RLX Technology Inc., through its subsidiaries, develops, manufactures, and sells e-vapor products in the People's Republic of China and internationally. It serves the product through offline distributors. The company was founded in 2018 and is headquartered in Shenzhen, the People's Republic of China.
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Competitive advantage assessment
Key strengths
Strong Interest Coverage & Conservative LeverageDebt serviceability is strong (score 0.81), with robust interest coverage.
Consistent Cash GenerationCash generation is strong and consistent (score 0.98).
Key risks
ROIC Below WACC or PeersROIC at 37.6th percentile suggests inefficient capital deployment.
Revenue Volatility Signals Weak StickinessRevenue volatility is high (stability score 0.10), suggesting weak customer stickiness.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Where RLX ranks in Consumer Defensive: Staples & Essential Services
RLX Technology Inc. ranks #115 of 265
scored companies in Consumer Defensive: Staples & Essential Services by moat score — the top 43%.
The widest moat in the group is Brown Forman Inc (BF-A)
at 93/100.
Moat scores for companies ranked near RLX in Consumer Defensive: Staples & Essential Services
Pricing power is the ability to raise prices without losing volume.
Cost Advantage
Score 72
· 15% of the moat score
A cost advantage means delivering the same product for structurally less — better purchasing, denser distribution, a more automated process.
Customer Stickiness
Score 63
· 15% of the moat score
Stickiness is what makes revenue repeat without being re-won every year.
Capital Efficiency
Score 35
· 18% of the moat score
Capital efficiency asks what the company earns on the money tied up in the business.
Resilience
Score 88
· 17% of the moat score
Resilience is the capacity to get through a bad year on its own terms — enough liquidity, enough interest cover, and enough cash generation to avoid a rescue financing or a forced sale.
Scale & Market Position
Score 44
· 15% of the moat score
Scale matters only when it converts into economics.
RLX Technology Inc. (RLX) scores 57 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. It ranks #115 of 265 scored companies in Consumer Defensive: Staples & Essential Services, the top 43%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 264 companies in Consumer Defensive: Staples & Essential Services. Its strongest defense is Resilience (88/100) and its weakest is Capital Efficiency (35/100).
How does RLX Technology Inc. compare with other Consumer Defensive: Staples & Essential Services companies?
RLX Technology Inc. ranks #115 of 265 scored companies in Consumer Defensive: Staples & Essential Services by moat score. The widest moat in Consumer Defensive: Staples & Essential Services is Brown Forman Inc (BF-A) at 93/100. The companies ranked closest are Raytech Holding Limited (RAY) at 57 just above it and USANA Health Sciences, Inc. (USNA) at 57 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — Corporate Default in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 264 companies in Consumer Defensive: Staples & Essential Services. The defenses are then weighted to produce the overall score out of 100.
Why is RLX Technology Inc. scored with the Corporate Default template?
Most public companies sell a product or a service at a margin, so the moat question is whether that margin survives contact with competitors. The Corporate template scores the six defenses that show up in a general operating company's financial signature: whether it can hold price, produce more cheaply than rivals, keep its customers, earn a return above its cost of capital, withstand a downturn, and turn size into economics.
Which competitive defenses are measured for RLX Technology Inc.?
The Corporate Default template measures 6 defenses, and RLX scores: Pricing Power (45), Cost Advantage (72), Customer Stickiness (63), Capital Efficiency (35), Resilience (88), Scale & Market Position (44). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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