RLX Technology Announces Unaudited Third Quarter 2025 Financial Results
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Third Quarter 202 5 Financial Highlights
-
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. - Gross margin was 31.2% in the third quarter of 2025, compared with 27.2% in the same period of 2024.
-
Non-GAAP income from operations
[1]
was
RMB187.8 million (US$26.4 million ) in the third quarter of 2025, compared withRMB84.0 million in the same period of 2024. -
U.S. GAAP net income wasRMB206.8 million (US$29.1 million ) in the third quarter of 2025, compared withRMB169.4 million in the same period of 2024. -
Non-GAAP net income
1 was
RMB295.4 million (US$41 .5 million) in the third quarter of 2025, compared withRMB263 .6 million in the same period of 2024.
"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
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
Third Quarter 2025 Financial Results
Net revenues were
Gross profit was
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
Selling expenses were
General and administrative expenses were RMB85.7 million (
Research and development expenses were
Non-GAAP income from operations was
Income tax expense was
Non-GAAP
net income was
Non-GAAP basic and diluted net
income
per ADS[2] were
Balance Sheet and Cash Flow
As of
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[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. |
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[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
Pursuant to the Company's up-to-
Conference Call
The Company's management will host an earnings conference call at
Dial-in details for the earnings conference call are as follows:
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+1-888-317-6003 |
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International: |
+1-412-317-6061 |
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+800-963-976 |
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+852-5808-1995 |
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Mainland |
400-120-6115 |
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Participant Code (English line): |
2869014 |
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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
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+1-877-344-7529 |
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International: |
+1-412-317-0088 |
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Replay Access Code (English line): |
5641887 |
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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
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
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
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the
For more information, please contact:
In
RLX Technology Inc.
Head of Capital Markets
Email: [email protected]
Piacente Financial Communications
Tel: +86-10-6508-0677
Email: [email protected]
In
Piacente Financial Communications
Tel: +1-212-481-2050
Email: [email protected]
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RLX TECHNOLOGY INC. |
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UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
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(All amounts in thousands) |
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As of |
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2024 |
2025 |
2025 |
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RMB |
RMB |
US$ |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
5,593,492 |
3,457,085 |
485,614 |
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Restricted cash |
50,867 |
119,392 |
16,771 |
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Short-term bank deposits, net |
2,179,886 |
3,134,566 |
440,310 |
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Receivables from online payment platforms |
4,722 |
7,123 |
1,000 |
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Short-term investments |
719,755 |
1,877,796 |
263,772 |
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Accounts and notes receivable, net |
78,484 |
202,455 |
28,439 |
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Inventories |
142,552 |
230,953 |
32,442 |
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Amounts due from related parties |
346,132 |
143,398 |
20,143 |
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Prepayments and other current assets, net |
185,091 |
409,859 |
57,573 |
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Total current assets |
9,300,981 |
9,582,627 |
1,346,064 |
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Non-current assets: |
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Property, equipment and leasehold improvement, net |
50,787 |
175,507 |
24,653 |
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Intangible assets, net |
52,796 |
226,870 |
31,868 |
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Long-term investments, net |
8,000 |
8,330 |
1,170 |
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Deferred tax assets, net |
38,067 |
42,215 |
5,930 |
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Right-of-use assets, net |
24,110 |
53,232 |
7,478 |
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Long-term bank deposits, net |
727,448 |
232,842 |
32,707 |
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Long-term investment securities, net |
6,599,365 |
6,529,438 |
917,185 |
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Goodwill |
59,581 |
569,818 |
80,042 |
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Other non-current assets, net |
9,914 |
10,019 |
1,407 |
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Total non-current assets |
7,570,068 |
7,848,271 |
1,102,440 |
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Total assets |
16,871,049 |
17,430,898 |
2,448,504 |
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LIABILITIES AND SHAREHOLDERS' EQUITY |
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Current liabilities: |
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Accounts and notes payable |
458,538 |
338,672 |
47,573 |
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Contract liabilities |
10,610 |
94,095 |
13,217 |
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Salary and welfare benefits payable |
73,740 |
79,744 |
11,202 |
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Taxes payable |
126,154 |
210,839 |
29,616 |
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Short-term loan |
40,000 |
113,345 |
15,921 |
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Accrued expenses and other current liabilities |
108,816 |
145,755 |
20,474 |
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Amounts due to related parties |
27,401 |
24,804 |
3,484 |
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Dividend payable |
1,144 |
- |
- |
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Lease liabilities - current portion |
11,447 |
22,745 |
3,195 |
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Total current liabilities |
857,850 |
1,029,999 |
144,682 |
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Non-current liabilities: |
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Deferred tax liabilities |
16,196 |
110,834 |
15,569 |
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Lease liabilities - non-current portion |
7,050 |
29,372 |
4,126 |
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Other non-current liability |
- |
69,119 |
9,710 |
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Total non-current liabilities |
23,246 |
209,325 |
29,405 |
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Total liabilities |
881,096 |
1,239,324 |
174,087 |
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Shareholders' Equity: |
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Total RLX Technology Inc. shareholders' equity |
15,988,216 |
16,100,599 |
2,261,638 |
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Noncontrolling interests |
1,737 |
90,975 |
12,779 |
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Total shareholders' equity |
15,989,953 |
16,191,574 |
2,274,417 |
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Total liabilities and shareholders' equity |
16,871,049 |
17,430,898 |
2,448,504 |
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RLX TECHNOLOGY INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
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(All amounts in thousands, except for share and per share data) |
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For the three months ended |
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For the nine months ended |
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2024 |
2025 |
2025 |
2025 |
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2024 |
2025 |
2025 |
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RMB |
RMB |
RMB |
US$ |
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RMB |
RMB |
US$ |
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Net revenues |
756,288 |
879,952 |
1,129,271 |
158,628 |
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1,935,087 |
2,817,523 |
395,775 |
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Cost of revenues |
(473,379) |
(552,037) |
(681,295) |
(95,701) |
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(1,201,701) |
(1,710,858) |
(240,323) |
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Excise tax on products |
(76,933) |
(85,835) |
(95,417) |
(13,403) |
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(226,775) |
(281,075) |
(39,482) |
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Gross profit |
205,976 |
242,080 |
352,559 |
49,524 |
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506,611 |
825,590 |
115,970 |
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Operating expenses: |
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Selling expenses |
(68,975) |
(84,649) |
(132,335) |
(18,589) |
|
(184,097) |
(275,973) |
(38,766) |
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General and administrative expenses |
(123,226) |
(88,406) |
(85,722) |
(12,041) |
|
(362,177) |
(241,596) |
(33,937) |
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Research and development expenses |
(24,435) |
(30,067) |
(41,251) |
(5,794) |
|
(55,935) |
(98,373) |
(13,818) |
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Total operating expenses |
(216,636) |
(203,122) |
(259,308) |
(36,424) |
|
(602,209) |
(615,942) |
(86,521) |
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(Loss)/income from operations |
(10,660) |
38,958 |
93,251 |
13,100 |
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(95,598) |
209,648 |
29,449 |
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Other income : |
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Interest income, net |
156,659 |
142,851 |
139,669 |
19,619 |
|
469,724 |
418,473 |
58,783 |
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Investment income |
13,070 |
24,832 |
8,587 |
1,206 |
|
38,564 |
41,805 |
5,872 |
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Others, net |
40,745 |
40,324 |
11,266 |
1,582 |
|
92,427 |
80,733 |
11,340 |
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Income before income tax |
199,814 |
246,965 |
252,773 |
35,507 |
|
505,117 |
750,659 |
105,444 |
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Income tax expense |
(30,423) |
(28,470) |
(45,948) |
(6,454) |
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(68,156) |
(102,599) |
(14,412) |
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Net income |
169,391 |
218,495 |
206,825 |
29,053 |
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436,961 |
648,060 |
91,032 |
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Less: net income attributable to noncontrolling interests |
3,737 |
1,378 |
3,662 |
514 |
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7,085 |
5,740 |
806 |
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Net income attributable to RLX Technology Inc. |
165,654 |
217,117 |
203,163 |
28,539 |
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429,876 |
642,320 |
90,226 |
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Other comprehensive (loss)/income: |
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Foreign currency translation adjustments |
(181,148) |
(26,510) |
(79,554) |
(11,175) |
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(124,268) |
(121,735) |
(17,100) |
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Unrealized income on long-term investment securities |
5,292 |
698 |
2,254 |
317 |
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5,984 |
5,019 |
705 |
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Total other comprehensive (loss)/income |
(175,856) |
(25,812) |
(77,300) |
(10,858) |
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(118,284) |
(116,716) |
(16,395) |
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Total comprehensive (loss)/income |
(6,465) |
192,683 |
129,525 |
18,195 |
|
318,677 |
531,344 |
74,637 |
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Less: total comprehensive income attributable to |
3,730 |
632 |
5,270 |
740 |
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7,078 |
6,538 |
918 |
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Total comprehensive (loss)/income attributable to RLX |
(10,195) |
192,051 |
124,255 |
17,455 |
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311,599 |
524,806 |
73,719 |
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Net income per ordinary share/ADS |
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Basic |
0.135 |
0.178 |
0.167 |
0.023 |
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0.348 |
0.526 |
0.074 |
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Diluted |
0.129 |
0.166 |
0.157 |
0.022 |
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0.333 |
0.495 |
0.070 |
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Weighted average number of ordinary shares/ADSs |
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Basic |
1,225,417,517 |
1,221,705,674 |
1,215,324,092 |
1,215,324,092 |
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1,234,501,619 |
1,221,079,766 |
1,221,079,766 |
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Diluted |
1,287,927,444 |
1,309,486,924 |
1,295,380,218 |
1,295,380,218 |
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1,289,831,349 |
1,297,712,264 |
1,297,712,264 |
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RLX TECHNOLOGY INC. |
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UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
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(All amounts in thousands, except for share and per share data) |
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For the three months ended |
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For the nine months ended |
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2024 |
2025 |
2025 |
2025 |
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2024 |
2025 |
2025 |
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( As adjusted) (a) |
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( As adjusted) (a) |
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RMB |
RMB |
RMB |
US$ |
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RMB |
RMB |
US$ |
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(Loss)/income from operations |
(10,660) |
38,958 |
93,251 |
13,100 |
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(95,598) |
209,648 |
29,449 |
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Add: share-based compensation expenses |
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Selling expenses |
5,768 |
13,262 |
16,732 |
2,350 |
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19,543 |
33,304 |
4,678 |
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General and administrative expenses |
85,295 |
38,368 |
44,086 |
6,193 |
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244,735 |
106,725 |
14,992 |
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Research and development expenses |
1,446 |
7,188 |
9,593 |
1,347 |
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(18,747) |
17,526 |
2,462 |
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Amortization and depreciation of assets arising from fair |
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Cost of revenues |
- |
13,347 |
13,272 |
1,864 |
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- |
26,619 |
3,739 |
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Selling expenses |
2,114 |
4,881 |
10,361 |
1,455 |
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6,377 |
17,245 |
2,422 |
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General and administrative expenses |
30 |
167 |
491 |
69 |
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90 |
686 |
96 |
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Non-GAAP income from operations |
83,993 |
116,171 |
187,786 |
26,378 |
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156,400 |
411,753 |
57,838 |
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Net income |
169,391 |
218,495 |
206,825 |
29,053 |
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436,961 |
648,060 |
91,032 |
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Add: share-based compensation expenses |
92,509 |
58,818 |
70,411 |
9,890 |
|
245,531 |
157,555 |
22,132 |
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Amortization and depreciation of assets arising from fair |
2,144 |
18,395 |
24,124 |
3,388 |
|
6,467 |
44,550 |
6,257 |
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Tax effects on non-GAAP adjustments |
(448) |
(4,513) |
(5,944) |
(835) |
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(1,352) |
(10,882) |
(1,529) |
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Non-GAAP net income |
263,596 |
291,195 |
295,416 |
41,496 |
|
687,607 |
839,283 |
117,892 |
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|
|
|
|
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Net income attributable to RLX Technology Inc. |
165,654 |
217,117 |
203,163 |
28,539 |
|
429,876 |
642,320 |
90,226 |
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Add: share-based compensation expenses |
92,509 |
58,818 |
70,411 |
9,890 |
|
245,531 |
157,555 |
22,132 |
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Amortization and depreciation of assets arising from fair |
2,144 |
13,002 |
16,834 |
2,365 |
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6,467 |
31,867 |
4,476 |
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Tax effects on non-GAAP adjustments(b) |
(448) |
(3,164) |
(4,122) |
(579) |
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(1,352) |
(7,711) |
(1,083) |
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Non-GAAP net income attributable to RLX Technology Inc. |
259,859 |
285,773 |
286,286 |
40,215 |
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680,522 |
824,031 |
115,751 |
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Non-GAAP net income per ordinary share/ADS |
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- Basic |
0.212 |
0.234 |
0.236 |
0.033 |
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0.551 |
0.675 |
0.095 |
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- Diluted |
0.202 |
0.218 |
0.221 |
0.031 |
|
0.528 |
0.635 |
0.089 |
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Weighted average number of ordinary shares/ADSs |
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- Basic |
1,225,417,517 |
1,221,705,674 |
1,215,324,092 |
1,215,324,092 |
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1,234,501,619 |
1,221,079,766 |
1,221,079,766 |
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- Diluted |
1,287,927,444 |
1,309,486,924 |
1,295,380,218 |
1,295,380,218 |
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1,289,831,349 |
1,297,712,264 |
1,297,712,264 |
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Note (a): The Company completed the acquisition of the acquired company on |
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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. |
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RLX TECHNOLOGY INC. |
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UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(All amounts in thousands) |
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For the three months ended |
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For the nine months ended |
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2024 |
2025 |
2025 |
2025 |
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2024 |
2025 |
2025 |
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RMB |
RMB |
RMB |
US$ |
|
RMB |
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 |
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, |
(45,818) |
2,436 |
(27,032) |
(3,797) |
|
(32,883) |
(32,636) |
(4,583) |
|
|
Net increase/(decrease) in cash and cash |
175,076 |
(911,397) |
(382,879) |
(53,782) |
|
893,707 |
(2,067,882) |
(290,473) |
|
|
Cash, cash equivalents and restricted cash at |
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 |
3,313,765 |
3,959,356 |
3,576,477 |
502,385 |
|
3,313,765 |
3,576,477 |
502,385 |
|
View original content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-third-quarter-2025-financial-results-302615340.html
SOURCE RLX Technology Inc.
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