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

China Tobacco Yunnan Patent Describes Cigar Flavor Granules With Encapsulation Rate Above 77%
China Tobacco Yunnan Patent Describes Cigar Flavor Granules With Encapsulation Rate Above 77%
According to public records from China’s National Intellectual Property Administration, a patent application filed by China Tobacco Yunnan Industrial Co., Ltd. for “cigar flavor granules” was published on May 12, 2026. The filing proposes purifying an ethanol extract of cigar tobacco leaves using LX-8 macroporous resin, followed by encapsulation with maltodextrin and sucrose fatty acid ester to improve smoking comfort, reduce dryness and enhance aroma release stability in reconstituted tobacco.
Jun.10
BAT Estimates U.S. Unauthorized Vape Market at $9.4 Billion, Plans New Vuse and Velo Launches After FDA Enforcement Shift
BAT Estimates U.S. Unauthorized Vape Market at $9.4 Billion, Plans New Vuse and Velo Launches After FDA Enforcement Shift
British American Tobacco (BAT) CEO Tadeu Marroco said the U.S. unauthorized vape market is worth about £7 billion, or US$9.43 billion. Following a shift in FDA enforcement policy, BAT plans to launch flavored Vuse products in the third quarter and an updated Velo pouch in August or September.
Jun.15
2Firsts Data|China Vape Exports Sink to Three-Year April Low After Tax Rebate Ends, Falling to $694 Million
2Firsts Data|China Vape Exports Sink to Three-Year April Low After Tax Rebate Ends, Falling to $694 Million
China’s e-cigarette export value declined to $694 million in April 2026, marking the lowest April level in the past three years. The data is notable because April was the first full month after China removed export VAT rebates for certain e-cigarette products. Compared with April 2025, export value fell 20.9%; compared with April 2024, it was down 22.3%. Month-on-month, exports dropped 23.2% from March 2026.
Special Report
May.23
Multi-State Coalition Urges F1 to End Nicotine Sponsorships, Citing Zyn and Velo
Multi-State Coalition Urges F1 to End Nicotine Sponsorships, Citing Zyn and Velo
Hawaii Attorney General Anne Lopez is co-leading a coalition of 19 states and jurisdictions urging the Fédération Internationale de l’Automobile (FIA) and Formula 1 to end sponsorships involving tobacco and nicotine products, including nicotine pouch brands such as Zyn and Velo.
News
Jun.09
The new regulations on nicotine in Argentina are creating caution, expectations, and doubts about the market, according to a local reference in harm reduction for smoking.
The new regulations on nicotine in Argentina are creating caution, expectations, and doubts about the market, according to a local reference in harm reduction for smoking.
The new Argentine framework for tobacco and nicotine marks a shift from prohibition towards registration, traceability, and health surveillance. Juan Facundo Teme told 2Firsts that adult consumers and some of the commercial sector are cautiously optimistic, although concerns remain about flavors, registration costs, and market access.
May.11
Special Report|Haypp’s Nicotine Pouch Volumes Rise 40%: Who Controls the Digital Shelf for Modern Oral?
Special Report|Haypp’s Nicotine Pouch Volumes Rise 40%: Who Controls the Digital Shelf for Modern Oral?
Haypp Group reported a 40% year-on-year increase in nicotine pouch volumes in the first quarter of 2026, with U.S. and U.K. volumes rising 123% and 102%, respectively. Haypp says around 97% of its consumer traffic is organic and that its Media & Insights business provides brand owners with on-site visibility, trial activation and consumer intelligence. For international tobacco companies, Haypp may be both a growth partner for modern oral products and a new source of channel leverage.
Special Report
May.22