Recently, Shenzhen Itsuwa Co., Ltd. (833767) released its 2024 interim report.
The report shows that in the first half of 2024, the total operating revenue was approximately 120 million yuan, a decrease of 24% compared to the same period last year. The gross profit margin was 27.46%, a decrease of 7.73% from the previous year.
The net loss attributable to shareholders of the listed company was approximately 19.35 million yuan, a decrease of 184.42% compared to the same period last year.
The report stated that the company continued to focus on overseas markets such as Europe and America in the first half of the year. By the first half of 2024, there was fierce competition among e-cigarette products, with the company's differentiated advantage not being clear, resulting in a decrease in sales.
Among them, the revenue from self-owned brands was approximately 39.22 million yuan, a decrease of 9.02% compared to the same period last year, with a gross profit margin of 25.91%, down by 3.48% from the previous year; revenue from OEM/ODM was approximately 82 million yuan, a significant decrease of 29.55% compared to the same period last year, with a gross profit margin of 28.21%, down by 9.13% from the previous year.
Furthermore, due to a decrease in outsourcing orders, the company reported a 76.50% decrease in domestic sales revenue compared to the same period last year, as well as a 2.58% decrease in domestic gross profit margin. This is primarily because of intense competition in the overseas e-cigarette market for homogenized products, leading to a decrease in prices for sales to companies holding e-cigarette tobacco business licenses (brand-holding enterprises) compared to the same period last year.
Due to intense competition in the overseas market for homogenized products in the first half of the year, export revenue decreased by 23.39% compared to the same period last year, while export costs decreased by 13.92% compared to the same period last year.
The company stated that their research and development focus in the first half of 2024 will be on pod e-cigarettes and cartridge e-cigarettes, as well as promoting their own brands VAPESOUL and VOOM in the high-end e-cigarette market.
Notice
1. This article is provided exclusively for professional research purposes related to industry, technology and policy. Any reference to brands or products is made solely for the purpose of objective description and does not constitute an endorsement, recommendation, or promotion of any brand or product.
2. The use of nicotine products, including but not limited to cigarettes, e-cigarettes, and heated tobacco products, is associated with significant health risks. Users are required to comply with all relevant laws and regulations in their respective jurisdictions.
3. This article is strictly restricted from being accessed or viewed by individuals under the legal age.
Copyright
This article is either an original work by 2Firsts or a reproduction from third-party sources with the original source clearly indicated. The copyright and usage rights of this article belong to 2Firsts or the original source. Unauthorized reproduction, distribution, or any other unauthorized use of this article by any entity or individual is strictly prohibited. Violators will be held legally responsible. For copyright-related matters, please contact: info@2firsts.com
AI Assistance Disclaimer
This article may have utilized AI to enhance translation and editing efficiency. However, due to technical limitations, errors may occur. Readers are advised to refer to the sources provided for more accurate information.
This article should not be used as a basis for any investment decisions or advice, and 2Firsts assumes no direct or indirect liability for any errors in the content.
