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小毒物再次到天蝎座吃涮羊
2021-04-13
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小毒物再次到天蝎座吃涮羊
2021-04-11
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小毒物再次到天蝎座吃涮羊
2021-04-11
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Increase your holdings in e- A dangerous move
小毒物再次到天蝎座吃涮羊
2021-04-05
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小毒物再次到天蝎座吃涮羊
2021-04-04
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小毒物再次到天蝎座吃涮羊
2021-04-03
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16:55","market":"us","language":"zh","title":"Increase your holdings in e- A dangerous move","url":"https://stock-news.laohu8.com/highlight/detail?id=1114308225","media":"资本星球Planet","summary":"很多人不知道，世界上第一支电子烟本来是为了“戒烟”而诞生的。2002年，沈阳人韩力开始着手研发新型戒烟产品。无数次实验后，韩力的电子烟诞生了，2003年3月韩力获得了专利，次年5月开始工业化生产，并取","content":"<p><img src=\"https://static.tigerbbs.com/56b715d43935e4c8a9a98c6f34b1acc7\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\">Many people don't know that the world's first e-cigarette was originally created to \"quit smoking\".</p><p>In 2002, Han Li, a native of Shenyang, began developing new smoking cessation products. After countless experiments, Hanli's e-cigarette was born. In March 2003, Hanli obtained a patent and began industrial production in May of the following year, naming it Ruyan. This was the first truly meaningful e-cigarette product in China.</p><p>At that time, Ruyan's cheapest product cost 599 yuan per pipe, while the most expensive pipe-type product cost as much as 16,800 yuan, while most similar smoking cessation products on the market cost around two or three hundred yuan. However, this product, whose pricing was not friendly, quickly opened up the market after its launch through bombarding advertising and marketing. It collected 230 million yuan in just seven and a half months and achieved a turnover of 200 million yuan in the first year. At its peak from 2007 to 2008, sales reached nearly 1 billion yuan.</p><p>The main reason for achieving such good results was that Ruyan's advertising slogan at the time was \"healthy smoking\" and \"I quit after smoking\".</p><p>While advertisements may make such claims, a study conducted by the World Health Organization specifically on e-cigarettes shows that e-cigarettes are harmful to public health and are not a means of quitting smoking. They must be strengthened to prevent harm to teenagers and non-smokers.</p><p>Moreover, the CCTV 3.15 Gala in 2019 also revealed that teenagers who smoke e-cigarettes for extended periods can also develop nicotine dependence. E-cigarettes release harmful substances that harm the health of both smokers and passive smokers. Long-term use of e-cigarettes can also lead to nicotine dependence.</p><p>In 2020, the e-cigarette industry experienced a rebound, with offline channels flourishing everywhere, hot money flowing into the capital market, and marketing strategies emerging one after another. The surge in the IPO of Wuxin Technology further fueled the capital feast across the ocean.</p><p>Behind all of this lies more of a game between humanity and capital.</p><p>1. Exposure while achieving high growth</p><p>In November 2007, Ruyan Group went public through an acquisition, with its share price once as high as HK$116 and a market capitalization of nearly HK$120 billion.</p><p>Later, CCTV exposed Ruyan's fraudulent smoking cessation effects, and professional anti-counterfeiting activist Wang Hai joined in, accusing Ruyan's products of being harmful to health and its advertising of deceiving consumers. As a result, the Ruyan brand's reputation in China gradually faded.</p><p>However, thanks to their extraordinary abilities, e-cigarettes have become a representative of \"flowers blooming inside the wall and fragrant outside the wall\". In 2005, Ruyan e-cigarettes began to be exported overseas. Coupled with the high consumption level in Europe and the United States, Ruyan quickly captured the market in Europe and the United States.</p><p>Putting aside whether they can actually help people quit smoking, e-cigarettes are essentially closer to technological products. They come in a variety of shapes, functions, and flavors, and are more in line with the preferences of young people. In addition, many regions do not have explicit indoor regulations prohibiting e-cigarettes, which makes the use of e-cigarettes higher among young people.</p><p>After all, the human pursuit of dopamine is endless, and the pleasure brought by smoking is irresistible to smokers.</p><p>According to data from China Insights Consultancy (CIC) cited in RELECT's prospectus, there were 1 billion combustible tobacco users worldwide in 2019, of which 85.5% were cigarette users. According to a CIC report, global e-cigarette sales reached $35.2 billion in 2019 and are projected to reach $82 billion in 2023, with a compound annual growth rate of 23.5%.</p><p>There are two main categories of common e-cigarette products: open-type e-cigarettes and closed-type e-cigarettes. Closed-type e-cigarettes require a changeable cartridge and are mainstream in the US and Chinese markets, accounting for 90.2% and 74.1% of sales in 2019, respectively.</p><p><img src=\"https://static.tigerbbs.com/1553bb26471643b22af90300e74f903e\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"></p><p>China has approximately 286.7 million smokers, making it the world's largest smoking market. In 2019, cigarettes accounted for 94.1% of the total combustible tobacco market in China. Between 2016 and 2019, China's combustible tobacco product sales grew at a compound annual growth rate of 5.7%. From 2019 to 2023, the Chinese combustible tobacco product market is expected to grow at a compound annual growth rate of 3%, reaching US$272.5 billion in 2023.</p><p>With its high growth rate and addictiveness, e-cigarettes have almost become the new king of the consumer market in recent years.</p><p>2. To replace cigarettes, or to \"iterate\" cigarettes?</p><p>E-cigarettes generate $35 billion in annual sales, largely due to their label as a \"tobacco substitute,\" or more directly, their \"smoking cessation effects,\" but whether they actually have such effects remains a subject of much debate.</p><p>In March 2015, New Zealand tobacco control expert Murray Laugesen stated that his research found that the nicotine content in e-cigarettes in 2013 was higher than in 2008, but lower than in traditional cigarettes, and the harmful aldehyde content was much lower than in traditional cigarettes. Therefore, e-cigarettes are feasible as an alternative to traditional cigarettes to help smokers quit smoking. In August of the same year, Public Health England released a report stating that smokers who switched to e-cigarettes had a higher success rate in quitting than those who had been smoking. Moreover, since e-cigarette e-liquid does not contain tar or other substances, the gases produced by e-cigarettes contain about 95% fewer harmful substances than those produced by traditional cigarettes. Research from the University of London in the UK suggests that using e-cigarettes can increase the success rate of quitting smoking by about 60%.</p><p>At the same time, more research indicates that smokers using e-cigarettes to quit smoking may lead to dual nicotine use.</p><p>In 2018, the World Health Organization announced that there was currently insufficient evidence to prove that e-cigarettes could help with smoking cessation, and therefore e e-cigarettes were not a recognized method of smoking cessation. The World Health Organization clearly defines e-cigarettes as tobacco products and classifies them as medical supplies. It also recommends restricting indoor use of e-cigarettes, prohibiting the production and smoking of certain flavors of e-cigarettes, and restricting their sale only to adults over the age of 18.</p><p>In March 2019, the World Health Organization released another report stating that secondhand smoke from e-cigarettes is a new source of air pollution, which can cause PM1.0 levels to be 14 to 40 times higher, PM2.5 levels to be 6 to 86 times higher, nicotine content to be 10 to 115 times higher, acetaldehyde content to be 2 to 8 times higher, and formaldehyde content to be 20% higher.</p><p><img src=\"https://static.tigerbbs.com/524542016e868c88fba9b8d2c515ed4a\" tg-width=\"899\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p>In addition, numerous universities, research institutions, and academic journals have also expressed their views on e-cigarettes at different times. A study published in JAMA Cardiology in 2017 showed that users who use e-cigarettes almost daily are more likely to develop heart disease compared to healthy non-smokers. Researchers at Charles R. Drew University of Medicine said at the annual meeting of the American Endocrine Society in Chicago that e-cigarettes have become increasingly popular in recent years, with some advertisements claiming that they are safer than traditional cigarettes. However, their mouse experiments showed that exposure to e-cigarette environments can lead to additional fat accumulation in the liver, which is harmful to health.</p><p>In 2018, a new small study led by a team at the University of Birmingham found that e-cigarette vapor can damage key immune cells in the lungs, suggesting that this may be more harmful than researchers had previously anticipated. In 2019, the University of Kansas School of Medicine issued a statement saying that people who frequently use e-cigarettes have a 70% higher risk of stroke or heart disease compared to non-e-cigarette users. The risk of stroke is 60% higher than the risk of heart attack or angina pectoris (chest pain), and the risk of coronary heart disease is 40% higher.</p><p><img src=\"https://static.tigerbbs.com/7c4724cdd4169d5d798e71e4bcf27e74\" tg-width=\"411\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p><p>Although many institutions and universities have studied that e-cigarettes produce acetaldehyde, acrolein, and formaldehyde when atomized. However, smokers cannot help but comfort themselves. Many smokers are willing to pay for e-cigarettes because they think the nicotine content is low, unaware that the new harms brought by e-cigarettes are even more severe.</p><p>What's even more alarming is that more and more e-cigarettes are now using \"high smoke volume\" as their main selling point. However, academics have discovered that to increase the amount of smoke, the power of the atomizer must be increased. As the power increases, the content of toxic aldehydes atomized will increase.</p><p>In the midst of smoking, between smoking and quitting, the story of e-cigarettes is beginning to enter the capital stage.</p><p>3. Increasing your e-cigarette holdings is a dangerous move.</p><p>The reliance on e-cigarettes has made this business model very \"sexy\". If you're addicted and can't quit, you have to keep smoking, and then businesses can keep selling.</p><p>Currently, sealed e-cigarettes are generally packaged and sold using a cigarette butt + cartridge model, just like Gillette razors. By selling consumers cheap knife holders, they develop a habit of using them, so that they will have to buy blades for a long time in the future. The same applies to e-cigarettes. The price of cigarette butts has decreased during the previous period of multi-brand competition, and each cigarette cartridge is a \"long-tail\" transaction.</p><p>In the entire e-cigarette industry chain, the upstream e-cigarette industry chain mainly includes manufacturers of accessories such as chips, batteries, and cotton yarn, as well as suppliers of other raw materials such as e-liquid, atomizers/heaters, and plastic hardware. The midstream refers to the industry, which mainly consists of manufacturers and brand owners. E-cigarette manufacturers are concentrated in China, accounting for 90% of the market share, resulting in a large number and fierce competition. The downstream segment mainly consists of agents, distributors, retailers, and directly operated stores.</p><p>According to a securities analysis report, the gross profit margin of an e-cigarette can reach about 80% from the upstream to the consumer. And listed companies<a href=\"https://laohu8.com/S/06969\">Smoore International</a>In 2020, the gross profit margin was close to 53%, and the net profit margin was also around 24%.</p><p><img src=\"https://static.tigerbbs.com/fd471ff27ebf830ee1aa0ac15f3a4abe\" tg-width=\"1080\" tg-height=\"1489\" referrerpolicy=\"no-referrer\"></p><p>(Some e-cigarette brands)</p><p>Such high profit margins have attracted many entrepreneurs. According to incomplete statistics, the number of e-cigarette companies registered reached 17,900 in 2020, a year-on-year increase of 284.6%.</p><p>In addition, capital is becoming increasingly optimistic about this sector. Looking at the investment and financing situation of the e-cigarette sector over the past decade, it reached its peak in 2019, with a total of 49 financing deals raised throughout the year, totaling 1.758 billion yuan.</p><p>In the secondary market, Fogchip Technology (the parent company of RELX) surged 145% on its first day of trading, and Smoore's stock price has also increased by 82% since its listing in July 2020. It can be said that investors have made a fortune.</p><p>The latest data shows that in the past 60 days, the Hong Kong Stock Connect (Shanghai) has cumulatively increased its holdings of Smoore shares by more than 89.74 million shares, ranking first in net purchases, with a value of more than HK$4.56 billion. Following closely behind were Citibank's 63.74 million shares and the Hong Kong Stock Connect (Shenzhen) 33.49 million shares, both valued at HK$3.241 billion and HK$1.703 billion, respectively.</p><p>Unfortunately, Smoore's stock price has been in a downward range for the past two months. On February 8, Smoor closed at HK$73.4, while yesterday's closing was only HK$50.85. If we calculate based on this, the unrealized loss after the heavy investment in Hong Kong Stock Connect (Shanghai) may be as high as HK$1.4 billion.</p><p>In addition, as of the end of 2020, at least 43 funds on the market (excluding QDII funds) listed Smoore International as their top ten holdings. These 43 funds came from 18 public fund companies, holding a total of 98.623 million shares and a total market value of 4.968 billion yuan.</p><p>It is worth noting that two fund companies have funds with a market value of over 1 billion yuan. For example, nine funds under Qianhai Open Source Fund hold Smoore International shares with a total market value of 1.091 billion yuan. Taking the Qianhai Open Source Shanghai-Hong Kong-Shenzhen Blue Chip Selection Hybrid Fund as an example, about 9.84% of the fund's holdings are Smoore International stocks. In the past week, the fund's return was 2.03%. If we extend the time to the past year, the fund's return reached 75.92%, ranking among the top funds of its kind.</p><p>However, there are always two sides to things. E-cigarettes are extremely lucrative due to their addictive nature, which means that the industry they operate in is heavily regulated.</p><p>Since the emergence of e-cigarettes, my country has introduced relevant policies on multiple occasions. In the future, as China Tobacco's regulation of e-cigarettes intensifies, the growth of e-cigarettes is bound to hit a bottleneck. If e-cigarettes are brought under tobacco jurisdiction and taxed at the tobacco tax rate (currently, e-cigarettes are taxed as electronic products), the e-cigarette industry will also face a \"bloodbath\".</p><p>In late March, a draft opinion on \"e-cigarettes being implemented in accordance with relevant regulations on cigarettes\" dealt a heavy blow to the rapidly growing Chinese e-cigarette market. After more than half a month of adjustment, the stock prices of Smoore and Wuxin Technology are still hovering at low levels.</p><p>As of the market close on April 7, Smoore's share price was HK$50.85, a drop of more than 22% from the closing price of HK$65.55 on March 22, the day the news was disclosed. Even worse, Fogchip Technology's stock price plummeted by 45% from $18.56 the previous day to $10.15 on the 22nd, wiping out approximately 85.1 billion yuan in market value overnight.</p><p>Institutions also took action. In the past five days, the Hong Kong Stock Connect (Shenzhen) has cumulatively reduced its holdings of Smoore shares by more than 13.4 million shares, while the Hong Kong Stock Connect (Shanghai) has also reduced its holdings by about 7.95 million shares.</p><p>However, several institutions still released research reports giving related stocks \"overweight\" or even \"buy\" ratings, which seems to imply that \"the short-term decline is just a correction, and capital still needs to make money from e-cigarettes.\"</p>","source":"lsy1612262160606","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>Increase your holdings in e- A dangerous move</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIncrease your holdings in e- A dangerous move\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">资本星球Planet</strong><span class=\"h-time small\">2021-04-08 16:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/56b715d43935e4c8a9a98c6f34b1acc7\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\">Many people don't know that the world's first e-cigarette was originally created to \"quit smoking\".</p><p>In 2002, Han Li, a native of Shenyang, began developing new smoking cessation products. After countless experiments, Hanli's e-cigarette was born. In March 2003, Hanli obtained a patent and began industrial production in May of the following year, naming it Ruyan. This was the first truly meaningful e-cigarette product in China.</p><p>At that time, Ruyan's cheapest product cost 599 yuan per pipe, while the most expensive pipe-type product cost as much as 16,800 yuan, while most similar smoking cessation products on the market cost around two or three hundred yuan. However, this product, whose pricing was not friendly, quickly opened up the market after its launch through bombarding advertising and marketing. It collected 230 million yuan in just seven and a half months and achieved a turnover of 200 million yuan in the first year. At its peak from 2007 to 2008, sales reached nearly 1 billion yuan.</p><p>The main reason for achieving such good results was that Ruyan's advertising slogan at the time was \"healthy smoking\" and \"I quit after smoking\".</p><p>While advertisements may make such claims, a study conducted by the World Health Organization specifically on e-cigarettes shows that e-cigarettes are harmful to public health and are not a means of quitting smoking. They must be strengthened to prevent harm to teenagers and non-smokers.</p><p>Moreover, the CCTV 3.15 Gala in 2019 also revealed that teenagers who smoke e-cigarettes for extended periods can also develop nicotine dependence. E-cigarettes release harmful substances that harm the health of both smokers and passive smokers. Long-term use of e-cigarettes can also lead to nicotine dependence.</p><p>In 2020, the e-cigarette industry experienced a rebound, with offline channels flourishing everywhere, hot money flowing into the capital market, and marketing strategies emerging one after another. The surge in the IPO of Wuxin Technology further fueled the capital feast across the ocean.</p><p>Behind all of this lies more of a game between humanity and capital.</p><p>1. Exposure while achieving high growth</p><p>In November 2007, Ruyan Group went public through an acquisition, with its share price once as high as HK$116 and a market capitalization of nearly HK$120 billion.</p><p>Later, CCTV exposed Ruyan's fraudulent smoking cessation effects, and professional anti-counterfeiting activist Wang Hai joined in, accusing Ruyan's products of being harmful to health and its advertising of deceiving consumers. As a result, the Ruyan brand's reputation in China gradually faded.</p><p>However, thanks to their extraordinary abilities, e-cigarettes have become a representative of \"flowers blooming inside the wall and fragrant outside the wall\". In 2005, Ruyan e-cigarettes began to be exported overseas. Coupled with the high consumption level in Europe and the United States, Ruyan quickly captured the market in Europe and the United States.</p><p>Putting aside whether they can actually help people quit smoking, e-cigarettes are essentially closer to technological products. They come in a variety of shapes, functions, and flavors, and are more in line with the preferences of young people. In addition, many regions do not have explicit indoor regulations prohibiting e-cigarettes, which makes the use of e-cigarettes higher among young people.</p><p>After all, the human pursuit of dopamine is endless, and the pleasure brought by smoking is irresistible to smokers.</p><p>According to data from China Insights Consultancy (CIC) cited in RELECT's prospectus, there were 1 billion combustible tobacco users worldwide in 2019, of which 85.5% were cigarette users. According to a CIC report, global e-cigarette sales reached $35.2 billion in 2019 and are projected to reach $82 billion in 2023, with a compound annual growth rate of 23.5%.</p><p>There are two main categories of common e-cigarette products: open-type e-cigarettes and closed-type e-cigarettes. Closed-type e-cigarettes require a changeable cartridge and are mainstream in the US and Chinese markets, accounting for 90.2% and 74.1% of sales in 2019, respectively.</p><p><img src=\"https://static.tigerbbs.com/1553bb26471643b22af90300e74f903e\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"></p><p>China has approximately 286.7 million smokers, making it the world's largest smoking market. In 2019, cigarettes accounted for 94.1% of the total combustible tobacco market in China. Between 2016 and 2019, China's combustible tobacco product sales grew at a compound annual growth rate of 5.7%. From 2019 to 2023, the Chinese combustible tobacco product market is expected to grow at a compound annual growth rate of 3%, reaching US$272.5 billion in 2023.</p><p>With its high growth rate and addictiveness, e-cigarettes have almost become the new king of the consumer market in recent years.</p><p>2. To replace cigarettes, or to \"iterate\" cigarettes?</p><p>E-cigarettes generate $35 billion in annual sales, largely due to their label as a \"tobacco substitute,\" or more directly, their \"smoking cessation effects,\" but whether they actually have such effects remains a subject of much debate.</p><p>In March 2015, New Zealand tobacco control expert Murray Laugesen stated that his research found that the nicotine content in e-cigarettes in 2013 was higher than in 2008, but lower than in traditional cigarettes, and the harmful aldehyde content was much lower than in traditional cigarettes. Therefore, e-cigarettes are feasible as an alternative to traditional cigarettes to help smokers quit smoking. In August of the same year, Public Health England released a report stating that smokers who switched to e-cigarettes had a higher success rate in quitting than those who had been smoking. Moreover, since e-cigarette e-liquid does not contain tar or other substances, the gases produced by e-cigarettes contain about 95% fewer harmful substances than those produced by traditional cigarettes. Research from the University of London in the UK suggests that using e-cigarettes can increase the success rate of quitting smoking by about 60%.</p><p>At the same time, more research indicates that smokers using e-cigarettes to quit smoking may lead to dual nicotine use.</p><p>In 2018, the World Health Organization announced that there was currently insufficient evidence to prove that e-cigarettes could help with smoking cessation, and therefore e e-cigarettes were not a recognized method of smoking cessation. The World Health Organization clearly defines e-cigarettes as tobacco products and classifies them as medical supplies. It also recommends restricting indoor use of e-cigarettes, prohibiting the production and smoking of certain flavors of e-cigarettes, and restricting their sale only to adults over the age of 18.</p><p>In March 2019, the World Health Organization released another report stating that secondhand smoke from e-cigarettes is a new source of air pollution, which can cause PM1.0 levels to be 14 to 40 times higher, PM2.5 levels to be 6 to 86 times higher, nicotine content to be 10 to 115 times higher, acetaldehyde content to be 2 to 8 times higher, and formaldehyde content to be 20% higher.</p><p><img src=\"https://static.tigerbbs.com/524542016e868c88fba9b8d2c515ed4a\" tg-width=\"899\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p>In addition, numerous universities, research institutions, and academic journals have also expressed their views on e-cigarettes at different times. A study published in JAMA Cardiology in 2017 showed that users who use e-cigarettes almost daily are more likely to develop heart disease compared to healthy non-smokers. Researchers at Charles R. Drew University of Medicine said at the annual meeting of the American Endocrine Society in Chicago that e-cigarettes have become increasingly popular in recent years, with some advertisements claiming that they are safer than traditional cigarettes. However, their mouse experiments showed that exposure to e-cigarette environments can lead to additional fat accumulation in the liver, which is harmful to health.</p><p>In 2018, a new small study led by a team at the University of Birmingham found that e-cigarette vapor can damage key immune cells in the lungs, suggesting that this may be more harmful than researchers had previously anticipated. In 2019, the University of Kansas School of Medicine issued a statement saying that people who frequently use e-cigarettes have a 70% higher risk of stroke or heart disease compared to non-e-cigarette users. The risk of stroke is 60% higher than the risk of heart attack or angina pectoris (chest pain), and the risk of coronary heart disease is 40% higher.</p><p><img src=\"https://static.tigerbbs.com/7c4724cdd4169d5d798e71e4bcf27e74\" tg-width=\"411\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p><p>Although many institutions and universities have studied that e-cigarettes produce acetaldehyde, acrolein, and formaldehyde when atomized. However, smokers cannot help but comfort themselves. Many smokers are willing to pay for e-cigarettes because they think the nicotine content is low, unaware that the new harms brought by e-cigarettes are even more severe.</p><p>What's even more alarming is that more and more e-cigarettes are now using \"high smoke volume\" as their main selling point. However, academics have discovered that to increase the amount of smoke, the power of the atomizer must be increased. As the power increases, the content of toxic aldehydes atomized will increase.</p><p>In the midst of smoking, between smoking and quitting, the story of e-cigarettes is beginning to enter the capital stage.</p><p>3. Increasing your e-cigarette holdings is a dangerous move.</p><p>The reliance on e-cigarettes has made this business model very \"sexy\". If you're addicted and can't quit, you have to keep smoking, and then businesses can keep selling.</p><p>Currently, sealed e-cigarettes are generally packaged and sold using a cigarette butt + cartridge model, just like Gillette razors. By selling consumers cheap knife holders, they develop a habit of using them, so that they will have to buy blades for a long time in the future. The same applies to e-cigarettes. The price of cigarette butts has decreased during the previous period of multi-brand competition, and each cigarette cartridge is a \"long-tail\" transaction.</p><p>In the entire e-cigarette industry chain, the upstream e-cigarette industry chain mainly includes manufacturers of accessories such as chips, batteries, and cotton yarn, as well as suppliers of other raw materials such as e-liquid, atomizers/heaters, and plastic hardware. The midstream refers to the industry, which mainly consists of manufacturers and brand owners. E-cigarette manufacturers are concentrated in China, accounting for 90% of the market share, resulting in a large number and fierce competition. The downstream segment mainly consists of agents, distributors, retailers, and directly operated stores.</p><p>According to a securities analysis report, the gross profit margin of an e-cigarette can reach about 80% from the upstream to the consumer. And listed companies<a href=\"https://laohu8.com/S/06969\">Smoore International</a>In 2020, the gross profit margin was close to 53%, and the net profit margin was also around 24%.</p><p><img src=\"https://static.tigerbbs.com/fd471ff27ebf830ee1aa0ac15f3a4abe\" tg-width=\"1080\" tg-height=\"1489\" referrerpolicy=\"no-referrer\"></p><p>(Some e-cigarette brands)</p><p>Such high profit margins have attracted many entrepreneurs. According to incomplete statistics, the number of e-cigarette companies registered reached 17,900 in 2020, a year-on-year increase of 284.6%.</p><p>In addition, capital is becoming increasingly optimistic about this sector. Looking at the investment and financing situation of the e-cigarette sector over the past decade, it reached its peak in 2019, with a total of 49 financing deals raised throughout the year, totaling 1.758 billion yuan.</p><p>In the secondary market, Fogchip Technology (the parent company of RELX) surged 145% on its first day of trading, and Smoore's stock price has also increased by 82% since its listing in July 2020. It can be said that investors have made a fortune.</p><p>The latest data shows that in the past 60 days, the Hong Kong Stock Connect (Shanghai) has cumulatively increased its holdings of Smoore shares by more than 89.74 million shares, ranking first in net purchases, with a value of more than HK$4.56 billion. Following closely behind were Citibank's 63.74 million shares and the Hong Kong Stock Connect (Shenzhen) 33.49 million shares, both valued at HK$3.241 billion and HK$1.703 billion, respectively.</p><p>Unfortunately, Smoore's stock price has been in a downward range for the past two months. On February 8, Smoor closed at HK$73.4, while yesterday's closing was only HK$50.85. If we calculate based on this, the unrealized loss after the heavy investment in Hong Kong Stock Connect (Shanghai) may be as high as HK$1.4 billion.</p><p>In addition, as of the end of 2020, at least 43 funds on the market (excluding QDII funds) listed Smoore International as their top ten holdings. These 43 funds came from 18 public fund companies, holding a total of 98.623 million shares and a total market value of 4.968 billion yuan.</p><p>It is worth noting that two fund companies have funds with a market value of over 1 billion yuan. For example, nine funds under Qianhai Open Source Fund hold Smoore International shares with a total market value of 1.091 billion yuan. Taking the Qianhai Open Source Shanghai-Hong Kong-Shenzhen Blue Chip Selection Hybrid Fund as an example, about 9.84% of the fund's holdings are Smoore International stocks. In the past week, the fund's return was 2.03%. If we extend the time to the past year, the fund's return reached 75.92%, ranking among the top funds of its kind.</p><p>However, there are always two sides to things. E-cigarettes are extremely lucrative due to their addictive nature, which means that the industry they operate in is heavily regulated.</p><p>Since the emergence of e-cigarettes, my country has introduced relevant policies on multiple occasions. In the future, as China Tobacco's regulation of e-cigarettes intensifies, the growth of e-cigarettes is bound to hit a bottleneck. If e-cigarettes are brought under tobacco jurisdiction and taxed at the tobacco tax rate (currently, e-cigarettes are taxed as electronic products), the e-cigarette industry will also face a \"bloodbath\".</p><p>In late March, a draft opinion on \"e-cigarettes being implemented in accordance with relevant regulations on cigarettes\" dealt a heavy blow to the rapidly growing Chinese e-cigarette market. After more than half a month of adjustment, the stock prices of Smoore and Wuxin Technology are still hovering at low levels.</p><p>As of the market close on April 7, Smoore's share price was HK$50.85, a drop of more than 22% from the closing price of HK$65.55 on March 22, the day the news was disclosed. Even worse, Fogchip Technology's stock price plummeted by 45% from $18.56 the previous day to $10.15 on the 22nd, wiping out approximately 85.1 billion yuan in market value overnight.</p><p>Institutions also took action. In the past five days, the Hong Kong Stock Connect (Shenzhen) has cumulatively reduced its holdings of Smoore shares by more than 13.4 million shares, while the Hong Kong Stock Connect (Shanghai) has also reduced its holdings by about 7.95 million shares.</p><p>However, several institutions still released research reports giving related stocks \"overweight\" or even \"buy\" ratings, which seems to imply that \"the short-term decline is just a correction, and capital still needs to make money from e-cigarettes.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=Mzk0OTE0MTczMg==&mid=2247492451&idx=1&sn=d52ac93eaa4f23cd7399a20caf3db5e2&chksm=c35e4ae8f429c3feb70e03b77c405062d3a572b11c0d92188845efd2d74ba636679dfcedbf9a&token=1487242049&lang=zh_CN#rd\">资本星球Planet</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/56b715d43935e4c8a9a98c6f34b1acc7","relate_stocks":{"RLX":"雾芯科技"},"source_url":"https://mp.weixin.qq.com/s?__biz=Mzk0OTE0MTczMg==&mid=2247492451&idx=1&sn=d52ac93eaa4f23cd7399a20caf3db5e2&chksm=c35e4ae8f429c3feb70e03b77c405062d3a572b11c0d92188845efd2d74ba636679dfcedbf9a&token=1487242049&lang=zh_CN#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114308225","content_text":"很多人不知道，世界上第一支电子烟本来是为了“戒烟”而诞生的。2002年，沈阳人韩力开始着手研发新型戒烟产品。无数次实验后，韩力的电子烟诞生了，2003年3月韩力获得了专利，次年5月开始工业化生产，并取名如烟，这是国内第一款真正意义上的电子烟产品。当时如烟最便宜的产品要599元一支，最贵的烟斗型产品则高达16800元，而市面上同类型的戒烟产品价格多在二三百元左右。但这款定价并不友好的产品，上市后依靠轰炸式的广告营销迅速打开市场，仅7个半月时间回款2.3亿元，第一年营业额达2亿元。在2007年到2008年的巅峰期，销售额近10亿元人民币。之所以能取得这样的好成绩，主要是因为如烟当时的广告语是“健康吸烟”“吸着吸着就戒了”。广告虽然可以这样喊，但是根据世界卫生组织专门对电子烟进行的研究结论显示：电子烟有害公共健康，它更不是戒烟手段，必须加强对其进行管制，杜绝对青少年和非吸烟者产生危害。而且2019年的央视3·15晚会上，也曝光了长时间吸食电子烟的青少年，同样会产生对尼古丁的依赖 的消息。电子烟会释放有害物质，危害吸烟者和被动吸烟人群健康，长时间吸食电子烟同样会产生对尼古丁的依赖。刚刚过去的2020年，电子烟行业迎来反弹，线下渠道遍地开花，资本市场热钱涌动，营销打法层出不穷，雾芯科技上市大涨更是将资本盛宴烧到大洋彼岸。这一切的背后更像是一场人性和资本的博弈。1.一边被曝光，一边高增长2007年11月，通过被收购的方式，如烟集团上市，其股价一度高达116港元，市值近1200亿港元。后来，央视曝光如烟戒烟效果造假的消息，职业打假人王海也加入其中，诉如烟产品本身有害健康、广告欺骗消费者等，如烟品牌在国内的声量逐渐消逝。不过，凭借过人的本事，电子烟成了一个“墙内开花墙外香”的代表。2005年，如烟电子烟开始出口海外，叠加欧美地区消费水平较高的因素，如烟迅速在欧美占领市场。如果抛开是否真的能帮助戒烟不谈，电子烟本质上更接近科技产品，外形、功能、口味都多种多样也更加迎合年轻人的喜好，再加上很多地区并没有明确的室内禁止电子烟法规，这使得电子烟在年轻人群体中的使用率更高。毕竟人类对多巴胺的追求是无止境的，吸烟带来的快感让烟民无法拒绝。悦刻招股书中曾引用的China Insights Consultancy（CIC） 数据，2019年全球共有10亿可燃烟草用户，其中85.5%为香烟用户。另据CIC的报告，2019年全球电子烟的销售额为352亿美元，预计2023年达到820亿美元，年复合增长率为23.5%。而常见的电子烟产品有两大类，一类是开放式电子烟，一类是封闭式电子烟，封闭式电子烟需要换烟弹，在美国和中国市场是主流，2019年销售额占比分别90.2%和74.1%。中国烟民数量约2.867亿人，是全球第一大烟民市场，2019年中国市场中香烟占整个可燃烟草中94.1%的市场份额。2016年到2019年间，中国可燃烟草产品销售年复合增长率为5.7%，在2019年到2023年，中国可燃烟草产品市场预计年复合增长率为3%，在2023年达到2725亿美元。凭借高增速和成瘾性，电子烟几乎成为近几年消费领域的新王者。2.替代烟，还是“迭代”烟？电子烟能年销售350亿美元，有很大一部分功劳来自在于其“烟草替代品”的标签，或者更直接地称其为“戒烟功效”，但其是否真的有这样的功效现在还众说纷纭。2015年3月，新西兰控烟专家Murray Laugesen称其研究发现，2013年电子烟中的尼古丁含量比2008年高，但比传统香烟低，且有害醛类含量远低于传统香烟，因此，电子烟作为传统香烟的替代产品来帮助吸烟者戒烟是可行的。同年8月，英格兰公共卫生局发布报告称，吸烟人士改吸电子烟后，其戒烟成功率比一直吸香烟的人的戒烟成功率更高。而且，由于电子烟烟油中不含焦油等物质，电子烟雾化后的气体，相比传统卷烟的气体少了95%左右的有害物质。英国伦敦大学的研究成果则称，使用电子烟可以提高60%左右的戒烟成功率。与此同时，有更多的研究指出，吸烟者使用电子烟戒烟，有可能造成双重使用尼古丁的情况。2018年世界卫生组织宣布，目前没有充分证据证明电子烟可以帮助戒烟，因此电子烟并不属于认可的戒烟方法。世界卫生组织明确规定，电子烟属烟草制品，将其认定为医用品，并建议限制在室内使用电子烟，禁止生产、吸食某些口味的电子烟，限制只向18岁以上成年人出售。2019年3月，世界卫生组织再发布消息称，电子烟的二手烟是一种新的空气污染源，可以造成PM1.0值高出14倍～40倍，PM2.5值高出6倍～86倍不等，尼古丁含量高出10倍～115倍，乙醛含量高出2倍～8倍，甲醛含量高出20%。此外，众多大学、科研机构和学术期刊也在不同时期发表了对电子烟的看法。2017年《JAM心脏病学》（JAMA Cardiology）上发表的一项研究结果表明，同健康的非吸烟者对比，几乎每天使用电子烟的用户更容易患上心脏病。美国查尔斯·R·德鲁医科大学研究人员在芝加哥举行的美国内分泌学会年会上表示，电子烟近年越来越流行，一些广告声称电子烟比传统香烟更安全。但他们完成的小鼠实验显示，暴露在电子烟环境中，会导致肝部脂肪额外堆积，对健康有害。2018年，由伯明翰大学一个小组领导的一项新的小型研究发现，电子烟蒸汽可以破坏肺部的关键免疫细胞，这表明可能这可能比研究人员此前预计的更有害。2019年堪萨斯大学医学院发表声明，与非电子烟使用者相比，经常使用电子烟的人中风或心脏病的风险约高出70%。中风风险心脏病发作或心绞痛(胸痛)的风险高60%，冠心病的风险高40%。虽然很多机构和大学都研究称电子烟在雾化的时候，会产生乙醛，丙烯醛和甲醛。但也禁不住烟民们的自我安慰，有很多烟民就是觉得电子烟的尼古丁含量低才乐意付费，殊不知新电子烟带来的新危害更加剧烈。更可怕的是，现在越来越多电子烟把“烟雾量大”作为主要卖点。但学界发现，想提高烟雾量，就要提高雾化器的功率，功率提高后，雾化出的有毒醛类含量就会变更多。吞云吐雾中，吸烟与戒烟间，电子烟的故事开始走向资本舞台。3.加仓电子烟，一个危险的动作电子烟带来的依赖，使得这个生意模式变得十分“性感”。上瘾了戒不掉，就要一直吸吸吸，企业就能一直卖卖卖。目前封闭式电子烟普遍采取烟杆+烟弹的模式打包销售，就像吉列剃须刀一样，通过卖给消费者廉价的刀架让他们养成使用习惯，以后不得不长期来买刀片。电子烟也一样，烟杆的价格在之前的多品牌竞争时期已经出现下降，而每一颗烟弹都是一个“长尾”的买卖。在整个电子烟产业链中，上游电子烟上游产业链主要包括芯片电池、棉丝等配件生产企业和烟油、雾化器/加热器、塑料五金等其他原材料供应商。中游是行业中游主要为制造商和品牌商，电子雾化烟制造企业集中于中国，占据90%的市场份额，数量众多竞争激烈。下游主要是是代理商、经销商、零售商与直营店。据券商分析报告，一根电子烟从上游到消费者手中，毛利润可以达到80%左右。而上市公司思摩尔国际2020年的毛利率接近53%，净利率也有24%左右。（部分电子烟品牌）如此高的利润率，让很多创业者蜂拥而至，据不完全统计，2020年电子烟企业注册量达到1.79万家，同比增长284.6%。此外，资本也愈加看好这条赛道，从近十年电子烟赛道投融资状况来看，2019年达到高潮，全年共获得融资49起，融资总额17.58亿元。在二级市场，雾芯科技（悦刻母公司）上市首日大涨145%，思摩尔自2020年7月上市以来股价累计涨幅也达到82%，可以说投资者都赚得盆满钵满。最新数据显示，过去60日内，港股通（沪）累积加仓了超8974万股思摩尔的股票，位列净买入第一名，价值金额超45.6亿港元；紧随其后的是花旗银行的6374万股和港股通（深）的3349万股，价值也达到32.41亿和17.03亿港元。不过可惜的是，过去的两个月里思摩尔股价一直处于下行区间，2月8日思摩尔报收73.4港元，而昨日收盘仅有50.85港元，若以此计算港股通（沪）重仓后浮亏可能高达14亿港元。此外，截至2020年年末，市场之上至少有43只基金(不包含QDII基金)将思摩尔国际列为前十大重仓股，这43只基金来自18家公募基金公司，持股总量合计为9862.3万股，持股总市值合计为49.68亿元。值得注意的是，有两家基金公司旗下基金持股市值超过10亿元，比如前海开源基金旗下有9只基金持有思摩尔国际，持股总市值为10.91亿元。以前海开源沪港深蓝筹精选混合基金为例，该基金持仓构成中有约9.84%是思摩尔国际的股票，而过去一周里该基金的收益是2.03%，若将时间拉长过去一年该基金收益达到了75.92%，位列同类基金中的前列。但事情总有两面性，电子烟因上瘾的特殊性极其吸金，也注定所处行业受监管制约极大。自电子烟出现以来，我国就多次出台相关政策。未来，随着中国烟草对电子烟的监管加剧，电子烟的增长势必迎来瓶颈。而若电子烟被纳入烟草管辖，以烟草税率缴费（目前电子烟按电子产品缴税），那么电子烟行业也将迎来“血洗”风波。3月下旬，一则关于“电子烟参照卷烟有关规定执行”的意见稿，给野蛮生长的中国电子烟市场带来一记重击。经过半个多月的调整，如今思摩尔、雾芯科技的股价仍在低位徘徊。截至4月7日收盘，思摩尔的股价为50.85港元，较3月22日消息披露当日的收盘价65.55港元，跌幅超过22%；更惨的是雾芯科技，22日，雾芯科技股价从前一日的18.56美元跌至10.15美元，暴跌45%，一夜间市值蒸发约851亿元人民币。机构们也闻风而动，过去5天港股通（深）累计减持了超过1340万股的思摩尔股票，港股通（沪）也减持了约795万股。但仍有多家机构发布研报给出相关股票 “ 增持 ” 甚至是 “ 买入 ” 评级，那言外之意似乎在说，“短期下跌只是调整，电子烟的钱资本还要赚。”","news_type":1,"symbols_score_info":{"RLX":0.9}},"isVote":1,"tweetType":1,"viewCount":1337,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":349801456,"gmtCreate":1617584866475,"gmtModify":1704700541851,"author":{"id":"3577073654208727","authorId":"3577073654208727","name":"小毒物再次到天蝎座吃涮羊","avatar":"https://static.tigerbbs.com/75d9e978c1354824fbd03fcc4a9e9c4d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577073654208727","authorIdStr":"3577073654208727"},"themes":[],"title":"","htmlText":"66666","listText":"66666","text":"66666","images":[{"img":"https://static.tigerbbs.com/908f2577ca3eeefe9b17c92e5ba166ee","width":"1125","height":"3560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/349801456","isVote":1,"tweetType":1,"viewCount":1032,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":340735392,"gmtCreate":1617487161816,"gmtModify":1704699913970,"author":{"id":"3577073654208727","authorId":"3577073654208727","name":"小毒物再次到天蝎座吃涮羊","avatar":"https://static.tigerbbs.com/75d9e978c1354824fbd03fcc4a9e9c4d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577073654208727","authorIdStr":"3577073654208727"},"themes":[],"title":"","htmlText":"6666…","listText":"6666…","text":"6666…","images":[{"img":"https://static.tigerbbs.com/62512e3b92052a8fc4f5fa88cfa8a84e","width":"1125","height":"3560"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340735392","isVote":1,"tweetType":1,"viewCount":1573,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":340629083,"gmtCreate":1617408391042,"gmtModify":1704699427056,"author":{"id":"3577073654208727","authorId":"3577073654208727","name":"小毒物再次到天蝎座吃涮羊","avatar":"https://static.tigerbbs.com/75d9e978c1354824fbd03fcc4a9e9c4d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577073654208727","authorIdStr":"3577073654208727"},"themes":[],"title":"","htmlText":"666666","listText":"666666","text":"666666","images":[{"img":"https://static.tigerbbs.com/bfafe496c2e153374b04906b028c7901","width":"1125","height":"3707"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/340629083","isVote":1,"tweetType":1,"viewCount":1307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"hots":[{"id":345990376,"gmtCreate":1618270848295,"gmtModify":1704708317078,"author":{"id":"3577073654208727","authorId":"3577073654208727","name":"小毒物再次到天蝎座吃涮羊","avatar":"https://static.tigerbbs.com/75d9e978c1354824fbd03fcc4a9e9c4d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577073654208727","authorIdStr":"3577073654208727"},"themes":[],"title":"","htmlText":"6666666","listText":"6666666","text":"6666666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/345990376","repostId":"2127095079","repostType":2,"isVote":1,"tweetType":1,"viewCount":1309,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346408130,"gmtCreate":1618097958420,"gmtModify":1704706535744,"author":{"id":"3577073654208727","authorId":"3577073654208727","name":"小毒物再次到天蝎座吃涮羊","avatar":"https://static.tigerbbs.com/75d9e978c1354824fbd03fcc4a9e9c4d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577073654208727","authorIdStr":"3577073654208727"},"themes":[],"title":"","htmlText":"66666","listText":"66666","text":"66666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/346408130","repostId":"2123426232","repostType":2,"isVote":1,"tweetType":1,"viewCount":1227,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":346408974,"gmtCreate":1618097922998,"gmtModify":1704706535383,"author":{"id":"3577073654208727","authorId":"3577073654208727","name":"小毒物再次到天蝎座吃涮羊","avatar":"https://static.tigerbbs.com/75d9e978c1354824fbd03fcc4a9e9c4d","crmLevel":4,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577073654208727","authorIdStr":"3577073654208727"},"themes":[],"title":"","htmlText":"6666666","listText":"6666666","text":"6666666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/346408974","repostId":"1114308225","repostType":2,"repost":{"id":"1114308225","kind":"news","pubTimestamp":1617872134,"share":"https://ttm.financial/m/news/1114308225?lang=en_US&edition=fundamental","pubTime":"2021-04-08 16:55","market":"us","language":"zh","title":"Increase your holdings in e- A dangerous move","url":"https://stock-news.laohu8.com/highlight/detail?id=1114308225","media":"资本星球Planet","summary":"很多人不知道，世界上第一支电子烟本来是为了“戒烟”而诞生的。2002年，沈阳人韩力开始着手研发新型戒烟产品。无数次实验后，韩力的电子烟诞生了，2003年3月韩力获得了专利，次年5月开始工业化生产，并取","content":"<p><img src=\"https://static.tigerbbs.com/56b715d43935e4c8a9a98c6f34b1acc7\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\">Many people don't know that the world's first e-cigarette was originally created to \"quit smoking\".</p><p>In 2002, Han Li, a native of Shenyang, began developing new smoking cessation products. After countless experiments, Hanli's e-cigarette was born. In March 2003, Hanli obtained a patent and began industrial production in May of the following year, naming it Ruyan. This was the first truly meaningful e-cigarette product in China.</p><p>At that time, Ruyan's cheapest product cost 599 yuan per pipe, while the most expensive pipe-type product cost as much as 16,800 yuan, while most similar smoking cessation products on the market cost around two or three hundred yuan. However, this product, whose pricing was not friendly, quickly opened up the market after its launch through bombarding advertising and marketing. It collected 230 million yuan in just seven and a half months and achieved a turnover of 200 million yuan in the first year. At its peak from 2007 to 2008, sales reached nearly 1 billion yuan.</p><p>The main reason for achieving such good results was that Ruyan's advertising slogan at the time was \"healthy smoking\" and \"I quit after smoking\".</p><p>While advertisements may make such claims, a study conducted by the World Health Organization specifically on e-cigarettes shows that e-cigarettes are harmful to public health and are not a means of quitting smoking. They must be strengthened to prevent harm to teenagers and non-smokers.</p><p>Moreover, the CCTV 3.15 Gala in 2019 also revealed that teenagers who smoke e-cigarettes for extended periods can also develop nicotine dependence. E-cigarettes release harmful substances that harm the health of both smokers and passive smokers. Long-term use of e-cigarettes can also lead to nicotine dependence.</p><p>In 2020, the e-cigarette industry experienced a rebound, with offline channels flourishing everywhere, hot money flowing into the capital market, and marketing strategies emerging one after another. The surge in the IPO of Wuxin Technology further fueled the capital feast across the ocean.</p><p>Behind all of this lies more of a game between humanity and capital.</p><p>1. Exposure while achieving high growth</p><p>In November 2007, Ruyan Group went public through an acquisition, with its share price once as high as HK$116 and a market capitalization of nearly HK$120 billion.</p><p>Later, CCTV exposed Ruyan's fraudulent smoking cessation effects, and professional anti-counterfeiting activist Wang Hai joined in, accusing Ruyan's products of being harmful to health and its advertising of deceiving consumers. As a result, the Ruyan brand's reputation in China gradually faded.</p><p>However, thanks to their extraordinary abilities, e-cigarettes have become a representative of \"flowers blooming inside the wall and fragrant outside the wall\". In 2005, Ruyan e-cigarettes began to be exported overseas. Coupled with the high consumption level in Europe and the United States, Ruyan quickly captured the market in Europe and the United States.</p><p>Putting aside whether they can actually help people quit smoking, e-cigarettes are essentially closer to technological products. They come in a variety of shapes, functions, and flavors, and are more in line with the preferences of young people. In addition, many regions do not have explicit indoor regulations prohibiting e-cigarettes, which makes the use of e-cigarettes higher among young people.</p><p>After all, the human pursuit of dopamine is endless, and the pleasure brought by smoking is irresistible to smokers.</p><p>According to data from China Insights Consultancy (CIC) cited in RELECT's prospectus, there were 1 billion combustible tobacco users worldwide in 2019, of which 85.5% were cigarette users. According to a CIC report, global e-cigarette sales reached $35.2 billion in 2019 and are projected to reach $82 billion in 2023, with a compound annual growth rate of 23.5%.</p><p>There are two main categories of common e-cigarette products: open-type e-cigarettes and closed-type e-cigarettes. Closed-type e-cigarettes require a changeable cartridge and are mainstream in the US and Chinese markets, accounting for 90.2% and 74.1% of sales in 2019, respectively.</p><p><img src=\"https://static.tigerbbs.com/1553bb26471643b22af90300e74f903e\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"></p><p>China has approximately 286.7 million smokers, making it the world's largest smoking market. In 2019, cigarettes accounted for 94.1% of the total combustible tobacco market in China. Between 2016 and 2019, China's combustible tobacco product sales grew at a compound annual growth rate of 5.7%. From 2019 to 2023, the Chinese combustible tobacco product market is expected to grow at a compound annual growth rate of 3%, reaching US$272.5 billion in 2023.</p><p>With its high growth rate and addictiveness, e-cigarettes have almost become the new king of the consumer market in recent years.</p><p>2. To replace cigarettes, or to \"iterate\" cigarettes?</p><p>E-cigarettes generate $35 billion in annual sales, largely due to their label as a \"tobacco substitute,\" or more directly, their \"smoking cessation effects,\" but whether they actually have such effects remains a subject of much debate.</p><p>In March 2015, New Zealand tobacco control expert Murray Laugesen stated that his research found that the nicotine content in e-cigarettes in 2013 was higher than in 2008, but lower than in traditional cigarettes, and the harmful aldehyde content was much lower than in traditional cigarettes. Therefore, e-cigarettes are feasible as an alternative to traditional cigarettes to help smokers quit smoking. In August of the same year, Public Health England released a report stating that smokers who switched to e-cigarettes had a higher success rate in quitting than those who had been smoking. Moreover, since e-cigarette e-liquid does not contain tar or other substances, the gases produced by e-cigarettes contain about 95% fewer harmful substances than those produced by traditional cigarettes. Research from the University of London in the UK suggests that using e-cigarettes can increase the success rate of quitting smoking by about 60%.</p><p>At the same time, more research indicates that smokers using e-cigarettes to quit smoking may lead to dual nicotine use.</p><p>In 2018, the World Health Organization announced that there was currently insufficient evidence to prove that e-cigarettes could help with smoking cessation, and therefore e e-cigarettes were not a recognized method of smoking cessation. The World Health Organization clearly defines e-cigarettes as tobacco products and classifies them as medical supplies. It also recommends restricting indoor use of e-cigarettes, prohibiting the production and smoking of certain flavors of e-cigarettes, and restricting their sale only to adults over the age of 18.</p><p>In March 2019, the World Health Organization released another report stating that secondhand smoke from e-cigarettes is a new source of air pollution, which can cause PM1.0 levels to be 14 to 40 times higher, PM2.5 levels to be 6 to 86 times higher, nicotine content to be 10 to 115 times higher, acetaldehyde content to be 2 to 8 times higher, and formaldehyde content to be 20% higher.</p><p><img src=\"https://static.tigerbbs.com/524542016e868c88fba9b8d2c515ed4a\" tg-width=\"899\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p>In addition, numerous universities, research institutions, and academic journals have also expressed their views on e-cigarettes at different times. A study published in JAMA Cardiology in 2017 showed that users who use e-cigarettes almost daily are more likely to develop heart disease compared to healthy non-smokers. Researchers at Charles R. Drew University of Medicine said at the annual meeting of the American Endocrine Society in Chicago that e-cigarettes have become increasingly popular in recent years, with some advertisements claiming that they are safer than traditional cigarettes. However, their mouse experiments showed that exposure to e-cigarette environments can lead to additional fat accumulation in the liver, which is harmful to health.</p><p>In 2018, a new small study led by a team at the University of Birmingham found that e-cigarette vapor can damage key immune cells in the lungs, suggesting that this may be more harmful than researchers had previously anticipated. In 2019, the University of Kansas School of Medicine issued a statement saying that people who frequently use e-cigarettes have a 70% higher risk of stroke or heart disease compared to non-e-cigarette users. The risk of stroke is 60% higher than the risk of heart attack or angina pectoris (chest pain), and the risk of coronary heart disease is 40% higher.</p><p><img src=\"https://static.tigerbbs.com/7c4724cdd4169d5d798e71e4bcf27e74\" tg-width=\"411\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p><p>Although many institutions and universities have studied that e-cigarettes produce acetaldehyde, acrolein, and formaldehyde when atomized. However, smokers cannot help but comfort themselves. Many smokers are willing to pay for e-cigarettes because they think the nicotine content is low, unaware that the new harms brought by e-cigarettes are even more severe.</p><p>What's even more alarming is that more and more e-cigarettes are now using \"high smoke volume\" as their main selling point. However, academics have discovered that to increase the amount of smoke, the power of the atomizer must be increased. As the power increases, the content of toxic aldehydes atomized will increase.</p><p>In the midst of smoking, between smoking and quitting, the story of e-cigarettes is beginning to enter the capital stage.</p><p>3. Increasing your e-cigarette holdings is a dangerous move.</p><p>The reliance on e-cigarettes has made this business model very \"sexy\". If you're addicted and can't quit, you have to keep smoking, and then businesses can keep selling.</p><p>Currently, sealed e-cigarettes are generally packaged and sold using a cigarette butt + cartridge model, just like Gillette razors. By selling consumers cheap knife holders, they develop a habit of using them, so that they will have to buy blades for a long time in the future. The same applies to e-cigarettes. The price of cigarette butts has decreased during the previous period of multi-brand competition, and each cigarette cartridge is a \"long-tail\" transaction.</p><p>In the entire e-cigarette industry chain, the upstream e-cigarette industry chain mainly includes manufacturers of accessories such as chips, batteries, and cotton yarn, as well as suppliers of other raw materials such as e-liquid, atomizers/heaters, and plastic hardware. The midstream refers to the industry, which mainly consists of manufacturers and brand owners. E-cigarette manufacturers are concentrated in China, accounting for 90% of the market share, resulting in a large number and fierce competition. The downstream segment mainly consists of agents, distributors, retailers, and directly operated stores.</p><p>According to a securities analysis report, the gross profit margin of an e-cigarette can reach about 80% from the upstream to the consumer. And listed companies<a href=\"https://laohu8.com/S/06969\">Smoore International</a>In 2020, the gross profit margin was close to 53%, and the net profit margin was also around 24%.</p><p><img src=\"https://static.tigerbbs.com/fd471ff27ebf830ee1aa0ac15f3a4abe\" tg-width=\"1080\" tg-height=\"1489\" referrerpolicy=\"no-referrer\"></p><p>(Some e-cigarette brands)</p><p>Such high profit margins have attracted many entrepreneurs. According to incomplete statistics, the number of e-cigarette companies registered reached 17,900 in 2020, a year-on-year increase of 284.6%.</p><p>In addition, capital is becoming increasingly optimistic about this sector. Looking at the investment and financing situation of the e-cigarette sector over the past decade, it reached its peak in 2019, with a total of 49 financing deals raised throughout the year, totaling 1.758 billion yuan.</p><p>In the secondary market, Fogchip Technology (the parent company of RELX) surged 145% on its first day of trading, and Smoore's stock price has also increased by 82% since its listing in July 2020. It can be said that investors have made a fortune.</p><p>The latest data shows that in the past 60 days, the Hong Kong Stock Connect (Shanghai) has cumulatively increased its holdings of Smoore shares by more than 89.74 million shares, ranking first in net purchases, with a value of more than HK$4.56 billion. Following closely behind were Citibank's 63.74 million shares and the Hong Kong Stock Connect (Shenzhen) 33.49 million shares, both valued at HK$3.241 billion and HK$1.703 billion, respectively.</p><p>Unfortunately, Smoore's stock price has been in a downward range for the past two months. On February 8, Smoor closed at HK$73.4, while yesterday's closing was only HK$50.85. If we calculate based on this, the unrealized loss after the heavy investment in Hong Kong Stock Connect (Shanghai) may be as high as HK$1.4 billion.</p><p>In addition, as of the end of 2020, at least 43 funds on the market (excluding QDII funds) listed Smoore International as their top ten holdings. These 43 funds came from 18 public fund companies, holding a total of 98.623 million shares and a total market value of 4.968 billion yuan.</p><p>It is worth noting that two fund companies have funds with a market value of over 1 billion yuan. For example, nine funds under Qianhai Open Source Fund hold Smoore International shares with a total market value of 1.091 billion yuan. Taking the Qianhai Open Source Shanghai-Hong Kong-Shenzhen Blue Chip Selection Hybrid Fund as an example, about 9.84% of the fund's holdings are Smoore International stocks. In the past week, the fund's return was 2.03%. If we extend the time to the past year, the fund's return reached 75.92%, ranking among the top funds of its kind.</p><p>However, there are always two sides to things. E-cigarettes are extremely lucrative due to their addictive nature, which means that the industry they operate in is heavily regulated.</p><p>Since the emergence of e-cigarettes, my country has introduced relevant policies on multiple occasions. In the future, as China Tobacco's regulation of e-cigarettes intensifies, the growth of e-cigarettes is bound to hit a bottleneck. If e-cigarettes are brought under tobacco jurisdiction and taxed at the tobacco tax rate (currently, e-cigarettes are taxed as electronic products), the e-cigarette industry will also face a \"bloodbath\".</p><p>In late March, a draft opinion on \"e-cigarettes being implemented in accordance with relevant regulations on cigarettes\" dealt a heavy blow to the rapidly growing Chinese e-cigarette market. After more than half a month of adjustment, the stock prices of Smoore and Wuxin Technology are still hovering at low levels.</p><p>As of the market close on April 7, Smoore's share price was HK$50.85, a drop of more than 22% from the closing price of HK$65.55 on March 22, the day the news was disclosed. Even worse, Fogchip Technology's stock price plummeted by 45% from $18.56 the previous day to $10.15 on the 22nd, wiping out approximately 85.1 billion yuan in market value overnight.</p><p>Institutions also took action. In the past five days, the Hong Kong Stock Connect (Shenzhen) has cumulatively reduced its holdings of Smoore shares by more than 13.4 million shares, while the Hong Kong Stock Connect (Shanghai) has also reduced its holdings by about 7.95 million shares.</p><p>However, several institutions still released research reports giving related stocks \"overweight\" or even \"buy\" ratings, which seems to imply that \"the short-term decline is just a correction, and capital still needs to make money from e-cigarettes.\"</p>","source":"lsy1612262160606","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>Increase your holdings in e- A dangerous move</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nIncrease your holdings in e- A dangerous move\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">资本星球Planet</strong><span class=\"h-time small\">2021-04-08 16:55</span>\n</p>\n</h4>\n</header>\n<article>\n<p><img src=\"https://static.tigerbbs.com/56b715d43935e4c8a9a98c6f34b1acc7\" tg-width=\"1080\" tg-height=\"720\" referrerpolicy=\"no-referrer\">Many people don't know that the world's first e-cigarette was originally created to \"quit smoking\".</p><p>In 2002, Han Li, a native of Shenyang, began developing new smoking cessation products. After countless experiments, Hanli's e-cigarette was born. In March 2003, Hanli obtained a patent and began industrial production in May of the following year, naming it Ruyan. This was the first truly meaningful e-cigarette product in China.</p><p>At that time, Ruyan's cheapest product cost 599 yuan per pipe, while the most expensive pipe-type product cost as much as 16,800 yuan, while most similar smoking cessation products on the market cost around two or three hundred yuan. However, this product, whose pricing was not friendly, quickly opened up the market after its launch through bombarding advertising and marketing. It collected 230 million yuan in just seven and a half months and achieved a turnover of 200 million yuan in the first year. At its peak from 2007 to 2008, sales reached nearly 1 billion yuan.</p><p>The main reason for achieving such good results was that Ruyan's advertising slogan at the time was \"healthy smoking\" and \"I quit after smoking\".</p><p>While advertisements may make such claims, a study conducted by the World Health Organization specifically on e-cigarettes shows that e-cigarettes are harmful to public health and are not a means of quitting smoking. They must be strengthened to prevent harm to teenagers and non-smokers.</p><p>Moreover, the CCTV 3.15 Gala in 2019 also revealed that teenagers who smoke e-cigarettes for extended periods can also develop nicotine dependence. E-cigarettes release harmful substances that harm the health of both smokers and passive smokers. Long-term use of e-cigarettes can also lead to nicotine dependence.</p><p>In 2020, the e-cigarette industry experienced a rebound, with offline channels flourishing everywhere, hot money flowing into the capital market, and marketing strategies emerging one after another. The surge in the IPO of Wuxin Technology further fueled the capital feast across the ocean.</p><p>Behind all of this lies more of a game between humanity and capital.</p><p>1. Exposure while achieving high growth</p><p>In November 2007, Ruyan Group went public through an acquisition, with its share price once as high as HK$116 and a market capitalization of nearly HK$120 billion.</p><p>Later, CCTV exposed Ruyan's fraudulent smoking cessation effects, and professional anti-counterfeiting activist Wang Hai joined in, accusing Ruyan's products of being harmful to health and its advertising of deceiving consumers. As a result, the Ruyan brand's reputation in China gradually faded.</p><p>However, thanks to their extraordinary abilities, e-cigarettes have become a representative of \"flowers blooming inside the wall and fragrant outside the wall\". In 2005, Ruyan e-cigarettes began to be exported overseas. Coupled with the high consumption level in Europe and the United States, Ruyan quickly captured the market in Europe and the United States.</p><p>Putting aside whether they can actually help people quit smoking, e-cigarettes are essentially closer to technological products. They come in a variety of shapes, functions, and flavors, and are more in line with the preferences of young people. In addition, many regions do not have explicit indoor regulations prohibiting e-cigarettes, which makes the use of e-cigarettes higher among young people.</p><p>After all, the human pursuit of dopamine is endless, and the pleasure brought by smoking is irresistible to smokers.</p><p>According to data from China Insights Consultancy (CIC) cited in RELECT's prospectus, there were 1 billion combustible tobacco users worldwide in 2019, of which 85.5% were cigarette users. According to a CIC report, global e-cigarette sales reached $35.2 billion in 2019 and are projected to reach $82 billion in 2023, with a compound annual growth rate of 23.5%.</p><p>There are two main categories of common e-cigarette products: open-type e-cigarettes and closed-type e-cigarettes. Closed-type e-cigarettes require a changeable cartridge and are mainstream in the US and Chinese markets, accounting for 90.2% and 74.1% of sales in 2019, respectively.</p><p><img src=\"https://static.tigerbbs.com/1553bb26471643b22af90300e74f903e\" tg-width=\"1080\" tg-height=\"455\" referrerpolicy=\"no-referrer\"></p><p>China has approximately 286.7 million smokers, making it the world's largest smoking market. In 2019, cigarettes accounted for 94.1% of the total combustible tobacco market in China. Between 2016 and 2019, China's combustible tobacco product sales grew at a compound annual growth rate of 5.7%. From 2019 to 2023, the Chinese combustible tobacco product market is expected to grow at a compound annual growth rate of 3%, reaching US$272.5 billion in 2023.</p><p>With its high growth rate and addictiveness, e-cigarettes have almost become the new king of the consumer market in recent years.</p><p>2. To replace cigarettes, or to \"iterate\" cigarettes?</p><p>E-cigarettes generate $35 billion in annual sales, largely due to their label as a \"tobacco substitute,\" or more directly, their \"smoking cessation effects,\" but whether they actually have such effects remains a subject of much debate.</p><p>In March 2015, New Zealand tobacco control expert Murray Laugesen stated that his research found that the nicotine content in e-cigarettes in 2013 was higher than in 2008, but lower than in traditional cigarettes, and the harmful aldehyde content was much lower than in traditional cigarettes. Therefore, e-cigarettes are feasible as an alternative to traditional cigarettes to help smokers quit smoking. In August of the same year, Public Health England released a report stating that smokers who switched to e-cigarettes had a higher success rate in quitting than those who had been smoking. Moreover, since e-cigarette e-liquid does not contain tar or other substances, the gases produced by e-cigarettes contain about 95% fewer harmful substances than those produced by traditional cigarettes. Research from the University of London in the UK suggests that using e-cigarettes can increase the success rate of quitting smoking by about 60%.</p><p>At the same time, more research indicates that smokers using e-cigarettes to quit smoking may lead to dual nicotine use.</p><p>In 2018, the World Health Organization announced that there was currently insufficient evidence to prove that e-cigarettes could help with smoking cessation, and therefore e e-cigarettes were not a recognized method of smoking cessation. The World Health Organization clearly defines e-cigarettes as tobacco products and classifies them as medical supplies. It also recommends restricting indoor use of e-cigarettes, prohibiting the production and smoking of certain flavors of e-cigarettes, and restricting their sale only to adults over the age of 18.</p><p>In March 2019, the World Health Organization released another report stating that secondhand smoke from e-cigarettes is a new source of air pollution, which can cause PM1.0 levels to be 14 to 40 times higher, PM2.5 levels to be 6 to 86 times higher, nicotine content to be 10 to 115 times higher, acetaldehyde content to be 2 to 8 times higher, and formaldehyde content to be 20% higher.</p><p><img src=\"https://static.tigerbbs.com/524542016e868c88fba9b8d2c515ed4a\" tg-width=\"899\" tg-height=\"730\" referrerpolicy=\"no-referrer\"></p><p>In addition, numerous universities, research institutions, and academic journals have also expressed their views on e-cigarettes at different times. A study published in JAMA Cardiology in 2017 showed that users who use e-cigarettes almost daily are more likely to develop heart disease compared to healthy non-smokers. Researchers at Charles R. Drew University of Medicine said at the annual meeting of the American Endocrine Society in Chicago that e-cigarettes have become increasingly popular in recent years, with some advertisements claiming that they are safer than traditional cigarettes. However, their mouse experiments showed that exposure to e-cigarette environments can lead to additional fat accumulation in the liver, which is harmful to health.</p><p>In 2018, a new small study led by a team at the University of Birmingham found that e-cigarette vapor can damage key immune cells in the lungs, suggesting that this may be more harmful than researchers had previously anticipated. In 2019, the University of Kansas School of Medicine issued a statement saying that people who frequently use e-cigarettes have a 70% higher risk of stroke or heart disease compared to non-e-cigarette users. The risk of stroke is 60% higher than the risk of heart attack or angina pectoris (chest pain), and the risk of coronary heart disease is 40% higher.</p><p><img src=\"https://static.tigerbbs.com/7c4724cdd4169d5d798e71e4bcf27e74\" tg-width=\"411\" tg-height=\"416\" referrerpolicy=\"no-referrer\"></p><p>Although many institutions and universities have studied that e-cigarettes produce acetaldehyde, acrolein, and formaldehyde when atomized. However, smokers cannot help but comfort themselves. Many smokers are willing to pay for e-cigarettes because they think the nicotine content is low, unaware that the new harms brought by e-cigarettes are even more severe.</p><p>What's even more alarming is that more and more e-cigarettes are now using \"high smoke volume\" as their main selling point. However, academics have discovered that to increase the amount of smoke, the power of the atomizer must be increased. As the power increases, the content of toxic aldehydes atomized will increase.</p><p>In the midst of smoking, between smoking and quitting, the story of e-cigarettes is beginning to enter the capital stage.</p><p>3. Increasing your e-cigarette holdings is a dangerous move.</p><p>The reliance on e-cigarettes has made this business model very \"sexy\". If you're addicted and can't quit, you have to keep smoking, and then businesses can keep selling.</p><p>Currently, sealed e-cigarettes are generally packaged and sold using a cigarette butt + cartridge model, just like Gillette razors. By selling consumers cheap knife holders, they develop a habit of using them, so that they will have to buy blades for a long time in the future. The same applies to e-cigarettes. The price of cigarette butts has decreased during the previous period of multi-brand competition, and each cigarette cartridge is a \"long-tail\" transaction.</p><p>In the entire e-cigarette industry chain, the upstream e-cigarette industry chain mainly includes manufacturers of accessories such as chips, batteries, and cotton yarn, as well as suppliers of other raw materials such as e-liquid, atomizers/heaters, and plastic hardware. The midstream refers to the industry, which mainly consists of manufacturers and brand owners. E-cigarette manufacturers are concentrated in China, accounting for 90% of the market share, resulting in a large number and fierce competition. The downstream segment mainly consists of agents, distributors, retailers, and directly operated stores.</p><p>According to a securities analysis report, the gross profit margin of an e-cigarette can reach about 80% from the upstream to the consumer. And listed companies<a href=\"https://laohu8.com/S/06969\">Smoore International</a>In 2020, the gross profit margin was close to 53%, and the net profit margin was also around 24%.</p><p><img src=\"https://static.tigerbbs.com/fd471ff27ebf830ee1aa0ac15f3a4abe\" tg-width=\"1080\" tg-height=\"1489\" referrerpolicy=\"no-referrer\"></p><p>(Some e-cigarette brands)</p><p>Such high profit margins have attracted many entrepreneurs. According to incomplete statistics, the number of e-cigarette companies registered reached 17,900 in 2020, a year-on-year increase of 284.6%.</p><p>In addition, capital is becoming increasingly optimistic about this sector. Looking at the investment and financing situation of the e-cigarette sector over the past decade, it reached its peak in 2019, with a total of 49 financing deals raised throughout the year, totaling 1.758 billion yuan.</p><p>In the secondary market, Fogchip Technology (the parent company of RELX) surged 145% on its first day of trading, and Smoore's stock price has also increased by 82% since its listing in July 2020. It can be said that investors have made a fortune.</p><p>The latest data shows that in the past 60 days, the Hong Kong Stock Connect (Shanghai) has cumulatively increased its holdings of Smoore shares by more than 89.74 million shares, ranking first in net purchases, with a value of more than HK$4.56 billion. Following closely behind were Citibank's 63.74 million shares and the Hong Kong Stock Connect (Shenzhen) 33.49 million shares, both valued at HK$3.241 billion and HK$1.703 billion, respectively.</p><p>Unfortunately, Smoore's stock price has been in a downward range for the past two months. On February 8, Smoor closed at HK$73.4, while yesterday's closing was only HK$50.85. If we calculate based on this, the unrealized loss after the heavy investment in Hong Kong Stock Connect (Shanghai) may be as high as HK$1.4 billion.</p><p>In addition, as of the end of 2020, at least 43 funds on the market (excluding QDII funds) listed Smoore International as their top ten holdings. These 43 funds came from 18 public fund companies, holding a total of 98.623 million shares and a total market value of 4.968 billion yuan.</p><p>It is worth noting that two fund companies have funds with a market value of over 1 billion yuan. For example, nine funds under Qianhai Open Source Fund hold Smoore International shares with a total market value of 1.091 billion yuan. Taking the Qianhai Open Source Shanghai-Hong Kong-Shenzhen Blue Chip Selection Hybrid Fund as an example, about 9.84% of the fund's holdings are Smoore International stocks. In the past week, the fund's return was 2.03%. If we extend the time to the past year, the fund's return reached 75.92%, ranking among the top funds of its kind.</p><p>However, there are always two sides to things. E-cigarettes are extremely lucrative due to their addictive nature, which means that the industry they operate in is heavily regulated.</p><p>Since the emergence of e-cigarettes, my country has introduced relevant policies on multiple occasions. In the future, as China Tobacco's regulation of e-cigarettes intensifies, the growth of e-cigarettes is bound to hit a bottleneck. If e-cigarettes are brought under tobacco jurisdiction and taxed at the tobacco tax rate (currently, e-cigarettes are taxed as electronic products), the e-cigarette industry will also face a \"bloodbath\".</p><p>In late March, a draft opinion on \"e-cigarettes being implemented in accordance with relevant regulations on cigarettes\" dealt a heavy blow to the rapidly growing Chinese e-cigarette market. After more than half a month of adjustment, the stock prices of Smoore and Wuxin Technology are still hovering at low levels.</p><p>As of the market close on April 7, Smoore's share price was HK$50.85, a drop of more than 22% from the closing price of HK$65.55 on March 22, the day the news was disclosed. Even worse, Fogchip Technology's stock price plummeted by 45% from $18.56 the previous day to $10.15 on the 22nd, wiping out approximately 85.1 billion yuan in market value overnight.</p><p>Institutions also took action. In the past five days, the Hong Kong Stock Connect (Shenzhen) has cumulatively reduced its holdings of Smoore shares by more than 13.4 million shares, while the Hong Kong Stock Connect (Shanghai) has also reduced its holdings by about 7.95 million shares.</p><p>However, several institutions still released research reports giving related stocks \"overweight\" or even \"buy\" ratings, which seems to imply that \"the short-term decline is just a correction, and capital still needs to make money from e-cigarettes.\"</p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s?__biz=Mzk0OTE0MTczMg==&mid=2247492451&idx=1&sn=d52ac93eaa4f23cd7399a20caf3db5e2&chksm=c35e4ae8f429c3feb70e03b77c405062d3a572b11c0d92188845efd2d74ba636679dfcedbf9a&token=1487242049&lang=zh_CN#rd\">资本星球Planet</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/56b715d43935e4c8a9a98c6f34b1acc7","relate_stocks":{"RLX":"雾芯科技"},"source_url":"https://mp.weixin.qq.com/s?__biz=Mzk0OTE0MTczMg==&mid=2247492451&idx=1&sn=d52ac93eaa4f23cd7399a20caf3db5e2&chksm=c35e4ae8f429c3feb70e03b77c405062d3a572b11c0d92188845efd2d74ba636679dfcedbf9a&token=1487242049&lang=zh_CN#rd","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1114308225","content_text":"很多人不知道，世界上第一支电子烟本来是为了“戒烟”而诞生的。2002年，沈阳人韩力开始着手研发新型戒烟产品。无数次实验后，韩力的电子烟诞生了，2003年3月韩力获得了专利，次年5月开始工业化生产，并取名如烟，这是国内第一款真正意义上的电子烟产品。当时如烟最便宜的产品要599元一支，最贵的烟斗型产品则高达16800元，而市面上同类型的戒烟产品价格多在二三百元左右。但这款定价并不友好的产品，上市后依靠轰炸式的广告营销迅速打开市场，仅7个半月时间回款2.3亿元，第一年营业额达2亿元。在2007年到2008年的巅峰期，销售额近10亿元人民币。之所以能取得这样的好成绩，主要是因为如烟当时的广告语是“健康吸烟”“吸着吸着就戒了”。广告虽然可以这样喊，但是根据世界卫生组织专门对电子烟进行的研究结论显示：电子烟有害公共健康，它更不是戒烟手段，必须加强对其进行管制，杜绝对青少年和非吸烟者产生危害。而且2019年的央视3·15晚会上，也曝光了长时间吸食电子烟的青少年，同样会产生对尼古丁的依赖 的消息。电子烟会释放有害物质，危害吸烟者和被动吸烟人群健康，长时间吸食电子烟同样会产生对尼古丁的依赖。刚刚过去的2020年，电子烟行业迎来反弹，线下渠道遍地开花，资本市场热钱涌动，营销打法层出不穷，雾芯科技上市大涨更是将资本盛宴烧到大洋彼岸。这一切的背后更像是一场人性和资本的博弈。1.一边被曝光，一边高增长2007年11月，通过被收购的方式，如烟集团上市，其股价一度高达116港元，市值近1200亿港元。后来，央视曝光如烟戒烟效果造假的消息，职业打假人王海也加入其中，诉如烟产品本身有害健康、广告欺骗消费者等，如烟品牌在国内的声量逐渐消逝。不过，凭借过人的本事，电子烟成了一个“墙内开花墙外香”的代表。2005年，如烟电子烟开始出口海外，叠加欧美地区消费水平较高的因素，如烟迅速在欧美占领市场。如果抛开是否真的能帮助戒烟不谈，电子烟本质上更接近科技产品，外形、功能、口味都多种多样也更加迎合年轻人的喜好，再加上很多地区并没有明确的室内禁止电子烟法规，这使得电子烟在年轻人群体中的使用率更高。毕竟人类对多巴胺的追求是无止境的，吸烟带来的快感让烟民无法拒绝。悦刻招股书中曾引用的China Insights Consultancy（CIC） 数据，2019年全球共有10亿可燃烟草用户，其中85.5%为香烟用户。另据CIC的报告，2019年全球电子烟的销售额为352亿美元，预计2023年达到820亿美元，年复合增长率为23.5%。而常见的电子烟产品有两大类，一类是开放式电子烟，一类是封闭式电子烟，封闭式电子烟需要换烟弹，在美国和中国市场是主流，2019年销售额占比分别90.2%和74.1%。中国烟民数量约2.867亿人，是全球第一大烟民市场，2019年中国市场中香烟占整个可燃烟草中94.1%的市场份额。2016年到2019年间，中国可燃烟草产品销售年复合增长率为5.7%，在2019年到2023年，中国可燃烟草产品市场预计年复合增长率为3%，在2023年达到2725亿美元。凭借高增速和成瘾性，电子烟几乎成为近几年消费领域的新王者。2.替代烟，还是“迭代”烟？电子烟能年销售350亿美元，有很大一部分功劳来自在于其“烟草替代品”的标签，或者更直接地称其为“戒烟功效”，但其是否真的有这样的功效现在还众说纷纭。2015年3月，新西兰控烟专家Murray Laugesen称其研究发现，2013年电子烟中的尼古丁含量比2008年高，但比传统香烟低，且有害醛类含量远低于传统香烟，因此，电子烟作为传统香烟的替代产品来帮助吸烟者戒烟是可行的。同年8月，英格兰公共卫生局发布报告称，吸烟人士改吸电子烟后，其戒烟成功率比一直吸香烟的人的戒烟成功率更高。而且，由于电子烟烟油中不含焦油等物质，电子烟雾化后的气体，相比传统卷烟的气体少了95%左右的有害物质。英国伦敦大学的研究成果则称，使用电子烟可以提高60%左右的戒烟成功率。与此同时，有更多的研究指出，吸烟者使用电子烟戒烟，有可能造成双重使用尼古丁的情况。2018年世界卫生组织宣布，目前没有充分证据证明电子烟可以帮助戒烟，因此电子烟并不属于认可的戒烟方法。世界卫生组织明确规定，电子烟属烟草制品，将其认定为医用品，并建议限制在室内使用电子烟，禁止生产、吸食某些口味的电子烟，限制只向18岁以上成年人出售。2019年3月，世界卫生组织再发布消息称，电子烟的二手烟是一种新的空气污染源，可以造成PM1.0值高出14倍～40倍，PM2.5值高出6倍～86倍不等，尼古丁含量高出10倍～115倍，乙醛含量高出2倍～8倍，甲醛含量高出20%。此外，众多大学、科研机构和学术期刊也在不同时期发表了对电子烟的看法。2017年《JAM心脏病学》（JAMA Cardiology）上发表的一项研究结果表明，同健康的非吸烟者对比，几乎每天使用电子烟的用户更容易患上心脏病。美国查尔斯·R·德鲁医科大学研究人员在芝加哥举行的美国内分泌学会年会上表示，电子烟近年越来越流行，一些广告声称电子烟比传统香烟更安全。但他们完成的小鼠实验显示，暴露在电子烟环境中，会导致肝部脂肪额外堆积，对健康有害。2018年，由伯明翰大学一个小组领导的一项新的小型研究发现，电子烟蒸汽可以破坏肺部的关键免疫细胞，这表明可能这可能比研究人员此前预计的更有害。2019年堪萨斯大学医学院发表声明，与非电子烟使用者相比，经常使用电子烟的人中风或心脏病的风险约高出70%。中风风险心脏病发作或心绞痛(胸痛)的风险高60%，冠心病的风险高40%。虽然很多机构和大学都研究称电子烟在雾化的时候，会产生乙醛，丙烯醛和甲醛。但也禁不住烟民们的自我安慰，有很多烟民就是觉得电子烟的尼古丁含量低才乐意付费，殊不知新电子烟带来的新危害更加剧烈。更可怕的是，现在越来越多电子烟把“烟雾量大”作为主要卖点。但学界发现，想提高烟雾量，就要提高雾化器的功率，功率提高后，雾化出的有毒醛类含量就会变更多。吞云吐雾中，吸烟与戒烟间，电子烟的故事开始走向资本舞台。3.加仓电子烟，一个危险的动作电子烟带来的依赖，使得这个生意模式变得十分“性感”。上瘾了戒不掉，就要一直吸吸吸，企业就能一直卖卖卖。目前封闭式电子烟普遍采取烟杆+烟弹的模式打包销售，就像吉列剃须刀一样，通过卖给消费者廉价的刀架让他们养成使用习惯，以后不得不长期来买刀片。电子烟也一样，烟杆的价格在之前的多品牌竞争时期已经出现下降，而每一颗烟弹都是一个“长尾”的买卖。在整个电子烟产业链中，上游电子烟上游产业链主要包括芯片电池、棉丝等配件生产企业和烟油、雾化器/加热器、塑料五金等其他原材料供应商。中游是行业中游主要为制造商和品牌商，电子雾化烟制造企业集中于中国，占据90%的市场份额，数量众多竞争激烈。下游主要是是代理商、经销商、零售商与直营店。据券商分析报告，一根电子烟从上游到消费者手中，毛利润可以达到80%左右。而上市公司思摩尔国际2020年的毛利率接近53%，净利率也有24%左右。（部分电子烟品牌）如此高的利润率，让很多创业者蜂拥而至，据不完全统计，2020年电子烟企业注册量达到1.79万家，同比增长284.6%。此外，资本也愈加看好这条赛道，从近十年电子烟赛道投融资状况来看，2019年达到高潮，全年共获得融资49起，融资总额17.58亿元。在二级市场，雾芯科技（悦刻母公司）上市首日大涨145%，思摩尔自2020年7月上市以来股价累计涨幅也达到82%，可以说投资者都赚得盆满钵满。最新数据显示，过去60日内，港股通（沪）累积加仓了超8974万股思摩尔的股票，位列净买入第一名，价值金额超45.6亿港元；紧随其后的是花旗银行的6374万股和港股通（深）的3349万股，价值也达到32.41亿和17.03亿港元。不过可惜的是，过去的两个月里思摩尔股价一直处于下行区间，2月8日思摩尔报收73.4港元，而昨日收盘仅有50.85港元，若以此计算港股通（沪）重仓后浮亏可能高达14亿港元。此外，截至2020年年末，市场之上至少有43只基金(不包含QDII基金)将思摩尔国际列为前十大重仓股，这43只基金来自18家公募基金公司，持股总量合计为9862.3万股，持股总市值合计为49.68亿元。值得注意的是，有两家基金公司旗下基金持股市值超过10亿元，比如前海开源基金旗下有9只基金持有思摩尔国际，持股总市值为10.91亿元。以前海开源沪港深蓝筹精选混合基金为例，该基金持仓构成中有约9.84%是思摩尔国际的股票，而过去一周里该基金的收益是2.03%，若将时间拉长过去一年该基金收益达到了75.92%，位列同类基金中的前列。但事情总有两面性，电子烟因上瘾的特殊性极其吸金，也注定所处行业受监管制约极大。自电子烟出现以来，我国就多次出台相关政策。未来，随着中国烟草对电子烟的监管加剧，电子烟的增长势必迎来瓶颈。而若电子烟被纳入烟草管辖，以烟草税率缴费（目前电子烟按电子产品缴税），那么电子烟行业也将迎来“血洗”风波。3月下旬，一则关于“电子烟参照卷烟有关规定执行”的意见稿，给野蛮生长的中国电子烟市场带来一记重击。经过半个多月的调整，如今思摩尔、雾芯科技的股价仍在低位徘徊。截至4月7日收盘，思摩尔的股价为50.85港元，较3月22日消息披露当日的收盘价65.55港元，跌幅超过22%；更惨的是雾芯科技，22日，雾芯科技股价从前一日的18.56美元跌至10.15美元，暴跌45%，一夜间市值蒸发约851亿元人民币。机构们也闻风而动，过去5天港股通（深）累计减持了超过1340万股的思摩尔股票，港股通（沪）也减持了约795万股。但仍有多家机构发布研报给出相关股票 “ 增持 ” 甚至是 “ 买入 ” 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