Survival of the fittest: Regulatory policies have raised the industry’s entry threshold and put forward strict requirements on the production qualifications, product quality, technical standards and other aspects of enterprises. Some small e-cigarette companies are facing the fate of being eliminated because they cannot meet regulatory requirements. Large enterprises, with their strong financial strength, advanced technology research and development capabilities and perfect quality management systems, are more likely to obtain relevant licenses and occupy an advantageous position in market competition. For example, in the production process, companies with large-scale production capabilities and strict quality control systems can better cope with regulatory requirements for product quality, thereby gaining more market share.