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扫码加钉群 十万创业者 与你为伴

电子烟加税36%,悦刻们博弈谁买单

伴随最后一只靴子落地,“电子烟第一股”雾芯科技迎来了一年来少有的涨幅。

要不要涨价,这是个难题。

伴随最后一只靴子落地,“电子烟第一股”雾芯科技迎来了一年来少有的涨幅。 

10月25日,财政部、海关总署、税务总局发布《关于对电子烟征收消费税的公告》, 将电子烟纳入消费税征收范围,生产(进口)环节的税率为36%,批发环节的税率为11%, 自2022年11月1日起执行。 

在此之前,电子烟与卷烟虽然同为烟类消费品,但在税收上有着明显差距。根据2009年6月调整的卷烟消费税税率,生产环节甲类卷烟税率为56%、乙类卷烟税率为36%,批发环节税率11%。而电子烟被视为普通消费品,征收税率为13%的增值税,不缴纳消费税。 

电子烟消费税调整,是继取缔线上销售渠道、“国标”落地、水果味电子烟被禁售之后,电子烟行业的又一重磅政策。步步收紧的行业标准与监管政策,让电子烟行业几乎陷入停顿状态。而随着行业核心监管政策尽数出台,利空出尽,电子烟概念股也迎来大涨。美东时间10月25日,市场份额稳坐行业第一的电子烟品牌悦刻的母公司雾芯科技收盘涨14%,10月26日收盘继续大涨43%。 

消费税调整,也意味着,电子烟行业暴利的时代即将过去。 

电子烟行业专家陈中向《中国企业家》表示,根据公告, 生产环节36%的消费税主要由品牌商来承受,也就是由悦刻、YOOZ等电子烟品牌承担,跟品牌商合作的供应链,包括烟油、尼古丁提供方和工厂等环节并不承担36%的税。 

不过,记者了解到,到底是品牌商承担,还是由品牌商和供应链上的企业一起承担,亦或直接让产品涨价,由消费者承担。现在电子烟行业的巨头们已陷入纠结中,目前多方正在紧张的商量和博弈中。 

10月26日,针对是否会调价等问题,悦刻品牌回应《中国企业家》称:目前正在等(公司的通知),有消息会对外披露。 

信达证券轻工行业首席分析师李宏鹏认为,议价能力较强、技术水平较高的上游核心部件厂商的让利幅度可能较小,当前毛利率较高的品牌商的让利幅度可能较大,最终实际税收承担及各环节毛利率的变化取决于多方博弈的结果。 

在过去数年,电子烟行业常常与“暴利”“赚钱”挂钩。2021年,雾芯科技全年营收85.21亿元,净利润20.28亿元;为悦刻、魔笛、YOOZ等代工的电子烟上游供应商思摩尔国际,全年营收超137亿元,净利润达54.43亿元。根据研究机构Euromonitor的数据,从2019年到2021年的三年间,电子烟的国内行业规模每年复合增长率接近60%。 

监管重压之下,电子烟行业告别了野蛮生长时代。而与之一同到来的,则是雾芯科技等头部企业未来聚焦在“性价比”上的战争。

来源:视觉中国

销量下降 涨价成难题

对于雾芯科技等头部品牌而言,电子烟征收消费税的消息终于落地,是件既喜又忧的事。 

其意义在于,随着公告的出台,国内针对电子烟的监管已告一段落。在生产规范、流通销售、税收等方面,电子烟已与传统卷烟看齐。不过,短期来看,电子烟品牌商、生产商的毛利率也会面临下降。 

根据《关于对电子烟征收消费税的公告》,电子烟消费税有两个环节:生产环节征收36%;批发环节征收11%。 

电子烟生产环节纳税人,是指取得烟草专卖生产企业许可证,并取得或经许可使用他人电子烟产品注册商标的企业。通过代加工方式生产电子烟的,由持有商标的企业缴纳消费税。简言之,指悦刻等电子烟品牌商。 

电子烟批发环节纳税人,是指取得烟草专卖批发企业许可证并经营电子烟批发业务的企业。电子烟进口环节纳税人,是指进口电子烟的单位和个人。 

在陈中看来,在品牌商需要消化36%消费税的情况下,当前品牌商面对的一个关键问题就是:涨价还是不涨? 

陈中表示,目前电子烟品牌有13%的增值税,再加上36%的消费税,品牌商面临的成本压力不小。如果不涨价,意味着品牌商将自己消化掉新增的36%的成本,而终端价格只有小幅度变化。 如果涨价,意味着零售端上涨的价格可能由消费者买单。“最终这会成为一道考验财务部门和公司博弈能力的算术题。” 

据他了解,目前各电子烟品牌的反馈不尽相同,有的表示会涨,有的还在观望,不过他倾向于品牌商不会涨价。“国标实施之后,现在电子烟卖的不是特别好,而且市场上还有一些水果味电子烟存货,这些大家都要综合考虑进去。” 

一家位于北京昌平区的电子烟集合店店主告诉《中国企业家》,当前没有收到来自品牌商是否调价的有关通知。不过,自从水果味电子烟禁售之后,店里的客流量已减少了八九成,收入也大幅下降。另一位位于北京海淀区的悦刻专卖店店主则称,已连续两天没有开张,这是在过去开店的两年时间里,从未出现过的情况。 

华泰研究则以思摩尔国际代工的主流品牌烟弹为例进行了测算。假设生产环节出货价(品牌商出货给批发商)15元/颗,批发环节出货价(批发商出货给零售商)18元/颗,零售环节出货价33元/颗;再假设消费税征收后各环节均不涨价,消费税征收前,生产环节电子烟需缴纳的税款只有1.93元/颗,消费税征收后则达到7.28元/颗。也就是说, 生产环节将多收5.35元/颗的税,盈利受损较大,导致利润率损失约40.3%,而这部分预计将由代工厂与品牌商共同承担。 

相应的,批发环节受影响略小,预计带来增量税额1.96元/颗,影响利润率约12.3%,该部分税额将由批发商承担; 零售环节不涉及征收消费税,因此该政策对零售商的利润率无影响。 

最后,华泰研究得出结论:生产环节预计盈利受损较大,批发次之,零售无影响。 

值得一提的是,生产环节是指从代工厂生产到品牌商出货给批发商,也就是说代工端、品牌端所受影响会大于批发和零售端。 

“目前思摩尔代工的产品,占据了国内几家知名品牌,包括悦刻、柚子、魔笛和雪加,至少90%的市场份额”,陈中认为,这几家品牌的决定尤为重要。 

财报显示,2022年上半年,雾芯科技的毛利率为41.41%,较上一年的毛利率有所回落——2019~2021年,雾芯科技的毛利率分别为37.5%、39.99%、43.09%。无论是全额承担生产端消费税,还是通过各环节的提价,将消费税向上下游传导,对于悦刻而言,想必都不是一项简单的选择。 

薄利时代 悦刻找出路

近年来,大量新公司涌入电子烟行业的一项重要原因在于,电子烟产业链各环节的利润都颇为丰厚。

据陈中观察,在电子烟无序监管时代,从工厂到品牌到经销商,再到终端和消费者,都是由企业自己把控。批发环节毛利率达约20%,零售端高达50%,品牌端和生产端30%~40%,每家品牌略有不同。

也是在这一时期,发展出悦刻、YOOZ、魔笛、铂德等头部电子烟品牌。其中,作为“电子烟第一股”的雾芯科技,从成立到上市仅花了3年时间。

雾芯科技于2018年初由前优步中国负责人汪莹创立,成立不足半年,雾芯科技就拿到了3800万元的天使轮融资,由源码资本领投,IDG资本和红杉资本中国跟投。2019年先后完成A轮和A+轮融资,估值达到24亿美元。

资本青睐背后,是其飞快的增长速度。2018年,也就是成立第一年,雾芯科技营收就已达1.33亿元。到了2019年,营收飙升至15.49亿元,2020年、2021年,营收分别已达38.2亿元、82.51亿元。据CIC报告提供的数据,在2019年和2020年9月,按零售额计算,雾芯科技的中国市场份额分别达到48%和62.6%,排名第一。2021年1月22日,雾芯科技正式登陆纽交所。

来源:视觉中国 

同一时间,行业也开启了“野蛮生长”。企查查数据显示,2019年电子烟相关企业共注册4650家,同比增长100%。2020年行业再度迎来爆发,全年共注册相关企业1.79万家,同比增长284.6%。

但此时,关于电子烟的监管依旧处于空白阶段。伴随着监管而至,电子烟行业迎来降温。

2019年10月,《关于进一步保护未成年人免受电子烟侵害的通告》发布,通告中明确,取缔电子烟的线上销售渠道,随后所有电商平台电子烟都被下架。电子烟被迫转战线下渠道。

2021年3月22日,工信部的电子烟行业监管征求意见稿,称“电子烟拟参照卷烟实施监管”。

今年3月11日,国家烟草专卖局制定并发布了《电子烟管理办法》;4月8日,国家市场监督管理总局(国家标准化管理委员会)发布《电子烟》国家标准。其中明确指出,禁止销售除烟草口味外的调味电子烟和可自行添加雾化物的电子烟。

一连串的监管,也让雾芯科技在二级市场上一路“跌跌不休”。上市当日,雾芯科技暴涨145.92%、收盘股价为29.51美元,上市第四日就创造了35美元的股价高点,市值随之涨至583亿美元。但如今,雾芯科技股价已经跌至1.5美元。

虽然政策监管,是电子烟行业最大的不确定因素。不过,作为品牌商,雾芯科技的利润也正被逐步挤占。陈中表示,合规之后,批发端中烟的毛利润大概有五六个点,零售端的毛利率会在20%~30%,品牌端则为30%~40%。

如今,伴随着消费税的征收,未来,雾芯科技势必要进入更加薄利的“战争”。

政策过渡期,雾芯科技业绩已有所承压。雾芯科技半年报显示,2022年上半年实现营业收入39.48亿元,同比下滑20.07%;归母净利润11.66亿元,同比增长109.28%;经调整后(Non-GAAP)净利润9.97亿元,同比下滑21.04%。作为雾芯科技重要代工商的思摩尔国际,业绩也有所下滑,2022年上半年收入为56.53亿元,同比下滑18.7%,净利润则骤降51.9%,至13.85亿元。

实际上,雾芯科技也在谋求新的增长曲线。

今年4月中旬,悦刻举办了“悦刻店主共创会深圳场”,透露将向咖啡和口腔护理领域开拓新业务。6月底,悦刻的子品牌“醒刻ON”咖啡店在成都开业,并在半个多月内开出了两家门店。据36氪报道,门店采取和瑞幸咖啡相似的自提模式,节省了店铺租金,还采取了相似的会员机制,每月20元的会费,就可以享受立减、免费配送等特别权益。

据《华夏时报》报道,醒刻咖啡店并无太多“悦刻”元素,店内也不售卖电子烟。但店员称,凭借在悦刻店内的消费小票,可以在“醒刻ON”免费领取任意咖啡,或者享受10元购入会员卡权益(原价为20元)。

一位行业从业者认为,悦刻卖咖啡,或许是在为电子烟业务引流。据其透露,悦刻曾在电子烟集合店向店主推出咖啡相关的优惠活动,比如店内放悦刻的咖啡机,买悦刻的产品可以八折买咖啡。不过,悦刻方对此表示否认,其回应《中国企业家》称,“这是谣言”。

出海,也是悦刻的一个方向。其最早于2019年开始探索海外市场,已在全球40余个国家积累了百万量级的消费者。2021年,负责悦刻海外业务的新公司“悦刻国际”正式成立,提速全球化发展。不过,出海必然也会加入与全球电子烟品牌的竞争战局。

随着电子烟行业进入新的合规阶段,未来集中度会进一步提升,与此同时,也是行业上下游龙头企业不断并购重组的新阶段。

参考资料:

《电子烟消费税出台,引导行业健康发展》华泰证券 

《电子烟消费税落地,国内行业风险释放》信达证券 

《世卫称电子尼古丁极易上瘾,“电子烟第一股”悦刻何去何从?》中国新闻周刊