On April 15th, Jingjia Group released its 2022 Annual Board of Directors Work Report and 2022 Annual Financial Statement Report. The reports revealed that in 2022, the company achieved a revenue of 554 million yuan for its new tobacco products division, and a revenue of 1.949 billion yuan for its cigarette label products division.
According to a public announcement by Jingjia Corporation, the company's overall financial performance for 2022 is as follows:
The total operating revenue was 5.189 billion yuan, an increase of 2.41% year-on-year. Operating profit was 484 million yuan, a decrease of 59.54% year-on-year. The total profit was 332 million yuan, a decrease of 72.23% year-on-year.
In 2022, the financial results of the new tobacco industry are as follows:
Jinjia Corporation reported a revenue of 554 million yuan, representing a year-on-year increase of 227.72%. However, the company also saw a significant surge in operating costs, amounting to 515 million yuan, which marks a year-on-year increase of 254.46%. As a result, the company's gross profit margin declined by 7.01% year-on-year, settling at 7.04%. These figures were disclosed in Jinjia Corporation's annual report for 2022, which details the company's primary business outcomes.
JingJia Corporation reports product performance | Image source: JingJia Corporation 2022 annual report.
According to a report from Jingjia Incorporated, the company's main objectives in the new tobacco industry are to establish itself as a professional manufacturer of electronic cigarettes and to develop a brand of heating, non-burning "pod" products.
Jiangjiagong New Tobacco Business Structure
In terms of domestic operations, certain subsidiary companies within the new tobacco industry chain have obtained production licenses for tobacco monopolies. They are organizing production activities in accordance with approved production scope and quantity, with a primary focus on providing ODM/OEM services for new tobacco products such as electronic cigarettes, as well as research and development, production, and sales of vape oil, non-combustible heating fragrances and related supporting new materials.
In terms of overseas expansion, the company is establishing production bases for both vape and HNB industries, conducting research and development, manufacturing, and brand operations. It is also setting up a production base in Indonesia, with a focus on the research, manufacturing, and brand operations of tobacco heating products that do not burn tobacco, and the development of overseas channels.
Related reading:
Jingjia Corporation: Its subsidiary Shenzhen Yunpu Xinghe offers electronic cigarette export processing services for domestic and international clients.
JingJia Corporation announced that its electronic cigarette brand, Lono, has been sold to markets in Russia, the Philippines, and Malaysia.
Jincang Group's subsidiary companies, Wei Technology and Jinjia Technology, failed to obtain the necessary licenses from tobacco monopoly production enterprises.
Jinjia Corporation expects a 70-80% year-on-year decline in net profit to be around RMB 204-306 million in 2022.
Reference:
Jinjia Co., Ltd.: 2022 Annual Report of the Board of Directors' Work
Jinjia Co., Ltd. plans to release its annual financial report for the year 2022.
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