Recently, Yingqu Technology released its annual report for 2022 and its Q1 performance report for 2023. The reports revealed that the company's operating revenue in 2022 was approximately 4.345 billion yuan, a decrease of 38.46% year-on-year, with a net profit attributable to shareholders of approximately 693 million yuan, a decrease of 36.57% year-on-year. In Q1 2023, the company's operating revenue was 871 million yuan, a decrease of 32.54% year-on-year, with a net profit of 80.17 million yuan, a decrease of 48.42% year-on-year.
Tech company Yingqu Technology stated in its annual report that it primarily focuses on research and development as well as manufacturing of heated non-combustible electronic cigarette products for customers. The United States Food and Drug Administration (FDA) approved one of the company's customer's electronic cigarette products as a modified risk tobacco product (MRTP) in July 2020, making it the only pulmonary inhalation type new tobacco product to pass MRTP review. According to information publicly disclosed by the customer, they have obtained distribution rights for their heated non-combustible electronic cigarette products in the United States, and will start selling these products in April 2024.
It has been reported that Yingqu Technology produces IQOS components for Philip Morris International (PMI).
Related reading:
A US court upholds ITC's ban on importing IQOS, PMI says it will still enter the US market in May next year.
Yingtou Technology: Currently specializes in providing research and development and manufacturing services for heated non-burning electronic cigarettes.
References:
1. The 2022 Annual Report of Yinqu Technology.
2. YY Inc.'s Q1 2023 earnings report.
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