25, August, 2021, Shenzhen, China—SMOORE, a global leader in offering vaping technology solutions, today has reported its financial results for the first half of 2021.
For the six months ended 30 June 2021, SMOORE reported revenue of RMB6.95 billion, representing an increase of approximately 79.2%. In particular, the revenue of corporate client oriented products increased by about 86.2%, which was mainly due to the fact that the company’s flagship atomization technology brand, FEELM continued to be widely recognized by consumers around the world.
“FEELM inside” symbol is on the closed system pods of market-leading vaping brands around the world, such as RELX, NJOY, HAKA, and VAPO. Like Intel Inside, “FEELM Inside” is widely recognized by consumers and clients around the world, as a certification of quality and excellent vaping experience.
The company’s gross profit margin increased to approximately 54.9%, from 49.0% in the same period last year. The company’s profit and total comprehensive income increased to approximately RMB2.88 billion and the adjusted net profit was approximately RMB2.98 billion, representing an increase of approximately 127.5%.
With great commitment to fundamental researches and product development, the company’s R&D spending amounted to RMB0.236 billion, increased by approximately 13.1% over the same period last year. The company has continued to bring in high-end research and development talents, and additionally recruited more than 160 research and development personnel in the first half of 2021. To date, SMOORE has established a research and development team with over 1,000 experts. The number of research and development personnel has accounted for nearly half of the total non-production personnel.
Moreover, SMOORE has also established research institutes in the United States during the Review Period to make full use of overseas talents and technological resources to deepen its development in key fields. As of 30 June 2021, SMOORE has built 7 research centers in different research fields.
While maintaining its technological leadership, SMOORE has built up a global intellectual property protection system to protect its own brands. As of 30 June 2021, the Group had filed a total of 2,612 patents and 566 trademarks worldwide, and accumulatively 1,272 patents and 360 trademarks had been granted.
Adhering to concentric diversification and technology branding, SMOORE has also continued to focus on in-depth research on vaping mechanism while actively exploring the application of atomization technology in the medical and healthcare fields, to incubate more atomization technology brands, such as its flagship, FEELM. Some of the new products are in the stage of third party verification or consumer testing.
In order to improve the efficiency of production and reduce the reliance on labor costs, SMOORE has been enhancing the automation and intelligence of production, and putted the latest generation of automated production lines into operation during the Review Period. The productivity of a single line has reached a record high of 7,200 standard vaporizers per hour.
In terms of PMTA (Premarket Tobacco Application) process, all clients of the company engaged in sales of closed electronic nicotine delivery systems(‘‘ENDS’’) products in the United States have entered the review stage, the third phase of the application, according to the information published by the U.S. Food and Drug Administration (‘‘FDA’’) on 5 April, 2021.
Committed to building a world-leading atomization technology platform, SMOORE will continue to specialize in the vaping industry while diversifying its product portfolio by promoting the applications of atomization technology in more sectors, so as to foster a vibrant, brand-new business ecosystem.
SMOORE is a global leader in offering vaping technology solutions, including manufacturing vaping devices, and vaping components, with advanced R&D technology, strong manufacturing capacity, wide-spectrum product portfolio and diverse customer base. The Company is the world’s largest vaping device manufacturer in terms of revenue, accounting for 18.9% of the total global market share.
FEELM is a high-end atomization technology brand belonging to SMOORE. Focusing on the research of cutting-edge atomization technology, FEELM also specializes in the development and manufacturing of high quality atomization devices driven by FEELM ceramic coil. “FEELM inside” symbol is on the closed system pods of a number of global leading tobacco companies and vaping companies around the world. The accumulated sales volume of FEELM has surpassed 3 billion pieces per year.