Smoore says its mission is, “to build the world’s leading vaping technology platform to bolster the innovation and development of vaping technology with a wide range of applications” – something that is set to be bolstered by the billions it now has at its disposal.
The tech giant has become a global leader in manufacturing vaping devices and vaping components for HNB products on an ODM (original design manufacturer) basis, with advanced R&D technology, strong manufacturing capacity, wide-spectrum product portfolio and diverse customer base.
According to Frost & Sullivan, Smoore was the world’s largest vaping device manufacturer in terms of revenue, accounting for 16.5% of the total market share, in 2019.
“In recent years,” the company says, “thanks to high-quality products and continuous innovation, Smoore has been recognised by the global market. Data shows that from 2016 to 2019, its total revenues are 707 million yuan, 1.565 billion yuan, 3.434 billion yuan, and 7.611 billion yuan respectively, with a compound annual growth rate of 120.8%.”
Most of Smoore's customers come from overseas markets, covering more than 50 overseas countries or regions. In 2019, the company's revenue from the United States, Hong Kong and Japan markets accounted for 21.8%, 20.9% and 7.9%, respectively.
The strong support for the stock floatation comes on the back of confidence in the global vape market. Frost & Sullivan says the global vaping device market size grew rapidly from US$1,828.8 million in 2014 to US$6,701.9 million in 2019, representing a compound annual growth rate (CAGR) of 29.7%, and is expected to continue increasing in the future. With growing demands globally, the market size of global vaping device is expected to further reach US$22,716.9 million by 2024, representing a CAGR of 27.7% from 2019.
Smoore believes regulatory requirements on vaping devices in the two largest markets, the U.S. and Europe, is driving a clearer view of the regulatory norm. It says the requirements and restrictions imposed on the production, sales and marketing of vaping devices will benefit companies like Smoore with competitive edges. It feels this will drive a new round of industry consolidation in the near future, resulting in larger market shares for the victors – and the market appears to be backing Smoore to be one of them.
Smoore places its success in the advanced R&D resources of its three research centres and the 645 R&D personnel – which led to it receiving the China Patent Excellence Award by the National Intellectual Property Administration in 2019.
The next phase for expansion is going to be research into how electronic atomisation technology can be applied to the healthcare industry. Smoore explains: “Inhalation therapy using electronic atomisation equipment has become an important and effective method for treating respiratory symptoms and diseases. [We] can simplify the existing medical automation equipment, accurately control the dosage and the size of aerosol particle, so as to improve the atomisation efficiency of health care essence.”