$SMOORE INTL (06969.HK)$Continuing to rise over 4%, with a cumulative increase of over 35% in three trading days. As of the time of writing, it has risen 4.12%, reported at 13.64 HKD, with a transaction volume of 0.206 billion HKD.

GTJA released a Research Report stating that SMOORE INTL's Stock-based Incentive is anchored at Market Cap, demonstrating confidence in long-term development. According to the stock option plan after the initial public offering, 61 million stock options have been conditionally granted to the company's Board of Directors Chairman, Executive Director, and major shareholder Chen Zhiping, accounting for about 1% of the company's total share capital, with an exercise price of 11.26 yuan per share. The performance targets are set from January 1, 2025 to December 31, 2030, requiring the company's average Market Cap to reach or exceed 300 billion, 400 billion, and 500 billion yuan for 15 consecutive days, corresponding to unlocking 30%/60%/100% of the stock options, calculated based on the threshold Market Cap, with corresponding revenues of 0.68 billion, 1.96 billion, and 4.25 billion yuan.

In addition, Zheshang published a report indicating that SMOORE INTL's core customer British American Tobacco (BAT) has launched a new non-combustible Tobacco Products (HNB). The institution believes that the new generation Glo Hilo product shows significant performance and user experience improvements both compared horizontally with leading products like IQOS iluma i and compared vertically with the previous generation of older products. It is Bullish on its gradual expansion into more markets and increased volume from 2025 to 2026.

The report indicates that the HNB new products released by core customers are expected to perform well, combined with the FDA's continued strengthening of enforcement against the illegal sale of flavored disposable e-cigarettes, SMOORE INTL's strong R&D capabilities are likely to benefit.

Editor/ping