Core Viewpoint - RLX Technology reported strong financial performance for Q2 2025, with a significant year-over-year revenue increase driven by international expansion and effective cost management [1] Financial Performance - Q2 net revenue reached 880 million RMB (approximately 122.8 million USD), a 40.3% increase from 627.2 million RMB in the same period last year, surpassing market expectations [1] - Gross margin for Q2 was 27.5%, up from 25.2% in Q2 2024 [1] - Non-GAAP operating profit was 116.2 million RMB (approximately 16.2 million USD), compared to 46.9 million RMB in Q2 2024, reflecting a 147.6% year-over-year increase [1] - Non-GAAP net profit was 291.2 million RMB (approximately 40.6 million USD), up from 214.8 million RMB in the same period last year [1] - Diluted earnings per share were 0.023 USD, slightly exceeding market expectations [1] Strategic Insights - The company attributes its strong performance to effective execution of its strategy amid ongoing industry changes and rapid shifts in regulatory policies and consumer behavior [1] - RLX Technology emphasizes its commitment to global compliance, data-driven localization strategies, and strengthening strategic partnerships to enhance its international distribution network [1] - The company expresses confidence in navigating complex challenges and seizing emerging opportunities to create sustainable value for stakeholders [1]

Group 1 - The core viewpoint of the news is that RLX Technology (雾芯科技) has shown significant financial growth, with a notable increase in both revenue and net profit as of March 31, 2025 [1][2] - As of August 22, RLX Technology's stock price rose by 4.91% to $2.35 per share, with a trading volume of $7.6888 million and a total market capitalization of $2.863 billion [1] - Financial data indicates that RLX Technology's total revenue reached 808 million RMB, representing a year-on-year growth of 46.53%, while the net profit attributable to the parent company was 222 million RMB, reflecting a year-on-year increase of 68.33% [1] Group 2 - RLX Technology is scheduled to disclose its fiscal year 2025 interim report on August 22, prior to the market opening [2] - The company was established on August 16, 2018, in the Cayman Islands and focuses on the research, design, and sales of consumer-grade electronic vaporizer products under the RELX brand [2]

Group 1 - The stock price of RLX Technology (雾芯科技) increased by 10.04% on August 22, reaching $2.465 per share, with a trading volume of $5.5425 million and a total market capitalization of $3.003 billion [1] - As of March 31, 2025, RLX Technology reported total revenue of 808 million RMB, representing a year-on-year growth of 46.53%, and a net profit attributable to shareholders of 222 million RMB, reflecting a year-on-year increase of 68.33% [1] Group 2 - RLX Technology is scheduled to disclose its fiscal year 2025 interim report on August 22, prior to the market opening (Eastern Time) [2] - The company was established on August 16, 2018, in the Cayman Islands and focuses on the research, design, and sales of consumer-grade electronic vaporizer products under the RELX brand [2]

Financial Data and Key Metrics Changes - The company reported net revenues of RMB880 million for Q2 2025, representing a 40% year-over-year increase and a 9% quarter-over-quarter increase [15][16] - Non-GAAP operating profit reached RMB116 million, marking the seventh consecutive quarter of positive non-GAAP operating profit, with a non-GAAP operating margin expanding by more than five percentage points year-over-year to 13.2% [6][17] - Gross margin improved by 2.3 percentage points year-over-year to 27.5%, reflecting a favorable revenue mix and continued cost optimization efforts [16][17] - Operating cash inflow was RMB230 million, a significant increase from RMB197 million in the same period last year [18] Business Line Data and Key Metrics Changes - The e-vapor segment remains a key driver of growth, with the company expanding its product offerings to include modern oral nicotine products and heat-not-burn devices [6][9] - The company has established market leadership in the e-vapor segment and is diversifying its portfolio to include additional smokeless categories [9][10] Market Data and Key Metrics Changes - The company has seen moderate year-over-year growth in its overseas business, particularly in Asian markets, despite a decline in China export data [26] - The domestic compliance market in China is recovering, driven by stricter controls on illegal products, with over 80% to 90% of the market still dominated by illegal products [30][31] Company Strategy and Development Direction - The company is committed to a multi-category strategy, focusing on sustainable product innovation and strengthening its global distribution network [13][19] - The recent acquisition of a European e-vapor company is expected to enhance the company's operational footprint and local market share [12][39] Management Comments on Operating Environment and Future Outlook - Management highlighted the positive impact of tightening regulations on non-compliant products, which is expected to benefit compliant products and business development [24][25] - The company anticipates a stabilization of the market towards the end of 2025, allowing for healthy sustainable growth in 2026 and beyond [10][19] Other Important Information - The company announced its third cash dividend since its IPO, reaffirming its commitment to delivering value to shareholders [19][35] - The company is exploring additional categories that align with evolving consumer needs and has invested in local retail support to enhance market strategies [12][11] Q&A Session Summary Question: Regulation impact on non-compliant products - Management noted that the global regulatory landscape is becoming clearer, which is benefiting compliant products and allowing the company to gain market share [24][25] Question: Organic growth of overseas business - Despite a decline in China export data, the company achieved moderate year-over-year growth in overseas business, with significant contributions from the European market [26] Question: Current situation of the China market - Management observed a moderate recovery in the domestic compliance market, driven by stricter controls on illegal products, with the company actively collaborating with regulators [30][31] Question: Dividend announcements and share repurchase program - The company does not foresee additional dividend announcements this year and plans to continue its share repurchase program while evaluating future shareholder returns [35][36] Question: Details on the investment agreement with a European company - The investment agreement with a European e-vapor company aims to enhance distribution and retail capabilities, allowing the company to gain insights into European market trends [39][40]

Financial Data and Key Metrics Changes - The company reported net revenues of RMB880 million for Q2 2025, representing a 40% year-over-year increase and a 9% quarter-over-quarter increase [16][17] - Gross margin expanded by 2.3 percentage points year-over-year to 27.5%, reflecting a favorable revenue mix and cost optimization efforts [17][18] - Non-GAAP operating profit was RMB116 million, marking the seventh consecutive quarter of positive operating profit, with a non-GAAP operating margin of 13.2% [7][18] Business Line Data and Key Metrics Changes - The e-vapor segment remains a key driver of growth, with the company expanding its product offerings to include modern oral nicotine products [10][11] - The company has established market leadership in the e-vapor segment and is diversifying its portfolio to include other smokeless products [10][12] Market Data and Key Metrics Changes - The company has seen moderate year-over-year growth in its overseas business, particularly in Asian markets, despite a decline in China export data [28] - The domestic market in China is recovering, driven by stricter controls on illegal products, although illegal products still dominate the market [32][33] Company Strategy and Development Direction - The company is committed to a multi-category strategy, focusing on sustainable product innovation and strengthening its global distribution network [14][20] - The recent acquisition of a European e-vapor company is expected to enhance the company's operational footprint and local market share [41][42] Management Comments on Operating Environment and Future Outlook - Management noted that the regulatory landscape for e-vapor products is becoming clearer, which is expected to benefit compliant companies [26][27] - The company anticipates a stabilization in the market towards the end of 2025, allowing for healthy growth in 2026 and beyond [11][12] Other Important Information - The company announced a cash dividend of $0.01 per ordinary share, reaffirming its commitment to delivering value to shareholders [20][36] - The company has been actively pursuing partnerships with distributors and retailers to broaden its reach in key markets [13] Q&A Session Summary Question: Regulation impact on non-compliant products - Management indicated that the tightening of regulations is standardizing the management of non-compliant products, which is expected to positively impact compliant products and business development [24][26] Question: Organic growth of overseas business - The company reported moderate year-over-year organic growth in overseas markets, with significant contributions from the recent expansion into Europe [28] Question: Current situation of the China market - Management observed a moderate recovery in the domestic compliance market, driven by stricter controls on illegal products, although illegal products still dominate [31][33] Question: Dividend announcements and share repurchase program - The company does not foresee additional dividend announcements this year and plans to continue its shareholder return program [36][38] Question: Details on the investment agreement with a European company - The investment agreement with a European e-vapor company is expected to enhance the company's distribution and retail capabilities in Europe [41][42]

Performance Highlights RLX TECH Second Quarter 2025 Earnings Presentation Contents Financial Highlights Performance Highlights Appendix Operational Highlights RLX TECH Contents Financial Highlights Revenues Gross Profit Non-GAAP Operating Expenses Profitability Capital Resources Operational Highlights Product Portfolio Domestic Products International Products Regulation and Compliance Appendix Key Ratios Income Statements Balance Sheets Statements of Cash Flows E-cigarettes Product Overview Vaping Myths and ...

8月22日，雾芯科技（RLX Technology Inc.）（纽交所：RLX）公布2025年第二季度未经审计财报。财 报显示，雾芯科技2025年第二季度净营收为人民币8.8亿元（1.2亿美元），环比增长8.9%，同比增长 40.3%。非美国通用会计准则下，第二季度经调整净利润为人民币2.9亿元（4065万美元）,环比增长 15.2%，同比增长35.6%。 今年一季度雾芯科技营收为8.08亿元，同比增长46.5%。去年营收为27.486亿元，同比增长73.26%。国 内电子烟市场变动较小，雾芯科技已占据绝大部分市场份额，正在通过海外扩张的方式增加营收，目前 海外营收主要来源依然是东南亚市场。 截至2025年6月30日，雾芯科技拥有现金和现金等价物、受限制现金、短期银行存款、短期投资、长期 银行存款及长期投资证券合计为人民币155.2亿元（21.7亿美元）。 雾芯科技宣布其董事会批准向截至2025年9月12日的普通股持有人及ADS持有人分别支付每股普通股 0.01美元或每股ADS0.01美元的现金股息，以美元支付。 汪莹表示，当前行业监管与消费趋势在快速变化，重塑格局的同时，也为行业增长与创新开辟了新机 遇。作 ...

RLX Technology Q2 2025 Earnings Release [Management Commentary and Financial Highlights](index=1&type=section&id=Management%20Commentary%20and%20Financial%20Highlights) The company reported strong Q2 2025 results driven by successful international expansion and improved profitability - The CEO attributed strong performance to effective strategy execution and solid progress in international expansion[4](index=4&type=chunk) - The CFO highlighted a **40.3% YoY revenue growth** propelled by international momentum and a **147.6% YoY increase in non-GAAP operating income**[4](index=4&type=chunk) Q2 2025 Key Financial Metrics (YoY Comparison) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Net Revenues | RMB 880.0M | RMB 627.2M | +40.3% | | Gross Margin | 27.5% | 25.2% | +2.3pp | | Non-GAAP Income from Operations | RMB 116.2M | RMB 46.9M | +147.8% | | U.S. GAAP Net Income | RMB 218.5M | RMB 134.9M | +62.0% | | Non-GAAP Net Income | RMB 291.2M | RMB 214.8M | +35.6% | [Detailed Financial Results (Q2 2025)](index=1&type=section&id=Detailed%20Financial%20Results%20(Q2%202025)) The company achieved significant YoY revenue growth and margin expansion, leading to a substantial increase in net income [Revenue and Gross Profit](index=1&type=section&id=Revenue%20and%20Gross%20Profit) Q2 2025 Revenue and Gross Profit Performance | Metric | Q2 2025 | Q2 2024 | Change (YoY) | | :--- | :--- | :--- | :--- | | Net Revenues | RMB 880.0M | RMB 627.2M | +40.3% | | Gross Profit | RMB 242.1M | RMB 157.9M | +53.3% | | Gross Margin | 27.5% | 25.2% | +2.3pp | - The increase in net revenues was mainly driven by the company's **expansion into international markets**[5](index=5&type=chunk) - Gross margin increased primarily due to a **favorable change in revenue mix** and margin improvement in selected Asian countries[6](index=6&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Q2 2025 Operating Expenses Breakdown (YoY) | Expense Category | Q2 2025 | Q2 2024 | Primary Reason for Change | | :--- | :--- | :--- | :--- | | Selling Expenses | RMB 84.6M | RMB 62.2M | Increase in salaries, welfare, and branding expenses | | General & Administrative | RMB 88.4M | RMB 129.0M | Decrease in share-based compensation expenses | | Research & Development | RMB 30.1M | RMB 0.04M | Increase in share-based compensation expenses | | **Total Operating Expenses** | **RMB 203.1M** | **RMB 191.2M** | **+6.2%** | [Profitability and Earnings Per Share (EPS)](index=2&type=section&id=Profitability%20and%20Earnings%20Per%20Share%20(EPS)) Q2 2025 Profitability Metrics (YoY) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | U.S. GAAP Income from Operations | RMB 39.0M | (RMB 33.3M) | | Non-GAAP Income from Operations | RMB 116.2M | RMB 46.9M | | U.S. GAAP Net Income | RMB 218.5M | RMB 134.9M | | Non-GAAP Net Income | RMB 291.2M | RMB 214.8M | Q2 2025 Earnings Per ADS (YoY) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | U.S. GAAP Diluted Net Income per ADS | RMB 0.166 | RMB 0.103 | | Non-GAAP Diluted Net Income per ADS | RMB 0.218 | RMB 0.165 | [Balance Sheet and Cash Flow](index=2&type=section&id=Balance%20Sheet%20and%20Cash%20Flow) The company maintained a strong liquidity position with RMB 15.52 billion in cash and generated positive operating cash flow Key Balance Sheet and Cash Flow Data (as of June 30, 2025) | Metric | Amount (RMB) | | :--- | :--- | | Cash, equivalents, and investments | 15,524.3 million | | Total Assets | 17,486.2 million | | Total Liabilities | 1,246.8 million | | Total Shareholders' Equity | 16,239.4 million | | Net cash from operating activities (Q2 2025) | 229.6 million | [Corporate Actions and Investor Information](index=3&type=section&id=Corporate%20Actions%20and%20Investor%20Information) The company announced a cash dividend of US$0.01 per ADS and provided details for its upcoming earnings conference call [Dividend Announcement](index=3&type=section&id=Dividend%20Payment) - The Board of Directors approved a **cash dividend of US$0.01 per ordinary share** or US$0.01 per ADS[18](index=18&type=chunk) - The record date for ADS holders is September 12, 2025, with the payment date expected around **September 26, 2025**[18](index=18&type=chunk) [Conference Call Information](index=3&type=section&id=Conference%20Call) - An earnings conference call is scheduled for **8:00 AM U.S. Eastern Time on August 22, 2025**[19](index=19&type=chunk) - Dial-in details and a webcast will be available on the company's investor relations website[20](index=20&type=chunk)[21](index=21&type=chunk) [Supplementary Information](index=3&type=section&id=Supplementary%20Information) This section clarifies the use of non-GAAP financial measures and includes a safe harbor statement for forward-looking information [Non-GAAP Financial Measures Explanation](index=3&type=section&id=Non-GAAP%20Financial%20Measures) - The company uses non-GAAP measures to evaluate operating results and for internal decision-making purposes[24](index=24&type=chunk) - These measures typically exclude non-cash items like **share-based compensation** to identify underlying business trends[24](index=24&type=chunk)[25](index=25&type=chunk) - The company advises that non-GAAP measures should not be considered in isolation and provides a reconciliation to U.S. GAAP measures[26](index=26&type=chunk)[27](index=27&type=chunk) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) - The announcement contains forward-looking statements under the 'safe harbor' provisions of U.S. securities law[29](index=29&type=chunk) - These statements involve inherent risks, and actual results could differ materially due to factors like competition and regulatory changes[29](index=29&type=chunk)

Core Viewpoint - RLX Technology (雾芯科技) reported strong financial performance for Q2 2025, with significant year-over-year growth in revenue and profits, driven by international expansion and effective strategic execution [1][2] Financial Performance - Q2 net revenue reached 880 million RMB (approximately 122.8 million USD), a 40.3% increase from 627.2 million RMB in the same period last year, exceeding market expectations [1] - Q2 gross margin improved to 27.5%, up from 25.2% in Q2 2024 [1] - Non-GAAP operating profit was 116.2 million RMB (approximately 16.2 million USD), a substantial increase of 147.6% compared to 46.9 million RMB in Q2 2024 [2] - Non-GAAP net profit for Q2 was 291.2 million RMB (approximately 40.6 million USD), compared to 214.8 million RMB in the same quarter last year [1] - Diluted earnings per share were 0.023 USD, slightly exceeding market expectations [1] Strategic Insights - The company emphasized its commitment to global compliance and localized strategies to strengthen its international distribution network [2] - The CEO highlighted the ongoing transformation in the global industry, which presents new opportunities for growth and innovation [1][2] - The CFO noted that strict cost control and an optimized product mix contributed to the significant increase in operating profit [2]

Core Insights - RLX Technology Inc. reported its Q2 2025 unaudited financial results, showing significant growth in revenue and adjusted net profit driven by international business expansion [1] Financial Performance - The company's net revenue for Q2 2025 was 880 million yuan, representing a quarter-over-quarter increase of 8.9% and a year-over-year increase of 40.3% [1] - Adjusted net profit for the same period was 290 million yuan, with a quarter-over-quarter growth of 15.2% and a year-over-year growth of 35.6% [1] Cash Position - As of June 30, 2025, the company had a total of 15.52 billion yuan in cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments, long-term bank deposits, and long-term investment securities [1]