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Zoe Zhu

Vice President and equity analyst at CICC

Zoe Zhu is a Vice President and equity analyst at CICC, specializing in research and analysis of China-listed companies across the financial and technology sectors. She provides detailed coverage and investment recommendations for firms such as Alibaba, Tencent, Ping An Insurance, and ICBC, consistently delivering highly ranked calls noted for above benchmark accuracy and positive returns. Zoe began her career in investment banking after earning her finance degree in 2014, joined CICC in 2017, and previously worked at Citic Securities in research roles. She holds professional credentials including the CFA charter and is registered with the Securities Association of China for fund management and securities analysis.

Zoe Zhu's questions to RLX Technology (RLX) leadership

Question · Q3 2025

Zoe Zhu inquired about the current integration status of RLX Technology's U.K. business and the strategic plans for further expansion within the European market.

Answer

Sam Tsang, Head of Capital Markets, stated that following the June consolidation, the company is in the early stages of integration, prioritizing brand equity and operational strength. The strategy involves transforming U.K. operations into a multi-brand retail distribution platform by leveraging supply chain and capital advantages. For broader European expansion, RLX Technology is utilizing local expertise for channel development and product localization, while remaining open to strategic investments for diversification.

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Question · Q3 2025

Zoe Zhu from CICC asked for an update on RLX Technology's U.K. business, including the company integration status and the strategy for further expansion in Europe.

Answer

Sam Tsang, Head of Capital Markets, indicated that the U.K. integration is in early stages, prioritizing brand equity and operational strength. The strategy involves transforming U.K. operations into a multi-brand retail distribution platform, leveraging supply chain and capital advantages. He added that RLX Technology is using local expertise for channel development and product localization across Europe and remains open to strategic investments.

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