Smore's 2023 Financial Report: Total Revenue Is 11.17 Billion, Disposable Products Account For 30.2%

Smore's 2023 financial report: total revenue is 11.17 billion, disposable products account for 30.2%

On March 18, Smore (06969.HK) released its 2023 full-year results. Financial report data shows that Smore's total annual revenue was RMB 11.17 billion.
On March 18, Smore (06969.HK) released its 2023 full-year results. Financial report data shows that Smore's total annual revenue was RMB 11.17 billion.

In this regard, Smore said that it continues to strengthen the localization layout of overseas markets, continues to develop its own brands, and achieves healthy growth in overseas revenue; at the same time, it continues to improve management efficiency, reduce costs and increase efficiency. In the future, we will further transform into a global enterprise and lay the foundation for future growth.

 

Chen Zhiping, chairman of the board of directors of Smore International, said: "In the past year, faced with the impact of market regulation and the external environment, our operations in different regions have shown great differences.

 

Thanks to our continuous expansion of globalization and improvement of localized operation and management capabilities, revenue from overseas markets continued to maintain steady growth during the year.

 

We believe that the continuous updating of electronic atomization product regulatory policies around the world and the further strengthening of law enforcement will be conducive to the long-term sustainable development of the industry. We are full of confidence in the bright future of the atomization industry. "

 

Overseas market revenue increased by 11.2%

 

Disposable products grew 74.5%

 

One of the highlights of this financial report is its overseas market performance. Data shows that Smore's overseas revenue was RMB 11.01 billion, an increase of 11.2% compared with 2022. The proportion of disposable products in many countries has increased significantly. The US market has helped strategic customers maintain the US market share in the closed reloading category, and its own brands have taken a leading position in key global markets.

 

In Europe and other markets, Smoore launched the upgraded ceramic atomizer disposable technology platform FEELM Max in 2023 to achieve more puffs with compliant liquid injection volume. This technology platform successfully entered the supply chain of major customers and Large-scale shipments have been achieved and have been well received by customers and users.

 

In terms of data, Smore's disposable products achieved revenue of RMB 3.37 billion, an increase of 74.5% compared with 2022, and the revenue proportion increased from 15.9% in the same period last year to 30.2%.

 

Facing the U.S. market, Smol has successfully helped strategic customers maintain the first place in the U.S. market share in the closed reloading product category by improving production intelligence and optimizing cost structure, and further increased market share.

 

The revenue of its own brand VAPORESSO was RMB 1.85 billion, an increase of 26.0% compared with the same period last year. VAPORESSO currently leads the global market and continues to increase its market share in the open category.

 

In terms of marketing, it has completed its digital management of marketing channels, increased its efforts to develop overseas markets, completed the establishment of local teams in major markets, continued to improve consumer insights, and ensured that colleagues who meet the diverse needs of consumers can quickly promote to retail terminals.

 

VAPORESSO COSS products won the Golden Leaf Award, the most influential global atomization field, and are the first open brand in the industry to win the Golden Leaf Award.

 

R&D expenses account for approximately 13.3% of revenue

 

Has operated multiple overseas warehouses

 

In terms of research and development, Smol has increased investment in R&D. R&D expenditures during the year were RMB 1.48 billion, accounting for approximately 13.3% of revenue, continuing to enhance Smol's technical advantages in the field of atomization.

 

In the field of electronic atomization, it launched the FEELM Max technology platform; in the field of heat-not-burn, Smoor successfully launched a number of competitive heating technology product platforms, which greatly improved the user experience and taste.

 

In terms of marketing, we continue to improve user insights and channel control capabilities, build a localized marketing team and store management system, and innovate customer cooperation models to provide customers with value-added services such as market insight and promotion.

 

Smore revealed that it has operated multiple overseas warehouses in Europe and the United States and established several overseas sales and R&D centers. The global layout not only helps Smol to get closer to consumers and gain insights into market trends, but also helps to stay close to customers, save costs and increase delivery speed.

 

In terms of internal management, we will continue to promote cost reduction and efficiency improvement. Through the trial of the Amoeba business model, strengthening the budget management system, and making full use of the advantages of the Smore information system, operational efficiency continued to improve, and management expenses were reduced during the review period.

 

Looking to the future, quickly seize the disposable market

 

Provide comprehensive and leading atomization technology solutions

 

In the field of electronic atomization, in view of the rapid rise of disposable electronic atomization products in the world, Smore will continue to launch differentiated innovations based on leading technology, precise user insights, and deep sales channels. products to quickly seize the disposable market.

In terms of removable products, Smore will continue to support customers' product iteration needs and help customers continue to increase their market share. In terms of open products, Smore will continue to strengthen user insights and channel control capabilities, launch more innovative products in a timely manner, and achieve sustained and steady growth in this category.

 

In the field of heat-not-burn products, Smore has formed a differentiated leading technology reserve. In the future, it will continue to seek cooperation with other industry leaders to jointly develop new products and expand market coverage. In 2024, the product will be further polished to lay a solid foundation for commercialization.

 

Mr. Chen Zhiping concluded: "In the future, the group will continue to focus on the atomization field, continue to increase product development, and at the same time continue to improve operational efficiency and marketing capabilities, striving to create greater value for customers and consumers with leading technology and innovative products, so as to Healthy and growing business performance delivers sustained returns to shareholders."

 

https://www.egqvape.com/pod-vape-pen/refillable-e-cigarette/pod-vape-pen-electronic-cigarette.html