SHENZHEN, China, March 13, 2026 /PRNewswire/ -- RLX Technology Inc. ("RLX Technology" or the "Company") (NYSE: RLX), a leading global branded e-vapor company, today announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2025.
Fourth Quarter 2025 Financial Highlights
-- Net revenues were RMB1,141.3 million (US$163.2 million) in the fourth
quarter of 2025, increasing by 40.3% from RMB813.5 million in the same
period of 2024.
-- Gross margin was 31.4% in the fourth quarter of 2025, compared with 27.0%
in the same period of 2024.
-- Non-GAAP income from operations[1] was RMB158.1 million (US$22.6 million)
in the fourth quarter of 2025, increasing by 37.9% from RMB114.7 million
in the same period of 2024.
-- U.S. GAAP net income was RMB286.3 million (US$40.9 million) in the fourth
quarter of 2025, increasing by 124.8% from RMB127.4 million in the same
period of 2024.
-- Non-GAAP net income[1] was RMB323.0 million (US$46.2 million) in the
fourth quarter of 2025, increasing by 27.6% from RMB253.2 million in the
same period of 2024.
Fiscal Year 2025 Financial Highlights
-- Net revenues were RMB3,958.9 million (US$566.1 million) in fiscal year
2025, increasing by 44.0% from RMB2,748.6 million in the prior year.
-- Gross margin was 29.9% in fiscal year 2025, compared with 26.4% in the
prior year.
-- Non-GAAP income from operations[1] was RMB569.9 million (US$81.5 million)
in fiscal year 2025, increasing by 110.2% from RMB271.1 million in the
prior year.
-- U.S. GAAP net income was RMB934.4 million (US$133.6 million) in fiscal
year 2025, increasing by 65.6% from RMB564.3 million in the prior year.
-- Non-GAAP net income[1] was RMB1,162.3 million (US$166.2 million) in
fiscal year 2025, increasing by 23.5% from RMB940.8 million in the prior
year.
"We delivered robust growth in 2025, capped by a strong fourth quarter performance, as we continued to build structural value across our global footprint," said Ms. Ying (Kate) Wang, Co--founder, Chairperson, and Chief Executive Officer of RLX Technology. "By harmonizing organic business development with targeted strategic investment, we have established a resilient framework for scale. Effective execution drove meaningful progress in our international expansion. At the same time, intensified customs enforcement improved China's competitive landscape for compliant participants, supporting a solid recovery in our Mainland China operations. We also deepened our market integration globally by aligning our product roadmap with granular consumer insights and optimizing channel dynamics to support our partners. For 2026, we are focused on multidimensional growth, leveraging internal agility and strategic external partnerships to navigate evolving market conditions across global markets. Our mission remains clear: to empower adult users with leading harm-reduction alternatives while setting the industry standard for compliance and responsibility, creating sustainable value for all stakeholders."
Mr. Chao Lu, Chief Financial Officer of RLX Technology, commented, "Our 2025 results demonstrate the scalability and resilience of our global business model. Net revenues rose 44.0% year over year, fueled by the coordinated success of our international expansion, the accretive value of our strategic investments in Europe and the Mainland China market recovery. This strong revenue growth, combined with rigorous optimization of our revenue mix, generated meaningful operating leverage and drove a 110.2% increase in non-GAAP operating income. Meanwhile, our capital allocation strategy remained focused on maximizing shareholder value. We have returned over US$500 million to shareholders cumulatively, underscoring our commitment to prudent capital stewardship. Looking forward, we will continue to pursue sustainable, profitable growth, leveraging the efficiencies of our integrated global network to deliver ongoing innovation and superior long-term returns."
Fourth Quarter 2025 Financial Results
Net revenues were RMB1,141.3 million (US$163.2 million) in the fourth quarter of 2025, increasing by 40.3% from RMB813.5 million in the same period of 2024. The increase was primarily due to the Company's international expansion and contributions from its newly acquired entity. Net revenues from international business represented 76.5% of net revenues for the period.
Gross profit was RMB358.0 million (US$51.2 million) in the fourth quarter of 2025, increasing by 62.8% from RMB219.9 million in the same period of 2024.
Gross margin increased to 31.4% in the fourth quarter of 2025 from 27.0% in the same period of 2024, primarily due to a favorable change in the revenue mix and further supply chain optimization.
Operating expenses were RMB239.1 million (US$34.2 million) in the fourth quarter of 2025, compared with RMB231.5 million in the same period of 2024. The slight increase was driven by increased salary and welfare expenses related to the consolidation of the Company's acquired entity, offset by a decrease in share-based compensation expenses.
Selling expenses were RMB111.2 million (US$15.9 million) in the fourth quarter of 2025, compared with RMB45.4 million in the same period of 2024, primarily due to an increase in salaries and welfare expenses.
General and administrative expenses were RMB95.3 million (US$13.6 million) in the fourth quarter of 2025, compared with RMB153.7 million in the same period of 2024, primarily due to a decrease in share-based compensation expenses.
Research and development expenses were RMB32.6 million (US$4.7 million) in the fourth quarter of 2025, compared with RMB32.4 million in the same period of 2024. The slight increase was primarily due to an increase in salaries and welfare expenses and consulting expenses, offset by a decrease in share-based compensation expenses.
U.S. GAAP income from operations was RMB118.9 million (US$17.0 million) in the fourth quarter of 2025, compared with U.S. GAAP loss from operations of RMB11.5 million in the same period of 2024.
Non-GAAP income from operations was RMB158.1 million (US$22.6 million) in the fourth quarter of 2025, increasing by 37.9% from RMB114.7 million in the same period of 2024.
Income tax expense was RMB16.4 million (US$2.3 million) in the fourth quarter of 2025, compared with RMB26.3 million in the same period of 2024.
U.S. GAAP net income was RMB286.3 million (US$40.9 million) in the fourth quarter of 2025, increasing by 124.8% from RMB127.4 million in the same period of 2024.
Non-GAAP net income was RMB323.0 million (US$46.2 million) in the fourth quarter of 2025, increasing by 27.6% from RMB253.2 million in the same period of 2024.
U.S. GAAP basic and diluted net income per American depositary share ("ADS") were RMB0.172 (US$0.025) and RMB0.172 (US$0.025), respectively, in the fourth quarter of 2025, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.100 and RMB0.094, respectively, in the same period of 2024.
Non-GAAP basic and diluted net income per ADS([2]) were RMB0.200 (US$0.029) and RMB0.200 (US$0.029), respectively, in the fourth quarter of 2025, compared with non-GAAP basic and diluted net income per ADS of RMB0.202 and RMB0.192, respectively, in the same period of 2024.
Balance Sheet and Cash Flow
As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, long-term bank deposits, net and long-term investment securities, net, of RMB15,732.1 million (US$2,249.7 million), compared with RMB15,351.1 million as of September 30, 2025. In the fourth quarter of 2025, net cash generated from operating activities was RMB310.2 million (US$44.4 million).
Fiscal Year 2025 Financial Results
Net revenues were RMB3,958.9 million (US$566.1 million) in fiscal year 2025, increasing by 44.0% from RMB2,748.6 million in the prior year. The increase was primarily due to the Company's international expansion and contributions from its acquired entity.
Gross profit was RMB1,183.6 million (US$169.3 million) in fiscal year 2025, increasing by 62.9% from RMB726.5 million in the prior year.
Gross margin increased to 29.9% in fiscal year 2025 from 26.4% in the prior year, primarily due to a favorable change in the revenue mix and further supply chain optimization.
Operating expenses were RMB855.1 million (US$122.3 million) in fiscal year 2025, increasing by 2.6% from RMB833.7 million in the prior year. The slight increase was driven by an increase in salaries and welfare benefits related to the consolidation of our acquired entity, offset by a decrease in share-based compensation expenses.
Selling expenses were RMB387.1 million (US$55.4 million) in fiscal year 2025, compared with RMB229.5 million in the prior year, mainly driven by an increase in salaries and welfare expenses, share-based compensation expenses and shipping expenses.
General and administrative expenses were RMB336.9 million (US$48.2 million) in fiscal year 2025, compared with RMB515.9 million in the prior year, primarily attributable to a decrease in share-based compensation expenses, slightly offset by an increase in salaries and welfare expenses.
Research and development expenses were RMB131.0 million (US$18.7 million) in fiscal year 2025, compared with RMB88.3 million in the prior year, mainly driven by an increase in share-based compensation expenses and salaries and welfare expenses.
U.S GAAP income from operations was RMB328.6 million (US$47.0 million) in fiscal year 2025, compared with U.S. GAAP loss from operations of RMB107.1 million in the prior year.
Income tax expense was RMB119.0 million (US$17.0 million) in fiscal year 2025, increasing by 26.0% from RMB94.5 million in the prior year.
U.S. GAAP net income was RMB934.4 million (US$133.6 million) in fiscal year 2025, increasing by 65.6% from RMB564.3 million in the prior year.
Non-GAAP net income was RMB1,162.3 million (US$166.2 million) in fiscal year 2025, increasing by 23.5% from RMB940.8 million in the prior year.
U.S. GAAP basic and diluted net income per ADS were RMB0.698 (US$0.100) and RMB0.698 (US$0.100), respectively, in fiscal year 2025, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.448 and RMB0.428, respectively, in the prior year.
Non-GAAP basic and diluted net income per ADS were RMB0.875 (US$0.125) and RMB0.873 (US$0.125), respectively, in fiscal year 2025, compared with non-GAAP basic and diluted net income per ADS of RMB0.753 and RMB0.720, respectively, in the prior year.
([1]) Non-GAAP net income and non-GAAP income from operations are non-GAAP financial measures. For more information on the Company's non-GAAP financial measures, please see the section "Non-GAAP Financial Measures" and the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release. ([2]) Non-GAAP basic and diluted net income per ADS is a non-GAAP financial measure. For more information on the Company's non-GAAP financial measures, please see the section "Non-GAAP Financial Measures" and the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
Shareholder Returns
As of December 31, 2025, the Company had cumulatively repurchased 170 million ordinary shares represented by ADS for an aggregate amount of US$330 million. The Company has cumulatively returned approximately US$171 million through cash dividend programs as of March 12, 2026.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 13, 2026 (8:00 PM Beijing/Hong Kong Time on March 13, 2026).
Dial-in details for the earnings conference call are as follows:
United States (toll-free): +1-888-317-6003 International: +1-412-317-6061 Hong Kong, China (toll-free): +800-963-976 Hong Kong, China: +852-5808-1995 Mainland China: 400-120-6115 Participant Code (English line): 8804299 Participant Code (Chinese simultaneous interpretation line): 7472529
Participants may choose between the English and Chinese simultaneous interpretation options above when joining the conference call. Please note that the Chinese simultaneous interpretation option is in listen-only mode. Participants should dial in 10 minutes before the scheduled start time and ask to be connected to the call for "RLX Technology Inc." using the appropriate English or Chinese Participant Code above.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.relxtech.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the call until March 20, 2026, by dialing the following telephone numbers:
United States: +1-855-669-9658 International: +1-412-317-0088 Replay Access Code (English line): 6066425 Replay Access Code (Chinese line) 5700159
About RLX Technology Inc.
RLX Technology Inc. (NYSE: RLX) is a leading global branded e-vapor company. The Company leverages its strong in-house technology, product development capabilities and in-depth insights into adult smokers' needs to develop superior e-vapor products.
For more information, please visit: http://ir.relxtech.com.
Non-GAAP Financial Measures
The Company uses non-GAAP net income, non-GAAP income from operations and non-GAAP basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. Non-GAAP net income represents net income excluding share-based compensation expenses, amortization and depreciation of assets arising from fair value step-up in business acquisitions, and tax effects on non-GAAP adjustments. Non-GAAP income from operations represents net income from operations excluding share-based compensation expenses and amortization and depreciation of assets arising from fair value step-up in business acquisitions. Non-GAAP basic and diluted net income per ADS is computed using non-GAAP net income attributable to RLX Technology Inc. and the same number of ADSs used in U.S. GAAP basic and diluted net income per ADS calculation.
The Company presents these non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company believes that they help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net income. The Company also believes that the use of the non-GAAP measures facilitates investors' assessment of its operating performance, as they could provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by the management in its financial and operational decision making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. They should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per ADS or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review its historical non-GAAP financial measures against the most directly comparable U.S. GAAP measures. The non-GAAP financial measures here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and non-GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" and similar statements. Among other things, quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; trends and competition in the global e-vapor market; changes in its revenues and certain cost or expense items; governmental policies, laws and regulations across various jurisdictions relating to the Company's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of this press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.
For more information, please contact:
In China:
RLX Technology Inc.
Head of Capital Markets
Sam Tsang
Email: ir@relxtech.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
As of
----------------------------------------
December 31, December 31, December 31,
2024 2025 2025
------------ ------------ ------------
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 5,593,492 5,367,139 767,491
Restricted cash 50,867 177,873 25,436
Short-term bank deposits, net 2,179,886 2,310,486 330,395
Receivables from online payment
platforms 4,722 4,080 583
Short-term investments 719,755 2,326,610 332,701
Accounts and notes receivable, net 78,484 190,442 27,233
Inventories 142,552 297,682 42,568
Amounts due from related parties 346,132 210,239 30,064
Prepayments and other current
assets, net 185,091 319,478 45,685
------------ ------------ ------------
Total current assets 9,300,981 11,204,029 1,602,156
------------ ------------ ------------
Non-current assets:
Property, equipment and leasehold
improvement, net 50,787 245,981 35,175
Intangible assets, net 52,796 213,141 30,479
Long-term investments, net 8,000 8,330 1,191
Deferred tax assets, net 38,067 29,104 4,162
Right-of-use assets, net 24,110 82,430 11,787
Long-term bank deposits, net 727,448 433,618 62,007
Long-term investment securities, net 6,599,365 5,116,336 731,626
Goodwill 59,581 567,181 81,106
Other non-current assets, net 9,914 29,412 4,206
------------ ------------ ------------
Total non-current assets 7,570,068 6,725,533 961,739
------------ ------------ ------------
Total assets 16,871,049 17,929,562 2,563,895
------------ ------------ ------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and notes payable 458,538 403,708 57,729
Contract liabilities 10,610 84,003 12,012
Salary and welfare benefits payable 73,740 93,947 13,434
Taxes payable 126,154 159,718 22,839
Short-term loan 40,000 92,100 13,170
Accrued expenses and other current
liabilities 108,816 149,552 21,386
Amounts due to related parties 27,401 474,627 67,871
Dividend payable 1,144 478,833 68,475
Lease liabilities - current portion 11,447 28,588 4,088
------------ ------------ ------------
Total current liabilities 857,850 1,965,076 281,004
------------ ------------ ------------
Non-current liabilities:
Deferred tax liabilities 16,196 112,912 16,146
Lease liabilities - non-current
portion 7,050 55,671 7,961
Other non-current liability - 64,291 9,194
------------ ------------ ------------
Total non-current liabilities 23,246 232,874 33,301
------------ ------------ ------------
Total liabilities 881,096 2,197,950 314,305
------------ ------------ ------------
Shareholders' Equity:
Total RLX Technology Inc.
shareholders' equity 15,988,216 15,633,749 2,235,596
Noncontrolling interests 1,737 97,863 13,994
------------ ------------ ------------
Total shareholders' equity 15,989,953 15,731,612 2,249,590
------------ ------------ ------------
Total liabilities and shareholders'
equity 16,871,049 17,929,562 2,563,895
------------ ------------ ------------
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except for share and per share data)
For the three months ended For the year ended
---------------------------------------------------------- -------------------------------------------
December 31, September 30, December 31, December 31 December 31, December 31, December 31,
2024 2025 2025 2025 2024 2025 2025
------------- ------------- ------------- ------------- ------------- ------------- -------------
RMB RMB RMB US$ RMB RMB US$
Total net revenues 813,489 1,129,271 1,141,338 163,209 2,748,576 3,958,861 566,110
Cost of revenues (516,305) (681,295) (722,798) (103,359) (1,718,006) (2,433,656) (348,008)
Excise tax on
products (77,278) (95,417) (60,520) (8,654) (304,053) (341,595) (48,848)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Gross profit 219,906 352,559 358,020 51,196 726,517 1,183,610 169,254
Operating
expenses:
Selling expenses (45,369) (132,335) (111,154) (15,895) (229,466) (387,127) (55,358)
General and
administrative
expenses (153,710) (85,722) (95,319) (13,630) (515,887) (336,915) (48,178)
Research and
development
expenses (32,374) (41,251) (32,635) (4,667) (88,309) (131,008) (18,734)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total operating
expenses (231,453) (259,308) (239,108) (34,192) (833,662) (855,050) (122,270)
------------- ------------- ------------- ------------- ------------- ------------- -------------
(Loss)/income from
operations (11,547) 93,251 118,912 17,004 (107,145) 328,560 46,984
------------- ------------- ------------- ------------- ------------- ------------- -------------
Other income
Interest income,
net 146,664 139,669 141,948 20,298 616,388 560,421 80,139
Investment income 11,072 8,587 9,812 1,403 49,636 51,617 7,381
Others, net 7,497 11,266 32,035 4,581 99,924 112,768 16,126
------------- ------------- ------------- ------------- ------------- ------------- -------------
Income before
income tax 153,686 252,773 302,707 43,286 658,803 1,053,366 150,630
Income tax expense (26,303) (45,948) (16,390) (2,344) (94,459) (118,989) (17,015)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Net income 127,383 206,825 286,317 40,942 564,344 934,377 133,615
Less: net income
attributable to
noncontrolling
interests 5,422 3,662 6,770 968 12,507 12,510 1,789
Net income
attributable to
RLX Technology
Inc. 121,961 203,163 279,547 39,974 551,837 921,867 131,826
============= ============= ============= ============= ============= ============= =============
Other
comprehensive
income/(loss):
Foreign currency
translation
adjustments 268,079 (79,554) (135,439) (19,367) 143,811 (257,174) (36,775)
Unrealized
(loss)/income on
long-term
investment
securities (8,151) 2,254 (7,193) (1,029) (2,167) (2,174) (311)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total other
comprehensive
income/(loss) 259,928 (77,300) (142,632) (20,396) 141,644 (259,348) (37,086)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Total
comprehensive
income 387,311 129,525 143,685 20,546 705,988 675,029 96,529
Less: total
comprehensive
income
attributable to
noncontrolling
interests 5,442 5,270 6,900 987 12,520 13,438 1,922
Total
comprehensive
income
attributable to
RLX Technology
Inc. 381,869 124,255 136,785 19,559 693,468 661,591 94,607
============= ============= ============= ============= ============= ============= =============
Net income per
ordinary
share/ADS
Basic 0.100 0.167 0.172 0.025 0.448 0.698 0.100
Diluted 0.094 0.157 0.172 0.025 0.428 0.698 0.100
Weighted average
number of ordinary
shares/ADSs
Basic 1,225,140,420 1,215,324,092 1,231,303,311 1,231,303,311 1,232,148,531 1,223,656,660 1,223,656,660
Diluted 1,291,925,422 1,295,380,218 1,232,499,617 1,232,499,617 1,288,911,783 1,223,955,737 1,223,955,737
============= ============= ============= ============= ============= ============= =============
RLX TECHNOLOGY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share and per share data)
For the three months ended For the year ended
---------------------------------------------------------- -------------------------------------------
December 31, September 30, December 31, December 31, December 31, December 31, December 31,
2024 2025 2025 2025 2024 2025 2025
(As adjusted) (As adjusted)
(a) (a)
------------- ------------- ------------- ------------- ------------- ------------- -------------
RMB RMB RMB US$ RMB RMB US$
(Loss)/income from
operations (11,547) 93,251 118,912 17,004 (107,145) 328,560 46,984
Add: share-based
compensation
expenses
Selling
expenses 13,020 16,732 4,441 635 32,563 37,744 5,397
General and
administrative
expenses 103,894 44,086 22,204 3,175 348,629 128,929 18,437
Research and
development
expenses 7,210 9,593 2,037 291 (11,537) 19,562 2,797
Amortization and
depreciation of
assets resulting
from business
acquisitions
Cost of
revenues - 13,272 - - - 26,619 3,807
Selling
expenses 2,062 10,361 10,063 1,439 8,439 27,308 3,905
General and
administrative
expenses 29 491 478 68 120 1,165 167
------------- ------------- ------------- ------------- ------------- ------------- -------------
Non-GAAP income from
operations 114,668 187,786 158,135 22,612 271,069 569,887 81,494
============= ============= ============= ============= ============= ============= =============
Net income 127,383 206,825 286,317 40,942 564,344 934,377 133,615
Add: share-based
compensation
expenses 124,124 70,411 28,682 4,101 369,655 186,235 26,631
Amortization and
depreciation of
assets resulting
from business
acquisitions 2,091 24,124 10,541 1,507 8,559 55,092 7,879
Tax effects on
non-GAAP
adjustments (437) (5,944) (2,554) (365) (1,789) (13,436) (1,921)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Non-GAAP net income 253,161 295,416 322,986 46,185 940,769 1,162,268 166,204
============= ============= ============= ============= ============= ============= =============
Net income
attributable to RLX
Technology Inc. 121,961 203,163 279,547 39,974 551,837 921,867 131,826
Add: share-based
compensation
expenses 124,124 70,411 28,682 4,101 369,655 186,235 26,631
Amortization and
depreciation of
assets resulting
from business
acquisitions (b) 2,091 16,834 7,711 1,103 8,559 39,578 5,660
Tax effects on
non-GAAP
adjustments(b) (437) (4,122) (1,846) (264) (1,789) (9,557) (1,367)
------------- ------------- ------------- ------------- ------------- ------------- -------------
Non-GAAP net income
attributable to RLX
Technology Inc. 247,739 286,286 314,094 44,914 928,262 1,138,123 162,750
============= ============= ============= ============= ============= ============= =============
Non-GAAP net income
per ordinary
share/ADS
- Basic 0.202 0.236 0.200 0.029 0.753 0.875 0.125
- Diluted 0.192 0.221 0.200 0.029 0.720 0.873 0.125
Weighted average
number of ordinary
shares/ADSs
- Basic 1,225,140,420 1,215,324,092 1,231,303,311 1,231,303,311 1,232,148,531 1,223,656,660 1,223,656,660
- Diluted 1,291,925,422 1,295,380,218 1,232,499,617 1,232,499,617 1,288,911,783 1,290,458,801 1,290,458,801
Note (a): The Company completed the acquisition of the acquired company on May 31, 2025, which was accounted for as a
business combination. Beginning in Q2 2025, the Company included the amortization and depreciation of assets arising from
fair value step-up in business acquisitions, as well as the associated tax impact, in the reconciliation items for GAAP and
Non-GAAP results. The Company has retrospectively adjusted the above unaudited reconciliation of GAAP and Non-GAAP results
for the prior quarter and year. The Company believes these changes provide management and investors with more useful
information to evaluate the operations of its business.
Note (b): The amortization and depreciation expense and related tax effect attributable to noncontrolling interests have
been excluded from the presentation in the reconciliation items for GAAP and Non-GAAP results.
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands)
For the three months ended For the year ended
----------------------------------------- --------------------------------
December September December December December December December
31, 30, 31, 31, 31, 31, 31,
2024 2025 2025 2025 2024 2025 2025
--------- --------- --------- -------- --------- --------- ----------
RMB RMB RMB US$ RMB RMB US$
Net cash generated
from operating
activities 497,011 357,546 310,221 44,361 854,349 1,104,548 157,948
Net cash generated
from/(used in)
investing
activities 1,901,084 (343,188) 1,324,664 189,424 3,018,001 (822,191) (117,572)
Net cash (used
in)/generated from
financing
activities (130,366) (370,205) 399,971 57,195 (678,031) (282,747) (40,432)
Effect of foreign
exchange rate
changes on cash,
cash equivalents
and restricted
cash 62,865 (27,032) (66,321) (9,482) 29,982 (98,957) (14,150)
--------- --------- --------- -------- --------- --------- ----------
Net
increase/(decrease)
in cash and cash
equivalents and
restricted cash 2,330,594 (382,879) 1,968,535 281,498 3,224,301 (99,347) (14,206)
Cash, cash
equivalents and
restricted cash at
the beginning of
the period 3,313,765 3,959,356 3,576,477 511,429 2,420,058 5,644,359 807,133
Cash, cash
equivalents and
restricted cash at
the end of the
period 5,644,359 3,576,477 5,545,012 792,927 5,644,359 5,545,012 792,927
View original content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-fourth-quarter-and-fiscal-year-2025-financial-results-302713240.html
SOURCE RLX Technology Inc.
(END) Dow Jones Newswires
March 13, 2026 05:30 ET (09:30 GMT)
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