RLX Technology Inc.
In the published model solve dated 2026-Q2, anchored at $1.95, RLX Technology Inc. (RLX) is priced for today's economics sustained for ~8.3 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 28, 2026 from SEC EDGAR filings.
• RLX Technology is an e-vapor company, originally China-focused and now pivoting hard toward international markets, selling mostly through offline distributors, with international revenue reaching 72.3 percent of the total in the most recent quarter. • The balance sheet dominates the story: RLX holds roughly $1.09 billion in net cash against a market value implied by a $1.85 share price, so a large share of what an investor pays is cash, while the operating business earns only a mid-single-digi
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96 institutional managers reported holding RLX in 13F filings for the quarter ended 2026-03-31. Together they hold about 21% of the company; the top 10 hold 17%. 19 opened new positions that quarter. Held by Vanguard Group, D. E. Shaw, BlackRock, among others. On the short side, 5.4M shares were sold short as of the 2026-06-15 count, about 0.4% of shares outstanding (1.9 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
RLX has cut its share count 12.7% over the past five years, spending $340.52M on repurchases. It pays a dividend, and has for 3 years running; the current rate is $0.11 a share annually. Cash returned over the past three years: $38.26M in dividends and $247.96M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.