On March 10th, Fogcore Technologies, operating under the trade name "Yueke", released its financial performance for Q4 2022 and the full fiscal year 2022 on the official Nasdaq website.
In the fourth quarter of 2022, the net revenue of the company was 340 million Chinese yuan (49.3 million US dollars), with a monthly sales volume of 113 million yuan and a daily average sales of approximately 3.8 million yuan.
In Q4 2022, the gross profit was 148.3 million RMB ($21.5 million USD), compared to 765.5 million RMB in the same period in 2021. This represents a year-on-year decrease of 80.62%.
Yueke provided the following explanation regarding its revenue status in the 2022 financial report.
The decline in net revenue in the fourth quarter was mainly due to the significant impact of the COVID-19 pandemic and the implementation of the "new national standards".
In the fourth quarter, the decrease in gross profit was mainly due to the impact of the electronic cigarette consumption tax which came into effect on November 1, 2022.
In the fourth quarter of 2022, the gross profit margin was 43.6%, representing a 3.4% increase from the same period in 2021, which had a gross profit margin of 40.2%.
The reason for growth is due to adjustments in effective factory prices, improved supply chain efficiency, and favorable changes in the supply chain.
Ms. Wang Ying, the co-founder, chairman of the board, and CEO of Fogcore Technology (Yoozoo) stated in the financial report that, with the reopening of the market following the pandemic, Yoozoo is confident in the long-term growth of the e-cigarette industry. Yoozoo is capable of adapting to a constantly changing market, seizing opportunities, and further fulfilling its social responsibilities.
References:
RLX Technology has released their unaudited financial results for the fourth quarter and fiscal year 2022.
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