On August 16, RLX Technology Inc. (NYSE: RLX), a leading company in the vape industry, released its unaudited financial report for the second quarter of 2024, with outstanding performance.
The financial report shows that the company’s net income reached RMB 627.2 million (US$86.3 million), a month-on-month increase of 13.7% and a year-on-year increase of 65.9%. This growth is mainly due to the company’s international market expansion strategy. Under non-GAAP, the adjusted net profit was RMB 210 million (US$29.32 million), a month-on-month increase of 2.7% and a year-on-year increase of 147.1%.
At the same time, the global vape market is also showing a booming trend. According to a report by the German data platform Statista, the German vape market is experiencing rapid growth. In 2022, German vape sales reached approximately 600 million euros, and it is expected that the growth momentum will continue in 2023 and 2024. The consumer price index of vape products is relatively stable, which may be an important factor in attracting consumers.
Data shows that vapes are particularly popular among young consumers. About 18.6% of consumers are between the ages of 18 and 24, and consumers aged 25 to 34 account for the highest proportion, reaching 27.3%. In the German market, the Chinese brand ELFBAR has become a market leader with a market share of about 55% due to its appearance and price advantages.
However, with the rapid development of the vape market, supervision is also being strengthened. On August 15, the US FDA and the Treasury Department announced a proposed rule requiring importers to submit the submission tracking number (STN) of electronic nicotine delivery system (ENDS) products issued by the FDA. This measure aims to strengthen the supervision of vape products entering the US market and ensure that the products comply with the laws and regulations of the FDA.
Overall, despite the challenges of stricter supervision, the global vape market has maintained a strong growth momentum. As an industry leader, Ruse Technology has shown good development prospects through its internationalization strategy and solid financial performance. However, companies still need to pay close attention to changes in regulatory policies in various countries and promote business growth on the basis of compliant operations.
Recent data shows that the vape industry has shown strong growth momentum worldwide, attracting more and more young consumer groups. At the same time, Veehoo vape, as a company committed to providing high-quality products and paying attention to social responsibility, also plays an important role in the development of the industry.
Veehoo vape will continue to pay close attention to the development of the industry and changes in regulatory policies in various countries. We will remain steadfast in our commitment to providing high-quality vape products, while actively promoting healthy and responsible vape use to create a healthier and friendlier use environment for consumers.
In the progress and development of the vape industry, Veehoo vape will continue to use innovation as a driving force and social responsibility as a criterion to build a healthier and more sustainable future with consumers.
Tags: vape profit data，vape profit growth，veehoo vape