On November 16, the electronic cigarette brand RELX Yuexin's Motoxicular Technology announced the unaudited financial results in the third quarter of 2022, and net income and net profit decreased by 37.7%and 27.4%year -on -year, respectively. "Securities Daily" reporter interviewed relevant persons of Wuxin Technology in this regard, and the other party said it was inconvenient to respond.

In the past year, affected by regulatory policies, the domestic electronic cigarette industry has ushered in a large reshuffle. While the industry enters the standardized development, the "going to the sea" of electronic cigarette companies has gradually become a trend. Weng Zichi, a senior investment consultant of Jufeng Investment Consulting, told this reporter that as the regulatory rules landed, the domestic electronic cigarette market faced a shock in the short term, and overseas exports continued to enjoy the tax refund policy. Therefore Essence

Illegal electronic cigarette compression compliance product space

In the third quarter, the net income of Wuscin Technology was 1.04 billion yuan, a decrease of 37.7%year -on -year; under non -American GAAP, the adjustment of net profit was 330 million yuan, a year -on -year decrease of 27.4%. Regarding the decline in net income, Mist Core Technology stated in the financial report that it was mainly due to the suspension of store expansion and discontinuation of old products during the transition to the new national standard.

Wang Ying, chairman and chief executive officer of the Board of Directors of Wuxin Technology, pointed out that "In the third quarter, the company prepared for the new national standard for the successful transition until October 1, 2022, reducing the shipments of old products, and gradually shifting to new new products to new products to new new products to new products. National standard. "

In terms of gross profit, from 660 million yuan in the same period in 2021 to RMB 520 million, the gross profit margin increased from 39.1%in the same period last year to 50%. In this regard, the interpretation of the fog core technology is due to the reduction of channel combination and the reduction of promotional related costs. Among them, in terms of channels, the company has gradually terminated the partnership of the distributor of distributors who did not obtain a wholesale license during the transition period of the new national standard, and directly provided products to retail stores.

At the same time, Lu Chao Lu Chao, a fog core technology, said, "Since November 1, 2022, domestic consumption taxes on electronic cigarette manufacturers will not affect the company's profitability in the next few quarters. While maintaining long -term growth, cost control will still be the focus of the company's strategic measures. "

On October 2 this year, the Ministry of Finance, the General Administration of Customs, and the General Administration of Taxation issued the "Announcement on the Consumer Tax of Electronic Cigarettes", which included electronic cigarettes into the scope of consumption tax collection, and tax on the tax production (import) and wholesale links of electronic cigarettes (imports) and wholesale links. According to the provisions, the tax rate of the production (import) link is 36%, and the tax rate of the wholesale link is 11%. Mistox technology is a leading enterprise in the production (import) process of electronic cigarettes.

Chen Zhong, a senior e -cigarette industry person and the editor -in -chief of the new consumer of the blue hole, told reporters that from the perspective of the time cycle of the next two years, the performance of fog core technology may continue to show a downturn. On the one hand, this situation is affected by policy adjustments, and on the other hand, it is also due to the poor sales of electronic cigarette sales in the domestic market.

Chen Zhong also said that the poor sales of electronic cigarettes in the domestic market are caused by many factors. First of all, the currently compliance with the national standard of electronic cigarettes is not good in taste, and consumers are not strong in buying; on the other hand, many consumers have previously hoarded a large number of seasoning electronic smoke bombs, which has not been consumed yet; In addition, there are still common seasoning electronic cigarette bombs on the market, which further compresses the market space of compliance electronic cigarette products. Chen Zhong emphasized that only when the above problems have been improved, the performance of electronic cigarette companies has the possibility of recovery.

Electronic cigarette companies "go to sea" to become a trend

From the end of last year to the first half of this year, electronic cigarette -related policies have been introduced. As early as November 2021, the State Council issued "About Modification

On March 11 this year, the National Tobacco Monopoly announced the "Administrative Measures for Electronic Cigarettes" (hereinafter referred to as the "Management Measures"). Orientation management. The management measures will be implemented from May 1, 2022. Later, on April 8th, the State Administration of Market Supervision and Administration issued an announcement on the approval of the GB41700-2022 "Electronic Cigarette" forced national standards, which clearly prohibited the sale of seasoning electronic cigarettes except tobacco-flavored and can be added by self-added fog. E -cigarettes were implemented on October 1, 2022.

On October 2 this year, the Ministry of Finance, the General Administration of Customs, and the General Administration of Taxation issued the "Announcement on the Consumer Tax of Electronic Cigarettes". It is worth noting that the above announcement mentioned that "taxpayers exported electronic cigarettes and applicable to export refund (free) tax policies."

Huaxi Securities pointed out that the taxation policy for electronic cigarettes clarifies the taxpayer's export electronic cigarettes, and the export refund (exemption) tax policy is applicable. In the future, the export electronic cigarette continues to enjoy a 13%tax refund policy, proving that export electronic cigarettes continue to be encouraged by policy.

While domestic electronic cigarette companies have entered a standardized development channel in the country, they also began to target overseas markets. Chen Zhong said that many head companies are focusing on overseas markets, and more and more manufacturers will gradually transfer to overseas markets in the future. "At present, many electronic cigarette companies are profitable in overseas markets, and the Southeast Asia and European markets have not prohibited the sales of electronic cigarettes. From the perspective of operating environment, overseas markets are relatively simple. Business, the market expansion and channel distributors have been responsible for the sincere distribution since then. At present, many companies have gradually figured out some products preferences in overseas markets, such as overseas users like some large -scale disposable products. Everyone is everyone. Everyone is everyone. Everyone is everyone. Concentrate to compete for overseas markets. "