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Q4 2024 RLX Valuation Analysis

RLX Technology Inc. is a leading provider of e-cigarettes and vaping products in China. The company focuses on innovative solutions for nicotine delivery through its flagship product, the RELX brand of closed-system e-cigarettes. RLX aims to offer an alternative to traditional tobacco smoking by providing a smoking cessation option that aligns with growing consumer trends toward health-conscious lifestyles and reduced harm. Founded in 2018, RLX has rapidly emerged as one of the leading players in China’s burgeoning e-cigarette market, benefiting from a first-mover advantage and strong brand recognition. The company offers a variety of disposable and rechargeable e-cigarette products along with a wide range of flavored pods, catering to a diverse and growing consumer base.