On April 9th, Jincheng Pharm (300233.SZ) underwent an investigation by institutions. The company's key executive team personally participated in the reception and provided comprehensive responses to the relevant questions.
Jincheng Pharm stated that the company currently only produces raw materials for e-cigarettes and does not directly manufacture finished e-cigarette products. The company has successfully industrialized the synthesis and extraction of nicotine, and is currently expanding its market and monitoring developments in the new tobacco industry. Depending on market conditions, they will decide whether to enter this new sector. Currently, related products are still in the development process.
Inquiries from institutions ask: what is the usage rate and market penetration of e-cigarettes? In 2019, 50.4% of American smokers had already used e-cigarettes. In contrast, only 1.2% of Chinese smokers had used them. This indicates that there is a huge potential for development in the Chinese e-cigarette market.
In response, Jincheng Pharm stated that they will continue to improve the quality of nicotine used in e-cigarettes to expand market share and brand influence.
On the other hand, regarding the shipment of medical nicotine, the company stated that they are currently in communication with customers. Sample products have been shipped and they are awaiting customer confirmation and the next steps for cooperation.
Regarding the company's business direction for the second quarter, Jincheng Pharm stated that they will continue to focus on production, operations, and market work based on the trends seen in the first quarter. Additionally, the company's nicotine production will mainly be used in the e-liquid for e-cigarettes.
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