SMOORE International Reports 2022 Financial Performance
On March 20th, Semiconductor Manufacturing International Corporation (SMIC) released its 2022 financial performance report. The report revealed that SMIC had a revenue of 12.145 billion yuan in 2022, a decrease of 11.7% from the previous year. After adjustments, their net profit for the year was 2.575 billion yuan, a decrease of 52.7% from the previous year.
Summary of SMIC's Financial Report | Source: SMIC Financial Report
More than 80% of overseas revenue: Decline in the US, Rise in Europe. According to the financial report, Smore's total revenue for 2022 was CNY 12.145 billion, with an export income of CNY 9.898 billion accounting for 81.5% of the total revenue, an increase of 15.5% compared to last year. Domestic sales revenue was CNY 2.246 billion, accounting for 18.5% of the total revenue, a decrease of 15.5% compared to last year.
Market Revenue in Simoer | Source: Simoer Financial Report
In 2022, Smoore's sales revenue for enterprise customers in the United States decreased by 22.7% due to increased competition from non-compliant electronic cigarette products and price adjustments for certain products to support some clients in gaining market share. This decline was analyzed by region.
In the financial report, Somor expressed confidence in the future competitiveness of its products and long-term growth in the US market, as the FDA continues to strengthen its enforcement efforts.
In Europe and other markets, Smoore's sales revenue in 2022 increased by 53.4% compared to the previous year. Smoore stated in their financial report that they have assisted major clients in becoming the top electronic cigarette brand in several European countries.
In China, Synergy, a company that specializes in providing marketing solutions, saw a 51.9% year-on-year decrease in sales revenue specifically to enterprise customers. This has had a significant negative impact on Synergy's overall revenue.
Business Type Revenue for SMIC | Source: SMIC Financial Report
The revenue of the company's disposable electronic cigarette products was 1.9 billion yuan, over 19 times higher than the previous year.
According to the financial report, Smoore recently launched a new line of disposable e-cigarettes in the European market, leading to a rapid increase in sales. In 2022, the revenue from disposable products amounted to 1.93 billion yuan, representing a growth of 1919% compared to the 0.95 billion yuan in 2021. Notably, the revenue from the second half of the year reached 1.61 billion yuan, reflecting a year-over-year increase of 1761%.
In addition, in the second half of 2022, Simoer upgraded their open system product LUXE X, further increasing their market share.
According to the financial report, in 2022, Simoer's revenue from sales of products to retail customers was 1.465 billion yuan, a year-on-year increase of 26.2%.
Research and development investment doubled, enhancing the competitiveness of core brands.
According to the financial report, in 2022, Smoore invested 1.372 billion yuan in research and development, an increase of 104% compared to the previous year. Of this, 74% was spent on electronic nicotine delivery systems (including electronic vaporization and non-combustible heating products), 13.9% on specialty vaporization products, and 12.1% on vaporization medical and beauty products.
Silmor R&D expenses | Source: Silmor financial report
According to financial reports, in 2022, Smor added 2,254 patents, including 1,125 invention patents.
In terms of brand building, SMOORE has announced that it will continue to focus on its manufacturing brand "SMOORE" and create three distinct technology brands: FEELM representing closed-system vaping products, METEX representing non-combustible heating products, and VAPORESSO representing open-system vaping products.
According to SiMoEr, in the future, they plan to launch new products with differentiation in the fields of electronic cigarette devices, specialized nebulization products, and nebulized medicine, expanding the scope of nebulization technology applications.
Reference:
As of December 31st, 2022, the annual performance report for Sumo International Holdings Limited has been announced.
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