NAS10029,709+0.19%S&P7,737+0.19%GOLD$4,053−0.54%BTC$80,942+0.17%VIX17.29−1.31%latest tape · as of 18:04 UTC
The Screen · Consumer Defensive · Tobacco
RLXRLX Technology Inc.
RLX · the NYSE · USD · Market cap $2.0B · 897 employees
RLX Technology Inc., through its subsidiaries, develops, manufactures, and sells e-vapor products in the People's Republic of China and internationally.
FAIL · Does not pass the screen
1.63 USD
Price as of 27 Oct 2026Daily close, not a live quote
Screened 2026-10-27 · the tape above runs as of 18:04 UTC · two dates, stated on purpose · verdict and workings shown in full · never trimmed
Key facts today
Price1.63 USD at the 27 Oct 2026 close
Ethical screenDoes not pass
OptionsOpen interest leans heavily to calls (put/call 0.00)
Last reviewed27 Oct 2026 (1 days ago)
A summary of the dated readings below, not a live quote and not advice.
PRICE · FAIR-VALUE RANGE1M3M6MYTD1Y3Y5Y
What this means: price 1.63 against the desk's fair-value range, base estimate 3.04, over the last year.
Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price1.63 USD
Fair value3.04
Ethical score30.0/100
Our investment reviews on this name
2026-10-27Read Markdown1.71-4.7% to today ✓Accumulation gives way to Markdown first Markdown read since October
2026-10-20Read Accumulation1.71-4.7% to today Markdown gives way to Accumulation after a 13% slide in 10 weeks
2026-08-11Read Markdown1.96-16.8% to today ✓Distribution gives way to Markdown
2026-07-02Read Distribution2.05-20.5% to today ✓First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
RLX Technology Inc. holds its Markdown at $1.63. The statistical read favours the buyers, held for 2 days.
As held on the ledger · 2026-10-27
Phase
Markdown · caution
Quantitative state
The statistical read favours the buyers, held for 2 days
Price at the screen
$1.63
Valuation
14.82 trailing · 9.97 forward price to earnings
Values screen
FAIL· score 30.0
Beta
1.13
The Workings
Five Screens, Shown in Full
Does not pass. Prohibited business activity: Tobacco
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited business activity: Tobacco
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
RLX Technology does not clear the screen at the business-activity stage. It operates in tobacco, so the financial ratios are not the deciding factor here.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when RLX's ethical verdict changes
Today RLX does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-27 screen. The gold marker is the market price at the same screen. A 86.6% margin of safety to the base estimate.
Third-party analyst targets: 6 covering, consensus Strong Buy. The average target sits +73% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-27 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
China's e-cigarette maker fails the ethical test
Every time a vaper in Shanghai swaps a cartridge the money flows through RLX Technology, a fast-growing maker of rechargeable and disposable e-vapor devices. Revenue jumped 107 percent last year and the forward multiple sits at just 12.3 times, yet none of that matters once the ethical screen is applied.
We pass without hesitation. The business sits squarely inside prohibited tobacco activity, which overrides any margin of safety implied by a $3.15 fair value against the $2.05 price or the 22 percent profit margin. Strong analyst targets cannot rescue a name that fails at the first gate.
ROE of only 6 percent already signals limited competitive strength, and the unknown moat adds further uncertainty. Currency and regulatory risk in China would sit on any holder anyway, but the ethical breach ends the conversation before those factors are weighed. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to China and to currency swings; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
RLX trades on the NYSE (the company is based in China). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-27Markdown · changed$1.71+0.0%Entry 8
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows negative risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are down 10%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (5 analysts) rates it strong buy, with a mean price target of $3.
2026-10-20Accumulation · changed$1.71+0.0%Entry 7
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading neutral. Over the past year the shares are down 10%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (5 analysts) rates it strong buy, with a mean price target of $3.
2026-10-02Markdown$1.71-5.0%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 5.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 10%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (5 analysts) rates it strong buy, with a mean price target of $3.
2026-09-11Markdown$1.80-8.2%Entry 5
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.2% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 10%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (5 analysts) rates it strong buy, with a mean price target of $3.
2026-08-11Markdown · changed$1.96-4.4%Entry 4
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 10%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (5 analysts) rates it strong buy, with a mean price target of $3.
2026-07-18Distribution$2.05+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D, carrying a low risk profile. Technically it is momentum reading neutral. Over the past year the shares are down 10%. Our forward projection puts the odds of a 10% gain over the next month near 22%. The street (5 analysts) rates it strong buy, with a mean price target of $3.
2026-07-03Distribution$2.05+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
2026-07-02Distribution$2.05Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.