Guojin Securities: Q3 Domestic New Tobacco Sales Continue to Rise as Overseas Pod-Based Products Eye

 Guojin Securities analyst Zhang Yanghuan predicts that the domestic new tobacco industry will continue to see a quarter-on-quarter increase in sales in Q3, and the market share of international pod-based products is expected to rebound, but related policy risks still need to be monitored.

【Two Supremes Original】 What is the development trend of the new tobacco industry in the third quarter? On October 8, Guojin Securities analyst Zhang Yanghuan analyzed this and predicted that the domestic new tobacco industry will continue to see a quarter-on-quarter increase in sales in Q3, and the market share of international pod-based products is expected to rebound, but related policy risks still need to be monitored. 

Zhang Yanghuan stated that in the overseas market, the recent U.S. FDA has fined 22 retailers for illegally selling unauthorized e-cigarette products and warned 168 physical stores, indicating that overall enforcement has become stricter. The sales of non-compliant disposable e-cigarettes may be significantly restricted, while the market share of pod-based products is expected to rebound, and the market share of legal brands in this category is also expected to increase further. Additionally, although disposable e-cigarettes in Europe are still growing strongly, recent policy proposals to restrict disposable e-cigarettes have been put forward for review, and related policy risks still need to be monitored. 

In the domestic market, with the continuous iteration and optimization of new national standards for vaporized e-cigarettes, combined with increased regulatory efforts against illegal products, feedback from terminal channels indicates that the trend of quarter-on-quarter sales increase in Q3 will continue, and the operating conditions of various links in the domestic industry chain are gradually improving, with a seasonal acceleration expected to continue.