RLX Technology Inc.

RLX Technology Inc.

RLX
RLX Technology Inc.US flagNew York Stock Exchange
2.07
USD
+0.01
- -
2.53BMarket Cap
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
0.09
1
2.46
6.08
4
0.95
1.98
2.96
3.57
Basic EPS, GAAP
- -
0.03
-0.08
1.44
1.09
0.41
0.45
0.75
0.8
Free Cash Flow per Basic Share
- -
0.16
1.66
1.19
0.34
0.13
0.68
0.81
0.68
Dividend per Share
- -
0.02
- -
- -
- -
0.07
0.07
0.07
- -
Book Value per Share
- -
0.03
-0.05
1.36
2.52
2.87
3.42
3.37
- -
Tangible Book Value per Share
- -
0.06
0.97
9.64
11.77
11.79
12.89
12.22
12.43
Basic Weighted Avg Shares
1,553
1,553
1,553
1,401
1,320
1,311
1,232
1,224
1,225
Sales/Revenue/Turnover
133
1,549
3,820
8,521
5,280
1,244
2,445
3,617
4,378
Operating Margin (%)
1.67
3.64
0.34
26.98
20.14
-39.93
-4.38
9.08
11.32
Depreciation Expense
- -
13
62
114
164
97
76
92
- -
Net Income, GAAP
- -
48
-128
2,025
1,441
534
552
922
984
Effective Tax Rate (%)
113.68
35.19
225.06
23.74
20.87
8.58
14.34
11.3
11.92
Profit Margin (%)
-0.22
3.08
-3.35
23.76
27.3
42.95
22.57
25.49
22.47
Working Capital
7
563
1,370
11,213
10,408
8,315
8,443
9,239
10,198
LT Debt
- -
61
49
104
40
24
7
56
50
Total Equity
7
106
1,509
13,519
15,540
15,598
15,990
15,732
15,993
Return on Invested Capital (%)
- -
34.06
-1.52
21.55
5.6
-2.89
-0.58
1.81
2.66
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
Return on Common Equity (%)
- -
- -
- -
- -
55.07
15.07
13.82
22.11
- -

Capital Structure

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
ST Debt
136
136
161
LT Borrowings
- -
- -
- -
LT Finance Leases
29
56
50
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,217
1,217
1,222
Market Capitalization
22,888
19,944
18,598

Working Capital

FRC

in mil. unless spec.
Sep'25
Dec'25
Mar'26
Total Current Assets
9,583
11,204
11,551
Cash, Cash Equivalents & STI
8,469
10,004
9,500
Accounts Receivable, Net
210
195
339
Inventories
231
298
372
Total Current Liabilities
1,030
1,965
1,354
Payables & Accruals
800
1,713
1,113
ST Debt
136
136
161
Deferred Revenue
94
84
80

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
- -
162.46%
-1.62%
Free Cash Flow
- -
50.46%
17.07%
Net Income, GAAP
- -
-340.4%
67.05%
Sales/Revenue/Turnover
- -
30.62%
47.97%
Total Cash Common Dividend
- -
- -
2.96%

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
470
559
679
736
2,445
2025
708
794
1,034
1,081
3,617
2026
1,470
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.11
0.11
0.14
0.1
0.45
2025
0.18
0.18
0.17
0.23
0.75
2026
0.23
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.07
2025
- -
- -
- -
- -
0.07
2026
- -
- -
- -
- -
- -

Company Description

APIChat
CEO
Wang Ying
Full Time Employees
381
Sector
Consumer Defensive
Industry
Tobacco
Address
Junhao Central Park Plaza Beijing People's Republic of China 100026
IPO Date
Jan 22, 2021
Business
RLX Technology Inc is a leading global branded e-vapor company specializing in the design, development, and sale of electronic vapor products. Its core product portfolio includes closed-system rechargeable e-vapor devices under the RELX brand, e-liquid cartridges (pods) proprietary to its devices, and related accessories. The company focuses on high technology features such as ceramic coil and temperature control, ensuring compliance with stringent national regulatory standards and emphasizing product safety, quality control, and performance. RLX leverages proprietary research and development capabilities, supply chain management, and extensive offline distribution networks primarily across China, Southeast Asia, and North Asia markets. It targets adult smokers with products tailored to meet regulatory requirements and consumer preferences. RLX also offers a multi-layered development framework encompassing device interactions, applications, infrastructure, and phase transitions to improve user experience holistically. Founded in 2018 and headquartered in Beijing, China, RLX Technology has experienced substantial international expansion and operational advances. In the last two years, the company has launched the “Big Puff” line of rechargeable devices, designed as sustainable alternatives to disposable vapes and compliant with bans in markets such as the UK and New Zealand. This product line exemplifies RLX’s strategic shift toward innovation aligned with evolving regulation, reflecting cost-effective solutions for consumers. Financially, RLX reported a 49% year-over-year revenue increase in Q3 2025 to approximately $158.6 million, with international sales accounting for 46.5% of total revenue, driven by premium pricing strategies and disciplined cost management. The company has reduced R&D expenses by 22% while maintaining a gross margin above 27%, highlighting operational efficiency amid regulatory challenges. RLX targets a 2025 revenue of $430 million and continues to execute a growth strategy focused on global market expansion and regulatory compliance. RLX operates within the e-vapor industry segment, providing branded electronic vaping devices and e-liquids for adult consumers who comply with age verification and regulatory constraints. Its business model combines in-house technological innovation with outsourced manufacturing to optimize quality and scalability. The company extends its geographic reach beyond China into Southeast Asia, North Asia, and selected Western markets, adapting products and marketing strategies according to local regulatory frameworks. RLX has also strengthened strategic partnerships and enhanced supply chain integration to support global distribution. This comprehensive approach enables RLX Technology to maintain its position as a market leader in regulated e-vapor products with a strong focus on safety, sustainability, and consumer satisfaction. Overall, RLX Technology Inc. demonstrates robust growth facilitated by product innovation, strategic geographic expansion, and rigorous regulatory compliance, positioning it as a resilient and adaptive player in the global e-vapor market. The company’s recent business developments underscore its commitment to sustainable growth and responsiveness to industry transformation through technology-driven differentiation and operational discipline. Sources: Recent financial reports and earnings calls (2024-2025), company website and investor relations information, industry news on product launches and market expansion.

Company News

APIChat
  • RLX Technology: Focus On The Fundamentals

  • RLX Technology Inc. (RLX) Q1 2026 Earnings Call Transcript

  • RLX Technology Q1 Earnings Call Highlights

  • RLX Technology Announces Unaudited First Quarter 2026 Financial Results

  • RLX Technology to Report First Quarter 2026 Financial Results on May 20, 2026

  • RLX Technology Files 2025 Annual Report on Form 20-F

  • RLX Technology Inc. Sponsored ADR $RLX Shares Bought by JPMorgan Chase & Co.

  • Contrasting RLX Technology (NYSE:RLX) & Colruyt (OTCMKTS:CUYTY)

  • Maintaining RLX Technology At 'Strong Buy'

  • RLX Technology Q4 Earnings Call Highlights

  • RLX Technology Inc. (RLX) Q4 2025 Earnings Call Transcript

  • RLX Technology Announces Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results

  • RLX Technology to Report Fourth Quarter and Fiscal Year 2025 Financial Results on March 13, 2026

  • RLX Technology: Strategic International Expansion With Margin Upside

  • Reviewing RLX Technology (NYSE:RLX) and Ceconomy (OTCMKTS:MTTRY)

  • RLX Technology Extends US$500 Million Share Repurchase Program

  • Nomura Holdings Inc. Cuts Holdings in RLX Technology Inc. Sponsored ADR $RLX

  • RLX Technology: Spotlight On Product Diversification Progress And Dividend Outlook

  • Globalization Strategy Fires Up Vaping leader RLX

  • RLX Technology Inc. (RLX) Q3 2025 Earnings Call Transcript