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Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.U.S. e-cigarette market: Q1 sales increased by 8% year-on-year, and sales fell by 6% year-on-year

U.S. e-cigarette market: Q1 sales increased by 8% year-on-year, and sales fell by 6% year-on-yearDue to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.U.S. e-cigarette market: Q1 sales increased by 8% year-on-year, and sales fell by 6% year-on-yearDue to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.

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Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.U.S. e-cigarette market: Q1 sales increased by 8% year-on-year, and sales fell by 6% year-on-yearDue to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.

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Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.U.S. e-cigarette market: Q1 sales increased by 8% year-on-year, and sales fell by 6% year-on-yearDue to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.

Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.U.S. e-cigarette market: Q1 sales increased by 8% year-on-year, and sales fell by 6% year-on-yearDue to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.Due to the stock restrictions caused by the domestic shutdown in February and the outbreak in the United States, sales growth has slowed. According to Nielsen鈥檚 retail data, the North American e-cigarette market sales in March increased by 3.3% year-on-year, sales fell by 8.1% year-on-year (price reduction reasons), and prices fell by 11%; It fell by 13%, and the overall performance was in line with expectations. Although the overall market growth rate has slowed down, except for Juul, the industry growth rate is close to 40%, indicating that market demand still has great potential and addictive consumer products have strong resistance to shocks. The sales of JUUL are under pressure, and Vuse and njoy have sprung up. It can be seen that the sales of North American e-cigarette giant Juul continued to show a downward trend. In the first quarter, sales fell by about 17.8%. Among them, sales fell by 21.1% in March, and the decline was slightly expanded. The market share in March was 57.4%, compared with the previous The annual market share was 65.8%, a decline of 8.4%. Vuse and Njoy maintained a very strong growth momentum. Vuse sold YOY+72.8% in the first quarter; Njoy sold YOY+317% in the first quarter, and the price was relatively strong. Among them, the Njoy portfolio price increased by 39.8% in the first quarter, which may be related to Njoy's own adjustment of product structure (the sale of disposable fruit-flavored e-cigarettes was stopped in February this year). Summary: The epidemic has caused a certain delay in market growth, but Vuse and Njoy continue to maintain a growth rate that far exceeds that of the industry, and their growth momentum is strong.U.S. e-cigarette market: Q1 sales increased by 8% year-on-year, and sales fell by 6% year-on-year