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    Charlie Chen

    Research Analyst at China Renaissance Holdings Limited

    Charlie Chen is the Head Managing Director, Research (Asia) at China Renaissance Holdings, where he specializes in equity research with a particular focus on the Asian technology and consumer sectors. He covers major companies including Vipshop Holdings and provides critical market analysis that has contributed to strong performance outcomes in the firms he covers. Chen has progressed to this leadership role after building an extensive career in banking and research, leveraging his expertise to guide both institutional and corporate clients; he is also recognized as a thought leader within pan-Asian equity research circles. His professional credentials reflect a combination of rigorous academic preparation and industry-recognized qualifications, supporting his position at the forefront of research in the region.

    Charlie Chen's questions to RLX Technology (RLX) leadership

    Charlie Chen's questions to RLX Technology (RLX) leadership • Q2 2024

    Question

    Charlie Chen of China Renaissance asked for a broad assessment of the Chinese e-vaping market, including its growth rate, penetration, the market share split between compliant and non-compliant products, and pricing trends. He also questioned the recent volatility in gross margin and its future outlook.

    Answer

    Sam Tsang, Head of Capital Markets, stated that tracking the market is difficult as non-compliant products dominate, though demand for compliant products is stable. He noted that overall penetration has slightly declined post-regulation. On pricing, the average selling price for compliant products is stable, but new larger-volume products could lower the price per milliliter. Tsang described the gross margin as 'impressively stable' due to supply chain efficiencies and pricing adjustments to offset taxes.

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