On May 22, Yinghe Technology (300457) announced that the company held a performance briefing, attended by Vice Chairman Zheng Yingxia, Independent Director Zhang Yulan, Vice President and Chief Financial Officer Liu Yongqing, and Board Secretary Li Chunhui.
Yinghe Technology announced that its subsidiary, Shenzhen Sikary Technology Co., Ltd. (referred to as "Sikary" hereafter), has made significant progress in the e-cigarette business sector. Starting in 2022, Sikary has vigorously developed its own brand business, achieving breakthrough development in brand business in the UK and other European countries with its product and technological advantages.
The announcement stated that Sikary's products have a good reputation in the UK and European markets, especially their Crystal Bar product which is beloved by consumers. In order to further expand their overseas market, Sikary has established a wholly-owned subsidiary in the UK, successfully achieving their strategic goal of "establishing a presence in the UK and expanding across Europe." Overseas revenue is showing rapid growth.
Yinghe Technology stated that in response to changing policies on e-cigarettes overseas, Sikary has taken proactive measures. The company has increased the release of pod system products and expanded their product range. Since the second half of 2023, Sikary has established a presence for pod system products in multiple European countries, including the UK, and has further intensified sales efforts in the first quarter of 2024. Additionally, Sikary plans to use the valuable experience gained in the UK and other European countries to gradually promote and sell their e-cigarette products in more key regions globally.
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