Company dynamics

Green glass pipe have a limited future under a red sea.(B)

  Electronic cigarette is a kind of by atomization methods make smokers in a nicotine into steam after smoking products, such as electronic cigarette has gone through 15 years of history since launch, throughout the whole story of electronic cigarette, we can see that the growing experience of electronic cigarette smoke and integration of atomizer, heating and combustion products such as integration of the transformation and upgrade again and again.

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  China is the inventor of e-cigarettes and the world's largest cool water pipes producer.More than 90 percent of the world's e-cigarettes come from shenzhen and other parts of China, but China's regulation of e-cigarettes remains blank.At present, e-cigarettes are neither drugs, nor medical products, nor medical devices, nor tobacco.As a result, most e-cigarettes are in a "three-empty" state, with no product standards, no quality oversight, and no safety assessments.

  At present, the mainstream new tobacco products are mainly electronic cigarettes represented by BLU and VUSE and heated non-combustion tobacco products represented by iQOS.In terms of emissions, e-cigarettes emitted 8 percent as much as traditional cigarettes, while heated, noncombustible tobacco products released 5 percent.

  In recent years, the market for e-cigarettes has grown in size and volume amid the controversy.China's e-cigarette market grew from $900m in 2010 to about $10bn in 2016, at a compound growth rate of 41 per cent and sales growth of more than 20 per cent, according to the data.

  Auvino, secretary-general of the e-tobacco industry committee of the China chamber of electronic commerce, once revealed that the global e-cigarette output value in 2018 was about 16 billion us dollars, equivalent to 100 billion yuan. The global output value was 1.3 times higher than that of 2017 and 7.6 times higher than that of 2012.

  According to a report released by the office of smoking and health at the centers for disease control and prevention (CDC), the smoking rate among high school students was 38.3 percent in 2018, mainly e-cigarette consumers, with 1.5 million American teenagers joining the  glass bongs ranks.

  Due to the growth of sales volume and market size, as well as the general consensus of the industry, that is, the profit margin of e-cigarette exceeds 30%, the threshold of entrepreneurship is low, 5 million yuan can win the brand, 50 million yuan into the final track.The growing trend of e-cigarette "tuyere" development has attracted a large number of funds to enter the e-cigarette bureau.

  From the perspective of capital, China's e-cigarette industry chain will continue to improve, production costs will continue to decline, and performance/price ratio will continue to increase.However, in China, where one-third of the world's smokers live, e-cigarette consumption is less than 10% of the world's total and the market is promising.

  Even Mr. Lo of Smartisan is getting into the e-cigarette business, saying on his weibo account that his Smartisan team will design amazing e-cigarettes for Ono Technology, a company founded by former Smartisan executive peng jinzhou.

  Jinja (002191), an e-cigarette company, said that the company has actively promoted products and technologies in the field of new tobacco, such as oil rigs and non-flammable heating appliances, and that the China tobacco company has now partnered with yunnan, Shanghai, henan, shandong, guangxi, chongqing and other Chinese tobacco companies.In the next five years, the focus will be on the two pillar industries of packaging and health, and revenue will quadruple to 9 billion yuan by 2020.The company also said it would closely monitor the latest trends related to new tobacco and would conduct business based on the actual needs of Chinese tobacco and related customers.

  In 2018, yingxue realized a total revenue of $2,000.Total profit was 921 million yuan, down 20%.Net profit for shareholders of the listed company was 805 million yuan, down 18% from a year earlier.Year-on-year growth of 14%, basic earnings per share of 1.79 yuan in the first quarter of 2019, operating revenue of 693 million yuan, up 4%.That was up 28 percent from the same period last year, and net profit returned to the mother was 154 million yuan, down 9 percent.This is an increase of 68 percent over the same period last year.

  While the annual report said sales of precision plastic components for e-cigarettes, which accounted for a significant percentage of 2017's sales, declined significantly in 2018, the company's total revenue and operating performance during the reporting period declined compared to 2017.But now that the FDA has approved the sale of the iQOS device and three cigarette bombs in the United States, inch recently said it expected to generate some incremental orders for the company, and its next steps are still being determined.

  Yingxue said in a record of its investor relations activities disclosed on May 10 that once a customer sends in a demand, it can start mass production in a relatively short period of time and can quickly scale up production based on customer demand.Direct exports to the United States accounted for about 44 percent of the company's revenue in 2018.



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