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十八粒子
2021-03-22
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E-cigarette regulatory storm is coming: Will there be another RELX?
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href=\"https://laohu8.com/U/3491349542340298\">@EE_5536</a> cz amw<a href=\"https://laohu8.com/U/3480033600227427\">@to_a</a> up","listText":"<a href=\"https://laohu8.com/U/3491349542340298\">@EE_5536</a> cz amw<a href=\"https://laohu8.com/U/3480033600227427\">@to_a</a> up","text":"@EE_5536 cz amw@to_a up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359493021","repostId":"1145714867","repostType":4,"repost":{"id":"1145714867","kind":"news","pubTimestamp":1616417812,"share":"https://ttm.financial/m/news/1145714867?lang=en_US&edition=fundamental","pubTime":"2021-03-22 20:56","market":"us","language":"zh","title":"E-cigarette regulatory storm is coming: Will there be another RELX?","url":"https://stock-news.laohu8.com/highlight/detail?id=1145714867","media":"全天候科技","summary":"靴子落地。","content":"<p>Author | Yu Huiru</p><p>The boots fell to the ground.</p><p>On March 22, in order to strengthen the supervision of new tobacco products such as e-cigarettes, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration drafted the \"Opinions on Amending...\"<中华人民共和国烟草专卖法实施条例>The decision (draft for public comment) is now open for public comment.</p><p>The draft proposes that e-cigarettes and other new tobacco products should be implemented in accordance with the relevant provisions on cigarettes in the Implementation Regulations. This will significantly improve the efficiency of e-cigarette supervision, effectively standardize e-cigarette production and operation activities, solve problems such as product quality and safety risks and false advertising, and effectively protect the legitimate rights and interests of consumers.</p><p>Affected by this news, the parent company of e-cigarette giant RELEX...<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>The stock price fell in pre-market trading, with a drop of as much as 35% at one point.</p><p><img src=\"https://static.tigerbbs.com/6085fe0783ac159b209c84397e00d27a\" tg-width=\"600\" tg-height=\"373\" referrerpolicy=\"no-referrer\"></p><p>Previously, policy and regulatory issues had been a \"sword of Damocles\" hanging over the e-cigarette industry. What does it mean that the Ministry of Industry and Information Technology has made a final decision to regulate new tobacco products such as e-cigarettes in the same way as cigarettes?</p><p><b>\"The e-cigarette industry is about to be regulated, and it will refer to, but not completely follow, the relevant regulations on cigarettes,\" said Ou Junbiao, chairman of the E-cigarette Industry Committee of the China Electronic Commerce Association. He added that the scope of management may involve e-cigarette companies' production, taxation, and other aspects.</b></p><p>Sources familiar with the matter revealed that if tobacco were taxed, the tax rate would rise to at least 36%. Will this severely damage current e-cigarette brands?</p><p><b>In Ou Junbiao's view, this news should be interpreted positively. With regulatory intervention, counterfeit, substandard, and substandard products have disappeared from the market, allowing legitimate companies to grow better. \"Price is never an issue. As long as the government provides ID cards, it's a good thing.\"</b></p><p>E-cigarette entrepreneurs share the same opinion.</p><p><b>“I think it’s a good thing for brands. (The draft opinion) talks about regulation, not banning e-cigarettes,” said Li Oucheng, investor and co-founder of the e-cigarette brand EVOVE. “In the short term, it’s bad news for those who want to enter but haven’t yet, but it’s good news for existing brands.”</b></p><p>As for the potential changes that may occur after e-cigarettes are brought under regulation, Li Oucheng believes that we will have to wait for the specific details to be released.</p><p>Previously, RELL's successful IPO had already brought the industry into a state of turmoil. Its wealth effect has spurred numerous industry players and players from other industries to expand aggressively, vying to become the next RELEX. What will the new regulatory policies bring them?</p><p>1. Shockwave of RELECT's IPO</p><p>Nothing better indicates that a company is feeling the pressure of increased competition than a proactive change in senior personnel.</p><p>In the second month after Wuxin Technology, the parent company of the e-cigarette brand RELX, secretly submitted its listing application documents, at the end of December 2020, another domestic e-cigarette brand, Xiwu, announced a personnel appointment and removal announcement, removing CEO Chen Min and COO Liu Yu from their positions, and appointing Thomas Yao, the original Xiwu investor, as the new CEO.</p><p>The day before Thomas Yao took office, Wuxin Technology officially submitted its prospectus to the U.S. Securities and Exchange Commission. Twenty-two days later, the three-year-old company went public on the New York Stock Exchange, adding another story of instant riches to the e-cigarette industry.</p><p>The change of leadership at the time of RELL's IPO is no coincidence. This indicates that within Xiwu, at least the current management believes that in the new round of turmoil in the e-cigarette industry, the company needs more direct and efficient management and capital operation methods.</p><p>Thomas Yao's original words were, \"Speed is also very important to me. Only when the company develops to a stage of 1-10 can high-speed growth retain better talent and attract more talent to join.\"</p><p>This investor, who strives to be number one in everything, is familiar with capital operations, and has been active in Silicon Valley for a long time, was also the founder of four technology companies. He hopes that his investment experience and entrepreneurial success will allow Xiwu to develop faster and help Xiwu maximize the power of capital.</p><p>“By doing this at this stage, I can see more of the company’s future. I think it (Xiwu) has the opportunity to become the next company of RELEX’s size, and this industry also has huge potential,” said Thomas Yao.</p><p>On January 22, RLEG's operating entity, Fog Core Technology, went public on the New York Stock Exchange under the ticker symbol \"RLX\". On the opening day, the stock price surged, with the highest intraday increase of 158%, and the closing market value reached $45.8 billion, bringing huge wealth to founder Wang Ying.</p><p>In January 2018, Wang Ying founded Wuxin Technology and served as its CEO. In just three years, with the help of capital, RELEX has reached its peak at a \"rapid\" pace.</p><p>According to the prospectus, in 2018, 2019 and the first three quarters of 2020, RELEX's net profit was approximately -287,000 yuan, 47.748 million yuan and 109 million yuan respectively, which means that it has turned from a loss to a profit since 2019.</p><p><img src=\"https://static.tigerbbs.com/85213927b301963b51f8b6ce47e6add6\" tg-width=\"868\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p>RELECT's IPO has brought hope to those in the e-cigarette industry, but it has also made those outside the industry eager to take action.</p><p>“It turns out that entrepreneurs from other industries, entrepreneurs with some funds, have started to pay attention to this industry, and some capital companies have also come to us,” Thomas Yao told All-Weather Technology. Having missed the capital of RELEX, he didn’t want to miss the next RELEX and was willing to invest money to create a new RELEX.</p><p>2. Wind Chaser</p><p>Gong Ye's decision to resign from her operations job and enter the e-cigarette industry began with RELEX's IPO.</p><p>\"Seeing that this is a hot trend, let's try opening a (specialty store).\" He was touched by the stories in the news reports and firmly believed that seizing the opportunity was more important than \"working for someone else.\"</p><p>No one doubts that this wave of popularity was brought about by RELL's IPO.</p><p>\"There's a saying that there are only two brands of e-cigarettes: RELUX and others.\" Despite this understanding, after trying out products from more than 20 brands, making hundreds of phone calls, and collecting thousands of pieces of e-cigarette-related information, Gong Ye ultimately chose Xiao Ye. Because in a big city like Wuhan, \"there are too many RELX stores, and there are no good locations to choose from.\"</p><p>In March of this year, Gong Ye finally owned a 10-square-meter e-cigarette specialty store.</p><p>In a small commercial street in Shenzhen, 1,000 kilometers away from Gong Ye, Wei Dong opened an 8-square-meter Yueke e-cigarette specialty store.</p><p><b>Yueke offline stores</b></p><p><img src=\"https://static.tigerbbs.com/c0f5081b5375e29e8acf0712cb867336\" tg-width=\"644\" tg-height=\"843\" referrerpolicy=\"no-referrer\"></p><p>Like Gong Ye, Wei Dong is also a newcomer to the electronics industry. He joined the RELX offline store army at the end of December last year. Less than three months after opening, although this small store did not make him a lot of money, it never lost money either.</p><p>\"If you want to do this, it doesn't matter how many e-cigarette stores are nearby, as long as the flow of people around meets the location you choose,\" Wei Dong revealed. RELECT's store opening strategy is to open a store 500 meters apart.</p><p>According to the prospectus, from the first three quarters of 2019 to the first three quarters of 2020, Wuxin Technology licensed more than 5,000 stores.</p><p>As one in a few thousand, do people like Wei Dong make money?</p><p>Wei Dong told All-Weather Technology that his store's rental cost is around 7,000 yuan, and a pack of cigarettes costs 99 yuan. As long as he can sell 150 packs per month, he can break even.</p><p>Not limited to distributors like Gong Ye and Wei Dong, people from every chain of the e-cigarette industry want to squeeze in and become \"chasers\" in this wave.</p><p>Several founders of e-cigarette brands told All-Weather Technology that in the past few months, more than one investment institution has extended an olive branch to them.</p><p>\"China is the world's largest potential e-cigarette market,\" said consulting and intelligence firm Arizton Research. As of 2019, the penetration rate of e-cigarette products in China was only 1.2%, compared to 50.4% in the UK and 32.4% in the US, which still has considerable room for development.</p><p>According to data from the \"2021 Q1 China E-cigarette Industry Development Status and Market Research Analysis Report\" released by iiMedia Research, the market size of China's e-cigarette industry was 550 million yuan in 2013, and increased to 8.38 billion yuan in 2020, with an average annual compound growth rate of 72.5% over eight years. It is expected to exceed 10 billion yuan in 2021.</p><p>3. Channels are king.</p><p>Going back more than a year, on November 1, 2019, a ban on the online sale of e-cigarettes was issued, which was like pouring cold water on the industry.</p><p>The online ban has dealt a fatal blow to e-cigarette companies, and RELEX is no exception.</p><p>According to the prospectus, RELL's overall revenue from online and offline channels accounted for 3:7 in the first three quarters of 2019. In the fourth quarter of that year, RELL's revenue experienced its first quarter-on-quarter decline, with a loss of more than 50 million yuan.</p><p>Following this ban, brands began to aggressively expand their offline channels.</p><p>The number of authorized dealers and stores is increasing rapidly. From the first three quarters of 2019 to the first three quarters of 2020, the number of authorized distributors of Wuxin Technology increased from 41 to 110. Net sales revenue from offline distributors increased by RMB 2.162 billion from RMB 780 million.</p><p>Whoever owns a physical store has a \"moat\".</p><p>At the end of 2019, Platinum invested 300 million yuan in subsidies to launch the \"Thousands of Cities and Tens of Thousands of Stores Plan\". Following closely behind, several leading companies, including RELX and Youzi, followed suit.</p><p>In January 2020, RELX announced that it planned to invest a total of 600 million yuan over the next three years to open 10,000 exclusive stores. At the beginning of 2021, YOOZ Yuzu also announced a plan to open 10,000 exclusive stores – subsidizing agents with 600 million yuan and opening 10,000 exclusive stores a year.</p><p>Opening a store means burning through a lot of capital, and seizing a foothold offline is destined to be a competition where money is thrown at it.</p><p>The methods used by brands to throw money at distribution channels are largely the same: providing subsidies for decoration, rent, and new products.</p><p>\"At this stage, for 90% of e-cigarette brands, the distributors are the most profitable (in the industry chain), and everyone is vying for market share,\" said Ou Junbiao. In order to seize market share, brand companies do not care about losses in the early stages.</p><p>Lu Xin, who works in e-cigarette research and development, said that in the past few years, there were cases where e-cigarette products were not well-made, but after several years of development, the research and development has become relatively mature. The core of the industry has become sales; \"you can make money by selling what you can.\" Therefore, distribution channels are the \"king\" of the industry chain.</p><p>How much of the profit chain do brands rely on for offline channels?</p><p>Data provided by RELX customer service shows that the gross profit margin of exclusive stores with a unified purchase price nationwide is between 40% and 50%, while the gross profit margin of authorized stores with quotations provided by local distributors is generally around 40% of the retail price.</p><p>The e-cigarette brand Lemon Lem has a higher gross profit margin.</p><p><img src=\"https://static.tigerbbs.com/a77779c64d3d25f72b44f1fd2d894805\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Lemon e-cigarette agent advertisement image</p><p>A Lemon brand operator told All Weather Technology that the market price of a box of Lemon e-cigarette stick sets (1 stick and 1 cartridge) is 129 yuan, while the purchase price of Lemon distributors is only 40 yuan per box. A box of three cigarette cartridges has a market price of 99 yuan and an agent price of 40 yuan, respectively.</p><p>In addition, dealer display stands and sampling stands, disposable sampling mouthpieces, posters, promotional brochures, etc. will be included.</p><p>\"We have a large number of successful sales cases, and becoming an agent for lemons is an opportunity to make money,\" said the aforementioned brand operator. Those interested in becoming agents can try sales for three months, during which time a sales agreement can be signed if both parties agree.</p><p>4. Seize the lower-tier market</p><p>Two years ago, when sharing with the media, Li Oucheng mentioned \"user education\" the most. Now, his focus has shifted to the lower-tier market.</p><p>The past year has been a year of major adjustments in the e-cigarette industry, and also the year that Li Oucheng has thought about the most. Due to the impact of the pandemic, Yiwu, which originally only focused on overseas markets, adjusted its strategy and joined the domestic e-cigarette channel war.</p><p>Compared to major brands like RELEX, Yiwu is at a disadvantage in terms of funding, brand awareness, and user recognition.</p><p>How to find greater space to survive under the \"squeeze\" of big brands is not only a problem that Li Oucheng and his brand must face, but also a thorny problem for many small players in the e-cigarette industry.</p><p>After multiple meetings, research, and calculations, Li Oucheng and his team believe that new opportunities may appear in lower-tier markets.</p><p>The so-called lower-tier market usually refers to the region outside of first- and second-tier cities, which includes 300 prefecture-level cities, 2,000 county towns, 40,000 townships and 660,000 villages.</p><p>Why value the lower-tier market? Li Oucheng's explanation is simple: the market has completed user education, offline stores in first- and second-tier cities are nearing saturation, more and more people in lower-tier cities are becoming e-cigarette users, and they have a population base. Giants have not yet expanded vigorously, making it a vast blue ocean for consumption.</p><p>When Yiwu selected distributors in third-tier cities, more brands also flocked to lower-tier markets.</p><p>When Liu Tuo, the founder of an e-cigarette brand in Shenzhen, was \"opening cities\" in provinces such as Inner Mongolia, Shaanxi, and Xinjiang, he did not have time to do much research. Instead, he relied on the experience he had accumulated when he was an agent for RELEX and the \"running and exploring\" model to get started.</p><p>“Yueke has a store 500 meters away. Those with good locations make money, while those with bad locations become cannon fodder.” In Liu Tuo’s view, the most important principle for opening an offline e-cigarette store is still location. “It depends on the foot traffic.”</p><p>In order to choose a better location, Liu Tuo accelerated the pace and set up 500 exclusive stores in shopping malls in several third- to sixth-tier cities in Northwest China.</p><p>“The structure of lower-tier cities and counties is very simple. A place may only have one shopping mall, which is the shopping center for the local permanent residents. As long as there is this demand, there will be business,” Liu Tuo analyzed. Even if these shopping malls already have RELX stores, brands with price advantages like these will become the first choice for local low-income people.</p><p>RELX, which is vigorously expanding its territory in first- and second-tier cities, has also recognized the importance of penetrating the lower-tier market. A few months ago, RELX announced that it would launch a strategy to penetrate lower-tier markets in the future.</p><p>The channel manager of Xiwu also stated that Xiwu's consumers were previously concentrated in first- to third-tier cities, but now there is a trend of the market penetrating lower-tier cities.</p><p>A surprising example is that the Xiwu specialty store in a town in the northern suburbs of Chengdu generated over 10,000 yuan in revenue on its opening day and broke even in three days. The shop owner thus earned the nickname \"Li Jiaqi of Xiwu Town\".</p><p>According to data from the National Bureau of Statistics, the population of cities below the third tier and rural townships exceeds 1 billion. In the eyes of e-cigarette brands, what surrounds these 1 billion people is a vast consumer market and attractive returns.</p><p>\"We chose the lower-tier market not to differentiate ourselves, but to find the lowest-cost way to enter the market,\" Li Oucheng said.</p><p>5. Survive in the midst of trends</p><p>Previously, all e-cigarette brands were still facing a thorny problem—the national standard had not yet been released. This also means that it is unknown how many brands will be able to survive under national standards in the future.</p><p>On March 22, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration drafted the \"Opinions on Amending...\"<中华人民共和国烟草专卖法实施条例>The \"Decision (Draft for Comments)\" proposes that e-cigarettes and other new tobacco products should be implemented in accordance with the relevant provisions on cigarettes in the \"Implementation Regulations,\" which will significantly improve the effectiveness of e-cigarette regulation.</p><p>Many e-cigarette industry professionals believe that this is good news for the industry in the long run. However, the specific impact and changes will have to wait for the detailed rules to be</p><p>In the United States, e-cigarettes are included in the U.S. Food and Drug Administration (FDA), and each e-cigarette and each flavor must be approved by the FDA's PMTA in order to continue to be sold in the market. In China, however, there are still no standards for e-cigarettes.</p><p>\"The biggest uncertainty in the sale of e-cigarettes at present is still the issue of regulations and policies,\" Ou Junbiao said.</p><p>Ao Weinuo, Secretary-General of the E-cigarette Industry Committee of the China Electronic Commerce Association, also agreed with the above view. After communicating with companies, he found that there are three issues that people are most concerned about at present: policy, security, and the global market.</p><p>In fact, as early as four years ago, relevant units had already initiated a project to draft a national mandatory standard for e-cigarettes. According to the planned timetable, the draft that passed the review should have been officially released in 2019, but the industry has yet to see the draft.</p><p>The consensus among some industry professionals is that the chaos in the e-cigarette industry stems from the lack of compliance requirements and the excessively low entry barriers.</p><p>For practitioners, the implementation of national standards means that the industry has been officially recognized by the state, freeing it from operating on the margins.</p><p>In addition, taxation issues have also attracted much attention.</p><p>Liu Tuo told All-Weather Technology that most e-cigarette brands are currently registered as technology companies and pay a 13% tax on ordinary electronic products. In the future, whether e-cigarettes will be positioned as consumer goods, tobacco, or medical devices will largely determine how e-cigarettes will be taxed.</p><p>The future of the e-cigarette industry remains uncertain, but most players remain optimistic.</p><p>Liu Tuo denied that it was a hobby business: \"I didn't start this business to make money. If it were to make money, I would have done very well as an agent for RELEX in the early days. I am optimistic about this thing and hope to do something long-term.\"</p><p>He firmly believes that even though RELX currently occupies more than 60% of the Chinese e-cigarette market, it will not be easy to capture the entire market. There will definitely be another RELX emerging.</p><p>Investors are actively exploring the next RELX, and many players also hope to become the latter. \"When you have money, it's easy to get things done; when you have money, you can run fast.\" In Liu Tuo's view, more capital support is crucial for e-cigarette brands.</p><p>After all, a price war has already begun among e-cigarette brands.</p><p>The first news was that a year ago, Yuzu launched a new replaceable e-cigarette stick, priced at only 9.9 yuan. Recently, JVE Feiwo, an e-cigarette brand belonging to Shenzhen Feiwo Technology Co., Ltd., announced that the unit price of its atomizing cartridges (three-pack) has been reduced from 99 yuan to 59 yuan, a reduction of 40% in one go.</p><p>Liu Tuo said that price wars are normal, and now \"everyone wants to kill each other\".</p><p>However, for many small and medium-sized brands, \"at this stage, before becoming the next RELUX, they need to survive,\" Liu Tuo added.</p><p>(Gong Ye, Wei Dong, Lu Xin, and Liu Tuo are all pseudonyms in this article.)</p>","source":"qthkj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>E-cigarette regulatory storm is coming: Will there be another RELX?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nE-cigarette regulatory storm is coming: Will there be another RELX?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2021-03-22 20:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author | Yu Huiru</p><p>The boots fell to the ground.</p><p>On March 22, in order to strengthen the supervision of new tobacco products such as e-cigarettes, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration drafted the \"Opinions on Amending...\"<中华人民共和国烟草专卖法实施条例>The decision (draft for public comment) is now open for public comment.</p><p>The draft proposes that e-cigarettes and other new tobacco products should be implemented in accordance with the relevant provisions on cigarettes in the Implementation Regulations. This will significantly improve the efficiency of e-cigarette supervision, effectively standardize e-cigarette production and operation activities, solve problems such as product quality and safety risks and false advertising, and effectively protect the legitimate rights and interests of consumers.</p><p>Affected by this news, the parent company of e-cigarette giant RELEX...<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>The stock price fell in pre-market trading, with a drop of as much as 35% at one point.</p><p><img src=\"https://static.tigerbbs.com/6085fe0783ac159b209c84397e00d27a\" tg-width=\"600\" tg-height=\"373\" referrerpolicy=\"no-referrer\"></p><p>Previously, policy and regulatory issues had been a \"sword of Damocles\" hanging over the e-cigarette industry. What does it mean that the Ministry of Industry and Information Technology has made a final decision to regulate new tobacco products such as e-cigarettes in the same way as cigarettes?</p><p><b>\"The e-cigarette industry is about to be regulated, and it will refer to, but not completely follow, the relevant regulations on cigarettes,\" said Ou Junbiao, chairman of the E-cigarette Industry Committee of the China Electronic Commerce Association. He added that the scope of management may involve e-cigarette companies' production, taxation, and other aspects.</b></p><p>Sources familiar with the matter revealed that if tobacco were taxed, the tax rate would rise to at least 36%. Will this severely damage current e-cigarette brands?</p><p><b>In Ou Junbiao's view, this news should be interpreted positively. With regulatory intervention, counterfeit, substandard, and substandard products have disappeared from the market, allowing legitimate companies to grow better. \"Price is never an issue. As long as the government provides ID cards, it's a good thing.\"</b></p><p>E-cigarette entrepreneurs share the same opinion.</p><p><b>“I think it’s a good thing for brands. (The draft opinion) talks about regulation, not banning e-cigarettes,” said Li Oucheng, investor and co-founder of the e-cigarette brand EVOVE. “In the short term, it’s bad news for those who want to enter but haven’t yet, but it’s good news for existing brands.”</b></p><p>As for the potential changes that may occur after e-cigarettes are brought under regulation, Li Oucheng believes that we will have to wait for the specific details to be released.</p><p>Previously, RELL's successful IPO had already brought the industry into a state of turmoil. Its wealth effect has spurred numerous industry players and players from other industries to expand aggressively, vying to become the next RELEX. What will the new regulatory policies bring them?</p><p>1. Shockwave of RELECT's IPO</p><p>Nothing better indicates that a company is feeling the pressure of increased competition than a proactive change in senior personnel.</p><p>In the second month after Wuxin Technology, the parent company of the e-cigarette brand RELX, secretly submitted its listing application documents, at the end of December 2020, another domestic e-cigarette brand, Xiwu, announced a personnel appointment and removal announcement, removing CEO Chen Min and COO Liu Yu from their positions, and appointing Thomas Yao, the original Xiwu investor, as the new CEO.</p><p>The day before Thomas Yao took office, Wuxin Technology officially submitted its prospectus to the U.S. Securities and Exchange Commission. Twenty-two days later, the three-year-old company went public on the New York Stock Exchange, adding another story of instant riches to the e-cigarette industry.</p><p>The change of leadership at the time of RELL's IPO is no coincidence. This indicates that within Xiwu, at least the current management believes that in the new round of turmoil in the e-cigarette industry, the company needs more direct and efficient management and capital operation methods.</p><p>Thomas Yao's original words were, \"Speed is also very important to me. Only when the company develops to a stage of 1-10 can high-speed growth retain better talent and attract more talent to join.\"</p><p>This investor, who strives to be number one in everything, is familiar with capital operations, and has been active in Silicon Valley for a long time, was also the founder of four technology companies. He hopes that his investment experience and entrepreneurial success will allow Xiwu to develop faster and help Xiwu maximize the power of capital.</p><p>“By doing this at this stage, I can see more of the company’s future. I think it (Xiwu) has the opportunity to become the next company of RELEX’s size, and this industry also has huge potential,” said Thomas Yao.</p><p>On January 22, RLEG's operating entity, Fog Core Technology, went public on the New York Stock Exchange under the ticker symbol \"RLX\". On the opening day, the stock price surged, with the highest intraday increase of 158%, and the closing market value reached $45.8 billion, bringing huge wealth to founder Wang Ying.</p><p>In January 2018, Wang Ying founded Wuxin Technology and served as its CEO. In just three years, with the help of capital, RELEX has reached its peak at a \"rapid\" pace.</p><p>According to the prospectus, in 2018, 2019 and the first three quarters of 2020, RELEX's net profit was approximately -287,000 yuan, 47.748 million yuan and 109 million yuan respectively, which means that it has turned from a loss to a profit since 2019.</p><p><img src=\"https://static.tigerbbs.com/85213927b301963b51f8b6ce47e6add6\" tg-width=\"868\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p>RELECT's IPO has brought hope to those in the e-cigarette industry, but it has also made those outside the industry eager to take action.</p><p>“It turns out that entrepreneurs from other industries, entrepreneurs with some funds, have started to pay attention to this industry, and some capital companies have also come to us,” Thomas Yao told All-Weather Technology. Having missed the capital of RELEX, he didn’t want to miss the next RELEX and was willing to invest money to create a new RELEX.</p><p>2. Wind Chaser</p><p>Gong Ye's decision to resign from her operations job and enter the e-cigarette industry began with RELEX's IPO.</p><p>\"Seeing that this is a hot trend, let's try opening a (specialty store).\" He was touched by the stories in the news reports and firmly believed that seizing the opportunity was more important than \"working for someone else.\"</p><p>No one doubts that this wave of popularity was brought about by RELL's IPO.</p><p>\"There's a saying that there are only two brands of e-cigarettes: RELUX and others.\" Despite this understanding, after trying out products from more than 20 brands, making hundreds of phone calls, and collecting thousands of pieces of e-cigarette-related information, Gong Ye ultimately chose Xiao Ye. Because in a big city like Wuhan, \"there are too many RELX stores, and there are no good locations to choose from.\"</p><p>In March of this year, Gong Ye finally owned a 10-square-meter e-cigarette specialty store.</p><p>In a small commercial street in Shenzhen, 1,000 kilometers away from Gong Ye, Wei Dong opened an 8-square-meter Yueke e-cigarette specialty store.</p><p><b>Yueke offline stores</b></p><p><img src=\"https://static.tigerbbs.com/c0f5081b5375e29e8acf0712cb867336\" tg-width=\"644\" tg-height=\"843\" referrerpolicy=\"no-referrer\"></p><p>Like Gong Ye, Wei Dong is also a newcomer to the electronics industry. He joined the RELX offline store army at the end of December last year. Less than three months after opening, although this small store did not make him a lot of money, it never lost money either.</p><p>\"If you want to do this, it doesn't matter how many e-cigarette stores are nearby, as long as the flow of people around meets the location you choose,\" Wei Dong revealed. RELECT's store opening strategy is to open a store 500 meters apart.</p><p>According to the prospectus, from the first three quarters of 2019 to the first three quarters of 2020, Wuxin Technology licensed more than 5,000 stores.</p><p>As one in a few thousand, do people like Wei Dong make money?</p><p>Wei Dong told All-Weather Technology that his store's rental cost is around 7,000 yuan, and a pack of cigarettes costs 99 yuan. As long as he can sell 150 packs per month, he can break even.</p><p>Not limited to distributors like Gong Ye and Wei Dong, people from every chain of the e-cigarette industry want to squeeze in and become \"chasers\" in this wave.</p><p>Several founders of e-cigarette brands told All-Weather Technology that in the past few months, more than one investment institution has extended an olive branch to them.</p><p>\"China is the world's largest potential e-cigarette market,\" said consulting and intelligence firm Arizton Research. As of 2019, the penetration rate of e-cigarette products in China was only 1.2%, compared to 50.4% in the UK and 32.4% in the US, which still has considerable room for development.</p><p>According to data from the \"2021 Q1 China E-cigarette Industry Development Status and Market Research Analysis Report\" released by iiMedia Research, the market size of China's e-cigarette industry was 550 million yuan in 2013, and increased to 8.38 billion yuan in 2020, with an average annual compound growth rate of 72.5% over eight years. It is expected to exceed 10 billion yuan in 2021.</p><p>3. Channels are king.</p><p>Going back more than a year, on November 1, 2019, a ban on the online sale of e-cigarettes was issued, which was like pouring cold water on the industry.</p><p>The online ban has dealt a fatal blow to e-cigarette companies, and RELEX is no exception.</p><p>According to the prospectus, RELL's overall revenue from online and offline channels accounted for 3:7 in the first three quarters of 2019. In the fourth quarter of that year, RELL's revenue experienced its first quarter-on-quarter decline, with a loss of more than 50 million yuan.</p><p>Following this ban, brands began to aggressively expand their offline channels.</p><p>The number of authorized dealers and stores is increasing rapidly. From the first three quarters of 2019 to the first three quarters of 2020, the number of authorized distributors of Wuxin Technology increased from 41 to 110. Net sales revenue from offline distributors increased by RMB 2.162 billion from RMB 780 million.</p><p>Whoever owns a physical store has a \"moat\".</p><p>At the end of 2019, Platinum invested 300 million yuan in subsidies to launch the \"Thousands of Cities and Tens of Thousands of Stores Plan\". Following closely behind, several leading companies, including RELX and Youzi, followed suit.</p><p>In January 2020, RELX announced that it planned to invest a total of 600 million yuan over the next three years to open 10,000 exclusive stores. At the beginning of 2021, YOOZ Yuzu also announced a plan to open 10,000 exclusive stores – subsidizing agents with 600 million yuan and opening 10,000 exclusive stores a year.</p><p>Opening a store means burning through a lot of capital, and seizing a foothold offline is destined to be a competition where money is thrown at it.</p><p>The methods used by brands to throw money at distribution channels are largely the same: providing subsidies for decoration, rent, and new products.</p><p>\"At this stage, for 90% of e-cigarette brands, the distributors are the most profitable (in the industry chain), and everyone is vying for market share,\" said Ou Junbiao. In order to seize market share, brand companies do not care about losses in the early stages.</p><p>Lu Xin, who works in e-cigarette research and development, said that in the past few years, there were cases where e-cigarette products were not well-made, but after several years of development, the research and development has become relatively mature. The core of the industry has become sales; \"you can make money by selling what you can.\" Therefore, distribution channels are the \"king\" of the industry chain.</p><p>How much of the profit chain do brands rely on for offline channels?</p><p>Data provided by RELX customer service shows that the gross profit margin of exclusive stores with a unified purchase price nationwide is between 40% and 50%, while the gross profit margin of authorized stores with quotations provided by local distributors is generally around 40% of the retail price.</p><p>The e-cigarette brand Lemon Lem has a higher gross profit margin.</p><p><img src=\"https://static.tigerbbs.com/a77779c64d3d25f72b44f1fd2d894805\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Lemon e-cigarette agent advertisement image</p><p>A Lemon brand operator told All Weather Technology that the market price of a box of Lemon e-cigarette stick sets (1 stick and 1 cartridge) is 129 yuan, while the purchase price of Lemon distributors is only 40 yuan per box. A box of three cigarette cartridges has a market price of 99 yuan and an agent price of 40 yuan, respectively.</p><p>In addition, dealer display stands and sampling stands, disposable sampling mouthpieces, posters, promotional brochures, etc. will be included.</p><p>\"We have a large number of successful sales cases, and becoming an agent for lemons is an opportunity to make money,\" said the aforementioned brand operator. Those interested in becoming agents can try sales for three months, during which time a sales agreement can be signed if both parties agree.</p><p>4. Seize the lower-tier market</p><p>Two years ago, when sharing with the media, Li Oucheng mentioned \"user education\" the most. Now, his focus has shifted to the lower-tier market.</p><p>The past year has been a year of major adjustments in the e-cigarette industry, and also the year that Li Oucheng has thought about the most. Due to the impact of the pandemic, Yiwu, which originally only focused on overseas markets, adjusted its strategy and joined the domestic e-cigarette channel war.</p><p>Compared to major brands like RELEX, Yiwu is at a disadvantage in terms of funding, brand awareness, and user recognition.</p><p>How to find greater space to survive under the \"squeeze\" of big brands is not only a problem that Li Oucheng and his brand must face, but also a thorny problem for many small players in the e-cigarette industry.</p><p>After multiple meetings, research, and calculations, Li Oucheng and his team believe that new opportunities may appear in lower-tier markets.</p><p>The so-called lower-tier market usually refers to the region outside of first- and second-tier cities, which includes 300 prefecture-level cities, 2,000 county towns, 40,000 townships and 660,000 villages.</p><p>Why value the lower-tier market? Li Oucheng's explanation is simple: the market has completed user education, offline stores in first- and second-tier cities are nearing saturation, more and more people in lower-tier cities are becoming e-cigarette users, and they have a population base. Giants have not yet expanded vigorously, making it a vast blue ocean for consumption.</p><p>When Yiwu selected distributors in third-tier cities, more brands also flocked to lower-tier markets.</p><p>When Liu Tuo, the founder of an e-cigarette brand in Shenzhen, was \"opening cities\" in provinces such as Inner Mongolia, Shaanxi, and Xinjiang, he did not have time to do much research. Instead, he relied on the experience he had accumulated when he was an agent for RELEX and the \"running and exploring\" model to get started.</p><p>“Yueke has a store 500 meters away. Those with good locations make money, while those with bad locations become cannon fodder.” In Liu Tuo’s view, the most important principle for opening an offline e-cigarette store is still location. “It depends on the foot traffic.”</p><p>In order to choose a better location, Liu Tuo accelerated the pace and set up 500 exclusive stores in shopping malls in several third- to sixth-tier cities in Northwest China.</p><p>“The structure of lower-tier cities and counties is very simple. A place may only have one shopping mall, which is the shopping center for the local permanent residents. As long as there is this demand, there will be business,” Liu Tuo analyzed. Even if these shopping malls already have RELX stores, brands with price advantages like these will become the first choice for local low-income people.</p><p>RELX, which is vigorously expanding its territory in first- and second-tier cities, has also recognized the importance of penetrating the lower-tier market. A few months ago, RELX announced that it would launch a strategy to penetrate lower-tier markets in the future.</p><p>The channel manager of Xiwu also stated that Xiwu's consumers were previously concentrated in first- to third-tier cities, but now there is a trend of the market penetrating lower-tier cities.</p><p>A surprising example is that the Xiwu specialty store in a town in the northern suburbs of Chengdu generated over 10,000 yuan in revenue on its opening day and broke even in three days. The shop owner thus earned the nickname \"Li Jiaqi of Xiwu Town\".</p><p>According to data from the National Bureau of Statistics, the population of cities below the third tier and rural townships exceeds 1 billion. In the eyes of e-cigarette brands, what surrounds these 1 billion people is a vast consumer market and attractive returns.</p><p>\"We chose the lower-tier market not to differentiate ourselves, but to find the lowest-cost way to enter the market,\" Li Oucheng said.</p><p>5. Survive in the midst of trends</p><p>Previously, all e-cigarette brands were still facing a thorny problem—the national standard had not yet been released. This also means that it is unknown how many brands will be able to survive under national standards in the future.</p><p>On March 22, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration drafted the \"Opinions on Amending...\"<中华人民共和国烟草专卖法实施条例>The \"Decision (Draft for Comments)\" proposes that e-cigarettes and other new tobacco products should be implemented in accordance with the relevant provisions on cigarettes in the \"Implementation Regulations,\" which will significantly improve the effectiveness of e-cigarette regulation.</p><p>Many e-cigarette industry professionals believe that this is good news for the industry in the long run. However, the specific impact and changes will have to wait for the detailed rules to be</p><p>In the United States, e-cigarettes are included in the U.S. Food and Drug Administration (FDA), and each e-cigarette and each flavor must be approved by the FDA's PMTA in order to continue to be sold in the market. In China, however, there are still no standards for e-cigarettes.</p><p>\"The biggest uncertainty in the sale of e-cigarettes at present is still the issue of regulations and policies,\" Ou Junbiao said.</p><p>Ao Weinuo, Secretary-General of the E-cigarette Industry Committee of the China Electronic Commerce Association, also agreed with the above view. After communicating with companies, he found that there are three issues that people are most concerned about at present: policy, security, and the global market.</p><p>In fact, as early as four years ago, relevant units had already initiated a project to draft a national mandatory standard for e-cigarettes. According to the planned timetable, the draft that passed the review should have been officially released in 2019, but the industry has yet to see the draft.</p><p>The consensus among some industry professionals is that the chaos in the e-cigarette industry stems from the lack of compliance requirements and the excessively low entry barriers.</p><p>For practitioners, the implementation of national standards means that the industry has been officially recognized by the state, freeing it from operating on the margins.</p><p>In addition, taxation issues have also attracted much attention.</p><p>Liu Tuo told All-Weather Technology that most e-cigarette brands are currently registered as technology companies and pay a 13% tax on ordinary electronic products. In the future, whether e-cigarettes will be positioned as consumer goods, tobacco, or medical devices will largely determine how e-cigarettes will be taxed.</p><p>The future of the e-cigarette industry remains uncertain, but most players remain optimistic.</p><p>Liu Tuo denied that it was a hobby business: \"I didn't start this business to make money. If it were to make money, I would have done very well as an agent for RELEX in the early days. I am optimistic about this thing and hope to do something long-term.\"</p><p>He firmly believes that even though RELX currently occupies more than 60% of the Chinese e-cigarette market, it will not be easy to capture the entire market. There will definitely be another RELX emerging.</p><p>Investors are actively exploring the next RELX, and many players also hope to become the latter. \"When you have money, it's easy to get things done; when you have money, you can run fast.\" In Liu Tuo's view, more capital support is crucial for e-cigarette brands.</p><p>After all, a price war has already begun among e-cigarette brands.</p><p>The first news was that a year ago, Yuzu launched a new replaceable e-cigarette stick, priced at only 9.9 yuan. Recently, JVE Feiwo, an e-cigarette brand belonging to Shenzhen Feiwo Technology Co., Ltd., announced that the unit price of its atomizing cartridges (three-pack) has been reduced from 99 yuan to 59 yuan, a reduction of 40% in one go.</p><p>Liu Tuo said that price wars are normal, and now \"everyone wants to kill each other\".</p><p>However, for many small and medium-sized brands, \"at this stage, before becoming the next RELUX, they need to survive,\" Liu Tuo added.</p><p>(Gong Ye, Wei Dong, Lu Xin, and Liu Tuo are all pseudonyms in this article.)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://awtmt.com/articles/3624571\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9bc4ee269ad9cff7441dc3605e3bc69a","relate_stocks":{"RLX":"雾芯科技"},"source_url":"https://awtmt.com/articles/3624571","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145714867","content_text":"作者 | 于惠如靴子落地。3月22日，为加强对电子烟等新型烟草制品的监管，工业和信息化部、国家烟草专卖局研究起草了《关于修改<中华人民共和国烟草专卖法实施条例>的决定（征求意见稿）》，向社会公开征求意见。《意见稿》提出，将电子烟等新型烟草制品参照《实施条例》中关于卷烟的有关规定执行，将大幅度提升电子烟监管效能，有效规范电子烟生产经营活动，解决电子烟存在的产品质量安全风险、虚假广告等问题，切实保障消费者合法权益。受此消息影响，电子烟巨头悦刻母公司雾芯科技盘前股价下挫，跌幅一度达35%。此前，政策监管问题一直是悬在电子烟行业之上的“达摩克利斯之剑”。工信部一锤定音，将电子烟等新型烟草制品参照卷烟监管，又意味着什么呢？“电子烟行业要受到监管了，会参照但不会完全按照卷烟的有关规定。”中国电子商会电子烟行业委员会会长欧俊彪表示，管理的范围可能涉及电子烟企业生产、税收等。有知情人士透露，如果按照烟草征税，税率至少上升到36%。这是否会使目前电子烟品牌遭受重创？在欧俊彪看来，这则消息应该从正面去解读。监管出手，市场上三无产品消失，正规军更好地成长。“价格从来不是问题。只要国家给身份证就是好事。”持相同意见的还有电子烟创业者。 “我觉得对品牌来说是一个好事，（《意见稿》）说的是监管，没有说禁止电子烟。”电子烟品牌亿雾EVOVE的投资人兼联合创始人李欧成说，从短期看，对于要进入还未进入的人来说是利空消息，但对于已有品牌是利好消息。至于电子烟纳入监管之后可能发生的变化，李欧成认为，还要等具体细则出来才能看到。此前，悦刻的成功上市已经将这个行业带入躁动的状态。其财富效应刺激众多行业玩家和其他行业跨界而来的玩家疯狂扩张，争相成为下一个悦刻。监管新政来临，会给他们带来什么？1、悦刻上市冲击波没有什么比公司主动做出高层人事调整更能表明这家公司正感受到竞争加剧的压力。电子烟品牌悦刻RELX母公司雾芯科技秘密提交申请上市文件的第二个月，2020年12月底，国内另一家电子烟品牌喜雾宣布了一则人事任免公告，免去公司CEO陈敏和COO刘宇职务，新任CEO由原喜雾投资人Thomas Yao担任。Thomas Yao上任的前一天，雾芯科技正式向美国证监会递交招股说明书。22天后，这家成立三年的公司登陆纽交所，为电子烟行业又增加了一个敲钟暴富的故事。在悦刻上市之际做出换帅举动并非巧合。这表明，喜雾内部，至少现任管理层认为，在电子烟行业新一轮的躁动中，公司需要更直接、高效的管理方式与资本运作方式。Thomas Yao的原话是，“速度对我来讲也是很重要的，公司发展到1-10的阶段，高速增长才能留住更好的人才，同时吸引更多的人才加入。”这位凡事争第一、熟悉资本运作、长期活跃于美国硅谷的投资人，也曾是四家科技公司的创始人。他希望自身的投资经验和创业成功经历，能让喜雾发展地更快些，并帮助喜雾将资本的能量最大化。“在这个阶段我去做，我能更多看到公司的未来，我觉得它（喜雾）应该是有机会成为下一个悦刻这样体量的公司的，这个行业也是有巨大潜力的。”Thomas Yao说。1月22日，悦刻的运营主体雾芯科技在纽交所上市，股票代码“RLX”，开盘当日股价暴涨，盘中股价最高涨幅158%，收盘市值达458亿美元，给创始人汪莹带来巨额财富。2018年1月，汪莹创办雾芯科技并担任CEO。短短三年时间，在资本的助推下，悦刻以“神速”攀上巅峰。招股说明书显示，2018、2019及2020前三季度，悦刻期内净利润分别约为-28.7万元、4774.8万元和1.09亿元，即2019年起由亏转盈。悦刻的上市给电子烟行业内的人带来了希望，也让行业之外的人蠢蠢欲动。“原来别的行业的创业者，手上有一些资金的企业家都开始关注这个行业，也有资本公司来找我们。”Thomas Yao告诉全天候科技，错过了悦刻的资本，不想错过下一个悦刻，也愿意拿钱砸出来一家新的悦刻。2、追风者龚叶决定辞去运营的工作，踏入电子烟行业是从悦刻上市开始的。“看这个在风口上，做一个（专卖店）试试。”他被新闻报道里的故事挑动神经，并笃信比起“打工”，当下抓住风口更重要。没有人怀疑，这波风口是悦刻上市带来的。“有一种说法是，电子烟只有两个品牌，一个是悦刻，一个是其他。”尽管有这样的认知，在试抽了20多个品牌的产品、打了上百个电话、搜集了上千条电子烟相关资讯后，龚叶最终还是选择了小野。因为，在武汉这样的大城市，“悦刻门店太多，没有好位置可选了。”今年3月，龚叶终于拥有了一家10平米的电子烟专卖店。在距离龚叶一千公里以外的一个深圳小型商业街，韦东开了一家8平米的悦刻电子烟专卖店。悦刻线下门店与龚叶一样，韦东也是电子行业的新入者。从去年12月底加入悦刻线下店大军，开业不到3个月，这家小店虽然没让他赚上大钱，但也没亏过。“想做这一行，别管附近有多少电子烟门店，只要周边的人流能满足你选的位置就行。”韦东透露，悦刻的开店策略是相隔500米可开一家店。招股说明书显示，2019年前三季度至2020年前三季度，雾芯科技授门店超5000家。作为几千分之一，韦东们赚钱吗？韦东告诉全天候科技，他的门店租金成本是7000元左右，一盒烟弹99元，每月只要能卖出去150盒，就能达到盈亏平衡。不限于龚叶、韦东这样的经销商，电子烟行业每个链条上都有人想挤进来，成为这波浪潮中的“追风者”。多位电子烟品牌创始人告诉全天候科技，过去几个月，不止一家投资机构对他们伸出橄榄枝。“中国是全球最大的潜在电子烟市场。”咨询与情报公司Arizton研究表示，截至2019 年，中国电子烟产品渗透率只有1.2%，对比50.4%的英国和32.4%的美国，仍具有十分可观的发展空间。据艾媒咨询发布的《2021Q1中国电子烟行业发展现状及市场调研分析报告》相关数据，2013年，中国电子烟市场规模为5.5亿元，2020年市场规模增至83.8亿元，八年年均复合增长率达72.5%，预计2021年有望超过100亿元。3、渠道为“王”时间再往前推一年多，2019年11月1日，电子烟网售禁令发布，行业犹如被浇了一盆凉水。线上禁售给电子烟企业致命一击，悦刻也不例外。招股说明书显示，悦刻2019年前三季度整体线上与线下渠道收入占比为3:7。当年第四季度，悦刻营收出现首次环比下滑的情况，亏损超过5000万元。这纸禁令后，各品牌开始大举拓展线下渠道。授权经销商与门店数量都在迅速增加。2019年前三季度至2020年前三季度，雾芯科技授权经销商数量由41家增长至110家。来自线下分销商的销售净收入从7.8亿元增加21.62亿元。谁拥有线下店，谁就拥有了“护城河”。2019年底，铂德砸下3亿元补贴，启动“千城万店计划”。紧接着，悦刻、柚子等多个头部企业跟进。2020年1月，悦刻表示，计划在未来3年累计投入6亿元，开拓10000家专卖店。刚刚进入2021年，YOOZ柚子也公布了万家专卖店计划——补贴代理商6亿，一年开业1万家专卖店。开店意味着要烧大量的资金，抢滩线下注定是一场砸钱的较量。各品牌砸钱抢渠道的方式大同小异：提供装修补贴、房租补贴、新品货补等。“目前这个阶段，90%的电子烟品牌，渠道商是（产业链上）最赚钱的，大家都在抢市场占有率。”欧俊彪说，为了抢市场，品牌企业前期不在乎亏盈。从事电子烟研发工作的陆鑫说，前几年还会有电子烟产品做的不好的情况，但经过这几年的发展，研发已相对成熟。行业里面核心的东西变成了销售，“能卖的出去就能赚钱。”因而，渠道才是产业链上的“王者”。各品牌倚重的线下渠道，在利益链上又能分到多少蛋糕？从悦刻客服提供的数据可以看到，全国统一进货价格的专卖店，毛利润在40%-50%之间，而由当地经销商提供报价单的授权店，毛利润一般是零售价的40%左右。电子烟品牌柠檬Lem的毛利更高。柠檬电子烟招代理广告图一位柠檬品牌运营商告诉全天候科技，一盒柠檬电子烟烟杆套装（1杆1弹）的市场价129元，而柠檬代理商的拿货价只有40元/盒。一盒3颗装烟弹，市场价和代理拿货价分别是99元、40元。此外，还会附赠代理商展示台和试抽台、一次性试抽烟嘴、海报、宣传彩页等。“我们有大量成功销售案例，代理柠檬就是（得到了）赚钱机会。”上述品牌运营商说，有意愿做代理的人可以试销3个月，期间如果双方认可，就可签订销售协议。4、抢夺下沉市场两年前，在和媒体分享时，李欧成提的最多的是“用户教育”；而现在，他关注的话题变成了下沉市场。过去一整年，是电子烟行业大调整的一年，也是李欧成思考最多的一年。受疫情影响，原本只做海外市场的亿雾调整策略，加入国内电子烟渠道大战中。与悦刻这样的大品牌相比，亿雾在资金、品牌知名度、用户认可度上均不占优势。如何在大品牌的“挤压下”寻找到更大的生存空间，不仅是李欧成和他的品牌必须面对的问题，也是众多电子烟行业的小玩家的棘手难题。在经过多次开会、调研、核算后，李欧成和团队认为，新的机会可能会出现在下沉市场。所谓下沉市场，通常指除一、二线城市之外的地区，包含了300个地级市、2000个县城、4万个乡镇和66万个村庄。为什么看重下沉市场？李欧成给出的解释很简单：市场已经完成用户教育，一、二线城市线下门店接近饱和，越来越多低线城市人群成为电子烟用户，拥有人口基础，巨头还未大力拓展，是一片广阔的消费蓝海。当亿雾在三线城市挑选经销商时，更多的品牌也涌入了下沉市场。在内蒙、陕西、新疆等省“开城”时，深圳一家电子烟品牌创始人刘拓并没有来得及做太多调研，而是依靠之前做悦刻代理时积累的经验和边跑边探索模式就直接“开干”。“悦刻500米一家店，位置好的赚钱，位置不好的当炮灰。”在刘拓看来，开电子烟线下店最重要的准则还是位置，“要看人流。”为了选到更好的位置，刘拓加紧节奏，在西北几个三至六线城市的商场布局了500家专卖店。“低线城市、县城的结构很简单，一个地方可能就只有一个商场，这个商场就是当地常住人口的购物中心。只要有这份需求，就会有生意。”刘拓分析，即便这些商场中已有悦刻专卖店，像它们这样有价格优势的品牌也会成为当地收入不高人群的首选。在一、二线城市大力开疆拓土的悦刻也注意到了下沉市场的重要性。几个月前，悦刻对外表示，未来将开启向下沉市场渗透的战略。喜雾的渠道负责人也表示，此前喜雾的消费者集中在一至三线城市，如今也出现了市场下沉的趋势。一个令人惊讶的例子是，在成都北郊某个镇的喜雾专卖店，开业当天营收超过1万元，三天回本。该店店主也因此获得喜雾“小镇李佳琦”的称号。根据国家统计局数据，三线以下城市及农村乡镇地区居民规模超过10 亿人。在电子烟品牌商的眼中，围绕着这10亿人的，是广阔的消费市场、诱人的回报。“我们选下沉市场，不是想打差异化，是想找一个进入市场渠道成本最低的方法。”李欧成说。5、在风口中活下去此前，所有的电子烟品牌目前都还面临一个棘手问题——国标尚未发布。这也意味着，未来在国标之下，有多少品牌还能继续存活也未可知。3月22日，工业和信息化部、国家烟草专卖局研究起草了《关于修改<中华人民共和国烟草专卖法实施条例>的决定（征求意见稿）》，提出将电子烟等新型烟草制品参照《实施条例》中关于卷烟的有关规定执行，将大幅度提升电子烟监管效能。在多位电子烟行业从业者看来，从长期来看，这对于行业是利好消息。但具体影响及变化还要等细则出来。在美国，电子烟纳入了美国食品药品监督管理局（FDA），每个电子烟每种口味都必须FDA的PMTA审批，才能在市场上继续销售。而在国内，有关电子烟的标准仍处于空白状态。“目前电子烟销售最大的不确定性还是法规政策问题。”欧俊彪表示。中国电子商会电子烟行业委员会秘书长敖伟诺也认同上述观点，他在与企业沟通后发现目前大家最关心的问题有三个：政策、安全、全球市场。事实上，早在4年前，相关单位就已立项起草电子烟国家强制标准草案，按照计划时间表，通过审查的草案应在2019年正式发布，但行业始终迟迟未见这份草案。一些从业者的共识是：电子烟行业的乱象，也在于没有合规的要求，准入门槛过低。对于从业者来说，国标落地意味着行业正式得到国家认可，免于游走在边缘地带。另外，纳税问题同样备受关注。刘拓告诉全天候科技，目前大部分电子烟品牌的运营主体都是以科技公司的名义注册，按13%的普通电子产品税缴税。未来，电子烟的定位究竟是消费品、烟草、还是医疗器械，在很大程度上决定着电子烟要如何缴税。电子烟行业未来仍有不确定性，但大多数玩家依然表示看好。刘拓否认自己是玩票性质的企业：“我不是为了赚钱而创业，如果为了赚钱，早期做悦刻的代理发展到现在也非常好了。我是看好这个东西，希望做一个长期的事情。”而他坚信，即使悦刻目前占领中国电子烟行业6成以上的市场，但要吃下整个市场并不容易。也一定会有下一个悦刻跑出来。投资人正在主动挖掘下一个悦刻，而众玩家们也期望成为后者。“有钱就好弄，有钱就能快跑。”在刘拓看来，资本的加持多于电子烟品牌而言至关重要。毕竟当下，有关电子烟品牌的价格战也已经打响。最早曝出的消息是，一年前，柚子发售换弹电子烟烟杆新品，仅售9.9元。最近，隶属深圳市非我科技有限公司的电子烟品牌JVE非我宣布，其旗下的雾化烟弹（三颗装）的单价由99元下调为59元，降幅一次性达到40%。刘拓说，价格战很正常，现在“谁都想把对方弄死”。但对于众多中小品牌来说，“在这个阶段，在成为下一个悦刻之前，需要先活下去。”刘拓补充说。（文中龚叶、韦东、陆鑫、刘拓均为化名）","news_type":1,"symbols_score_info":{"RLX":0.9}},"isVote":1,"tweetType":1,"viewCount":1555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":359493021,"gmtCreate":1616418281963,"gmtModify":1704793790887,"author":{"id":"3575511352031251","authorId":"3575511352031251","name":"十八粒子","avatar":"https://static.tigerbbs.com/ba3977aaa7f5a66aeab1f03c8d22468f","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3575511352031251","idStr":"3575511352031251"},"themes":[],"title":"","htmlText":"<a href=\"https://laohu8.com/U/3491349542340298\">@EE_5536</a> cz amw<a href=\"https://laohu8.com/U/3480033600227427\">@to_a</a> up","listText":"<a href=\"https://laohu8.com/U/3491349542340298\">@EE_5536</a> cz amw<a href=\"https://laohu8.com/U/3480033600227427\">@to_a</a> up","text":"@EE_5536 cz amw@to_a up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/359493021","repostId":"1145714867","repostType":4,"repost":{"id":"1145714867","kind":"news","pubTimestamp":1616417812,"share":"https://ttm.financial/m/news/1145714867?lang=en_US&edition=fundamental","pubTime":"2021-03-22 20:56","market":"us","language":"zh","title":"E-cigarette regulatory storm is coming: Will there be another RELX?","url":"https://stock-news.laohu8.com/highlight/detail?id=1145714867","media":"全天候科技","summary":"靴子落地。","content":"<p>Author | Yu Huiru</p><p>The boots fell to the ground.</p><p>On March 22, in order to strengthen the supervision of new tobacco products such as e-cigarettes, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration drafted the \"Opinions on Amending...\"<中华人民共和国烟草专卖法实施条例>The decision (draft for public comment) is now open for public comment.</p><p>The draft proposes that e-cigarettes and other new tobacco products should be implemented in accordance with the relevant provisions on cigarettes in the Implementation Regulations. This will significantly improve the efficiency of e-cigarette supervision, effectively standardize e-cigarette production and operation activities, solve problems such as product quality and safety risks and false advertising, and effectively protect the legitimate rights and interests of consumers.</p><p>Affected by this news, the parent company of e-cigarette giant RELEX...<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>The stock price fell in pre-market trading, with a drop of as much as 35% at one point.</p><p><img src=\"https://static.tigerbbs.com/6085fe0783ac159b209c84397e00d27a\" tg-width=\"600\" tg-height=\"373\" referrerpolicy=\"no-referrer\"></p><p>Previously, policy and regulatory issues had been a \"sword of Damocles\" hanging over the e-cigarette industry. What does it mean that the Ministry of Industry and Information Technology has made a final decision to regulate new tobacco products such as e-cigarettes in the same way as cigarettes?</p><p><b>\"The e-cigarette industry is about to be regulated, and it will refer to, but not completely follow, the relevant regulations on cigarettes,\" said Ou Junbiao, chairman of the E-cigarette Industry Committee of the China Electronic Commerce Association. He added that the scope of management may involve e-cigarette companies' production, taxation, and other aspects.</b></p><p>Sources familiar with the matter revealed that if tobacco were taxed, the tax rate would rise to at least 36%. Will this severely damage current e-cigarette brands?</p><p><b>In Ou Junbiao's view, this news should be interpreted positively. With regulatory intervention, counterfeit, substandard, and substandard products have disappeared from the market, allowing legitimate companies to grow better. \"Price is never an issue. As long as the government provides ID cards, it's a good thing.\"</b></p><p>E-cigarette entrepreneurs share the same opinion.</p><p><b>“I think it’s a good thing for brands. (The draft opinion) talks about regulation, not banning e-cigarettes,” said Li Oucheng, investor and co-founder of the e-cigarette brand EVOVE. “In the short term, it’s bad news for those who want to enter but haven’t yet, but it’s good news for existing brands.”</b></p><p>As for the potential changes that may occur after e-cigarettes are brought under regulation, Li Oucheng believes that we will have to wait for the specific details to be released.</p><p>Previously, RELL's successful IPO had already brought the industry into a state of turmoil. Its wealth effect has spurred numerous industry players and players from other industries to expand aggressively, vying to become the next RELEX. What will the new regulatory policies bring them?</p><p>1. Shockwave of RELECT's IPO</p><p>Nothing better indicates that a company is feeling the pressure of increased competition than a proactive change in senior personnel.</p><p>In the second month after Wuxin Technology, the parent company of the e-cigarette brand RELX, secretly submitted its listing application documents, at the end of December 2020, another domestic e-cigarette brand, Xiwu, announced a personnel appointment and removal announcement, removing CEO Chen Min and COO Liu Yu from their positions, and appointing Thomas Yao, the original Xiwu investor, as the new CEO.</p><p>The day before Thomas Yao took office, Wuxin Technology officially submitted its prospectus to the U.S. Securities and Exchange Commission. Twenty-two days later, the three-year-old company went public on the New York Stock Exchange, adding another story of instant riches to the e-cigarette industry.</p><p>The change of leadership at the time of RELL's IPO is no coincidence. This indicates that within Xiwu, at least the current management believes that in the new round of turmoil in the e-cigarette industry, the company needs more direct and efficient management and capital operation methods.</p><p>Thomas Yao's original words were, \"Speed is also very important to me. Only when the company develops to a stage of 1-10 can high-speed growth retain better talent and attract more talent to join.\"</p><p>This investor, who strives to be number one in everything, is familiar with capital operations, and has been active in Silicon Valley for a long time, was also the founder of four technology companies. He hopes that his investment experience and entrepreneurial success will allow Xiwu to develop faster and help Xiwu maximize the power of capital.</p><p>“By doing this at this stage, I can see more of the company’s future. I think it (Xiwu) has the opportunity to become the next company of RELEX’s size, and this industry also has huge potential,” said Thomas Yao.</p><p>On January 22, RLEG's operating entity, Fog Core Technology, went public on the New York Stock Exchange under the ticker symbol \"RLX\". On the opening day, the stock price surged, with the highest intraday increase of 158%, and the closing market value reached $45.8 billion, bringing huge wealth to founder Wang Ying.</p><p>In January 2018, Wang Ying founded Wuxin Technology and served as its CEO. In just three years, with the help of capital, RELEX has reached its peak at a \"rapid\" pace.</p><p>According to the prospectus, in 2018, 2019 and the first three quarters of 2020, RELEX's net profit was approximately -287,000 yuan, 47.748 million yuan and 109 million yuan respectively, which means that it has turned from a loss to a profit since 2019.</p><p><img src=\"https://static.tigerbbs.com/85213927b301963b51f8b6ce47e6add6\" tg-width=\"868\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p>RELECT's IPO has brought hope to those in the e-cigarette industry, but it has also made those outside the industry eager to take action.</p><p>“It turns out that entrepreneurs from other industries, entrepreneurs with some funds, have started to pay attention to this industry, and some capital companies have also come to us,” Thomas Yao told All-Weather Technology. Having missed the capital of RELEX, he didn’t want to miss the next RELEX and was willing to invest money to create a new RELEX.</p><p>2. Wind Chaser</p><p>Gong Ye's decision to resign from her operations job and enter the e-cigarette industry began with RELEX's IPO.</p><p>\"Seeing that this is a hot trend, let's try opening a (specialty store).\" He was touched by the stories in the news reports and firmly believed that seizing the opportunity was more important than \"working for someone else.\"</p><p>No one doubts that this wave of popularity was brought about by RELL's IPO.</p><p>\"There's a saying that there are only two brands of e-cigarettes: RELUX and others.\" Despite this understanding, after trying out products from more than 20 brands, making hundreds of phone calls, and collecting thousands of pieces of e-cigarette-related information, Gong Ye ultimately chose Xiao Ye. Because in a big city like Wuhan, \"there are too many RELX stores, and there are no good locations to choose from.\"</p><p>In March of this year, Gong Ye finally owned a 10-square-meter e-cigarette specialty store.</p><p>In a small commercial street in Shenzhen, 1,000 kilometers away from Gong Ye, Wei Dong opened an 8-square-meter Yueke e-cigarette specialty store.</p><p><b>Yueke offline stores</b></p><p><img src=\"https://static.tigerbbs.com/c0f5081b5375e29e8acf0712cb867336\" tg-width=\"644\" tg-height=\"843\" referrerpolicy=\"no-referrer\"></p><p>Like Gong Ye, Wei Dong is also a newcomer to the electronics industry. He joined the RELX offline store army at the end of December last year. Less than three months after opening, although this small store did not make him a lot of money, it never lost money either.</p><p>\"If you want to do this, it doesn't matter how many e-cigarette stores are nearby, as long as the flow of people around meets the location you choose,\" Wei Dong revealed. RELECT's store opening strategy is to open a store 500 meters apart.</p><p>According to the prospectus, from the first three quarters of 2019 to the first three quarters of 2020, Wuxin Technology licensed more than 5,000 stores.</p><p>As one in a few thousand, do people like Wei Dong make money?</p><p>Wei Dong told All-Weather Technology that his store's rental cost is around 7,000 yuan, and a pack of cigarettes costs 99 yuan. As long as he can sell 150 packs per month, he can break even.</p><p>Not limited to distributors like Gong Ye and Wei Dong, people from every chain of the e-cigarette industry want to squeeze in and become \"chasers\" in this wave.</p><p>Several founders of e-cigarette brands told All-Weather Technology that in the past few months, more than one investment institution has extended an olive branch to them.</p><p>\"China is the world's largest potential e-cigarette market,\" said consulting and intelligence firm Arizton Research. As of 2019, the penetration rate of e-cigarette products in China was only 1.2%, compared to 50.4% in the UK and 32.4% in the US, which still has considerable room for development.</p><p>According to data from the \"2021 Q1 China E-cigarette Industry Development Status and Market Research Analysis Report\" released by iiMedia Research, the market size of China's e-cigarette industry was 550 million yuan in 2013, and increased to 8.38 billion yuan in 2020, with an average annual compound growth rate of 72.5% over eight years. It is expected to exceed 10 billion yuan in 2021.</p><p>3. Channels are king.</p><p>Going back more than a year, on November 1, 2019, a ban on the online sale of e-cigarettes was issued, which was like pouring cold water on the industry.</p><p>The online ban has dealt a fatal blow to e-cigarette companies, and RELEX is no exception.</p><p>According to the prospectus, RELL's overall revenue from online and offline channels accounted for 3:7 in the first three quarters of 2019. In the fourth quarter of that year, RELL's revenue experienced its first quarter-on-quarter decline, with a loss of more than 50 million yuan.</p><p>Following this ban, brands began to aggressively expand their offline channels.</p><p>The number of authorized dealers and stores is increasing rapidly. From the first three quarters of 2019 to the first three quarters of 2020, the number of authorized distributors of Wuxin Technology increased from 41 to 110. Net sales revenue from offline distributors increased by RMB 2.162 billion from RMB 780 million.</p><p>Whoever owns a physical store has a \"moat\".</p><p>At the end of 2019, Platinum invested 300 million yuan in subsidies to launch the \"Thousands of Cities and Tens of Thousands of Stores Plan\". Following closely behind, several leading companies, including RELX and Youzi, followed suit.</p><p>In January 2020, RELX announced that it planned to invest a total of 600 million yuan over the next three years to open 10,000 exclusive stores. At the beginning of 2021, YOOZ Yuzu also announced a plan to open 10,000 exclusive stores – subsidizing agents with 600 million yuan and opening 10,000 exclusive stores a year.</p><p>Opening a store means burning through a lot of capital, and seizing a foothold offline is destined to be a competition where money is thrown at it.</p><p>The methods used by brands to throw money at distribution channels are largely the same: providing subsidies for decoration, rent, and new products.</p><p>\"At this stage, for 90% of e-cigarette brands, the distributors are the most profitable (in the industry chain), and everyone is vying for market share,\" said Ou Junbiao. In order to seize market share, brand companies do not care about losses in the early stages.</p><p>Lu Xin, who works in e-cigarette research and development, said that in the past few years, there were cases where e-cigarette products were not well-made, but after several years of development, the research and development has become relatively mature. The core of the industry has become sales; \"you can make money by selling what you can.\" Therefore, distribution channels are the \"king\" of the industry chain.</p><p>How much of the profit chain do brands rely on for offline channels?</p><p>Data provided by RELX customer service shows that the gross profit margin of exclusive stores with a unified purchase price nationwide is between 40% and 50%, while the gross profit margin of authorized stores with quotations provided by local distributors is generally around 40% of the retail price.</p><p>The e-cigarette brand Lemon Lem has a higher gross profit margin.</p><p><img src=\"https://static.tigerbbs.com/a77779c64d3d25f72b44f1fd2d894805\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Lemon e-cigarette agent advertisement image</p><p>A Lemon brand operator told All Weather Technology that the market price of a box of Lemon e-cigarette stick sets (1 stick and 1 cartridge) is 129 yuan, while the purchase price of Lemon distributors is only 40 yuan per box. A box of three cigarette cartridges has a market price of 99 yuan and an agent price of 40 yuan, respectively.</p><p>In addition, dealer display stands and sampling stands, disposable sampling mouthpieces, posters, promotional brochures, etc. will be included.</p><p>\"We have a large number of successful sales cases, and becoming an agent for lemons is an opportunity to make money,\" said the aforementioned brand operator. Those interested in becoming agents can try sales for three months, during which time a sales agreement can be signed if both parties agree.</p><p>4. Seize the lower-tier market</p><p>Two years ago, when sharing with the media, Li Oucheng mentioned \"user education\" the most. Now, his focus has shifted to the lower-tier market.</p><p>The past year has been a year of major adjustments in the e-cigarette industry, and also the year that Li Oucheng has thought about the most. Due to the impact of the pandemic, Yiwu, which originally only focused on overseas markets, adjusted its strategy and joined the domestic e-cigarette channel war.</p><p>Compared to major brands like RELEX, Yiwu is at a disadvantage in terms of funding, brand awareness, and user recognition.</p><p>How to find greater space to survive under the \"squeeze\" of big brands is not only a problem that Li Oucheng and his brand must face, but also a thorny problem for many small players in the e-cigarette industry.</p><p>After multiple meetings, research, and calculations, Li Oucheng and his team believe that new opportunities may appear in lower-tier markets.</p><p>The so-called lower-tier market usually refers to the region outside of first- and second-tier cities, which includes 300 prefecture-level cities, 2,000 county towns, 40,000 townships and 660,000 villages.</p><p>Why value the lower-tier market? Li Oucheng's explanation is simple: the market has completed user education, offline stores in first- and second-tier cities are nearing saturation, more and more people in lower-tier cities are becoming e-cigarette users, and they have a population base. Giants have not yet expanded vigorously, making it a vast blue ocean for consumption.</p><p>When Yiwu selected distributors in third-tier cities, more brands also flocked to lower-tier markets.</p><p>When Liu Tuo, the founder of an e-cigarette brand in Shenzhen, was \"opening cities\" in provinces such as Inner Mongolia, Shaanxi, and Xinjiang, he did not have time to do much research. Instead, he relied on the experience he had accumulated when he was an agent for RELEX and the \"running and exploring\" model to get started.</p><p>“Yueke has a store 500 meters away. Those with good locations make money, while those with bad locations become cannon fodder.” In Liu Tuo’s view, the most important principle for opening an offline e-cigarette store is still location. “It depends on the foot traffic.”</p><p>In order to choose a better location, Liu Tuo accelerated the pace and set up 500 exclusive stores in shopping malls in several third- to sixth-tier cities in Northwest China.</p><p>“The structure of lower-tier cities and counties is very simple. A place may only have one shopping mall, which is the shopping center for the local permanent residents. As long as there is this demand, there will be business,” Liu Tuo analyzed. Even if these shopping malls already have RELX stores, brands with price advantages like these will become the first choice for local low-income people.</p><p>RELX, which is vigorously expanding its territory in first- and second-tier cities, has also recognized the importance of penetrating the lower-tier market. A few months ago, RELX announced that it would launch a strategy to penetrate lower-tier markets in the future.</p><p>The channel manager of Xiwu also stated that Xiwu's consumers were previously concentrated in first- to third-tier cities, but now there is a trend of the market penetrating lower-tier cities.</p><p>A surprising example is that the Xiwu specialty store in a town in the northern suburbs of Chengdu generated over 10,000 yuan in revenue on its opening day and broke even in three days. The shop owner thus earned the nickname \"Li Jiaqi of Xiwu Town\".</p><p>According to data from the National Bureau of Statistics, the population of cities below the third tier and rural townships exceeds 1 billion. In the eyes of e-cigarette brands, what surrounds these 1 billion people is a vast consumer market and attractive returns.</p><p>\"We chose the lower-tier market not to differentiate ourselves, but to find the lowest-cost way to enter the market,\" Li Oucheng said.</p><p>5. Survive in the midst of trends</p><p>Previously, all e-cigarette brands were still facing a thorny problem—the national standard had not yet been released. This also means that it is unknown how many brands will be able to survive under national standards in the future.</p><p>On March 22, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration drafted the \"Opinions on Amending...\"<中华人民共和国烟草专卖法实施条例>The \"Decision (Draft for Comments)\" proposes that e-cigarettes and other new tobacco products should be implemented in accordance with the relevant provisions on cigarettes in the \"Implementation Regulations,\" which will significantly improve the effectiveness of e-cigarette regulation.</p><p>Many e-cigarette industry professionals believe that this is good news for the industry in the long run. However, the specific impact and changes will have to wait for the detailed rules to be</p><p>In the United States, e-cigarettes are included in the U.S. Food and Drug Administration (FDA), and each e-cigarette and each flavor must be approved by the FDA's PMTA in order to continue to be sold in the market. In China, however, there are still no standards for e-cigarettes.</p><p>\"The biggest uncertainty in the sale of e-cigarettes at present is still the issue of regulations and policies,\" Ou Junbiao said.</p><p>Ao Weinuo, Secretary-General of the E-cigarette Industry Committee of the China Electronic Commerce Association, also agreed with the above view. After communicating with companies, he found that there are three issues that people are most concerned about at present: policy, security, and the global market.</p><p>In fact, as early as four years ago, relevant units had already initiated a project to draft a national mandatory standard for e-cigarettes. According to the planned timetable, the draft that passed the review should have been officially released in 2019, but the industry has yet to see the draft.</p><p>The consensus among some industry professionals is that the chaos in the e-cigarette industry stems from the lack of compliance requirements and the excessively low entry barriers.</p><p>For practitioners, the implementation of national standards means that the industry has been officially recognized by the state, freeing it from operating on the margins.</p><p>In addition, taxation issues have also attracted much attention.</p><p>Liu Tuo told All-Weather Technology that most e-cigarette brands are currently registered as technology companies and pay a 13% tax on ordinary electronic products. In the future, whether e-cigarettes will be positioned as consumer goods, tobacco, or medical devices will largely determine how e-cigarettes will be taxed.</p><p>The future of the e-cigarette industry remains uncertain, but most players remain optimistic.</p><p>Liu Tuo denied that it was a hobby business: \"I didn't start this business to make money. If it were to make money, I would have done very well as an agent for RELEX in the early days. I am optimistic about this thing and hope to do something long-term.\"</p><p>He firmly believes that even though RELX currently occupies more than 60% of the Chinese e-cigarette market, it will not be easy to capture the entire market. There will definitely be another RELX emerging.</p><p>Investors are actively exploring the next RELX, and many players also hope to become the latter. \"When you have money, it's easy to get things done; when you have money, you can run fast.\" In Liu Tuo's view, more capital support is crucial for e-cigarette brands.</p><p>After all, a price war has already begun among e-cigarette brands.</p><p>The first news was that a year ago, Yuzu launched a new replaceable e-cigarette stick, priced at only 9.9 yuan. Recently, JVE Feiwo, an e-cigarette brand belonging to Shenzhen Feiwo Technology Co., Ltd., announced that the unit price of its atomizing cartridges (three-pack) has been reduced from 99 yuan to 59 yuan, a reduction of 40% in one go.</p><p>Liu Tuo said that price wars are normal, and now \"everyone wants to kill each other\".</p><p>However, for many small and medium-sized brands, \"at this stage, before becoming the next RELUX, they need to survive,\" Liu Tuo added.</p><p>(Gong Ye, Wei Dong, Lu Xin, and Liu Tuo are all pseudonyms in this article.)</p>","source":"qthkj","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>E-cigarette regulatory storm is coming: Will there be another RELX?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nE-cigarette regulatory storm is coming: Will there be another RELX?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">全天候科技</strong><span class=\"h-time small\">2021-03-22 20:56</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Author | Yu Huiru</p><p>The boots fell to the ground.</p><p>On March 22, in order to strengthen the supervision of new tobacco products such as e-cigarettes, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration drafted the \"Opinions on Amending...\"<中华人民共和国烟草专卖法实施条例>The decision (draft for public comment) is now open for public comment.</p><p>The draft proposes that e-cigarettes and other new tobacco products should be implemented in accordance with the relevant provisions on cigarettes in the Implementation Regulations. This will significantly improve the efficiency of e-cigarette supervision, effectively standardize e-cigarette production and operation activities, solve problems such as product quality and safety risks and false advertising, and effectively protect the legitimate rights and interests of consumers.</p><p>Affected by this news, the parent company of e-cigarette giant RELEX...<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>The stock price fell in pre-market trading, with a drop of as much as 35% at one point.</p><p><img src=\"https://static.tigerbbs.com/6085fe0783ac159b209c84397e00d27a\" tg-width=\"600\" tg-height=\"373\" referrerpolicy=\"no-referrer\"></p><p>Previously, policy and regulatory issues had been a \"sword of Damocles\" hanging over the e-cigarette industry. What does it mean that the Ministry of Industry and Information Technology has made a final decision to regulate new tobacco products such as e-cigarettes in the same way as cigarettes?</p><p><b>\"The e-cigarette industry is about to be regulated, and it will refer to, but not completely follow, the relevant regulations on cigarettes,\" said Ou Junbiao, chairman of the E-cigarette Industry Committee of the China Electronic Commerce Association. He added that the scope of management may involve e-cigarette companies' production, taxation, and other aspects.</b></p><p>Sources familiar with the matter revealed that if tobacco were taxed, the tax rate would rise to at least 36%. Will this severely damage current e-cigarette brands?</p><p><b>In Ou Junbiao's view, this news should be interpreted positively. With regulatory intervention, counterfeit, substandard, and substandard products have disappeared from the market, allowing legitimate companies to grow better. \"Price is never an issue. As long as the government provides ID cards, it's a good thing.\"</b></p><p>E-cigarette entrepreneurs share the same opinion.</p><p><b>“I think it’s a good thing for brands. (The draft opinion) talks about regulation, not banning e-cigarettes,” said Li Oucheng, investor and co-founder of the e-cigarette brand EVOVE. “In the short term, it’s bad news for those who want to enter but haven’t yet, but it’s good news for existing brands.”</b></p><p>As for the potential changes that may occur after e-cigarettes are brought under regulation, Li Oucheng believes that we will have to wait for the specific details to be released.</p><p>Previously, RELL's successful IPO had already brought the industry into a state of turmoil. Its wealth effect has spurred numerous industry players and players from other industries to expand aggressively, vying to become the next RELEX. What will the new regulatory policies bring them?</p><p>1. Shockwave of RELECT's IPO</p><p>Nothing better indicates that a company is feeling the pressure of increased competition than a proactive change in senior personnel.</p><p>In the second month after Wuxin Technology, the parent company of the e-cigarette brand RELX, secretly submitted its listing application documents, at the end of December 2020, another domestic e-cigarette brand, Xiwu, announced a personnel appointment and removal announcement, removing CEO Chen Min and COO Liu Yu from their positions, and appointing Thomas Yao, the original Xiwu investor, as the new CEO.</p><p>The day before Thomas Yao took office, Wuxin Technology officially submitted its prospectus to the U.S. Securities and Exchange Commission. Twenty-two days later, the three-year-old company went public on the New York Stock Exchange, adding another story of instant riches to the e-cigarette industry.</p><p>The change of leadership at the time of RELL's IPO is no coincidence. This indicates that within Xiwu, at least the current management believes that in the new round of turmoil in the e-cigarette industry, the company needs more direct and efficient management and capital operation methods.</p><p>Thomas Yao's original words were, \"Speed is also very important to me. Only when the company develops to a stage of 1-10 can high-speed growth retain better talent and attract more talent to join.\"</p><p>This investor, who strives to be number one in everything, is familiar with capital operations, and has been active in Silicon Valley for a long time, was also the founder of four technology companies. He hopes that his investment experience and entrepreneurial success will allow Xiwu to develop faster and help Xiwu maximize the power of capital.</p><p>“By doing this at this stage, I can see more of the company’s future. I think it (Xiwu) has the opportunity to become the next company of RELEX’s size, and this industry also has huge potential,” said Thomas Yao.</p><p>On January 22, RLEG's operating entity, Fog Core Technology, went public on the New York Stock Exchange under the ticker symbol \"RLX\". On the opening day, the stock price surged, with the highest intraday increase of 158%, and the closing market value reached $45.8 billion, bringing huge wealth to founder Wang Ying.</p><p>In January 2018, Wang Ying founded Wuxin Technology and served as its CEO. In just three years, with the help of capital, RELEX has reached its peak at a \"rapid\" pace.</p><p>According to the prospectus, in 2018, 2019 and the first three quarters of 2020, RELEX's net profit was approximately -287,000 yuan, 47.748 million yuan and 109 million yuan respectively, which means that it has turned from a loss to a profit since 2019.</p><p><img src=\"https://static.tigerbbs.com/85213927b301963b51f8b6ce47e6add6\" tg-width=\"868\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p>RELECT's IPO has brought hope to those in the e-cigarette industry, but it has also made those outside the industry eager to take action.</p><p>“It turns out that entrepreneurs from other industries, entrepreneurs with some funds, have started to pay attention to this industry, and some capital companies have also come to us,” Thomas Yao told All-Weather Technology. Having missed the capital of RELEX, he didn’t want to miss the next RELEX and was willing to invest money to create a new RELEX.</p><p>2. Wind Chaser</p><p>Gong Ye's decision to resign from her operations job and enter the e-cigarette industry began with RELEX's IPO.</p><p>\"Seeing that this is a hot trend, let's try opening a (specialty store).\" He was touched by the stories in the news reports and firmly believed that seizing the opportunity was more important than \"working for someone else.\"</p><p>No one doubts that this wave of popularity was brought about by RELL's IPO.</p><p>\"There's a saying that there are only two brands of e-cigarettes: RELUX and others.\" Despite this understanding, after trying out products from more than 20 brands, making hundreds of phone calls, and collecting thousands of pieces of e-cigarette-related information, Gong Ye ultimately chose Xiao Ye. Because in a big city like Wuhan, \"there are too many RELX stores, and there are no good locations to choose from.\"</p><p>In March of this year, Gong Ye finally owned a 10-square-meter e-cigarette specialty store.</p><p>In a small commercial street in Shenzhen, 1,000 kilometers away from Gong Ye, Wei Dong opened an 8-square-meter Yueke e-cigarette specialty store.</p><p><b>Yueke offline stores</b></p><p><img src=\"https://static.tigerbbs.com/c0f5081b5375e29e8acf0712cb867336\" tg-width=\"644\" tg-height=\"843\" referrerpolicy=\"no-referrer\"></p><p>Like Gong Ye, Wei Dong is also a newcomer to the electronics industry. He joined the RELX offline store army at the end of December last year. Less than three months after opening, although this small store did not make him a lot of money, it never lost money either.</p><p>\"If you want to do this, it doesn't matter how many e-cigarette stores are nearby, as long as the flow of people around meets the location you choose,\" Wei Dong revealed. RELECT's store opening strategy is to open a store 500 meters apart.</p><p>According to the prospectus, from the first three quarters of 2019 to the first three quarters of 2020, Wuxin Technology licensed more than 5,000 stores.</p><p>As one in a few thousand, do people like Wei Dong make money?</p><p>Wei Dong told All-Weather Technology that his store's rental cost is around 7,000 yuan, and a pack of cigarettes costs 99 yuan. As long as he can sell 150 packs per month, he can break even.</p><p>Not limited to distributors like Gong Ye and Wei Dong, people from every chain of the e-cigarette industry want to squeeze in and become \"chasers\" in this wave.</p><p>Several founders of e-cigarette brands told All-Weather Technology that in the past few months, more than one investment institution has extended an olive branch to them.</p><p>\"China is the world's largest potential e-cigarette market,\" said consulting and intelligence firm Arizton Research. As of 2019, the penetration rate of e-cigarette products in China was only 1.2%, compared to 50.4% in the UK and 32.4% in the US, which still has considerable room for development.</p><p>According to data from the \"2021 Q1 China E-cigarette Industry Development Status and Market Research Analysis Report\" released by iiMedia Research, the market size of China's e-cigarette industry was 550 million yuan in 2013, and increased to 8.38 billion yuan in 2020, with an average annual compound growth rate of 72.5% over eight years. It is expected to exceed 10 billion yuan in 2021.</p><p>3. Channels are king.</p><p>Going back more than a year, on November 1, 2019, a ban on the online sale of e-cigarettes was issued, which was like pouring cold water on the industry.</p><p>The online ban has dealt a fatal blow to e-cigarette companies, and RELEX is no exception.</p><p>According to the prospectus, RELL's overall revenue from online and offline channels accounted for 3:7 in the first three quarters of 2019. In the fourth quarter of that year, RELL's revenue experienced its first quarter-on-quarter decline, with a loss of more than 50 million yuan.</p><p>Following this ban, brands began to aggressively expand their offline channels.</p><p>The number of authorized dealers and stores is increasing rapidly. From the first three quarters of 2019 to the first three quarters of 2020, the number of authorized distributors of Wuxin Technology increased from 41 to 110. Net sales revenue from offline distributors increased by RMB 2.162 billion from RMB 780 million.</p><p>Whoever owns a physical store has a \"moat\".</p><p>At the end of 2019, Platinum invested 300 million yuan in subsidies to launch the \"Thousands of Cities and Tens of Thousands of Stores Plan\". Following closely behind, several leading companies, including RELX and Youzi, followed suit.</p><p>In January 2020, RELX announced that it planned to invest a total of 600 million yuan over the next three years to open 10,000 exclusive stores. At the beginning of 2021, YOOZ Yuzu also announced a plan to open 10,000 exclusive stores – subsidizing agents with 600 million yuan and opening 10,000 exclusive stores a year.</p><p>Opening a store means burning through a lot of capital, and seizing a foothold offline is destined to be a competition where money is thrown at it.</p><p>The methods used by brands to throw money at distribution channels are largely the same: providing subsidies for decoration, rent, and new products.</p><p>\"At this stage, for 90% of e-cigarette brands, the distributors are the most profitable (in the industry chain), and everyone is vying for market share,\" said Ou Junbiao. In order to seize market share, brand companies do not care about losses in the early stages.</p><p>Lu Xin, who works in e-cigarette research and development, said that in the past few years, there were cases where e-cigarette products were not well-made, but after several years of development, the research and development has become relatively mature. The core of the industry has become sales; \"you can make money by selling what you can.\" Therefore, distribution channels are the \"king\" of the industry chain.</p><p>How much of the profit chain do brands rely on for offline channels?</p><p>Data provided by RELX customer service shows that the gross profit margin of exclusive stores with a unified purchase price nationwide is between 40% and 50%, while the gross profit margin of authorized stores with quotations provided by local distributors is generally around 40% of the retail price.</p><p>The e-cigarette brand Lemon Lem has a higher gross profit margin.</p><p><img src=\"https://static.tigerbbs.com/a77779c64d3d25f72b44f1fd2d894805\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Lemon e-cigarette agent advertisement image</p><p>A Lemon brand operator told All Weather Technology that the market price of a box of Lemon e-cigarette stick sets (1 stick and 1 cartridge) is 129 yuan, while the purchase price of Lemon distributors is only 40 yuan per box. A box of three cigarette cartridges has a market price of 99 yuan and an agent price of 40 yuan, respectively.</p><p>In addition, dealer display stands and sampling stands, disposable sampling mouthpieces, posters, promotional brochures, etc. will be included.</p><p>\"We have a large number of successful sales cases, and becoming an agent for lemons is an opportunity to make money,\" said the aforementioned brand operator. Those interested in becoming agents can try sales for three months, during which time a sales agreement can be signed if both parties agree.</p><p>4. Seize the lower-tier market</p><p>Two years ago, when sharing with the media, Li Oucheng mentioned \"user education\" the most. Now, his focus has shifted to the lower-tier market.</p><p>The past year has been a year of major adjustments in the e-cigarette industry, and also the year that Li Oucheng has thought about the most. Due to the impact of the pandemic, Yiwu, which originally only focused on overseas markets, adjusted its strategy and joined the domestic e-cigarette channel war.</p><p>Compared to major brands like RELEX, Yiwu is at a disadvantage in terms of funding, brand awareness, and user recognition.</p><p>How to find greater space to survive under the \"squeeze\" of big brands is not only a problem that Li Oucheng and his brand must face, but also a thorny problem for many small players in the e-cigarette industry.</p><p>After multiple meetings, research, and calculations, Li Oucheng and his team believe that new opportunities may appear in lower-tier markets.</p><p>The so-called lower-tier market usually refers to the region outside of first- and second-tier cities, which includes 300 prefecture-level cities, 2,000 county towns, 40,000 townships and 660,000 villages.</p><p>Why value the lower-tier market? Li Oucheng's explanation is simple: the market has completed user education, offline stores in first- and second-tier cities are nearing saturation, more and more people in lower-tier cities are becoming e-cigarette users, and they have a population base. Giants have not yet expanded vigorously, making it a vast blue ocean for consumption.</p><p>When Yiwu selected distributors in third-tier cities, more brands also flocked to lower-tier markets.</p><p>When Liu Tuo, the founder of an e-cigarette brand in Shenzhen, was \"opening cities\" in provinces such as Inner Mongolia, Shaanxi, and Xinjiang, he did not have time to do much research. Instead, he relied on the experience he had accumulated when he was an agent for RELEX and the \"running and exploring\" model to get started.</p><p>“Yueke has a store 500 meters away. Those with good locations make money, while those with bad locations become cannon fodder.” In Liu Tuo’s view, the most important principle for opening an offline e-cigarette store is still location. “It depends on the foot traffic.”</p><p>In order to choose a better location, Liu Tuo accelerated the pace and set up 500 exclusive stores in shopping malls in several third- to sixth-tier cities in Northwest China.</p><p>“The structure of lower-tier cities and counties is very simple. A place may only have one shopping mall, which is the shopping center for the local permanent residents. As long as there is this demand, there will be business,” Liu Tuo analyzed. Even if these shopping malls already have RELX stores, brands with price advantages like these will become the first choice for local low-income people.</p><p>RELX, which is vigorously expanding its territory in first- and second-tier cities, has also recognized the importance of penetrating the lower-tier market. A few months ago, RELX announced that it would launch a strategy to penetrate lower-tier markets in the future.</p><p>The channel manager of Xiwu also stated that Xiwu's consumers were previously concentrated in first- to third-tier cities, but now there is a trend of the market penetrating lower-tier cities.</p><p>A surprising example is that the Xiwu specialty store in a town in the northern suburbs of Chengdu generated over 10,000 yuan in revenue on its opening day and broke even in three days. The shop owner thus earned the nickname \"Li Jiaqi of Xiwu Town\".</p><p>According to data from the National Bureau of Statistics, the population of cities below the third tier and rural townships exceeds 1 billion. In the eyes of e-cigarette brands, what surrounds these 1 billion people is a vast consumer market and attractive returns.</p><p>\"We chose the lower-tier market not to differentiate ourselves, but to find the lowest-cost way to enter the market,\" Li Oucheng said.</p><p>5. Survive in the midst of trends</p><p>Previously, all e-cigarette brands were still facing a thorny problem—the national standard had not yet been released. This also means that it is unknown how many brands will be able to survive under national standards in the future.</p><p>On March 22, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration drafted the \"Opinions on Amending...\"<中华人民共和国烟草专卖法实施条例>The \"Decision (Draft for Comments)\" proposes that e-cigarettes and other new tobacco products should be implemented in accordance with the relevant provisions on cigarettes in the \"Implementation Regulations,\" which will significantly improve the effectiveness of e-cigarette regulation.</p><p>Many e-cigarette industry professionals believe that this is good news for the industry in the long run. However, the specific impact and changes will have to wait for the detailed rules to be</p><p>In the United States, e-cigarettes are included in the U.S. Food and Drug Administration (FDA), and each e-cigarette and each flavor must be approved by the FDA's PMTA in order to continue to be sold in the market. In China, however, there are still no standards for e-cigarettes.</p><p>\"The biggest uncertainty in the sale of e-cigarettes at present is still the issue of regulations and policies,\" Ou Junbiao said.</p><p>Ao Weinuo, Secretary-General of the E-cigarette Industry Committee of the China Electronic Commerce Association, also agreed with the above view. After communicating with companies, he found that there are three issues that people are most concerned about at present: policy, security, and the global market.</p><p>In fact, as early as four years ago, relevant units had already initiated a project to draft a national mandatory standard for e-cigarettes. According to the planned timetable, the draft that passed the review should have been officially released in 2019, but the industry has yet to see the draft.</p><p>The consensus among some industry professionals is that the chaos in the e-cigarette industry stems from the lack of compliance requirements and the excessively low entry barriers.</p><p>For practitioners, the implementation of national standards means that the industry has been officially recognized by the state, freeing it from operating on the margins.</p><p>In addition, taxation issues have also attracted much attention.</p><p>Liu Tuo told All-Weather Technology that most e-cigarette brands are currently registered as technology companies and pay a 13% tax on ordinary electronic products. In the future, whether e-cigarettes will be positioned as consumer goods, tobacco, or medical devices will largely determine how e-cigarettes will be taxed.</p><p>The future of the e-cigarette industry remains uncertain, but most players remain optimistic.</p><p>Liu Tuo denied that it was a hobby business: \"I didn't start this business to make money. If it were to make money, I would have done very well as an agent for RELEX in the early days. I am optimistic about this thing and hope to do something long-term.\"</p><p>He firmly believes that even though RELX currently occupies more than 60% of the Chinese e-cigarette market, it will not be easy to capture the entire market. There will definitely be another RELX emerging.</p><p>Investors are actively exploring the next RELX, and many players also hope to become the latter. \"When you have money, it's easy to get things done; when you have money, you can run fast.\" In Liu Tuo's view, more capital support is crucial for e-cigarette brands.</p><p>After all, a price war has already begun among e-cigarette brands.</p><p>The first news was that a year ago, Yuzu launched a new replaceable e-cigarette stick, priced at only 9.9 yuan. Recently, JVE Feiwo, an e-cigarette brand belonging to Shenzhen Feiwo Technology Co., Ltd., announced that the unit price of its atomizing cartridges (three-pack) has been reduced from 99 yuan to 59 yuan, a reduction of 40% in one go.</p><p>Liu Tuo said that price wars are normal, and now \"everyone wants to kill each other\".</p><p>However, for many small and medium-sized brands, \"at this stage, before becoming the next RELUX, they need to survive,\" Liu Tuo added.</p><p>(Gong Ye, Wei Dong, Lu Xin, and Liu Tuo are all pseudonyms in this article.)</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://awtmt.com/articles/3624571\">全天候科技</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/9bc4ee269ad9cff7441dc3605e3bc69a","relate_stocks":{"RLX":"雾芯科技"},"source_url":"https://awtmt.com/articles/3624571","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1145714867","content_text":"作者 | 于惠如靴子落地。3月22日，为加强对电子烟等新型烟草制品的监管，工业和信息化部、国家烟草专卖局研究起草了《关于修改<中华人民共和国烟草专卖法实施条例>的决定（征求意见稿）》，向社会公开征求意见。《意见稿》提出，将电子烟等新型烟草制品参照《实施条例》中关于卷烟的有关规定执行，将大幅度提升电子烟监管效能，有效规范电子烟生产经营活动，解决电子烟存在的产品质量安全风险、虚假广告等问题，切实保障消费者合法权益。受此消息影响，电子烟巨头悦刻母公司雾芯科技盘前股价下挫，跌幅一度达35%。此前，政策监管问题一直是悬在电子烟行业之上的“达摩克利斯之剑”。工信部一锤定音，将电子烟等新型烟草制品参照卷烟监管，又意味着什么呢？“电子烟行业要受到监管了，会参照但不会完全按照卷烟的有关规定。”中国电子商会电子烟行业委员会会长欧俊彪表示，管理的范围可能涉及电子烟企业生产、税收等。有知情人士透露，如果按照烟草征税，税率至少上升到36%。这是否会使目前电子烟品牌遭受重创？在欧俊彪看来，这则消息应该从正面去解读。监管出手，市场上三无产品消失，正规军更好地成长。“价格从来不是问题。只要国家给身份证就是好事。”持相同意见的还有电子烟创业者。 “我觉得对品牌来说是一个好事，（《意见稿》）说的是监管，没有说禁止电子烟。”电子烟品牌亿雾EVOVE的投资人兼联合创始人李欧成说，从短期看，对于要进入还未进入的人来说是利空消息，但对于已有品牌是利好消息。至于电子烟纳入监管之后可能发生的变化，李欧成认为，还要等具体细则出来才能看到。此前，悦刻的成功上市已经将这个行业带入躁动的状态。其财富效应刺激众多行业玩家和其他行业跨界而来的玩家疯狂扩张，争相成为下一个悦刻。监管新政来临，会给他们带来什么？1、悦刻上市冲击波没有什么比公司主动做出高层人事调整更能表明这家公司正感受到竞争加剧的压力。电子烟品牌悦刻RELX母公司雾芯科技秘密提交申请上市文件的第二个月，2020年12月底，国内另一家电子烟品牌喜雾宣布了一则人事任免公告，免去公司CEO陈敏和COO刘宇职务，新任CEO由原喜雾投资人Thomas Yao担任。Thomas Yao上任的前一天，雾芯科技正式向美国证监会递交招股说明书。22天后，这家成立三年的公司登陆纽交所，为电子烟行业又增加了一个敲钟暴富的故事。在悦刻上市之际做出换帅举动并非巧合。这表明，喜雾内部，至少现任管理层认为，在电子烟行业新一轮的躁动中，公司需要更直接、高效的管理方式与资本运作方式。Thomas Yao的原话是，“速度对我来讲也是很重要的，公司发展到1-10的阶段，高速增长才能留住更好的人才，同时吸引更多的人才加入。”这位凡事争第一、熟悉资本运作、长期活跃于美国硅谷的投资人，也曾是四家科技公司的创始人。他希望自身的投资经验和创业成功经历，能让喜雾发展地更快些，并帮助喜雾将资本的能量最大化。“在这个阶段我去做，我能更多看到公司的未来，我觉得它（喜雾）应该是有机会成为下一个悦刻这样体量的公司的，这个行业也是有巨大潜力的。”Thomas Yao说。1月22日，悦刻的运营主体雾芯科技在纽交所上市，股票代码“RLX”，开盘当日股价暴涨，盘中股价最高涨幅158%，收盘市值达458亿美元，给创始人汪莹带来巨额财富。2018年1月，汪莹创办雾芯科技并担任CEO。短短三年时间，在资本的助推下，悦刻以“神速”攀上巅峰。招股说明书显示，2018、2019及2020前三季度，悦刻期内净利润分别约为-28.7万元、4774.8万元和1.09亿元，即2019年起由亏转盈。悦刻的上市给电子烟行业内的人带来了希望，也让行业之外的人蠢蠢欲动。“原来别的行业的创业者，手上有一些资金的企业家都开始关注这个行业，也有资本公司来找我们。”Thomas Yao告诉全天候科技，错过了悦刻的资本，不想错过下一个悦刻，也愿意拿钱砸出来一家新的悦刻。2、追风者龚叶决定辞去运营的工作，踏入电子烟行业是从悦刻上市开始的。“看这个在风口上，做一个（专卖店）试试。”他被新闻报道里的故事挑动神经，并笃信比起“打工”，当下抓住风口更重要。没有人怀疑，这波风口是悦刻上市带来的。“有一种说法是，电子烟只有两个品牌，一个是悦刻，一个是其他。”尽管有这样的认知，在试抽了20多个品牌的产品、打了上百个电话、搜集了上千条电子烟相关资讯后，龚叶最终还是选择了小野。因为，在武汉这样的大城市，“悦刻门店太多，没有好位置可选了。”今年3月，龚叶终于拥有了一家10平米的电子烟专卖店。在距离龚叶一千公里以外的一个深圳小型商业街，韦东开了一家8平米的悦刻电子烟专卖店。悦刻线下门店与龚叶一样，韦东也是电子行业的新入者。从去年12月底加入悦刻线下店大军，开业不到3个月，这家小店虽然没让他赚上大钱，但也没亏过。“想做这一行，别管附近有多少电子烟门店，只要周边的人流能满足你选的位置就行。”韦东透露，悦刻的开店策略是相隔500米可开一家店。招股说明书显示，2019年前三季度至2020年前三季度，雾芯科技授门店超5000家。作为几千分之一，韦东们赚钱吗？韦东告诉全天候科技，他的门店租金成本是7000元左右，一盒烟弹99元，每月只要能卖出去150盒，就能达到盈亏平衡。不限于龚叶、韦东这样的经销商，电子烟行业每个链条上都有人想挤进来，成为这波浪潮中的“追风者”。多位电子烟品牌创始人告诉全天候科技，过去几个月，不止一家投资机构对他们伸出橄榄枝。“中国是全球最大的潜在电子烟市场。”咨询与情报公司Arizton研究表示，截至2019 年，中国电子烟产品渗透率只有1.2%，对比50.4%的英国和32.4%的美国，仍具有十分可观的发展空间。据艾媒咨询发布的《2021Q1中国电子烟行业发展现状及市场调研分析报告》相关数据，2013年，中国电子烟市场规模为5.5亿元，2020年市场规模增至83.8亿元，八年年均复合增长率达72.5%，预计2021年有望超过100亿元。3、渠道为“王”时间再往前推一年多，2019年11月1日，电子烟网售禁令发布，行业犹如被浇了一盆凉水。线上禁售给电子烟企业致命一击，悦刻也不例外。招股说明书显示，悦刻2019年前三季度整体线上与线下渠道收入占比为3:7。当年第四季度，悦刻营收出现首次环比下滑的情况，亏损超过5000万元。这纸禁令后，各品牌开始大举拓展线下渠道。授权经销商与门店数量都在迅速增加。2019年前三季度至2020年前三季度，雾芯科技授权经销商数量由41家增长至110家。来自线下分销商的销售净收入从7.8亿元增加21.62亿元。谁拥有线下店，谁就拥有了“护城河”。2019年底，铂德砸下3亿元补贴，启动“千城万店计划”。紧接着，悦刻、柚子等多个头部企业跟进。2020年1月，悦刻表示，计划在未来3年累计投入6亿元，开拓10000家专卖店。刚刚进入2021年，YOOZ柚子也公布了万家专卖店计划——补贴代理商6亿，一年开业1万家专卖店。开店意味着要烧大量的资金，抢滩线下注定是一场砸钱的较量。各品牌砸钱抢渠道的方式大同小异：提供装修补贴、房租补贴、新品货补等。“目前这个阶段，90%的电子烟品牌，渠道商是（产业链上）最赚钱的，大家都在抢市场占有率。”欧俊彪说，为了抢市场，品牌企业前期不在乎亏盈。从事电子烟研发工作的陆鑫说，前几年还会有电子烟产品做的不好的情况，但经过这几年的发展，研发已相对成熟。行业里面核心的东西变成了销售，“能卖的出去就能赚钱。”因而，渠道才是产业链上的“王者”。各品牌倚重的线下渠道，在利益链上又能分到多少蛋糕？从悦刻客服提供的数据可以看到，全国统一进货价格的专卖店，毛利润在40%-50%之间，而由当地经销商提供报价单的授权店，毛利润一般是零售价的40%左右。电子烟品牌柠檬Lem的毛利更高。柠檬电子烟招代理广告图一位柠檬品牌运营商告诉全天候科技，一盒柠檬电子烟烟杆套装（1杆1弹）的市场价129元，而柠檬代理商的拿货价只有40元/盒。一盒3颗装烟弹，市场价和代理拿货价分别是99元、40元。此外，还会附赠代理商展示台和试抽台、一次性试抽烟嘴、海报、宣传彩页等。“我们有大量成功销售案例，代理柠檬就是（得到了）赚钱机会。”上述品牌运营商说，有意愿做代理的人可以试销3个月，期间如果双方认可，就可签订销售协议。4、抢夺下沉市场两年前，在和媒体分享时，李欧成提的最多的是“用户教育”；而现在，他关注的话题变成了下沉市场。过去一整年，是电子烟行业大调整的一年，也是李欧成思考最多的一年。受疫情影响，原本只做海外市场的亿雾调整策略，加入国内电子烟渠道大战中。与悦刻这样的大品牌相比，亿雾在资金、品牌知名度、用户认可度上均不占优势。如何在大品牌的“挤压下”寻找到更大的生存空间，不仅是李欧成和他的品牌必须面对的问题，也是众多电子烟行业的小玩家的棘手难题。在经过多次开会、调研、核算后，李欧成和团队认为，新的机会可能会出现在下沉市场。所谓下沉市场，通常指除一、二线城市之外的地区，包含了300个地级市、2000个县城、4万个乡镇和66万个村庄。为什么看重下沉市场？李欧成给出的解释很简单：市场已经完成用户教育，一、二线城市线下门店接近饱和，越来越多低线城市人群成为电子烟用户，拥有人口基础，巨头还未大力拓展，是一片广阔的消费蓝海。当亿雾在三线城市挑选经销商时，更多的品牌也涌入了下沉市场。在内蒙、陕西、新疆等省“开城”时，深圳一家电子烟品牌创始人刘拓并没有来得及做太多调研，而是依靠之前做悦刻代理时积累的经验和边跑边探索模式就直接“开干”。“悦刻500米一家店，位置好的赚钱，位置不好的当炮灰。”在刘拓看来，开电子烟线下店最重要的准则还是位置，“要看人流。”为了选到更好的位置，刘拓加紧节奏，在西北几个三至六线城市的商场布局了500家专卖店。“低线城市、县城的结构很简单，一个地方可能就只有一个商场，这个商场就是当地常住人口的购物中心。只要有这份需求，就会有生意。”刘拓分析，即便这些商场中已有悦刻专卖店，像它们这样有价格优势的品牌也会成为当地收入不高人群的首选。在一、二线城市大力开疆拓土的悦刻也注意到了下沉市场的重要性。几个月前，悦刻对外表示，未来将开启向下沉市场渗透的战略。喜雾的渠道负责人也表示，此前喜雾的消费者集中在一至三线城市，如今也出现了市场下沉的趋势。一个令人惊讶的例子是，在成都北郊某个镇的喜雾专卖店，开业当天营收超过1万元，三天回本。该店店主也因此获得喜雾“小镇李佳琦”的称号。根据国家统计局数据，三线以下城市及农村乡镇地区居民规模超过10 亿人。在电子烟品牌商的眼中，围绕着这10亿人的，是广阔的消费市场、诱人的回报。“我们选下沉市场，不是想打差异化，是想找一个进入市场渠道成本最低的方法。”李欧成说。5、在风口中活下去此前，所有的电子烟品牌目前都还面临一个棘手问题——国标尚未发布。这也意味着，未来在国标之下，有多少品牌还能继续存活也未可知。3月22日，工业和信息化部、国家烟草专卖局研究起草了《关于修改<中华人民共和国烟草专卖法实施条例>的决定（征求意见稿）》，提出将电子烟等新型烟草制品参照《实施条例》中关于卷烟的有关规定执行，将大幅度提升电子烟监管效能。在多位电子烟行业从业者看来，从长期来看，这对于行业是利好消息。但具体影响及变化还要等细则出来。在美国，电子烟纳入了美国食品药品监督管理局（FDA），每个电子烟每种口味都必须FDA的PMTA审批，才能在市场上继续销售。而在国内，有关电子烟的标准仍处于空白状态。“目前电子烟销售最大的不确定性还是法规政策问题。”欧俊彪表示。中国电子商会电子烟行业委员会秘书长敖伟诺也认同上述观点，他在与企业沟通后发现目前大家最关心的问题有三个：政策、安全、全球市场。事实上，早在4年前，相关单位就已立项起草电子烟国家强制标准草案，按照计划时间表，通过审查的草案应在2019年正式发布，但行业始终迟迟未见这份草案。一些从业者的共识是：电子烟行业的乱象，也在于没有合规的要求，准入门槛过低。对于从业者来说，国标落地意味着行业正式得到国家认可，免于游走在边缘地带。另外，纳税问题同样备受关注。刘拓告诉全天候科技，目前大部分电子烟品牌的运营主体都是以科技公司的名义注册，按13%的普通电子产品税缴税。未来，电子烟的定位究竟是消费品、烟草、还是医疗器械，在很大程度上决定着电子烟要如何缴税。电子烟行业未来仍有不确定性，但大多数玩家依然表示看好。刘拓否认自己是玩票性质的企业：“我不是为了赚钱而创业，如果为了赚钱，早期做悦刻的代理发展到现在也非常好了。我是看好这个东西，希望做一个长期的事情。”而他坚信，即使悦刻目前占领中国电子烟行业6成以上的市场，但要吃下整个市场并不容易。也一定会有下一个悦刻跑出来。投资人正在主动挖掘下一个悦刻，而众玩家们也期望成为后者。“有钱就好弄，有钱就能快跑。”在刘拓看来，资本的加持多于电子烟品牌而言至关重要。毕竟当下，有关电子烟品牌的价格战也已经打响。最早曝出的消息是，一年前，柚子发售换弹电子烟烟杆新品，仅售9.9元。最近，隶属深圳市非我科技有限公司的电子烟品牌JVE非我宣布，其旗下的雾化烟弹（三颗装）的单价由99元下调为59元，降幅一次性达到40%。刘拓说，价格战很正常，现在“谁都想把对方弄死”。但对于众多中小品牌来说，“在这个阶段，在成为下一个悦刻之前，需要先活下去。”刘拓补充说。（文中龚叶、韦东、陆鑫、刘拓均为化名）","news_type":1,"symbols_score_info":{"RLX":0.9}},"isVote":1,"tweetType":1,"viewCount":1555,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
