The Zhitong Finance App learned that Smore International (06969) fell by more than 4%. As of press release, it fell 4.27% to HK$6.5, with a turnover of HK$52.4633 million.

According to the news, Smore International released its 2023 report. In 2023, it achieved operating revenue of 11.168 billion yuan, a year-on-year decrease of 8.0%, and realized net profit of 1,566 billion yuan, a year-on-year decrease of 37.2%. Q4 achieved operating income of 3.166 billion yuan, a year-on-year decrease of 3.52%, and realized net profit of 372 million yuan, a year-on-year decrease of 8.43%. The company plans to pay HK5 cents per share for the year.

Anxin International pointed out that European and other markets have continued to grow, and disposable products are the main growth engine; the US market is constrained by non-compliant markets and growth is slowing down; the domestic market has bottomed out. The bank pointed out that the company's gross profit margin in the second half of the year was 41%, which clearly rebounded. The main reason is the large-scale shipment of disposable products with ceramic cores. However, the gross margin of disposable products is still lower than that of the convertible type. In the future, as the share of disposable products continues to increase, gross margin will still be under downward pressure in the long run.