RLX Technology Inc (RLX) 2025 Q3 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for RLX Technology, Inc.'s third quarter 2025 earnings conference call. (Operator Instructions) Today's conference call is being recorded and is expected to last for about 40 minutes.

各位女士、先生們，大家好。感謝您參加 RLX Technology, Inc. 2025 年第三季財報電話會議。（操作員指示）今天的電話會議正在錄音，預計將持續約 40 分鐘。

I will now turn the call over to your host, Mr. Sam Tsang, Head of Capital Markets for the company. Please go ahead, Sam.

現在我將把電話交給主持人，公司資本市場主管曾先生。請繼續，山姆。

Thank you very much. Hello, everyone, and welcome to RLX Technologies fourth quarter 2025 earnings conference call. The company's financial and operational results were released through PR News Wire services earlier today and have 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 Chief Executive Officer; Ms. Kate Wang, our Chief Financial Officer, Mr. Chao Lu; and me Sam Tsang, Head of Capital Markets.

非常感謝。大家好，歡迎參加 RLX Technologies 2025 年第四季財報電話會議。該公司財務和營運業績於今日稍早透過PR News Wire服務發布，並已在線上公佈。您也可以造訪我們的投資者關係網站ir.relxtech.com查看獲利新聞稿。今天參加會議的有執行長王女士、財務長盧超先生以及我，資本市場主管曾先生。

Before we continue, please note that today's discussion will contain forward-looking information made under the Safe Harbor provisions of the US Private Securities Litigation Reform of 1995. These statements difficultly contain words such as may, will, expect, anticipate, aim, estimate, intend, plan, believe, potential, continue, or other similar expressions. Forward-looking statements involve inherent risks and uncertainties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could can actual results to differ materially from those projected are anticipated, many of which are creators beyond our control.

在繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案安全港條款所作出的前瞻性資訊。這些陳述中很難包含諸如可能、將、期望、預計、目標、估計、打算、計劃、相信、潛在、繼續等詞語或其他類似表達。前瞻性陳述涉及固有的風險和不確定性。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期結果有重大差異，其中許多風險和不確定因素是我們無法控制的。

The company, it's affiliate, advisers, and representatives do not undertake any obligation to update its forward-looking information except as required under the applicable law. Please note that RLX Technologies' earnings press release and this conference call will 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 financial measures to the unaudited GAAP financial measures.

除適用法律要求外，本公司、其關聯公司、顧問和代表不承擔更新其前瞻性資訊的任何義務。請注意，RLX Technologies 的獲利新聞稿和本次電話會議將討論未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標。RLX 新聞稿包含未經審計的非 GAAP 財務指標與未經審計的 GAAP 財務指標的調整表。

For today's call, management will use English as the main language. We will also provide simultaneous interpretation on the Chinese line. Please note that the Chinese line is in listen-only mode, and Chinese interpretation is for convenience purposes only. In case of any discrepancy, management statement in the original language will prevail.

今天的電話會議，管理層將使用英語作為主要語言。我們也將提供中文線路的同聲傳譯服務。請注意，中文線為僅收聽模式，中文翻譯僅為方便起見。如有任何出入，以管理階層原文聲明為準。

I will now turn the call over to Ms. Kate Wang. Please go ahead.

現在我將把電話交給凱特王女士。請繼續。

Thank you, Sam, and thank you all for joining today's call. This quarter, we once again delivered robust results in a challenging global environment. Our net revenue surged 49% year over year to RMB1,129 million, with non-GAAP operating profit reaching RMB188 million. This performance underscores the strength of our industry-leading portfolio and our excellent execution across international markets bolstered by a gradual recovery in Mainland China. It also validates the scalability of our globalization strategy and the outstanding technological innovation that secures our leadership in the e-vapor sector.

謝謝Sam，也謝謝各位參加今天的電話會議。本季度，我們在充滿挑戰的全球環境下再次取得了穩健的業績。我們的淨收入年增 49% 至 11.29 億元，非公認會計準則營業利潤達到 1.88 億元人民幣。這項業績凸顯了我們領先業界的產品組合的實力，以及我們在國際市場上的出色執行力，而中國大陸市場的逐步復甦也為此提供了助力。這也驗證了我們全球化策略的可擴展性以及確保我們在電子煙領域領先地位的卓越技術創新。

Turning to Mainland China. Regulatory enforcement strengthened markedly, yield positive shifts in market dynamics for intent, enhanced customers inspections have curtailed illegal returns of exported products, channeling customers back to legitimate brands from noncompliant alternatives during this quarter's modest Mainland China revenue recovery. That said, the persistence of an unregulated listed e-vapor market remains a significant headwind distorting competition and restraining volume recovery.

轉向中國大陸。監管執法力度顯著加強，市場動態向積極轉變，消費者檢查力度加大，減少了出口產品的非法退貨，在本季度中國大陸收入溫和復甦期間，引導消費者從不合規的替代品轉向合法品牌。儘管如此，不受監管的上市電子煙市場仍然存在，這仍然是一個重大的不利因素，扭曲了競爭，抑制了銷售的恢復。

Our revenue from Mainland China stands at RMB320 million this quarter or approximately 13% of Q2 2021 level, illustrating the scale of ongoing challenges. True market order can only be achieved through consistent enforcement action, particularly against illegal online sales. As a leading compliant player, we continue to advocate for strict enforcement and remain committed to providing adult smokers in China with a superior, diversified portfolio of quality tobacco alternatives. We are also advocating for regulatory adjustments around tobacco flavor formulation. This could align public policy with consumer preferences, helping to foster a more transparent orderly market.

本季我們在中國大陸的營收為人民幣3.2億元，約佔2021年第二季水準的13%，顯示我們面臨的挑戰依然龐大。只有透過持續不斷的執法行動，特別是打擊非法網路銷售，才能實現真正的市場秩序。作為一家領先的合規企業，我們將繼續倡導嚴格執法，並致力於為中國成年吸菸者提供優質、多樣化的菸草替代品。我們也正在倡導對菸草口味配方進行監管調整。這可以使公共政策與消費者偏好保持一致，有助於促進更透明有序的市場。

Internationally, our strategy continues to gain momentum, with 70% to 80% of our revenues now derived from international markets. Amid various headwinds, including the big puff effect, disciplined execution, quality products, and vape legal insights continue to drive success. Our new Asia Pacific franchise retail model exemplifies the strategic and execution excellence. By uniting independent vape stores under a cohesive brand to enhance retail execution, amplify visibility, and elevate user experience, we generated meaningful same-store sales growth.

在國際上，我們的策略持續取得進展，目前我們 70% 到 80% 的收入來自國際市場。儘管面臨諸多不利因素，包括大口吸食效應，但嚴謹的執行、優質的產品以及對電子煙法律的深刻理解，仍然推動著成功。我們全新的亞太特許經營零售模式體現了卓越的策略和執行力。透過將獨立的電子菸商店聯合到統一的品牌下，以增強零售執行力、提高知名度並提升用戶體驗，我們實現了顯著的同店銷售成長。

Furthermore, our robust R&D capabilities remain a core differentiators in international markets, enabling rapid innovation and local market adoption. Notably, our recent East Asia product launch that industry benchmarks of disposable e-vapor products for design excellence, spurring category growth and exceptional demand. Our expansion into adjacent categories with the (inaudible) of our modern oral product further strengthen our portfolio and pipeline, unleashing growth potential as we capture demand from previously untapped user segment.

此外，我們強大的研發能力仍然是我們在國際市場上的核心差異化優勢，能夠實現快速創新和本地市場應用。值得一提的是，我們最近在東亞推出的產品，在設計卓越性方面樹立了一次性電子煙產品的行業標桿，刺激了該品類的增長和異常旺盛的需求。我們透過（聽不清楚）現代口腔產品拓展到相鄰類別，進一步加強了我們的產品組合和產品線，釋放了成長潛力，因為我們抓住了以前未開發的使用者群體的需求。

Beyond APAC, Europe remains a critical growth market distinguished by regulatory maturity and involve user base. Our strategic equity investment in a leading European EV firm enhances our market intelligence and positions us to capitalize on future opportunities effectively.

除了亞太地區，歐洲仍然是一個重要的成長市場，其特點是監管成熟且用戶群體龐大。我們對一家領先的歐洲電動車公司的策略股權投資增強了我們的市場洞察力，使我們能夠有效地掌握未來的機會。

In the United Kingdom, where the government implemented a ban on this portable e-vapor product in June 2025, we demonstrated strong business adaptability. Through our proactive strategy to make migrate consumers to reusable and sustainable product format reinforced by robust retail execution and strategic category management. We not only safeguarded our market position but also sustain top line strength amid a sharp industry contraction.

在英國，政府於 2025 年 6 月實施了這種便攜式電子煙產品的禁令，我們展現了強大的業務適應能力。我們透過積極主動的策略，引導消費者轉向可重複使用和可持續的產品形式，並透過強大的零售執行和策略性的品類管理來強化此策略。我們不僅保住了市場地位，而且在行業急劇萎縮的情況下保持了營收成長勢頭。

In summary, this quarter's results reflect our borrowing strength, resilience, and leading innovation made a complex macro environment. We are building more than financial value. We are cultivating a global brand with quality and sustainable leadership. Looking forward, we remain confident in our ability to shape the smokeless industry and deliver lasting value to our stakeholders.

總而言之，本季的業績反映了我們在複雜的宏觀環境下所展現的借貸實力、韌性和領先創新能力。我們創造的不僅是經濟價值。我們正在打造一個擁有卓越品質和永續發展領導力的全球品牌。展望未來，我們仍然有信心塑造無菸產業，並為我們的利害關係人創造持久價值。

Now I will hand it over to Chao for a detailed review of our financial performance.

現在我將把這份報告交給趙先生，讓他對我們的財務表現進行詳細審查。

Thank you, Kate, and hello, everyone. Before we dive into the financial details, please note that all figures I present today are denominated in RMB, unless otherwise stated. We are pleased to report another strong quarter marked by robust revenue growth and improved profitability. In quarter three of 2025, our strategic emphasis on international markets continue to drive exceptional results.

謝謝你，凱特，大家好。在深入探討財務細節之前，請注意，除非另有說明，我今天提供的所有數字均以人民幣計價。我們很高興地宣布，本季業績表現強勁，營收成長穩健，獲利能力有所提升。2025年第三季度，我們對國際市場的策略重點將持續推動卓越的成果。

Net revenues reached RMB1.1 billion, reflecting impressive increases of 49% year over year and 28% quarter over quarter. Importantly, we reinforced our market leadership in core regions while proactively capturing organic growth and strategic investment opportunities. Selected Asian markets delivered strong organic growth fueled by successful product innovation and introductions and effective local execution.

淨收入達人民幣11億元，較去年同期成長49%，較上季成長28%，增幅顯著。重要的是，我們鞏固了在核心地區的市場領導地位，同時積極掌握內生成長和策略投資機會。部分亞洲市場實現了強勁的內生成長，這得益於成功的產品創新和推廣以及有效的在地化執行。

Additionally, our investment in a premier European e-vapor industry, e-vapor company contributed significantly this quarter. Having consolidated this entity's financials since June, a full three-month performance is now reflected in our results. Meanwhile, a mild recovery in Mainland China market provided a positive backdrop during this period.

此外，我們對一家歐洲領先的電子煙產業公司（電子煙公司）的投資也為本季做出了重大貢獻。自 6 月以來，我們已將該實體的財務狀況合併，目前已將整整三個月的業績反映在我們的業績中。同時，中國大陸市場的溫和復甦為這段時期提供了積極的背景。

Let's turn to profitability. We further strengthened our profitability this quarter, a testament to our disciplined execution and operational excellence. Our gross profit margin expanded by 4 percentage points year over year and 3.7 percentage points quarter over quarter. This improvement was driven by the consolidation of our equity investment in the European market, favorable shift in geographic revenue mix, and margin enhancements in all key international regions.

讓我們來談談獲利能力。本季我們的獲利能力進一步增強，證明了我們嚴謹的執行力和卓越的營運能力。我們的毛利率年增了 4 個百分點，季增了 3.7 個百分點。這項改善得益於我們在歐洲市場的股權投資的鞏固、地域收入結構的有利轉變以及所有主要國際地區的利潤率提升。

Additionally, we achieved our eighth consecutive quarter of positive non-GAAP operating profit, reaching RMB188 million. Our non-GAAP operating profit margin expanded by 6 percentage points year over year, reflecting both enhanced operating leverage and rigorous cost management. Looking ahead, we remain committed to driving further profitability improvements as we scale globally by relentlessly prioritizing operating efficiency and maintaining a lean organizational structure.

此外，我們連續第八個季度實現非GAAP營業利潤為正，達到人民幣1.88億元。我們的非GAAP營業利潤率年增6個百分點，這反映了營運槓桿的增強和嚴格的成本管理。展望未來，我們將繼續致力於透過不斷提高營運效率和維持精簡的組織結構，在全球規模擴張的同時，進一步提升獲利能力。

Moving on to financial flexibility. We maintained our strong cash position supported by solid financial fundamentals and disciplined capital allocation. Our cash flow generated from operating activities surged in quarter three, rising to RMB358 million from RMB157 million in the same period last year. This performance reflects our efficient working capital management, characterized by a healthy negative cash conversion cycle with inventory turnover days at 25, receivable turnover days at 11, and payable turnover days at 53.

接下來談談財務彈性。憑藉穩健的財務基本面和嚴格的資本配置，我們維持了強勁的現金儲備。第三季度，我們經營活動產生的現金流大幅成長，從去年同期的人民幣1.57億元增加至人民幣3.58億元。這項績效反映了我們高效率的營運資本管理，其特點是健康的負現金週轉週期，存貨週轉天數為 25 天，應收帳款週轉天數為 11 天，應付帳款週轉天數為 53 天。

As of September 30, 2025, our total financial assets, including cash and cash equivalents, restricted cash, short-term bank deposits net, short-term investments net, long-term bank deposits net, and long-term investment securities net, stood at RMB15.4 billion, approximately USD2.2 billion. This strong liquidity position provides ample flexibility to pursue strategic investments that accelerate our global expansion and fuel innovation while also enabling us to enhance shareholder value through disciplined capital deployment and a sustainable return.

截至2025年9月30日，我們的金融資產總額（包括現金及現金等價物、受限現金、短期銀行存款淨額、短期投資淨額、長期銀行存款淨額及長期投資證券淨額）為人民幣154億元，約合22億美元。強勁的流動性狀況為我們提供了充足的靈活性，可以進行策略性投資，加速全球擴張，推動創新，同時透過嚴謹的資本部署和可持續的回報來提升股東價值。

That brings me to shareholder returns, which I believe is something that you are focused on. With a consistent disciplined capital allocation approach, we have returned nearly all of our non-GAAP net profit to shareholders through strategic share repurchases and dividends over the past four years. As of September 30, 2025, we have repurchased approximately USD330 million in ordinary shares represented by ADSs.

這就引出了股東回報的問題，我相信這也是您關注的重點。過去四年，我們透過策略性股票回購和分紅，運用一貫嚴謹的資本配置方法，將幾乎所有非GAAP淨利返還給了股東。截至 2025 年 9 月 30 日，我們已回購了約 3.3 億美元的普通股（以美國存託股份 (ADS) 表示）。

For this quarter, we are declaring a cash dividend of $0.1 per ordinary share or ADS. Furthermore, since our IPO, including the cash dividend announced today, we have returned over USD500 million to shareholders through repurchases and dividends. Our capital framework is purpose-built to support durable profit growth while maximizing long-term returns for shareholders, balancing reinvestment in strategic growth with responsible financial stewardship.

本季度，我們宣布派發每股普通股或美國存託股份0.1美元的現金股利。此外，自我們首次公開募股以來，包括今天宣布的現金分紅在內，我們已透過股票回購和分紅向股東返還了超過 5 億美元。我們的資本框架旨在支持可持續的利潤成長，同時最大限度地提高股東的長期回報，在策略性成長的再投資與負責任的財務管理之間取得平衡。

In closing, this quarter's results are a clear testament to our outstanding execution and distinctive competitive advantages across global markets. We are not just navigating challenges; we are transforming them into opportunities through innovation and tailored local strategy. As we unlock new growth avenues, we remain focused on delivering sustainable value that benefits all stakeholders today and into the future.

總之，本季的業績清楚地證明了我們在全球市場上的出色執行力和獨特的競爭優勢。我們不僅要應對挑戰，還要透過創新和量身定制的在地化策略，將挑戰轉化為機會。在開拓新的成長途徑的同時，我們始終專注於創造永續的價值，使所有利害關係人無論現在或將來都能從中受益。

Thank you for your attention. We now welcome your questions. Operator, please proceed.

感謝您的關注。現在歡迎大家提問。操作員，請繼續。

(Operator Instructions) Lydia Ping, Citi.

（操作員說明）Lydia Ping，花旗銀行。

Congratulations on the results. So I have two questions. And the first one is like as we now enter close to the year-end, so based on current progression in your international expansion, so could you actually share revenue outlook for 2026 for the company and also the industry? And also, could you also give us some breakdown for the international business, like how is organic growth in the third quarter? And for your invested European e-vapor business, so how did it perform in the third quarter? So this is my first question.

恭喜取得好成績。我有兩個問題。第一個問題是，現在我們即將進入年底，根據貴公司目前在國際擴張方面的進展，您能否分享一下貴公司以及整個行業在 2026 年的收入前景？另外，您能否也為我們介紹一下國際業務的詳細情況，例如第三季的有機成長情況如何？那麼，您在歐洲投資的電子煙業務在第三季的表現如何呢？這是我的第一個問題。

And the second question is, given that the e-vapor industry has matured, so what areas are prioritized in the R&D to sustain your growth and differentiation? Thank you.

第二個問題是，鑑於電子煙產業已經成熟，那麼為了維持成長和差異化，研發的優先領域是什麼？謝謝。

Thank you, Lydia, for your questions. For the first question, let me address in three parts. Regarding 2026 revenue outlook, we are committed to expanding our brand footprint selectively across international markets, contingent on regulatory clarity and market readiness. Although the time remains fluid, we will maintain our disciplined strategic approach. We will share detailed plans as we finalize them in coming quarters.

謝謝莉迪亞的提問。第一個問題，我將分成三個部分來回答。關於 2026 年的收入展望，我們致力於在國際市場有選擇地擴大我們的品牌影響力，但這取決於監管政策的明朗化和市場的準備。儘管形勢瞬息萬變，我們將保持嚴謹的戰略方針。我們將在接下來的幾個季度中，隨著計劃的最終確定，與大家分享詳細方案。

Regarding our third quarter 2025 international growth, our international revenue grew steadily and outpaced industry averages, driven by robust organic growth in the Asia Pacific region. This reflects the strength of our tailored product innovation and route-to-market strategy, enabling us to deepen market penetration and consumer loyalty. And finally, regarding our European investment performance, our invested e-vapor company in Europe has maintained operational stability despite recent regulatory challenges, including the UK disposable product ban. We are optimistic about our synergies and anticipate scaling this company as we advance market integration.

關於我們 2025 年第三季的國際成長情況，我們的國際營收穩定成長，超過了產業平均水平，這主要得益於亞太地區強勁的內生成長。這體現了我們量身定制的產品創新和市場通路策略的優勢，使我們能夠加深市場滲透率並提高消費者忠誠度。最後，關於我們在歐洲的投資業績，儘管近期面臨監管挑戰，包括英國一次性電子煙產品禁令，但我們在歐洲投資的電子煙公司仍保持了營運穩定性。我們對彼此的綜效充滿信心，並期待隨著市場整合的推進，公司規模能夠不斷擴大。

Regarding your second question about product innovation and differentiation, amid a maturing industry landscape, we have sharpened our focus on meaningful product evolution that delivers value. Our R&D initiatives emphasize enhancing core user experiences, particularly in flavor of authenticy, device ergonomics, and aesthetic design. We have optimized product performance through technological refinements and strengthen regional market responsiveness via localized flavor portfolio. This strategy culminated in a breakthrough product launched in East Asia this quarter, distinguished by innovative design and user appeal. We believe this R&D approach is foundational for sustained differentiation and long-term success. Thank you for your questions.

關於您提出的第二個問題，即產品創新和差異化，在產業格局日趨成熟的背景下，我們更加重視能夠帶來價值的有意義的產品演進。我們的研發計畫著重於提升核心使用者體驗，尤其是在真實性、設備人體工學和美學設計方面。我們透過技術改進優化了產品性能，並透過本地化的口味組合增強了對區域市場的響應能力。這項策略最終促成了本季在東亞推出的一款突破性產品，該產品以創新設計和用戶吸引力而聞名。我們認為這種研發方法是實現持續差異化和長期成功的基礎。謝謝你的提問。

Guo Yun, CITIC.

郭雲，中信。

Thanks, management. This is Yun Go from CITIC, and congratulations to the results. My question is about the channel innovation in the select Asian market. Can the management elaborate more?

謝謝管理層。我是中信集團的吳雲，祝賀你們取得這樣的成績。我的問題是關於特定亞洲市場的通路創新。管理階層能否詳細說明一下？

Sure, definitely. Our channel innovation centers on transforming vape store experiences. Independent vape store dominates category sales but face branding inefficiencies. Through a franchise model, we provide renovation subsidies that upgrade store enhancement under unified branding. These initiatives have engaged over 450 partners in an East Asian country this year, driving significant revenue growth while enhancing our brand presence and operational control. Thank you for your question.

當然，絕對沒問題。我們的通路創新以改變電子菸商店體驗為中心。獨立電子菸商店在品類銷售中佔據主導地位，但面臨品牌推廣效率低下的問題。我們透過特許經營模式提供裝修補貼，以統一的品牌形象提升門市檔次。今年，這些舉措已在東亞某國吸引了 450 多家合作夥伴，在推動收入顯著增長的同時，也增強了我們的品牌影響力和營運控制力。謝謝你的提問。

Zhuonan Xu, CICC.

徐卓南，中金公司。

This is Zhuo from CICC. My question is about our Europe business. First, could you give us some update on the UK with company integration? And what is the strategy for Europe further expansion? Thanks.

這是中金公司的卓。我的問題與我們在歐洲的業務有關。首先，能否介紹一下英國公司整合的最新進展？那麼，歐洲進一步擴張的策略是什麼？謝謝。

Thanks very much. Following the June consolidation, we are in the early stages of integration, currently prioritizing preservation of brand equity and operational strength. Our strategy is to transform the UK operations into a multi-rand retail distribution platform, leveraging supply chain and capital advantages to enhance efficiency. We are actively leveraging local expertise to expand channel development and product localization across Europe while remaining open to strategic investments that we accelerate geographic and portfolio diversification. Thank you for your question.

非常感謝。繼 6 月的整合之後，我們正處於整合的早期階段，目前優先考慮的是維護品牌資產和營運實力。我們的策略是將英國業務轉型為多品牌零售分銷平台，利用供應鏈和資本優勢來提高效率。我們積極利用本地專業知識，擴大歐洲各地的通路開發和產品在地化，同時對策略投資持開放態度，以加速地理和產品組合多元化。謝謝你的提問。

Ling Zhou, UBS.

凌週，瑞銀集團。

Congratulations, management, for the strong results in Q3. So my question is, what is the current expansion status of the Modern Oral business? And what are the subsequent promotional strategies of RLX? Thank you.

恭喜管理層在第三季取得了優異的業績。所以我的問題是，Modern Oral 業務目前的擴張狀況如何？那麼RLX接下來的推廣策略是什麼呢？謝謝。

Sure. Thank you very much, Zhou Ling, for your question. Modern Oral is the smokeless industry's fastest-growing segments, reflecting a clear market opportunity. Our ultra-thin fast absorbent products launch in Intertek, Germany, garnered strong industry validation. We plan to roll out this category in phases starting this quarter. At this stage, our near-term revenue expectations remain prudent as we build market data and consumer adoption. Thank you very much for the question.

當然。週玲，非常感謝你的提問。現代口腔護理是無菸產業成長最快的細分市場，反映出明顯的市場機會。我們在德國Intertek展會上推出的超薄速吸產品獲得了業界的廣泛認可。我們計劃從本季開始分階段推出此類別。現階段，由於我們需要累積市場數據並了解消費者接受度，因此我們對近期收入的預期仍然較為謹慎。非常感謝您的提問。

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

由於時間有限，現在我想把電話轉回給公司，請他們作總結發言。

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

再次感謝您今天蒞臨。如有任何疑問，請隨時透過網站上提供的聯絡資訊或 Piacente Financial Communications 聯絡 RLX Technologies 投資者關係團隊。

The call has now concluded. Thank you for attending today's presentation. You may now disconnect.

通話已結束。感謝各位參加今天的報告會。您現在可以斷開連線了。