RLX Technology Announces Unaudited Third Quarter 2025 Financial Results

SHENZHEN, China, Nov. 14, 2025 /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 third quarter ended September 30, 2025.

Third Quarter 202 5 Financial Highlights

"We delivered another strong performance across the board in the third quarter despite persistent macro and regulatory challenges," said Ms. Ying (Kate) Wang, Co‑founder, Chairperson, and Chief Executive Officer of RLX Technology. "Our disciplined execution on international expansion and innovation is translating into tangible growth. Internationally, we extended our leadership in key Asia Pacific and European markets through targeted investments in retail networks and tailored local product platforms. In Mainland China, enhanced customs enforcement has helped restore order to the market and competitive environment for compliant players, fueling a measured recovery of our business. We are proud of the successful rollout of our proprietary modern‑oral product line in the United Kingdom, reflecting years of R&D investments to unlock development opportunities among new user segments. As we cultivate a diversified, global brand synonymous with quality, we remain confident in shaping the future of the smokeless industry and delivering lasting value to our stakeholders."

Mr. Chao Lu, Chief Financial Officer of RLX Technology, commented, "Third‑quarter net revenues soared 49.3% year‑over‑year to RMB1.13 billion, while non‑GAAP operating income more than doubled to RMB187.8 million. These results demonstrate the strength of our diversified growth model propelled by organic share gains in existing international markets, high‑return capital deployment in Europe, and a steady rebound in Mainland China. Our balance sheet remains robust, enabling consistent capital returns. To date, including the cash dividend announced today, we have returned over US$500 million to shareholders through repurchases and dividends, further reinforcing our commitment to long‑term value creation and sustainable profitability."

Third Quarter 2025 Financial Results

Net revenues were RMB1,129.3 million (US$158.6 million) in the third quarter of 2025, compared with RMB756.3 million in the same period of 2024. The increase was mainly driven by our equity investment in European markets, organic growth of our international business, and the gradual recovery of our Mainland China business. Net revenues from international business represented 71.6% of our net revenues for the period.

Gross profit was RMB352.6 million (US$49.5 million) in the third quarter of 2025, compared with RMB206.0 million in the same period of 2024.

Gross margin was 31.2% in the third quarter of 2025, compared with 27.2% in the same period of 2024. The increase was primarily due to our equity investment in European markets, a favorable change in revenue mix by geography, and gross margin improvement in major international markets.

Operating expenses were RMB259.3 million (US$36.4 million) in the third quarter of 2025, compared with RMB216.6 million in the same period of 2024. The increase was primarily due to an increase in salaries and welfare expenses, shipping expenses, slightly offset by an overall decrease in share-based compensation expenses.

Selling expenses were RMB132.3 million (US$18.6 million) in the third quarter of 2025, compared with RMB69.0 million in the same period of 2024, primarily due to an increase in salaries and welfare expenses, share-based compensation expenses, and shipping expenses.

General and administrative expenses were RMB85.7 million (US$12.0 million) in the third quarter of 2025, compared with RMB123.2 million in the same period of 2024, primarily due to a decrease in share-based compensation expenses, slightly offset by an increase in salaries and welfare expenses.

Research and development expenses were RMB41.3 million (US$5.8 million) in the third quarter of 2025, compared with RMB24.4 million in the same period of 2024, primarily due to an increase in share-based compensation expenses, and salaries and welfare expenses.

U.S. GAAP i ncome from operations was RMB93.3 million (US$13.1 million) in the third quarter of 2025, compared with U.S. GAAP loss from operations of RMB10.7 million in the same period of 2024.

Non-GAAP income from operations was RMB187.8 million (US$26.4 million) in the third quarter of 2025, compared with RMB84.0 million in the same period of 2024.

Income tax expense was RMB45.9 million (US$6.5 million) in the third quarter of 2025, compared with RMB30.4 million in the same period of 2024.

U.S. GAAP net income was RMB206.8 million (US$29.1 million) in the third quarter of 2025, compared with RMB169.4 million in the same period of 2024.

Non-GAAP net income was RMB295.4 million (US$41.5 million) in the third quarter of 2025, compared with RMB263.6 million in the same period of 2024.

U.S. GAAP basic and diluted net income per American depositary share ("ADS") were RMB0.167 (US$0.023) and RMB0.157 (US$0.022), respectively, in the third quarter of 2025, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.135 and RMB0.129, respectively, in the same period of 2024.

Non-GAAP basic and diluted net income per ADS [2] were RMB0.236 (US$0.033) and RMB0.221(US$0.031), respectively, in the third quarter of 2025, compared with non-GAAP basic and diluted net income per ADS of RMB0.212 and RMB0.202, respectively, in the same period of 2024.

Balance Sheet and Cash Flow

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, net, long-term bank deposits, net and long-term investment securities, net, of RMB15,351.1 million (US$2,156.4 million), compared with RMB15,524.3 million as of June 30, 2025. In the third quarter of 2025, net cash generated from operating activities was RMB357.5 million (US$50.2 million).

[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

The Company announced that its Board of Directors approved a cash dividend of US$0.1 per ordinary share, or US$0.1 per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business on January 26, 2026 Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The payment date is expected to be on or around February 2, 2026 and on or around February 9, 2026 for holders of ordinary shares and holders of ADSs, respectively. Including the cash dividend announced today, we have cumulatively returned approximately US$171 million through cash dividend programs.

Pursuant to the Company's up-to-US$500 million share repurchase program, which has an extended expiration date of December 2025, the Company had cumulatively repurchased 170 million ordinary shares represented by ADS for an aggregate amount of US$330 million as of September 30, 2025.

Conference Call

The Company's management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 14, 2025 (8:00 PM Beijing/Hong Kong Time on November 14, 2025).

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):

2869014

Participant Code (Chinese simultaneous interpretation line):

7381962

Participants can choose between the English and Chinese simultaneous interpretation options as above to join 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." with the Participant Code as set forth 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 November 21, 2025, by dialing the following telephone numbers:

United States:

+1-877-344-7529

International:

+1-412-317-0088

Replay Access Code (English line):

5641887

Replay Access Code (Chinese line)

4042658

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, enhances the overall understanding of its past performance and future prospects, and allows 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 RMB7.1190 to US$1.00, the exchange rate on September 30, 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 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,

September 30,

2024

2025

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

5,593,492

3,457,085

485,614

Restricted cash

50,867

119,392

16,771

Short-term bank deposits, net

2,179,886

3,134,566

440,310

Receivables from online payment platforms

4,722

7,123

1,000

Short-term investments

719,755

1,877,796

263,772

Accounts and notes receivable, net

78,484

202,455

28,439

Inventories

142,552

230,953

32,442

Amounts due from related parties

346,132

143,398

20,143

Prepayments and other current assets, net

185,091

409,859

57,573

Total current assets

9,300,981

9,582,627

1,346,064

Non-current assets:

Property, equipment and leasehold improvement, net

50,787

175,507

24,653

Intangible assets, net

52,796

226,870

31,868

Long-term investments, net

8,000

8,330

1,170

Deferred tax assets, net

38,067

42,215

5,930

Right-of-use assets, net

24,110

53,232

7,478

Long-term bank deposits, net

727,448

232,842

32,707

Long-term investment securities, net

6,599,365

6,529,438

917,185

Goodwill

59,581

569,818

80,042

Other non-current assets, net

9,914

10,019

1,407

Total non-current assets

7,570,068

7,848,271

1,102,440

Total assets

16,871,049

17,430,898

2,448,504

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts and notes payable

458,538

338,672

47,573

Contract liabilities

10,610

94,095

13,217

Salary and welfare benefits payable

73,740

79,744

11,202

Taxes payable

126,154

210,839

29,616

Short-term loan

40,000

113,345

15,921

Accrued expenses and other current liabilities

108,816

145,755

20,474

Amounts due to related parties

27,401

24,804

3,484

Dividend payable

1,144

Lease liabilities - current portion

11,447

22,745

3,195

Total current liabilities

857,850

1,029,999

144,682

Non-current liabilities:

Deferred tax liabilities

16,196

110,834

15,569

Lease liabilities - non-current portion

7,050

29,372

4,126

Other non-current liability

69,119

9,710

Total non-current liabilities

23,246

209,325

29,405

Total liabilities

881,096

1,239,324

174,087

Shareholders' Equity:

Total RLX Technology Inc. shareholders' equity

15,988,216

16,100,599

2,261,638

Noncontrolling interests

1,737

90,975

12,779

Total shareholders' equity

15,989,953

16,191,574

2,274,417

Total liabilities and shareholders' equity

16,871,049

17,430,898

2,448,504

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 nine months ended

September 30,

June 30,

September 30,

2024

2025

2024

2025

RMB

US$

RMB

US$

Net revenues

756,288

879,952

1,129,271

158,628

1,935,087

2,817,523

395,775

Cost of revenues

(473,379)

(552,037)

(681,295)

(95,701)

(1,201,701)

(1,710,858)

(240,323)

Excise tax on products

(76,933)

(85,835)

(95,417)

(13,403)

(226,775)

(281,075)

(39,482)

Gross profit

205,976

242,080

352,559

49,524

506,611

825,590

115,970

Operating expenses:

Selling expenses

(68,975)

(84,649)

(132,335)

(18,589)

(184,097)

(275,973)

(38,766)

General and administrative expenses

(123,226)

(88,406)

(85,722)

(12,041)

(362,177)

(241,596)

(33,937)

Research and development expenses

(24,435)

(30,067)

(41,251)

(5,794)

(55,935)

(98,373)

(13,818)

Total operating expenses

(216,636)

(203,122)

(259,308)

(36,424)

(602,209)

(615,942)

(86,521)

(Loss)/income from operations

(10,660)

38,958

93,251

13,100

(95,598)

209,648

29,449

Other income ：

Interest income, net

156,659

142,851

139,669

19,619

469,724

418,473

58,783

Investment income

13,070

24,832

8,587

1,206

38,564

41,805

5,872

Others, net

40,745

40,324

11,266

1,582

92,427

80,733

11,340

Income before income tax

199,814

246,965

252,773

35,507

505,117

750,659

105,444

Income tax expense

(30,423)

(28,470)

(45,948)

(6,454)

(68,156)

(102,599)

(14,412)

Net income

169,391

218,495

206,825

29,053

436,961

648,060

91,032

Less: net income attributable to noncontrolling interests

3,737

1,378

3,662

514

7,085

5,740

806

Net income attributable to RLX Technology Inc.

165,654

217,117

203,163

28,539

429,876

642,320

90,226

Other comprehensive (loss)/income:

Foreign currency translation adjustments

(181,148)

(26,510)

(79,554)

(11,175)

(124,268)

(121,735)

(17,100)

Unrealized income on long-term investment securities

5,292

698

2,254

317

5,984

5,019

705

Total other comprehensive (loss)/income

(175,856)

(25,812)

(77,300)

(10,858)

(118,284)

(116,716)

(16,395)

Total comprehensive (loss)/income

(6,465)

192,683

129,525

18,195

318,677

531,344

74,637

Less: total comprehensive income attributable to

noncontrolling interests

3,730

632

5,270

740

7,078

6,538

918

Total comprehensive (loss)/income attributable to RLX

Technology Inc.

(10,195)

192,051

124,255

17,455

311,599

524,806

73,719

Net income per ordinary share/ADS

Basic

0.135

0.178

0.167

0.023

0.348

0.526

0.074

Diluted

0.129

0.166

0.157

0.022

0.333

0.495

0.070

Weighted average number of ordinary shares/ADSs

Basic

1,225,417,517

1,221,705,674

1,215,324,092

1,234,501,619

1,221,079,766

Diluted

1,287,927,444

1,309,486,924

1,295,380,218

1,289,831,349

1,297,712,264

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 nine months ended

September 30,

June 30,

September 30,

2024

2025

2024

2025

( As adjusted) (a)

RMB

US$

RMB

US$

(Loss)/income from operations

(10,660)

38,958

93,251

13,100

(95,598)

209,648

29,449

Add: share-based compensation expenses

Selling expenses

5,768

13,262

16,732

2,350

19,543

33,304

4,678

General and administrative expenses

85,295

38,368

44,086

6,193

244,735

106,725

14,992

Research and development expenses

1,446

7,188

9,593

1,347

(18,747)

17,526

2,462

Amortization and depreciation of assets arising from fair

value step up in business acquisitions

Cost of revenues

13,347

13,272

1,864

26,619

3,739

Selling expenses

2,114

4,881

10,361

1,455

6,377

17,245

2,422

General and administrative expenses

167

491

686

Non-GAAP income from operations

83,993

116,171

187,786

26,378

156,400

411,753

57,838

Net income

169,391

218,495

206,825

29,053

436,961

648,060

91,032

Add: share-based compensation expenses

92,509

58,818

70,411

9,890

245,531

157,555

22,132

Amortization and depreciation of assets arising from fair

value step up in business acquisitions

2,144

18,395

24,124

3,388

6,467

44,550

6,257

Tax effects on non-GAAP adjustments

(448)

(4,513)

(5,944)

(835)

(1,352)

(10,882)

(1,529)

Non-GAAP net income

263,596

291,195

295,416

41,496

687,607

839,283

117,892

Net income attributable to RLX Technology Inc.

165,654

217,117

203,163

28,539

429,876

642,320

90,226

Add: share-based compensation expenses

92,509

58,818

70,411

9,890

245,531

157,555

22,132

Amortization and depreciation of assets arising from fair

value step up in business acquisitions (b)

2,144

13,002

16,834

2,365

6,467

31,867

4,476

Tax effects on non-GAAP adjustments (b)

(448)

(3,164)

(4,122)

(579)

(1,352)

(7,711)

(1,083)

Non-GAAP net income attributable to RLX Technology Inc.

259,859

285,773

286,286

40,215

680,522

824,031

115,751

Non-GAAP net income per ordinary share/ADS

- Basic

0.212

0.234

0.236

0.033

0.551

0.675

0.095

- Diluted

0.202

0.218

0.221

0.031

0.528

0.635

0.089

Weighted average number of ordinary shares/ADSs

- Basic

1,225,417,517

1,221,705,674

1,215,324,092

1,234,501,619

1,221,079,766

- Diluted

1,287,927,444

1,309,486,924

1,295,380,218

1,289,831,349

1,297,712,264

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. 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 nine months ended

September 30,

June 30,

September 30,

2024

2025

2024

2025

RMB

US$

RMB

US$

Net cash generated from operating activities

156,554

229,616

357,546

50,224

357,338

794,327

111,578

Net cash generated/(used in) from investing

activities

139,120

(816,501)

(343,188)

(48,207)

1,116,917

(2,146,855)

(301,567)

Net cash used in from financing activities

(74,780)

(326,948)

(370,205)

(52,002)

(547,665)

(682,718)

(95,901)

Effect of foreign exchange rate changes on cash,

cash equivalents and restricted cash

(45,818)

2,436

(27,032)

(3,797)

(32,883)

(32,636)

(4,583)

Net increase/(decrease) in cash and cash

equivalents and restricted cash

175,076

(911,397)

(382,879)

(53,782)

893,707

(2,067,882)

(290,473)

Cash, cash equivalents and restricted cash at

the beginning of the period

3,138,689

4,870,753

3,959,356

556,167

2,420,058

5,644,359

792,858

Cash, cash equivalents and restricted cash at

the end of the period

3,313,765

3,959,356

3,576,477

502,385

3,313,765

3,576,477

502,385

SOURCE RLX Technology Inc.