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    Zoey Zhao

    Vice President and Equity Research Analyst at CICC

    Zoey Zhao is a Vice President and Equity Research Analyst at CICC, specializing in consumer and internet sectors with a focus on major Chinese companies such as Alibaba, JD.com, Pinduoduo, and Meituan. She is recognized for her in-depth analysis and has achieved a strong track record of high-performing stock recommendations, with her calls on select internet stocks delivering notable returns and maintaining a success rate consistently above 65% according to industry benchmarks. Zoey began her career in equity research and joined CICC in the mid-2010s after previous experience in investment research at leading institutions, quickly advancing to her current role as VP due to her analytical rigor and industry insights. She holds advanced professional credentials, including relevant securities qualifications in Hong Kong and China, and is known for her thought leadership and contributions to sector publications.

    Zoey Zhao's questions to RLX Technology (RLX) leadership

    Zoey Zhao's questions to RLX Technology (RLX) leadership • Q1 2025

    Question

    Zoey Zhao from CICC questioned the competitive landscape in Europe during the shift to new product categories, comparing RLX to competitors like BAT and Air Bar, and also asked about the domestic business outlook in China, including potential regulatory changes.

    Answer

    Chao Lu, Chief Financial Officer, asserted that RLX is well-positioned in Europe due to its comprehensive product portfolio, agile supply chain, and singular focus on e-vapor, which allows for faster market response than traditional tobacco firms. Regarding Mainland China, he noted the regulatory environment has been stable since 2022, but growth in the legal market is constrained by illicit products. He suggested future growth depends on the approval of more competitive compliant products.

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