RLX Technology (trading as RELX) makes and sells e-vapor (e-cigarette) products in China and internationally. RLX's core product is a closed-system rechargeable device with snap-in replaceable cartridges containing e-liquid, sold under several product lines. RLX also sells disposable devices, open-system refillable products, and is piloting modern oral nicotine pouches in Europe. The key unit of economics is recurring cartridge consumption — users buy devices infrequently but purchase cartridges continuously, driving recurring revenue off an installed user base. In China, RLX sells through a government-mandated distribution chain of licensed provincial wholesalers and retailers, and is the dominant compliant brand in a tightly regulated market where illegal products still represent the vast majority of actual consumption. Internationally, RLX distributes through local channels, third-party distributors, and company-owned retail and distribution assets, including a full-stack European platform acquired in 2025 with its own manufacturing, distribution, and e-commerce capabilities, as well as a South Korean brand acquired in 2023. International markets now account for the majority of RLX's revenue and carry higher gross margins than the China business, making geographic expansion the primary driver of profitability improvement. RLX's growth strategy centers on international expansion through organic growth, franchise retail, and M&A; portfolio diversification into oral nicotine products; and recovering share in China's legal market through new product launches as regulators work to suppress illegal products.