电子烟巨头思摩尔国际（06969.HK）今日盘中大跌8.73%，截至上午9时39分，报8.96港元。该股近期表现疲软，投资者对公司业绩前景持谨慎态度。
引发股价下跌的主要原因是公司最新发布的财报。思摩尔国际公告显示，截至2025年3月31日的第一季度，公司税后利润为1.92亿元人民币，同比大幅下降43.4%。期内全面收益总额为2.08亿元，同比减少32.9%。公司解释称，利润下滑主要是由于行政开支、分销及销售开支、研发开支较上年同期有较大增长。
此外，市场还在关注美国加征关税可能对思摩尔国际美国出口业务带来的影响。尽管如此，一些分析师认为，应该理性看待这一影响。国金证券指出，思摩尔在印尼设有工厂，且东南亚国家预计将与美国协商调整关税，最终落地的关税幅度仍有变数。同时，电子烟作为高附加值且具有消费粘性的产品，部分关税成本可能会转嫁给终端消费者。作为技术驱动型企业，思摩尔在产业链中具备较强的议价能力，这可能有助于缓解潜在的负面影响。
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