On June 25th, Gelonghui reported that Daiwa published a research report indicating that the U.S. FDA approved four mint-flavored electronic cigarette products of the NJOY brand to be launched last Friday (21st), which is believed to be a surprise for the market and overturns the market's earlier estimation that the FDA was preparing to ban the sale of mint-flavored electronic cigarettes in the United States. As the main supplier of NJOY products, the bank expects SMORE's profit prospects will not be greatly affected, and considering the sales growth that may occur in the U.S. market in the second half of 2024, it still believes that SMORE's forward-looking P/E ratio of about 25 times is a reasonable level. Its forecast for the average annual compound growth rate of profit from 2023 to 2026 is still expected to reach 16%. Daiwa has raised SMORE's profit forecast for 2024 to 2026 by 8% to 14% to reflect the expected growth in sales revenue from mint-flavored electronic cigarette products, which is 7% to 13% higher than the market's general forecast. The target price has been raised from HKD 8 to HKD 10.