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

JT Plans ¥800 Billion Investment in Heated Tobacco Over Three Years, Betting on Ploom as Second Growth Engine
JT Plans ¥800 Billion Investment in Heated Tobacco Over Three Years, Betting on Ploom as Second Growth Engine
Japan Tobacco Inc. (JT) CEO Takehiko Tsutsui said the company plans to invest about ¥800 billion (approximately US$5.4 billion) in heated tobacco products over three years through 2028, aiming to establish Ploom as a second growth engine after combustible cigarettes. Tsutsui said Ploom AURA helped JT increase its share of Japan’s heated tobacco market to 15.8% in the first quarter of 2026. Ploom products are now available in 29 markets, with Ploom AURA sold in 25 markets including Japan. JT also plans to continue its cigarette business while positioning its food operations, particularly frozen noodle products in North America, as another growth opportunity.
Jul.23
New Zealand Associate Health Minister Casey Costello Warns on Illicit Cigarettes as Legal Tobacco Sales Halve Over Decade
New Zealand Associate Health Minister Casey Costello Warns on Illicit Cigarettes as Legal Tobacco Sales Halve Over Decade
New Zealand Associate Health Minister Casey Costello said legal tobacco sales in the country have fallen by more than half over the past decade, with sales declining more than 20% in 2025 compared with the previous year. She warned that the decline may not fully reflect lower smoking rates, as increased availability of illicit cigarettes could also be contributing. The government said it would continue strengthening tobacco and vape retail enforcement while monitoring the impact of illicit tobacco on public health and tax revenue.
Aug.26
WIRED Investigation: Chinese-Made Vapes Turn to 6-Methyl-Nicotine and Other Analogs, Challenging U.S. Regulation
WIRED Investigation: Chinese-Made Vapes Turn to 6-Methyl-Nicotine and Other Analogs, Challenging U.S. Regulation
U.S. technology and investigative publication WIRED has examined how nicotine analogs are emerging as a new challenge for the country’s vape regulatory framework. The article argues that after the U.S. expanded federal oversight of nicotine products in 2022, some manufacturers began using nicotine-like compounds such as 6-methyl-nicotine that may fall outside existing definitions. Researchers cited by WIRED said some nicotine analogs could be more potent than traditional nicotine, although human health impacts remain unclear. U.S. policymakers are considering broader definitions of nicotine to bring these compounds under federal oversight.
Jul.27
Product | R.J. Reynolds Launches Four Flavored Vuse Pro Pods for Vuse Alto Devices in U.S.
Product | R.J. Reynolds Launches Four Flavored Vuse Pro Pods for Vuse Alto Devices in U.S.
R.J. Reynolds Vapor Company has introduced Vuse Pro prefilled pods in Peach, Berry, Watermelon and Fresh Mint in selected U.S. states. Vuse’s U.S. website says the pods are intended for use with existing Vuse Alto devices. Each contains 2.0 mL of e-liquid at 5.0% nicotine by weight, uses nicotine salts and is offered in two- and four-pod packs. Reynolds said the rollout includes mandatory ID scanning for every purchase, purchase limits, stronger retailer-accountability requirements and strict age-restricted marketing standards. The four pods have not received marketing authorization from the U.S. Food and Drug Administration.
Sep.10
Major U.S.  Vape Distributor Demand Vape Pays at Least $300,000 for White House Lobbying Amid Enforcement Pressure
Major U.S. Vape Distributor Demand Vape Pays at Least $300,000 for White House Lobbying Amid Enforcement Pressure
New York vape distributor Ecto World, which operates as Demand Vape, hired political consultant Roger Stone to lobby the Executive Office of the President on regulation of vaping and related products while facing state enforcement and multiple lawsuits. Public lobbying disclosures show that Ecto World paid at least $300,000 for the work through June 30, 2026. Separately, New York State announced in March that more than 28,500 pounds of vaping products tied to the company had been seized, while New York City and the state have pursued legal or enforcement actions. Public records do not show that the lobbying directly changed any specific regulatory or enforcement outcome.
Sep.08
UK HMRC Unveils Red and Yellow Transitional Vape Duty Stamps Ahead of October Tax Launch
UK HMRC Unveils Red and Yellow Transitional Vape Duty Stamps Ahead of October Tax Launch
HM Revenue & Customs (HMRC) has released sample images of the UK’s transitional vaping duty stamps, showing red and yellow versions ahead of the new Vaping Products Duty and Vaping Duty Stamps Scheme starting on October 1, 2026. Transitional stamps contain physical security features but no digital scanning function. Approved businesses may purchase them through November 30 and affix them through December 31. HMRC has not stated that the red and yellow samples represent different product categories or tax statuses.
Regulations
Sep.02