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    Peihang Lyu • China International Capital Corporation

    Peihang Lyu's questions to RLX Technology Inc (RLX) leadership

    Peihang Lyu's questions to RLX Technology Inc (RLX) leadership • Q3 2024

    Question

    Peihang Lyu of CICC asked for management's view on recent penalties against other e-cigarette companies, whether this indicates a shift in domestic regulation, and the future outlook for the illegal product market in China.

    Answer

    Sam Tsang, Head of Capital Markets, affirmed that RLX strongly supports the regulatory crackdown on non-compliant products. He stated that the overall regulatory framework has remained consistent and that the company has consistently collaborated with authorities to combat illegal products and will continue to do so.

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    Peihang Lyu's questions to RLX Technology Inc (RLX) leadership • Q2 2024

    Question

    Peihang Lyu of CICC asked about the competitive landscape in overseas markets, particularly regarding RLX's product advantages in the pod system category. Lyu also questioned the approval status of new GB products in China and the market share of illegal products.

    Answer

    Sam Tsang, Head of Capital Markets, highlighted RLX's established brand equity, independent product development, and in-house e-liquid R&D as key competitive advantages. Regarding the China market, he reported that the number of approved flavors has increased to over 30 as of June 2024. He also noted that tracking illegal products is difficult, but they still constitute a significant majority of sales, while RLX's share among compliant products remains stable.

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