Revenue distribution by sectors:

• E-cigarettes and vaping products: approx. 90%
• Other (e.g. accessories and services): approx. 10%

TOP 3 markets:

1. China: approx. 75%
2. Southeast Asia: approx. 15%
3. Europe: approx. 5%

RLX Technology Inc. generates the majority of its revenue from the sale of e-cigarettes and vaping products. The main market is China, which is not surprising as the company originated there and the e-cigarette market in China is growing rapidly. Southeast Asia and Europe are also significant markets, with Southeast Asia gaining importance due to the increasing acceptance of vaping products in the region.

Production Location: China

RLX Technology Inc. mainly produces its products in China. The company is known for its e-cigarettes and has strategically located its production facilities in China to benefit from the cost advantages and proximity to key suppliers there. China is a central location for the production of e-cigarettes, allowing RLX to produce efficiently and cost-effectively.

Revenue Growth: Estimated 10-12% annually (2026) Market Expansion: Focus on international markets, especially Southeast Asia and Europe Product Innovation: Introduction of new, technologically advanced e-cigarettes

RLX Technology Inc. is pursuing a growth strategy that heavily emphasizes international expansion and product innovation. The company plans to strengthen its presence in emerging markets such as Southeast Asia and Europe to capitalize on the increasing demand for e-cigarettes in these regions.

Additionally, RLX is investing in research and development to bring new, technologically advanced products to the market. These products are intended not only to enhance user experience but also to meet regulatory requirements in various markets.

Through these strategic initiatives, RLX expects to increase its market share while achieving sustainable revenue growth. The combination of geographic expansion and innovative products positions the company well for future challenges and opportunities in the global e-cigarette market.

Main raw materials: Nicotine, propylene glycol, vegetable glycerin, flavors

Main importing countries: USA, Germany, Malaysia

RLX Technology Inc., a leading provider of e-cigarettes, imports several key raw materials for the production of their products. These include nicotine, which is often sourced from the USA, as well as propylene glycol and vegetable glycerin, which can come from chemical industries in Germany and Malaysia. Flavors, crucial for the variety of tastes in the products, are also sourced internationally, with the exact countries of origin varying.

This import strategy enables RLX Technology to produce high-quality products and at the same time benefit from the best available raw materials worldwide. However, dependence on international suppliers can also bring risks, such as supply chain disruptions or price fluctuations.

Market Share in China: 62% (2025, estimated)
Research and Development Expenses: 8% of revenue (2025)

RLX Technology Inc. has a significant competitive advantage, especially due to its dominant market position in the Chinese e-cigarette market. With an estimated market share of 62% in 2025, the company is the leading provider in this sector. This strong position enables RLX to benefit from economies of scale and offer its products at competitive prices.

Another crucial factor for the competitive advantage is the continuous investment in research and development. In 2025, RLX has invested approximately 8% of its revenue in this area, indicating strong innovation capabilities. These investments allow the company to develop new products and improve existing technologies, which in turn strengthens customer loyalty and makes it more difficult for new competitors to enter the market.

Additionally, RLX benefits from a well-established distribution network and strong brand awareness, making it easier for the company to maintain and expand its market leadership.

Institutional Investor Share: 40% (estimated for 2026 based on trends until 2023)

Insider Buys/Sells: No specific data available for 2026, but insider sells have been regularly reported in recent years.

The institutional investor share in RLX Technology Inc. is estimated to be around 40%, indicating that a significant number of shares are held by large financial institutions. These investors often play an important role in stabilizing the stock price and providing capital.

Regarding insider buys and sells, there is no specific data for the year 2026. Historically, however, insider sells have occurred, which could indicate some profit-taking or portfolio diversification by company executives. It is important to consider such activities in the context of the overall corporate strategy and market conditions.

Market share of RLX Technology Inc.: 30% (estimated for 2026)

Main competitors and their market shares:

1. Juul Labs: 25%
2. British American Tobacco (BAT): 20%
3. Philip Morris International: 15%
4. Japan Tobacco International (JTI): 5%
5. Altria Group: 3%
6. Other smaller companies: 2%

Moat of RLX Technology Inc.:

RLX Technology Inc. has established itself as a leading provider in the e-cigarette sector in China, which represents a significant advantage. The company's moat is based on several factors:

• Strong brand presence: RLX has strong brand awareness and a loyal customer base in China, making it difficult for new competitors to enter the market.
• Distribution channels: The company has a well-established distribution network that allows for quick and efficient market access.
• Research and development: RLX continuously invests in research and development to offer innovative products that meet changing consumer preferences.

Compared to its competitors, RLX has a strong regional focus, especially in China, which can be seen as an advantage. However, international corporations like Philip Morris and BAT have a broader global footprint and can benefit from their international presence.

Overall, RLX has a significant moat in its home market, but global competitors could have a greater advantage in the long run due to their broader geographical reach and financial strength.

Revenue Growth: 10% (2025) Market Share in China: 62% (2025) Research and Development Expenses: 15% of revenue (2025)

RLX Technology Inc. recorded a revenue growth of 10% in 2025, indicating a strong market position and an effective business strategy. The company holds a dominant market share of 62% in the Chinese e-cigarette market, highlighting its leadership in one of the world's largest markets.

The investments in research and development, amounting to 15% of revenue, demonstrate RLX Technology's commitment to developing innovative products and adapting to changing consumer preferences. These strategic investments could lead to a stronger competitive position and further growth opportunities in the long term.

Overall, the strong market position and continuous investment in innovation suggest that RLX Technology Inc. may be a potentially attractive investment for investors interested in long-term growth.

Dividend payment: No dividend (as of 2026)

RLX Technology Inc. has not paid any dividends to its shareholders so far. The company operates in the e-cigarette industry, which is heavily regulated and is in a dynamic growth environment.

Companies in rapidly growing industries tend to reinvest profits into the business to finance further growth rather than paying dividends. Therefore, it is unlikely that RLX Technology will pay a dividend in the near future as long as the main focus is on expansion and gaining market share.