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

Russia’s Federation Council Approves Law Allowing Extrajudicial Blocking of Online Tobacco Sales
Russia’s Federation Council Approves Law Allowing Extrajudicial Blocking of Online Tobacco Sales
Russia’s Federation Council has approved legislation allowing authorities to block websites offering online sales of tobacco, nicotine-containing products, heated tobacco devices and hookahs without a court order.
Dec.26 by 2FIRSTS.ai
Vietnam Drafts Administrative Penalties for E-Cigarette Use, Setting Fines up to USD 380
Vietnam Drafts Administrative Penalties for E-Cigarette Use, Setting Fines up to USD 380
Vietnam plans to formalise penalties for e-cigarette and heated tobacco use under a draft decree. Individual users could be fined VND 3–5 million (USD 114–190), while premises allowing use face fines up to VND 10 million (USD 380). Higher penalties apply to business violations.
Dec.25 by 2FIRSTS.ai
CBSA discloses seizure of 212,000 nicotine pouches at Pigeon River port of entry
CBSA discloses seizure of 212,000 nicotine pouches at Pigeon River port of entry
The Canada Border Services Agency said officers inspecting an incoming vehicle at the Pigeon River port of entry in June found 212,000 nicotine pouches and seized more than 29,000 Canadian dollars (about 21,170 U.S. dollars) in currency and cheques. A CBSA spokesperson disclosed the seizure this week in a Newswatch interview about enforcement operations over the past year.
Dec.30 by 2FIRSTS.ai
Alan Zhao: What Altria’s on! PLUS Authorization Really Signals About FDA PMTA Enforcement
Alan Zhao: What Altria’s on! PLUS Authorization Really Signals About FDA PMTA Enforcement
In this in-depth commentary for 2Firsts, Alan Zhao examines what Altria’s on! PLUS authorization really signals about FDA PMTA enforcement. Beyond the headline approval, FDA’s language, process design and product choices offer rare insight into how nicotine pouch regulation is taking shape—and what it means for industry compliance, in one of the earliest expert reads of the decision.
Regulations
Dec.20 by 2Firsts Perspectives
Vietnam Passes Amended Investment Law Banning E-Cigarette and Heated Tobacco Businesses
Vietnam Passes Amended Investment Law Banning E-Cigarette and Heated Tobacco Businesses
On December 11, 2025, Vietnam’s National Assembly passed the amended Investment Law, officially banning investment and business activities related to e-cigarettes and heated tobacco products. The new law also adds several high-risk and socially sensitive sectors to the list of prohibited business activities, including narcotics, wildlife trade, human organs and embryos, sex work, human cloning, fireworks, debt collection, and trade of national treasures.
Dec.11 by 2FIRSTS.ai
South Korea’s President Raises Safety Concerns Over Nicotine Alternatives at Cabinet Meeting
South Korea’s President Raises Safety Concerns Over Nicotine Alternatives at Cabinet Meeting
South Korea’s Cabinet has approved an amendment to the Tobacco Business Act that legally classifies liquid e-cigarettes as tobacco products. Under the revision, any product containing tobacco or nicotine will fall under tobacco regulation, explicitly including synthetic nicotine vapes. The move addresses long-standing regulatory and taxation gaps.
Dec.16 by 2FIRSTS.ai