RLX Technology Inc (RLX) 2026 Q1 法說會逐字稿

(technical difficulty) 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.

（技術問題）今天的電話會議正在錄音，預計將持續約40分鐘。現在我將把電話交給本次會議主持人——公司資本市場主管曾先生（Sam Tsang）。Sam，請開始。

Thank you very much. Hello, everyone, and welcome to RLX Technologies first quarter 2026 earnings conference call. The company's financial and operational results were released through PR Newswire services earlier today and have been made available online.

非常感謝。各位好，歡迎參加霧芯科技（RLX Technologies）2026年第一季度業績電話會議。公司今日稍早已透過PR Newswire發布財務及營運結果，並已於線上提供查閱。

You can also view the earnings press release by visiting our IR website at ir.relxtech.com. Participants on today's call will include our Chief Executive Officer; Ms. Kate Wang; our Chief Financial Officer, Mr. Chao Lu; and Sam Tsang, Head of Capital Markets.

您也可造訪我們的投資者關係網站 ir.relxtech.com 查看業績新聞稿。今天參與電話會議的管理層包括：我們的首席執行官王凱女士（Kate Wang）、首席財務官盧超先生（Chao Lu），以及資本市場主管曾先生（Sam Tsang）。

Before we continue, please note that today's discussions will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. These statements typically contain words such as may, will, expect, anticipate, aim, estimate, intend, plan, believe, potential, continue or other similar expressions.

在繼續之前，請注意今天的討論將包含前瞻性陳述，該等陳述係依據1995年《美國私人證券訴訟改革法案》的安全港條款作出。這些陳述通常包含「可能」、「將」、「預期」、「預見」、「目標」、「估計」、「意圖」、「計畫」、「相信」、「潛在」、「持續」或其他類似表述。

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 cause actual results to differ materially from those projected or anticipated.

前瞻性陳述涉及固有風險與不確定性。多項商業風險與不確定因素可能影響該等陳述的準確性，並可能導致實際結果與預測或預期存在重大差異。

Many of which factors are beyond our control. The company, its affiliate, advisers and representatives do not undertake any obligation to update this forward-looking information except as required under the applicable law.

其中許多因素超出我們的控制範圍。除適用法律要求外，公司及其關聯方、顧問與代表不承擔更新該等前瞻性資訊的任何義務。

Please note that RLX Technology's earnings press release and this conference call include discussions of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures.

另請注意，霧芯科技的業績新聞稿及本次電話會議包含對未經審計的GAAP財務指標以及未經審計的非GAAP財務指標的討論。

RLX press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. For today's call, management will use English as the main language.

RLX的新聞稿包含未經審計的非GAAP指標與未經審計的GAAP指標之間的調節表。本次電話會議中，管理層將以英文作為主要語言。

We will provide simultaneous interpretation on the Chinese line. Please note that the Chinese line is in listen-only mode, and Chinese interpretation is for convenience only. In case of any discrepancy, management statements in the original language will prevail.

我們將在中文線路提供同步口譯。請注意，中文線路為僅收聽模式，中文口譯僅為便利之用。如有任何歧義，以管理層原始語言陳述為準。

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

現在我把電話交給王凱女士。請開始。

Thank you, Sam, and thank you all for joining today's call. We are off to a robust start in 2023, supported by a highly scalable global ecosystem and our ability to capture rising market opportunities.

謝謝你，Sam，也感謝各位參加今天的電話會議。我們在2023年取得了強勁開局，得益於高度可擴展的全球生態系統，以及我們把握不斷上升市場機會的能力。

We achieved strong revenue growth, increasing by 96.2% year-over-year and 38.9% quarter-over-quarter as we continue to accelerate our international expansion and deepen our global presence. Our international business sustained its rapid organic growth, while our Mainland China business demonstrated resilience and stability.

我們實現了強勁的營收成長，同比增長96.2%，環比增長38.9%。這反映出我們持續加速國際化擴張並深化全球佈局。國際業務保持快速的內生成長，而中國大陸業務則展現出韌性與穩定性。

We further refined our user-first approach through highly localized strategies and engagement with trusted regional business partners across the value chain to ensure superior product market. We also integrated our R&D manufacturing and commercial operation into our cutting-edge hub, which we call Nexus, further enhancing our core capabilities and competitive edge.

我們透過高度在地化策略，並與價值鏈中值得信賴的區域業務夥伴合作，進一步完善以用戶為先的方法，以確保卓越的產品市場表現。我們也將研發、製造與商業營運整合至我們的尖端樞紐——我們稱之為Nexus——進一步提升核心能力與競爭優勢。

These initiatives, along with our growing operational agility enable us to quickly align with evolving market dynamics and seamlessly meet global demand, further strengthening our presence across key international markets.

這些舉措，加上我們日益提升的營運敏捷性，使我們能快速對齊不斷演變的市場動態並無縫滿足全球需求，進一步強化我們在主要國際市場的佈局。

Let me now walk you through our recent business update in more detail. The global regulatory landscape around tobacco and smokeless alternatives continues to evolve.

接下來我將更詳細地介紹近期業務進展。全球圍繞菸草及無煙替代品的監管環境仍在持續演變。

The United Kingdom's Landmark Tobacco and Race Act, which officially became law in April 2026 is a notable example reflecting a growing global trend towards phasing out combustibles while maintaining regulated pathways for harm reduction alternatives.

英國具有里程碑意義的《菸草與電子菸法案》（Tobacco and Vapes Act）於2026年4月正式成為法律，是一個值得關注的例子，反映出全球日益增強的趨勢：逐步淘汰可燃菸，同時為減害替代品保留受監管的合規路徑。

Under this rule, anyone born up to 2009 will never be legally committed to purchase combustible cigarettes. Importantly, the ban applies only to cigarettes and exams regulated harm reduction alternatives such as V.

根據該規則，2009年及之後出生的人將永遠無法合法購買可燃香菸。重要的是，禁令僅適用於香菸，並豁免受監管的減害替代品，例如電子菸（vapes）。

In effect, the UK is gradually eliminating the future consumer base for cigarettes while preserving the existing regulatory framework for our category.

實際上，英國正在逐步消除香菸未來的消費者基礎，同時保留我們所屬品類既有的監管框架。

We believe that this will now be an isolated development. Public health improvements are increasingly being pursued worldwide by restricting tobacco while regulating harm reduction products.

我們認為這不會是孤立事件。全球各地正日益透過限制菸草、同時規範減害產品來推動公共健康改善。

For companies like IX Technology with strong compliance capabilities, best-in-class product quality and a proactive regulatory approach, this represents a welcome structural tailwind rather than a headwind.

對於像RLX Technology這樣具備強大合規能力、同級最佳的產品品質以及積極監管策略的公司而言，這代表的是令人樂見的結構性順風，而非逆風。

A well-regulated market rewards scale, compliance and innovation, areas where we already lead. As regulatory uncertainty diminish, the competitive landscape is expected to become more defined and our differentiated position may become even more valuable.

監管完善的市場會獎勵規模、合規與創新——而這些領域我們已處於領先地位。隨著監管不確定性降低，競爭格局預期將更為清晰，我們的差異化定位可能變得更具價值。

Moving on to our international expansion. Europe maintains a cornerstone of our global strategy, given its increasingly mature regulatory environment and strong demand for high-quality alternatives.

接下來談我們的國際擴張。歐洲是我們全球策略的基石之一，因其監管環境日益成熟，且對高品質替代品的需求強勁。

Our May 2025 strategic investment in a European company has delivered value that extends well beyond the financial strengthening our capability in navigating local market dynamics.

我們於2025年5月對一家歐洲公司的策略性投資所帶來的價值，遠不僅是財務層面，亦強化了我們掌握在地市場動態的能力。

Our successful integration and operational experience have given us the confidence to evaluate further expansion across the continent. Our expansion in Europe is driven by a dual engine strategy that place equal importance on strategic M&A and organic growth.

成功的整合與營運經驗，使我們有信心評估在歐洲大陸進一步擴張。我們在歐洲的擴張由「雙引擎」策略驅動，同等重視策略性併購（M&A）與內生成長。

While we are optimistic about the European potential, we maintain a highly selective approach to strategic investments, prioritizing long-term synergy rather than an immediate scale.

儘管我們對歐洲的潛力保持樂觀，但在策略性投資方面仍採取高度審慎的選擇性方法，優先考量長期協同效應，而非追求短期規模。

We are focused on building a strong foundation through product and operational excellence, developing products tailored to European consumer preference and regulatory standards while deepening our distribution partnerships and expanding our presence across key retail channels.

我們專注於透過產品與營運卓越建立堅實基礎：開發符合歐洲消費者偏好與監管標準的產品，同時深化分銷合作夥伴關係，並擴大在關鍵零售通路的佈局。

At the same time, we are crafting our reputation as a premium reliable brand that resonates with local lifestyle and offers innovation that user can trust, ensuring that our presence is both impactful and long-lasting.

同時，我們也在打造高端且可靠的品牌聲譽，使其與在地生活方式產生共鳴，並提供用戶可信賴的創新，確保我們的存在既具影響力也能長期延續。

Overall, we believe Europe is a high-value, high-barrier market. We are not seeking rapid entry, but rather building a durable presence with care and discipline. On the operational side, I'm pleased to announce that our integrated smart manufacturing facility in Nexus is now fully operational.

整體而言，我們認為歐洲是一個高價值、高門檻的市場。我們不追求快速進入，而是以審慎與紀律建立可持續的長期佈局。在營運方面，我很高興宣布，我們位於Nexus的一體化智慧製造基地現已全面投產。

This is more than manufacturing upgrade. Expanding our self-manufacturing capability and capacity and bringing R&D, manufacturing and commercial operations under one roof allows us to pursue complex, high precision quality standards and long-term strategic directions.

這不僅是一次製造升級。擴大自製能力與產能，並將研發、製造與商業營運集中於同一屋簷下，使我們能追求更複雜、更高精度的品質標準與長期策略方向。

Our self-manufacturing capability also serves as a closed loop intellectual property fortress. Our proprietary technologies will maintain fully within our control and advantage that is difficult for competitors to replicate.

我們的自製能力同時也構成一個閉環的智慧財產「堡壘」。我們的專有技術將完全掌握在自身控制之下，形成競爭對手難以複製的優勢。

In addition, this integrated hub has materially improved our operational efficiency, enabling faster decision-making and a more agile response to global market shifts.

此外，這一體化樞紐顯著提升了我們的營運效率，使決策更迅速，並能更敏捷地回應全球市場變化。

To sum up, we continue to integrate regulatory expertise and international market intelligence to build more resilient, more scalable global platform.

總結而言，我們持續整合監管專業能力與國際市場洞察，以打造更具韌性、更可擴展的全球平台。

Against this backdrop, we remain focused on driving innovation and user-centric product development while further enhancing our distribution and retail capabilities and accelerating our expansion in Europe and spontaneously defending and elevating our leading market share in Asia.

在此背景下，我們仍專注於推動創新與以用戶為中心的產品開發，同時進一步提升分銷與零售能力，加速在歐洲的擴張，並持續鞏固與提升我們在亞洲的領先市佔率。

Looking ahead, with a quality-led growth strategy and a strong commitment to innovation and compliance, we will continue to deliver sustainable long-term value for our global stakeholders. Now I will hand the call over to Chao to review our financial results in detail.

展望未來，憑藉以品質為導向的成長策略，以及對創新與合規的堅定承諾，我們將持續為全球利害關係人創造可持續的長期價值。接下來我把電話交給盧超，請他詳細回顧我們的財務表現。

Thank you, Kate, and hello, everyone. In the first quarter of 2026, we delivered strong top line results with net revenues reaching RMB1.59 billion, up 96.2% year-over-year and 38.9% quarter-over-quarter.

謝謝你，Kate，各位好。2026年第一季度，我們在營收端取得強勁表現，淨營收達人民幣15.9億元，同比增長96.2%，環比增長38.9%。

This significant growth was primarily driven by momentum across our international operations, accretion from our acquired European entity, steady progress in our Mainland China business as well as the onetime impact of changes in China's export policy.

這一顯著成長主要由國際業務的強勁動能所驅動，並受益於收購的歐洲實體帶來的增厚效應、中國大陸業務的穩步進展，以及中國出口政策變動帶來的一次性影響。

Our international business remained our key growth driver, accounting for over 70% of total net revenues for several consecutive quarters. We structurally improved our margin profile through disciplined cost management and scale efficiency across our comprehensive product portfolio.

國際業務仍是我們的核心成長引擎，連續多個季度貢獻總淨營收的70%以上。我們透過嚴格的成本管理與規模效率，並覆蓋全面的產品組合，從結構上改善了毛利率表現。

Gross margin expanded to 31.8% in the first quarter, up from 28.6% in the same period last year, mainly driven by more favorable product mix and ongoing supply chain optimization. The operating leverage from the revenue growth also translated into significant profitability.

第一季度毛利率擴大至31.8%，高於去年同期的28.6%，主要受益於更有利的產品組合以及持續的供應鏈優化。營收成長帶來的營運槓桿也轉化為顯著的獲利能力提升。

Our non-GAAP operating margin expanded to 19.6% this quarter compared to 13.3% in the same period last year. Non-GAAP income from operations jumped by 187.9% year-over-year to RMB310.3 million.

本季度非GAAP營業利潤率擴大至19.6%，去年同期為13.3%。非GAAP營業利潤同比大增187.9%，達人民幣3.103億元。

Non-GAAP net income for the quarter reached RMB357.3 million, a 41.4% increase compared to RMB252.7 million in the same period last year. This underscores our ability to translate top line momentum into sustained high-quality earnings growth. We maintain a highly resilient financial position.

本季度非GAAP淨利潤達人民幣3.573億元，較去年同期人民幣2.527億元增長41.4%。這凸顯了我們將營收動能轉化為可持續、高品質盈餘成長的能力。我們維持高度穩健的財務狀況。

As of March 31, 2026, our total financial assets, including cash, cash equivalents and various deposits and investments reached RMB14.53 billion, approximately USD2.1 billion.

截至2026年3月31日，我們的金融資產總額（包括現金、現金等價物以及各類存款與投資）達人民幣145.3億元，約合21億美元。

While this represents a sequential decrease from RMB15.73 billion as of December 31, 2025, the change primarily reflects our commitment to delivering shareholder value through dividend payments made during the quarter.

雖然該數字較截至2025年12月31日的人民幣157.3億元環比下降，但變動主要反映我們致力於透過本季度進行的股利支付來回饋股東、提升股東價值。

Our operational efficiency also remains strong, supported by efficient working capital management and a well-controlled cash conversion cycle. In the first quarter, accounts and notes receivable turnover days were 15 days. Inventory turnover days were 32 days and payable turnover days were 49 days.

我們的營運效率亦維持強勁，得益於高效的營運資金管理以及良好控制的現金轉換週期。第一季，應收帳款及應收票據週轉天數為15天。存貨週轉天數為32天，應付帳款週轉天數為49天。

We entered the remainder of the year with a strong balance sheet, which provides us the financial flexibility to execute our next phase of growth, accelerate our market penetration in Asia and Europe and generate sustainable long-term value for our shareholders.

我們以強健的資產負債表進入今年剩餘期間，這為我們執行下一階段成長、加速在亞洲與歐洲的市場滲透，並為股東創造可持續的長期價值提供了財務彈性。

(Operator Instructions) Ling Zhao with UBS.

（接線員指示）UBS 的 Ling Zhao。

Congratulations, management, for the great quarter. I have two questions. So the first question is, can management provide an update on the integration of the European invested company and your operations in the UK market, please?

恭喜管理層本季表現亮眼。我有兩個問題。第一個問題是，請問管理層能否更新一下歐洲被投公司與貴公司在英國市場營運的整合進度？

And then the second question would be on the recent FDA decisions on flavored vapes approval in the US.

第二個問題是關於近期美國 FDA 對調味電子煙核准的決定。

So does management see any implications for Relax global strategy, especially on the potential of operating in the US? On the other hand, does management, how does management assess the easing of e-cigarette policies in China?

管理層是否認為這會對 Relax 的全球策略產生任何影響，特別是未來在美國營運的可能性？另一方面，管理層如何評估中國電子煙政策的放寬？

Thank you very much, Tony, regarding your two questions. So the first question is about our European strategy and also our operations in the UK market. So our approach to the integration is centered on strategic alignment rather than day-to-day operational interference. It is a synergetic relationship.

非常感謝你，Tony，關於你的兩個問題。第一個問題是我們的歐洲策略以及在英國市場的營運。我們的整合方式以策略一致性為核心，而非介入日常營運。這是一種協同關係。

We highly value the deep local expertise and market insights that our team from the acquired European companies brings to the table. We believe their understanding of the local landscape is instrumental in refining our broader European strategy.

我們高度重視所收購歐洲公司團隊所帶來的深厚在地專業與市場洞察。我們相信，他們對當地環境的理解對於完善我們更廣泛的歐洲策略至關重要。

And at this stage, their insights are actively informing our strategic decisions. In return, we are empowering them by providing the necessary capital resources and global platform support to scale their businesses.

在現階段，他們的洞察正積極地影響我們的策略決策。作為回饋，我們透過提供必要的資本資源與全球平台支援來賦能他們擴大業務規模。

For instance, we have recently invested a new local warehouse facility to resolve previous capital constraints that hindered their growth.

例如，我們近期投資建置了一座新的當地倉儲設施，以解決先前限制其成長的資金約束。

This infrastructure allows them to significantly scale up operations and improve distribution efficiency. Looking ahead, we intend to leverage our cash position to help them secure more downstream resources.

這項基礎設施使其能夠大幅擴大營運並提升配送效率。展望未來，我們計畫運用我們的現金部位，協助其取得更多下游資源。

By blending our global innovation capabilities with their localized institution, we can capture market share more efficiently. Regarding your second question about the FDA recent decisions, we currently do not have operations in the United States.

透過結合我們的全球創新能力與其在地化制度，我們能更有效率地取得市占。至於你第二個關於 FDA 近期決定的問題，我們目前在美國沒有營運。

We are considering these developments from a broader industry perspective. The recent FDA guidance suggests a potential shift toward a more defined enforcement strategy that may favor credible PMT applications from legitimate industry players.

我們從更廣泛的產業角度看待這些發展。近期 FDA 的指引顯示，執法策略可能轉向更明確的方向，或將有利於來自合規產業參與者、具可信度的 PMT 申請。

While this could make product launch more predictable for industry, we cannot speculate on future regulatory outcomes in that market.

雖然這可能使產業的產品上市更具可預測性，但我們無法推測該市場未來的監管結果。

As for the China market, we support regulators in combating illegal products and welcome measures that foster a healthier and more sustainable industry. We remain fully prepared in terms of product innovation and brand equity to respond to any regulatory changes.

至於中國市場，我們支持監管機構打擊非法產品，並歡迎有助於建立更健康、更可持續產業的措施。我們在產品創新與品牌資產方面已充分準備，可因應任何監管變化。

At this point, our immediate strategic focus remains on deepening our presence in Asia and Europe and other established international regions, where we have clear operational levers, we focus on resources on markets where we can drive tangible growth today. Thank you very much for your questions.

目前，我們的即時策略重點仍是深化在亞洲與歐洲及其他既有國際區域的布局；在這些市場我們有明確的營運槓桿，我們將資源聚焦於今天就能帶動具體成長的市場。非常感謝你的提問。

Lydia Ling of Citi.

花旗的 Lydia Ling。

Congratulations on the results. So my question would be on your European business. So actually, we noticed that in UK, we actually put a smoking ban for people born after 2008.

恭喜本次業績。我的問題是關於你們的歐洲業務。我們注意到英國對於 2008 年後出生的人實施禁菸。

So what would be the implication to your business? And how do you think about like the, if that would benefit the development of the vape industry?

這對你們的業務會有什麼影響？以及你如何看待這是否會有利於電子煙產業的發展？

And what will be your outlook for the European business? I think you also mentioned that there will be a strategic focus. So what would be your outlook for the kind of growth in European this year?

另外，你們對歐洲業務的展望如何？我想你們也提到會有策略重點。今年歐洲業務的成長展望是什麼？

Thank you very much, Lydia, for your question. We view the UK's generational smoking ban as a significant milestone in the government's long-term commitment to a smoke-free future. It's crucial to note that while the ban targets combustible cigarettes, the purchase age for e-vapor remains at 18.

非常感謝你，Lydia，提出問題。我們將英國的世代禁菸令視為政府對無菸未來長期承諾的重要里程碑。需要強調的是，該禁令針對的是可燃式香菸，而電子霧化產品的購買年齡仍為18歲。

This effectively positioned e-vapor as the only legal nicotine consumption channel for future generations who were born after 2008 as they reach adulthood, reinforcing its role as the primary harm reduction tool.

這實際上使電子霧化產品成為 2008 年後出生、未來成年世代唯一合法的尼古丁攝取管道，並強化其作為主要減害工具的角色。

The combination of this ban with the upcoming vaping product duty in October 2026 and the HMRC licensing scheme will significantly raise the barriers to entry.

該禁令與預計於 2026 年 10 月實施的電子煙產品消費稅，以及 HMRC 的許可制度相結合，將顯著提高市場進入門檻。

We believe this effectively clear the market of noncompliant market brands, allowing established compliance leaders like Rx to reclaim and expand our market share in the UK market. Thank you very much for your question.

我們相信，這將有效清除市場上的不合規品牌，讓像 Rx 這樣既有的合規領導者得以在英國市場重新取得並擴大市占。非常感謝你的提問。

Zoe Zhao of CICC.

中金公司的 Zoe Zhao。

Can you give us some updates on your investment plan in Europe and market strategy for new categories like oral pouch and HMB?

能否更新一下你們在歐洲的投資計畫，以及口含袋（oral pouch）和 HMB 等新類別的市場策略？

Thank you, for your question. So our European strategy continues to follow a dual engine approach. Our management team has significantly shifted the focus towards European operations, successfully entering into new regions and channel this quarter.

謝謝你的提問。我們的歐洲策略持續採取雙引擎方式。本季我們的管理團隊已大幅將重心轉向歐洲營運，並成功進入新的區域與通路。

We are leveraging and growing understanding of the European consumer to enhance our competitive batch. Regarding M&A, we are actively evaluating opportunities that offer clear long-term strategies.

我們正利用並加深對歐洲消費者的理解，以提升我們的競爭優勢。關於併購（M&A），我們正積極評估具備清晰長期策略的機會。

However, we remain highly disciplined and cautious in our valuations. While we see many potential opportunities, these projects involve inherent uncertainties. Therefore, we do not include unannounced projects in our recent guidance, and we will share updates only when they are materialized.

不過，我們在估值上仍高度自律且審慎。雖然我們看到許多潛在機會，但這些專案存在內在不確定性。因此，我們不會將尚未公告的專案納入近期指引，僅在專案落地且具實質性時才會分享更新。

Regarding the new categories that you mentioned, for the modern oral products, we are steadily scaling up our production capacity and actively identifying new distribution channels. We have high confidence in the competitiveness of our oral products and is highly differentiated.

至於你提到的新類別，在現代口含產品方面，我們正穩步擴充產能並積極開拓新的分銷通路。我們對口含產品的競爭力非常有信心，且具高度差異化。

Once our overseas manufacturing infrastructure is fully established, we expect to see a significant uplift in sales volume. For HMV heated tobacco, while we possess the necessary technical results for this category, our current market dynamic assessment suggests that the timing is not optimal for large-scale investment. Therefore, we do not have any immediate launch plan for this category.

一旦我們的海外製造基礎設施全面建置完成，我們預期銷量將顯著提升。至於 HMV 加熱不燃燒（heated tobacco），雖然我們具備該類別所需的技術成果，但依我們目前對市場動態的評估，時機並不適合進行大規模投資。因此，我們沒有該類別的近期上市計畫。

Our primary focus remains on capturing more market share within the e-vapor sector where we see the most immediate and substantial opportunities for growth. Thank you for your question.

我們的主要重點仍是於電子霧化（e-vapor）領域取得更多市占，因為我們在此看到最即時且最具規模的成長機會。謝謝你的提問。

Yan Gao of CDI.

CDI 的 Yan Gao。

My question is that will the cancellation of the Chinese export tax rebate affect the company's production cost?

我的問題是，中國取消出口退稅是否會影響公司的生產成本？

Thank you, for your question. In the short term, the anticipated policy shift partially contributed to our significant revenue increase in the first quarter as the cancellation took effect in April 2026, we saw downstream partners engage in strategic inventory positioning during the first quarter to mitigate potential price adjustments.

謝謝你的提問。短期來看，預期的政策變動部分促成了我們第一季營收的顯著成長；由於取消退稅於 2026 年 4 月生效，我們看到下游合作夥伴在第一季進行策略性備貨，以緩解潛在的價格調整。

This front-loading effect is now largely behind us, and we observed that the total volume of such push forward is relatively moderate. It is important to clarify that this policy change has little impact on organic end user demand.

這種提前拉貨效應目前大致已結束，我們觀察到整體提前推進的量相對溫和。需要澄清的是，該政策變動對終端用戶的自然需求影響不大。

It only caused a temporary shift in the timing of channel orders, because the e-vapor value chain involves multiple layers, the actual impact of this tax change on final retail prices is expected to be manageable.

它僅造成通路下單時點的短期移動。由於電子霧化產業價值鏈包含多個層級，這項稅制變動對最終零售價格的實際影響預期可控。

We will implement appropriate cost pass-through mechanisms when necessary, and we believe the long-term impact on our overall cost structure and margins will be minimal. Thank you for your question.

必要時我們將採取適當的成本轉嫁機制，並相信長期而言對我們整體成本結構與毛利率的影響將相當有限。謝謝你的提問。

Charlie Chen of CCBI.

CCBI 的 Charlie Chen。

I just would like to management to give us more color on the current status of your overseas expansion. And also, do you have entered any new markets in the first quarter?

我想請管理層多分享一些你們海外擴張的最新進展。另外，你們在第一季是否進入了任何新市場？

Thank you very much, Charlie, for your question. So in the first quarter of this year, we successfully entered into two markets located in Southeast Asia and Europe. Our global expansion strategy is progressing well in line with our segmented approach based on our varying degrees of market maturity.

非常感謝你，Charlie，提出問題。今年第一季，我們成功進入兩個市場，分別位於東南亞與歐洲。我們的全球擴張策略進展良好，並依據各市場成熟度差異採取分層策略推進。

In Asia, where we have established ourselves as the number one brand, our focus is on leveraging our significant brand equity and scale as a competitive moat. Our top-of-mind brand awareness among adult users in these regions allow us to enter new neighboring markets with a high degree of efficiency and consumer trust.

在亞洲，我們已建立為第一品牌，重點在於運用我們顯著的品牌資產與規模作為競爭護城河。我們在這些地區成人用戶中的品牌第一聯想（top-of-mind）知名度，使我們能以高效率與高度消費者信任進入周邊新市場。

We are essentially replicating our proven SaaS models while further deepening our distribution network. In Europe, we are in an active phase of strategic exploration and adoption.

我們基本上是在複製已驗證的 SaaS 模式，同時進一步深化我們的分銷網路。在歐洲，我們正處於策略探索與落地的活躍階段。

While the landscape is diverse, we are increasingly confident as we refine our understanding of local consumer preferences and the evolving regulatory framework.

儘管市場樣貌多元，但隨著我們持續完善對在地消費偏好與監管框架演進的理解，我們的信心正不斷提升。

Our approach here is more nuanced, focusing on delivering tailored, high-quality products and building deep rooted partnership with local stakeholders to ensure long-term and compliance growth. Thank you for your question.

我們在此的做法更為細緻，聚焦於提供量身打造的高品質產品，並與在地利害關係人建立深厚合作夥伴關係，以確保長期且合規的成長。謝謝你的提問。

This will conclude our question-and-answer session. At this time, I'd like to turn the conference back over to Sam Tang for any closing remarks.

問答環節到此結束。接下來我想把電話會議交回給 Sam Tang，請他做結語。

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

再次感謝各位今天的參與。如有進一步問題，歡迎透過我們網站所提供的聯絡資訊，或透過 Piacente Financial Communications 聯繫 RH Technologies 投資人關係團隊。

The conference has now concluded, and we do thank you for attending today's presentation. You may now disconnect your lines.

本次電話會議到此結束，感謝各位出席今天的簡報。您現在可以掛線。