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RLX Technology Inc.

RLX Technology Inc.

NYSE•RLX
CEO: Ms. Wang Ying
Sector: Consumer Defensive
Industry: Tobacco
Listing Date: 2021-01-22
RLX Technology Inc., together with its subsidiaries, engages in the manufacture and sale of e-vapor products in the People's Republic of China and internationally. It serves partner distributors and retail outlets. The company was founded in 2018 and is headquartered in Beijing, China.
Contact Information
Building 1, Junhao Central Park Plaza, 19th Floor No. 10 South Chaoyang Park Avenue Chaoyang District, Beijing, 100026, China
N/A
ir.relxtech.com
Market Cap
$2.82B
P/E (TTM)
27.3
22.6
Dividend Yield
0.3%
52W High
$2.84
52W Low
$1.66
52W Range
55%
Rank40Top 42.0%
4.1
F-Score
Modified Piotroski Analysis
Based on 7-year fundamentals
Average • 4.1 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2019-2025

Financial Dashboard

Q3 2025 Data

Revenue

$144.47M+52.18%
4-Quarter Trend

EPS

$0.02+21.43%
4-Quarter Trend

FCF

$49.96M+128.38%
4-Quarter Trend

2024 Annual Earnings Highlights

Key Highlights

Net Revenue Jumps 73.3% Net revenues reached RMB 2,748.6 M in 2024, marking a 73.3% increase from RMB 1,586.4 M reported in 2023.
Gross Margin and Profitability Up Gross profit increased 87.4% to RMB 726.5 M in 2024; gross margin improved to 26.4% from 24.4%.
Operating Expenses Decline Total operating expenses decreased 5.7% to RMB 833.7 M in 2024, driven primarily by reduced salaries and welfare benefits costs.
Strong Cash Position Maintained Cash, cash equivalents, and restricted cash grew significantly to RMB 5,644.4 M by December 31, 2024, supporting liquidity.

Risk Factors

Evolving PRC Regulatory Landscape Business operations face material risks from complex, evolving PRC laws regarding licensing, distribution, and excise taxation compliance.
VIE Structure Enforcement Uncertainty Reliance on contractual VIE arrangements is subject to uncertainties regarding PRC interpretation and enforceability in courts.
Manufacturing Capacity Constraints Approved manufacturing capacity limits and reliance on key suppliers may restrict ability to meet future market demands.
Product Health Perception Risks Negative publicity concerning long-term health risks of e-vapor products could significantly reduce usage and adversely affect sales.

Outlook

International Expansion Strategy Successfully expanded into three new Asia-Pacific markets during 2024; planning European investment contingent on regulatory approvals.
Focus on Compliant Product Line Introduced the first compliant disposable product line, "Feiliu," in 2024, adapting portfolio to strict national standards.
Continued Cost Optimization Efforts Management focuses on cost optimization initiatives, including better component use, to drive further gross margin improvements year-over-year.
Shareholder Dividend Policy Board approved a cash dividend of US$0.01 per share in November 2024, payable in December 2024, subject to discretion.

Peer Comparison

Revenue (TTM)

Flowers Foods, Inc.FLO
$5.13B
+0.3%
The Chefs' Warehouse, Inc.CHEF
$4.04B
+8.9%
The Boston Beer Company, Inc.SAM
$2.01B
+0.2%

Gross Margin (Latest Quarter)

Interparfums, Inc.IPAR
63.5%
-0.4pp
Turning Point Brands, Inc.TPB
59.2%
+25.1pp
The Boston Beer Company, Inc.SAM
50.8%
+4.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
FIZZ$3.16B17.039.3%8.8%
IPAR$2.88B17.620.3%14.7%
RLX$2.82B27.34.7%0.9%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
12.2%
Steady Growth
4Q Net Income CAGR
18.7%
Profitability Improved
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Next earnings:Mar 12, 2026
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EPS:-
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Revenue:-
Reports
All Years

  • Form 20-F - FY 2024

    Period End: Dec 31, 2024|Filed: Apr 17, 2025|
    Revenue: $339.74M+96.5%
    |
    EPS: $0.06+12.5%
    Beat

  • Form 20-F - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 19, 2024|
    Revenue: $175.68M-76.7%
    |
    EPS: $0.06-63.3%
    Beat

  • Form 20-F - FY 2022

    Period End: Dec 31, 2022|Filed: Apr 21, 2023|
    Revenue: $792.20M-37.4%
    |
    EPS: $0.16-24.3%
    Miss

  • Form 20-F - FY 2021

    Period End: Dec 31, 2021|Filed: Apr 29, 2022|
    Revenue: $1.32B+123.1%
    |
    EPS: $0.22+1845.5%
    Miss

  • Form 20-F - FY 2020

    Period End: Dec 31, 2020|Filed: Apr 23, 2021|
    Revenue: $553.64M+146.5%
    |
    EPS: $-0.01-368.7%
    Miss