は現在、利益率の低い機器の普及に注力している。2026年には、より収益性の高いたばこスティックの出荷が拡大する可能性がある。.

2、電子タバコの分野では、スモアは2+N、0+N、マルチインワン製品などいくつかの新製品を導入し、欧州の地元顧客に対応し、市場シェアを獲得している。これらの新製品は、大手タバコ会社との提携で提供されるポッドベースの製品に比べ、利幅が小さい。.

4. 電子タバコの回収状況

In Q3 2025, SMOORE’s revenues from Europe and other regions grew much faster than the overall revenue. Particularly, revenues from local medium-sized clients supported by SMOORE have seen rapid growth. However, the recovery of the compliant e-cigarette business in the US has been slower than in Europe. This is mainly due to SMOORE’s large client BAT’s weaker-than-expected performance in the US market, which is also tied to the competitiveness of BAT’s products.

5. 米中貿易摩擦がSMOOREに与える影響

According to SMOORE, the ongoing US-China trade tensions have had limited impact on the company. The majority of SMOORE’s products sent to the US are manufactured at their Southeast Asian factories, and these products have already been recognized by US customs as being produced in Southeast Asia. Therefore, the trade conflict has not significantly affected the company’s business.

よくある質問

Q1: 電子タバコとは何ですか？
電子タバコは、電子リキッドを加熱して蒸気を発生させる電子機器である。タバコを燃やすことなく喫煙に似た体験を提供し、タールや一酸化炭素などの有害物質の発生を抑えます。.

Q2：電子タバコにはニコチンが含まれていますか？
それはeリキッドによる。ニコチンを含むEリキッドもあれば、完全にニコチンを含まないものもある。お好みに合わせてお選びください。.

Q3: 電子タバコは従来のタバコより安全ですか？
電子タバコは燃焼を伴わないため、害の少ない代替手段と考えられている。しかし、リスクが全くないわけではないので、大人が責任を持って使用する必要がある。.

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