Relx
Branded e-vapor products for adult smokers.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| investor | €0.0 | round | |
| N/A | N/A | IPO | |
| Total Funding | 000k | ||
| CNY | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|
| Revenues | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % growth | 147 % | 123 % | (37 %) | (77 %) | 96 % | 26 % | 28 % |
| EBITDA | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % EBITDA margin | - | 26 % | 17 % | (52 %) | (3 %) | - | - |
| Profit | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| % profit margin | (3 %) | 24 % | 27 % | 43 % | 23 % | - | - |
| EV | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| EV / revenue | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| EV / EBITDA | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x | 00.0x |
| R&D budget | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 | 0000 |
| R&D % of revenue | 8 % | 2 % | 6 % | 14 % | 4 % | - | - |
Source: Company filings or news article, Equity research estimates
RLX Technology Inc., known for its brand RELX, is a company engaged in the manufacturing and sale of e-vapor products targeted at adult smokers. Founded in January 2018 by a team including Kate Wang, David Jiang, Yilong Wen, and Bing Du, the company was established in Beijing, China. The founding was personally motivated by CEO Kate Wang's desire to help her father quit traditional cigarettes. Wang brought extensive experience from her previous leadership roles at Uber China and Didi Chuxing. The founding team also included individuals with backgrounds in major tech and consumer goods companies like Procter & Gamble.
RLX Technology experienced rapid growth, becoming a leading e-vapor brand in China shortly after its launch. It secured significant early-stage funding, including a $38 million Series A round in June 2018 led by Sequoia Capital China and Source Code Capital. A major milestone was its Initial Public Offering (IPO) on the New York Stock Exchange (NYSE: RLX) in January 2021, which raised approximately $1.4 billion. The company’s sales grew from $20 million in its first year to $585 million in 2020.
The company's business model centers on the design, development, and sale of its branded e-vapor devices and pods. While it conducts research and development in-house, manufacturing is outsourced to partners like Foxconn and Smoore International. RLX utilizes an integrated offline distribution network and a "Branded store plus" retail model to reach its customers. Its revenue is primarily generated from the sale of these products to adult smokers. The company has faced and adapted to significant regulatory changes in China, which included stricter licensing requirements and flavor bans, and in July 2022, it obtained a crucial manufacturing license from the State Tobacco Monopoly Administration.
Keywords: e-vapor, electronic cigarettes, vaping products, adult smokers, smoking alternative, nicotine salt, vape pods, RELX, e-cigarette manufacturer, consumer electronics, offline distribution, retail model, smoking cessation, Kate Wang, NYSE: RLX
Investments by Relx
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