RLX Technology Announces Unaudited Fourth Quarter and Fiscal Year 2025 Financial Results

Core Viewpoint - RLX Technology Inc. reported strong financial results for the fourth quarter and fiscal year 2025, highlighting significant growth in net income and revenues, driven by international expansion and strategic investments [1][2]. Financial Highlights Fourth Quarter 2025 - Non-GAAP net income reached RMB323.0 million (US$46.2 million), a 27.6% increase from RMB253.2 million in Q4 2024 [1]. - U.S. GAAP net income was RMB286.3 million (US$40.9 million), up 124.8% from RMB127.4 million in the same period last year [1]. - Net revenues totaled RMB1,141.3 million (US$163.2 million), marking a 40.3% increase from RMB813.5 million in Q4 2024 [1]. - Gross margin improved to 31.4% from 27.0% year-over-year [1]. Fiscal Year 2025 - Non-GAAP net income for the year was RMB1,162.3 million (US$166.2 million), a 23.5% increase from RMB940.8 million in 2024 [1]. - U.S. GAAP net income was RMB934.4 million (US$133.6 million), reflecting a 65.6% increase from RMB564.3 million in the prior year [1]. - Total net revenues reached RMB3,958.9 million (US$566.1 million), up 44.0% from RMB2,748.6 million in 2024 [1]. - Gross margin for the year was 29.9%, compared to 26.4% in the previous year [1]. Operational Insights - The company emphasized the importance of harmonizing organic business development with strategic investments to build a resilient framework for growth [1]. - International business contributed significantly, representing 76.5% of net revenues in Q4 2025 [1]. - The company reported a 110.2% increase in non-GAAP income from operations for the fiscal year, reaching RMB569.9 million (US$81.5 million) [1]. Shareholder Returns - As of December 31, 2025, the company had repurchased 170 million ordinary shares for a total of US$330 million and returned approximately US$171 million through cash dividends [1]. Cash Flow and Balance Sheet - Cash and cash equivalents, along with other liquid assets, totaled RMB15,732.1 million (US$2,249.7 million) as of December 31, 2025, an increase from RMB15,351.1 million at the end of Q3 2025 [1]. - Net cash generated from operating activities in Q4 2025 was RMB310.2 million (US$44.4 million) [1].