On November 1st, the consumption tax of electronic cigarettes was implemented, and policies such as electronic cigarette management measures and national standards gradually constructed the path of standardized development of the electronic cigarette industry. Under "strict supervision+taxation", is it still a "good business" in electronic cigarettes? I am also asking practitioners.

Recently, Nandu Electronic Cigarette Industry Observer Visiting Research Team visited stores, interviewed manufacturers and industry experts to learn that electronic cigarettes ushered in the wave of price increases, and the general price increased by 30-50%. The industry believes that in the transition period of policy implementation, the industry will usher in a period of rapid decline and then increased adjustment. In the future, the global electronic cigarette industry will enter a new era of standardized development.

Many brokerage research institutions also believe that after the implementation of electronic cigarette national standards, management measures, taxation plans and other policies, the electronic cigarette industry will enter a new era of standardized development. The small brands in the industry may have to accelerate the clearing due to the inability to bear the tax burden. The head enterprises with products, technology and brand advantages will have a stronger bargaining power, and the industry concentration is expected to further increase.

The industry "bid farewell" has grown barbaric, and the "inside roll" of the store slows down

On October 25, the Ministry of Finance, the General Administration of Customs, and the General Administration of Taxation jointly issued the "Announcement on the Consumption Tax of Electronic Cigarettes". Starting from November 1, the electronic cigarette industry implemented consumption taxes and implemented the method of calculating the price rate. The tax rate of the production (import) link is 36%, and the tax rate of the wholesale link is 11%. On the 27th of the next day, the State Administration of Taxation issued a further interpretation of the "Announcement on the Management of Electronic Cigarette Consumption Tax Collection Management", and according to the actual situation of the production and operation of my country's electronic cigarette industry, the average cost profit margin of e -cigarettes was tentatively set to 10%.

Compared with the high profit in the past, the profit margin of the electronic cigarette industry has been compressed now. It seems that the "bidding" has been "farewell" in the past and brutal growth stage. Many practitioners have maintained a positive and optimistic attitude towards the industry. After all, the past small workshop -type production plant was washed, and the e -cigarettes of the new national standard and taxation after tax need to wait for the re -cultivation of the user market. "

According to the observations of the research group, after the announcement was issued, the head brands such as Yue Ke, Magic Flute, Grapefruit and other head brands successively issued a notice of price adjustment, and the wholesale price of smoke ammunition reached 30-50%. Zheng Zhi, an industry expert, analyzed that the industry's response to consumption taxes has long been prepared, and the increase in costs has made electronic cigarettes inevitable.

"In order to be recognized by market consumers in domestic electronic cigarettes, it is necessary to continue to invest in materials, formulas, and structures, which means that companies must guarantee profits." Zheng Zhi believes that at present, it is not realistic that the consumption tax is undertaken by the brand. The cost of balancing the industrial chain still needs to be further run -in.

The research team learned from the front-line store market that some stores have adjusted the price of new national standard products, and the retail price of the single box after adjustment is 109-129 yuan. A store owner of an electronic cigarette store store opened in Huaqiangbei informed the research team that in the past stores blossomed everywhere, and the competition was relatively fierce. After being included in the supervision, the "inner volume" between the stores was eased to a certain extent.

In response to the impact of taxation on store operations, the owner said: "Stores are currently sold according to the retail price of the platform, and consumers' feedback on prices and new national standard products are expected. In the long run, the store operations are generally relatively optimistic."

The domestic market may fall first and then increase, and the market development space does not need to sing prematurely

The policy "boots" basically landed. Is the domestic electronic cigarette still a "good business"?

According to data from the China Electronic Chamber of Commerce Electronic Cigarette Industry Committee, as of the end of 2021, the number of e -cigarette retail stores in the country was about 190,000, including 138,000 authorized stores and 47,000 specialty stores. In 2021 100 million yuan, a year -on -year increase of 36%.

After incorporating supervision, there are many cities such as Shenzhen and Dalian in many places in the country implemented the number of electronic cigarette retail points. It regularly uses market demand, population change, number of e -cigarette retail points, the number of application, electronic cigarette sales, operating costs and profits, etc. The reference factors are dynamically adjusted to the guidance number, and the order of "retreat one in one" is adopted after the upper limit of the guidance. According to incomplete statistics, the nation's confirmation plans to issue about 55,000 e -cigarette retail licenses.

Analysts engaged in corporate strategic investment said that the re -reshuffle of the industry has brought a re -match with the demand for industrial supply and the entire domestic electronic cigarette. The scale of the global position, and the domestic penetration rate of electronic cigarettes is still much lower than that of overseas markets, and market development space does not need to sing prematurely.

"The domestic market is an incremental market compared to the young new tobacco industry. This time the supervision promulgation has undoubtedly laid a good policy foundation and expected supervision model for the long -term development of this new market, so that the company has obtained a larger market. Space covers domestic and foreign. The role of domestic electronic tobacco companies will gradually approach traditional tobacco companies. At the same time, the operation practice of private enterprises can also provide a good reference for Chinese tobacco itself. "The analyst said.

At the same time, some tobacco research experts said that under the general trend of tobacco, electronic cigarettes will be more value than cigarettes. "Right now, electronic cigarette companies should adapt to the new regulatory system as soon as possible and capture the user group more accurately. The industry should encourage basic medical research to form a sustainable innovation capabilities, and develop products that meet the requirements of regulatory requirements and meet consumer needs."

The export advantage of the electronic smoke industry has not diminished, and global competition has tested corporate strength

Data show that in 2021, the export scale of domestic electronic cigarettes reached 138.3 billion yuan, an increase of 180%compared with 2020. Among them, the number of enterprises mainly exported accounted for over 70%of the total number of enterprises in the industry. RMB is expected to increase by 35%year -on -year.

The international market is the "main competitive place" of electronic cigarette companies. Industry analysis believes that the announcement of the taxation announcement has limited impact on industrial exports. Ao Weinuo, Secretary -General of the Electronic Cigarette Specialty Committee of the China Electronic Chamber of Commerce, said in an interview with the media that the taxation announcement is a great benefit to the industry, and the level of taxation is acceptable. The key is that overseas exports continue to enjoy the tax refund policy, and overseas exports are domestic electronics. The cigarette industry is heavy.

At present, domestic regulatory policies are basically improved, and how enterprises have followed the export path to become the key. Zheng Zhi pointed out that taking domestic processing and exports as an example, there are usually trading companies as intermediary roles between domestic processing factories and overseas brands, and many trading companies face the urgency of solving domestic licenses. At the same time, key information such as market status, regulations and policies, allowance requirements, logistics, storage and transportation of various countries still requires continuous exploration of enterprises.

According to industry analysts, the electronic cigarette industry will enter the era of global regulations in the future. Although foreign markets are large, they still cannot enter without certain strength and foundation. Either from the production of nicotine or oil from the raw material, to the assembly of equipment, and then to the foreign market, the cost of compressing the industry chain is to form an absolute price advantage to occupy the market; It reflects the advantages and forms the final industrial joint. "In addition to the core technology of e -cigarettes in the future, there is also a factory quality management system and service model. By then, the development of the electronic cigarette industry is the real arrival."