In 2025, the global vape industry entered a new phase. Growth didn’t disappear—but it became harder to earn. Stricter regulations, rising compliance costs, and intensifying global competition pushed companies to shift from rapid expansion to disciplined execution.
This report reviews six key listed companies—Smoore, RLX Technology, JIAYAO Holdings, China Boton Group, SKE (Sciener under Yinghe Technology), and Tianchang Group—to better understand where the industry is heading.
Smoore: Record Revenue and a Breakthrough in HNB
Smoore delivered a strong performance in 2025, marking what could be seen as a turning point. While maintaining its leadership in vaping technology, the company finally commercialized its long-developed heat-not-burn (HNB) business.
Key Metrics (2025):
- Revenue: RMB 14.26 billion (+20.8%)
- Adjusted Net Profit: RMB 1.53 billion (+1.3%)
- Gross Margin: 34.1% (-3.3pp)
- Global Market Share: 14.5% (+1.4pp)
What stands out:
- B2B growth remained the backbone, especially in Europe and other international markets (+38.5%).
- HNB revenue exceeded RMB 1.2 billion, signaling a shift from R&D investment to real commercial returns.
- VAPORESSO brand continued expanding, with strong demand for the XROS series.
Smoore is also investing in inhalation-based medical technology. Its U.S. subsidiary has already passed FDA pre-approval inspections, which could open the door to a much larger healthcare market.
RLX Technology: International Markets Drive Growth
RLX Technology, the company behind the RELX brand, successfully stabilized its domestic business while accelerating overseas expansion.
Key Metrics (2025):
- Net Revenue: RMB 3.96 billion (+44.0%)
- Net Profit: RMB 934 million (+66.8%)
- Non-GAAP Margin: 28.3% (-2.8pp)
Key developments:
- International revenue surged, accounting for 77% of Q4 income.
- China market recovered steadily, supported by stricter enforcement against non-compliant products.
- Supply chain optimization improved efficiency.
With over RMB 15 billion in cash reserves, RLX is well-positioned for global expansion and strategic investments.
JIAYAO Holdings: Transition Year After Strategic Shift
After exiting its traditional cigarette packaging business, JIAYAO became a pure-play vape company. However, 2025 proved to be a challenging transition year.
Key Metrics (2025):
- Revenue: RMB 645 million (-16.3%)
- Gross Profit: RMB 153 million (-26.6%)
- Net Profit: RMB 1.8 million (-96.4%)
Highlights:
- Own-brand sales increased (Hi5, HyperBar), now contributing ~25% of revenue.
- Strong manufacturing performance, with over 80% capacity utilization and >98% product yield.
- Global footprint expanded to 72 countries.
Despite declining earnings, the company demonstrated resilience through diversification and flexible market adaptation.
China Boton Group: Pressure on Core Business, Liquidity Boosted by Asset Sale
China Boton faced significant challenges in its traditional flavor and fragrance business, which led to a sharp decline in overall performance.
Key Metrics (2025):
- Revenue: RMB 1.50 billion (-9.5%)
- Gross Profit: RMB 377 million (-36.9%)
- Net Loss: RMB 1.0 billion
Key factors:
- A goodwill impairment of RMB 845 million heavily impacted profitability.
- The vape segment grew modestly (+4.6%), showing relative resilience.
- A major land acquisition compensation (~RMB 2.49 billion) significantly improved cash flow.
The company is now looking to Southeast Asia and other overseas markets to offset domestic pressure.
SKE (Yinghe Technology): A Growing Vape Engine
Yinghe Technology’s subsidiary, SKE, continues to be a major contributor to the group’s earnings, creating a dual-engine model alongside lithium battery equipment.
SKE Key Metrics (2025):
- Revenue: RMB 2.33 billion
- Net Profit: RMB 522 million (-59.4%)
What matters:
- Own-brand strategy gained traction, especially in Europe.
- Global expansion accelerated, with subsidiaries across the UK, US, Russia, and Southeast Asia.
- New product launches (SKE BAR, CL2000) kept the portfolio competitive.
Although profits declined, SKE remains a critical growth pillar.
Tianchang Group: Vape Segment Under Pressure
Tianchang’s performance reflects the difficulties faced by smaller or less differentiated players in the current environment.
Key Metrics (2025):
- Revenue: HKD 519 million (-3.9%)
- Net Loss: HKD 14.46 million
Breakdown:
- Vape revenue dropped 46.6%, due to weaker demand and reduced orders.
- Injection molding business remained stable, acting as a buffer.
The company is investing in new production capacity, but short-term pressure remains significant.
Industry Takeaways: A Shift Toward “Hard Power”
The financial results of these six companies point to a clear transformation across the vape industry.
1. Compliance Is Now a Competitive Advantage
Regulation is no longer just a cost—it’s a barrier to entry. Companies with strong compliance capabilities are gaining market share, especially in regions like the U.S. and Europe.
2. Technology Is Creating New Growth Paths
From HNB to medical inhalation and cross-industry applications, innovation is separating leaders from followers.
3. Globalization Is About Brands, Not Just Distribution
The shift from OEM to brand-driven growth is accelerating. Companies like VAPORESSO, RELX, and SKE are proving that brand power directly impacts profitability.
4. Cash Reserves Matter More Than Ever
Strong balance sheets allow companies to survive regulatory shocks, invest in R&D, and seize acquisition opportunities during downturns.
Final Thoughts
The era of easy growth in vaping is over. What lies ahead is a more disciplined, competitive market defined by compliance, innovation, and global execution.
The gap between leaders and laggards is widening—and in this new phase, only companies with real “hard power” will continue to scale.