The main listed companies in the industry: fog core technology (RLX); (002925); (002191), etc.

1. Analysis of investment opportunities in China's electronic cigarette industry

——The export status of Chinese new tobacco products: The United States is the largest exporter of China's electronic tobacco industry

Compared with import trade, my country's new type of tobacco products export trade has more advantage in the international electronic cigarette market. Benefiting from my country's complete manufacturing industry chain and outstanding cost advantage, my country is currently the largest "foundry" in the world's electronic cigarette industry. The electronic cigarette products produced in China provide most of the world's electronic cigarette market. In the first half of 2022, the export volume of new tobacco products in my country was 1.864 billion US dollars. Among them, the export scale of electronic cigarettes and similar personal electronic atomization equipment was 1.399 billion US dollars, of which the amount of exports to the United States accounted for 22.66%, and Japan accounted for 14.28 to 14.28 %, Followed by Germany 13.05%.

2) Comparison of electronic cigarette regulatory policies around the world: British regulatory policy is relatively loose

Today, the policies of electronic cigarettes in various markets are mainly divided into three categories:

One is to integrate electronic cigarettes into tobacco control. Typical national standards such as the European Union TPD, the US PMTA, the "Administrative Measures for Electronic Cigarettes" and "Electronic Cigarettes", or include the control of the medical system, such as the British MHRA.

The second category is completely prohibited, such as Brazil, Singapore, Thailand, India, Egypt, etc. These countries often have stricter restrictions on tobacco products. For example, Singapore can be seen everywhere, and retailers sell tobacco products to people lower than the legal age (21 years old). The maximum illegal regulations can be fined S $ 10,000.

In areas where legal management and control, the regulatory policies are also slightly different. In summary, the British market supervision policy is relatively loose.

3) Electronic cigarette tax policy comparison: Southeast Asian market tax rates are low

Judging from the tax rate of electronic cigarettes in major countries around the world, electronic cigarettes are usually composed of two parts, fustorized equipment and atomized smoke bombs (except for one -time cigarettes). At present, most countries around the world levy consumption tax (VAT) for atomizing equipment; tobacco (including Nigerin) in the atomizer tobacco bomb mainly tax (from volume tax) based on the mS Oils are usually not levied on tax. From the perspective of the tax rates of electronic cigarettes around the world, there are many tax varieties of electronic cigarettes in South Korea, reflecting the strict market control of electronic cigarette imports. From the perspective of tax rates for electronic cigarette equipment The value -added tax rate is low, and the types of taxation are not cumbersome, reflecting that the Southeast Asian market has better market investment opportunities.

2. Analysis of the opportunity to go to sea from heating and not burning tobacco products around the world

——The global heating cigarette market analysis: European market growth is faster

my country has not yet opened up the sales approval of domestic heating and non -burning tobacco products. Therefore, my country's products are mainly for overseas markets. The 2021 World Tobacco Development Report showed that the sales scale of heating cigarette products continued to expand and the growth rate continued to fall. Except for mainland China, the sales of the world heating cigarette products are US $ 26.41 billion. From the perspective of the market, the market for heating cigarette products is constantly expanding and the market pattern is also evolving. The heating cigarette market status, but the growth rate has fallen to a single digit. Although the growth rate of heating cigarette markets is also falling in Europe, the growth rate is much higher than that of East Asia, and the greatest contribution to the growth of heating cigarette products in the world. Among them, the growth rate of heating cigarette sales in Russia, Germany, Poland and other markets exceeded 60%, the industry scale growth has remained rapidly developing, and market investment opportunities are better.

2) The current status of China's heating does not burn tobacco products: the export market is concentrated in the Netherlands, Belarus, the UAE and other places

Judging from the export situation of heating and non -burning tobacco products (Customs Coding 24041100), the export scale of heating and non -burning tobacco products in the first half of 2022 was US $ 3.179 million, of which the main markets were concentrated in the Netherlands, Belarus, the United Arab Emirates and other places, the United States and the United Kingdom The market accounts for relatively small.

3) Comparison of tax policies for heating and not burning tobacco products around the world: The least tax entries in the UK

From the perspective of the tax rate of heating and non -burning tobacco products in the world, according to the definition of specific categories of the country, it is usually accounted for by the weight of tobacco (usually per kilogram) or each tobacco. Low. From the perspective of the specific tax rates of various countries, South Korean tax policies are more complicated, and the British tax entries are the least, which is more conducive to export.

4) Analysis of the opportunity of Chinese new tobacco products to go to sea: In summary, exporting to the British market is more advantageous

From the perspective of electronic cigarettes and heating non -combustion tobacco products, regulatory policies, tax policies and market status status are analyzed. In summary, my country's new tobacco products exported to the British market are more advantageous.