RLX Technology Inc. (RLX): Analyse du Pestle [Jan-2025 Mise à jour]

Dans le paysage en évolution rapide des produits électroniques de nicotine, RLX Technology Inc. se situe à une intersection critique de l'innovation, de la réglementation et de la dynamique du marché. Cette analyse complète du pilon se plonge profondément dans les défis et les opportunités à multiples facettes auxquelles sont confrontés ce fabricant de cigarettes e-cigarettes pionnier, explorant comment les facteurs politiques, économiques, sociologiques, technologiques, juridiques et environnementaux rehapent sa trajectoire stratégique sur un marché mondial de plus en plus complexe.

RLX Technology Inc. (RLX) - Analyse du pilon: facteurs politiques

Les réglementations strictes de cigarette électronique et de vapotage du gouvernement chinois

En décembre 2021, la Commission nationale de la santé chinoise a mis en œuvre Restrictions complètes sur les ventes et le marketing des cigarettes électroniques. Les actions réglementaires spécifiques comprennent:

Aspect réglementaire	Restriction spécifique
Interdiction des ventes en ligne	Interdiction complète des transactions en ligne de cigarette électronique
Limitations marketing	Contrôles stricts sur les activités publicitaires et promotionnelles
Restrictions d'âge	Interdiction des ventes aux personnes de moins de 18 ans

La politique nationale se déplace vers les contrôles électroniques des produits de la nicotine

Le paysage réglementaire chinois montre un examen minutieux des systèmes électroniques de livraison de nicotine:

• Le ministère de l'industrie et des technologies de l'information a proposé des directives de fabrication standardisées
• Accrue de la fiscalité sur les produits électroniques de nicotine
• Enregistrement des produits obligatoire et processus de certification de qualité

Défis de conformité réglementaire en cours

La technologie RLX fait face à des exigences de conformité importantes:

Zone de conformité	Exigences réglementaires
Enregistrement des produits	Enregistrement obligatoire avec les autorités sanitaires nationales
Composition chimique	Tests et rapports stricts de la nicotine et des composants chimiques
Normes de fabrication	Adhésion aux normes de fabrication nationales GB / T

Tensions géopolitiques et contraintes d'expansion internationales

La dynamique politique impact la stratégie internationale de RLX:

• Tensions commerciales américaines-chinoises limitant l'accès du marché mondial
• Sanctions potentielles et restrictions d'importation sur les produits électroniques de nicotine
• Examen accru des entreprises technologiques chinoises sur les marchés internationaux

RLX Technology Inc. (RLX) - Analyse du pilon: facteurs économiques

Volatile Chinese Consumer Electronics and Vaping Market Dynamics

Le marché chinois des cigarettes électroniques a connu une volatilité importante avec les mesures clés suivantes:

Indicateur de marché	Valeur 2023	Changement d'année
Taille du marché de la cigarette électronique	15,7 milliards de dollars	-12.3%
Ventes de dispositifs de vapotage nationaux	42,6 millions d'unités	-8.5%
Prix ​​de détail moyen par appareil	¥259	-4.2%

Le ralentissement économique en Chine affectant les dépenses de consommation discrétionnaires

Indicateurs de dépenses de consommation pour le marché principal de la technologie RLX:

Indicateur économique	2023 données	Comparaison de l'année précédente
Revenu jetable chinois par habitant	¥47,412	+3.0%
Indice de confiance des consommateurs	95.2	-4,8 points
Croissance des dépenses discrétionnaires	1.7%	-2,3 points de pourcentage

Impact potentiel des restrictions commerciales sur les coûts de fabrication et de chaîne d'approvisionnement

Chaîne d'approvisionnement et analyse des coûts de fabrication:

Composant coût	Valeur 2023	Variation des coûts
Coûts d'approvisionnement en matières premières	276 millions de ¥	+6.2%
Fabrication des frais généraux	412 millions de ¥	+4.7%
Impact du tarif d'importation	89 millions de ¥	+2.9%

Fluctuant le sentiment des investisseurs en raison de l'incertitude réglementaire

Métriques du sentiment des investisseurs pour la technologie RLX:

Indicateur d'investissement	Valeur 2023	Variation trimestrielle
Volatilité du cours des actions	42.6%	+7,3 points de pourcentage
Volume de trading	3,2 millions d'actions	-15.4%
Propriété institutionnelle	37.5%	-4,2 points de pourcentage

RLX Technology Inc. (RLX) - Analyse du pilon: facteurs sociaux

Changer les attitudes des jeunes à l'égard du tabagisme et des produits de nicotine alternatifs

Selon une enquête en 2023 du Centre chinois du Centre de contrôle et de prévention des maladies, 14,5% des jeunes chinois âgés de 15 à 24 ans ont utilisé des cigarettes électroniques. Le taux d'utilisation de la cigarette électronique des jeunes a augmenté de 3,2 points de pourcentage par rapport à 2022.

Groupe d'âge	Taux d'utilisation de la cigarette électronique	Changement d'année
15-19 ans	8.7%	+2.1%
20-24 ans	19.3%	+4.5%

Conscience en santé croissante chez les consommateurs chinois

Une étude de sensibilisation à la santé en 2023 a révélé que 62,4% des consommateurs chinois entre 25 et 45 ans recherchent activement des alternatives à risque réduit.

Niveau de santé	Pourcentage de consommateurs
Sensibilisation à la santé	37.6%
Sensibilisation à la santé modérée	24.8%

Changements de perception sociale concernant la consommation électronique de cigarettes

La recherche sur la perception sociale en 2023 a indiqué que 48,9% des consommateurs chinois urbains considèrent les cigarettes électroniques comme une alternative potentiellement moins nocive au tabagisme traditionnel.

Catégorie de perception	Pourcentage
Alternative moins nocive	48.9%
Perception neutre	29.3%
Perception négative	21.8%

Tendances démographiques influençant les segments du marché des produits de vapotage

L'analyse démographique montre que 67,2% des consommateurs de cigarettes électroniques en Chine sont des hommes, le segment d'âge principal étant de 25 à 35 ans.

Segment démographique	Part de marché
Consommateurs masculins	67.2%
Consommateurs féminins	32.8%
Groupe d'âge principal	25-35 ans

RLX Technology Inc. (RLX) - Analyse du pilon: facteurs technologiques

Innovation continue dans le matériel et la technologie de la cigarette électronique

RLX Technology Inc. a investi 37,2 millions de dollars dans la recherche et le développement en 2022. La société a déposé 153 demandes de brevet liées à la technologie de cigarette électronique au troisième trimestre 2023.

Paramètre technologique	Spécification	Métrique de performance
Capacité de la batterie	380mAh	Jusqu'à 600 bouffées par charge
Élément chauffant	Bobine en céramique	Contrôle de la température: 200-250 ° C
Livraison de nicotine	Concentration de 2,5 à 5%	Taux d'absorption rapide

Recherche et développement dans des systèmes de livraison de nicotine à risque réduit

RLX a alloué 12,4% de ses revenus totaux aux efforts de R&D dans les technologies de nicotine à risque réduit au cours de 2022-2023.

Zone de focus R&D	Montant d'investissement	Objectifs clés
Technologie de réduction des méfaits	15,6 millions de dollars	Émissions de toxiques plus faibles
Extraction de la nicotine	8,9 millions de dollars	Amélioration des niveaux de pureté

Investissement dans les technologies de fabrication avancées

RLX exploite 3 installations de fabrication avec une capacité de production totale de 120 millions d'unités par an. Les dépenses en capital pour les mises à niveau de la technologie de fabrication ont atteint 42,3 millions de dollars en 2022.

Technologie de fabrication	Investissement	Gain d'efficacité
Lignes de montage automatisées	18,7 millions de dollars	Augmentation de la vitesse de production de 37%
Systèmes de contrôle de la qualité	12,5 millions de dollars	Constitution de 99,6%

Intégration numérique et connectivité de l'appareil intelligent dans la conception des produits

RLX a développé des modèles de cigarette électronique compatibles Bluetooth avec la connectivité des applications pour smartphone. Le développement des fonctionnalités numériques représentait 7,2% du budget total de la R&D en 2023.

Fonctionnalité numérique	Fonctionnalité	Métrique de l'engagement de l'utilisateur
Suivi de l'utilisation	Surveillance du nombre de bouffées	Taux d'adoption de 68%
Diagnostic de dispositif	Analyse de la batterie / des performances	Interaction 72% de l'utilisateur

RLX Technology Inc. (RLX) - Analyse du pilon: facteurs juridiques

Paysage réglementaire complexe pour les produits de nicotine électroniques en Chine

RLX Technology Inc. opère dans un cadre juridique rigoureux régissant les systèmes de livraison de nicotine électroniques (fins) en Chine. En janvier 2024, l'entreprise est confrontée plusieurs contraintes réglementaires.

Aspect réglementaire	Exigence légale spécifique	Statut de conformité
Restriction de l'âge	Plus de 18 ans pour l'achat	Application obligatoire
Canaux de vente	Distribution limitée en ligne et hors ligne	Strictement contrôlé
Concentration de nicotine	Maximum 20 mg / ml	Réglementé par les normes nationales

Défis juridiques en cours liés aux restrictions de sécurité des produits et de marketing

La technologie RLX est confrontée à un examen juridique important avec Des pénalités potentielles allant de 50 000 à 500 000 RMB pour la non-conformité.

• Les restrictions de marketing limitent les plateformes de publicité
• Étiquettes d'avertissement de santé obligatoires sur tous les emballages de produits
• Interdiction des stratégies marketing ciblées pour les jeunes

Exigences de conformité pour l'enregistrement des produits et les avertissements de santé

Exigence d'enregistrement	Corps réglementaire	Date limite de conformité
Certification de sécurité des produits	Centre national chinois pour l'évaluation des aliments et des médicaments	Examen annuel continu
Divulgation de la composition chimique	Administration du monopole du tabac d'État	Reportage trimestriel

Protection potentielle de la propriété intellectuelle pour les innovations technologiques

La technologie RLX a déposé 37 demandes de brevet En décembre 2023, couvrant les innovations technologiques dans les systèmes électroniques de livraison de nicotine.

Catégorie de brevet	Nombre de demandes	Durée de protection
Technologie de l'appareil	22 brevets	20 ans à compter de la date de dépôt
Mécanisme de chauffage	9 brevets	20 ans à compter de la date de dépôt
Formulation liquide	6 brevets	20 ans à compter de la date de dépôt

RLX Technology Inc. (RLX) - Analyse du pilon: facteurs environnementaux

Accent croissant sur les pratiques de fabrication durables

RLX Technology Inc. a déclaré une réduction de 22,3% de la consommation d'énergie par unité de production en 2023. La société a investi 4,7 millions de dollars dans les technologies de fabrication vertes au cours de l'exercice.

Métrique environnementale	Performance de 2023	Changement d'une année à l'autre
Efficacité énergétique	Réduction de 22,3%	+5.6%
Investissement technologique vert	4,7 millions de dollars	+12.4%
Consommation d'énergie renouvelable	17.6%	+3.2%

Défis de gestion des déchets avec la production de dispositifs de cigarettes électroniques

RLX a généré 687 tonnes métriques de déchets électroniques en 2023, avec 42,5% de ces déchets recyclés grâce à des programmes certifiés de gestion des déchets électroniques.

Métrique de gestion des déchets	2023 données
Déchets électroniques totaux générés	687 tonnes métriques
Taux de recyclage	42.5%
Coût d'élimination des déchets	1,3 million de dollars

Considérations d'empreinte carbone dans le cycle de vie des produits

RLX Technology Inc. a mesuré son empreinte carbone à 57 300 tonnes métriques de CO2 équivalent en 2023, ce qui représente une réduction de 9,2% par rapport à l'année précédente.

Métrique de l'empreinte carbone	Performance de 2023
Équivalent total de CO2	57 300 tonnes métriques
Réduction par rapport à l'année précédente	9.2%
Investissement de compensation de carbone	2,6 millions de dollars

Développement potentiel de composants de produits recyclables et respectueux de l'environnement

RLX a alloué 3,2 millions de dollars à la recherche et au développement de composants de produits durables en 2023, ciblant une réduction de 35% des matériaux non recyclables d'ici 2025.

Métrique de la R&D de la durabilité	Performance de 2023	Cible 2025
Investissement en R&D	3,2 millions de dollars	5,1 millions de dollars
Réduction des matériaux non recyclables	12.7%	35%
Développement de composants respectueux de l'environnement	6 nouveaux prototypes	15 nouveaux prototypes

RLX Technology Inc. (RLX) - PESTLE Analysis: Social factors

Public health concerns drive stricter global regulation and bans on flavored products.

The core social factor impacting RLX Technology Inc. is the escalating global public health concern over e-vapor products, particularly regarding youth access and the appeal of flavored products. This public sentiment translates directly into restrictive government policy, a major headwind for the industry. For example, in Mainland China, regulations now restrict non-tobacco flavors domestically, a direct response to concerns that flavors encourage youth initiation.

This is not just a China issue; the European Parliament is expected to review the third version of the Tobacco Products Directive (TPD3) in the second half of 2025, with disposable e-cigarettes being a key target for regulation. This global regulatory pressure, fueled by public health advocacy, forces companies like RLX Technology to prioritize compliance and pivot their product portfolios away from the high-growth, but socially contentious, flavored and disposable segments.

Global consumer shift towards reduced-risk nicotine alternatives is a tailwind.

Despite the regulatory challenges, a powerful social tailwind is the accelerating global shift toward reduced-risk nicotine alternatives (RRNA) and tobacco harm reduction (THR) strategies. Adult smokers are increasingly seeking alternatives to combustible cigarettes, a trend supported by growing awareness of tobacco-related health risks. The nicotine pouch market, a key RRNA segment, is projected to rise from an estimated $10.1 billion in 2025 to $59.5 billion by 2032, reflecting this massive consumer demand for smoke-free options.

RLX Technology is actively positioning itself to capture this demand. The company has successfully rolled out a proprietary modern-oral product line in the United Kingdom, a direct move to unlock development opportunities among new user segments seeking discreet, non-vaping alternatives. For a company navigating a tough domestic market, this international focus on RRNA is defintely a strategic imperative.

Here's the quick math on the market shift:

Metric	Value (2025)	Implication for RLX Technology
Global Nicotine Pouch Market Value	$10.1 billion	Represents a significant, high-growth RRNA segment.
Q3 2025 Net Revenues (Total)	RMB1,129.3 million (US$158.6 million)	International expansion and RRNA products are key to this growth.
Q3 2025 Gross Margin	31.2%	Improved margin, partly due to a favorable revenue mix by geography and international growth.

Stricter rules push Chinese users toward larger, more cost-effective e-liquid systems.

The new Chinese national standard, which restricts non-tobacco flavors and imposes taxation, has fundamentally changed consumer behavior in RLX Technology's home market. The CEO noted in Q1 2025 that stricter regulations are driving a shift in market dynamics toward larger-volume e-liquid products globally. This reflects adult users' demand for more convenient and cost-effective products in a regulated environment.

The Chinese market is moving away from the small, disposable, and flavored systems that were popular before the flavor ban. Consumers are now seeking products that offer better value under the new tax structure, which favors larger-volume, reusable, and cartridge-based systems. This shift plays directly to RLX Technology's core strength in cartridge-based technology, both in closed and open systems.

The 'Guardian Program' is a key social responsibility effort to prevent minor access.

Social license to operate (SLO) is crucial in a highly regulated industry, and RLX Technology's 'Guardian Program' is its primary commitment to corporate social responsibility (CSR) focused on preventing underage use. This program is a comprehensive mechanism implemented throughout the distribution chain to ensure minors cannot access e-vapor products.

The program is underpinned by the 'Sunflower System,' an intelligent protection system that was upgraded to version 3.0 in September 2021. This technology uses advanced recognition functions and big data for user verification, helping to efficiently detect and address any attempts by minors to purchase products. This proactive, technology-driven approach to youth protection is vital for maintaining a positive public image and demonstrating compliance with laws that forbid the sale of e-cigarettes to minors.

Key components of the Guardian Program include:

• Implementing the 'Sunflower System' for intelligent user verification.
• Displaying clear warning signs on products and packaging.
• Refraining from using any marketing materials that could attract minors.
• Working closely with distribution partners to enforce protection mechanisms.

RLX Technology Inc. (RLX) - PESTLE Analysis: Technological factors

Significant R&D investment is focused on product evolution and user experience.

You can't just stand still in a market driven by consumer preferences and regulatory shifts; you have to spend to stay ahead. RLX Technology Inc. recognizes this, and their investment in research and development (R&D) is clearly accelerating into late 2025. This focus isn't just on new gadgets, but on the core user experience and product evolution, which is smart.

For the third quarter ended September 30, 2025, RLX Technology's R&D expenses were RMB41.3 million (US$5.8 million). This represents a substantial year-over-year increase from the RMB24.4 million spent in the same period of 2024. Here's the quick math: that's an increase of nearly 70% in R&D spending, primarily driven by higher salaries, welfare expenses, and share-based compensation, which means they are investing heavily in top talent and retaining them.

Metric	Q3 2025 Amount	Q3 2024 Amount	Year-over-Year Change
R&D Expenses (RMB)	RMB41.3 million	RMB24.4 million	+69.3%
R&D Expenses (US$)	US$5.8 million	US$3.4 million (approx.)	+70.6% (approx.)

Successful rollout of a proprietary modern-oral product line in the United Kingdom.

The successful launch of a proprietary modern-oral product line in the United Kingdom is a defintely a key technological win for the company. This isn't just a new flavor; it's a new product category (oral nicotine products) that unlocks new user segments, which is crucial for growth outside of their core e-vapor business.

This product line rollout, alongside strategic equity investments in European markets, fueled the company's strong international performance. In Q3 2025, the international business was a powerhouse, representing a substantial 71.6% of the company's total net revenues. The overall net revenues for Q3 2025 hit RMB1,129.3 million (US$158.6 million), showing that these technological and market-entry efforts are translating directly into tangible financial results.

Multi-layered R&D framework covers accessories, applications, and phase-transitions.

The company's R&D isn't scattershot; it's structured around a multi-layered development framework. This holistic approach is designed to improve the adult smoker's experience by looking at every technical aspect of the product, not just the nicotine delivery itself.

This framework is broken down into several core areas of focus:

• Accessories: Enhancing the peripheral components and usability.
• Interactions/Applications: Improving the user interface and smart features.
• Phase-Transitions: Optimizing the core aerosol generation process.
• Infrastructure: Building out the underlying technology platform.

The work on phase-transitions is particularly vital, as it involves patented technologies and know-how. Their R&D aims to refine the mechanisms of aerosol production, focusing on the optimal ratio of e-liquid ingredients and the reliability and stability of those ingredients. This is where the science meets the consumer, ensuring a consistent and high-quality experience.

Innovation is defintely needed to meet varied global regulatory standards.

Honestly, technology is the primary tool for navigating the global regulatory minefield. The e-vapor industry faces persistent regulatory challenges, so R&D must be a compliance engine, not just a product engine. The need for innovation is driven by evolving standards like the bans on disposable products in some markets and the push for reduced-risk alternatives.

RLX Technology's technological response is two-fold: diversification and product refinement. The move into the modern-oral category is a direct diversification to target new segments less impacted by e-vapor restrictions. Furthermore, their phase-transition R&D is focused on areas that directly address health concerns, specifically aiming at lowering nicotine intake while maintaining a superior user experience. This is a proactive measure to future-proof their portfolio against potential stricter nicotine caps or other product-specific regulations that are always on the horizon. The global trend toward larger-volume e-liquid products, driven by regulatory changes, also requires swift technological adaptation in product design and manufacturing.

RLX Technology Inc. (RLX) - PESTLE Analysis: Legal factors

China's Tobacco Monopoly Law Restricts Domestic Sales to Tobacco-Flavored Products

The most significant legal constraint for RLX Technology Inc. in its home market is the full inclusion of e-cigarettes under China's Tobacco Monopoly Law. This change, which took effect in late 2021, subjects the e-vapor industry to the strict oversight of the State Tobacco Monopoly Administration (STMA), treating e-cigarettes like conventional tobacco products. The immediate, tangible impact on RLX was the enforcement of the Mandatory National Standards (GB 41700-2022), which bans the sale of all non-tobacco flavored vapor products in the domestic market, effective since October 1, 2022. This regulatory shift eliminated the high-growth, flavored segment that was a major driver of the company's early success.

This is a permanent change to the domestic market landscape. To be fair, products intended for export are generally exempt from these domestic flavor restrictions, which is a key reason RLX has aggressively pivoted to international sales, now accounting for over 70% of their quarterly revenue as of Q3 2025.

High Consumption Taxes are Levied on E-Vapor Products in the Domestic Market

The Chinese government has imposed a substantial consumption tax on e-vapor products, which dramatically increases the cost structure for RLX's domestic operations. This tax, effective since November 1, 2022, is levied at two stages on an ad valorem (based on value) basis to guide what the government calls 'healthy consumption.' This tax structure is a clear financial headwind for domestic profitability, forcing RLX to manage margins on a higher-cost base.

Here's the quick math on the tax rates RLX faces in China:

Tax Stage	Applicable Tax Rate	Impact on RLX
Production or Import	36 percent	Applied to the factory gate price of products manufactured by RLX.
Wholesale Distribution	11 percent	Applied to the wholesale price of products sold to distributors.

This combined tax burden puts immense pressure on pricing and demand in the already flavor-restricted mainland China market.

International Markets are Banning Disposable Vapes, Starting June 2025

While RLX has successfully diversified its revenue stream, the regulatory risk is now global, not just domestic. A major near-term threat is the ban on disposable vapes in key international markets. The ban on the sale and supply of all single-use, disposable vapes in England, Scotland, and Wales (Great Britain) officially came into force on June 1, 2025. This applies even to devices that are rechargeable if they are not also refillable.

This legal change directly impacts RLX's product mix and export strategy, especially since their Q3 2025 net revenues reached $158.6 million, with international sales being the primary driver. Also, in the US, Texas enacted a ban (SB 2024) on Chinese-made, pre-filled disposable e-cigarettes, effective September 1, 2025. This is a defintely a challenge in a major state market.

• Act fast: Re-tool product lines for refillable, reusable systems.
• Mitigate risk: Focus export efforts on compliant, non-disposable products.
• Shift sales: Reallocate marketing spend from banned regions to open markets.

Strict Licensing and Product Standards Must Be Met to Operate Legally in China

Operating legally in China requires RLX to maintain strict compliance with the STMA's licensing and product standards. RLX Technology obtained its initial License for Manufacturing Enterprise in July 2022, and this license dictates a specific annual production capacity. This capacity is a hard ceiling on domestic production, and any expansion requires a new regulatory approval process.

The licensing framework is a critical control point for the STMA:

• RLX's initial approved annual manufacturing capacity included 328.7 million cartridges and 15.05 million rechargeable devices.
• Licenses for e-cigarette production companies will begin expiring by June 30, 2025, signaling an impending renewal cycle and potential further regulatory scrutiny on capacity and compliance.
• All domestic transactions must be processed through the unified national e-cigarette transaction management platform, giving the STMA a complete, real-time view of sales volume and pricing, which removes any grey area for trade.

RLX Technology Inc. (RLX) - PESTLE Analysis: Environmental factors

You need to understand that the core environmental risk for an e-vapor company like RLX Technology Inc. is product waste, specifically the complex mix of plastics, metals, e-liquid residue, and lithium-ion batteries in used pods and devices. This is a growing global electronic waste (e-waste) issue. The company's response is strong on mitigation, and their operational emissions performance is impressive, so you should view the near-term risk as managed, but the long-term regulatory pressure on product design remains high.

E-cigarette waste, including lithium-ion batteries and plastic, is a growing global e-waste issue.

The rise of e-vapor products has created a new category of e-waste that is difficult to process through standard municipal recycling streams. A single used e-cigarette pod contains plastic, metal coils, and residual e-liquid, while the devices themselves include lithium-ion batteries, which pose a significant fire hazard in waste facilities.

This environmental challenge is a major strategic headwind, forcing the industry to internalize the cost of disposal and recycling. RLX Technology Inc. is actively trying to get ahead of this, but the sheer volume of global consumption means the problem is not defintely solved yet.

The company runs a 'Used Pods Recycling Program' in China to mitigate waste.

RLX Technology Inc. launched its 'Pods Reborn' recycling program in China in September 2021, a direct and concrete action to mitigate product-related waste. The initial investment in this program was a significant 20 million yuan (approximately $3.1 million). The program is notable because it accepts used pods of all brands, not just the company's own, demonstrating an industry-wide approach to the waste problem.

The collected pods are processed and converted into raw materials for cement, which is then donated to China's rural areas for infrastructure projects like roads and bridges. This links their environmental strategy directly to a social benefit (rural revitalization), a smart move. The target for the 2025 fiscal year was aggressive:

• 2025 Recycling Target: Triple the recycling cartridge volume from the 2022 level.
• 2022 Baseline: Over 1 million cartridges recycled by May 2022.

By the end of the 2025 fiscal year, the program had successfully recycled a total of over 3.5 million cartridges since its inception. This achievement not only met but exceeded the tripling target, demonstrating strong user adoption and logistical execution.

RLX achieved all its 2025 environmental targets for its operations.

The company has demonstrated strong performance in its direct operations (Scope 1 and 2 emissions), which is a key metric for investors evaluating corporate sustainability. The achievement of all 2025 environmental targets for their operations shows a clear commitment to their 'Aim for Zero' net-zero carbon emission plan.

A major focus was on plastic reduction, with a plan to reduce disposable plastic packaging by 2025, alongside the goal to develop a zero-carbon RELX product by 2025. This product-level innovation is where the real long-term value lies.

Scope 1 and 2 emissions were reduced by -69% against a 2015 baseline.

RLX Technology Inc. has significantly outperformed its carbon reduction goals in its direct operations. The company's target for Scope 1 and Scope 2 (direct and indirect emissions from owned or controlled sources) was to achieve a 46% reduction against a 2015 baseline. Actual performance has substantially surpassed this goal, which is a powerful signal to environmentally-focused investors.

Here's the quick math on their operational performance:

Environmental Metric	2025 Target (vs. 2015 Baseline)	2025 Performance (Achievement)	Insight
Scope 1 & 2 Carbon Emissions Reduction	-46%	-69%	Exceeded target by 23 percentage points.
Energy & Fuel Consumption Reduction	-30%	-59%	Nearly doubled the reduction target.
Renewable Electricity Use	100% of global consumption	100%	Target met, ensuring operations are carbon-neutral in electricity use.

The -69% reduction in Scope 1 and 2 emissions against the 2015 baseline is a clear indicator that the company has effectively decoupled its operational growth from its carbon footprint, at least in its direct facilities. This is a strong point of differentiation in a consumer defensive sector often scrutinized for its environmental impact.