Thursday, May 23, 2024

Winhe Technology Releases 2023 Semi-Annual Report: E-cigarette Business Booms

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On August 25th, Winho Technology released its semi-annual report for 2023. The company’s operating income reached 4.801 billion yuan, showing a year-on-year growth of 3.84%. The net profit attributable to the shareholders of the listed company amounted to 2.98 billion yuan, experiencing a 12.81% increase compared to the previous year. The net profit attributable to the shareholders of the listed company, excluding non-recurring gains and losses, reached 2.63 billion yuan, showing a year-on-year increase of 0.54%. The basic earnings per share amounted to 0.46 yuan. The e-cigarette business revenue reached 1.433 billion yuan, reflecting a staggering growth rate of 1477.33%. The operating profit and net profit for this sector were 485 million yuan and 417 million yuan respectively.

According to the report, Shenzhen Skoll Technology Co., Ltd., a subsidiary and holding company of the company, is engaged in the e-cigarette business. The company’s e-cigarette business primarily focuses on brand operations, providing customers with e-cigarettes, pods, vaporizers, and other e-cigarette accessories. Under the guidance of new regulations in the domestic e-cigarette industry, Skoll has obtained the “Tobacco Monopoly Production Enterprise License” issued by the National Tobacco Monopoly Bureau and has been actively developing its proprietary brand business and expanding into overseas markets since 2022.

The report states that in order to seize further opportunities in the European market and promptly respond to customer service needs, the company’s board of directors has approved the establishment of a wholly-owned subsidiary in the UK by Skorl. This move gradually achieves the goal of “establishing a base in the UK and radiating throughout Europe”, allowing for a swift response to pre-sales and after-sales service requirements within the e-cigarette business.

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