Gross profit for the first quarter of 2021 increased by 59.1% to RMB 1.10 billion (US$170 million) from RMB 690 million in the fourth quarter of 2020.
Financial summary for the first quarter
wholesale e cigarette
Sales expenses for the first quarter of 2021 increased by 48.2% to RMB 290 million (US$44.5 million) from RMB 200 million in the fourth quarter of 2020. This increase was mainly due to (i) increase in employee salaries and welfare expenses, (ii) increase in brand material expenses, and (iii) increase in transportation expenses.