2Firsts, October 30, 2025 — The Shenzhen Enterprise Confederation and the Shenzhen Entrepreneurs Association (collectively known as “Shenzhen Enterprise Confederation”) officially released the 2025 Shenzhen Top 500 Enterprises List, ranked based on companies’ operating revenue in 2024.
According to 2Firsts’ statistics, a total of 13 e-cigarette and related supporting companies were included in this year’s list. Among them, three companies saw their rankings rise, seven experienced declines, three entered the list for the first time, and three companies that appeared last year dropped out.
Companies with Rising Rankings
Among all listed e-cigarette companies, First Union Technology Co., Ltd. (深圳市合元科技有限公司) recorded the largest improvement, rising 57 spots to No. 190.
RELX Technology Co., Ltd. (深圳雾芯科技有限公司) climbed 48 places to No. 303, while Aspire Technology Co., Ltd. (深圳易佳特科技有限公司) rose 15 places to No. 433.
SMOORE (深圳麦克韦尔科技有限公司) experienced a slight decline but remained the highest-ranked e-cigarette company, holding its position at No. 125.
First Union Technology Co., Ltd. – up 57 places to No. 190 (largest increase; has risen for two consecutive years, up 62 places last year)
RELX Technology Co., Ltd. – up 48 places to No. 303
Aspire Technology Co., Ltd. – up 15 places to No. 433
Companies with Falling Rankings
A total of seven companies saw their rankings decline:
SMOORE(深圳麦克韦尔科技有限公司)– down 2 places to No. 125, remains the industry leader
Shenzhen Jinjia Group Co., Ltd. (深圳劲嘉集团股份有限公司)– down 72 places to No. 294 (largest drop)
China Boton Group Co., Ltd. (中国波顿集团有限公司)– down 53 places to No. 364
Shenzhen ALD Technology Co., Ltd. (深圳市卓力能技术有限公司)– down 38 places to No. 386
Shenzhen HQD Technology Co., Ltd. (深圳市汉清达科技有限公司)– down 78 places to No. 472
Shenzhen ZIWI Biotechnology Co., Ltd. (深圳市真味生物科技有限公司)– down 4 places to No. 492
Shenzhen Yinghe Technology Co., Ltd. (深圳市赢合科技股份有限公司)– down 7 places to No. 134
New Entrants to the 2025 List
Three e-cigarette companies entered the Shenzhen Top 500 list for the first time in 2025:
OXVA Technology Co., Ltd. (深圳市爱乐米科技有限公司) – No. 375
IVPS Technology Co., Ltd. (深圳市艾维普思科技有限公司) – No. 410
Maike Brothers Technology Co., Ltd.(深圳市麦克兄弟科技有限公司) – No. 473
Companies Dropped from the List
Compared with the 2024 list, three e-cigarette companies failed to make the 2025 rankings:
GEEKVAPE Technology Co., Ltd. (深圳市基克纳科技有限公司)
INNOKIN Technology Co., Ltd. (深圳市新宜康科技股份有限公司)
VOOPOO Technology Co., Ltd. (深圳市吉迩科技有限公司)
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