Revenue by Segment

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Sale of APV and Vaping Devices and Components	14.26B	11.80B	11.20B	12.14B	13.76B
Sale of APV and Vaping Devices and Components Growth	20.83%	5.31%	-7.75%	-11.71%	37.42%
Total	14.26B	11.80B	11.20B	12.14B	13.76B
Total Growth	20.83%	5.31%	-7.75%	-11.71%	37.42%

Revenue by Geography

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017	FY 2016
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020	Dec '19 Dec 31, 2019	Dec '18 Dec 31, 2018	Dec '17 Dec 31, 2017	Dec '16 Dec 31, 2016
Hong Kong, China	4.87B	3.88B	4.02B	3.35B	3.78B
Hong Kong, China Growth	25.53%	-3.69%	20.18%	-11.32%	3.95%
United Kingdom	3.77B	3.01B	2.55B	2.81B	1.53B
United Kingdom Growth	25.52%	17.69%	-9.14%	84.08%	76.04%
United States of America	1.64B	1.40B	1.21B	1.30B	1.68B
United States of America Growth	17.28%	15.47%	-6.65%	-22.60%	15.67%
Mainland China	1.03B	1.01B	895.62M	-	-
Mainland China Growth	2.21%	12.91%	-	-	-
France	381.96M	350.96M	360.74M	329.00M	243.98M
France Growth	8.83%	-2.71%	9.65%	34.84%	-40.97%
The Republic of Croatia	364.38M	250.51M	288.10M	177.71M	46.90M
The Republic of Croatia Growth	45.45%	-13.05%	62.12%	278.88%	-
Malaysia	277.19M	-	-	-	-
The United Arab Emirates	263.38M	227.04M	216.63M	17.76M	-
The United Arab Emirates Growth	16.01%	4.81%	1119.67%	-	-
Japan	246.79M	253.31M	368.44M	284.46M	199.49M
Japan Growth	-2.58%	-31.25%	29.52%	42.59%	-36.12%
Others	1.41B	1.42B	1.28B	677.62M	594.99M
Others Growth	-1.06%	11.01%	89.30%	13.89%	30.85%
The People's Republic of China (PRC) (Excluding Hong Kong)	-	-	-	3.20B	5.53B
The People's Republic of China (PRC) (Excluding Hong Kong) Growth	-	-	-	-42.14%	104.14%
New Zealand	-	-	-	-	158.78M
Total	14.26B	11.80B	11.20B	12.14B	13.76B
Total Growth	20.83%	5.31%	-7.75%	-11.71%	37.42%

Source: S&P Global Market Intelligence.