HK Stock Market Move | SMOORE INTL (06969) falls by over 6% again, with a year-on-year profit decrease of 18.5% and administrative expenses increasing by over 40% year-on-year.

SMOORE INTL (06969) fell more than 6% again. As of the time of writing, it dropped by 5.72% to 9.07 Hong Kong dollars with a trading volume of 1.57 billion Hong Kong dollars. On the news front, SMOORE INTL recently announced its performance, achieving revenue of approximately 14.256 billion yuan during the period, a year-on-year increase of 20.8%, reaching a new high in income; gross profit of approximately 4.857 billion yuan, a year-on-year increase of 10.1%. However, the gross profit margin decreased year-on-year to 34.1%, a drop from the previous year's 37.4%. The net profit for the year was approximately 1.062 billion yuan, a year-on-year decrease of 18.5%. The announcement stated that the decrease in net profit for the year was mainly due to the increase in expenses outweighing the growth in income and gross profit. Administrative expenses for the period amounted to 1.286 billion yuan, a dramatic year-on-year increase of 40.6%, mainly due to a significant increase in share-based payments and compliance legal expenses; research and development expenses were approximately 1.523 billion yuan, a year-on-year decrease of about 3.1% but still remained high; distribution and sales expenses slightly decreased, but investment in global expansion of own brands continued to increase.