China Boton Group Posts 2025 Revenue of RMB 1.496 Billion, With E-Cigarette Product Revenue Up 4.6%

Key Takeaways

• 2025 revenue was RMB 1.496 billion, compared with RMB 1.653 billion in 2024. 
• 2025 gross profit was RMB 377.1 million and gross margin was 25.2%, versus RMB 597.9 million and 36.2% in 2024. 
• 2025 net loss was RMB 1.000 billion, compared with net profit of RMB 63.282 million in 2024. 
• 2025 e-cigarette product revenue was RMB 668.8 million, up 4.6% year on year.  
• 2025 tobacco flavor revenue was RMB 384.1 million, down 36.2% year on year.  
• Goodwill impairment expense in 2025 was RMB 845.4 million. 

 2Firsts, March 24, 2026

According to China Boton Group’s announcement, revenue for the year ended December 31, 2025 was RMB 1.496 billion, down about 9.5% from RMB 1.653 billion in 2024. 

Revenue was RMB 1.496 billion in 2025 and gross profit fell to RMB 377.1 million

The announcement showed that gross profit in 2025 was RMB 377.1 million, down 36.9% from RMB 597.9 million in 2024. Gross margin fell from 36.2% in 2024 to 25.2% in 2025. The company said the decline reflected lower revenue in its main business segments and continued increases in raw material and direct labour costs under a difficult economic environment. 

E-cigarette product revenue reached RMB 668.8 million and remained the largest segment

By segment, revenue from e-cigarette products was RMB 668.779 million in 2025, up 4.6% from RMB 639.592 million in 2024, making it the group’s largest revenue source. During the same period, tobacco flavor revenue was RMB 384.137 million, down 36.2% from RMB 602.020 million; food flavor revenue was RMB 205.961 million, up 8.2% from RMB 190.355 million; daily flavor revenue was RMB 177.479 million, up 4.6% from RMB 169.757 million; and investment property revenue was RMB 59.237 million, up 15.5% from RMB 51.272 million.  

Net loss reached RMB 1.000 billion and goodwill impairment totaled RMB 845.4 million

The announcement showed that loss before income tax in 2025 was RMB 1.012 billion, with an income tax credit of RMB 11.976 million, resulting in a net loss of RMB 1.000124 billion for the year. In 2024, the group had reported net profit of RMB 63.282 million. 

Segment data also showed goodwill impairment expense of RMB 845.405 million in 2025, mainly in the tobacco flavor segment.  

Image source: China Boton Group.