思摩尔国际：2025年中期报告

目 錄 公司信息 (CICPA, HKICPA, FCCA)(ACG, HKACG) Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 公司信息（續） 8328B 1617 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 2025630 2025—HNB 2025 2024 202520256 主席報告（續） ToBVAPORESSO 2025 Transpire Bio Inc.Transpire ToC 主席報告（續） 20252025 20259 2025VAPORESSO 2025 2025 主席報告（續） 2025 2025— 財務摘要（續） 1.=+2.=3.=4.=×1805.=×1806.=×1807.=+2 管理層討論與分析 (1)HNB(2) 2025 202560.1318.3%ToB47.3919.5%VAPORESSO12.7414.1% 管理層討論與分析（續） 4.9131.2% 7.234.9% HNB202520246.179.7% 4.9228.0%7.372.1% 2020629 管理層討論與分析（續） 20257—— 202511 2025213 20251 2025518 202522023/15422025320253 212025/606 管理層討論與分析（續） 2025 FDAFDAFDA202552003,3801320 202561— 60.1318.3%12.7414.1%21.2%202422.0%47.3919.5%78.8%202478.0% 10.6915.1%VAPORESSOVAPORESSOXROSXROS 5XROS 5 MiniXROS 5XROS 5 MiniVAPORESSO1.746.7% 管理層討論與分析（續） 0.312,595.2%100 ToB47.3919.5%ToB ToB2025FEELMToB27.3438.0% ToB18.881.5% ToB1.176.1% 管理層討論與分析（續） HNB7.234.9% 2025 2025HNB2024HNB2025620259HNB2025HNB (CDMO) 管理層討論與分析（續） —FEELM2+10VAPORESSOXROS 5XROS 5 MINI (IFSCC) 839464202563010,0925,224 管理層討論與分析（續） 7.234.9%15.0%12.0% (KPIs) HNBHNBHNB 2025HNB HNB20253HNB2029668.62024202910.1%20259HNB2025HNBHNB 2029914.2202420297.4% 202934.42024202917.2%2025 管理層討論與分析（續） MarketResearchFuture20232022560.12030932.8COPD2025 202110010.7%2025251374202420234,6308.7%202320287,0112025 2025HNB 2025 管理層討論與分析（續） 20252025 6,013,29020245,083,55418.3%2,243,85020241,923,95116.6%37.3%202437.8%492,1542024683,19828.0% (i)(ii)(iii) 737,4102024752,8512.1% 管理層討論與分析（續） (1) 1,274,30620241,116,74314.1%22.0%21.2% (i)1,069,3392024928,68715.1% (ii)174,3492024186,9206.7% (iii)30,61820241,1362,595.2% 管理層討論與分析（續） (2) 4,738,98420243,966,81119.5%78.0%78.8% (i)2,733,78720241,981,19338.0%39.0%45.4% (ii)1,887,76820241,860,6141.5%36.6%31.4% (iii)117,4292024125,0046.1%2.4%2.0% 管理層討論與分析（續） 2. 2,243,85020241,923,95116.6%37.8%37.3% 47.8%47.3% 3. 374,516491,22931.2%7.4%8.2% (1)148,642185,66424.9%2.9%3.1% 管理層討論與分析（續） (2)60,014133,965123.2%1.2%2.2% (3)15,64619,68225.8%0.3% (4)150,214151,9181.1%3.0%2.5% 4. 339,229609,54879.7%6.7%10.1% (1)202,790357,37876.2%4.0%5.9% (2)15,190139,687819.6%0.3%2.3% (3)52,09751,3101.5%1.0%0.9% 5. 760,112722,5644.9%15.0%12.0%0.7%3.4%30.1% (1)477,901469,9691.7%9.4%7.8% (2)174,900160,7458.1%3.4%2.7% (3)60,72749,34018.8%1.2%0.8% 6. 349,691385,6359.3% 管理層討論與分析（續） 7. 55,1776,051811.9% 8. 13,619202418,51226.4% 9. 206,5812024128,35760.9% 10. 492,1542024683,19828.0%501,1662024724,59730.8% 11. 202563010,198,5782024123111,587,06320256305,211,753202412315,170,7002,073,6052,940,496192,842202412313,779,7501,226,397160,5072025630336.7%20241231320.3% 20256302024123120256307,300.0722.9 202563021.8%2024123126.2% 12. 63020241231590.0 管理層討論與分析（續） 13. 202563010%1,145,71720241231874,30610%1,145,71720241231874,306 14. 202563020,9782,205 1–3–5–7–1061 管理層討論與分析（續） 28.5%202425.6% 15. 20256306784,5812024282,315(1)(2)(3) 16. 2025630474,46120241231707,750 17. 20256306 18. 20256306 19. 2025630 20. (1)2020629(2)202124(3)2021 其他資料 2025630654.7%2024630656.2%21.0%2024630622.3% 20256306C1C.2.1 (1) (3) 其他資料（續） 20256306 17 其他資料（續） ESGESGESGESG ESGESGESG 6306 其他資料（續） C320256306 6306 20256 3013.51B(1) (i)(ii)(iii)(iv)(v)(vi)(vii) 其他資料（續） www.smooreholdings.comwww.hkexnews.hk 1617IR@smooreholdings.com 2020615 202563062020246306520259112025925202595 20259920259112025984301617 172025630 2025630XV352 其他資料（續） (1)20256306,188,322,972(2)SMR & Alon Limited1,997,635,600CZPGJ Holding Limited76,073,000SMR & Alon LimitedCZPGJ Holding Limited2,073,708,600(3)31720191211280,201,400(4)2024122761,000,000202521830%60%100%20251120301231153,0004,0005,00020241227202518(5)31840,927,848(6)Andy Xiong Holding Limited319,692,100Andy XiongHolding Limited319,692,100(7)3171,997,635,600(8)1,437,148(i)21,548(ii)1,279,800(iii)135,800(9)318137,073,000(10)Sunrise&Rainbow Holding Limited12,000,000Sunrise & Rainbow Holding Limited12,000,000(11)4,003,486(i)356,536(ii)2,509,250(iii)1,137,700(12)WXGJ Holding Limited1,243,000WXGJ Holding Limited1,243,000(13)1,586,557(i)86,082(ii)959,500(iii)540,975(14) 2025630XV23336 其他資料（續） (1)20256306,188,322,972(2)SMR & Alon LimitedSMR & Alon Limited(3)(4)Andy Xiong Holding LimitedAndy Xiong Holding Limited(5)(6)EVEBattery(7)GoldenEnergy Global Investment Ltd.48,720,000EVEBattery1,901,520,000GoldenEnergyGlobal Investment Ltd.EVE Battery1,950,240,000(8) 1.05% 其他資料（續） A. 2020615202521817 20256302025572,390,0002024122761,000,000(1)(2)(3)20252182025220241227202518 2025119,765,2402025630554,927,6272025218202522025630553,313,627 202518 其他資料（續） 其他資料（續） (1)2024122761,000,000202412272025182025261,000,00020252182025630 B. 202192202521820231117 202563062025571,614,000 202511205,345,8152025630307,802,148 其他資料（續） (1)(2)73 202563