思摩尔国际二零二五年年报

06969 2 6 9 32 34 50 80 85 86 88 90 公司信息 (CICPA, HKICPA, FCCA)(ACG, HKACG) Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 8328B 16 公司信息 Conyers Dill & Pearman • 8835 Conyers Trust Company (Cayman) LimitedCricket SquareHutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 06969 1617 www.smooreholdings.com 財務摘要 1.=2.=3.=4.=5.=×3656.=×3657.=×3658.=+2 20251231 2025HNBHNB HNBHNB20259HNBHNB12 ToB20252FDA2025ToB2025 主席報告 HNB Transpire Bio Inc.IPFFDAANDA 2026 2026 HNBHNBHNBHNB ToB2026 2026 2026 20262026ToCToB 管理層討論與分析 (1)ToBHNB(2) 2025—HNB 142.5620.8%ToB113.4421.7%ToBHNBODM—HNB12HNBHNBHNB29.1217.6%VAPORRESSO 15.233.1% 12.8640.6%2024 9.130.7% 10.6218.5%15.301.3% 管理層討論與分析 2020629 20251231FDA20209999%PMTA100ENDSMDOMDO20251231ENDSMDO20254ENDSMDO20257FDA2ENDS2ENDS FDA25ENDS4ENDS 2025202522023/1542202532025/606 管理層討論與分析 (1) HNB20263202120258.9%202520309.1% 2021202511.0%2025203010.6%202120253.1%202520303.4%202514.5%202413.1% 2025HNB2,0412021202514.1%2025203011.5% 管理層討論與分析 2025HNB 142.5620.8%ToB113.4421.7%79.6%202479.0%29.1217.6%20.4%202421.0% ToBHNBHNBToB ToBHNB2025HNBHNBHNB12ToB70.6038.5% ToBODM40%2025202640.722.1% ToB2.1210.9% 29.1217.6% 23.4215.7%VAPORESSOVAPORESSOXROSXROS5XROS5 MiniVAPORESSOVAPORESSO5.2523.8% 管理層討論與分析 4,50065.8% HNB15.233.1% 2025 HNB2025HNBHNB2026HNB FEELMVAPORESSOXROSXROSVAPORESSO Transpire Bio Inc.CDMO202512FDAPAIEIRcGMP 2,0561,3062025123111,3096,066 15.233.1%13.3%10.7% 管理層討論與分析 2025KPI HNBHNB 2026HNB 20263HNB2030742.12025203010%2025HNB2,04120303,5172025203011.5%HNBHNB2025HNB5,5002026HNB 2030971.4202520308%2026 203032.82025203012.5%2026 MarketResearchFuture20232022560.12030932.8COPD2026 20252,785202520292.4%20293,0572026 2026HNBHNBODM 管理層討論與分析 2026 20262025 14,256,171202411,798,66220.8%4,856,87920244,411,96910.1%34.1%202437.4%1,475,68420241,655,04310.8%1,061,59920241,303,25518.5%946,02220241,416,91333.2% (i)(ii)(iii) 1,529,59020241,509,2301.3% (1) 2,911,73820242,475,03317.6%21.0%20.4% (i)2,341,67120242,023,74415.7%17.2%16.4% (ii)525,3092024424,28923.8%3.6%3.7% (iii)44,758202427,00065.8%0.2%0.3% 管理層討論與分析 (2) 11,344,43320249,323,62921.7%79.0%79.6% (i)7,059,87520245,096,70838.5%43.2%49.5% (ii)4,071,88520243,988,1702.1%33.8%28.6% (iii)212,6732024238,75110.9%2.0%1.5% 管理層討論與分析 2. 4,856,87920244,411,96910.1%37.4%34.1% 47.7%50.5%6.6%7.5% 3. 919,552913,3110.7%7.8%6.4% (1)359,586395,45710.0%3.0%2.8% (2)214,586248,89116.0%1.8%1.7% (3)38,67742,3969.6%0.3% (4)306,703226,56726.1%2.6%1.6% 4. 914,1091,285,68440.6%7.7%9.0% (1)542,788783,91144.4%4.6%5.4%(2)111,182266,123139.4%0.9%1.9%(3)104,23194,1319.7%0.9%0.7% 管理層討論與分析 5. 1,572,3131,523,3403.1%13.3%10.7%308,6242024129,4254.4%21.4%7.5% (1)932,937968,2543.8%7.9%6.8% (2)418,830354,39815.4%3.5%2.5% (3)117,30391,19322.3%1.0%0.6% 6. 556,627721,77522.9% 7. 157,82914,584982.2% 8. 26,454202437,86330.1% 9. 414,0852024351,78817.7% 10. 1,061,59920241,303,25518.5%946,02220241,416,91333.2% 管理層討論與分析 11. 202512319,648,6642024123111,587,063202512317,322,926202412315,170,7002,829,4504,324,697162,304202412313,779,7501,226,397160,50720251231257.4%20241231320.3% 2025123156.1202461.52025123150.0202441.82025123159.3202465.2 20251231257.4%20241231320.3% 202512312024123120251231 2025123130.5%2024123126.2% 12. 2025123120241231590.0 13. 20251231150,853202426,2171,71820241,036 2025123110%1,171,35720241231874,30610%1,171,35720241231874,306 14. 2025123119,9373,193 1–3–5–7–1061 管理層討論與分析 26.6%202426.3% 15. 1,303,5592024817,052(1)(2)(3) 16. 20251231455,77020241231707,750 17. 18. 202512312024 19. 2025123132 20. (1)2020629(2)202124(3)2021 20251231 2020629 (1) 202211420251231 2025112020281231 20232024202512314,500,0006,000,0007,500,000 2026202720281231580,000 持續關連交易 387,9634.8% 14A 14A (1) (2) (3) 300074014A.56 (i)(ii)(iii)20251231 A. 20251231C1C.2.1C.2.1 (1) (2)(3)(4) 企業管治報告 B. (1) 20251231 (2) 202512313.13 (3) 企業管治報告 (4) C.2.1 (1)(2)(3)(4) (5) (6) C.1.4 A B 企業管治報告 (7) 202512314211112 143 (8) C320251231 (9) 20251231 20251231 企業管治報告 (10) • • • • • • • (a)(b)(c)(d)(e)(f) (11) 企業管治報告 (12) (13) D.2.6 (14) (15) A.2.1 C. (1) 202563020251231202512312 (2) 企業管治報告 (3) 2025123117 E.1.5202512312025123110 (1)20251231 (4) ESGESGESG3ESG ESGESGESG1ESG D. 20251231 20251231 企業管治報告 20251231 E. 2025123120251231 F. •20251231•3,030,000650,0003,639,932 • G. Vistra H. 202512312025523120252181 (i)(ii)(iii)(iv)(v)(vi)(vii) 1617IR@smooreholdings.com 企業管治報告 I. 20251231 J. 58 20251231 (1)ToBHNB(2) 1231 2025123152.0%202455.0%37.3%202440.1%23.0%202421.8%5.7%20248.2% 20251231202512315% 4 董事會報告 2025123120251231 202512316,117.02025123136 2025123112.020241.4 123113 2025123127 2025123120251231 202512312020266182026529 2026522 20265222026519202652220265184301617 202664202662202664202661430161