RLX Technology Inc (RLX) 2025 Q1 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for RLX Technology Inc.'s first-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，大家好。感謝您參加 RLX Technology Inc. 2025 年第一季財報電話會議。（操作員指示）

Today's conference call is being recorded and is expected to last for about 40 minutes. I will now turn the call over to your host, Mr. Sam Tsang, Head of Capital Markets for the company. Please go ahead, Sam.

今天的電話會議正在錄音，預計持續約40分鐘。現在我將把電話轉給主持人、公司資本市場主管 Sam Tsang 先生。請繼續，山姆。

Thank you very much. Hello, everyone, and welcome to RLX Technology's first-quarter 2025 earnings conference call.

非常感謝。大家好，歡迎參加 RLX Technology 2025 年第一季財報電話會議。

The company's financial and operational results were released through PR Newswire services earlier today and has been made available online. You can also view the earnings press release by visiting our IR website at ir.relxtech.com. Participants on today's call include our Chief Financial Officer, Mr. Chao Lu, and myself, Sam Tsang, Head of Capital markets.

該公司的財務和營運結果已於今天稍早透過 PR Newswire 服務發布，並已在網路上公佈。您也可以造訪我們的 IR 網站 ir.relxtech.com 查看收益新聞稿。參加今天電話會議的人員包括我們的財務長陸超先生和我本人，資本市場主管曾山姆。

Before we continue, please note that today's discussions will contain forward-looking information made under the Safe Harbor provisions of the US Private Securities Reform Act of 1995. These statements typically contain words such as may, will, expect, targets, estimates, intend, believe, potential, continue, or other similar expressions. Forward-looking statements involve inherent risks and uncertainties.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券改革法案的安全港條款做出的前瞻性資訊。這些陳述通常包含諸如可能、將、預期、目標、估計、打算、相信、潛在、繼續或其他類似表達。前瞻性陳述涉及固有風險和不確定性。

The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cost actual results to differ materially from those projected or anticipated, many of which factors are beyond our control. The company's affiliates, advisors, and representatives do not undertake any obligation to update this forward-looking information except as required under the applicable law.

這些聲明的準確性可能會受到許多商業風險和不確定因素的影響，這些風險和不確定因素可能導致實際結果與預測或預期的結果有重大差異，其中許多因素是我們無法控制的。除適用法律要求外，該公司的附屬公司、顧問和代表不承擔更新此前瞻性資訊的任何義務。

Please note that our technologies, earnings press release, and this conference call can include discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. RLX press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

請注意，我們的技術、收益新聞稿和本次電話會議可能包括未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標的討論。RLX 新聞稿包含未經審計的非 GAAP 指標與未經審計的 GAAP 指標的對帳。

I will now turn the call over to Mr. Chao Lu. Please go ahead.

現在我將電話轉給呂超先生。請繼續。

Thank you, Sam, and thank you, everyone, for joining our earnings conference call today. I will start with an update on the global regulatory landscape and the market trends, followed by our recent business development and financial overview.

謝謝你，山姆，也謝謝大家今天參加我們的收益電話會議。我將首先介紹全球監管情勢和市場趨勢，然後介紹我們最近的業務發展和財務概況。

We were pleased to deliver impressive results in the first quarter of 2025 amid a challenging macro and regulatory environment, underscored by a 47% year-over-year increase in net revenues to RMB808 million and a non-GAAP operating profit of RMB106 million.

我們很高興在充滿挑戰的宏觀和監管環境下於 2025 年第一季取得了令人矚目的業績，其中淨收入同比增長 47% 至人民幣 8.08 億元，非公認會計準則營業利潤為人民幣 1.06 億元。

Since the beginning of 2025, the e-vapor industry has faced growing global scrutiny and an increasingly stringent regulatory environment. Industry-wide, e-vapor exports from China decreased year over year in the first quarter, mainly due to bans on disposable e-vapor products or e-vapor products, in general, excise tax and enhanced regulatory enforcement in certain countries.

自 2025 年初以來，電子煙產業面臨越來越嚴格的全球審查和日益嚴格的監管環境。從整個產業來看，第一季中國電子煙出口量較去年同期下降，主要原因是部分國家對一次性電子煙產品或電子煙產品實施禁令、徵收消費稅、加強監管執法。

Specifically, the UK, the world's second largest e-vapor market, and also New Zealand announced a ban on disposable e-vapor products effective next month, prompting local distributors to adopt a more cautious approach to importing. Additionally, Spain imposed heavier taxes on e-vapor products in April, while Mexico, Vietnam, and Kazakhstan banned e-vapor products completely.

具體而言，全球第二大電子煙市場英國和紐西蘭宣布將於下個月禁止一次性電子煙產品，這促使當地經銷商採取更謹慎的進口方式。此外，西班牙於4月對電子煙產品徵收了更高的稅，而墨西哥、越南和哈薩克則完全禁止電子煙產品。

Regulatory shifts will continue to impact the whole industry and compel manufacturers to adapt throughout 2025 and beyond. These regulatory changes drive changes in user trends and the e-vapor industry. For example, the ban on disposable e-vapor products inspired the industry to develop alternatives for disposable users.

監管變化將繼續影響整個行業，並迫使製造商在 2025 年及以後進行調整。這些監管變化推動了用戶趨勢和電子煙行業的變化。例如，對一次性電子蒸氣產品的禁令促使該行業為一次性用戶開發替代品。

Now the big puff trend that started in Europe has spread into Asia and the rest of the world, spurring innovation and impacting industry-wide revenue models. Big puff vapes are rechargeable, cartridge-based or disposable e-vapor products that offer a significantly larger volume of e-vapor -- e-liquid and higher puff counts than traditional vapes.

如今，始於歐洲的大型泡芙潮流已經蔓延到亞洲和世界其他地區，刺激了創新並影響了整個產業的收入模式。大口電子煙是可充電、基於墨盒或一次性的電子蒸氣產品，與傳統電子煙相比，它提供的電子蒸氣（電子液體）量更大，並且抽吸次數更多。

For example, our previous disposable and classic closed system cartridge-based e-vapor products contain just 2 milliliters of e-liquid. In comparison, our most recently launched big puff products can contain up to between 14 milliliters and 20 milliliters of e-liquid.

例如，我們先前的一次性和經典封閉系統墨盒式電子蒸氣產品僅含有 2 毫升電子液體。相較之下，我們最近推出的大煙霧產品最多可容納 14 毫升至 20 毫升的電子液體。

Since most manufacturing cost for e-vapors come from hardware rather than the e-liquid, the marginal cost of adding more e-liquid to big puff products is relatively low. Despite the significant increase in e-liquids volume, the per unit selling price of big puff products is not as proportionally higher than that of the traditional products.

由於電子煙的大部分製造成本來自硬體而不是煙油，因此在大煙霧產品中添加更多煙油的邊際成本相對較低。儘管煙油容量大幅增加，但大口煙產品的單位售價並沒有比傳統產品高出那麼多。

As a result, the big puff products have effectively lowered the per milliliter consumption expense of e-liquid for users. Furthermore, the larger e-liquid capacity of big puff products reduces the frequency of replacement, making them especially appealing to disposable users, many of whom initially switched to disposable to avoid the hassle of cartridge replacement. Due to the enhanced cost effectiveness and convenience, the big puff products have attracted numerous former disposable users and gained global popularity, a trend few in the industry had anticipated before.

因此大口徑產品有效降低了使用者每毫升煙油的消耗成本。此外，大口徑產品的煙油容量較大，減少了更換煙彈的頻率，對一次性煙彈的用戶尤其有吸引力，其中許多人最初改用一次性煙彈就是為了避免更換煙彈的麻煩。由於成本效益和便利性的提高，大泡芙產品吸引了許多以前使用一次性香菸的用戶，並獲得了全球性的普及，這是業內很少有人預料到的趨勢。

The sweeping big puff trend has driven an increase in e-liquid consumption by volume, but the lower milliliters average selling price has stunted revenue growth across all brands, causing a drop in industry dollar value. This has made 2025 a transitional year for the big puff shift with most industry participants expecting to experience negative growth in industry dollar value this year.

席捲而來的大量吸菸趨勢推動了電子煙油消費的增加，但較低的毫昇平均售價阻礙了所有品牌的收入成長，導致產業美元價值下降。這使得 2025 年成為大煙霧轉變的過渡年，大多數產業參與者預計今年產業美元價值將出現負成長。

Starting next year, we anticipate that the industry dollar value growth will align more closely with the increase in e-liquid consumption and return to a normal growth trajectory. While evolving regulations and trends can prompt industry sustainability and create opportunities for innovation, that also presents significant operational challenges for brands. RLX is addressing these challenges by focusing on factors we can control.

從明年開始，我們預計產業價值成長將與電子液體消費的成長更加緊密地結合在一起，並恢復正常的成長軌跡。雖然不斷變化的法規和趨勢可以促進行業永續發展並創造創新機會，但這也為品牌帶來了重大的營運挑戰。RLX 透過專注於我們可以控制的因素來應對這些挑戰。

As a brand with advanced in-house product development capabilities, we are uniquely positioned to quickly create market-specific compliant products that align with user trend. For instance, we have launched several new large capacity big puff products since the second half of last year, including disposable closed-system cartridge-based and open-system cartridge-based devices.

作為擁有先進內部產品開發能力的品牌，我們擁有獨特的優勢，能夠快速打造符合用戶趨勢、滿足特定市場需求的產品。例如，自去年下半年以來，我們推出了幾款新的大容量大煙霧產品，包括一次性封閉系統煙彈和開放系統煙彈。

Our ability to stay ahead of trends and swiftly meet of evolving demand is what keeps us at the forefront of the industry. Our robust inventory management system also helps safeguard against potential unexpected regulatory changes. Furthermore, by operating in multiple global markets, we mitigate the risks associated with overreliance on any single major market.

我們能夠引領潮流並迅速滿足不斷變化的需求，這使我們始終處於行業前沿。我們強大的庫存管理系統也有助於防止潛在的意外監管變化。此外，透過在多個全球市場開展業務，我們可以減輕過度依賴任何單一主要市場所帶來的風險。

Although we are not immune to industry shifts or the broader macro environment, we remain committed to growing at a pace that outperforms in the industry. We are confident that we will achieve positive dollar growth while the industry is experiencing negative growth this year.

儘管我們無法免受行業變化或更廣泛的宏觀環境的影響，但我們仍然致力於以超越行業的速度成長。我們有信心，在今年產業出現負成長的情況下，我們將實現美元正成長。

Now let's move on to our financial results for the first quarter 2025. In the first quarter of 2025, our strategic emphasis on international markets drove a 46.5% year-over-year increase in net revenue to RMB808 million. However, due to seasonal factors and the fact that the fourth quarter is traditionally the peak season for overseas markets, quarter-over-quarter growth remained subdued, with net revenues staying largely consistent with the previous quarter.

現在讓我們來看看 2025 年第一季的財務表現。2025年第一季度，我們對國際市場的策略重點推動淨收入年增46.5%至人民幣8.08億元。但由於季節性因素以及第四季為海外市場傳統旺季，季度環比成長依然乏力，淨營收與上一季基本持平。

Turning to profitability. Our gross profit margin improved to 28.6% in the first quarter of 2025, a 2.7 percentage point increase year over year and 1.6 percentage points quarter over quarter. This improvement was primarily due to a more favorable revenue mix from international markets and cost optimization initiatives.

轉向盈利能力。2025年第一季度，我們的毛利率提高至28.6%，年增2.7個百分點，季增1.6個百分點。這項改善主要歸功於國際市場更有利的收入組合和成本優化措施。

We also achieved our sixth consecutive quarter of positive non-GAAP operating profit, reaching RMB106 million. Our non-GAAP operating profit margin increased by 9 percentage points year over year, mainly driven by incremental contribution from our international business and operating leverage.

我們也實現了連續六個季度的非公認會計準則營業利潤為正，達到 1.06 億元人民幣。我們的非公認會計準則營業利潤率年增 9 個百分點，主要得益於國際業務和營業槓桿的增量貢獻。

In terms of cash flow, we achieved an operating cash inflow of RMB207 million in the first quarter of 2025, up from RMB4 million in the same quarter of the previous year. This reflects our business scale growth and working capital efficiency improvement.

現金流方面，2025年第一季我們實現營運現金流入2.07億元人民幣，高於去年同期的400萬元。這反映了我們業務規模的成長和營運資金效率的提升。

As we mentioned on the last call, we are currently experiencing a negative cash conversion cycle with inventory turnover days of 25 days, receivable turnover days of 13 days and payable turnover days of 81 days in the first quarter of 2025.

正如我們在上次電話會議上提到的，我們目前正經歷負現金轉換週期，2025 年第一季的庫存週轉天數為 25 天，應收帳款週轉天數為 13 天，應付帳款週轉天數為 81 天。

Our cash position remains solid. As of March 31, 2025, our total financial assets, including cash and cash equivalents, restricted cash, and various short-term and long-term deposits and investments stood at RMB16.2 billion compared to RMB15.9 billion as of December 31, 2024.

我們的現金狀況依然穩定。截至 2025 年 3 月 31 日，我們的總金融資產（包括現金及現金等價物、受限現金以及各種短期和長期存款和投資）為人民幣 162 億元，而截至 2024 年 12 月 31 日為人民幣 159 億元。

By conclusion, we started 2025 on a strong note with robust top-line growth supported by our international strategy, sustained profitability improvements, and a solid cash position. As we continue to expand globally, we remain confident in our ability to drive sustainable growth and create long-term value for our shareholders.

總而言之，我們在 2025 年取得了強勁的開局，在國際策略、持續獲利能力提升和穩健現金狀況的支持下，實現了強勁的營收成長。隨著我們繼續在全球擴張，我們仍然對推動永續成長和為股東創造長期價值的能力充滿信心。

This concludes our prepared remarks today. We will now open the call to your questions. Operator, please go ahead.

我們今天的準備演講到此結束。我們現在開始回答你們的問題。接線員，請繼續。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Lydia Ling, Citi.

花旗銀行的 Lydia Ling。

Thanks, management team. This is Lydia from Citi. I have two follow-up questions. And the first one is, still interested to understand more on the progression of the overseas expansion. So could you share any latest update? And particularly, any plan to enter or consolidate new markets in the following quarters? This is my first question.

謝謝管理團隊。我是花旗銀行的 Lydia。我有兩個後續問題。第一個是，仍有興趣了解更多有關海外擴張的進展。那麼您能分享任何最新更新嗎？特別是，在接下來的幾個季度中，有什麼進入或鞏固新市場的計劃嗎？這是我的第一個問題。

And second one is as the management just mentioned, they actually continue to have the involving regulatory changes in the industry. So how would you assess the potential impact on your business? And how do you plan to address these challenges? Thank you.

第二，正如管理階層剛才提到的，他們實際上繼續進行涉及該行業的監管變革。那麼您如何評估對您業務的潛在影響？您計劃如何應對這些挑戰？謝謝。

Thanks very much, Lydia, for your questions. Regarding the first question about our international expansion, as we have discussed in the previous quarters, we have been maintaining a prudent approach towards expanding into new markets, especially as the global macro and regulatory environments have evolved substantially over the past two to three quarters.

非常感謝莉迪亞提出的問題。關於第一個問題，關於我們的國際擴張，正如我們在前幾個季度所討論的那樣，我們一直對拓展新市場持謹慎態度，特別是因為過去兩到三個季度全球宏觀和監管環境發生了重大變化。

In several countries, we have considered regulatory shifts have led us to pause or adjust our entry plan. Given these ongoing changes, we expect to make another one to two quarters to carefully evaluate and decide on any further market expansion.

在一些國家，我們認為監管變化導致我們暫停或調整進入計劃。鑑於這些正在發生的變化，我們預計將再花一到兩個季度的時間來仔細評估並決定是否進一步擴大市場。

And regarding your second question about the regulatory landscape, it continues to evolve rapidly this year, with new policies being introduced across multiple regions. In Southeast Asia, we are seeing stricter rules and clearer guidelines, which help clarify what's allowed what isn't, leaving less room for ambiguity in the industry. In North Asia, countries are reviewing e-vapor regulations or considering the introduction of national standards.

關於您提到的第二個問題，今年監管環境持續快速發展，多個地區紛紛推出新政策。在東南亞，我們看到了更嚴格的規則和更清晰的指導方針，這有助於明確什麼是允許的，什麼是不允許的，從而減少了行業模糊的空間。在北亞，各國正在審查電子煙法規或考慮引入國家標準。

Meanwhile, in Europe and Oceania, the focus has shifted to environmental concern, with markets such as the UK and New Zealand introducing bans on disposable products. These changes like the UK and New Zealand upcoming disposable ban set for June are driving innovation and encouraging the development of alternative products.

同時，在歐洲和大洋洲，人們的關注點已轉向環境問題，英國和紐西蘭等市場已推出禁止使用一次性產品的政策。英國和紐西蘭即將於六月實施的一次性用品禁令等變更正在推動創新並鼓勵替代產品的開發。

Thanks to our strong in-house product development capabilities, we are well positioned to adapt our offerings to meet the unique needs of each market as regulations evolve. We believe the increasing regulatory requirements will make it harder for smaller players without robust product development and supply chain capabilities to keep up.

憑藉我們強大的內部產品開發能力，我們能夠隨著法規的演變調整我們的產品以滿足每個市場的獨特需求。我們認為，日益嚴格的監管要求將使那些缺乏強大產品開發和供應鏈能力的小型企業更難跟上。

While our longstanding commitment to compliance may have created more initial constraints for us compared with our peers with less stringent standards, we are confident that our approach set us up for sustainable long-term success as the industry matures. Thank you for your question.

雖然與標準不那麼嚴格的同行相比，我們長期以來對合規的承諾可能給我們帶來了更多的初始限制，但我們相信，隨著行業的成熟，我們的方法將為我們帶來可持續的長期成功。感謝您的提問。

Bojia Feng, CITIC Securities.

馮伯嘉，中信證券。

This is [Bojia Feng], CITIC Securities, and I have two questions here. So my first question is, what's the progress of Europe's transition from disposable e-cigarettes to big puff products? And how do you see future product trends? And the second one is, what strategies will you adapt to further capture market share? And what are your competitive advantages in marketing and channel development? Thank you.

我是中信證券的馮伯嘉，我有兩個問題。所以我的第一個問題是，歐洲從一次性電子煙轉變為大煙霧產品的進展如何？您如何看待未來的產品趨勢？第二個問題是，您將採取什麼策略來進一步佔領市場份額？您在行銷和通路拓展方面的競爭優勢是什麼？謝謝。

Thanks, Bojia, for your question. So the first question is about the product transition. And the second question is about our strategies to capture incremental market share. So taking the UK, the largest market in the region, as an example, we have seen distributors respond proactively since the announcement of the disposable ban even before its official enforcement.

謝謝伯嘉的提問。第一個問題是關於產品轉型。第二個問題是關於我們奪取增量市場佔有率的策略。以該地區最大的市場英國為例，我們看到分銷商在一次性用品禁令宣布後，甚至在禁令正式實施之前就積極響應。

Demand for big puff products have been steadily increasing, and we are seeing a gradual shift as users of small puff disposables migrate to these alternatives. Some users have also switched to open system or small puff closed-system cartridge products.

大口徑產品的需求一直在穩步增長，隨著小口徑一次性產品的用戶轉向這些替代品，我們看到了逐漸的轉變。一些用戶也已轉用開放式系統或小口封閉式煙彈產品。

That said, until the ban takes effect, small puff disposables still dominate and hold a significant market share. Once the ban is fully enforced in June, we anticipate most small puff disposable users to transition to alternatives, mostly big puff devices. We expect this conversion to be largely completed by the end of this year. Looking ahead, we don't expect this trend toward even large capacity products to continue indefinitely as current products are already at the upper limits of what's convenient for users to carry and use.

也就是說，在禁令生效之前，小口徑一次性香菸仍然佔據主導地位，並佔有相當大的市場份額。一旦禁令在六月全面實施，我們預計大多數小口一次性香菸用戶將轉向替代品，主要是大口一次性香菸。我們預計這項轉換將在今年年底前基本完成。展望未來，我們預計這種大容量產品的趨勢不會無限期地持續下去，因為目前的產品已經達到了方便用戶攜帶和使用的上限。

And regarding your second question about how we can gain our market share, our strategies are highly customized to each market, taking into account local user habits, regulatory environment, and channel structures. Broadly, our approach focuses on two main areas.

關於您的第二個問題，我們如何獲得市場份額，我們的策略是高度針對每個市場量身定制的，考慮到當地的用戶習慣、監管環境和通路結構。總體而言，我們的方法主要集中在兩個領域。

First is product development. We will continue to optimize our product portfolio by grossly tracking market trends and sales data. The insights we glean enable us to launch new products or improve existing ones rapidly. We'll look at all aspects when considering product upgrades, including functionality, convenience, cost-effectiveness and e-liquid solutions.

首先是產品開發。我們將透過密切追蹤市場趨勢和銷售數據來繼續優化我們的產品組合。我們收集到的見解使我們能夠快速推出新產品或改進現有產品。在考慮產品升級時，我們會考慮所有方面，包括功能性、便利性、成本效益和電子液體解決方案。

The second is channel strategy. We've adopted a localized approach to distribution and retail. Leveraging our successful experiences in other leading markets, we focus on refining channel structures and carefully selecting local partners. For instance, in select Asian markets, we've introduced a franchise model for exclusive stores, converting certain vape stores into our branded owners to gather first-hand market insights and further enhance our route-to-market strategy.

第二是通路策略。我們採取了在地化的分銷和零售方式。利用我們在其他主要市場的成功經驗，我們專注於完善通路結構和精心選擇本地合作夥伴。例如，在部分亞洲市場，我們引入了專賣店特許經營模式，將某些電子菸商店轉變為我們的品牌所有者，以收集第一手市場洞察並進一步加強我們的市場路線策略。

We are also building local teams to collect retail data, which help us better serve both retailers and consumers. While these initiatives may lead to higher short-term sales expenses, we believe they will make our RTM strategy more effective in the long run by improving product channel fit and benefiting our distribution partners, which ultimately leads to greater value and profits. Thank you for your question.

我們也正在組建本地團隊來收集零售數據，這有助於我們更好地服務零售商和消費者。雖然這些措施可能會導致短期銷售費用增加，但我們相信，從長遠來看，它們將透過改善產品管道契合度並使我們的分銷合作夥伴受益，使我們的 RTM 策略更加有效，最終帶來更大的價值和利潤。感謝您的提問。

Yuying Zhao, CICC.

趙玉英，中金公司。

This is Zoey from CICC. I have two questions for the management. The first one is about the overseas market. So regarding the category conversion in Europe, how is the competitive landscape? And what's our advantage compared to the global leaders like BAT or disposable brands like Air Bar?

我是中金公司的 Zoey。我有兩個問題想問管理階層。第一個是關於海外市場。那麼關於歐洲的品類轉換，競爭格局如何？與 BAT 等全球領導企業或 Air Bar 等一次性品牌相比，我們的優勢是什麼？

And as for the domestic business, are there any potential [regulatory] change? And how do you foresee the future growth? Thank you.

那麼對於國內業務來說，是否存在任何潛在的[監管]變化？您如何預見未來的成長？謝謝。

Thanks, Zoey, for your questions. Regarding the first question about the competition in Europe, we are well prepared to capture incremental market share during this global and categorical shifts. Our comprehensive product portfolio, combined with a clear pipeline of large volume cartridge-based and open-system products set to launch in the coming quarters position us strongly.

謝謝 Zoey 的提問。關於第一個問題，關於歐洲的競爭，我們已經做好了充分的準備，以在全球和類別轉變的過程中佔據增量市場份額。我們全面的產品組合，加上即將在未來幾季推出的一系列基於大容量墨盒和開放系統的產品，使我們佔據了強大的地位。

Our agile supply chain and robust distribution and retail channels also gives us a competitive edge during this period of transition. Compared to traditional tobacco companies, our more flexible organization allows us to bring our products to market much faster and respond promptly to changing trends or regulatory updates. Unlike some peers who operate across multiple categories, we are fully committed to the e-vapor segment, giving us deeper insights and the ability to invest wisely in optimizing our distribution and retail strategies for each market.

我們靈活的供應鏈和強大的分銷和零售通路也使我們在這段過渡時期具有競爭優勢。與傳統菸草公司相比，我們更靈活的組織結構使我們能夠更快地將產品推向市場，並對不斷變化的趨勢或監管更新做出及時反應。與一些跨多個類別運營的同行不同，我們完全致力於電子煙領域，這使我們能夠更深入地了解並明智地投資以優化每個市場的分銷和零售策略。

Furthermore, in contrast to brands that focus mainly on distribution, our long-term compliance-driven approach and in-house R&D capabilities ensure that our product development always aligns with both regulatory requirements and user needs. Our systematic management of payment terms and inventory also help minimize operational risk, helping us to maintain stability even as the markets and regulatory environments evolve.

此外，與主要關注分銷的品牌相比，我們長期的合規驅動方法和內部研發能力確保我們的產品開發始終符合監管要求和用戶需求。我們對付款條件和庫存的系統管理也有助於最大限度地降低營運風險，幫助我們在市場和監管環境變化時保持穩定。

Regarding your second question about our Mainland China business, in Mainland China, the regulatory framework has remained stable in the last two years, following the rollout of management measures and new national standards back in 2022. We have made some commercial progress under the new rules. For instance, we launched a line of disposable products that has received positive market feedback.

關於您關於中國大陸業務的第二個問題，在中國大陸，自2022年推出管理措施和新的國家標準以來，過去兩年監管框架保持穩定。我們在新規則下取得了一些商業進展。例如，我們推出了一系列一次性產品，並獲得了正面的市場回饋。

Meanwhile, enforcement against illegal markets has improved, helping us to achieve a modest year-over-year revenue growth in Mainland China. But it's still limited due to the dominance of illegal products in the market.

同時，針對非法市場的執法力度也不斷加強，幫助我們在中國大陸實現了年比小幅成長。但由於非法產品在市場上佔據主導地位，其作用仍有限。

Looking ahead, we believe the best way to boost growth in China's legal e-vapor market is to encourage regulatory approval of compliant yet competitive products. For example, those with slightly higher levels of cooling agents within national standards. If there are no significant regulatory changes, we expect the legal markets to remain stable or see only modest growth. Thank you for your questions.

展望未來，我們認為促進中國合法電子煙市場成長的最佳方式是鼓勵監管機構批准合規且具競爭力的產品。比如說在國家標準範圍內，冷卻劑含量稍微高一點的。如果沒有重大的監管變化，我們預計合法市場將保持穩定或僅出現適度增長。感謝您的提問。

Due to time constraints, now I would like to turn the call back over to the company for closing remarks. Please go ahead.

由於時間限制，現在我想將電話轉回給公司做結束語。請繼續。

Thank you, once again, for joining us today. If you have further questions, please feel free to contact RLX Technology's Investor Relations team through the contact information provided on our website or Piacente Financial Communications.

再次感謝您今天加入我們。如果您還有其他問題，請隨時透過我們網站或 Piacente Financial Communications 提供的聯絡資訊聯絡 RLX Technology 的投資者關係團隊。

This concludes the conference call. You may now disconnect your lines. Thank you.

電話會議到此結束。現在您可以斷開線路了。謝謝。