Recently, leading cigarette brand corporation Jinjia Group announced their 2022 annual report and board of directors' work report. The report indicates that in 2022, Jinjia Group achieved a revenue of ¥5.189 billion, with a YoY growth of 2.39%, and a net profit of ¥232 million, with a YoY drop of 78.02%.
A report has revealed that in 2022, Jinjia Corporation's revenue in the new tobacco industry will be 550 million yuan, a 223% increase compared to the previous year's revenue of 170 million yuan. This increase is attributed to the strong performance of the company's subsidiary, Jinjia Technology, which specializes in electronic cigarettes. In 2022, Jinjia Technology's revenue is projected to reach 230 million yuan, a 40% increase compared to last year's revenue of 160 million yuan. However, the company's net profit for 2022 is expected to be a loss of 7.3 million yuan, a 276% decrease from the net profit of 41.5 million yuan in 2021.
According to a report, Jingjia Co., Ltd. is expanding its industrial chain and establishing a comprehensive layout both domestically and overseas, in order to create a global electronic cigarette manufacturing enterprise and cultivate a well-known heated non-combustible pod brand.
Expansion of the New Tobacco Industry Chain:
An establishment of production base in Indonesia, around the research and development, manufacturing, branding, and overseas distribution of non-combustible tobacco heating products, aims to accelerate the market expansion in this sector. Additionally, a new e-cigarette logistics company called Yunpu Jiahang has been established, specializing in material management, international logistics, trade compliance and more. The company has already set up customs clearance channels in North America, the UK, Malaysia, New Zealand, and other regions. Investment has also been made in a heating equipment and e-liquid company called Jiadu Electronics, which seeks to expand brand operations, international expansion and operations, innovative product development, automated equipment, and scaled production in the new-style tobacco category.
It is understood that electronic cigarette brands under the company Jingjia Corporation include FOOGO and Lono. Currently, Lono has been sold in multiple markets including Russia, the Philippines, and Malaysia.
In terms of its packaging business (which is the main operation of Jinko Corporation), the company has recently developed new partnerships with electronic cigarette brands and corporate clients such as Imperial Tobacco, Philip Morris International, NJOY (the third largest e-cigarette brand in the United States), and Heyuan Technology.
In terms of domestic operations, several subsidiaries of the company's new tobacco industry chain have obtained licenses as tobacco monopoly production enterprises. They organize their production work according to the approved scope and quantity, providing main services to customers such as ODM/OEM services for new tobacco products including electronic cigarettes, as well as research, development, production and sales of vape oil, non-combustible heating fragrances and related supporting new materials.
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JingJia Corporation's subsidiary, Shenzhen Yunpu Xinghe, provides electronic cigarette export assembly services for domestic and international clients.
Jinjia Corporation reports that its electronic cigarette brand, Lono, has been sold in markets in Russia, the Philippines, and Malaysia.
JingJia Corporation's subsidiary companies, Wei Technology and JingJia Technology, failed to obtain the necessary tobacco monopolized production enterprise licenses.
Jiangjia Holdings predicts a net profit of 204-306 million yuan in 2022, a decrease of 70-80% compared to the previous year.
Jinjia Group expects to achieve a revenue of 554 million yuan from its new tobacco sector by 2022, which marks a year-on-year growth of 227.72%.
Reference source:
JinkoSolar Issues 2022 Annual Board of Directors Work Report.
Jingjia Corporation: Annual Financial Report for 2022
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