{"id":8979,"date":"2025-10-25T06:09:15","date_gmt":"2025-10-25T06:09:15","guid":{"rendered":"https:\/\/vapemaison.com\/?p=8979"},"modified":"2025-11-20T01:48:29","modified_gmt":"2025-11-20T01:48:29","slug":"%e3%82%b9%e3%83%a2%e3%82%a2%e3%83%bb%e3%82%a4%e3%83%b3%e3%82%bf%e3%83%bc%e3%83%8a%e3%82%b7%e3%83%a7%e3%83%8a%e3%83%ab-2025%e5%b9%b4%e7%ac%ac3%e5%9b%9b%e5%8d%8a%e6%9c%9f%e6%b1%ba%e7%ae%97","status":"publish","type":"post","link":"https:\/\/vapemaison.com\/ja\/smoore-international-q3-2025-earnings\/","title":{"rendered":"SMOORE International\u306e2025\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\uff1a\u5e02\u5834\u306e\u8ab2\u984c\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u597d\u8abf\u306a\u696d\u7e3e"},"content":{"rendered":"

\u6700\u8fd1\u3001\u7c73\u4e2d\u8cbf\u6613\u6469\u64e6\u306e\u518d\u71c3\u306b\u6ce8\u76ee\u304c\u96c6\u307e\u3063\u3066\u3044\u308b\u3001, \u30b9\u30e2\u30a2 <\/a>International quietly disclosed its Q3 2025 performance. Although the market\u2019s reaction hasn\u2019t been overwhelmingly positive, a closer look reveals that the results are actually quite impressive.<\/p>\n\n\n\n

\"\u30ed\u30dc\u30c3\u30c8\u30a2\u30fc\u30e0\u3068\u7cbe\u5bc6\u6a5f\u68b0\u306b\u3088\u308b\u81ea\u52d5\u88fd\u9020\u5de5\u7a0b\u306e\u30af\u30ed\u30fc\u30ba\u30a2\u30c3\u30d7\"<\/figure>\n\n\n\n

1. <\/strong>2025\u5e74\u7b2c3\u56db\u534a\u671f\u6c7a\u7b97\u304c\u4e88\u60f3\u3092\u4e0a\u56de\u308b<\/strong><\/strong><\/h4>\n\n\n\n

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\u2019s 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).<\/p>\n\n\n\n

2. <\/strong>\u306a\u305cSMOORE\u306f\u671f\u5f85\u3092\u4e0a\u56de\u3063\u305f\u306e\u304b\uff1f<\/strong><\/strong><\/h4>\n\n\n\n

The main reason for SMOORE\u2019s 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\u2019s 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.<\/p>\n\n\n\n

3. <\/strong>\u5229\u76ca\u7387\u306f\u306a\u305c\u524d\u5e74\u6bd4\u3067\u4f4e\u4e0b\u3057\u305f\u306e\u304b\uff1f<\/strong><\/strong><\/h4>\n\n\n\n

2025\u5e74\u7b2c3\u56db\u534a\u671f\u306eSMOORE\u793e\u306e\u58f2\u4e0a\u7dcf\u5229\u76ca\u7387\u304a\u3088\u3073\u5229\u76ca\u7387\u306f\u3001\u6628\u5e74\u3068\u6bd4\u8f03\u3057\u3066\u4f4e\u4e0b\u3057\u305f\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u540c\u793e\u306b\u3088\u308c\u3070\u3001\u305d\u306e\u7406\u7531\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\uff1a<\/p>\n\n\n\n

1\u3001\u6210\u9577\u3092\u9042\u3052\u305f\u52a0\u71b1\u5f0f\u30bf\u30d0\u30b3\u4e8b\u696d\u306f\u73fe\u5728\u3001\u5229\u76ca\u7387\u306e\u4f4e\u3044\u6a5f\u5668\u306e\u666e\u53ca\u306b\u6ce8\u529b\u3057\u3066\u3044\u308b\u30022026\u5e74\u306b\u306f\u3001\u3088\u308a\u53ce\u76ca\u6027\u306e\u9ad8\u3044\u305f\u3070\u3053\u30b9\u30c6\u30a3\u30c3\u30af\u306e\u51fa\u8377\u304c\u62e1\u5927\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002.<\/p>\n\n\n\n

2\u3001\u96fb\u5b50\u30bf\u30d0\u30b3\u306e\u5206\u91ce\u3067\u306f\u3001\u30b9\u30e2\u30a2\u306f2+N\u30010+N\u3001\u30de\u30eb\u30c1\u30a4\u30f3\u30ef\u30f3\u88fd\u54c1\u306a\u3069\u3044\u304f\u3064\u304b\u306e\u65b0\u88fd\u54c1\u3092\u5c0e\u5165\u3057\u3001\u6b27\u5dde\u306e\u5730\u5143\u9867\u5ba2\u306b\u5bfe\u5fdc\u3057\u3001\u5e02\u5834\u30b7\u30a7\u30a2\u3092\u7372\u5f97\u3057\u3066\u3044\u308b\u3002\u3053\u308c\u3089\u306e\u65b0\u88fd\u54c1\u306f\u3001\u5927\u624b\u30bf\u30d0\u30b3\u4f1a\u793e\u3068\u306e\u63d0\u643a\u3067\u63d0\u4f9b\u3055\u308c\u308b\u30dd\u30c3\u30c9\u30d9\u30fc\u30b9\u306e\u88fd\u54c1\u306b\u6bd4\u3079\u3001\u5229\u5e45\u304c\u5c0f\u3055\u3044\u3002.<\/p>\n\n\n\n

4. <\/strong>\u96fb\u5b50\u30bf\u30d0\u30b3\u306e\u56de\u53ce\u72b6\u6cc1<\/strong><\/strong><\/h4>\n\n\n\n

In Q3 2025, SMOORE\u2019s 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\u2019s large client BAT\u2019s weaker-than-expected performance in the US market, which is also tied to the competitiveness of BAT\u2019s products.<\/p>\n\n\n\n

5. <\/strong>\u7c73\u4e2d\u8cbf\u6613\u6469\u64e6\u304cSMOORE\u306b\u4e0e\u3048\u308b\u5f71\u97ff<\/strong><\/strong><\/h4>\n\n\n\n

According to SMOORE, the ongoing US-China trade tensions have had limited impact on the company. The majority of SMOORE\u2019s 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\u2019s business.<\/p>\n\n\n\n

\"\u4e2d\u56fd\u3068\u30a2\u30e1\u30ea\u30ab\u304c\u30b3\u30f3\u30c6\u30ca\u3067\u8cbf\u6613\u6226\u4e89\"\/<\/figure>\n\n\n\n

\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n

Q1: \u96fb\u5b50\u30bf\u30d0\u30b3\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/strong>
\u96fb\u5b50\u30bf\u30d0\u30b3\u306f\u3001\u96fb\u5b50\u30ea\u30ad\u30c3\u30c9\u3092\u52a0\u71b1\u3057\u3066\u84b8\u6c17\u3092\u767a\u751f\u3055\u305b\u308b\u96fb\u5b50\u6a5f\u5668\u3067\u3042\u308b\u3002\u30bf\u30d0\u30b3\u3092\u71c3\u3084\u3059\u3053\u3068\u306a\u304f\u55ab\u7159\u306b\u4f3c\u305f\u4f53\u9a13\u3092\u63d0\u4f9b\u3057\u3001\u30bf\u30fc\u30eb\u3084\u4e00\u9178\u5316\u70ad\u7d20\u306a\u3069\u306e\u6709\u5bb3\u7269\u8cea\u306e\u767a\u751f\u3092\u6291\u3048\u307e\u3059\u3002.<\/p>\n\n\n\n

Q2\uff1a\u96fb\u5b50\u30bf\u30d0\u30b3\u306b\u306f\u30cb\u30b3\u30c1\u30f3\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\u304b\uff1f<\/strong>
\u305d\u308c\u306fe\u30ea\u30ad\u30c3\u30c9\u306b\u3088\u308b\u3002\u30cb\u30b3\u30c1\u30f3\u3092\u542b\u3080E\u30ea\u30ad\u30c3\u30c9\u3082\u3042\u308c\u3070\u3001\u5b8c\u5168\u306b\u30cb\u30b3\u30c1\u30f3\u3092\u542b\u307e\u306a\u3044\u3082\u306e\u3082\u3042\u308b\u3002\u304a\u597d\u307f\u306b\u5408\u308f\u305b\u3066\u304a\u9078\u3073\u304f\u3060\u3055\u3044\u3002.<\/p>\n\n\n\n

Q3: \u96fb\u5b50\u30bf\u30d0\u30b3\u306f\u5f93\u6765\u306e\u30bf\u30d0\u30b3\u3088\u308a\u5b89\u5168\u3067\u3059\u304b\uff1f<\/strong>
\u96fb\u5b50\u30bf\u30d0\u30b3\u306f\u71c3\u713c\u3092\u4f34\u308f\u306a\u3044\u305f\u3081\u3001\u5bb3\u306e\u5c11\u306a\u3044\u4ee3\u66ff\u624b\u6bb5\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u308b\u3002\u3057\u304b\u3057\u3001\u30ea\u30b9\u30af\u304c\u5168\u304f\u306a\u3044\u308f\u3051\u3067\u306f\u306a\u3044\u306e\u3067\u3001\u5927\u4eba\u304c\u8cac\u4efb\u3092\u6301\u3063\u3066\u4f7f\u7528\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002.<\/p>\n\n\n\n

\u3055\u3089\u306b\u3054\u8cea\u554f\u304c\u304a\u3042\u308a\u3067\u3059\u304b\uff1f \u3053\u3053\u3092\u30af\u30ea\u30c3\u30af<\/a> VAPE\u306b\u3064\u3044\u3066\u306e\u304a\u554f\u3044\u5408\u308f\u305b\u306f\u3053\u3061\u3089<\/strong><\/p>","protected":false},"excerpt":{"rendered":"

While much of the attention has been focused on the recent resurgence of the US-China trade conflict, SMOORE International quietly disclosed its Q3 2025 performance. Although the market\u2019s reaction hasn\u2019t been overwhelmingly positive, a closer look reveals that the results are actually quite impressive. 1. Q3 2025 Earnings Surpass Expectations 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\u2019s revenue totaled RMB 10.2 billion, up 21.8% year-on-year, while […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63],"tags":[158,159,157],"class_list":["post-8979","post","type-post","status-publish","format-standard","hentry","category-industry-news-and-trends","tag-market-trends","tag-q3-2025-earnings","tag-smoore-international"],"yoast_head":"\nSMOORE International Q3 2025 Earnings: Strong Growth<\/title>\n<meta name=\"description\" content=\"SMOORE's Q3 2025 earnings show 27.5% growth, driven by heated tobacco and e-cigarette sales, despite US-China trade tensions. 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