RLX Technology Inc. (NYSE:RLX) Q1 2023 Earnings Conference Call May 17, 2023 8:00 AM ET Company Participants Sam Tsang - Head, IR Kate Wang - CEO Chao Lu - CFO Conference Call Participants Lydia Ling - Citi Charlie Chen - China Renaissance Operator Hello, ladies and gentlemen. Thank you for standing by for the RLX Technology Incorporated First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After management's remarks, there will be a question-and-answer session ...

RLX Technology Announces Unaudited First Quarter 2023 Financial Results [First Quarter 2023 Financial Highlights](index=1&type=section&id=First%20Quarter%202023%20Financial%20Highlights) RLX Technology faced significant challenges in Q1 2023, with substantial year-over-year declines in net revenues and gross margin, transitioning from net income to net loss, primarily due to new regulatory frameworks and illicit products Key Financial Data Comparison for Q1 2023 (YoY) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | Change (%) | | :--------------------------- | :------------------- | :------------------- | :--------- | | Net Revenues | 188.9 million | 1,714.5 million | -89.0% | | Gross Margin | 24.2% | 38.3% | -14.1 pp | | U.S. GAAP Net Income/(Loss) | Net Loss 56.3 million | Net Income 687.1 million | N/A | | Non-GAAP Net Income | 183.6 million | 361.8 million | -49.2% | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management noted that Q1 2023 focused on product optimization under new regulations, but prevalent illicit products and new consumption taxes challenged sales and gross margin, while expressing encouragement for regulatory efforts and anticipating market improvement and sales recovery - The company focused on optimizing products under the new regulatory framework in Q1 2023, striving to develop diversified, compliant products to meet user demand[3](index=3&type=chunk) - The widespread presence of illicit products posed a near-term challenge to the company's sales and disrupted the overall industry recovery pace[3](index=3&type=chunk) - The new consumption tax, effective November 1, 2022, led to a decline in the company's **gross margin**[3](index=3&type=chunk) - Management was encouraged by the strict actions taken by regulatory authorities against illicit products since March 2023, anticipating improved market conditions and signs of sales recovery[3](index=3&type=chunk) - The company will continue to enhance operational efficiency, believing profitability will gradually recover, supported by its resilient business model and robust cash position to navigate market dynamics[3](index=3&type=chunk) Detailed First Quarter 2023 Financial Performance [Net Revenues and Gross Profit](index=1&type=section&id=Net%20Revenues%20and%20Gross%20Profit) Q1 2023 net revenues significantly decreased by 89.0% year-over-year, primarily due to the discontinuation of old products and the negative impact of illicit flavored products on the adoption of new national standard products, leading to a substantial reduction in gross profit and a lower gross margin due to the 36% consumption tax Net Revenues and Gross Profit Comparison (YoY) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | Change (%) | | :----------- | :-------------- | :---------------- | :--------- | | Net Revenues | 188.9 million | 1,714.5 million | -89.0% | | Gross Profit | 45.7 million | 657.0 million | -93.0% | | Gross Margin | 24.2% | 38.3% | -14.1 pp | - The decline in net revenues was primarily due to the discontinuation of old products and the negative impact of illicit flavored products in the market, resulting in slower-than-expected user adoption of new national standard compliant products[4](index=4&type=chunk) - The decrease in **gross margin** was mainly attributable to the imposition of a **36% consumption tax** effective November 1, 2022[5](index=5&type=chunk) [Operating Expenses Analysis](index=2&type=section&id=Operating%20Expenses%20Analysis) Q1 2023 operating expenses significantly increased year-over-year, primarily due to a substantial change in share-based compensation expenses influenced by the company's stock price fluctuations, reflected across selling, general and administrative, and research and development expenses Operating Expenses Comparison (YoY) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | Change (RMB) | | :---------------------------- | :----------------- | :----------------- | :--------------- | | Total Operating Expenses | 418.9 million | 33.6 million | +385.3 million | | Selling Expenses | 85.8 million | 75.9 million | +9.9 million | | General and Administrative Expenses | 256.5 million | 66.4 million | +190.1 million | | Research and Development Expenses | 76.7 million | 24.0 million | +52.7 million | | Operating Loss | 373.2 million | Operating Income 623.4 million | N/A | - The increase in operating expenses was primarily due to a **RMB 240 million (US$34.9 million)** change in share-based compensation expenses, compared to a positive RMB 325.2 million in the prior year period[6](index=6&type=chunk) - The change in share-based compensation expenses was mainly influenced by the fair value of equity incentive awards granted to employees, which is affected by the company's stock price fluctuations[6](index=6&type=chunk) [Net Income/Loss and Earnings Per Share (EPS)](index=2&type=section&id=Net%20Income/Loss%20and%20Earnings%20Per%20Share%20(EPS)) In Q1 2023, the company transitioned from U.S. GAAP net income in the prior year to a net loss, with non-GAAP net income also decreasing year-over-year, and both GAAP and non-GAAP basic and diluted net income/(loss) per ADS reflecting this significant change Net Income/(Loss) and Net Income/(Loss) per ADS Comparison (YoY) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | Change (%) | | :-------------------------------------- | :------------------- | :------------------- | :------------ | | U.S. GAAP Net Income/(Loss) | Net Loss 56.3 million | Net Income 687.1 million | N/A | | Non-GAAP Net Income | 183.6 million | 361.8 million | -49.2% | | U.S. GAAP Basic and Diluted Net Income/(Loss) per ADS | Net Loss 0.043 | Net Income 0.528/0.521 | N/A | | Non-GAAP Basic and Diluted Net Income per ADS | 0.139/0.136 | 0.284/0.281 | -51.1%/-51.6% | Financial Position and Cash Flow [Balance Sheet Overview](index=3&type=section&id=Balance%20Sheet%20Overview) As of March 31, 2023, the company's total cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments, long-term bank deposits, and long-term investment securities amounted to RMB 15,369.2 million, a slight decrease from December 31, 2022 Cash and Equivalents and Total Assets Comparison | Metric | As of Mar 31, 2023 (RMB) | As of Dec 31, 2022 (RMB) | | :----------------------------------------------------------------------------------------------- | :----------------------- | :----------------------- | | Total Cash and Cash Equivalents, Restricted Cash, Short-term Bank Deposits, Short-term Investments, Long-term Bank Deposits, Long-term Investment Securities | 15,369.2 million | 15,733.7 million | [Cash Flow Activities](index=3&type=section&id=Cash%20Flow%20Activities) In Q1 2023, the company reported net cash used in operating activities of RMB 230.7 million Cash Flow from Operating Activities | Metric | Q1 2023 (RMB) | | :------------------------------- | :-------------- | | Net Cash Used in Operating Activities | 230.7 million | Additional Information [About RLX Technology Inc.](index=4&type=section&id=About%20RLX%20Technology%20Inc.) RLX Technology Inc. is a leading branded e-vapor company in China, developing premium e-vapor products through strong in-house technology, product development capabilities, and deep insights into adult smokers' needs - RLX Technology Inc. is a leading branded e-vapor company in China[14](index=14&type=chunk) - The company leverages its strong in-house technology, product development capabilities, and deep insights into adult smokers' needs to develop premium e-vapor products[14](index=14&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP net income and non-GAAP basic and diluted net income per ADS to evaluate operating performance and make financial operational decisions, excluding share-based compensation expenses to identify underlying business trends and facilitate investor assessment of operating results, while acknowledging these metrics are not U.S. GAAP defined and have limitations - Non-GAAP net income and non-GAAP basic and diluted net income per ADS are non-GAAP financial measures used by the company to evaluate operating performance and make financial operational decisions[15](index=15&type=chunk) - Non-GAAP net income represents net income excluding **share-based compensation expenses**[15](index=15&type=chunk) - The company believes these non-GAAP measures help identify underlying business trends and facilitate investors' assessment of its operating performance[16](index=16&type=chunk) - Non-GAAP financial measures are not defined under U.S. GAAP, should not be considered as substitutes for net income, and may not be comparable to similar measures used by other companies[17](index=17&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call) The company's management held a Q1 2023 earnings conference call on May 17, providing detailed dial-in information and participant codes, along with webcast and replay services - The company's management held an earnings conference call on May 17, 2023, at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on May 17, 2023)[11](index=11&type=chunk) Conference Call Dial-in Details | Geographic Region | Dial-in Number | | :-------------------------- | :-------------- | | United States (Toll-Free) | +1-888-317-6003 | | International | +1-412-317-6061 | | Hong Kong, China (Toll-Free) | +800-963-976 | | Hong Kong, China | +852-5808-1995 | | Mainland China | 400-120-6115 | | Participant Passcode | 7017217 | - A live and archived webcast of the conference call is available on the company's investor relations website at https://ir.relxtech.com[11](index=11&type=chunk) [Exchange Rate Information](index=4&type=section&id=Exchange%20Rate%20Information) RMB amounts in this announcement are translated into US dollars at an exchange rate of RMB 6.8676 to US$1.00, based on the H.10 statistical release of the Federal Reserve Board on March 31, 2023, provided solely for convenience - The exchange rate for RMB to US dollar is **RMB 6.8676 to US$1.00**, based on the H.10 statistical release of the Federal Reserve Board on March 31, 2023[19](index=19&type=chunk) - All exchange rate conversions are for the convenience of the reader only, and the company does not represent that RMB or US dollar amounts could have been, or could be, converted at any particular rate or at all[19](index=19&type=chunk) [Safe Harbor Statement](index=5&type=section&id=Safe%20Harbor%20Statement) This announcement contains forward-looking statements protected by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve inherent risks and uncertainties that could cause actual results to differ materially, and the company undertakes no obligation to update such information unless required by applicable law - This announcement contains forward-looking statements protected by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995[20](index=20&type=chunk) - Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the statements, including the company's growth strategies, future business development, financial condition, trends in the China e-vapor market, government policies, and macroeconomic conditions[20](index=20&type=chunk) - The company undertakes no obligation to update such information unless required by applicable law[20](index=20&type=chunk) [Contact Information](index=5&type=section&id=For%20more%20information,%20please%20contact) Provides investor relations contact details for RLX Technology Inc.'s capital markets and Piacente Group in both China and the United States Investor Relations Contact Details | Region | Contact/Company | Phone | Email | | :------------ | :------------------------ | :--------------- | :--------------- | | China | RLX Technology Inc. | N/A | ir@relxtech.com | | | The Piacente Group, Inc. | +86-10-6508-0677 | RLX@tpg-ir.com | | United States | The Piacente Group, Inc. | +1-212-481-2050 | RLX@tpg-ir.com | Unaudited Condensed Consolidated Financial Statements [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents RLX Technology Inc.'s unaudited condensed consolidated balance sheets as of December 31, 2022, and March 31, 2023, detailing the company's assets, liabilities, and shareholders' equity at the end of the reporting periods Condensed Consolidated Balance Sheets (Excerpt) | Metric | As of Dec 31, 2022 (RMB) | As of Mar 31, 2023 (RMB) | As of Mar 31, 2023 (US$) | | :----------------------------------------------------------------------------------------------- | :----------------------- | :----------------------- | :---------------------- | | **ASSETS** | | | | | Cash and Cash Equivalents | 1,268,512 | 1,448,820 | 210,965 | | Short-term Bank Deposits, net | 7,084,879 | 5,709,492 | 831,366 | | Short-term Investments | 2,434,864 | 2,083,215 | 303,340 | | Inventories | 130,901 | 101,981 | 14,850 | | Total Current Assets | 11,198,155 | 9,743,957 | 1,418,832 | | Long-term Bank Deposits, net | 1,515,428 | 2,060,476 | 300,029 | | Long-term Investment Securities, net | 3,409,458 | 4,060,942 | 591,319 | | Total Non-current Assets | 5,180,669 | 6,361,497 | 926,306 | | **TOTAL ASSETS** | **16,378,824** | **16,105,454** | **2,345,138** | | **LIABILITIES** | | | | | Accounts and Notes Payable | 269,346 | 47,350 | 6,895 | | Total Current Liabilities | 789,830 | 484,020 | 70,480 | | Total Non-current Liabilities | 48,621 | 40,709 | 5,928 | | **TOTAL LIABILITIES** | **838,451** | **524,729** | **76,408** | | **SHAREHOLDERS' EQUITY** | | | | | Total Shareholders' Equity of RLX Technology Inc. | 15,569,060 | 15,608,751 | 2,272,811 | | **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **16,378,824** | **16,105,454** | **2,345,138** | [Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)](index=7&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME/(LOSS)) This section presents RLX Technology Inc.'s unaudited condensed consolidated statements of comprehensive income/(loss) for the three months ended March 31, 2022, December 31, 2022, and March 31, 2023, detailing key financial data such as net revenues, cost of revenues, operating expenses, operating income/(loss), net income/(loss), and net income/(loss) per ADS Condensed Consolidated Statements of Comprehensive Income/(Loss) (Excerpt) | Metric | For the Three Months Ended Mar 31, 2022 (RMB) | For the Three Months Ended Dec 31, 2022 (RMB) | For the Three Months Ended Mar 31, 2023 (RMB) | For the Three Months Ended Mar 31, 2023 (US$) | | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Revenues | 1,714,450 | 340,012 | 188,877 | 27,503 | | Cost of Revenues | (1,057,447) | (139,073) | (78,693) | (11,459) | | Consumption Tax on Products | - | (52,668) | (64,458) | (9,386) | | Gross Profit | 657,003 | 148,271 | 45,726 | 6,658 | | Total Operating Expenses | (33,559) | (620,438) | (418,947) | (61,004) | | Operating Income/(Loss) | 623,444 | (472,167) | (373,221) | (54,346) | | Net Income/(Loss) | 687,055 | (225,125) | (56,305) | (8,199) | | Net Income/(Loss) Attributable to RLX Technology Inc. | 705,281 | (228,480) | (56,966) | (8,295) | | Basic Net Income/(Loss) per ADS | 0.528 | (0.174) | (0.043) | (0.006) | | Diluted Net Income/(Loss) per ADS | 0.521 | (0.174) | (0.043) | (0.006) | [Unaudited Reconciliation of GAAP and Non-GAAP Results](index=8&type=section&id=UNAUDITED%20RECONCILIATION%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) This section provides RLX Technology Inc.'s unaudited reconciliation of GAAP and non-GAAP results for the three months ended March 31, 2022, December 31, 2022, and March 31, 2023, adjusting GAAP net income/(loss) to non-GAAP net income by excluding share-based compensation expenses, and presenting corresponding per ADS data GAAP to Non-GAAP Reconciliation (Excerpt) | Metric | For the Three Months Ended Mar 31, 2022 (RMB) | For the Three Months Ended Dec 31, 2022 (RMB) | For the Three Months Ended Mar 31, 2023 (RMB) | For the Three Months Ended Mar 31, 2023 (US$) | | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Income/(Loss) | 687,055 | (225,125) | (56,305) | (8,199) | | Add: Share-based Compensation Expenses | | | | | | Selling Expenses | (41,939) | 41,239 | 23,955 | 3,488 | | General and Administrative Expenses | (230,087) | 369,447 | 201,343 | 29,318 | | Research and Development Expenses | (53,211) | 64,165 | 14,654 | 2,134 | | Non-GAAP Net Income | 361,818 | 249,726 | 183,647 | 26,741 | | Net Income/(Loss) Attributable to RLX Technology Inc. | 705,281 | (228,480) | (56,966) | (8,295) | | Add: Share-based Compensation Expenses | (325,237) | 474,851 | 239,952 | 34,940 | | Non-GAAP Net Income Attributable to RLX Technology Inc. | 380,044 | 246,371 | 182,986 | 26,645 | | Non-GAAP Basic Net Income per ADS | 0.284 | 0.188 | 0.139 | 0.020 | | Non-GAAP Diluted Net Income per ADS | 0.281 | 0.186 | 0.136 | 0.020 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section presents RLX Technology Inc.'s unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2022, December 31, 2022, and March 31, 2023, detailing net cash flows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Excerpt) | Metric | For the Three Months Ended Mar 31, 2022 (RMB) | For the Three Months Ended Dec 31, 2022 (RMB) | For the Three Months Ended Mar 31, 2023 (RMB) | For the Three Months Ended Mar 31, 2023 (US$) | | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Cash Provided by/(Used in) Operating Activities | 308,169 | (248,866) | (230,686) | (33,590) | | Net Cash (Used in)/Provided by Investing Activities | (950,764) | 752,545 | 381,954 | 55,617 | | Net Cash (Used in)/Provided by Financing Activities | (161,612) | (150,647) | 4,346 | 633 | | Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (20,556) | 29,287 | 10,409 | 1,516 | | Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash | (824,763) | 382,319 | 166,023 | 24,176 | | Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 5,209,467 | 906,767 | 1,289,086 | 187,705 | | Cash, Cash Equivalents and Restricted Cash at End of Period | 4,384,704 | 1,289,086 | 1,455,109 | 211,881 |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...

RLX Technology Inc. ...

Financial Data and Key Metrics Changes - In Q4 2022, the company reported net revenue of RMB340 million, a decrease of 37% year-over-year to RMB5.3 billion for the full year 2022, primarily due to the suspension of new product launches and store expansion during the transition period [17][18] - Gross profit for Q4 2022 was approximately RMB148 million, with a gross margin of 43.6%, which increased by 3.4 percentage points year-over-year but declined by 6.4 percentage points quarter-over-quarter due to a 36% excise tax implemented in November [19] - Non-GAAP net income for Q4 2022 was RMB250 million, down from RMB537 million in the same period of 2021, while the full year non-GAAP net income was RMB1.6 billion, with a non-GAAP margin improvement of 3.1 percentage points to 29.5% [22] Business Line Data and Key Metrics Changes - The company launched four distinct lines of compliant devices to cater to various price points and consumer preferences, transitioning from older products to new GB products [9] - The company’s R&D expense ratio increased from less than 2% three years ago to 5.7% in 2022, reflecting a commitment to product development [11] Market Data and Key Metrics Changes - The company faced challenges from illegal flavored products, which affected sales as consumers were slow to adopt GB products, although government efforts to combat illegal products have been increasing [18] - Offline traffic began to recover as COVID-related disruptions eased, indicating potential for sales recovery [17] Company Strategy and Development Direction - The company aims to leverage its R&D capabilities, product quality, and business resilience to navigate the new regulatory environment and capitalize on market opportunities in 2023 [11][12] - The company is committed to enhancing its ESG initiatives, including a recycling program and a net zero emission plan by 2033 for direct operations and 2050 for the entire value chain [14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unprecedented challenges in 2022 due to COVID and new regulations but expressed confidence in the company’s ability to adapt and thrive in the new regulatory landscape [5][15] - The management expects gradual recovery in demand as illegal products are removed from the market and consumer acceptance of GB products increases [29] Other Important Information - The company’s cash and cash equivalents as of December 31, 2022, were RMB15.73 billion, up from RMB14.86 billion the previous year, providing a strong position for future investments [23] Q&A Session Summary Question: Recent trends in January and February, user feedback on new products, and demand recovery expectations - Management noted a sequential improvement in demand and user feedback has been positive, with expectations for recovery as illegal products are addressed [28][29] Question: Margin trends due to price adjustments and consumption tax impact - Management indicated that gross margins are expected to improve gradually as sales volume recovers, despite the initial impact of the consumption tax [29] Question: Operating margin outlook and rationale behind price adjustments - Management stated that operating margins depend on top-line recovery and that price adjustments are aimed at improving retailer incentives and accessibility for price-sensitive users [31][36] Question: Recent cartridge sales volume of GB standard products and sales outlook - Management highlighted that sales per store for GB products are improving, and recovery is expected to accelerate as illegal products are mitigated [35] Question: Impact of price adjustments on future sales volume and GPM - Management explained that price adjustments are based on improved supply chain efficiency and aim to make products more accessible, which should enhance sales volume and gross profit margins [36]

Exhibit 99.1 RLX Technology Announces Unaudited Fourth Quarter and Fiscal Year 2022 Financial Results BEIJING, March 10, 2023 /PRNEWSWIRE/ - RLX Technology Inc. ("RLX Technology" or the "Company") (NYSE: RLX), a leading branded e-vapor company in China, today announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2022. Fourth Quarter 2022 Financial Highlights · Net revenues were RMB340.0 million (US$49.3 million), compared with RMB1,904.4 million in the same ...

RLX Technology Inc. (NYSE:RLX) Q3 2022 Earnings Conference Call November 16, 2022 7:00 AM ET Company Participants Sam Tsang - Head, Investor Relations Chao Lu - Chief Financial Officer Conference Call Participants Lydia Ling - Citi Charlie Chen - China Renaissance Peihang Lyu - CICC Operator Hello, ladies and gentlemen, and thank you for standing by for the RLX Technologies Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After management's remarks, ther ...

RLX Technology Inc. Earnings Presentation Q3 2022 RLX TECH ir.relxtech.com The following presentation has been prepared by RLX Technology Inc. ("RLX Technology" or the "Company") solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any par ...

RLX Technology Inc. (NYSE:RLX) Q2 2022 Earnings Conference Call September 21, 2022 8:00 AM ET Company Participants Sam Tsang - Head, Investor Relations Kate Wang - Co-founder, Chairperson of the Board and Chief Executive Officer Chao Lu - Chief Financial Officer Conference Call Participants Lydia Ling - Citi Charlie Chen - China Renaissance Peihang Lyu - CICC Operator Hello, ladies and gentlemen. Thank you for standing by for RLX Technology, Incorporate’s Second Quarter 2022 Earnings Conference Call. At th ...