Financial Data and Key Metrics Changes - The company's net revenues surged 49% year-over-year to RMB 1,129 million, with non-GAAP operating profits reaching RMB 188 million [5][11] - Gross profit margin expanded by 4 percentage points year-over-year and 3.7 percentage points quarter-over-quarter [12] - Cash flow from operating activities increased to RMB 358 million from RMB 157 million in the same period last year [14] - Total financial assets stood at RMB 15.4 billion, approximately $2.2 billion [14][15] Business Line Data and Key Metrics Changes - Revenue from Mainland China was RMB 320 million, approximately 13% of Q2 2021's level, indicating ongoing challenges in the market [7] - International markets now account for 70-80% of total revenues, reflecting the success of the globalization strategy [7][9] - The Asia-Pacific franchise retail model has driven significant same-store sales growth by uniting independent vape stores under a cohesive brand [8] Market Data and Key Metrics Changes - The Mainland China market is experiencing a modest recovery, but an unregulated latent e-vapor market remains a significant headwind [7] - The U.K. market has faced regulatory challenges, including a ban on disposable e-vapor products, yet the company has adapted by migrating consumers to reusable products [9][20] Company Strategy and Development Direction - The company is focused on expanding its brand footprint selectively across international markets, contingent on regulatory clarity [19] - R&D initiatives emphasize enhancing core user experiences, particularly in flavor authenticity and device ergonomics [20] - The strategic equity investment in a leading European e-vapor firm aims to enhance market intelligence and capitalize on future opportunities [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to shape the smokeless industry and deliver lasting value to stakeholders [9] - The company is committed to driving further profitability improvement while maintaining a lean organizational structure [13] - Management highlighted the importance of regulatory enforcement in achieving true market order in Mainland China [7] Other Important Information - The company has returned nearly all non-GAAP net profits to shareholders through strategic share repurchases and dividends over the past four years, totaling over $500 million [15] - A cash dividend of $0.1 per ordinary share or ADS was declared for this quarter [15] Q&A Session Summary Question: Revenue outlook for 2026 and organic growth in international business - Management indicated a commitment to expanding brand footprint selectively and shared that international revenue grew steadily, outpacing industry averages [19] Question: Channel innovation in Asian markets - Management elaborated on transforming Wavestar experiences through a franchise model, engaging over 450 partners in East Asia [22] Question: Update on U.K. operations and further expansion strategy - Management is in early stages of integration, focusing on preserving brand equity and transforming U.K. operations into a multi-brand retail distribution platform [24] Question: Expansion status of modern oral business - Management noted that modern oral is the fastest-growing segment, with plans to roll out this category in phases starting this quarter [27]

Financial Data and Key Metrics Changes - The company's net revenues surged 49% year-over-year to RMB 1,129 million, with non-GAAP operating profits reaching RMB 188 million [5][11] - Gross profit margin expanded by 4 percentage points year-over-year and 3.7 percentage points quarter-over-quarter [12] - Cash flow from operating activities increased to RMB 358 million from RMB 157 million in the same period last year [14] - Total financial assets stood at RMB 15.4 billion, approximately $2.2 billion [14][15] Business Line Data and Key Metrics Changes - Revenue from Mainland China was RMB 320 million, approximately 13% of Q2 2021's level, indicating ongoing challenges in the market [7] - International markets now account for 70-80% of total revenues, reflecting the success of the globalization strategy [7][9] - The Asia-Pacific franchise retail model has driven significant same-store sales growth [8] Market Data and Key Metrics Changes - The Mainland China market is experiencing a modest recovery, but an unregulated latent e-vapor market remains a significant headwind [7] - The U.K. market faced challenges due to a ban on disposable e-vapor products, but the company adapted by migrating consumers to reusable formats [9] Company Strategy and Development Direction - The company is focused on expanding its brand footprint selectively across international markets, contingent on regulatory clarity [19] - R&D initiatives emphasize enhancing core user experiences, particularly in flavor authenticity and device ergonomics [20] - The company aims to transform U.K. operations into a multi-brand retail distribution platform to enhance efficiency [24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to shape the smokeless industry and deliver lasting value to stakeholders [9] - The company is optimistic about synergies from its European investment and anticipates scaling this business amid regulatory challenges [19][20] Other Important Information - The company has returned nearly all non-GAAP net profits to shareholders through strategic share repurchases and dividends over the past four years, totaling over $500 million [15] Q&A Session Summary Question: Revenue outlook for 2026 and organic growth in international business - Management committed to expanding selectively across international markets and noted steady international revenue growth driven by robust organic growth in the Asia-Pacific region [19] Question: Areas prioritized in R&D for growth and differentiation - R&D initiatives focus on meaningful product evolution, enhancing user experiences, and optimizing product performance through technological refinements [20] Question: Channel innovation in Asian markets - The company is transforming Wavestar experiences through a franchise model, engaging over 450 partners in East Asia, driving revenue growth and enhancing brand presence [22] Question: Update on U.K. company integration and expansion strategy - The company is in early stages of integration, prioritizing brand equity and operational strength, while leveraging local expertise for channel development [24] Question: Expansion status of modern oral business and promotional strategies - The modern oral segment is the fastest-growing, with plans for phased rollout and prudent near-term revenue expectations as market data is built [27]

Financial Data and Key Metrics Changes - The company reported net revenues of $1,129 million for Q3 2025, representing a 49% year-over-year increase and a 28% quarter-over-quarter increase [7][14] - Non-GAAP operating profit reached $188 million, marking the eighth consecutive quarter of positive operating profit [7][18] - Gross profit margin expanded by four percentage points year-over-year and 3.7 percentage points quarter-over-quarter [16] Business Line Data and Key Metrics Changes - Revenue from Mainland China was RMB 320 million, approximately 13% of Q2 2021 levels, indicating ongoing challenges in that market [8] - International markets now account for 70% to 80% of total revenues, reflecting a successful globalization strategy [9] Market Data and Key Metrics Changes - The company noted a modest recovery in the Mainland China market, driven by strengthened regulatory enforcement [8] - Selected Asian markets showed strong organic growth, fueled by successful product innovation and effective local execution [15] Company Strategy and Development Direction - The company is focused on expanding its branded footprint selectively across international markets, contingent on regulatory parity and market readiness [26] - A new Asia Pacific franchise retail model has been implemented to enhance retail execution and user experience [10] - The company is also advocating for regulatory adjustments around tobacco flavor formulation to align public policy with consumer preferences [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to shape the smokeless industry and deliver lasting value to stakeholders [12] - The company is committed to driving further profitability improvement while maintaining a lean organizational structure [18] Other Important Information - The company maintained a strong cash position, with total financial assets amounting to approximately RMB 16.4 billion (USD 2.2 billion) as of September 30, 2025 [19] - A cash dividend of $0.1 per ordinary share or ADS was declared for this quarter [20] Q&A Session Summary Question: Revenue outlook for 2026 and international business breakdown - Management indicated a commitment to expanding internationally, with steady growth in international revenue driven by robust organic growth in the Asia Pacific region [26][27] Question: Channel innovation in flagship Asian markets - The company is transforming WaveStar experiences through a franchise model, engaging over 450 partners in East Asia [31][32] Question: Update on UK vape company integration - The integration is in early stages, focusing on preserving brand equity and operational strength while expanding channel development across Europe [35] Question: Expansion status of modern oral business - The modern oral segment is the fastest growing, with plans for phased rollout starting this quarter [38]

Financial Performance - Net revenues reached RMB 1,129 million, a 49% year-over-year increase[11] - Gross profit was RMB 353 million, with a year-over-year growth of 71%[8,9] - Non-GAAP operating profit amounted to RMB 188 million, showing a 124% year-over-year increase[8,10] - Gross margin steadily improved, reaching 31.2% in 2025 Q3[38,120] Capital Resources - Total capital resources stood at RMB 15.4 billion[11] - Cash and cash equivalents amounted to RMB 3.5 billion[11] - Operating cash flow generated was USD 501 million[14] Shareholder Value - Total capital returned to shareholders since IPO reached RMB 0.4 billion, with 66% in the form of share repurchases[17] Business Growth - International business experienced significant growth, outperforming the industry average, with a 72% year-over-year increase in revenues from international business[7,34,35] - The company achieved a moderate recovery in its Mainland China business[7]

Core Insights - RLX Technology reported Q3 financial results with net revenue reaching RMB 1.1293 billion (USD 158.6 million), a year-over-year increase of 49.3% and a quarter-over-quarter increase of 28.3% [1] - Adjusted net profit (non-GAAP) was RMB 295.4 million (USD 41.5 million), reflecting a year-over-year growth of 12.1% [1] - Gross margin improved from 27.2% in Q3 2024 to 31.2% in Q3 2025 [1] Revenue Contribution - International business accounted for 72% of total revenue, serving as the main driver of performance [1] - Growth was supported by high-return investments in the European market, increased market share in existing international markets, and steady recovery of domestic business in China [1] Strategic Initiatives - The company has strengthened its leading position in key markets in Asia-Pacific and Europe by increasing investment in retail networks and launching localized products [1] - The launch of self-developed oral dissolvable film products in the UK marks a significant step in product diversification [1] Financial Health - The company maintains a robust financial position, laying the groundwork for ongoing shareholder returns [1] - To date, RLX Technology has returned over USD 500 million to shareholders through share buybacks and cash dividends [1]

Group 1: RLX Technology Inc - RLX Technology Inc reported quarterly earnings of 3 cents per share on sales of $158.600 million [1] - Shares of RLX Technology rose 6% to $2.47 in pre-market trading following the earnings report [1] Group 2: Other Stocks in Pre-Market Trading - Cidara Therapeutics, Inc. surged 92% to $203.50 after a Schedule 13D Amendment revealed beneficial ownership of 3.37 million shares [4] - Binah Capital Group, Inc. gained 52.2% to $2.17 after posting stronger-than-expected third-quarter results [4] - Expion360 Inc. rose 42.4% to $1.81 following its third-quarter results [4] - Aspire Biopharma Holdings, Inc. surged 31.2% to $0.1380 in pre-market trading [4] - Invivyd, Inc. gained 28.8% to $2.28 after reporting better-than-expected third-quarter financial results [4] - Milestone Scientific Inc. surged 26.3% to $0.4801 after reporting better-than-expected third-quarter sales [4] - Lazydays Holdings, Inc. gained 23.3% to $1.85 after a previous surge [4] - Omeros Corp gained 12.5% to $7.08 following a narrower-than-expected quarterly loss [4] - Nouveau Monde Graphite Inc rose 10% to $3.25 after a decline the previous day [4] Group 3: Declining Stocks in Pre-Market Trading - TSS Inc tumbled 40.2% to $9.10 after reporting a year-over-year decrease in third-quarter results [4] - enVVeno Medical Corp declined 35.8% to $0.42 after an unfavorable FDA appeal decision [4] - Nuvve Holding Corp fell 29.3% to $0.34 after announcing third-quarter results [4] - ESS Tech Inc shares dipped 24.2% to $3.22 after reporting weak quarterly sales [4] - Direct Digital Holdings Inc fell 18.8% to $0.23 after a significant gain the previous day [4] - StubHub Holdings Inc fell 18.8% to $15.28 after worse-than-expected third-quarter EPS results [4] - Mangoceuticals Inc dipped 17.7% to $0.98 after a decline the previous day [4] - Red Cat Holdings Inc dipped 15.1% to $6.57 after worse-than-expected financial results and a lowered FY25 sales guidance [4] - WhiteFiber Inc fell 13.4% to $17.21 after reporting worse-than-expected financial results [4] - Sobr Safe Inc fell 12.4% to $2.21 after a decline the previous day [4]

Core Insights - RLX Technology Inc. reported strong financial performance for Q3 2025, with net revenue reaching RMB 1.1293 billion (USD 158.6 million), reflecting a quarter-over-quarter growth of 28.3% and a year-over-year growth of 49.3% [1][2] - The company’s adjusted net profit for the same period was RMB 295.4 million (USD 41.5 million), showing a quarter-over-quarter increase of 1.4% and a year-over-year increase of 12.1% [1] - The CEO highlighted the company's robust execution in international expansion and innovation, contributing to sustainable business growth despite macroeconomic challenges [1] Financial Performance - The international business contributed 72% to the total revenue, indicating a strong focus on global markets [2] - Operating profit under non-GAAP measures reached RMB 187.8 million, marking a significant year-over-year increase of 123.6% [2] - The company has returned over USD 500 million to shareholders through share buybacks and cash dividends, demonstrating a commitment to long-term value creation [2] Product Development - The company launched its self-developed oral film product in the UK, marking a significant step in product diversification and user experience enhancement [2] - This new product reflects the company's long-term vision to lead the next generation of consumer experiences [2] Market Position - The company is strengthening its leading position in key markets in the Asia-Pacific and Europe through localized product offerings and targeted retail network investments [1] - The regulatory environment in mainland China is becoming more orderly and compliant, creating a favorable backdrop for the company's business recovery [1]

格隆汇11月14日｜雾芯科技2025年Q3净营收为人民币11.293亿元（1.586亿美元），环比增长28.3%，同 比增长49.3%，其中国际业务营收贡献达72%。非美国通用会计准则下，第三季度经调整净利润为人民 币2.954亿元（4,150万美元），环比增长1.4%，同比增长12.1%。 ...

Core Insights - RLX Technology Inc. reported strong financial performance for Q3 2025, with net revenue reaching RMB 1.1293 billion (USD 158.6 million), reflecting a quarter-over-quarter growth of 28.3% and a year-over-year growth of 49.3% [1] - The company's adjusted net profit under non-GAAP was RMB 295.4 million (USD 41.5 million), showing a quarter-over-quarter increase of 1.4% and a year-over-year increase of 12.1% [1] Financial Performance - The international business contributed 72% to the total revenue, indicating a significant reliance on global markets for growth [2] - Operating profit under non-GAAP reached RMB 187.8 million, marking a substantial year-over-year increase of 123.6% [2] - The company has returned over USD 500 million to shareholders through share buybacks and cash dividends, demonstrating a commitment to long-term value creation and sustainable profitability [2] Strategic Initiatives - The company is focusing on international expansion and innovation, with efforts to enhance retail networks and introduce localized products in key markets in Asia-Pacific and Europe [1] - The launch of self-developed oral soluble film products in the UK represents a significant step in product diversification and user experience enhancement [1]

Core Insights - RLX Technology Inc. reported strong financial performance for Q3 2025, with net revenue reaching RMB 1.1293 billion (USD 158.6 million), reflecting a quarter-over-quarter growth of 28.3% and a year-over-year growth of 49.3% [1] - The company's adjusted net profit under non-GAAP was RMB 295.4 million (USD 41.5 million), showing a quarter-over-quarter increase of 1.4% and a year-over-year increase of 12.1% [1] - The CEO highlighted the company's robust execution in international expansion and innovation, contributing to sustainable business growth despite macroeconomic challenges [1] Financial Performance - The CFO reported that international business contributed 72% to the total revenue, with a significant year-over-year growth of 49.3% [2] - Operating profit under non-GAAP reached RMB 187.8 million, marking a substantial year-over-year increase of 123.6% [2] - The company has returned over USD 500 million to shareholders through share buybacks and cash dividends, demonstrating a commitment to long-term value creation and sustainable profitability [2] Market Strategy - The company is focusing on localized product offerings tailored to specific market characteristics in the Asia-Pacific and European regions, enhancing its competitive position [1] - The introduction of self-developed oral film products in the UK marks a significant step in product diversification and user experience enhancement [1] - Strengthened regulations in the domestic market are creating a more orderly and compliant competitive landscape, facilitating the company's business recovery [1]