1. Referring to the world's largest supplier of electronic cigarettes (Smore International), the supply of such high-tech cigarettes will be required in the development process of leading enterprises. However, domestic retail brands depend on regulatory trends.
2. In terms of volume and price, the subsequent tax increase may be very large, and the profit obtained at that price will be compressed. If the policy can guide the substitution of electronic cigarettes for traditional cigarettes, there may be some increase in volume.
3. Smol's international technical reserves are dominant; and it has the ability to fight price wars (if you want to fight), and has strong bargaining power; 80% of products are sold overseas (the United States is the main e-cigarette consumption).
4. From the perspective of the industry as a whole, there are three issues: regulatory uncertainty, future traffic (sales channel) uncertainty, and tax uncertainty. Any policy may hit hard.
5. From the perspective of investment, you can refer to the influence of the game industry's supervision. Since the supervision of the game sector has been strengthened in 2018 (reduction of version numbers, restrictions on minor games, etc.) Both are rising, but the valuation has been falling until now. Therefore, the capital market is still relatively sensitive to regulation.
