No.121 billonaires Chen zhiping – E-cigarittes manufacturing


#Blog, Information

Founded in 2009.

SMOORE is an E-cigarettes manufacturer in China.

The headquarter of the group is located in Bao’an District, Shenzhen.

With a total of nearly 20,000 employees.

Become a listed company in 2020 (stock code: HK6969)


Business model:

Two main business segments:

(i) For some of the world’s leading tobacco companies and

Independent vaping companies

(such as Japan Tobacco, British American Tobacco, Reynolds Asia Pacific, RELX and NJOY)

Research, design and manufacture enclosed vaping devices and vaping components.

OEM business model.

(ii) Carry out own Research, design, manufacture, and sales of branded Open Vaping devices or APVs. Distributor business model, they don’t own stores by themselves.



(i)  Closed vaping devices

(ii)  Vaping components

(iii)  Open Electronic atomization equipment.


Closed electronic atomization equipment

Closed electronic atomization equipment refers to a closed electronic atomizer consisting of (i) a closed electronic atomizer (which includes an atomizing core and an electronic atomizing liquid (which Electronic vaping devices consisting of )) and (ii) batteries from suppliers not manufactured by them. A closed electronic atomizer generally, can be used for about three to 12 days, which depends on the different consumption habits of users. Closed electronic atomization equipment rechargeable or disposable devices. Portability, variety of personalization and ease of use improve closed vaping device penetration.


Electronic atomization components

Manufacture vaping components (enclosed electronic atomizers and batteries) for heat not burn products. heating does not a combustion product refers to a device that uses a battery-operated heating system to produce nicotine-containing tobacco by heating tobacco pieces to atomized vapor. In view of the growing trend in the heat not burn market, started a partnership with Japan Tobacco in May 2017. (a global tobacco company and one of key customers) to collaborate through the manufacture of electronic vaping products for heat not burn products, the components enter the heat-not-burn market. Unlike traditional heat not burn products, make smoke that is not directly heated Electronic atomization components for grass heat not burn products. Instead, it passes through and heats a tobacco capsule containing nicotine, atomizing vapor is generated. Additionally, use ceramic heating technology to manufacture CBD and THC for medical or recreational use. The vaping components of the vaping device (enclosed electronic atomizer and battery).


Open electronic atomization equipment

An open-type electronic atomizing device refers to a device consisting of (i) an open-type electronic atomizer (which includes a heating wire) and (ii) a battery module (which includes a battery) composed of electronic atomizing equipment. The open vaping device allows end-consumer self-injection electronic nebulizer. Users have more freedom and can mix different heating wires, battery modules and electronic atomizers fluid to generate a more personalized experience.


Main client from:

  • America

54.4% in 2016, 40% in 2017, 28% in 2018, 27.8% in 2019

  • China

17% in 2016, 12% in 2017, 11.9% in 2018, 20.9% in 2019

  • HongKong

8.6% in 2016, 15.3% in 2017, 15.9% in 2018, 26.4% in 2019

4)  Japan

0% in 2016, 9.8% in 2017, 12.9% in 2018, 7.9% in 2019

  • Europe and UK

4% in 2016, 8.9% in 2017, 8.1% in 2018, 10% in 2019


Top five customers in 2016, 2017, 2018 and 2019

accounted for 73.7%, 65.6%, 55.3%, and 63.0% of their total revenue in the respective years.

The largest customer in 2016, 2017, 2018 and 2019

accounted for 30.5%, 25.4%, 20.7% and 15.7% of their total revenue in the respective years.

90% of the world’s e-cigarettes are produced in China, and 90% of the e-cigarettes produced are mainly for export.

In China, the electronic cigarette manufacturing industry is concentrated in Shenzhen, with more than 600 electronic cigarette companies, and Smoore is one of the earliest electronic cigarette manufacturers.


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