Global Vapes Industry Weekly Report (8.14-8.18)

[1] Fogcore Technology (RLXTechnologyInc.) announced unaudited financial results for the second quarter of 2023. The financial report shows that net income for the second quarter was RMB 380 million (US$52.15 million), an increase of 100.2% sequentially and a decrease of 83.1% year-over-year. Under non-GAAP accounting standards, second-quarter net income was adjusted to RMB86.23 million (US$11.89 million).


[2] Recently, Secretary of the Party Group of the State Tobacco Monopoly Administration and Director Zhang Jianmin pointed out that the Party Group of Shenzhen Municipal Bureau deeply implements the deployment requirements of the Party Group of the State Bureau, closely combines with the actuality of the e-cigarette industry in Shenzhen City, adheres to the law to strengthen the supervision of e-cigarettes, actively guides the lawful operation of e-cigarettes companies, practically regulates the order of the e-cigarettes market, and pushes the governance of the Shenzhen City e-cigarettes industry to step into the path of legalization and standardization in a comprehensive manner.


[3] In July 2023, South Korea’s imports of all types of electronic cigarettes totaled 14.49 million U.S. dollars, an increase of 0.67% over the same period of the previous year, a decline of 17.58% over the same period of the previous year. As the largest importer of e-cigarettes in South Korea, China is followed by Vietnam and Malaysia.


[4] On the recruitment platform, I learned that a number of well-known e-cigarette companies, such as Hapwon, Kikkner, Youville, and Zollverein, are hiring for CBD positions or are involved in the CBD business scope.


[5] ELFBAR has launched ELFAPRO in the UK, which is an upgraded version of ELFA, inheriting the 38 flavors of ELFBAR. In the future, ELFAPRO will be launched in France, Spain and Ireland.


[6] RELXInternational launched three products in the German market: WAKAsoReal, Pro, and WAKAsoWAKAsoMatch. Among these vapes, WAKAsoMatchMini brings reusable vapes with a capacity of 2ML each, which can be smoked for 900 puffs.


[7] While conducting two supreme market surveys in Malaysia, it was found that a number of e-cigarette stores, shoe stores, hairdressers, and toy stores have diversified business models.


[8] combed the two supremacy recruitment needs publicly posted on the recruitment website of 20 well-known e-cigarette companies, and found that these companies posted a total of 1,501 job requirements. Among them, the number of R&D position recruitment is the largest, accounting for 52%.


[9] The Russian Ministry of Finance has established minimum prices for heated tobacco products, e-cigarette oils (smoked tar oils, smokeless tar oils), and smokeless water tobacco blends. Calculation formula: Minimum price = tax rate per unit of mass or volume x (1 VAT rate) x increase index.


[10] Recently, the health department of Western Australia, Australia, seized 300,000 e-cigarettes, totaling 10 million Australian dollars (about 47.13 million yuan), creating the country.