英国电子烟用户首次超越传统烟民；2025年9月中国电子烟出口额同比略增

Investment Rating - Industry Rating: Outperform the Market (Maintained) [7] Core Insights - The number of electronic cigarette users in the UK has surpassed traditional smokers for the first time, reaching 5.4 million, with 10% of the population aged 16 and above using e-cigarettes regularly [2] - In China, the export value of electronic cigarettes and similar personal vaporizing devices increased by 14.90% year-on-year to $2.381 billion from January to September 2025 [4] - The UK government is advancing the Tobacco and Vapes Bill, which includes measures to restrict tobacco product sales to those born after 2009 and to regulate e-cigarette flavors and advertising [3] Summary by Sections Electronic Cigarette Market in the UK - The proportion of e-cigarette users among males slightly decreased from 11% to 10.1%, while the female usage increased to 10% [2] - The highest e-cigarette usage is among the 16 to 24 age group at 13%, while the highest smoking rate is in the 25 to 34 age group at 12.6% [2] Export Data for China - From January to September 2025, the total export value of electronic cigarettes and similar devices was $2.381 billion, with a year-on-year increase of 14.90% [4] - The average export price for electronic cigarettes was $4.09 per unit, with a total export value of $265 million in September 2025, marking a 17.75% year-on-year increase [4] Regional Export Performance - The top five export destinations for Chinese electronic cigarettes from January to September 2025 were the US, UK, Germany, South Korea, and the UAE, accounting for 62.90% of total exports [5] - The US remains the largest market with an export value of $2.582 billion, despite a year-on-year decrease of 4.18% [5] - The UAE and Indonesia showed strong performance with year-on-year export increases of 59.19% and 48.43%, respectively [5] Investment Opportunities - Suggested companies to watch in the vaporization supply chain include Smoore International, Yinghe Technology, and Junlong Technology [5]