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Company | Itsuwa Technology to Establish French Subsidiary to Boost Overseas Footprint; 2024 Net Profit Down 194.47% YoY

Sep.12
Company | Itsuwa Technology to Establish French Subsidiary to Boost Overseas Footprint; 2024 Net Profit Down 194.47% YoY
Itsuwa Technology announced that it plans to establish a wholly owned subsidiary in Paris, France—ITSUWA FRANCE—with a registered capital of €10,000, to engage in promotion, marketing activities, and brand management. In 2024, the company’s revenue fell 12.59% to RMB 283 million, and it recorded a net loss of RMB 19.66 million. The investment aims to strengthen overseas presence and enhance brand and market responsiveness.

Key Points

 

  • New French subsidiary: ITSUWA FRANCE (Société par actions simplifiée, SAS) to be set up in Paris with €10,000 registered capital, 100% owned by Hong Kong Itsuwa Technology Group Limited via cash contribution.
  • Role & scope: The unit will handle promotion, marketing activities, and brand management for Europe, aimed at strengthening overseas layout and local responsiveness.
  • Financial backdrop: 2024 revenue RMB 283 million (-12.59% YoY); net profit attributable to shareholders RMB -19.66 million (-194.47% YoY); gross margin 30.00%, down 5.99 p.p. from 35.99%.

 

 

2Firsts, Sept 12, 2025 — On Sept 10, Itsuwa Technology announced a plan to establish a wholly owned subsidiary in France, ITSUWA FRANCE Société par actions simplifiée. The company will be registered at 76 rue de la Pompe, 75016 Paris, with €10,000 in registered capital. It will focus on promotion, marketing initiatives, and brand management. Ownership will be held 100% by Hong Kong Itsuwa Technology Group Limited through a cash investment.

 

Itsuwa said the French subsidiary will help improve its overseas business layout, enhance brand presence and market responsiveness, strengthen overall competitiveness, and support long-term strategic goals.

 

 

Performance Context

 

 

In May 2025, Shenzhen Itsuwa Technology Co., Ltd. released its 2024 annual report, posting RMB 283 million in operating revenue (-12.59% YoY) and RMB -19.66 million in net profit attributable to shareholders (-194.47% YoY). The company attributed the decline mainly to intense homogeneous competition in overseas e-cigarette markets leading to lower market pricing and insufficient product differentiation, which weighed on sales. A more complex product mix increased labor hours and wage costs, further squeezing profits. Gross margin in 2024 was 30.00%, down 5.99 percentage points from 35.99% a year earlier.

References:
[1] 深圳市五轮科技股份有限公司对外投资的公告

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