RLX Technology Inc.
RLX · Cigarettes · EDGAR filings ↗
Grade
B79Fast-growing, highly cash-rich China e-vapor leader, capped by governance and regulatory overhang.
Strengths
- Top-decile growth and profitability metrics (revenue +44% 87th, net income +67% 81st, net margin 23% 88th, FCF 90th)
- Fortress balance sheet — $7.7B cash (96th pct), current ratio 5.7, interest coverage 51
Risks
- China VIE structure, PFIC status, HFCAA delisting risk and dual-class control
- Severe e-vapor regulatory regime (excise taxes, flavor bans, national platform) — binary policy risk; ROE only 5.9% on cash drag
Notable findings
- Customer concentration~11% of revenue from one customer/distributor — Additionally, the E-cigarette Tax Announcement provides that (i) E-cigarette manufacturers and importers are subject to excise tax at the rate of 36% on the production or import of e-cigarettes, and (
- Strong balance sheetStrong balance sheet — $1.1B cash & investments
Key metrics
Gross margin
29.9%
Operating margin
8.3%
Net margin
23.3%
Return on equity
5.9%
Return on assets
5.1%
Revenue growth (QoQ)
50.3%
Net-income growth
74.4%
Interest coverage
51.4×
Current ratio
5.7×
Free cash flow
$141M
Tangible book value
$2.1B
Cash & investments
$1.1B
Stock comp / revenue
4.7%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-23 | 2025-12-31 | 0001104659-26-047278 ↗ |
| 20-F | 2025-04-17 | 2024-12-31 | 0001410578-25-000790 ↗ |
| 20-F | 2024-04-19 | 2023-12-31 | 0001104659-24-049421 ↗ |
| 20-F | 2023-04-21 | 2022-12-31 | 0001104659-23-047999 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001104659-22-052805 ↗ |
| 20-F | 2021-04-23 | 2020-12-31 | 0001104659-21-054146 ↗ |