SHENZHEN, China–(BUSINESS WIRE)–April 7, 2022–
SMOORE, a global leader in providing vaping technology solutions, announced its financial results for the fiscal year ended December 31, 2021.
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SMOORE reported annual revenue of RMB 13.75 billion in 2021, representing an increase of approximately 37.4% year-on-year.
The company is also committed to achieving carbon neutrality in its direct and indirect production and operational activities by 2050, being the first atomization technology company to announce a roadmap to carbon neutrality.
In 2021, the global regulations on the electronic atomization industry have become stricter and many countries have set higher safety standards for electronic atomization products while SMOORE has always maintained its position as the largest manufacturer. world of vaping devices. According to Frost and Sullivan’s report, the company’s market share in the global vaping device manufacturing space grew from around 18.9% in 2020 to around 22.8% in 2021.
With its technological advantages in atomization, SMOORE has continued to empower its global client companies. Business-oriented sales revenue first exceeded RMB 10 billion and reached RMB 12.59 billion, representing a strong year-on-year growth of 37.4%, overseas revenues accounting for more than 70% of its business-oriented sales in the past half year. 2021. It is widely awarded to FEELM, the company’s flagship closed-system vaping technology brand, which has been widely recognized by leading vaping brands around the world. To date, the vaping devices charged with the FEELM atomizer have been exported to 50 countries in Europe, America, East Asia, Africa and Oceania.
“The driving force of the atomization industry is technological innovation, which brings fundamental breakthroughs in product safety and flavor reproduction,” said Chen Zhiping, Chairman of the Board of SMOORE.
In 2021, SMOORE continued to strengthen its R&D investments. Total research and development expenditure exceeded RMB 670 million, representing an increase of approximately 59.7% over the previous year.
SMOORE has developed a comprehensive safety assessment system to help customers comply with standards in different markets. For example, SMOORE has set up China’s first one-stop risk assessment laboratory for European Union TPD (Tobacco Products Directive) compliance, to help customers meet the EU vaping market entry requirements. It can generate test reports within 5 working days.
In addition, SMOORE has built and put into operation 7 basic research centers in China and the United States. As of December 31, 2021, SMOORE has a total of 1,254 R&D experts, and 101 of them hold doctoral degrees or above. The number of the company’s cumulative patent applications is 3408, involving temperature control, heating element, anti-leakage technology and e-liquid storage; and the number of new patent applications in 2021 was 1,187 worldwide.
During the review period, SMOORE also introduced the latest generation of production line, realizing the fully automated production of assembling, e-liquid injection and packaging. Today, single-line production efficiency has reached 7,200 standard vaporizers per hour, maintaining the industry’s leading position in manufacturing. The fully automated production line has been widely used by FEELM customers.
According to the Frost and Sullivan report, the global vaping device market size is expected to grow at a compound growth rate of approximately 25.3% at ex-factory price from 2022 to 2026. Global consumers expect products with improved safety , a more authentic flavor. reproduction and powerful functions, to satisfy their diverse needs.
Therefore, FEELM introduced the world’s first ceramic coil disposable pod solution in 2021. FEELM will launch more disposable vaping products in overseas markets in 2022 to further strengthen its product portfolio.
Additionally, in January 2022, FEELM introduced the world’s thinnest ceramic coil pod vape solution, FEELM Air in London. Widely recognized by FEELM’s strategic partners, FEELM Air features 7 major advancements in the vaping experience, including damage reduction, flavor reproduction, and leak-proof performance. “FEELM Air will be launched in overseas markets first,” said Frank Han, President of FEELM and Vice President of SMOORE. “Currently, FEELM is working with global customers on the regional deployment and promotion of FEELM Air.”
At the 2021 SMOORE annual performance conference, Qiu Lingyun, vice president of SMOORE, said that the United States and China have successively implemented a flavor ban on electronic cigarettes, and SMOORE has already prepared technical solutions for tobacco flavors according to US regulations for about a year. , before the entry into force of the exposure draft of Chinese national standards for electronic cigarettes. Thus, SMOORE is confident to support its customers in crossing the regulatory transition period.
In addition, disposable vapes have experienced strong growth momentum in recent years. According to Qiu Lingyun, SMOORE has developed integrated solutions for the heating element, e-liquid and temperature zone of disposable vapes, aiming to diversify its product portfolio. Thus, SMOORE is ready to launch successful disposable products in international markets soon.
In 2022, SMOORE and its flagship technology brand FEELM are expected to partner with more tobacco companies and major vaping brands, and adopt the latest vaping solutions, such as FEELM Air and disposable pods, for existing customers.
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CONTACT: Frankie Chen
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PUBLISHED: 04/07/2022 07:26 / DISK: 04/07/2022 07:26