RLX Technology Inc
RLX
RLX Technology Inc AI Insights
Informational only. Not investment advice.Snapshot
- Cash of 8.5B exceeds market cap of 3.0B by 2.8x - trading below net cash value with negative EV (-299M TTM)[Cash and Short-term Investments]
- Revenue TTM grew 52% while 3Y CAGR is -0.3% - sharp recovery from multi-year decline, sustainability uncertain[Total Revenue 1Y Growth]
- Net margin 23.4% vs operating margin 6.1% TTM - 140M interest income inflates profitability, core ops weaker[Net Margin]
Watch Triggers
- Total Revenue 1Y Growth: Falls below 10% — Would confirm 52% growth was one-time recovery, not sustainable trend
- Dividends Paid Per Share: Increases >50% or special dividend announced — Signals management commitment to returning excess cash, catalyst for re-rating
- Operating Margin: Expands above 10% — Core business profitability improving vs reliance on interest income
Bull Case
Trading at 0.2x book value with 8.5B cash vs 3.0B market cap - buying $2.80 of cash for $1.00 plus operating business generating 1.3B FCF TTM
52% revenue growth TTM with 39% FCF margin shows operational leverage; if growth sustains, multiple re-rating likely
Bear Case
China regulatory risk on vaping industry; 3Y revenue CAGR of -0.3% suggests 52% TTM growth may be unsustainable rebound
ROE of 4.8% and ROIC of 4.8% TTM - massive cash pile earning sub-2% drags returns; value trap if capital stays idle
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
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Forward Thesis
Cash deployment decision will determine if value gap closes or persists
- 8.5B cash earning 140M interest (1.7% yield)
- Dividend yield ~4.8% signals some capital return
- No M&A or buyback acceleration visible
Public Strategies Rankings
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RLX Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$2.99B | — | ||
$-299.29M | — | ||
4.2 | — | ||
$3.27B | +51.6% | — | |
$0.55 | +62.3% | — | |
6.05% | +17.0% | — | |
23.4% | -6.4% | — | |
$1.28B | +103.0% | — | |
0.05 | +0.7% | — | |
Beta 5Y (Monthly) | unknown | — |
RLX Dividend History
2026
$0.10002025
$0.01002024
$0.01002023
$0.0100RLX Stock Splits
RLX SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/14/25 | 09/30/25 | 6-K | |
08/22/25 | 06/30/25 | 6-K | |
05/16/25 | 03/31/25 | 6-K | |
04/17/25 | 12/31/24 | Unknown | |
11/15/24 | 09/30/24 | 6-K | |
08/16/24 | 06/30/24 | 6-K | |
05/17/24 | 03/31/24 | 6-K | |
04/19/24 | 12/31/23 | 20-F | |
11/13/23 | 09/30/23 | 6-K | |
08/18/23 | 06/30/23 | 6-K | |
05/17/23 | 03/31/23 | 6-K | |
04/21/23 | 12/31/22 | 20-F | |
11/16/22 | 09/30/22 | 6-K | |
09/22/22 | 06/30/22 | 6-K | |
05/20/22 | 03/31/22 | 6-K | |
05/20/22 | 12/31/21 | 6-K | |
12/03/21 | 09/30/21 | 6-K | |
08/20/21 | 06/30/21 | 6-K | |
06/03/21 | 03/31/21 | 6-K | |
06/03/21 | 12/31/20 | 6-K | |
01/22/21 | 09/30/20 | 424B4 | |
08/20/21 | 06/30/20 | 6-K | |
06/03/21 | 03/31/20 | 6-K | |
01/22/21 | 12/31/19 | 424B4 |