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十八粒子
2021-03-22
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E-Cigarette Regulatory Storm Comes: Will There Be a Next 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 Comes: Will There Be a Next 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>Boots to the floor.</p><p>On March 22nd, 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 studied and drafted the \"On Amendment<中华人民共和国烟草专卖法实施条例>Decision (Draft for Comment) \", open to the public for comments.</p><p>The \"Draft Opinion\" proposes that the implementation of new tobacco products such as e-cigarettes with reference to the relevant provisions on cigarettes in the Implementation Regulations will greatly improve the supervision efficiency of e-cigarettes, effectively standardize the production and operation activities of e-cigarettes, solve the product quality and safety risks, false advertisements and other problems of e-cigarettes, and effectively protect the legitimate rights and interests of consumers.</p><p>Affected by the news, the parent company of e-cigarette giant RELX<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Shares fell before the market, falling by 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, the issue of policy regulation has been the \"sword of Damocles\" hanging above the e-cigarette industry. What does it mean for the Ministry of Industry and Information Technology to refer new tobacco products such as e-cigarettes to cigarette supervision?</p><p><b>\"The e-cigarette industry will be supervised, and it will refer to but will not fully follow the relevant regulations of cigarettes.\" Ou Junbiao, chairman of the e-cigarette industry committee of China Electronic Chamber of Commerce, said that the scope of management may involve the production and taxation of e-cigarette enterprises.</b></p><p>According to people familiar with the matter, if it is taxed according to tobacco, the tax rate will rise to at least 36%. Will this hit the current e-cigarette brands hard?</p><p><b>In Ou Junbiao's view, this news should be interpreted from the positive side. Supervision took action, the three no products in the market disappeared, and the regular army grew better. \"Price is never a problem. As long as the state gives ID cards, it's a good thing.\"</b></p><p>Also holding the same opinion are e-cigarette entrepreneurs.</p><p><b>\"I think it's a good thing for brands. (The Opinion Draft) talks about supervision, not about banning e-cigarettes.\" Li Oucheng, an investor and co-founder of e-cigarette brand Yiwu EVOVE, said that in the short term, it is bad news for those who want to enter but have not yet entered, but good news for existing brands.</b></p><p>As for the possible changes after e-cigarettes are brought into supervision, Li Oucheng believes that it will be necessary to wait until the specific rules come out.</p><p>Previously, the successful listing of RELX has brought this industry into a state of agitation. Its wealth effect stimulates many industry players and players from other industries to expand crazily, competing to become the next RELX. What will the new regulatory policy bring to them?</p><p>1. RELX listing shock wave</p><p>Nothing shows that the company is feeling the pressure of increased competition more than the company taking the initiative to make high-level personnel changes.</p><p>In the second month after Wuxin Technology, the parent company of e-cigarette brand RELX, secretly submitted the listing application documents, at the end of December 2020, Xiwu, another domestic e-cigarette brand, announced a personnel appointment and removal announcement, removing the positions of CEO Chen Min and COO Liu Yu, and the new CEO was held by Thomas Yao, the former Xiwu investor.</p><p>The day before Thomas Yao took office, Fog Core Technology officially submitted its prospectus to the U.S. Securities and Exchange Commission. Twenty-two days later, the three-year-old company landed on the NYSE, adding another bell-ringing rich story to the e-cigarette industry.</p><p>It is no coincidence that the coaching change was made at the time of RELX's listing. This shows that within Xiwu, at least the current management believes that in the new round of agitation in the e-cigarette industry, the company needs a more direct and efficient management method and capital operation method.</p><p>Thomas Yao's original words are, \"Speed is also very important to me. When the company develops to the stage of 1-10, high-speed growth can retain better talents and attract more talents to join.\"</p><p>This investor, who strives for the first place in everything, is familiar with capital operation, and has been active in Silicon Valley for a long time. He was also the founder of four technology companies. He hopes that his own investment experience and entrepreneurial success will make Xiwu develop faster and help Xiwu maximize the energy of capital.</p><p>\"At this stage, I can see more of the company's future. I think it (Xiwu) should have the opportunity to become the next company of RELX size, and this industry also has great potential.\" Thomas Yao said.</p><p>On January 22nd, Fog Core Technology, the operating entity of RELX, was listed on the New York Stock Exchange with the stock code \"RLX\". On the opening day, the stock price soared, with the highest intraday stock price increase of 158%, and the closing market value reached 45.8 billion USD, bringing huge wealth to the founder Wang Ying.</p><p>In January 2018, Wang Ying founded Fog Core Technology and served as CEO. In just three years, with the help of capital, RELX climbed to the peak with \"speed\".</p><p>According to the prospectus, in 2018, 2019 and the first three quarters of 2020, RELX's net profit during the period was about-287,000 yuan, 47.748 million yuan and 109 million yuan respectively, that is, it turned from loss to profit since 2019.</p><p><img src=\"https://static.tigerbbs.com/85213927b301963b51f8b6ce47e6add6\" tg-width=\"868\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p>The listing of RELX has brought hope to people in the e-cigarette industry, and it has also made people outside the industry eager to move.</p><p>\"It turns out that entrepreneurs from other industries, entrepreneurs with some funds in hand, have begun to pay attention to this industry, and some capital companies have also come to us.\" Thomas Yao told All Weather Technology that after missing the capital of RELX, he didn't want to miss the next RELX, and was willing to spend money on a new RELX.</p><p>2. Wind Chaser</p><p>Gong Ye decided to quit his job in operation and stepped into the e-cigarette industry from the listing of RELX.</p><p>\"Look at this in the wind and try to build a (specialty store).\" He was stirred by the story in the news report, and believed that it was more important to seize the wind at the moment than \"working part-time\".</p><p>No one doubts that this wave of outlets is brought by the listing of RELX.</p><p>\"There is a saying that there are only two brands of e-cigarettes, one is RELX and the other is the other.\" Despite this cognition, Gong Ye finally chose Ono after trying to smoke more than 20 brands of products, making hundreds of phone calls and collecting thousands of e-cigarette-related information. Because, in a big city like Wuhan, \"there are too many RELX stores, and there is no good location to choose from.\"</p><p>In March this year, Gong Ye finally owned a 10-square-meter e-cigarette store.</p><p>In a small commercial street in Shenzhen, 1,000 kilometers away from Gong Ye, Wei Dong opened an 8-square-meter RELX e-cigarette store.</p><p><b>RELX 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 in the electronics industry. Since the end of December last year, he joined the army of RELX offline stores and opened for less than three months. Although this small shop didn't make him a lot of money, it didn't lose money either.</p><p>\"If you want to do this business, don't care how many e-cigarette stores there are nearby, as long as the surrounding flow of people can meet the location you choose.\" Wei Dong revealed that RELX'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, Fog Core Technology granted more than 5,000 stores.</p><p>As a few thousands, do wedons make money?</p><p>Wei Dong told All-Weather Technology that the rental cost of his store is about 7,000 yuan, and a box of cigarette cartridges is 99 yuan. As long as he can sell 150 boxes every month, he can reach breakeven.</p><p>Not limited to dealers like Gong Ye and Wei Dong, there are people in every chain of the e-cigarette industry who want to squeeze in and become \"wind chasers\" in this wave.</p><p>Several e-cigarette brand founders told All Weather Technology that more than one investment institution has extended an olive branch to them in the past few months.</p><p>\"China is the largest potential e-cigarette market in the world.\" Arizton Research, a consulting and intelligence company, said that as of 2019, the penetration rate of e-cigarette products in China was only 1.2%, compared with 50.4% in the UK and 32.4% in the United States, which still has considerable room for development.</p><p>According to the relevant data of \"2021Q1 China's E-cigarette Industry Development Status and Market Research and Analysis Report\" released by iiMedia Consulting, in 2013, China's e-cigarette market size was 550 million yuan, and in 2020, the market size increased to 8.38 billion yuan, with an eight-year average annual compound growth rate of 72.5%, which is expected to exceed 10 billion yuan in 2021.</p><p>3. Channel is the \"king\"</p><p>More than a year forward, on November 1, 2019, the ban on online sales of e-cigarettes was issued, and the industry was poured with cold water.</p><p>Online sales ban has dealt a fatal blow to e-cigarette companies, and RELX is no exception.</p><p>According to the prospectus, the overall online and offline channel revenue ratio of RELX in the first three quarters of 2019 was 3:7. In the fourth quarter of that year, RELX revenue declined for the first time, with a loss of more than 50 million yuan.</p><p>After this paper ban, brands began to aggressively expand 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 Fog Core Technology increased from 41 to 110. Net sales revenue from offline distributors increased by RMB2.162 billion from RMB780 million.</p><p>Whoever owns the offline store owns the \"moat\".</p><p>At the end of 2019, Platinum subsidized 300 million yuan and launched the \"Thousand Cities and Ten Thousand Stores Plan\". Then, many head enterprises such as RELX and Yuzu followed up.</p><p>In January 2020, RELX said it planned to invest a total of 600 million yuan in the next three years to open 10,000 specialty stores. Just entering 2021, YOOZ grapefruit also announced the plan of 10,000 specialty stores-subsidizing 600 million agents and opening 10,000 specialty stores a year.</p><p>Opening a shop means burning a lot of money, and grabbing the beach offline is destined to be a money-throwing contest.</p><p>The ways in which brands spend money to grab channels are similar: decoration subsidies, rent subsidies, new products and so on.</p><p>\"At this stage, 90% of e-cigarette brands, channel dealers are the most profitable (in the industry chain), and everyone is grabbing market share.\" Ou Junbiao said that in order to grab the market, brand enterprises don't care about losing profits in the early stage.</p><p>Lu Xin, who is engaged in the research and development of e-cigarettes, said that in the past few years, there would be situations where e-cigarette products did not do well, but after recent years of development, the research and development has been relatively mature. The core thing in the industry has become sales. \"If you can sell it, you can make money.\" Therefore, channels are the \"king\" in the industrial chain.</p><p>How many cakes can brands rely on offline channels in the interest chain?</p><p>From the data provided by RELX customer service, it can be seen that the gross profit of specialty stores with unified purchase prices across the country is between 40% and 50%, while the gross profit of authorized stores with quotations provided by local dealers is generally about 40% of the retail price.</p><p>E-cigarette brand Lemon Lem has a higher gross profit.</p><p><img src=\"https://static.tigerbbs.com/a77779c64d3d25f72b44f1fd2d894805\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Lemon E-cigarette Recruitment Agent Advertising Map</p><p>A lemon brand operator told All Weather Technology that the market price of a box of lemon e-cigarette rod set (1 rod and 1 bullet) is 129 yuan, while the price of lemon agents is only 40 yuan/box. A box of 3 cigarette cartridges, the market price and the agent price are 99 yuan and 40 yuan respectively.</p><p>In addition, there will be an agent display stand and trial smoking stand, disposable trial smoking mouthpiece, poster, promotional coloring pages, etc.</p><p>\"We have a lot of successful sales cases, and representing lemons is (getting) an opportunity to make money.\" The above-mentioned brand operators said that those who are willing to be agents can try and sell for three months, during which a sales agreement can be signed if both parties agree.</p><p>4. Grab the sinking market</p><p>Two years ago, when sharing with the media, Li Oucheng mentioned \"user education\" the most; Now, the topic of his concern has become the sinking market.</p><p>The past whole year has been a year of major adjustment in the e-cigarette industry, and it is also the year where Li Oucheng thinks the most. Affected by the epidemic, the billions of fog adjustment strategy, which was originally only used in overseas markets, joined the domestic e-cigarette channel war.</p><p>Compared with big brands like RELX, Yiwu has no advantage in capital, brand awareness and user recognition.</p><p>How to find a bigger living space under the \"squeeze\" of big brands is not only a problem that Li Oucheng and his brands must face, but also a thorny problem for many small players in the e-cigarette industry.</p><p>After many meetings, research and accounting, Li Oucheng and his team believe that new opportunities may appear in the sinking market.</p><p>The so-called sinking market usually refers to areas other than first-and second-tier cities, including 300 prefecture-level cities, 2,000 counties, 40,000 towns and 660,000 villages.</p><p>Why value the sinking market? Li Oucheng's explanation is simple: the market has completed user education, offline stores in first-and second-tier cities are close to saturation, and more and more people in low-tier cities have become e-cigarette users. They have a population base, and the giants have not yet expanded vigorously, which is a vast blue ocean of consumption.</p><p>When Yiwu selected dealers in third-tier cities, more brands also poured into the sinking market.</p><p>When Inner Mongolia, Shaanxi, Xinjiang and other provinces \"opened the city\", Liu Tuo, the founder of an e-cigarette brand in Shenzhen, didn't have time to do much research. Instead, he directly \"opened up\" by relying on the experience accumulated when he was an agent of RELX and exploring the mode while running.</p><p>\"A store 500 meters away from RELX, those with good locations make money, while those with poor locations can be used as cannon fodder.\" In Liu Tuo's view, the most important criterion for opening an offline e-cigarette store is location. \"It depends on the flow of people.\"</p><p>In order to choose a better location, Liu Tuo stepped up the pace and laid out 500 specialty stores in shopping malls in several third-to sixth-tier cities in northwest China.</p><p>\"The structure of low-tier cities and county towns is very simple. There may only be one shopping mall in a place, and this shopping mall is the shopping mall for the local permanent population. As long as there is this demand, there will be business.\" Liu Tuo analyzed that even if these shopping malls already have RELX stores, brands with price advantages like them will become the first choice of local people with low incomes.</p><p>RELX, which has vigorously expanded its territory in first-and second-tier cities, has also noticed the importance of sinking the market. A few months ago, RELX said that it would start the strategy of penetrating into the sinking market in the future.</p><p>The person in charge of Xiwu's channel also said that before, Xiwu's consumers were concentrated in first-to third-tier cities, and now there is a trend of market sinking.</p><p>A surprising example is that the Xiwu store in a town in the northern suburbs of Chengdu had a revenue of more than 10,000 yuan on the opening day, and it returned in three days. Therefore, the owner of the store won the title of \"Small Town Li Jiaqi\" in Xiwu.</p><p>According to the National Bureau of Statistics, the number of residents in cities below the third tier and rural townships exceeds 1 billion. In the eyes of e-cigarette brands, surrounding these 1 billion people is a vast consumer market and attractive returns.</p><p>\"We chose the sinking market not to differentiate, but to find a way to enter the market channel with the lowest cost,\" Li Oucheng said.</p><p>5. Survive in the wind</p><p>Previously, all e-cigarette brands are still facing a thorny problem-the national standard has not yet been released. This also means that it is unknown how many brands can continue to survive under the national standard in the future.</p><p>On March 22, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration studied and drafted the \"On Revising<中华人民共和国烟草专卖法实施条例>Decision (Draft for Comment), proposing that new tobacco products such as e-cigarettes should be implemented with reference to the relevant provisions on cigarettes in the Implementation Regulations, which will greatly improve the supervision efficiency of e-cigarettes.</p><p>In the eyes of many e-cigarette industry practitioners, this is good news for the industry in the long run. However, the specific impact and changes have to wait for the detailed rules to come out.</p><p>In the United States, e-cigarettes are included in the U.S. Food and Drug Administration (FDA), and each e-cigarette must be approved by the FDA for PMTA for each flavor to continue on the market. In China, the standards related to e-cigarettes are still blank.</p><p>\"At present, the biggest uncertainty in e-cigarette sales is the issue of regulations and policies.\" Ou Junbiao said.</p><p>Ao Weinuo, secretary-general of the E-cigarette Industry Committee of China Electronic Chamber of Commerce, also agrees with the above view. After communicating with enterprises, he found that there are three issues that everyone is most concerned about at present: policy, security and global market.</p><p>In fact, as early as four years ago, the relevant units had drafted the draft of the national mandatory standard for e-cigarettes. According to the planned timetable, the draft that passed the review should be officially released in 2019, but the industry has never seen this draft.</p><p>The consensus of some practitioners is that the chaos of the e-cigarette industry also lies in the absence of compliance requirements and the low entry threshold.</p><p>For practitioners, the landing of the national standard means that the industry has been officially recognized by the state and is free from wandering on the edge.</p><p>In addition, the issue of tax payment has also attracted much attention.</p><p>Liu Tuo told All Weather Technology that at present, most of the operating entities of e-cigarette brands are registered in the name of technology companies and pay 13% of the ordinary electronic product tax. In the future, whether the positioning of e-cigarettes is consumer goods, tobacco or medical devices will largely determine how e-cigarettes will pay taxes.</p><p>There is still uncertainty in the future of the e-cigarette industry, but most players are still optimistic.</p><p>Liu Tuo denied that he was a ticket-playing enterprise: \"I didn't start a business to make money. If I wanted to make money, it was very good to be an agent of RELX in the early days. I'm optimistic about this thing and hope to do a long-term thing.\"</p><p>And he firmly believes that even if RELX currently occupies more than 60% of the market of China's e-cigarette industry, it is not easy to eat the whole market. There is also bound to be a next RELX running out.</p><p>Investors are taking the initiative to dig the next RELX, and players expect to become the latter. \"If you have money, it's easy to get it, and if you have money, you can run fast.\" In Liu Tuo's view, the blessing of capital is more important than that of e-cigarette brands.</p><p>After all, at present, the price war about e-cigarette brands has also started.</p><p>The earliest exposed news is that a year ago, grapefruit sold a new product of replaced e-cigarette rod for only 9.9 yuan. Recently, JVE Feiwo, an e-cigarette brand affiliated to Shenzhen Feiwo Technology Co., Ltd., announced that the unit price of its atomized cigarette cartridges (three packs) was lowered from 99 yuan to 59 yuan, with a one-time drop of 40%.</p><p>Liu Tuo said that price wars are normal, and now \"everyone wants to kill each other\".</p><p>But for many small and medium-sized brands, \"at this stage, before becoming the next RELX, you need to live first,\" Liu added.</p><p>(Gong Ye, Wei Dong, Lu Xin and Liu Tuo are all pseudonyms in the 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 Comes: Will There Be a Next 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; 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}\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 Comes: Will There Be a Next 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>Boots to the floor.</p><p>On March 22nd, 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 studied and drafted the \"On Amendment<中华人民共和国烟草专卖法实施条例>Decision (Draft for Comment) \", open to the public for comments.</p><p>The \"Draft Opinion\" proposes that the implementation of new tobacco products such as e-cigarettes with reference to the relevant provisions on cigarettes in the Implementation Regulations will greatly improve the supervision efficiency of e-cigarettes, effectively standardize the production and operation activities of e-cigarettes, solve the product quality and safety risks, false advertisements and other problems of e-cigarettes, and effectively protect the legitimate rights and interests of consumers.</p><p>Affected by the news, the parent company of e-cigarette giant RELX<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Shares fell before the market, falling by 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, the issue of policy regulation has been the \"sword of Damocles\" hanging above the e-cigarette industry. What does it mean for the Ministry of Industry and Information Technology to refer new tobacco products such as e-cigarettes to cigarette supervision?</p><p><b>\"The e-cigarette industry will be supervised, and it will refer to but will not fully follow the relevant regulations of cigarettes.\" Ou Junbiao, chairman of the e-cigarette industry committee of China Electronic Chamber of Commerce, said that the scope of management may involve the production and taxation of e-cigarette enterprises.</b></p><p>According to people familiar with the matter, if it is taxed according to tobacco, the tax rate will rise to at least 36%. Will this hit the current e-cigarette brands hard?</p><p><b>In Ou Junbiao's view, this news should be interpreted from the positive side. Supervision took action, the three no products in the market disappeared, and the regular army grew better. \"Price is never a problem. As long as the state gives ID cards, it's a good thing.\"</b></p><p>Also holding the same opinion are e-cigarette entrepreneurs.</p><p><b>\"I think it's a good thing for brands. (The Opinion Draft) talks about supervision, not about banning e-cigarettes.\" Li Oucheng, an investor and co-founder of e-cigarette brand Yiwu EVOVE, said that in the short term, it is bad news for those who want to enter but have not yet entered, but good news for existing brands.</b></p><p>As for the possible changes after e-cigarettes are brought into supervision, Li Oucheng believes that it will be necessary to wait until the specific rules come out.</p><p>Previously, the successful listing of RELX has brought this industry into a state of agitation. Its wealth effect stimulates many industry players and players from other industries to expand crazily, competing to become the next RELX. What will the new regulatory policy bring to them?</p><p>1. RELX listing shock wave</p><p>Nothing shows that the company is feeling the pressure of increased competition more than the company taking the initiative to make high-level personnel changes.</p><p>In the second month after Wuxin Technology, the parent company of e-cigarette brand RELX, secretly submitted the listing application documents, at the end of December 2020, Xiwu, another domestic e-cigarette brand, announced a personnel appointment and removal announcement, removing the positions of CEO Chen Min and COO Liu Yu, and the new CEO was held by Thomas Yao, the former Xiwu investor.</p><p>The day before Thomas Yao took office, Fog Core Technology officially submitted its prospectus to the U.S. Securities and Exchange Commission. Twenty-two days later, the three-year-old company landed on the NYSE, adding another bell-ringing rich story to the e-cigarette industry.</p><p>It is no coincidence that the coaching change was made at the time of RELX's listing. This shows that within Xiwu, at least the current management believes that in the new round of agitation in the e-cigarette industry, the company needs a more direct and efficient management method and capital operation method.</p><p>Thomas Yao's original words are, \"Speed is also very important to me. When the company develops to the stage of 1-10, high-speed growth can retain better talents and attract more talents to join.\"</p><p>This investor, who strives for the first place in everything, is familiar with capital operation, and has been active in Silicon Valley for a long time. He was also the founder of four technology companies. He hopes that his own investment experience and entrepreneurial success will make Xiwu develop faster and help Xiwu maximize the energy of capital.</p><p>\"At this stage, I can see more of the company's future. I think it (Xiwu) should have the opportunity to become the next company of RELX size, and this industry also has great potential.\" Thomas Yao said.</p><p>On January 22nd, Fog Core Technology, the operating entity of RELX, was listed on the New York Stock Exchange with the stock code \"RLX\". On the opening day, the stock price soared, with the highest intraday stock price increase of 158%, and the closing market value reached 45.8 billion USD, bringing huge wealth to the founder Wang Ying.</p><p>In January 2018, Wang Ying founded Fog Core Technology and served as CEO. In just three years, with the help of capital, RELX climbed to the peak with \"speed\".</p><p>According to the prospectus, in 2018, 2019 and the first three quarters of 2020, RELX's net profit during the period was about-287,000 yuan, 47.748 million yuan and 109 million yuan respectively, that is, it turned from loss to profit since 2019.</p><p><img src=\"https://static.tigerbbs.com/85213927b301963b51f8b6ce47e6add6\" tg-width=\"868\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p>The listing of RELX has brought hope to people in the e-cigarette industry, and it has also made people outside the industry eager to move.</p><p>\"It turns out that entrepreneurs from other industries, entrepreneurs with some funds in hand, have begun to pay attention to this industry, and some capital companies have also come to us.\" Thomas Yao told All Weather Technology that after missing the capital of RELX, he didn't want to miss the next RELX, and was willing to spend money on a new RELX.</p><p>2. Wind Chaser</p><p>Gong Ye decided to quit his job in operation and stepped into the e-cigarette industry from the listing of RELX.</p><p>\"Look at this in the wind and try to build a (specialty store).\" He was stirred by the story in the news report, and believed that it was more important to seize the wind at the moment than \"working part-time\".</p><p>No one doubts that this wave of outlets is brought by the listing of RELX.</p><p>\"There is a saying that there are only two brands of e-cigarettes, one is RELX and the other is the other.\" Despite this cognition, Gong Ye finally chose Ono after trying to smoke more than 20 brands of products, making hundreds of phone calls and collecting thousands of e-cigarette-related information. Because, in a big city like Wuhan, \"there are too many RELX stores, and there is no good location to choose from.\"</p><p>In March this year, Gong Ye finally owned a 10-square-meter e-cigarette store.</p><p>In a small commercial street in Shenzhen, 1,000 kilometers away from Gong Ye, Wei Dong opened an 8-square-meter RELX e-cigarette store.</p><p><b>RELX 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 in the electronics industry. Since the end of December last year, he joined the army of RELX offline stores and opened for less than three months. Although this small shop didn't make him a lot of money, it didn't lose money either.</p><p>\"If you want to do this business, don't care how many e-cigarette stores there are nearby, as long as the surrounding flow of people can meet the location you choose.\" Wei Dong revealed that RELX'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, Fog Core Technology granted more than 5,000 stores.</p><p>As a few thousands, do wedons make money?</p><p>Wei Dong told All-Weather Technology that the rental cost of his store is about 7,000 yuan, and a box of cigarette cartridges is 99 yuan. As long as he can sell 150 boxes every month, he can reach breakeven.</p><p>Not limited to dealers like Gong Ye and Wei Dong, there are people in every chain of the e-cigarette industry who want to squeeze in and become \"wind chasers\" in this wave.</p><p>Several e-cigarette brand founders told All Weather Technology that more than one investment institution has extended an olive branch to them in the past few months.</p><p>\"China is the largest potential e-cigarette market in the world.\" Arizton Research, a consulting and intelligence company, said that as of 2019, the penetration rate of e-cigarette products in China was only 1.2%, compared with 50.4% in the UK and 32.4% in the United States, which still has considerable room for development.</p><p>According to the relevant data of \"2021Q1 China's E-cigarette Industry Development Status and Market Research and Analysis Report\" released by iiMedia Consulting, in 2013, China's e-cigarette market size was 550 million yuan, and in 2020, the market size increased to 8.38 billion yuan, with an eight-year average annual compound growth rate of 72.5%, which is expected to exceed 10 billion yuan in 2021.</p><p>3. Channel is the \"king\"</p><p>More than a year forward, on November 1, 2019, the ban on online sales of e-cigarettes was issued, and the industry was poured with cold water.</p><p>Online sales ban has dealt a fatal blow to e-cigarette companies, and RELX is no exception.</p><p>According to the prospectus, the overall online and offline channel revenue ratio of RELX in the first three quarters of 2019 was 3:7. In the fourth quarter of that year, RELX revenue declined for the first time, with a loss of more than 50 million yuan.</p><p>After this paper ban, brands began to aggressively expand 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 Fog Core Technology increased from 41 to 110. Net sales revenue from offline distributors increased by RMB2.162 billion from RMB780 million.</p><p>Whoever owns the offline store owns the \"moat\".</p><p>At the end of 2019, Platinum subsidized 300 million yuan and launched the \"Thousand Cities and Ten Thousand Stores Plan\". Then, many head enterprises such as RELX and Yuzu followed up.</p><p>In January 2020, RELX said it planned to invest a total of 600 million yuan in the next three years to open 10,000 specialty stores. Just entering 2021, YOOZ grapefruit also announced the plan of 10,000 specialty stores-subsidizing 600 million agents and opening 10,000 specialty stores a year.</p><p>Opening a shop means burning a lot of money, and grabbing the beach offline is destined to be a money-throwing contest.</p><p>The ways in which brands spend money to grab channels are similar: decoration subsidies, rent subsidies, new products and so on.</p><p>\"At this stage, 90% of e-cigarette brands, channel dealers are the most profitable (in the industry chain), and everyone is grabbing market share.\" Ou Junbiao said that in order to grab the market, brand enterprises don't care about losing profits in the early stage.</p><p>Lu Xin, who is engaged in the research and development of e-cigarettes, said that in the past few years, there would be situations where e-cigarette products did not do well, but after recent years of development, the research and development has been relatively mature. The core thing in the industry has become sales. \"If you can sell it, you can make money.\" Therefore, channels are the \"king\" in the industrial chain.</p><p>How many cakes can brands rely on offline channels in the interest chain?</p><p>From the data provided by RELX customer service, it can be seen that the gross profit of specialty stores with unified purchase prices across the country is between 40% and 50%, while the gross profit of authorized stores with quotations provided by local dealers is generally about 40% of the retail price.</p><p>E-cigarette brand Lemon Lem has a higher gross profit.</p><p><img src=\"https://static.tigerbbs.com/a77779c64d3d25f72b44f1fd2d894805\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Lemon E-cigarette Recruitment Agent Advertising Map</p><p>A lemon brand operator told All Weather Technology that the market price of a box of lemon e-cigarette rod set (1 rod and 1 bullet) is 129 yuan, while the price of lemon agents is only 40 yuan/box. A box of 3 cigarette cartridges, the market price and the agent price are 99 yuan and 40 yuan respectively.</p><p>In addition, there will be an agent display stand and trial smoking stand, disposable trial smoking mouthpiece, poster, promotional coloring pages, etc.</p><p>\"We have a lot of successful sales cases, and representing lemons is (getting) an opportunity to make money.\" The above-mentioned brand operators said that those who are willing to be agents can try and sell for three months, during which a sales agreement can be signed if both parties agree.</p><p>4. Grab the sinking market</p><p>Two years ago, when sharing with the media, Li Oucheng mentioned \"user education\" the most; Now, the topic of his concern has become the sinking market.</p><p>The past whole year has been a year of major adjustment in the e-cigarette industry, and it is also the year where Li Oucheng thinks the most. Affected by the epidemic, the billions of fog adjustment strategy, which was originally only used in overseas markets, joined the domestic e-cigarette channel war.</p><p>Compared with big brands like RELX, Yiwu has no advantage in capital, brand awareness and user recognition.</p><p>How to find a bigger living space under the \"squeeze\" of big brands is not only a problem that Li Oucheng and his brands must face, but also a thorny problem for many small players in the e-cigarette industry.</p><p>After many meetings, research and accounting, Li Oucheng and his team believe that new opportunities may appear in the sinking market.</p><p>The so-called sinking market usually refers to areas other than first-and second-tier cities, including 300 prefecture-level cities, 2,000 counties, 40,000 towns and 660,000 villages.</p><p>Why value the sinking market? Li Oucheng's explanation is simple: the market has completed user education, offline stores in first-and second-tier cities are close to saturation, and more and more people in low-tier cities have become e-cigarette users. They have a population base, and the giants have not yet expanded vigorously, which is a vast blue ocean of consumption.</p><p>When Yiwu selected dealers in third-tier cities, more brands also poured into the sinking market.</p><p>When Inner Mongolia, Shaanxi, Xinjiang and other provinces \"opened the city\", Liu Tuo, the founder of an e-cigarette brand in Shenzhen, didn't have time to do much research. Instead, he directly \"opened up\" by relying on the experience accumulated when he was an agent of RELX and exploring the mode while running.</p><p>\"A store 500 meters away from RELX, those with good locations make money, while those with poor locations can be used as cannon fodder.\" In Liu Tuo's view, the most important criterion for opening an offline e-cigarette store is location. \"It depends on the flow of people.\"</p><p>In order to choose a better location, Liu Tuo stepped up the pace and laid out 500 specialty stores in shopping malls in several third-to sixth-tier cities in northwest China.</p><p>\"The structure of low-tier cities and county towns is very simple. There may only be one shopping mall in a place, and this shopping mall is the shopping mall for the local permanent population. As long as there is this demand, there will be business.\" Liu Tuo analyzed that even if these shopping malls already have RELX stores, brands with price advantages like them will become the first choice of local people with low incomes.</p><p>RELX, which has vigorously expanded its territory in first-and second-tier cities, has also noticed the importance of sinking the market. A few months ago, RELX said that it would start the strategy of penetrating into the sinking market in the future.</p><p>The person in charge of Xiwu's channel also said that before, Xiwu's consumers were concentrated in first-to third-tier cities, and now there is a trend of market sinking.</p><p>A surprising example is that the Xiwu store in a town in the northern suburbs of Chengdu had a revenue of more than 10,000 yuan on the opening day, and it returned in three days. Therefore, the owner of the store won the title of \"Small Town Li Jiaqi\" in Xiwu.</p><p>According to the National Bureau of Statistics, the number of residents in cities below the third tier and rural townships exceeds 1 billion. In the eyes of e-cigarette brands, surrounding these 1 billion people is a vast consumer market and attractive returns.</p><p>\"We chose the sinking market not to differentiate, but to find a way to enter the market channel with the lowest cost,\" Li Oucheng said.</p><p>5. Survive in the wind</p><p>Previously, all e-cigarette brands are still facing a thorny problem-the national standard has not yet been released. This also means that it is unknown how many brands can continue to survive under the national standard in the future.</p><p>On March 22, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration studied and drafted the \"On Revising<中华人民共和国烟草专卖法实施条例>Decision (Draft for Comment), proposing that new tobacco products such as e-cigarettes should be implemented with reference to the relevant provisions on cigarettes in the Implementation Regulations, which will greatly improve the supervision efficiency of e-cigarettes.</p><p>In the eyes of many e-cigarette industry practitioners, this is good news for the industry in the long run. However, the specific impact and changes have to wait for the detailed rules to come out.</p><p>In the United States, e-cigarettes are included in the U.S. Food and Drug Administration (FDA), and each e-cigarette must be approved by the FDA for PMTA for each flavor to continue on the market. In China, the standards related to e-cigarettes are still blank.</p><p>\"At present, the biggest uncertainty in e-cigarette sales is the issue of regulations and policies.\" Ou Junbiao said.</p><p>Ao Weinuo, secretary-general of the E-cigarette Industry Committee of China Electronic Chamber of Commerce, also agrees with the above view. After communicating with enterprises, he found that there are three issues that everyone is most concerned about at present: policy, security and global market.</p><p>In fact, as early as four years ago, the relevant units had drafted the draft of the national mandatory standard for e-cigarettes. According to the planned timetable, the draft that passed the review should be officially released in 2019, but the industry has never seen this draft.</p><p>The consensus of some practitioners is that the chaos of the e-cigarette industry also lies in the absence of compliance requirements and the low entry threshold.</p><p>For practitioners, the landing of the national standard means that the industry has been officially recognized by the state and is free from wandering on the edge.</p><p>In addition, the issue of tax payment has also attracted much attention.</p><p>Liu Tuo told All Weather Technology that at present, most of the operating entities of e-cigarette brands are registered in the name of technology companies and pay 13% of the ordinary electronic product tax. In the future, whether the positioning of e-cigarettes is consumer goods, tobacco or medical devices will largely determine how e-cigarettes will pay taxes.</p><p>There is still uncertainty in the future of the e-cigarette industry, but most players are still optimistic.</p><p>Liu Tuo denied that he was a ticket-playing enterprise: \"I didn't start a business to make money. If I wanted to make money, it was very good to be an agent of RELX in the early days. I'm optimistic about this thing and hope to do a long-term thing.\"</p><p>And he firmly believes that even if RELX currently occupies more than 60% of the market of China's e-cigarette industry, it is not easy to eat the whole market. There is also bound to be a next RELX running out.</p><p>Investors are taking the initiative to dig the next RELX, and players expect to become the latter. \"If you have money, it's easy to get it, and if you have money, you can run fast.\" In Liu Tuo's view, the blessing of capital is more important than that of e-cigarette brands.</p><p>After all, at present, the price war about e-cigarette brands has also started.</p><p>The earliest exposed news is that a year ago, grapefruit sold a new product of replaced e-cigarette rod for only 9.9 yuan. Recently, JVE Feiwo, an e-cigarette brand affiliated to Shenzhen Feiwo Technology Co., Ltd., announced that the unit price of its atomized cigarette cartridges (three packs) was lowered from 99 yuan to 59 yuan, with a one-time drop of 40%.</p><p>Liu Tuo said that price wars are normal, and now \"everyone wants to kill each other\".</p><p>But for many small and medium-sized brands, \"at this stage, before becoming the next RELX, you need to live first,\" Liu added.</p><p>(Gong Ye, Wei Dong, Lu Xin and Liu Tuo are all pseudonyms in the 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":1149,"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":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3575511352031251","authorIdStr":"3575511352031251"},"themes":[],"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 Comes: Will There Be a Next 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>Boots to the floor.</p><p>On March 22nd, 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 studied and drafted the \"On Amendment<中华人民共和国烟草专卖法实施条例>Decision (Draft for Comment) \", open to the public for comments.</p><p>The \"Draft Opinion\" proposes that the implementation of new tobacco products such as e-cigarettes with reference to the relevant provisions on cigarettes in the Implementation Regulations will greatly improve the supervision efficiency of e-cigarettes, effectively standardize the production and operation activities of e-cigarettes, solve the product quality and safety risks, false advertisements and other problems of e-cigarettes, and effectively protect the legitimate rights and interests of consumers.</p><p>Affected by the news, the parent company of e-cigarette giant RELX<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Shares fell before the market, falling by 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, the issue of policy regulation has been the \"sword of Damocles\" hanging above the e-cigarette industry. What does it mean for the Ministry of Industry and Information Technology to refer new tobacco products such as e-cigarettes to cigarette supervision?</p><p><b>\"The e-cigarette industry will be supervised, and it will refer to but will not fully follow the relevant regulations of cigarettes.\" Ou Junbiao, chairman of the e-cigarette industry committee of China Electronic Chamber of Commerce, said that the scope of management may involve the production and taxation of e-cigarette enterprises.</b></p><p>According to people familiar with the matter, if it is taxed according to tobacco, the tax rate will rise to at least 36%. Will this hit the current e-cigarette brands hard?</p><p><b>In Ou Junbiao's view, this news should be interpreted from the positive side. Supervision took action, the three no products in the market disappeared, and the regular army grew better. \"Price is never a problem. As long as the state gives ID cards, it's a good thing.\"</b></p><p>Also holding the same opinion are e-cigarette entrepreneurs.</p><p><b>\"I think it's a good thing for brands. (The Opinion Draft) talks about supervision, not about banning e-cigarettes.\" Li Oucheng, an investor and co-founder of e-cigarette brand Yiwu EVOVE, said that in the short term, it is bad news for those who want to enter but have not yet entered, but good news for existing brands.</b></p><p>As for the possible changes after e-cigarettes are brought into supervision, Li Oucheng believes that it will be necessary to wait until the specific rules come out.</p><p>Previously, the successful listing of RELX has brought this industry into a state of agitation. Its wealth effect stimulates many industry players and players from other industries to expand crazily, competing to become the next RELX. What will the new regulatory policy bring to them?</p><p>1. RELX listing shock wave</p><p>Nothing shows that the company is feeling the pressure of increased competition more than the company taking the initiative to make high-level personnel changes.</p><p>In the second month after Wuxin Technology, the parent company of e-cigarette brand RELX, secretly submitted the listing application documents, at the end of December 2020, Xiwu, another domestic e-cigarette brand, announced a personnel appointment and removal announcement, removing the positions of CEO Chen Min and COO Liu Yu, and the new CEO was held by Thomas Yao, the former Xiwu investor.</p><p>The day before Thomas Yao took office, Fog Core Technology officially submitted its prospectus to the U.S. Securities and Exchange Commission. Twenty-two days later, the three-year-old company landed on the NYSE, adding another bell-ringing rich story to the e-cigarette industry.</p><p>It is no coincidence that the coaching change was made at the time of RELX's listing. This shows that within Xiwu, at least the current management believes that in the new round of agitation in the e-cigarette industry, the company needs a more direct and efficient management method and capital operation method.</p><p>Thomas Yao's original words are, \"Speed is also very important to me. When the company develops to the stage of 1-10, high-speed growth can retain better talents and attract more talents to join.\"</p><p>This investor, who strives for the first place in everything, is familiar with capital operation, and has been active in Silicon Valley for a long time. He was also the founder of four technology companies. He hopes that his own investment experience and entrepreneurial success will make Xiwu develop faster and help Xiwu maximize the energy of capital.</p><p>\"At this stage, I can see more of the company's future. I think it (Xiwu) should have the opportunity to become the next company of RELX size, and this industry also has great potential.\" Thomas Yao said.</p><p>On January 22nd, Fog Core Technology, the operating entity of RELX, was listed on the New York Stock Exchange with the stock code \"RLX\". On the opening day, the stock price soared, with the highest intraday stock price increase of 158%, and the closing market value reached 45.8 billion USD, bringing huge wealth to the founder Wang Ying.</p><p>In January 2018, Wang Ying founded Fog Core Technology and served as CEO. In just three years, with the help of capital, RELX climbed to the peak with \"speed\".</p><p>According to the prospectus, in 2018, 2019 and the first three quarters of 2020, RELX's net profit during the period was about-287,000 yuan, 47.748 million yuan and 109 million yuan respectively, that is, it turned from loss to profit since 2019.</p><p><img src=\"https://static.tigerbbs.com/85213927b301963b51f8b6ce47e6add6\" tg-width=\"868\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p>The listing of RELX has brought hope to people in the e-cigarette industry, and it has also made people outside the industry eager to move.</p><p>\"It turns out that entrepreneurs from other industries, entrepreneurs with some funds in hand, have begun to pay attention to this industry, and some capital companies have also come to us.\" Thomas Yao told All Weather Technology that after missing the capital of RELX, he didn't want to miss the next RELX, and was willing to spend money on a new RELX.</p><p>2. Wind Chaser</p><p>Gong Ye decided to quit his job in operation and stepped into the e-cigarette industry from the listing of RELX.</p><p>\"Look at this in the wind and try to build a (specialty store).\" He was stirred by the story in the news report, and believed that it was more important to seize the wind at the moment than \"working part-time\".</p><p>No one doubts that this wave of outlets is brought by the listing of RELX.</p><p>\"There is a saying that there are only two brands of e-cigarettes, one is RELX and the other is the other.\" Despite this cognition, Gong Ye finally chose Ono after trying to smoke more than 20 brands of products, making hundreds of phone calls and collecting thousands of e-cigarette-related information. Because, in a big city like Wuhan, \"there are too many RELX stores, and there is no good location to choose from.\"</p><p>In March this year, Gong Ye finally owned a 10-square-meter e-cigarette store.</p><p>In a small commercial street in Shenzhen, 1,000 kilometers away from Gong Ye, Wei Dong opened an 8-square-meter RELX e-cigarette store.</p><p><b>RELX 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 in the electronics industry. Since the end of December last year, he joined the army of RELX offline stores and opened for less than three months. Although this small shop didn't make him a lot of money, it didn't lose money either.</p><p>\"If you want to do this business, don't care how many e-cigarette stores there are nearby, as long as the surrounding flow of people can meet the location you choose.\" Wei Dong revealed that RELX'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, Fog Core Technology granted more than 5,000 stores.</p><p>As a few thousands, do wedons make money?</p><p>Wei Dong told All-Weather Technology that the rental cost of his store is about 7,000 yuan, and a box of cigarette cartridges is 99 yuan. As long as he can sell 150 boxes every month, he can reach breakeven.</p><p>Not limited to dealers like Gong Ye and Wei Dong, there are people in every chain of the e-cigarette industry who want to squeeze in and become \"wind chasers\" in this wave.</p><p>Several e-cigarette brand founders told All Weather Technology that more than one investment institution has extended an olive branch to them in the past few months.</p><p>\"China is the largest potential e-cigarette market in the world.\" Arizton Research, a consulting and intelligence company, said that as of 2019, the penetration rate of e-cigarette products in China was only 1.2%, compared with 50.4% in the UK and 32.4% in the United States, which still has considerable room for development.</p><p>According to the relevant data of \"2021Q1 China's E-cigarette Industry Development Status and Market Research and Analysis Report\" released by iiMedia Consulting, in 2013, China's e-cigarette market size was 550 million yuan, and in 2020, the market size increased to 8.38 billion yuan, with an eight-year average annual compound growth rate of 72.5%, which is expected to exceed 10 billion yuan in 2021.</p><p>3. Channel is the \"king\"</p><p>More than a year forward, on November 1, 2019, the ban on online sales of e-cigarettes was issued, and the industry was poured with cold water.</p><p>Online sales ban has dealt a fatal blow to e-cigarette companies, and RELX is no exception.</p><p>According to the prospectus, the overall online and offline channel revenue ratio of RELX in the first three quarters of 2019 was 3:7. In the fourth quarter of that year, RELX revenue declined for the first time, with a loss of more than 50 million yuan.</p><p>After this paper ban, brands began to aggressively expand 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 Fog Core Technology increased from 41 to 110. Net sales revenue from offline distributors increased by RMB2.162 billion from RMB780 million.</p><p>Whoever owns the offline store owns the \"moat\".</p><p>At the end of 2019, Platinum subsidized 300 million yuan and launched the \"Thousand Cities and Ten Thousand Stores Plan\". Then, many head enterprises such as RELX and Yuzu followed up.</p><p>In January 2020, RELX said it planned to invest a total of 600 million yuan in the next three years to open 10,000 specialty stores. Just entering 2021, YOOZ grapefruit also announced the plan of 10,000 specialty stores-subsidizing 600 million agents and opening 10,000 specialty stores a year.</p><p>Opening a shop means burning a lot of money, and grabbing the beach offline is destined to be a money-throwing contest.</p><p>The ways in which brands spend money to grab channels are similar: decoration subsidies, rent subsidies, new products and so on.</p><p>\"At this stage, 90% of e-cigarette brands, channel dealers are the most profitable (in the industry chain), and everyone is grabbing market share.\" Ou Junbiao said that in order to grab the market, brand enterprises don't care about losing profits in the early stage.</p><p>Lu Xin, who is engaged in the research and development of e-cigarettes, said that in the past few years, there would be situations where e-cigarette products did not do well, but after recent years of development, the research and development has been relatively mature. The core thing in the industry has become sales. \"If you can sell it, you can make money.\" Therefore, channels are the \"king\" in the industrial chain.</p><p>How many cakes can brands rely on offline channels in the interest chain?</p><p>From the data provided by RELX customer service, it can be seen that the gross profit of specialty stores with unified purchase prices across the country is between 40% and 50%, while the gross profit of authorized stores with quotations provided by local dealers is generally about 40% of the retail price.</p><p>E-cigarette brand Lemon Lem has a higher gross profit.</p><p><img src=\"https://static.tigerbbs.com/a77779c64d3d25f72b44f1fd2d894805\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Lemon E-cigarette Recruitment Agent Advertising Map</p><p>A lemon brand operator told All Weather Technology that the market price of a box of lemon e-cigarette rod set (1 rod and 1 bullet) is 129 yuan, while the price of lemon agents is only 40 yuan/box. A box of 3 cigarette cartridges, the market price and the agent price are 99 yuan and 40 yuan respectively.</p><p>In addition, there will be an agent display stand and trial smoking stand, disposable trial smoking mouthpiece, poster, promotional coloring pages, etc.</p><p>\"We have a lot of successful sales cases, and representing lemons is (getting) an opportunity to make money.\" The above-mentioned brand operators said that those who are willing to be agents can try and sell for three months, during which a sales agreement can be signed if both parties agree.</p><p>4. Grab the sinking market</p><p>Two years ago, when sharing with the media, Li Oucheng mentioned \"user education\" the most; Now, the topic of his concern has become the sinking market.</p><p>The past whole year has been a year of major adjustment in the e-cigarette industry, and it is also the year where Li Oucheng thinks the most. Affected by the epidemic, the billions of fog adjustment strategy, which was originally only used in overseas markets, joined the domestic e-cigarette channel war.</p><p>Compared with big brands like RELX, Yiwu has no advantage in capital, brand awareness and user recognition.</p><p>How to find a bigger living space under the \"squeeze\" of big brands is not only a problem that Li Oucheng and his brands must face, but also a thorny problem for many small players in the e-cigarette industry.</p><p>After many meetings, research and accounting, Li Oucheng and his team believe that new opportunities may appear in the sinking market.</p><p>The so-called sinking market usually refers to areas other than first-and second-tier cities, including 300 prefecture-level cities, 2,000 counties, 40,000 towns and 660,000 villages.</p><p>Why value the sinking market? Li Oucheng's explanation is simple: the market has completed user education, offline stores in first-and second-tier cities are close to saturation, and more and more people in low-tier cities have become e-cigarette users. They have a population base, and the giants have not yet expanded vigorously, which is a vast blue ocean of consumption.</p><p>When Yiwu selected dealers in third-tier cities, more brands also poured into the sinking market.</p><p>When Inner Mongolia, Shaanxi, Xinjiang and other provinces \"opened the city\", Liu Tuo, the founder of an e-cigarette brand in Shenzhen, didn't have time to do much research. Instead, he directly \"opened up\" by relying on the experience accumulated when he was an agent of RELX and exploring the mode while running.</p><p>\"A store 500 meters away from RELX, those with good locations make money, while those with poor locations can be used as cannon fodder.\" In Liu Tuo's view, the most important criterion for opening an offline e-cigarette store is location. \"It depends on the flow of people.\"</p><p>In order to choose a better location, Liu Tuo stepped up the pace and laid out 500 specialty stores in shopping malls in several third-to sixth-tier cities in northwest China.</p><p>\"The structure of low-tier cities and county towns is very simple. There may only be one shopping mall in a place, and this shopping mall is the shopping mall for the local permanent population. As long as there is this demand, there will be business.\" Liu Tuo analyzed that even if these shopping malls already have RELX stores, brands with price advantages like them will become the first choice of local people with low incomes.</p><p>RELX, which has vigorously expanded its territory in first-and second-tier cities, has also noticed the importance of sinking the market. A few months ago, RELX said that it would start the strategy of penetrating into the sinking market in the future.</p><p>The person in charge of Xiwu's channel also said that before, Xiwu's consumers were concentrated in first-to third-tier cities, and now there is a trend of market sinking.</p><p>A surprising example is that the Xiwu store in a town in the northern suburbs of Chengdu had a revenue of more than 10,000 yuan on the opening day, and it returned in three days. Therefore, the owner of the store won the title of \"Small Town Li Jiaqi\" in Xiwu.</p><p>According to the National Bureau of Statistics, the number of residents in cities below the third tier and rural townships exceeds 1 billion. In the eyes of e-cigarette brands, surrounding these 1 billion people is a vast consumer market and attractive returns.</p><p>\"We chose the sinking market not to differentiate, but to find a way to enter the market channel with the lowest cost,\" Li Oucheng said.</p><p>5. Survive in the wind</p><p>Previously, all e-cigarette brands are still facing a thorny problem-the national standard has not yet been released. This also means that it is unknown how many brands can continue to survive under the national standard in the future.</p><p>On March 22, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration studied and drafted the \"On Revising<中华人民共和国烟草专卖法实施条例>Decision (Draft for Comment), proposing that new tobacco products such as e-cigarettes should be implemented with reference to the relevant provisions on cigarettes in the Implementation Regulations, which will greatly improve the supervision efficiency of e-cigarettes.</p><p>In the eyes of many e-cigarette industry practitioners, this is good news for the industry in the long run. However, the specific impact and changes have to wait for the detailed rules to come out.</p><p>In the United States, e-cigarettes are included in the U.S. Food and Drug Administration (FDA), and each e-cigarette must be approved by the FDA for PMTA for each flavor to continue on the market. In China, the standards related to e-cigarettes are still blank.</p><p>\"At present, the biggest uncertainty in e-cigarette sales is the issue of regulations and policies.\" Ou Junbiao said.</p><p>Ao Weinuo, secretary-general of the E-cigarette Industry Committee of China Electronic Chamber of Commerce, also agrees with the above view. After communicating with enterprises, he found that there are three issues that everyone is most concerned about at present: policy, security and global market.</p><p>In fact, as early as four years ago, the relevant units had drafted the draft of the national mandatory standard for e-cigarettes. According to the planned timetable, the draft that passed the review should be officially released in 2019, but the industry has never seen this draft.</p><p>The consensus of some practitioners is that the chaos of the e-cigarette industry also lies in the absence of compliance requirements and the low entry threshold.</p><p>For practitioners, the landing of the national standard means that the industry has been officially recognized by the state and is free from wandering on the edge.</p><p>In addition, the issue of tax payment has also attracted much attention.</p><p>Liu Tuo told All Weather Technology that at present, most of the operating entities of e-cigarette brands are registered in the name of technology companies and pay 13% of the ordinary electronic product tax. In the future, whether the positioning of e-cigarettes is consumer goods, tobacco or medical devices will largely determine how e-cigarettes will pay taxes.</p><p>There is still uncertainty in the future of the e-cigarette industry, but most players are still optimistic.</p><p>Liu Tuo denied that he was a ticket-playing enterprise: \"I didn't start a business to make money. If I wanted to make money, it was very good to be an agent of RELX in the early days. I'm optimistic about this thing and hope to do a long-term thing.\"</p><p>And he firmly believes that even if RELX currently occupies more than 60% of the market of China's e-cigarette industry, it is not easy to eat the whole market. There is also bound to be a next RELX running out.</p><p>Investors are taking the initiative to dig the next RELX, and players expect to become the latter. \"If you have money, it's easy to get it, and if you have money, you can run fast.\" In Liu Tuo's view, the blessing of capital is more important than that of e-cigarette brands.</p><p>After all, at present, the price war about e-cigarette brands has also started.</p><p>The earliest exposed news is that a year ago, grapefruit sold a new product of replaced e-cigarette rod for only 9.9 yuan. Recently, JVE Feiwo, an e-cigarette brand affiliated to Shenzhen Feiwo Technology Co., Ltd., announced that the unit price of its atomized cigarette cartridges (three packs) was lowered from 99 yuan to 59 yuan, with a one-time drop of 40%.</p><p>Liu Tuo said that price wars are normal, and now \"everyone wants to kill each other\".</p><p>But for many small and medium-sized brands, \"at this stage, before becoming the next RELX, you need to live first,\" Liu added.</p><p>(Gong Ye, Wei Dong, Lu Xin and Liu Tuo are all pseudonyms in the 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 Comes: Will There Be a Next 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; 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}\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 Comes: Will There Be a Next 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>Boots to the floor.</p><p>On March 22nd, 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 studied and drafted the \"On Amendment<中华人民共和国烟草专卖法实施条例>Decision (Draft for Comment) \", open to the public for comments.</p><p>The \"Draft Opinion\" proposes that the implementation of new tobacco products such as e-cigarettes with reference to the relevant provisions on cigarettes in the Implementation Regulations will greatly improve the supervision efficiency of e-cigarettes, effectively standardize the production and operation activities of e-cigarettes, solve the product quality and safety risks, false advertisements and other problems of e-cigarettes, and effectively protect the legitimate rights and interests of consumers.</p><p>Affected by the news, the parent company of e-cigarette giant RELX<a href=\"https://laohu8.com/S/RLX\">Fog Core Technology</a>Shares fell before the market, falling by 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, the issue of policy regulation has been the \"sword of Damocles\" hanging above the e-cigarette industry. What does it mean for the Ministry of Industry and Information Technology to refer new tobacco products such as e-cigarettes to cigarette supervision?</p><p><b>\"The e-cigarette industry will be supervised, and it will refer to but will not fully follow the relevant regulations of cigarettes.\" Ou Junbiao, chairman of the e-cigarette industry committee of China Electronic Chamber of Commerce, said that the scope of management may involve the production and taxation of e-cigarette enterprises.</b></p><p>According to people familiar with the matter, if it is taxed according to tobacco, the tax rate will rise to at least 36%. Will this hit the current e-cigarette brands hard?</p><p><b>In Ou Junbiao's view, this news should be interpreted from the positive side. Supervision took action, the three no products in the market disappeared, and the regular army grew better. \"Price is never a problem. As long as the state gives ID cards, it's a good thing.\"</b></p><p>Also holding the same opinion are e-cigarette entrepreneurs.</p><p><b>\"I think it's a good thing for brands. (The Opinion Draft) talks about supervision, not about banning e-cigarettes.\" Li Oucheng, an investor and co-founder of e-cigarette brand Yiwu EVOVE, said that in the short term, it is bad news for those who want to enter but have not yet entered, but good news for existing brands.</b></p><p>As for the possible changes after e-cigarettes are brought into supervision, Li Oucheng believes that it will be necessary to wait until the specific rules come out.</p><p>Previously, the successful listing of RELX has brought this industry into a state of agitation. Its wealth effect stimulates many industry players and players from other industries to expand crazily, competing to become the next RELX. What will the new regulatory policy bring to them?</p><p>1. RELX listing shock wave</p><p>Nothing shows that the company is feeling the pressure of increased competition more than the company taking the initiative to make high-level personnel changes.</p><p>In the second month after Wuxin Technology, the parent company of e-cigarette brand RELX, secretly submitted the listing application documents, at the end of December 2020, Xiwu, another domestic e-cigarette brand, announced a personnel appointment and removal announcement, removing the positions of CEO Chen Min and COO Liu Yu, and the new CEO was held by Thomas Yao, the former Xiwu investor.</p><p>The day before Thomas Yao took office, Fog Core Technology officially submitted its prospectus to the U.S. Securities and Exchange Commission. Twenty-two days later, the three-year-old company landed on the NYSE, adding another bell-ringing rich story to the e-cigarette industry.</p><p>It is no coincidence that the coaching change was made at the time of RELX's listing. This shows that within Xiwu, at least the current management believes that in the new round of agitation in the e-cigarette industry, the company needs a more direct and efficient management method and capital operation method.</p><p>Thomas Yao's original words are, \"Speed is also very important to me. When the company develops to the stage of 1-10, high-speed growth can retain better talents and attract more talents to join.\"</p><p>This investor, who strives for the first place in everything, is familiar with capital operation, and has been active in Silicon Valley for a long time. He was also the founder of four technology companies. He hopes that his own investment experience and entrepreneurial success will make Xiwu develop faster and help Xiwu maximize the energy of capital.</p><p>\"At this stage, I can see more of the company's future. I think it (Xiwu) should have the opportunity to become the next company of RELX size, and this industry also has great potential.\" Thomas Yao said.</p><p>On January 22nd, Fog Core Technology, the operating entity of RELX, was listed on the New York Stock Exchange with the stock code \"RLX\". On the opening day, the stock price soared, with the highest intraday stock price increase of 158%, and the closing market value reached 45.8 billion USD, bringing huge wealth to the founder Wang Ying.</p><p>In January 2018, Wang Ying founded Fog Core Technology and served as CEO. In just three years, with the help of capital, RELX climbed to the peak with \"speed\".</p><p>According to the prospectus, in 2018, 2019 and the first three quarters of 2020, RELX's net profit during the period was about-287,000 yuan, 47.748 million yuan and 109 million yuan respectively, that is, it turned from loss to profit since 2019.</p><p><img src=\"https://static.tigerbbs.com/85213927b301963b51f8b6ce47e6add6\" tg-width=\"868\" tg-height=\"526\" referrerpolicy=\"no-referrer\"></p><p>The listing of RELX has brought hope to people in the e-cigarette industry, and it has also made people outside the industry eager to move.</p><p>\"It turns out that entrepreneurs from other industries, entrepreneurs with some funds in hand, have begun to pay attention to this industry, and some capital companies have also come to us.\" Thomas Yao told All Weather Technology that after missing the capital of RELX, he didn't want to miss the next RELX, and was willing to spend money on a new RELX.</p><p>2. Wind Chaser</p><p>Gong Ye decided to quit his job in operation and stepped into the e-cigarette industry from the listing of RELX.</p><p>\"Look at this in the wind and try to build a (specialty store).\" He was stirred by the story in the news report, and believed that it was more important to seize the wind at the moment than \"working part-time\".</p><p>No one doubts that this wave of outlets is brought by the listing of RELX.</p><p>\"There is a saying that there are only two brands of e-cigarettes, one is RELX and the other is the other.\" Despite this cognition, Gong Ye finally chose Ono after trying to smoke more than 20 brands of products, making hundreds of phone calls and collecting thousands of e-cigarette-related information. Because, in a big city like Wuhan, \"there are too many RELX stores, and there is no good location to choose from.\"</p><p>In March this year, Gong Ye finally owned a 10-square-meter e-cigarette store.</p><p>In a small commercial street in Shenzhen, 1,000 kilometers away from Gong Ye, Wei Dong opened an 8-square-meter RELX e-cigarette store.</p><p><b>RELX 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 in the electronics industry. Since the end of December last year, he joined the army of RELX offline stores and opened for less than three months. Although this small shop didn't make him a lot of money, it didn't lose money either.</p><p>\"If you want to do this business, don't care how many e-cigarette stores there are nearby, as long as the surrounding flow of people can meet the location you choose.\" Wei Dong revealed that RELX'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, Fog Core Technology granted more than 5,000 stores.</p><p>As a few thousands, do wedons make money?</p><p>Wei Dong told All-Weather Technology that the rental cost of his store is about 7,000 yuan, and a box of cigarette cartridges is 99 yuan. As long as he can sell 150 boxes every month, he can reach breakeven.</p><p>Not limited to dealers like Gong Ye and Wei Dong, there are people in every chain of the e-cigarette industry who want to squeeze in and become \"wind chasers\" in this wave.</p><p>Several e-cigarette brand founders told All Weather Technology that more than one investment institution has extended an olive branch to them in the past few months.</p><p>\"China is the largest potential e-cigarette market in the world.\" Arizton Research, a consulting and intelligence company, said that as of 2019, the penetration rate of e-cigarette products in China was only 1.2%, compared with 50.4% in the UK and 32.4% in the United States, which still has considerable room for development.</p><p>According to the relevant data of \"2021Q1 China's E-cigarette Industry Development Status and Market Research and Analysis Report\" released by iiMedia Consulting, in 2013, China's e-cigarette market size was 550 million yuan, and in 2020, the market size increased to 8.38 billion yuan, with an eight-year average annual compound growth rate of 72.5%, which is expected to exceed 10 billion yuan in 2021.</p><p>3. Channel is the \"king\"</p><p>More than a year forward, on November 1, 2019, the ban on online sales of e-cigarettes was issued, and the industry was poured with cold water.</p><p>Online sales ban has dealt a fatal blow to e-cigarette companies, and RELX is no exception.</p><p>According to the prospectus, the overall online and offline channel revenue ratio of RELX in the first three quarters of 2019 was 3:7. In the fourth quarter of that year, RELX revenue declined for the first time, with a loss of more than 50 million yuan.</p><p>After this paper ban, brands began to aggressively expand 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 Fog Core Technology increased from 41 to 110. Net sales revenue from offline distributors increased by RMB2.162 billion from RMB780 million.</p><p>Whoever owns the offline store owns the \"moat\".</p><p>At the end of 2019, Platinum subsidized 300 million yuan and launched the \"Thousand Cities and Ten Thousand Stores Plan\". Then, many head enterprises such as RELX and Yuzu followed up.</p><p>In January 2020, RELX said it planned to invest a total of 600 million yuan in the next three years to open 10,000 specialty stores. Just entering 2021, YOOZ grapefruit also announced the plan of 10,000 specialty stores-subsidizing 600 million agents and opening 10,000 specialty stores a year.</p><p>Opening a shop means burning a lot of money, and grabbing the beach offline is destined to be a money-throwing contest.</p><p>The ways in which brands spend money to grab channels are similar: decoration subsidies, rent subsidies, new products and so on.</p><p>\"At this stage, 90% of e-cigarette brands, channel dealers are the most profitable (in the industry chain), and everyone is grabbing market share.\" Ou Junbiao said that in order to grab the market, brand enterprises don't care about losing profits in the early stage.</p><p>Lu Xin, who is engaged in the research and development of e-cigarettes, said that in the past few years, there would be situations where e-cigarette products did not do well, but after recent years of development, the research and development has been relatively mature. The core thing in the industry has become sales. \"If you can sell it, you can make money.\" Therefore, channels are the \"king\" in the industrial chain.</p><p>How many cakes can brands rely on offline channels in the interest chain?</p><p>From the data provided by RELX customer service, it can be seen that the gross profit of specialty stores with unified purchase prices across the country is between 40% and 50%, while the gross profit of authorized stores with quotations provided by local dealers is generally about 40% of the retail price.</p><p>E-cigarette brand Lemon Lem has a higher gross profit.</p><p><img src=\"https://static.tigerbbs.com/a77779c64d3d25f72b44f1fd2d894805\" tg-width=\"1080\" tg-height=\"1440\" referrerpolicy=\"no-referrer\"></p><p>Lemon E-cigarette Recruitment Agent Advertising Map</p><p>A lemon brand operator told All Weather Technology that the market price of a box of lemon e-cigarette rod set (1 rod and 1 bullet) is 129 yuan, while the price of lemon agents is only 40 yuan/box. A box of 3 cigarette cartridges, the market price and the agent price are 99 yuan and 40 yuan respectively.</p><p>In addition, there will be an agent display stand and trial smoking stand, disposable trial smoking mouthpiece, poster, promotional coloring pages, etc.</p><p>\"We have a lot of successful sales cases, and representing lemons is (getting) an opportunity to make money.\" The above-mentioned brand operators said that those who are willing to be agents can try and sell for three months, during which a sales agreement can be signed if both parties agree.</p><p>4. Grab the sinking market</p><p>Two years ago, when sharing with the media, Li Oucheng mentioned \"user education\" the most; Now, the topic of his concern has become the sinking market.</p><p>The past whole year has been a year of major adjustment in the e-cigarette industry, and it is also the year where Li Oucheng thinks the most. Affected by the epidemic, the billions of fog adjustment strategy, which was originally only used in overseas markets, joined the domestic e-cigarette channel war.</p><p>Compared with big brands like RELX, Yiwu has no advantage in capital, brand awareness and user recognition.</p><p>How to find a bigger living space under the \"squeeze\" of big brands is not only a problem that Li Oucheng and his brands must face, but also a thorny problem for many small players in the e-cigarette industry.</p><p>After many meetings, research and accounting, Li Oucheng and his team believe that new opportunities may appear in the sinking market.</p><p>The so-called sinking market usually refers to areas other than first-and second-tier cities, including 300 prefecture-level cities, 2,000 counties, 40,000 towns and 660,000 villages.</p><p>Why value the sinking market? Li Oucheng's explanation is simple: the market has completed user education, offline stores in first-and second-tier cities are close to saturation, and more and more people in low-tier cities have become e-cigarette users. They have a population base, and the giants have not yet expanded vigorously, which is a vast blue ocean of consumption.</p><p>When Yiwu selected dealers in third-tier cities, more brands also poured into the sinking market.</p><p>When Inner Mongolia, Shaanxi, Xinjiang and other provinces \"opened the city\", Liu Tuo, the founder of an e-cigarette brand in Shenzhen, didn't have time to do much research. Instead, he directly \"opened up\" by relying on the experience accumulated when he was an agent of RELX and exploring the mode while running.</p><p>\"A store 500 meters away from RELX, those with good locations make money, while those with poor locations can be used as cannon fodder.\" In Liu Tuo's view, the most important criterion for opening an offline e-cigarette store is location. \"It depends on the flow of people.\"</p><p>In order to choose a better location, Liu Tuo stepped up the pace and laid out 500 specialty stores in shopping malls in several third-to sixth-tier cities in northwest China.</p><p>\"The structure of low-tier cities and county towns is very simple. There may only be one shopping mall in a place, and this shopping mall is the shopping mall for the local permanent population. As long as there is this demand, there will be business.\" Liu Tuo analyzed that even if these shopping malls already have RELX stores, brands with price advantages like them will become the first choice of local people with low incomes.</p><p>RELX, which has vigorously expanded its territory in first-and second-tier cities, has also noticed the importance of sinking the market. A few months ago, RELX said that it would start the strategy of penetrating into the sinking market in the future.</p><p>The person in charge of Xiwu's channel also said that before, Xiwu's consumers were concentrated in first-to third-tier cities, and now there is a trend of market sinking.</p><p>A surprising example is that the Xiwu store in a town in the northern suburbs of Chengdu had a revenue of more than 10,000 yuan on the opening day, and it returned in three days. Therefore, the owner of the store won the title of \"Small Town Li Jiaqi\" in Xiwu.</p><p>According to the National Bureau of Statistics, the number of residents in cities below the third tier and rural townships exceeds 1 billion. In the eyes of e-cigarette brands, surrounding these 1 billion people is a vast consumer market and attractive returns.</p><p>\"We chose the sinking market not to differentiate, but to find a way to enter the market channel with the lowest cost,\" Li Oucheng said.</p><p>5. Survive in the wind</p><p>Previously, all e-cigarette brands are still facing a thorny problem-the national standard has not yet been released. This also means that it is unknown how many brands can continue to survive under the national standard in the future.</p><p>On March 22, the Ministry of Industry and Information Technology and the State Tobacco Monopoly Administration studied and drafted the \"On Revising<中华人民共和国烟草专卖法实施条例>Decision (Draft for Comment), proposing that new tobacco products such as e-cigarettes should be implemented with reference to the relevant provisions on cigarettes in the Implementation Regulations, which will greatly improve the supervision efficiency of e-cigarettes.</p><p>In the eyes of many e-cigarette industry practitioners, this is good news for the industry in the long run. However, the specific impact and changes have to wait for the detailed rules to come out.</p><p>In the United States, e-cigarettes are included in the U.S. Food and Drug Administration (FDA), and each e-cigarette must be approved by the FDA for PMTA for each flavor to continue on the market. In China, the standards related to e-cigarettes are still blank.</p><p>\"At present, the biggest uncertainty in e-cigarette sales is the issue of regulations and policies.\" Ou Junbiao said.</p><p>Ao Weinuo, secretary-general of the E-cigarette Industry Committee of China Electronic Chamber of Commerce, also agrees with the above view. After communicating with enterprises, he found that there are three issues that everyone is most concerned about at present: policy, security and global market.</p><p>In fact, as early as four years ago, the relevant units had drafted the draft of the national mandatory standard for e-cigarettes. According to the planned timetable, the draft that passed the review should be officially released in 2019, but the industry has never seen this draft.</p><p>The consensus of some practitioners is that the chaos of the e-cigarette industry also lies in the absence of compliance requirements and the low entry threshold.</p><p>For practitioners, the landing of the national standard means that the industry has been officially recognized by the state and is free from wandering on the edge.</p><p>In addition, the issue of tax payment has also attracted much attention.</p><p>Liu Tuo told All Weather Technology that at present, most of the operating entities of e-cigarette brands are registered in the name of technology companies and pay 13% of the ordinary electronic product tax. In the future, whether the positioning of e-cigarettes is consumer goods, tobacco or medical devices will largely determine how e-cigarettes will pay taxes.</p><p>There is still uncertainty in the future of the e-cigarette industry, but most players are still optimistic.</p><p>Liu Tuo denied that he was a ticket-playing enterprise: \"I didn't start a business to make money. If I wanted to make money, it was very good to be an agent of RELX in the early days. I'm optimistic about this thing and hope to do a long-term thing.\"</p><p>And he firmly believes that even if RELX currently occupies more than 60% of the market of China's e-cigarette industry, it is not easy to eat the whole market. There is also bound to be a next RELX running out.</p><p>Investors are taking the initiative to dig the next RELX, and players expect to become the latter. \"If you have money, it's easy to get it, and if you have money, you can run fast.\" In Liu Tuo's view, the blessing of capital is more important than that of e-cigarette brands.</p><p>After all, at present, the price war about e-cigarette brands has also started.</p><p>The earliest exposed news is that a year ago, grapefruit sold a new product of replaced e-cigarette rod for only 9.9 yuan. Recently, JVE Feiwo, an e-cigarette brand affiliated to Shenzhen Feiwo Technology Co., Ltd., announced that the unit price of its atomized cigarette cartridges (three packs) was lowered from 99 yuan to 59 yuan, with a one-time drop of 40%.</p><p>Liu Tuo said that price wars are normal, and now \"everyone wants to kill each other\".</p><p>But for many small and medium-sized brands, \"at this stage, before becoming the next RELX, you need to live first,\" Liu added.</p><p>(Gong Ye, Wei Dong, Lu Xin and Liu Tuo are all pseudonyms in the 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":1149,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}
