RLX Thrives with Globalization Strategy in Vaping Market
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 20 2025
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Source: Benzinga
Strong Revenue Growth: RLX Technology Inc. reported a 49% increase in third-quarter revenue, with over 70% coming from international markets, as the company shifts focus away from its declining home market in China.
Improved Financial Metrics: The company's gross margin improved by 4 percentage points to 31.2%, and net income rose by 22% to 206.8 million yuan, reflecting successful acquisitions and a robust international strategy.
Market Performance and Shareholder Returns: Following positive quarterly results, RLX shares surged by 10.3%, and the company announced a cash dividend of $0.10 per American Depository Share, returning over $500 million to shareholders through dividends and share repurchases.
Regulatory Challenges Ahead: Despite growth, RLX faces significant regulatory scrutiny in various markets, with new rules and tariffs potentially impacting its operations and supply chains, particularly as it expands internationally.
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Analyst Views on RLX
About RLX
RLX Technology Inc is a holding company primarily engaged in the scientific research, technology and product development, supply chain management and distribution of e-vapor products. The products primarily include rechargeable closed-system e-vapor products, open-system products and closed-system disposable products. The products’ brands primarily include Qingyu, Phantom, Phantom Pro, Zeus, Leili, Daqian, Feiliu and Feiliu Mega. The rechargeable e-vapor products consist of a replaceable, snap-in cartridge containing the e-liquid and atomizer, and a device containing the battery and charging portal. The Company is also engaged in the assessment and research of e-liquid and aerosol through RELX Physiochemistry Lab, as well as the evaluation of sensory appeal of e-liquid through the RELX Sensory Analysis Lab. The Company distributes its products within the domestic market and to overseas markets.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
RLX Technology Extends $500 Million Share Repurchase Program to 2027
- Repurchase Program Extension: RLX Technology's board has authorized a 24-month extension of its existing share repurchase program until December 31, 2027, allowing for up to $500 million in repurchases, aimed at boosting shareholder confidence and stabilizing stock prices.
- Repurchase Progress: As of December 31, 2025, the company has repurchased approximately 170 million ordinary shares for about $330 million, with around $170 million remaining available for repurchase, reflecting a proactive approach to capital management.
- Market Operation Flexibility: The company plans to execute repurchases through open market transactions, privately negotiated deals, and other legally permissible means, ensuring adaptability to market conditions and compliance with regulations.
- Funding Source Assurance: The repurchases are expected to be funded primarily from the existing cash balance, indicating the company's financial stability and ability to seize future market opportunities.
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RLX Technology Extends $500 Million Share Repurchase Program to 2027
- Repurchase Program Extension: RLX Technology's board has authorized the extension of its existing share repurchase program for an additional 24 months until December 31, 2027, which is expected to enhance investor confidence and stabilize stock prices.
- Repurchase Amount: Under the current program, the company can repurchase up to $500 million in ordinary shares, having already repurchased approximately $330 million as of December 31, 2025, leaving about $170 million available, indicating the company's recognition of its own value.
- Market Operation Flexibility: The company plans to execute repurchases through open market transactions, privately negotiated deals, and other legally permissible means, allowing it to adapt to market conditions and ensure the effectiveness and efficiency of the buybacks.
- Funding Source: The repurchases are expected to be funded from the company's existing cash balance, reflecting its financial robustness and confidence in future growth.
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