RLX Technology Inc is a leading global branded e-vapor company engaged in the full spectrum of activities in the e-vapor industry including scientific research technology and product development supply chain management and distribution of products to adult smokers worldwide. The company leverages its strong in-house technology and product development capabilities and deep insights into adult smokers needs to develop superior e-vapor products across closed-system rechargeable disposable and open system categories. Since its inception in 2018 RLX Technology Inc has launched multiple product series with value-added features and implemented a systematic five-tier development framework encompassing molecular research formulation and carriers phase-transitions and delivery hardware and interactions and fundamental infrastructure and testing to ensure product quality and performance.

RLX Technology Inc generates revenue primarily through the sale of its e-vapor products to adult smokers via multiple distribution channels. In China the company sells products to qualified distributors with wholesale license namely provincial Tobacco Commercial Enterprises through the National Transaction Platform who then supply qualified retailers with retail license who sell to end users. The company also operates its own offline stores in China sourcing products exclusively from these qualified distributors. In international markets RLX Technology Inc sells through its own local channels third-party distribution channels and co-managed distribution channels with partners. The company relies on its offshore entity as a hub for cross-border business development and regional market coordination to support its international expansion strategy. Revenue is derived from the sale of rechargeable closed-system e-vapor products disposable e-vapor products and open system products across its global markets.

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RLX Technology Inc holds a strong position in the global e-vapor industry as a leading branded player with significant scale and technological capabilities. The company competes in a dynamic market where success depends on brand value and recognition technological innovation quality assurance and control and time to market and customer service. RLX Technology Inc believes it is well-positioned to compete effectively on these factors although some competitors may possess greater financial technical or distribution resources. The company has achieved notable recognition in environmental social and governance performance with its MSCI ESG rating maintained at AA in 2025 placing it in the top tier of global e-vapor peers reflecting its commitment to sustainability and responsible business practices.

RLX Technology Inc serves adult smokers globally as its primary customer base. In China the company distributes products through qualified tobacco wholesale and retail enterprises operating under the National Transaction Platform. Internationally the company reaches adult smokers through its own local channels third-party distributors and co-managed distribution partnerships. The company does not disclose specific customer names in the filing but describes its customer base as adult smokers accessing products through regulated retail and wholesale channels in compliance with local laws including the E-Cigarettes Administrative Measures and National Standards in China and equivalent frameworks in international markets.