Loading...
RLX logo

RLX Technology Inc.NYSE:RLX Rapporto sulle azioni

Cap. di mercato US$2.2b
Prezzo delle azioni
US$1.88
US$3.14
40.1% sottovalutato sconto intrinseco
1Y-10.9%
7D-6.5%
1D
Valore del portafoglio
Vista

RLX Technology Inc.

Report azionario NYSE:RLX

Capitalizzazione di mercato: US$2.2b

RLX Technology (RLX) Panoramica del titolo

RLX Technology Inc. attraverso le sue filiali sviluppa, produce e vende prodotti e-vapor nella Repubblica Popolare Cinese e a livello internazionale. Maggiori dettagli

RLX analisi fondamentale
Punteggio fiocco di neve
Valutazione2/6
Crescita futura3/6
Prestazioni passate4/6
Salute finanziaria5/6
Dividendi2/6

RLX Community Fair Values

Create Narrative

See what 27 others think this stock is worth. Follow their fair value or set your own to get alerts.

Concorrenti di RLX Technology Inc.

Storia dei prezzi e prestazioni

Riepilogo dei massimi, dei minimi e delle variazioni dei prezzi delle azioni per RLX Technology
Prezzi storici delle azioni
Prezzo attuale dell'azioneUS$1.88
Massimo di 52 settimaneUS$2.84
Minimo di 52 settimaneUS$1.82
Beta1.14
Variazione di 1 mese-9.18%
Variazione a 3 mesi-12.96%
Variazione di 1 anno-10.90%
Variazione a 3 anni7.43%
Variazione a 5 anni-79.18%
Variazione dall'IPO-93.63%

Notizie e aggiornamenti recenti

Aggiornamento della narrazione Jun 17

RLX: International Expansion And Buybacks Will Support Future Stock Upside

Analysts have lowered their price target on RLX Technology stock to $2.33 from $2.50, reflecting updated assumptions for discount rate, revenue growth, profit margin, and future P/E. What’s in the News for RLX Technology RLX Technology reported fiscal Q1 2026 results with revenue nearly doubling year over year, according to recent earnings coverage.
Aggiornamento della narrazione Jun 02

RLX: Margin Reset And International Expansion Will Support Future Upside

RLX Technology's revised analyst price target has moved from $2.60 to $2.50, as analysts adjust for a more cautious margin outlook reflected in updated fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Q1 2026 unaudited revenue was reported at RMB 1.59b.
Seeking Alpha May 30

RLX Technology: Focus On The Fundamentals

Summary RLX Technology Inc (RLX) is a fully integrated manufacturer of e-cigarette products based in Shenzhen, China. The vaping industry is estimated to see 10x growth from 2025 to 2033 and reach $462bn. RLX had a payout ratio of 103% in 2025, is cash rich, carries no debt and the dividend is expected to grow over the next few years. Read the full article on Seeking Alpha
Aggiornamento della narrazione May 13

RLX: Cautious Margins And Completed Buyback Will Support Future Upside Potential

Analysts have revised their fair value estimate for RLX Technology to about $3.14 from roughly $3.04 and lowered the Street price target to $2.50 from $2.60, citing updated models that incorporate a more cautious margin profile even as revenue projections increase. Analyst Commentary Recent research focuses on how a more cautious margin outlook feeds into RLX Technology's valuation, even as revenue expectations are adjusted in the latest models.

Recent updates

Aggiornamento della narrazione Jun 17

RLX: International Expansion And Buybacks Will Support Future Stock Upside

Analysts have lowered their price target on RLX Technology stock to $2.33 from $2.50, reflecting updated assumptions for discount rate, revenue growth, profit margin, and future P/E. What’s in the News for RLX Technology RLX Technology reported fiscal Q1 2026 results with revenue nearly doubling year over year, according to recent earnings coverage.
Aggiornamento della narrazione Jun 02

RLX: Margin Reset And International Expansion Will Support Future Upside

RLX Technology's revised analyst price target has moved from $2.60 to $2.50, as analysts adjust for a more cautious margin outlook reflected in updated fair value, discount rate, revenue growth, profit margin, and future P/E assumptions. What's in the News Q1 2026 unaudited revenue was reported at RMB 1.59b.
Seeking Alpha May 30

RLX Technology: Focus On The Fundamentals

Summary RLX Technology Inc (RLX) is a fully integrated manufacturer of e-cigarette products based in Shenzhen, China. The vaping industry is estimated to see 10x growth from 2025 to 2033 and reach $462bn. RLX had a payout ratio of 103% in 2025, is cash rich, carries no debt and the dividend is expected to grow over the next few years. Read the full article on Seeking Alpha
Aggiornamento della narrazione May 13

RLX: Cautious Margins And Completed Buyback Will Support Future Upside Potential

Analysts have revised their fair value estimate for RLX Technology to about $3.14 from roughly $3.04 and lowered the Street price target to $2.50 from $2.60, citing updated models that incorporate a more cautious margin profile even as revenue projections increase. Analyst Commentary Recent research focuses on how a more cautious margin outlook feeds into RLX Technology's valuation, even as revenue expectations are adjusted in the latest models.
Aggiornamento della narrazione Apr 21

RLX: Completed Buybacks And Prudent Margins Will Support Future Upside

Narrative Update Analysts now see RLX Technology's fair value aligning with a reduced price target of $2.50 from $2.60, reflecting updated expectations for a more conservative margin profile. Analyst Commentary Bearish analysts are signaling a more cautious stance on RLX Technology after the latest Q4 update, with price targets adjusted to reflect a less generous outlook on margins and execution risk.
Aggiornamento della narrazione Apr 06

RLX: Prudent Margin Reset And Completed Buyback Will Support Upside

Analysts have trimmed their price target on RLX Technology by $0.10 to $2.50, citing updates to their models that reflect a more cautious view on margins and profitability. Analyst Commentary Recent commentary points to a more cautious stance on profitability, but also highlights that RLX Technology remains on research radars with a refined view of its margin and earnings profile.
Aggiornamento della narrazione Mar 23

RLX: Extended Buybacks And Cautious Margins Will Support Future Upside Potential

Analysts have trimmed their price target on RLX Technology to $2.50 from $2.60, reflecting updated models that incorporate a more cautious margin outlook and a higher future P/E assumption. Analyst Commentary Bearish analysts are signaling a more cautious stance on RLX Technology after the latest Q4 update, reflected in the reduction of the price target to $2.50.
Aggiornamento della narrazione Mar 09

RLX: Extended Buybacks And Stable Outlook Will Support Future Upside Potential

Analysts have made a modest trim to their RLX Technology price target to $2.65, reflecting slightly higher discount rate assumptions, steady fair value estimates and only small tweaks to projected revenue growth, profit margins and future P/E. What's in the News On December 31, 2025, RLX Technology extended its existing share repurchase plan, setting a new end date of December 31, 2027 (Key Developments).
Aggiornamento della narrazione Feb 23

RLX: Extended Share Repurchases Will Support Future Return Potential

Analysts have modestly adjusted their price target for RLX Technology, citing slightly different assumptions for discount rate, revenue growth, profit margin, and future P/E. Together, these factors refine their view of the stock's risk and earnings potential in dollar terms.
Articolo di analisi Feb 09

Is RLX Technology (NYSE:RLX) Using Too Much Debt?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...
Aggiornamento della narrazione Feb 08

RLX: Share Repurchases And Margin Assumptions Will Shape Future Returns

Analysts have trimmed their price target on RLX Technology to US$2.65 per share. This reflects slightly higher assumed discount rates and modest adjustments to revenue growth, profit margin, and future P/E expectations.
Aggiornamento della narrazione Jan 25

RLX: Share Repurchases And Margin Outlook Will Shape Future Returns

Analysts have nudged their fair value estimate for RLX Technology from about US$2.61 to roughly US$2.65 per share. This reflects updated assumptions that include adjusted revenue growth expectations, a slightly lower discount rate, a revised profit margin outlook and a reduced future P/E multiple.
Articolo di analisi Jan 24

Here's What's Concerning About RLX Technology's (NYSE:RLX) Returns On Capital

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. One common...
Aggiornamento della narrazione Jan 11

RLX: Share Repurchases And Extended Buyback Horizon Will Support Upside

Analysts have inched up their fair value estimate for RLX Technology from about US$4.02 to roughly US$4.10 per share. This reflects slightly lower assumed discount rates, modestly adjusted revenue growth and profit margin expectations, and a small revision to the future P/E input.
Aggiornamento della narrazione Dec 26

RLX: Stable Margins And Faster Revenue Will Drive Shares Higher

Analysts have slightly raised their price target on RLX Technology, reflecting marginally faster expected revenue growth, a modest reduction in discount rates, and a minor adjustment to future earnings multiples, while profit margin forecasts remain broadly stable. Valuation Changes Fair Value: Unchanged at $2.61 per share, indicating no material revision to the intrinsic value estimate.
Articolo di analisi Dec 25

Investors Still Waiting For A Pull Back In RLX Technology Inc. (NYSE:RLX)

RLX Technology Inc.'s ( NYSE:RLX ) price-to-earnings (or "P/E") ratio of 25.5x might make it look like a sell right now...
Aggiornamento della narrazione Dec 12

RLX: Higher Margins Will Offset Softer Revenue Outlook Going Forward

Analysts have raised their price target on RLX Technology from approximately 2.34 dollars to 2.61 dollars, citing expectations for stronger profit margins that more than offset slightly slower projected revenue growth and a marginally higher discount rate. Valuation Changes Fair Value: increased moderately from 2.34 dollars to 2.61 dollars per share, reflecting higher estimated intrinsic value.
Articolo di analisi Oct 23

RLX Technology (NYSE:RLX) Will Want To Turn Around Its Return Trends

What trends should we look for it we want to identify stocks that can multiply in value over the long term? In a...
Articolo di analisi Oct 01

RLX Technology Inc. (NYSE:RLX) Shares Could Be 32% Below Their Intrinsic Value Estimate

Key Insights Using the 2 Stage Free Cash Flow to Equity, RLX Technology fair value estimate is US$3.88 Current share...
Aggiornamento della narrazione Aug 27

Termination Of Noncompete With Relx Inc Will Drive Future Success

RLX Technology's consensus price target has increased to $2.93, as a steep drop in its future P/E suggests significantly improved earnings expectations despite a decline in net profit margin. Valuation Changes Summary of Valuation Changes for RLX Technology The Consensus Analyst Price Target has risen slightly from $2.83 to $2.93.
Articolo di analisi Aug 01

Investors Appear Satisfied With RLX Technology Inc.'s (NYSE:RLX) Prospects

With a price-to-earnings (or "P/E") ratio of 31.3x RLX Technology Inc. ( NYSE:RLX ) may be sending very bearish signals...
Articolo di analisi Jul 10

RLX Technology (NYSE:RLX) Has A Rock Solid Balance Sheet

Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...
Articolo di analisi Jun 22

Is Now An Opportune Moment To Examine RLX Technology Inc. (NYSE:RLX)?

While RLX Technology Inc. ( NYSE:RLX ) might not have the largest market cap around , it led the NYSE gainers with a...
Articolo di analisi Apr 15

RLX Technology Inc.'s (NYSE:RLX) Stock Retreats 26% But Earnings Haven't Escaped The Attention Of Investors

RLX Technology Inc. ( NYSE:RLX ) shareholders that were waiting for something to happen have been dealt a blow with a...
Articolo di analisi Mar 30

Is RLX Technology (NYSE:RLX) A Risky Investment?

Warren Buffett famously said, 'Volatility is far from synonymous with risk.' It's only natural to consider a company's...
Articolo di analisi Jan 31

With RLX Technology Inc. (NYSE:RLX) It Looks Like You'll Get What You Pay For

When you see that almost half of the companies in the Tobacco industry in the United States have price-to-sales ratios...
Seeking Alpha Jan 17

RLX Technology: Vaporizing Boundaries For Global Growth

Summary RLX Technology is well-positioned to benefit from China's shift to e-vapor, holding a dominant 60% market share and expanding globally. Strong 3Q24 results with 52% y/y revenue growth and improved margins; international markets like Japan and New Zealand show significant growth. Management expects mid-to-high single-digit Q/Q growth in overseas business for Q4 2024 and a 20%-30% CAGR over the next 2-3 years. Valuation at 18.8x 2025E P/E with significant cash reserves offers a safety margin; DCF analysis values RLX at $2.60/share, a 22% upside. Read the full article on Seeking Alpha
User avatar
Nuova narrazione Nov 21

Innovative Expansion And Decisive Shareholder Focus Drive Global Revenue Growth

Strategic international expansion and product innovation could drive future revenue growth by capturing diverse consumer segments and increasing market share.
Articolo di analisi Sep 14

Is It Too Late To Consider Buying RLX Technology Inc. (NYSE:RLX)?

While RLX Technology Inc. ( NYSE:RLX ) might not have the largest market cap around , it received a lot of attention...
Seeking Alpha Aug 21

RLX Technology: Bright Spots Amid Results Miss

Summary My Hold rating for RLX Technology stock stays unchanged, as there were both positives and negatives pertaining to the company's Q2 performance and disclosures. RLX's top line and bottom line fell short of expectations due to competition from illegal cigarettes in China and channel expansion efforts in overseas markets. But RLX Technology has good R&D capabilities, and the pace of regulatory approval for new e-cigarette products in the Chinese market has gotten faster. Read the full article on Seeking Alpha
Articolo di analisi Aug 08

Shareholders Should Be Pleased With RLX Technology Inc.'s (NYSE:RLX) Price

RLX Technology Inc.'s ( NYSE:RLX ) price-to-earnings (or "P/E") ratio of 19.8x might make it look like a sell right now...
Articolo di analisi May 30

Is There Now An Opportunity In RLX Technology Inc. (NYSE:RLX)?

RLX Technology Inc. ( NYSE:RLX ), might not be a large cap stock, but it saw significant share price movement during...
Articolo di analisi Apr 22

Is RLX Technology (NYSE:RLX) A Risky Investment?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Seeking Alpha Mar 19

RLX: Focus On Both Q4 Results And Outlook (Rating Upgrade)

Summary RLX Technology Inc.'s Q4 2023 results surpassed expectations due to its expansion into new geographical markets and good cost control. But I am uncertain about the company's prospects, taking into account risks like a potential delay in new product approvals and the competitive threat from illicit products. My rating for RLX Technology is a Hold now (versus a Sell previously), following a consideration of its Q4 performance, business outlook, and shareholder capital return expectations. Read the full article on Seeking Alpha
Articolo di analisi Feb 11

Are Investors Undervaluing RLX Technology Inc. (NYSE:RLX) By 48%?

Key Insights RLX Technology's estimated fair value is US$3.59 based on 2 Stage Free Cash Flow to Equity Current share...
Articolo di analisi Dec 20

At US$2.08, Is It Time To Put RLX Technology Inc. (NYSE:RLX) On Your Watch List?

While RLX Technology Inc. ( NYSE:RLX ) might not have the largest market cap around , it saw a significant share price...
Seeking Alpha Nov 22

RLX Stabilizes As Air Clears In New Regulatory Environment

Summary RLX Technology’s revenue totaled 428 million yuan in the third quarter, up slightly from the previous quarter, while its profit fell 15% over that period. The company terminated its non-compete agreement with Relx on Nov. 10, paving the way for it to expand its e-cigarette business outside China. RLX Technology has a trailing P/E ratio of nearly 200 times due to its low profits, much higher than 21 times for Smoore. Read the full article on Seeking Alpha
Seeking Alpha Nov 01

RLX: Negative Read-Throughs From Contract Manufacturer's Recent Results

Summary RLX Technology's key contract manufacturer, Smoore, delivered a lackluster set of results for the third quarter of 2023. Smoore's poor Q3 2023 results send unfavorable signals about RLX Technology's near-term business prospects. A sell rating for RLX is maintained, after reviewing its key contract manufacturer's quarterly financial numbers. Read the full article on Seeking Alpha
Articolo di analisi Aug 29

The RLX Technology Inc. (NYSE:RLX) Analysts Have Been Trimming Their Sales Forecasts

One thing we could say about the analysts on RLX Technology Inc. ( NYSE:RLX ) - they aren't optimistic, having just...
Seeking Alpha Aug 24

RLX Holds Breath As Illegal Vaping Slows Its Rebound

Summary China’s vaping giant has been slow to bounce back from an industry crackdown due to competition from makers of illegal rival products. RLX’s revenue plunged 83% in the second quarter year-on-year, but was up from the previous quarter as it adjusts to a new regulatory framework launched last fall. Despite complying with the new framework, China’s leading maker of vaping devices continues to face challenges from illegal rival products. Read the full article on Seeking Alpha
Seeking Alpha Aug 04

RLX Technology: A Potential Miss For Upcoming Results

Summary Analysts see RLX delivering a better set of results in Q2 2023 as compared to that for Q1 2023. In my view, the sell-side is too bullish on RLX's near-term prospects, and I'm expecting the company's actual second quarter performance to be weaker than what the market anticipates. I revise my rating for RLX to a Sell, taking into account the potential Q2 miss and its rich valuations. Read the full article on Seeking Alpha
Articolo di analisi Jul 18

When Should You Buy RLX Technology Inc. (NYSE:RLX)?

While RLX Technology Inc. ( NYSE:RLX ) might not be the most widely known stock at the moment, it received a lot of...
Articolo di analisi Jun 08

RLX Technology (NYSE:RLX) Could Be Struggling To Allocate Capital

If we want to find a potential multi-bagger, often there are underlying trends that can provide clues. Firstly, we'd...
Seeking Alpha May 26

RLX Technology: Recent Share Price Correction Is Justified

Summary RLX has been hit by a substantial stock price correction and a significant valuation multiple compression after it reported a disappointing set of results for Q1 2023. With the e-cigarette market in China becoming regulated in late-2022, RLX Technology's sales and profit margins have been negatively impacted by adverse regulatory changes. I rate RLX's shares as a Hold, as I think that its recent share price pullback is justified, and recovery to pre-regulation revenue and profitability levels will take time. Read the full article on Seeking Alpha
Articolo di analisi Apr 25

RLX Technology Inc. (NYSE:RLX) Shares Could Be 46% Below Their Intrinsic Value Estimate

Key Insights The projected fair value for RLX Technology is US$4.63 based on 2 Stage Free Cash Flow to Equity RLX...
Articolo di analisi Mar 17

Weak Statutory Earnings May Not Tell The Whole Story For RLX Technology (NYSE:RLX)

Despite RLX Technology Inc.'s ( NYSE:RLX ) recent earnings report having lackluster headline numbers, the market...
Articolo di analisi Mar 16

The RLX Technology Inc. (NYSE:RLX) Analysts Have Been Trimming Their Sales Forecasts

The analysts covering RLX Technology Inc. ( NYSE:RLX ) delivered a dose of negativity to shareholders today, by making...
Articolo di analisi Mar 11

Do RLX Technology's (NYSE:RLX) Earnings Warrant Your Attention?

The excitement of investing in a company that can reverse its fortunes is a big draw for some speculators, so even...
Articolo di analisi Feb 09

Returns On Capital Are Showing Encouraging Signs At RLX Technology (NYSE:RLX)

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
Articolo di analisi Jan 25

Investor Optimism Abounds RLX Technology Inc. (NYSE:RLX) But Growth Is Lacking

There wouldn't be many who think RLX Technology Inc.'s ( NYSE:RLX ) price-to-earnings (or "P/E") ratio of 13x is worth...

Rendimenti per gli azionisti

RLXUS TobaccoUS Mercato
7D-6.5%-6.1%-1.8%
1Y-10.9%-8.1%23.3%

Ritorno vs Industria: RLX ha avuto una performance inferiore rispetto al US Tobacco che ha registrato un rendimento -8.1 % nell'ultimo anno.

Rendimento vs Mercato: RLX ha avuto una performance inferiore al mercato US che ha registrato un rendimento 23.3 % nell'ultimo anno.

Volatilità dei prezzi

Is RLX's price volatile compared to industry and market?
RLX volatility
RLX Average Weekly Movement4.6%
Tobacco Industry Average Movement9.6%
Market Average Movement7.3%
10% most volatile stocks in US Market16.8%
10% least volatile stocks in US Market3.1%

Prezzo delle azioni stabile: RLX non ha avuto una volatilità dei prezzi significativa negli ultimi 3 mesi rispetto al mercato US.

Volatilità nel tempo: La volatilità settimanale ( 5% ) di RLX è rimasta stabile nell'ultimo anno.

Informazioni sull'azienda

FondatoI dipendentiAMMINISTRATORE DELEGATOSito web
2018897Kate Yingir.relxtech.com

RLX Technology Inc. sviluppa, produce e vende prodotti e-vapor nella Repubblica Popolare Cinese e a livello internazionale. Offre prodotti e-vapor ricaricabili con i nomi Qingyu, Phantom, Phantom Pro, Zeus, Leili e Daqian e prodotti e-vapor monouso con i nomi Feiliu e Feiliu Mega. L'azienda fornisce anche prodotti ricaricabili a sistema chiuso, prodotti a sistema aperto, prodotti monouso a sistema chiuso e prodotti orali moderni.

RLX Technology Inc. Riepilogo dei fondamenti

Come si confrontano gli utili e i ricavi di RLX Technology con la sua capitalizzazione di mercato?
RLX statistiche fondamentali
Capitalizzazione di mercatoUS$2.25b
Utili (TTM)US$145.19m
Ricavi(TTM)US$646.06m
15.8x
Rapporto P/E
3.6x
Rapporto P/S

Utili e ricavi

Statistiche chiave sulla redditività dall'ultima relazione sugli utili (TTM)
RLX Conto economico (TTM)
RicaviCN¥4.38b
Costo del fatturatoCN¥2.92b
Profitto lordoCN¥1.46b
Altre speseCN¥472.95m
UtiliCN¥983.96m

Ultimi utili riportati

Mar 31, 2026

Prossima data di guadagno

n/a

Utile per azione (EPS)0.81
Margine lordo33.27%
Margine di profitto netto22.47%
Rapporto debito/patrimonio netto0.8%

Come si è comportato RLX nel lungo periodo?

Vedi performance storica e confronto

Dividendi

5.8%
Rendimento attuale del dividendo
96%
Rapporto di remunerazione

Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2026/06/22 16:44
Prezzo dell'azione a fine giornata2026/06/22 00:00
Utili2026/03/31
Utili annuali2025/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; disponiamo inoltre di guide su come utilizzare i nostri report e di tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

RLX Technology Inc. è coperta da 14 analisti. 5 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Lucy YuBofA Global Research
Luzi LiBofA Global Research
Yunqiao DuCCB International Securities Limited