RLX Technology remains a BUY despite margin pressure, driven by strong growth and solid cash position.

RLX Technology Inc. maintains a BUY rating despite margin compression after its 2Q26 earnings. The company's international segment now accounts for 70% of revenue, boosted by recent European acquisitions that enhance distribution and growth potential. Gross margins peaked in 2Q26 and are expected to normalize in the second half of 2026 due to increased distributor involvement and product mix changes. RLX's strong $2 billion cash balance, consistent capital returns, and a 6.4% trailing yield support ongoing dividend growth and a favorable risk/reward profile for investors.

As of Sep 20, 2026 18:41 WIB, RLX Technology Inc shares trade at USD 1.71 on Pluang, down 0.58% for the day with a market cap of $2.05 billion. The stock shows a dividend yield of 5.95%, slightly below the 6.4% trailing yield mentioned in the article. Trading volume is robust at over 44 million shares, reflecting active investor interest in the company’s evolving international business.