RLX Technology Inc. (NYSE: RLX) announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025, on March 13.
According to the financial report, RLX Technology's net revenue for the fourth quarter of 2025 was RMB 1.1413 billion (US$163.2 million), representing a 40.3% increase compared to the same period in 2024. On a non-GAAP basis, adjusted net profit for the quarter was RMB 323.0 million (US$46.19 million), a 27.6% year-over-year increase. For the full year 2025, net revenue reached RMB 3.9589 billion (US$566.1 million), up 44.0% year-over-year. Full-year non-GAAP adjusted net profit was RMB 1.1623 billion (US$166.2 million), an increase of 23.5% compared to 2024.
Ms. Wang Ying, Founder, Chairperson, and CEO of RLX Technology, stated that 2025 was a year of significant, high-quality growth for the company, with a strong fourth-quarter performance capping off the year. Over the past year, the company actively advanced its global strategy, with its international business maintaining rapid development and serving as the core driver of overall growth. Simultaneously, the continuous strengthening of market regulations in Mainland China has improved the competitive environment for compliant companies, leading to a moderate recovery in the company's domestic business. Operationally, the company has enhanced its ability to respond to consumer demand across different global markets through ongoing product innovation, supply chain collaboration, and optimization of its channel system, while further strengthening synergistic development with partners. By deeply integrating organic growth with strategic investments, the company is building a more robust and sustainable global business system. Looking ahead to 2026, RLX Technology will focus on multi-dimensional growth, continue to deepen its global footprint, actively seize development opportunities in various markets, persistently provide high-quality, leading products for adult consumers, and promote the standardization and sustainable development of the industry.
Mr. Lu Chao, CFO of RLX Technology, commented that the 2025 results fully demonstrate the resilience and scalability of the company's global business model. The revenue growth was primarily driven by the continued expansion of the international business, synergistic effects from strategic overseas investments, and the moderate recovery of the Mainland China business. International business has become the company's primary growth driver, with revenue from international markets accounting for 76.5% of total revenue in the fourth quarter of 2025, significantly optimizing the overall revenue structure and profitability. Strong revenue growth, combined with rigorous optimization of the revenue mix, resulted in significant operating leverage, driving a 110.2% increase in the company's non-GAAP operating profit for 2025. Furthermore, the company's capital allocation strategy remains focused on maximizing shareholder value. The company has cumulatively returned over US$500 million to shareholders, underscoring its commitment to prudent capital management. Going forward, RLX Technology will fully leverage the integration efficiencies of its global market network to drive sustainable, profitable growth, continue to innovate, and deliver superior long-term returns.
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