IQOS Supplier IntreTech Saw Decline in E-Cigarette Revenue by 2023

Business by 2FIRSTS.ai
Apr.29.2024
IQOS Supplier IntreTech Saw Decline in E-Cigarette Revenue by 2023
IntreTech reveals e-cigarette revenue drop in 2023 due to shift to fourth-generation products, receives buy rating from Huaxin Securities.

On April 28, IntreTech, a company listed on the Shenzhen Stock Exchange (stock code: 002925), revealed during an institutional research interview that its e-cigarette business revenue is expected to decrease in 2023.

 

IntreTech stated that the main reason for the decrease in revenue from supplying plastic components for third-generation e-cigarette products is due to the transition towards fourth-generation products as customers' development strategies change. The company's core components and complete devices are primarily supplying customers' fourth-generation products, which have successfully entered mass production and further established a business system of "components + parts + complete devices".

 

On the same day, Huaxin Securities conducted research on IntreTech and released a research report titled "Short-term Performance Pressure, Waiting for Volume Increase in the e-cigarette Business". The report gave IntreTech a buy rating.

 

According to reports, IntreTech, a supplier of precision plastic components for Philip Morris International's (PMI) e-cigarette device IQOS, mainly caters to the e-cigarette business. Previously, a comprehensive report on the HNB industry chain issued by China Merchants Securities pointed out that IntreTech's e-cigarette component business is closely linked with Philip Morris International (PMI). With the continuous expansion of the HNB industry and the consolidation of the company's competitive advantages, it is expected that the innovative consumer electronics business will lead the company's overall performance into a new stage.

 

We welcome news tips, article submissions, interview requests, or comments on this piece.

Please contact us at info@2firsts.com, or reach out to Alan Zhao, CEO of 2Firsts, on LinkedIn


Notice

1.  This article is intended solely for professional research purposes related to industry, technology, and policy. Any references to brands or products are made purely for objective description and do not constitute any form of endorsement, recommendation, or promotion by 2Firsts.

2.  The use of nicotine-containing products — including, but not limited to, cigarettes, e-cigarettes, nicotine pouchand heated tobacco products — carries significant health risks. Users are responsible for complying with all applicable laws and regulations in their respective jurisdictions.

3.  This article is not intended to serve as the basis for any investment decisions or financial advice. 2Firsts assumes no direct or indirect liability for any inaccuracies or errors in the content.

4.  Access to this article is strictly prohibited for individuals below the legal age in their jurisdiction.

 

Copyright

 

This article is either an original work created by 2Firsts or a reproduction from third-party sources with proper attribution. All copyrights and usage rights belong to 2Firsts or the original content provider. Unauthorized reproduction, distribution, or any other form of unauthorized use by any individual or organization is strictly prohibited. Violators will be held legally accountable.

For copyright-related inquiries, please contact: info@2firsts.com

 

AI Assistance Disclaimer

 

This article may have been enhanced using AI tools to improve translation and editorial efficiency. However, due to technical limitations, inaccuracies may occur. Readers are encouraged to refer to the cited sources for the most accurate information.

We welcome any corrections or feedback. Please contact us at: info@2firsts.com

Product | Juul Labs Launches Upgraded JUUL2 Kit in UK With Four Pods at £9.99 and USB-C Charging
Product | Juul Labs Launches Upgraded JUUL2 Kit in UK With Four Pods at £9.99 and USB-C Charging
Juul Labs UK has introduced an upgraded JUUL2 Starter Kit for the UK market in October 2026, retaining a recommended retail price of £9.99 while doubling the number of included pods from two to four. The kit contains Crisp Menthol, Virginia Tobacco, Mango and Watermelon pods. The updated device replaces the previous proprietary charging dock with a USB-C port and offers longer battery life. The kit also features reduced packaging and retains a two-year limited warranty. Distribution is scheduled through major UK retailers, wholesalers, convenience stores and the JUUL UK website.
product
Oct.15
2Firsts First Look|China to End VAT Export Rebates on Vape Devices and Nicotine in April 2027, Following Earlier Removal for HTP Devices and Nicotine Vapes
2Firsts First Look|China to End VAT Export Rebates on Vape Devices and Nicotine in April 2027, Following Earlier Removal for HTP Devices and Nicotine Vapes
China's Ministry of Finance and State Taxation Administration announced on October 12, 2026, that value-added tax (VAT) export rebates for vape devices, nicotine and its salts, and certain non-combustible inhalation products will be eliminated from April 1, 2027. The measure adds four tobacco- and nicotine-related customs codes, including 8543400010, which covers vape devices and qualifying empty pods. China previously eliminated rebates for nicotine-containing vaping products and devices under code 8543400090 in April 2026. According to industry classification information held by 2Firsts, the latter currently corresponds to heated tobacco devices. Export excise tax refund and exemption arrangements will remain unchanged.
Special Report
Oct.12
NAS 2026 | Former FDA Tobacco Chief Mitch Zeller Calls for Shift From “End Game” to “End State”
NAS 2026 | Former FDA Tobacco Chief Mitch Zeller Calls for Shift From “End Game” to “End State”
At the 2026 New Approaches Summit in New York, former FDA Center for Tobacco Products Director Mitch Zeller called for the tobacco harm reduction debate to shift from the traditional “end game” toward defining a desired “end state.” He also highlighted unresolved concerns around dual use, argued that biomarkers of exposure may be more meaningful than cigarettes-per-day in assessing risk reduction, and said nicotine misperceptions remain a major barrier to public health progress.
Sep.25
How Many Nicotine Pouch Factories Does Europe Need? 2Firsts Interviews AIRSCREAM on the OEM Market
How Many Nicotine Pouch Factories Does Europe Need? 2Firsts Interviews AIRSCREAM on the OEM Market
At InterTabac 2026, nicotine pouch growth was visible not only in brands but across equipment, raw materials and OEM manufacturing. 2Firsts interviewed AIRSCREAM commercial head Steve Moore on how many pouch factories Europe may ultimately need and where manufacturers can differentiate, from formulation and flavour to pouch materials, production consistency and customer service. The category continues to expand, but questions remain over future capacity, consolidation and the long-term structure of the supply chain.
Sep.18
UK ONS Data: Vaping Rate Among Women Aged 25–34 Reaches 18.3%, Compared With 14.4% for Men
UK ONS Data: Vaping Rate Among Women Aged 25–34 Reaches 18.3%, Compared With 14.4% for Men
The vaping rate among women aged 25 to 34 in Great Britain reached 18.3% in 2025, up from 13.7% in 2024 and 8.3% in 2020, according to data from the Office for National Statistics (ONS). The figure was the highest for this group since records began in 2014 and exceeded the 14.4% recorded among men of the same age. Adults aged 25 to 34 also overtook those aged 16 to 24 as the age group with the highest vaping prevalence. Overall, about 5.4 million adults in Great Britain used e-cigarettes in 2025, broadly unchanged from the previous year.
DATA
Oct.13
Product | Japan Tobacco Expands Nordic Spirit Nicotine Pouch Range to Eight SKUs in Japan, Launches Melon Variant and Broadens Mint Retail Distribution
Product | Japan Tobacco Expands Nordic Spirit Nicotine Pouch Range to Eight SKUs in Japan, Launches Melon Variant and Broadens Mint Retail Distribution
Japan Tobacco Inc. (JT) launched Nordic Spirit Rich Melon Medium through selected tobacco retailers in Japan on November 2, 2026, while expanding physical retail distribution for three existing mint products previously sold through the CLUB JT online store. The melon launch brings Nordic Spirit's Japanese portfolio to eight SKUs. All four products are manufactured in Sweden, contain a standard 14 pouches per can and retail for ¥500 including tax. Since introducing Nordic Spirit in Japan in March, JT has expanded the brand's product lineup and distribution through its online store, convenience stores and selected tobacco retailers.
product
Nov.04