August 22, 2025: Q2 2025 Results
Net revenue: up +40.3% to ¥880.0 million (US$122.8 million), up +8.9% on sequential basis
Gross margin: up +2.3pp to 27.5%, driven by due to a favorable change in revenue mix and margin improvement in select Asian countries (gross profit up +53.3% to ¥242.1 million)
Income from operations: up +147.6% to ¥116.2 million (US$16.2 million) non-GAAP
Net income: up +35.6% to ¥291.2 million (US$40.6 million) non-GAAP; up +62% to ¥218.5 million (US$30.5 million) U.S. GAAP
EPS: ¥0.178 (US$0.025) basic and ¥0.166 (US$0.023) diluted on U.S. GAAP basis; ¥0.234 (US$0.033) basic and ¥0.218(US$0.030) diluted on non-GAAP basis
– Net cash generated from operating activities: ¥229.6 million (US$32.1 million)
Notes:
– Effective strategy execution and solid progress in international expansion amid ongoing transformation in the global vape industry
– Operating expenses up +6.2% to ¥203.1 million (US$28.4 million): a decrease in share-based compensation expenses, offset by an increase in salaries, welfare expenses and marketing spending
May 16, 2025: Q1 2025 Results
Net revenues: up +46.5% to ¥808.3 million (US$111.4 million), compared with ¥551.6 million in Q1 2024; growth driven by international expansion
Gross margin: 28.6%, compared with 25.9% in Q1 2024; margin improvment driven by favorable revenue mix and cost optimization initiatives
U.S. GAAP net income: ¥222.7 million (US$30.7 million), compared with ¥132.6 in Q1 2024
U.S. GAAP basic and diluted EPS: ¥0.181 (US$0.025) and ¥0.170 (US$0.023), respectively, compared with ¥0.106 and ¥0.101, respectively, in Q1 2024
Commentary: “E-vapor exports from China declined year over year in the first quarter due to bans on disposable products, excise taxes and an evolving regulatory environment, factors that will continue to impact the e-vapor industry as a whole throughout 2025. Stricter regulations are also driving shifts in market dynamics, with a transition to larger-volume e-liquid products emerging as a global trend, reflecting user demand for convenient and cost-effective products.”
Total cash position: ¥16,159.6 million (US$2,226.9 million), compared with ¥15,870.8 million at the end of 2024
Net cash generated from operating activities: ¥207.2 million (US$28.5 million)
