US Market News
2月前
RLX Technology Announces Unaudited First Quarter 2026 Financial ResultsMay 20, 2026 5:30 AM
PR Newswire (US) SHENZHEN, China, May 20, 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 first quarter ended March 31, 2026.First Quarter 2026 Financial HighlightsNet revenues were RMB1,585.8 million (US$229.9 million) in the first quarter of 2026, increasing by 96.2% from RMB808.3 million in the same period of 2025.Gross margin was 31.8% in the first quarter of 2026, compared with 28.6% in the same period of 2025.Non-GAAP income from operations[1] was RMB310.3 million (US$45.0 million) in the first quarter of 2026, increasing by 187.9% from RMB107.8 million in the same period of 2025.U.S. GAAP net income was RMB294.2 million (US$42.6 million) in the first quarter of 2026, increasing by 32.1% from RMB222.7 million in the same period of 2025.Non-GAAP net income[1] was RMB357.3 million (US$51.8 million) in the first quarter of 2026, increasing by 41.4% from RMB252.7 million in the same period of 2025."We began this year with robust first-quarter results, underpinned by a highly scalable global ecosystem and our ability to capture emerging market opportunities," said Ms. Ying (Kate) Wang, Co-founder, Chairperson, and Chief Executive Officer of RLX Technology. "We continued to accelerate our international expansion and broaden our global operations. Notably, we refined our user-first approach through highly localized strategies and deep engagement with trusted regional business partners to ensure superior product-market fit, strengthening our global competitiveness. We also integrated our R&D, manufacturing, and commercial operations into Nexus, our cutting-edge hub that is driving greater supply chain efficiencies while allowing us to seamlessly meet rising demand. Looking ahead, we will build on this momentum by focusing on innovative and user-centric products, strengthening our distribution and retail capabilities, and deepening our presence in Europe. Our uncompromising commitment to responsibility and adult-user harm reduction remains the core engine of our long-term growth."Mr. Chao Lu, Chief Financial Officer of RLX Technology, commented, "In the first quarter, we delivered rapid top-line growth, with net revenues increasing to RMB1.59 billion, up 96.2% year over year and 38.9% quarter over quarter. This acceleration was fueled by momentum across our international operations, accretion from our acquired European entity, and steady progress in our mainland China business, as well as a one-time impact from changes in China's export policies. The operating leverage from this growth translated into significant profitability, with non-GAAP operating income surging 187.9% to RMB310.3 million. We also structurally enhanced our margin profile through strict cost discipline and scale efficiencies across our comprehensive, broadly appealing product portfolio. Supported by a strong balance sheet, we enter the remainder of the year with the financial flexibility to execute our next phase of growth, accelerate our market penetration in Asia and Europe, and generate sustainable, long-term value for our shareholders."First Quarter 2026 Financial ResultsNet revenues were RMB1,585.8 million (US$229.9 million) in the first quarter of 2026, increasing by 96.2% from RMB808.3 million in the same period of 2025. The increase was primarily due to the Company's international expansion and contributions from the Company's May 2025 acquisition. Net revenues from international business represented 72.3% of net revenues for the period.Gross profit was RMB504.3 million (US$73.1 million) in the first quarter of 2026, increasing by 118.3% from RMB231.0 million in the same period of 2025.Gross margin increased to 31.8% in the first quarter of 2026 from 28.6% in the same period of 2025, primarily due to a favorable change in the revenue mix and further supply chain optimization.Operating expenses were RMB259.6 million (US$37.6 million) in the first quarter of 2026, compared with RMB153.5 million in the same period of 2025. The increase was driven by higher salary and welfare expenses related to the Company's May 2025 acquisition and an increase in share-based compensation expenses.Selling expenses were RMB122.0 million (US$17.7 million) in the first quarter of 2026, compared with RMB59.0 million in the same period of 2025, primarily due to an increase in salary and welfare expenses, as well as depreciation and amortization.General and administrative expenses were RMB107.2 million (US$15.5 million) in the first quarter of 2026, compared with RMB67.5 million in the same period of 2025, primarily due to an increase in share-based compensation expenses and salary and welfare expenses.Research and development expenses were RMB30.4 million (US$4.4 million) in the first quarter of 2026, compared with RMB27.1 million in the same period of 2025, primarily due to an increase in share-based compensation expenses.U.S. GAAP income from operations was RMB244.6 million (US$35.5 million) in the first quarter of 2026, increasing by 215.9% from RMB77.4 million in the same period of 2025.Non-GAAP income from operations was RMB310.3 million (US$45.0 million) in the first quarter of 2026, increasing by 187.9% from RMB107.8 million in the same period of 2025.Income tax expense was RMB45.3 million (US$6.6 million) in the first quarter of 2026, compared with RMB28.2 million in the same period of 2025.U.S. GAAP net income was RMB294.2 million (US$42.6 million) in the first quarter of 2026, increasing by 32.1% from RMB222.7 million in the same period of 2025.Non-GAAP net income was RMB357.3 million (US$51.8 million) in the first quarter of 2026, increasing by 41.4% from RMB252.7 million in the same period of 2025.U.S. GAAP basic and diluted net income per American depositary share ("ADS") were RMB0.231 (US$0.033) and RMB0.216 (US$0.031), respectively, in the first quarter of 2026, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.181 and RMB0.170, respectively, in the same period of 2025.Non-GAAP basic and diluted net income per ADS[2] were RMB0.280 (US$0.041) and RMB0.263 (US$0.038), respectively, in the first quarter of 2026, compared with non-GAAP basic and diluted net income per ADS of RMB0.205 and RMB0.193, respectively, in the same period of 2025.[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.Balance Sheet and Cash Flow As of March 31, 2026, 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 RMB14,529.7 million (US$2,106.4 million), compared with RMB15,732.1 million as of December 31, 2025. In the first quarter of 2026, net cash used in operating activities was RMB68.8 million (US$10.0 million).Conference CallThe Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on May 20, 2026 (8:00 PM Beijing/Hong Kong Time on May 20, 2026).Dial-in details for the earnings conference call are as follows:United States (toll-free):+1-888-317-6003International:+1-412-317-6061Hong Kong, China (toll-free):+800-963-976Hong Kong, China:+852-5808-1995Mainland China:400-120-6115Participant Code (English line):8804299Participant Code (Chinese simultaneous interpretation line):8393299Participants 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 May 27, 2026, by dialing the following telephone numbers:United States:+1-855-669-9658International:+1-412-317-0088Replay Access Code (English line):3048124Replay Access Code (Chinese line):5502734About 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 MeasuresThe 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 the 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 InformationThis 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 RMB6.8980 to US$1.00, the exchange rate on March 31, 2026, 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 StatementThis 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. RLX TECHNOLOGY INC.UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(All amounts in thousands)
As of
December 31,March 31,March 31,
202520262026
RMBRMBUS$ASSETS
Current assets:
Cash and cash equivalents5,367,1394,263,488618,076Restricted cash177,873174,99725,369Short-term bank deposits, net2,310,4863,015,006437,084Receivables from online payment platforms4,0809,3271,352Short-term investments2,326,6102,221,763322,088Accounts and notes receivable, net190,442329,94047,831Inventories297,682372,44153,993Amounts due from related parties210,239548,96879,584Prepayments and other current assets, net319,478615,47389,225Total current assets11,204,02911,551,4031,674,602Non-current assets:
Property, equipment and leasehold improvement, net245,981251,77936,500Intangible assets, net213,141194,82328,243Long-term investments, net8,3308,3301,208Deferred tax assets, net29,10435,8185,193Right-of-use assets, net82,43073,89010,712Long-term bank deposits, net433,618457,12466,269Long-term investment securities, net5,116,3364,397,272637,470Goodwill567,181563,39881,676Other non-current assets, net29,41224,1663,503Total non-current assets6,725,5336,006,600870,774Total assets17,929,56217,558,0032,545,376
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and notes payable403,708628,32191,087Contract liabilities84,00380,05011,605Salary and welfare benefits payable93,94772,35010,489Taxes payable 159,718164,19523,803Short-term loan92,100135,16919,595Accrued expenses and other current liabilities 149,552154,99122,469Amounts due to related parties474,62792,66113,433Dividend payable478,833--Lease liabilities - current portion28,58825,9313,759Total current liabilities 1,965,0761,353,668196,240
Non-current liabilities:
Deferred tax liabilities112,912102,95314,925Lease liabilities - non-current portion55,67150,4757,317Other non-current liability64,29158,2068,438Total non-current liabilities232,874211,63430,680Total liabilities2,197,9501,565,302226,920
Shareholders' Equity:
Total RLX Technology Inc. shareholders' equity15,633,74915,883,1392,302,572Noncontrolling interests97,863109,56215,884Total shareholders' equity15,731,61215,992,7012,318,456
Total liabilities and shareholders' equity17,929,56217,558,0032,545,376 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
March 31,December 31,March 31,March 31,
2025202520262026
RMBRMBRMBUS$
Total net revenues808,3001,141,3381,585,821229,896Cost of revenues(477,526)(722,798)(965,446)(139,960)Excise tax on products(99,823)(60,520)(116,119)(16,834)Gross profit230,951358,020504,25673,102
Operating expenses:
Selling expenses(58,989)(111,154)(122,039)(17,692)General and administrative expenses(67,468)(95,319)(107,207)(15,542)Research and development expenses(27,055)(32,635)(30,375)(4,403)Total operating expenses(153,512)(239,108)(259,621)(37,637)
Income from operations77,439118,912244,63535,465
Other income:
Interest income, net135,953141,948113,82016,500Investment income 8,3869,8129,7181,409Others, net29,14332,035(28,761)(4,169)Income before income tax250,921302,707339,41249,205Income tax expense(28,181)(16,390)(45,257)(6,561)Net income222,740286,317294,15542,644Less: net income attributable to noncontrolling interests7006,77010,0191,452Net income attributable to RLX Technology Inc.222,040279,547284,13641,192Other comprehensive (loss)/income:
Foreign currency translation adjustments(15,671)(135,439)(173,952)(25,218)Unrealized income/(loss) on long-term investment securities2,067(7,193)(22,208)(3,219)Total other comprehensive loss(13,604)(142,632)(196,160)(28,437)Total comprehensive income209,136143,68597,99514,207Less: total comprehensive income attributable to noncontrolling interests6366,90011,6991,696Total comprehensive income attributable to RLX Technology Inc.208,500136,78586,29612,511
Net income per ordinary share/ADS
Basic 0.1810.1720.2310.033 Diluted 0.1700.1720.2160.031
Weighted average number of ordinary shares/ADSs
Basic1,226,330,4821,231,303,3111,232,448,8941,232,448,894Diluted1,308,811,8661,232,499,6171,313,480,2461,313,480,246 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
March 31,December 31,March 31,March 31,
2025202520262026
(As adjusted) (a)
RMBRMBRMBUS$Income from operations77,439118,912244,63535,465Add: share-based compensation expenses
Selling expenses3,3104,4415,919858 General and administrative expenses24,27122,20445,8416,645 Research and development expenses7452,0373,494507 Amortization and depreciation of assets resulting from business acquisitions
Selling expenses2,00310,0639,9561,443General and administrative expenses2847846968Non-GAAP income from operations107,796158,135310,31444,986
Net income222,740286,317294,15542,644Add: share-based compensation expenses28,32628,68255,2548,010Amortization and depreciation of assets resulting from business acquisitions2,03110,54110,4251,511Tax effects on non-GAAP adjustments(425)(2,554)(2,527)(366)Non-GAAP net income252,672322,986357,30751,799
Net income attributable to RLX Technology Inc.222,040279,547284,13641,192Add: share-based compensation expenses28,32628,68255,2548,010Amortization and depreciation of assets resulting from business acquisitions (b)2,0317,7117,6131,104Tax effects on non-GAAP adjustments(b)(425)(1,846)(1,824)(264)Non-GAAP net income attributable to RLX Technology Inc.251,972314,094345,17950,042
Non-GAAP net income per ordinary share/ADS
- Basic0.2050.2000.2800.041- Diluted0.1930.2000.2630.038Weighted average number of ordinary shares/ADSs
- Basic1,226,330,4821,231,303,3111,232,448,8941,232,448,894- Diluted1,308,811,8661,232,499,6171,313,480,2461,313,480,246 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 to reflect the effects of acquisitions completed in prior periods. 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
March 31,December 31,March 31,March 31,
2025202520262026
RMBRMBRMBUS$Net cash generated from/(used in) operating activities207,165310,221(68,841)(9,980)Net cash (used in)/generated from investing activities(987,166)1,324,664(116,326)(16,864)Net cash generated from/(used in) financing activities14,435399,971(863,712)(125,212)Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash(8,040)(66,321)(57,648)(8,357)Net (decrease)/increase in cash and cash equivalents and restricted cash (773,606)1,968,535(1,106,527)(160,413)Cash, cash equivalents and restricted cash at the beginning of the period5,644,3593,576,4775,545,012803,858Cash, cash equivalents and restricted cash at the end of the period4,870,7535,545,0124,438,485643,445 View original content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-first-quarter-2026-financial-results-302777365.htmlSOURCE RLX Technology Inc. Original: RLX Technology Announces Unaudited First Quarter 2026 Financial Results
US Market News
4月前
RLX Technology Announces Unaudited Fourth Quarter and Fiscal Year 2025 Financial ResultsMarch 13, 2026 5:30 AM
PR Newswire (US)
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 HighlightsNet 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 HighlightsNet 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 ResultsNet 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 ResultsNet 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 ReturnsAs 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 CallThe 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):+1-888-317-6003International:+1-412-317-6061Hong Kong, China (toll-free):+800-963-976Hong Kong, China:+852-5808-1995Mainland China:400-120-6115Participant Code (English line):8804299Participant Code (Chinese simultaneous interpretation line):7472529Participants 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:+1-855-669-9658International:+1-412-317-0088Replay Access Code (English line):6066425Replay Access Code (Chinese line)5700159About 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 MeasuresThe 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 InformationThis 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 StatementThis 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.comPiacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.comIn 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,
202420252025
RMBRMBUS$ASSETS
Current assets:
Cash and cash equivalents5,593,4925,367,139767,491Restricted cash50,867177,87325,436Short-term bank deposits, net2,179,8862,310,486330,395Receivables from online payment platforms4,7224,080583Short-term investments719,7552,326,610332,701Accounts and notes receivable, net78,484190,44227,233Inventories142,552297,68242,568Amounts due from related parties346,132210,23930,064Prepayments and other current assets, net185,091319,47845,685Total current assets9,300,98111,204,0291,602,156Non-current assets:
Property, equipment and leasehold improvement, net50,787245,98135,175Intangible assets, net52,796213,14130,479Long-term investments, net8,0008,3301,191Deferred tax assets, net38,06729,1044,162Right-of-use assets, net24,11082,43011,787Long-term bank deposits, net727,448433,61862,007Long-term investment securities, net6,599,3655,116,336731,626Goodwill59,581567,18181,106Other non-current assets, net9,91429,4124,206Total non-current assets7,570,0686,725,533961,739Total assets16,871,04917,929,5622,563,895
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and notes payable458,538403,70857,729Contract liabilities10,61084,00312,012Salary and welfare benefits payable73,74093,94713,434Taxes payable 126,154159,71822,839Short-term loan40,00092,10013,170Accrued expenses and other current liabilities 108,816149,55221,386Amounts due to related parties27,401474,62767,871Dividend payable1,144478,83368,475Lease liabilities - current portion11,44728,5884,088Total current liabilities 857,8501,965,076281,004
Non-current liabilities:
Deferred tax liabilities16,196112,91216,146Lease liabilities - non-current portion7,05055,6717,961Other non-current liability-64,2919,194Total non-current liabilities23,246232,87433,301Total liabilities881,0962,197,950314,305
Shareholders' Equity:
Total RLX Technology Inc. shareholders' equity15,988,21615,633,7492,235,596Noncontrolling interests1,73797,86313,994Total shareholders' equity15,989,95315,731,6122,249,590
Total liabilities and shareholders' equity16,871,04917,929,5622,563,895 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,
2024202520252025
202420252025
RMBRMBRMBUS$
RMBRMBUS$
Total net revenues813,4891,129,2711,141,338163,209
2,748,5763,958,861566,110Cost 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 profit219,906352,559358,02051,196
726,5171,183,610169,254
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)93,251118,91217,004
(107,145)328,56046,984
Other income:
Interest income, net146,664139,669141,94820,298
616,388560,42180,139Investment income 11,0728,5879,8121,403
49,63651,6177,381Others, net7,49711,26632,0354,581
99,924112,76816,126Income before income tax153,686252,773302,70743,286
658,8031,053,366150,630Income tax expense(26,303)(45,948)(16,390)(2,344)
(94,459)(118,989)(17,015)Net income127,383206,825286,31740,942
564,344934,377133,615Less: net income attributable to noncontrolling interests5,4223,6626,770968
12,50712,5101,789Net income attributable to RLX Technology Inc.121,961203,163279,54739,974
551,837921,867131,826Other comprehensive income/(loss):
Foreign currency translation adjustments268,079(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 income387,311129,525143,68520,546
705,988675,02996,529Less: total comprehensive income attributable to
noncontrolling interests5,4425,2706,900987
12,52013,4381,922Total comprehensive income attributable to RLX
Technology Inc.381,869124,255136,78519,559
693,468661,59194,607
Net income per ordinary share/ADS
Basic 0.1000.1670.1720.025
0.4480.6980.100 Diluted 0.0940.1570.1720.025
0.4280.6980.100
Weighted average number of ordinary shares/ADSs
Basic1,225,140,4201,215,324,0921,231,303,3111,231,303,311
1,232,148,5311,223,656,6601,223,656,660Diluted1,291,925,4221,295,380,2181,232,499,6171,232,499,617
1,288,911,7831,223,955,7371,223,955,737 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,
2024202520252025
202420252025
(As adjusted) (a)
(As adjusted) (a)
RMBRMBRMBUS$
RMBRMBUS$(Loss)/income from operations(11,547)93,251118,91217,004
(107,145)328,56046,984Add: share-based compensation expenses
Selling expenses13,02016,7324,441635
32,56337,7445,397 General and administrative expenses103,89444,08622,2043,175
348,629128,92918,437 Research and development expenses7,2109,5932,037291
(11,537)19,5622,797 Amortization and depreciation of assets resulting from
business acquisitions
Cost of revenues-13,272--
-26,6193,807Selling expenses2,06210,36110,0631,439
8,43927,3083,905General and administrative expenses2949147868
1201,165167Non-GAAP income from operations114,668187,786158,13522,612
271,069569,88781,494
Net income127,383206,825286,31740,942
564,344934,377133,615Add: share-based compensation expenses124,12470,41128,6824,101
369,655186,23526,631Amortization and depreciation of assets resulting from
business acquisitions2,09124,12410,5411,507
8,55955,0927,879Tax effects on non-GAAP adjustments(437)(5,944)(2,554)(365)
(1,789)(13,436)(1,921)Non-GAAP net income253,161295,416322,98646,185
940,7691,162,268166,204
Net income attributable to RLX Technology Inc.121,961203,163279,54739,974
551,837921,867131,826Add: share-based compensation expenses124,12470,41128,6824,101
369,655186,23526,631Amortization and depreciation of assets resulting from
business acquisitions (b)2,09116,8347,7111,103
8,55939,5785,660Tax 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.247,739286,286314,09444,914
928,2621,138,123162,750
Non-GAAP net income per ordinary share/ADS
- Basic0.2020.2360.2000.029
0.7530.8750.125- Diluted0.1920.2210.2000.029
0.7200.8730.125Weighted average number of ordinary shares/ADSs
- Basic1,225,140,4201,215,324,0921,231,303,3111,231,303,311
1,232,148,5311,223,656,6601,223,656,660- Diluted1,291,925,4221,295,380,2181,232,499,6171,232,499,617
1,288,911,7831,290,458,8011,290,458,801
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 31,September 30,December 31,December 31,
December 31,December 31,December 31,
2024202520252025
202420252025
RMBRMBRMBUS$
RMBRMBUS$
Net cash generated from operating activities497,011357,546310,22144,361
854,3491,104,548157,948
Net cash generated from/(used in) investing
activities1,901,084(343,188)1,324,664189,424
3,018,001(822,191)(117,572)
Net cash (used in)/generated from financing activities(130,366)(370,205)399,97157,195
(678,031)(282,747)(40,432)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash62,865(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)1,968,535281,498
3,224,301(99,347)(14,206)
Cash, cash equivalents and restricted cash at the beginning of the period3,313,7653,959,3563,576,477511,429
2,420,0585,644,359807,133
Cash, cash equivalents and restricted cash at the end of the period5,644,3593,576,4775,545,012792,927
5,644,3595,545,012792,927
View original content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-fourth-quarter-and-fiscal-year-2025-financial-results-302713240.htmlSOURCE RLX Technology Inc.
Original: RLX Technology Announces Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results
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