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    Bojia Feng

    Vice President and Equity Analyst at CITIC Securities

    Bojia Feng is a Vice President and Equity Analyst at CITIC Securities, specializing in coverage of China’s consumer and industrial companies, with notable focus on large caps in retail, manufacturing, and domestic growth sectors. He is recognized for his in-depth analysis of firms such as Midea Group, Gree Electric, Haier Smart Home, and Hisense, and holds a performance record highlighted by consistent buy-side recognition and ranking in national analyst surveys, where his investment calls have outperformed sector benchmarks with success rates regularly above 60%. Feng began his career in equity research in the early 2010s with stints at leading brokerages prior to joining CITIC Securities in 2018, leveraging strong academic credentials and securities analyst licensing from the China Securities Regulatory Commission. His professional standing is further supported by active memberships in industry associations and compliance with FINRA-equivalent China registrations.

    Bojia Feng's questions to RLX Technology (RLX) leadership

    Bojia Feng's questions to RLX Technology (RLX) leadership • Q1 2025

    Question

    Bojia Feng from CITIC Securities asked about the progress of Europe's product transition from disposables to 'big puff' devices, future product trends, and RLX's strategies to capture more market share.

    Answer

    Chao Lu, Chief Financial Officer, stated that the transition to big puff products is accelerating in markets like the U.K. ahead of the official disposable ban, with the conversion expected to be complete by year-end. To gain market share, he outlined a two-part strategy: 1) continuously optimizing the product portfolio based on market data, and 2) implementing localized channel strategies, such as a franchise model in Asia, to improve route-to-market effectiveness.

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