Trends in Development of New Tobacco Industry in Third Quarter: 1. Increased focus on alternative tobacco products: The third quarter witnessed a growing interest in alternative tobacco products such as electronic cigarettes, heated tobacco devices, and

The text discusses the development trends of the emerging tobacco industry in the third quarter. On October 8th, Zhang Yanghuan, an analyst at Guojin Securities, provided an analysis. The analyst predicted that the domestic emerging tobacco industry's sales growth in the third quarter is likely to continue, and the market share of international exchangeable tobacco products is expected to bounce back. However, it is important to remain cautious about the potential risks associated with future policies.

According to Zhang Yanghuan, the US FDA has recently fined 22 retailers for selling unauthorized e-cigarette products and warned 168 physical stores, indicating stricter enforcement. The sales of non-compliant disposable e-cigarettes may be significantly restricted while refillable products are expected to regain market share. Moreover, the market share of legal brands in this category is also expected to increase. In Europe, although the growth of disposable e-cigarettes is currently strong, there are ongoing policy proposals and reviews regarding restrictions on these products. Therefore, it is important to continue monitoring policy risks in the future.

According to feedback from distribution channels, Q3 sales of vape products in the domestic market have continued to rise. This can be attributed to the adherence of these products to new national standards and ongoing improvements and optimizations. Additionally, regulatory agencies have increased their efforts to crack down on illegal products. As a result, business conditions in various sectors of the domestic industry chain are gradually getting better. It is expected that there will be a sustained acceleration in growth from one quarter to the next.