Company Overview - RLX Technology Inc. is a leading global branded e-vapor company, leveraging strong in-house technology and product development capabilities to create superior e-vapor products [3]. Earnings Announcement - The company will report its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2023, before the U.S. markets open on March 15, 2024 [1]. - An earnings conference call is scheduled for 8:00 AM U.S. Eastern Time on March 15, 2024 [1]. Conference Call Details - Participants can access the call by dialing in 10 minutes before the scheduled start time using the provided Participant Code [1]. - A live and archived webcast of the conference call will be available on the company's investor relations website [2]. - A replay of the conference call will be accessible approximately two hours after the conclusion of the call until March 22, 2024 [2].

BEIJING, Jan. 19, 2024 /PRNewswire/ -- RLX Technology (NYSE: RLX) today proudly presents its Corporate Social Responsibility Report. The report outlines the firm's annual progress in fulfilling various corporate social responsibilities, including rural revitalization, product-related responsibility, corporate governance, environmental responsibility, and employee responsibility. RLX Technology Unveils 2022-2023 Corporate Social Responsibility Report According to the report, as of 2023, RLX has invested ...

BEIJING, Dec. 29, 2023 /PRNewswire/ -- RLX Technology Inc. ("RLX Technology" or the "Company") (NYSE: RLX), a leading global branded e-vapor company, today announced that its board of directors has authorized the extension of its existing share repurchase program established in December 2021 for an additional 24-month period through December 31, 2025. Under the existing share repurchase program, the Company may repurchase up to US$500 million of its ordinary shares represented by ADSs until December 31, 202 ...

Financial Data and Key Metrics Changes - Total revenue decreased by 59% year-over-year, but this represents a significant narrowing from last quarter's 83% year-over-year decline [15][18] - Non-GAAP net operating loss reduced to RMB15 million from RMB133 million in Q1 2023 and RMB67 million last quarter [18] - Non-GAAP basic net income per ADS was 0.149 and non-GAAP diluted net income per ADS was 0.146 for the same period [18] - Operating cash inflow of RMB67 million in Q3 2023, compared to RMB41 million inflow in Q2 and RMB231 million cash outflow in Q1 [29] Business Line Data and Key Metrics Changes - Device shipments showed a quarter-over-quarter increase, indicating growing demand for e-vapor products [15] - Cartridge shipments remained low as many users still use illegally compatible flavored cartridges [16] - Gross profit margin remained stable at around 25%, with improvements in the core e-vapor business to provincial distributors [17] Market Data and Key Metrics Changes - A survey revealed that 40% of users now mainly use national standard compliant products, but only 17% have tried compliant products [6] - Users' lack of awareness of new regulations has slowed the transition to compliant products [7] - The number of retail outlets has remained stable, with more users beginning to try compliant products [33] Company Strategy and Development Direction - The company is focused on refining and broadening its product portfolio while improving operational efficiency [7] - Plans to expand internationally were highlighted, with the termination of a non-competition agreement to seize growth opportunities outside China [13][23] - The company aims to maintain a consistent and sustainable dividend payout policy that may grow progressively with earnings [24] Management's Comments on Operating Environment and Future Outlook - The company acknowledges external headwinds, particularly the lingering negative impact of illegal products and uncertainties in the consumption environment [13] - Management is confident in the gradual transition of users to national standard products in the medium to long term [27] - Positive operating cash flow for two consecutive quarters indicates the company's ability to adapt to changes in the macro and industry environment [29] Other Important Information - The company launched LEILI, a new series of compliant devices, and expanded its flavor offerings significantly [8][12] - The company received customer testing facilities certificate approval from European technologies, becoming the first e-vapor brand in China to gain this certification [12] Q&A Session Summary Question: Overseas development and dividend policy - Management explained the rationale for international expansion due to positive global regulatory developments and increasing acceptance of e-vapor products [22][24] - The cash dividend of US$0.01 per ordinary share reflects confidence in future prospects and a commitment to returning value to shareholders [24] Question: Industry growth and profitability targets - Management noted that user demand for national standard products has improved, but challenges from illegal products persist [27] - The company remains optimistic about achieving positive non-GAAP operating profit in Q4 if current trends continue [28] Question: Product sales and retail outlets - Recent approved flavors have gained popularity, contributing significantly to sales [32] - Retail outlet profitability has been increasing, with self-operated stores starting to turn profits at the operational level [33]

[Third Quarter 2023 Performance Overview](index=1&type=section&id=Third%20Quarter%202023%20Performance%20Overview) The company's Q3 2023 performance was marked by a significant revenue decline due to regulatory impacts, alongside strategic moves toward international expansion and shareholder returns [Financial Highlights](index=1&type=section&id=Financial%20Highlights) RLX Technology reported a significant year-over-year decline in its third-quarter 2023 financial performance, with sharp drops in revenue, gross margin, and net income Q3 2023 Key Financial Metrics (YoY Comparison) | Financial Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Net Revenues | RMB 428.1M | RMB 1,044.4M | -59.0% | | Gross Margin | 24.7% | 50.0% | -25.3pp | | U.S. GAAP Net Income | RMB 172.7M | RMB 505.2M | -65.8% | | Non-GAAP Net Income | RMB 197.5M | RMB 328.6M | -39.9% | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management addressed headwinds from illegal products and slow adoption of new standards while focusing on compliance, profitability, and combating the illicit market - The company is facing external challenges, particularly the impact of **illegal products** and **slow user adoption** of new national standard products due to a lack of awareness about regulations[3](index=3&type=chunk) - Core strategies include expanding the portfolio of compliant products, enhancing user understanding of new regulations, and collaborating with regulators to **combat the illegal market**[3](index=3&type=chunk) - Despite revenue headwinds, the company is focused on improving profitability through cost optimization, achieving a **second consecutive quarter of positive operating cash flow**[3](index=3&type=chunk) [Corporate Developments](index=3&type=section&id=Corporate%20Developments) The company is preparing for future growth by enabling international expansion and approving a cash dividend for shareholders - On November 10, 2023, the company terminated a non-competition agreement with Relx Inc, providing flexibility to **build an international presence** and conduct business outside China[11](index=11&type=chunk) - The Board of Directors approved a **cash dividend of US$0.01 per ordinary share/ADS**, payable in December 2023[12](index=12&type=chunk) [Detailed Financial Results](index=1&type=section&id=Detailed%20Financial%20Results) A detailed analysis reveals a sharp drop in revenue and gross margin driven by excise taxes and market challenges, leading to an operating loss [Revenue and Gross Profit](index=1&type=section&id=Revenue%20and%20Gross%20Profit) Net revenues and gross margin declined significantly year-over-year due to product transitions, illegal competition, and a new excise tax Q3 Revenue and Gross Profit (YoY Comparison) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Net Revenues | RMB 428.1M | RMB 1,044.4M | | Gross Profit | RMB 105.7M | RMB 522.0M | - The primary reasons for the revenue decrease were the **discontinuation of older products** and competition from illegal products[4](index=4&type=chunk) - The gross margin decrease was mainly caused by the imposition of a **36% excise tax** that came into effect on November 1, 2022[5](index=5&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Total operating expenses rose sharply, primarily driven by a significant swing in share-based compensation expenses from a credit to a charge Q3 Operating Expenses Breakdown (YoY Comparison) | Expense Category | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Selling Expenses | RMB 39.7M | RMB 52.5M | | General & Administrative | RMB 74.5M | RMB (41.7)M | | Research & Development | RMB 30.8M | RMB 46.0M | | **Total Operating Expenses** | **RMB 145.0M** | **RMB 56.8M** | - The significant increase in total operating expenses was primarily due to changes in **share-based compensation expenses**, which were **RMB 24.8 million** in Q3 2023 compared to a positive RMB 176.6 million in Q3 2022[6](index=6&type=chunk) [Profitability and Earnings Per Share (EPS)](index=2&type=section&id=Profitability%20and%20Earnings%20Per%20Share%20%28EPS%29) The company shifted from a significant operating profit to a loss, causing substantial year-over-year declines in net income and EPS - The company reported a **loss from operations of RMB 39.3 million** in Q3 2023, compared to a profit from operations of RMB 465.2 million in the same period of 2022[7](index=7&type=chunk) Q3 2023 Profitability & EPS (YoY Comparison) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | U.S. GAAP Net Income | RMB 172.7M | RMB 505.2M | | Non-GAAP Net Income | RMB 197.5M | RMB 328.6M | | U.S. GAAP Diluted EPS | RMB 0.127 | RMB 0.379 | | Non-GAAP Diluted EPS | RMB 0.146 | RMB 0.246 | [Financial Statements and Supplementary Information](index=3&type=section&id=Financial%20Statements%20and%20Supplementary%20Information) The company maintained a strong balance sheet and positive operating cash flow, with detailed financial statements and non-GAAP reconciliations provided [Balance Sheet](index=3&type=section&id=Balance%20Sheet) The company maintained a robust balance sheet with strong liquidity, substantial cash reserves, and minimal total liabilities Key Balance Sheet Items (as of Sep 30, 2023) | Item | Amount (RMB Million) | | :--- | :--- | | Cash, deposits, and investments | 15,132.5 | | Total Current Assets | 9,113.3 | | Total Assets | 16,579.9 | | Total Liabilities | 651.5 | | Total Shareholders' Equity | 15,928.5 | [Statement of Comprehensive Income](index=7&type=section&id=Statement%20of%20Comprehensive%20Income) The Q3 2023 income statement details the decline in revenue and gross profit, resulting in an operating loss but a positive net income Q3 2023 Income Statement Summary | Line Item | Amount (RMB thousands) | | :--- | :--- | | Net revenues | 428,069 | | Gross profit | 105,700 | | Loss from operations | (39,302) | | Income before income tax | 173,231 | | Net income | 172,697 | [Statement of Cash Flows](index=10&type=section&id=Statement%20of%20Cash%20Flows) The company generated positive cash from operations for the second consecutive quarter, a significant improvement from the prior year Q3 2023 Cash Flow Summary (YoY Comparison) | Cash Flow Activity (RMB thousands) | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Net cash from operating activities | 67,452 | (1,016,862) | | Net cash from investing activities | 967,342 | 211,064 | | Net cash used in financing activities | (229,492) | (19,822) | - The company achieved a **second consecutive quarter of positive operating cash flow**, underscoring business resilience in the post-regulatory era[3](index=3&type=chunk)[10](index=10&type=chunk) [Reconciliation of GAAP and Non-GAAP Results](index=4&type=section&id=Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) This section reconciles GAAP to Non-GAAP net income by excluding the impact of share-based compensation expenses Q3 2023 GAAP to Non-GAAP Net Income Reconciliation (RMB thousands) | Line Item | Amount | | :--- | :--- | | Net income (GAAP) | 172,697 | | Add: Share-based compensation expenses | 24,790 | | **Non-GAAP net income** | **197,487** | - The company uses non-GAAP measures to evaluate operating performance and believes they help identify underlying business trends by excluding certain expenses like **share-based compensation**[18](index=18&type=chunk)[19](index=19&type=chunk)

RLX Technology Inc. (NYSE:RLX) Q2 2023 Earnings Conference Call August 18, 2023 8:00 AM ET Company Participants Sam Tsang - Head of Capital Markets Kate Wang - CEO Chao Lu - CFO Conference Call Participants Charlie Chen - China Renaissance Lydia Ling - Citi Peihang Lyu - CICC Operator Hello, ladies and gentlemen. Thank you for standing by for RLX Technologies Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded and is expected to last for about 40 m ...

Exhibit 99.1 RLX Technology Announces Unaudited Third Quarter 2023 Financial Results BEIJING, November 13, 2023 /PRNEWSWIRE/ - RLX Technology Inc. (“RLX Technology” or the “Company”) (NYSE: RLX), a leading branded e-vapor company in China, today announced its unaudited financial results for the third quarter ended September 30, 2023. Third Quarter 2023 Financial Highlights · Net revenues were RMB428.1 million (US$58.7 million) in the third quarter of 2023, compared with RMB1,044.4 million in the same period ...

RLX Technology Inc. (NYSE:RLX) Q1 2023 Earnings Conference Call May 17, 2023 8:00 AM ET Company Participants Sam Tsang - Head, IR Kate Wang - CEO Chao Lu - CFO Conference Call Participants Lydia Ling - Citi Charlie Chen - China Renaissance Operator Hello, ladies and gentlemen. Thank you for standing by for the RLX Technology Incorporated First Quarter 2023 Earnings Conference Call. At this time, all participants are in listen-only mode. After management's remarks, there will be a question-and-answer session ...

RLX Technology Announces Unaudited First Quarter 2023 Financial Results [First Quarter 2023 Financial Highlights](index=1&type=section&id=First%20Quarter%202023%20Financial%20Highlights) RLX Technology faced significant challenges in Q1 2023, with substantial year-over-year declines in net revenues and gross margin, transitioning from net income to net loss, primarily due to new regulatory frameworks and illicit products Key Financial Data Comparison for Q1 2023 (YoY) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | Change (%) | | :--------------------------- | :------------------- | :------------------- | :--------- | | Net Revenues | 188.9 million | 1,714.5 million | -89.0% | | Gross Margin | 24.2% | 38.3% | -14.1 pp | | U.S. GAAP Net Income/(Loss) | Net Loss 56.3 million | Net Income 687.1 million | N/A | | Non-GAAP Net Income | 183.6 million | 361.8 million | -49.2% | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management noted that Q1 2023 focused on product optimization under new regulations, but prevalent illicit products and new consumption taxes challenged sales and gross margin, while expressing encouragement for regulatory efforts and anticipating market improvement and sales recovery - The company focused on optimizing products under the new regulatory framework in Q1 2023, striving to develop diversified, compliant products to meet user demand[3](index=3&type=chunk) - The widespread presence of illicit products posed a near-term challenge to the company's sales and disrupted the overall industry recovery pace[3](index=3&type=chunk) - The new consumption tax, effective November 1, 2022, led to a decline in the company's **gross margin**[3](index=3&type=chunk) - Management was encouraged by the strict actions taken by regulatory authorities against illicit products since March 2023, anticipating improved market conditions and signs of sales recovery[3](index=3&type=chunk) - The company will continue to enhance operational efficiency, believing profitability will gradually recover, supported by its resilient business model and robust cash position to navigate market dynamics[3](index=3&type=chunk) Detailed First Quarter 2023 Financial Performance [Net Revenues and Gross Profit](index=1&type=section&id=Net%20Revenues%20and%20Gross%20Profit) Q1 2023 net revenues significantly decreased by 89.0% year-over-year, primarily due to the discontinuation of old products and the negative impact of illicit flavored products on the adoption of new national standard products, leading to a substantial reduction in gross profit and a lower gross margin due to the 36% consumption tax Net Revenues and Gross Profit Comparison (YoY) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | Change (%) | | :----------- | :-------------- | :---------------- | :--------- | | Net Revenues | 188.9 million | 1,714.5 million | -89.0% | | Gross Profit | 45.7 million | 657.0 million | -93.0% | | Gross Margin | 24.2% | 38.3% | -14.1 pp | - The decline in net revenues was primarily due to the discontinuation of old products and the negative impact of illicit flavored products in the market, resulting in slower-than-expected user adoption of new national standard compliant products[4](index=4&type=chunk) - The decrease in **gross margin** was mainly attributable to the imposition of a **36% consumption tax** effective November 1, 2022[5](index=5&type=chunk) [Operating Expenses Analysis](index=2&type=section&id=Operating%20Expenses%20Analysis) Q1 2023 operating expenses significantly increased year-over-year, primarily due to a substantial change in share-based compensation expenses influenced by the company's stock price fluctuations, reflected across selling, general and administrative, and research and development expenses Operating Expenses Comparison (YoY) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | Change (RMB) | | :---------------------------- | :----------------- | :----------------- | :--------------- | | Total Operating Expenses | 418.9 million | 33.6 million | +385.3 million | | Selling Expenses | 85.8 million | 75.9 million | +9.9 million | | General and Administrative Expenses | 256.5 million | 66.4 million | +190.1 million | | Research and Development Expenses | 76.7 million | 24.0 million | +52.7 million | | Operating Loss | 373.2 million | Operating Income 623.4 million | N/A | - The increase in operating expenses was primarily due to a **RMB 240 million (US$34.9 million)** change in share-based compensation expenses, compared to a positive RMB 325.2 million in the prior year period[6](index=6&type=chunk) - The change in share-based compensation expenses was mainly influenced by the fair value of equity incentive awards granted to employees, which is affected by the company's stock price fluctuations[6](index=6&type=chunk) [Net Income/Loss and Earnings Per Share (EPS)](index=2&type=section&id=Net%20Income/Loss%20and%20Earnings%20Per%20Share%20(EPS)) In Q1 2023, the company transitioned from U.S. GAAP net income in the prior year to a net loss, with non-GAAP net income also decreasing year-over-year, and both GAAP and non-GAAP basic and diluted net income/(loss) per ADS reflecting this significant change Net Income/(Loss) and Net Income/(Loss) per ADS Comparison (YoY) | Metric | Q1 2023 (RMB) | Q1 2022 (RMB) | Change (%) | | :-------------------------------------- | :------------------- | :------------------- | :------------ | | U.S. GAAP Net Income/(Loss) | Net Loss 56.3 million | Net Income 687.1 million | N/A | | Non-GAAP Net Income | 183.6 million | 361.8 million | -49.2% | | U.S. GAAP Basic and Diluted Net Income/(Loss) per ADS | Net Loss 0.043 | Net Income 0.528/0.521 | N/A | | Non-GAAP Basic and Diluted Net Income per ADS | 0.139/0.136 | 0.284/0.281 | -51.1%/-51.6% | Financial Position and Cash Flow [Balance Sheet Overview](index=3&type=section&id=Balance%20Sheet%20Overview) As of March 31, 2023, the company's total cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments, long-term bank deposits, and long-term investment securities amounted to RMB 15,369.2 million, a slight decrease from December 31, 2022 Cash and Equivalents and Total Assets Comparison | Metric | As of Mar 31, 2023 (RMB) | As of Dec 31, 2022 (RMB) | | :----------------------------------------------------------------------------------------------- | :----------------------- | :----------------------- | | Total Cash and Cash Equivalents, Restricted Cash, Short-term Bank Deposits, Short-term Investments, Long-term Bank Deposits, Long-term Investment Securities | 15,369.2 million | 15,733.7 million | [Cash Flow Activities](index=3&type=section&id=Cash%20Flow%20Activities) In Q1 2023, the company reported net cash used in operating activities of RMB 230.7 million Cash Flow from Operating Activities | Metric | Q1 2023 (RMB) | | :------------------------------- | :-------------- | | Net Cash Used in Operating Activities | 230.7 million | Additional Information [About RLX Technology Inc.](index=4&type=section&id=About%20RLX%20Technology%20Inc.) RLX Technology Inc. is a leading branded e-vapor company in China, developing premium e-vapor products through strong in-house technology, product development capabilities, and deep insights into adult smokers' needs - RLX Technology Inc. is a leading branded e-vapor company in China[14](index=14&type=chunk) - The company leverages its strong in-house technology, product development capabilities, and deep insights into adult smokers' needs to develop premium e-vapor products[14](index=14&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP net income and non-GAAP basic and diluted net income per ADS to evaluate operating performance and make financial operational decisions, excluding share-based compensation expenses to identify underlying business trends and facilitate investor assessment of operating results, while acknowledging these metrics are not U.S. GAAP defined and have limitations - Non-GAAP net income and non-GAAP basic and diluted net income per ADS are non-GAAP financial measures used by the company to evaluate operating performance and make financial operational decisions[15](index=15&type=chunk) - Non-GAAP net income represents net income excluding **share-based compensation expenses**[15](index=15&type=chunk) - The company believes these non-GAAP measures help identify underlying business trends and facilitate investors' assessment of its operating performance[16](index=16&type=chunk) - Non-GAAP financial measures are not defined under U.S. GAAP, should not be considered as substitutes for net income, and may not be comparable to similar measures used by other companies[17](index=17&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call) The company's management held a Q1 2023 earnings conference call on May 17, providing detailed dial-in information and participant codes, along with webcast and replay services - The company's management held an earnings conference call on May 17, 2023, at 8:00 AM U.S. Eastern Time (8:00 PM Beijing/Hong Kong Time on May 17, 2023)[11](index=11&type=chunk) Conference Call Dial-in Details | Geographic Region | Dial-in Number | | :-------------------------- | :-------------- | | 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 Passcode | 7017217 | - A live and archived webcast of the conference call is available on the company's investor relations website at https://ir.relxtech.com[11](index=11&type=chunk) [Exchange Rate Information](index=4&type=section&id=Exchange%20Rate%20Information) RMB amounts in this announcement are translated into US dollars at an exchange rate of RMB 6.8676 to US$1.00, based on the H.10 statistical release of the Federal Reserve Board on March 31, 2023, provided solely for convenience - The exchange rate for RMB to US dollar is **RMB 6.8676 to US$1.00**, based on the H.10 statistical release of the Federal Reserve Board on March 31, 2023[19](index=19&type=chunk) - All exchange rate conversions are for the convenience of the reader only, and the company does not represent that RMB or US dollar amounts could have been, or could be, converted at any particular rate or at all[19](index=19&type=chunk) [Safe Harbor Statement](index=5&type=section&id=Safe%20Harbor%20Statement) This announcement contains forward-looking statements protected by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, which involve inherent risks and uncertainties that could cause actual results to differ materially, and the company undertakes no obligation to update such information unless required by applicable law - This announcement contains forward-looking statements protected by the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995[20](index=20&type=chunk) - Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from the statements, including the company's growth strategies, future business development, financial condition, trends in the China e-vapor market, government policies, and macroeconomic conditions[20](index=20&type=chunk) - The company undertakes no obligation to update such information unless required by applicable law[20](index=20&type=chunk) [Contact Information](index=5&type=section&id=For%20more%20information,%20please%20contact) Provides investor relations contact details for RLX Technology Inc.'s capital markets and Piacente Group in both China and the United States Investor Relations Contact Details | Region | Contact/Company | Phone | Email | | :------------ | :------------------------ | :--------------- | :--------------- | | China | RLX Technology Inc. | N/A | ir@relxtech.com | | | The Piacente Group, Inc. | +86-10-6508-0677 | RLX@tpg-ir.com | | United States | The Piacente Group, Inc. | +1-212-481-2050 | RLX@tpg-ir.com | Unaudited Condensed Consolidated Financial Statements [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20BALANCE%20SHEETS) This section presents RLX Technology Inc.'s unaudited condensed consolidated balance sheets as of December 31, 2022, and March 31, 2023, detailing the company's assets, liabilities, and shareholders' equity at the end of the reporting periods Condensed Consolidated Balance Sheets (Excerpt) | Metric | As of Dec 31, 2022 (RMB) | As of Mar 31, 2023 (RMB) | As of Mar 31, 2023 (US$) | | :----------------------------------------------------------------------------------------------- | :----------------------- | :----------------------- | :---------------------- | | **ASSETS** | | | | | Cash and Cash Equivalents | 1,268,512 | 1,448,820 | 210,965 | | Short-term Bank Deposits, net | 7,084,879 | 5,709,492 | 831,366 | | Short-term Investments | 2,434,864 | 2,083,215 | 303,340 | | Inventories | 130,901 | 101,981 | 14,850 | | Total Current Assets | 11,198,155 | 9,743,957 | 1,418,832 | | Long-term Bank Deposits, net | 1,515,428 | 2,060,476 | 300,029 | | Long-term Investment Securities, net | 3,409,458 | 4,060,942 | 591,319 | | Total Non-current Assets | 5,180,669 | 6,361,497 | 926,306 | | **TOTAL ASSETS** | **16,378,824** | **16,105,454** | **2,345,138** | | **LIABILITIES** | | | | | Accounts and Notes Payable | 269,346 | 47,350 | 6,895 | | Total Current Liabilities | 789,830 | 484,020 | 70,480 | | Total Non-current Liabilities | 48,621 | 40,709 | 5,928 | | **TOTAL LIABILITIES** | **838,451** | **524,729** | **76,408** | | **SHAREHOLDERS' EQUITY** | | | | | Total Shareholders' Equity of RLX Technology Inc. | 15,569,060 | 15,608,751 | 2,272,811 | | **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | **16,378,824** | **16,105,454** | **2,345,138** | [Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss)](index=7&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20COMPREHENSIVE%20INCOME/(LOSS)) This section presents RLX Technology Inc.'s unaudited condensed consolidated statements of comprehensive income/(loss) for the three months ended March 31, 2022, December 31, 2022, and March 31, 2023, detailing key financial data such as net revenues, cost of revenues, operating expenses, operating income/(loss), net income/(loss), and net income/(loss) per ADS Condensed Consolidated Statements of Comprehensive Income/(Loss) (Excerpt) | Metric | For the Three Months Ended Mar 31, 2022 (RMB) | For the Three Months Ended Dec 31, 2022 (RMB) | For the Three Months Ended Mar 31, 2023 (RMB) | For the Three Months Ended Mar 31, 2023 (US$) | | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Revenues | 1,714,450 | 340,012 | 188,877 | 27,503 | | Cost of Revenues | (1,057,447) | (139,073) | (78,693) | (11,459) | | Consumption Tax on Products | - | (52,668) | (64,458) | (9,386) | | Gross Profit | 657,003 | 148,271 | 45,726 | 6,658 | | Total Operating Expenses | (33,559) | (620,438) | (418,947) | (61,004) | | Operating Income/(Loss) | 623,444 | (472,167) | (373,221) | (54,346) | | Net Income/(Loss) | 687,055 | (225,125) | (56,305) | (8,199) | | Net Income/(Loss) Attributable to RLX Technology Inc. | 705,281 | (228,480) | (56,966) | (8,295) | | Basic Net Income/(Loss) per ADS | 0.528 | (0.174) | (0.043) | (0.006) | | Diluted Net Income/(Loss) per ADS | 0.521 | (0.174) | (0.043) | (0.006) | [Unaudited Reconciliation of GAAP and Non-GAAP Results](index=8&type=section&id=UNAUDITED%20RECONCILIATION%20OF%20GAAP%20AND%20NON-GAAP%20RESULTS) This section provides RLX Technology Inc.'s unaudited reconciliation of GAAP and non-GAAP results for the three months ended March 31, 2022, December 31, 2022, and March 31, 2023, adjusting GAAP net income/(loss) to non-GAAP net income by excluding share-based compensation expenses, and presenting corresponding per ADS data GAAP to Non-GAAP Reconciliation (Excerpt) | Metric | For the Three Months Ended Mar 31, 2022 (RMB) | For the Three Months Ended Dec 31, 2022 (RMB) | For the Three Months Ended Mar 31, 2023 (RMB) | For the Three Months Ended Mar 31, 2023 (US$) | | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Income/(Loss) | 687,055 | (225,125) | (56,305) | (8,199) | | Add: Share-based Compensation Expenses | | | | | | Selling Expenses | (41,939) | 41,239 | 23,955 | 3,488 | | General and Administrative Expenses | (230,087) | 369,447 | 201,343 | 29,318 | | Research and Development Expenses | (53,211) | 64,165 | 14,654 | 2,134 | | Non-GAAP Net Income | 361,818 | 249,726 | 183,647 | 26,741 | | Net Income/(Loss) Attributable to RLX Technology Inc. | 705,281 | (228,480) | (56,966) | (8,295) | | Add: Share-based Compensation Expenses | (325,237) | 474,851 | 239,952 | 34,940 | | Non-GAAP Net Income Attributable to RLX Technology Inc. | 380,044 | 246,371 | 182,986 | 26,645 | | Non-GAAP Basic Net Income per ADS | 0.284 | 0.188 | 0.139 | 0.020 | | Non-GAAP Diluted Net Income per ADS | 0.281 | 0.186 | 0.136 | 0.020 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=UNAUDITED%20CONDENSED%20CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) This section presents RLX Technology Inc.'s unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2022, December 31, 2022, and March 31, 2023, detailing net cash flows from operating, investing, and financing activities Condensed Consolidated Statements of Cash Flows (Excerpt) | Metric | For the Three Months Ended Mar 31, 2022 (RMB) | For the Three Months Ended Dec 31, 2022 (RMB) | For the Three Months Ended Mar 31, 2023 (RMB) | For the Three Months Ended Mar 31, 2023 (US$) | | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Net Cash Provided by/(Used in) Operating Activities | 308,169 | (248,866) | (230,686) | (33,590) | | Net Cash (Used in)/Provided by Investing Activities | (950,764) | 752,545 | 381,954 | 55,617 | | Net Cash (Used in)/Provided by Financing Activities | (161,612) | (150,647) | 4,346 | 633 | | Effect of Exchange Rate Changes on Cash, Cash Equivalents and Restricted Cash | (20,556) | 29,287 | 10,409 | 1,516 | | Net (Decrease)/Increase in Cash, Cash Equivalents and Restricted Cash | (824,763) | 382,319 | 166,023 | 24,176 | | Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 5,209,467 | 906,767 | 1,289,086 | 187,705 | | Cash, Cash Equivalents and Restricted Cash at End of Period | 4,384,704 | 1,289,086 | 1,455,109 | 211,881 |

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 19 ...