The latest 2025 earnings reports are out — and honestly, the vape industry is starting to split into two very different directions.
Some companies are still growing fast (especially overseas), while others are clearly feeling the pressure from regulation, market shifts, and declining demand.
Here’s a quick breakdown 
The Winners (Still Growing)
Smoore International
Revenue hit a record high (+20.8%), mainly driven by B2B business and strong growth in Europe.
But profit actually dropped due to rising compliance and operating costs.
RLX Technology
Big growth here — revenue +44%, profit +65%.
Most of it is coming from international markets (over 70% in Q4).
Takeaway: If you’re expanding globally, you’re still in the game.
The Struggling Side (4 Companies)
SKE
Revenue down ~27%, profit down nearly 60%.
Expansion is happening, but performance is clearly under pressure.
JIAYAO Holdings
Vape product sales dropped over 20%.
Service business is growing, but not enough to offset the decline.
China Boton
Vape segment is actually growing…
BUT their traditional flavor business collapsed, dragging everything down.
Tianchang Group
Vape revenue fell nearly 50%.
Now relying more on manufacturing (injection molding) to stay stable.
What’s Actually Going On?
A few trends are becoming pretty obvious:
- The industry is no longer “easy growth”
- Regulation is hitting weaker players harder
- Europe demand is becoming unstable
- Going international is no longer optional — it’s survival
So… Is the Vape Industry Slowing Down?
Not exactly.
It’s splitting
- Strong companies → scaling globally
- Others → shrinking or restructuring
2026 might be even more brutal for smaller brands.
Your Turn
- Are you seeing slower sales in your market?
- Which brands are doing well where you are?
- Do you think the vape boom is over… or just evolving?
Let’s hear what’s happening in your region