Press Release: RLX Technology Announces Unaudited Third Quarter 2025 Financial Results

Dow Jones
11/14

SHENZHEN, China, Nov. 14, 2025 /PRNewswire/ -- RLX Technology Inc. ("RLX Technology" or the "Company") (NYSE: RLX), a leading global branded e-vapor company, today announced its unaudited financial results for the third quarter ended September 30, 2025.

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 with RMB84.0 million in 
      the same period of 2024. 
 
   -- U.S. GAAP net  income was RMB206.8 million (US$29.1 million) in the 
      third quarter of 2025, compared with RMB169.4 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 with RMB263.6 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 United Kingdom, reflecting years of R&D investments to unlock development opportunities among new user segments. As we cultivate a diversified, global brand synonymous with quality, we remain confident in shaping the future of the smokeless industry and delivering lasting value to our stakeholders."

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 Europe, and a steady rebound in Mainland China. Our balance sheet remains robust, enabling consistent capital returns. To date, including the cash dividend announced today, we have returned over US$500 million to shareholders through repurchases and dividends, further reinforcing our commitment to long--term value creation and sustainable profitability."

Third Quarter 2025 Financial Results

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. The increase was mainly driven by our equity investment in European markets, organic growth of our international business, and the gradual recovery of our Mainland China business. Net revenues from international business represented 71.6% of our net revenues for the period.

Gross profit was RMB352.6 million (US$49.5 million) in the third quarter of 2025, compared with RMB206.0 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. 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 RMB259.3 million (US$36.4 million) in the third quarter of 2025, compared with RMB216.6 million in the same period of 2024. The increase was primarily due to an increase in salaries and welfare expenses, shipping expenses, slightly offset by an overall decrease in share-based compensation expenses.

Selling expenses were RMB132.3 million (US$18.6 million) in the third quarter of 2025, compared with RMB69.0 million in the same period of 2024, primarily due to an increase in salaries and welfare expenses, share-based compensation expenses, and shipping expenses.

General and administrative expenses were RMB85.7 million (US$12.0 million) in the third quarter of 2025, compared with RMB123.2 million in the same period of 2024, primarily due to a decrease in share-based compensation expenses, slightly offset by an increase in salaries and welfare expenses.

Research and development expenses were RMB41.3 million (US$5.8 million) in the third quarter of 2025, compared with RMB24.4 million in the same period of 2024, primarily due to an increase in share-based compensation expenses, and salaries and welfare expenses.

U.S. GAAP i ncome from operations was RMB93.3 million (US$13.1 million) in the third quarter of 2025, compared with U.S. GAAP loss from operations of RMB10.7 million in the same period of 2024.

Non-GAAP income from operations was RMB187.8 million (US$26.4 million) in the third quarter of 2025, compared with RMB84.0 million in the same period of 2024.

Income tax expense was RMB45.9 million (US$6.5 million) in the third quarter of 2025, compared with RMB30.4 million in the same period of 2024.

U.S. GAAP net income was RMB206.8 million (US$29.1 million) in the third quarter of 2025, compared with RMB169.4 million in the same period of 2024.

Non-GAAP net income was RMB295.4 million (US$41.5 million) in the third quarter of 2025, compared with RMB263.6 million in the same period of 2024.

U.S. GAAP basic and diluted net income per American depositary share ("ADS") were RMB0.167 (US$0.023) and RMB0.157 (US$0.022), respectively, in the third quarter of 2025, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.135 and RMB0.129, respectively, in the same period of 2024.

Non-GAAP basic and diluted net income per ADS([2]) were RMB0.236 (US$0.033) and RMB0.221(US$0.031), respectively, in the third quarter of 2025, compared with non-GAAP basic and diluted net income per ADS of RMB0.212 and RMB0.202, respectively, in the same period of 2024.

Balance Sheet and Cash Flow

As of September 30, 2025, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, net, long-term bank deposits, net and long-term investment securities, net, of RMB15,351.1 million (US$2,156.4 million), compared with RMB15,524.3 million as of June 30, 2025. In the third quarter of 2025, net cash generated from operating activities was RMB357.5 million (US$50.2 million).

 
[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. 
[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 U.S. dollars. The payment date is expected to be on or around February 2, 2026 and on or around February 9, 2026 for holders of ordinary shares and holders of ADSs, respectively. Including the cash dividend announced today, we have cumulatively returned approximately US$171 million through cash dividend programs.

Pursuant to the Company's up-to-US$500 million share repurchase program, which has an extended expiration date of December 2025, the Company had cumulatively repurchased 170 million ordinary shares represented by ADS for an aggregate amount of US$330 million as of September 30, 2025.

Conference Call

The Company's management will host an earnings conference call at 7:00 AM U.S. Eastern Time on November 14, 2025 (8:00 PM Beijing/Hong Kong Time on November 14, 2025).

Dial-in details for the earnings conference call are as follows:

 
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 Code (English line):                               2869014 
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 November 21, 2025, by dialing the following telephone numbers:

 
 United States:                        +1-877-344-7529 
 International:                        +1-412-317-0088 
 Replay Access Code (English line):    5641887 
 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 U.S. GAAP basic and diluted net income per ADS calculation.

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 U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. They should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per ADS or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review its historical non-GAAP financial measures against the most directly comparable U.S. GAAP measures. The non-GAAP financial measures here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.

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 U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB7.1190 to US$1.00, the exchange rate on September 30, 2025, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" and similar statements. Among other things, quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; trends and competition in the global e-vapor market; changes in its revenues and certain cost or expense items; governmental policies, laws and regulations across various jurisdictions relating to the Company's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of this press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

For more information, please contact:

In China:

RLX Technology Inc.

Head of Capital Markets

Sam Tsang

Email: ir@relxtech.com

Piacente Financial Communications

Jenny Cai

Tel: +86-10-6508-0677

Email: RLX@tpg-ir.com

In the United States:

Piacente Financial Communications

Brandi Piacente

Tel: +1-212-481-2050

Email: RLX@tpg-ir.com

 
                             RLX TECHNOLOGY INC. 
               UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS 
                          (All amounts in thousands) 
 
                                                      As of 
                                    ------------------------------------------ 
                                    December 31,  September 30,  September 30, 
                                        2024          2025           2025 
                                    ------------  -------------  ------------- 
                                        RMB            RMB            US$ 
ASSETS 
Current assets: 
Cash and cash equivalents              5,593,492      3,457,085        485,614 
Restricted cash                           50,867        119,392         16,771 
Short-term bank deposits, net          2,179,886      3,134,566        440,310 
Receivables from online payment 
 platforms                                 4,722          7,123          1,000 
Short-term investments                   719,755      1,877,796        263,772 
Accounts and notes receivable, net        78,484        202,455         28,439 
Inventories                              142,552        230,953         32,442 
Amounts due from related parties         346,132        143,398         20,143 
Prepayments and other current 
 assets, net                             185,091        409,859         57,573 
                                    ------------  -------------  ------------- 
Total current assets                   9,300,981      9,582,627      1,346,064 
                                    ------------  -------------  ------------- 
Non-current assets: 
Property, equipment and leasehold 
 improvement, net                         50,787        175,507         24,653 
Intangible assets, net                    52,796        226,870         31,868 
Long-term investments, net                 8,000          8,330          1,170 
Deferred tax assets, net                  38,067         42,215          5,930 
Right-of-use assets, net                  24,110         53,232          7,478 
Long-term bank deposits, net             727,448        232,842         32,707 
Long-term investment securities, 
 net                                   6,599,365      6,529,438        917,185 
Goodwill                                  59,581        569,818         80,042 
Other non-current assets, net              9,914         10,019          1,407 
                                    ------------  -------------  ------------- 
Total non-current assets               7,570,068      7,848,271      1,102,440 
                                    ------------  -------------  ------------- 
Total assets                          16,871,049     17,430,898      2,448,504 
                                    ------------  -------------  ------------- 
 
LIABILITIES AND SHAREHOLDERS' 
EQUITY 
Current liabilities: 
Accounts and notes payable               458,538        338,672         47,573 
Contract liabilities                      10,610         94,095         13,217 
Salary and welfare benefits 
 payable                                  73,740         79,744         11,202 
Taxes payable                            126,154        210,839         29,616 
Short-term loan                           40,000        113,345         15,921 
Accrued expenses and other current 
 liabilities                             108,816        145,755         20,474 
Amounts due to related parties            27,401         24,804          3,484 
Dividend payable                           1,144              -              - 
Lease liabilities - current 
 portion                                  11,447         22,745          3,195 
                                    ------------  -------------  ------------- 
Total current liabilities                857,850      1,029,999        144,682 
                                    ------------  -------------  ------------- 
 
Non-current liabilities: 
Deferred tax liabilities                  16,196        110,834         15,569 
Lease liabilities - non-current 
 portion                                   7,050         29,372          4,126 
Other non-current liability                    -         69,119          9,710 
                                    ------------  -------------  ------------- 
Total non-current liabilities             23,246        209,325         29,405 
                                    ------------  -------------  ------------- 
Total liabilities                        881,096      1,239,324        174,087 
                                    ------------  -------------  ------------- 
 
Shareholders' Equity: 
Total RLX Technology Inc. 
 shareholders' equity                 15,988,216     16,100,599      2,261,638 
Noncontrolling interests                   1,737         90,975         12,779 
                                    ------------  -------------  ------------- 
Total shareholders' equity            15,989,953     16,191,574      2,274,417 
                                    ------------  -------------  ------------- 
 
Total liabilities and 
 shareholders' equity                 16,871,049     17,430,898      2,448,504 
                                    ------------  -------------  ------------- 
 
 
                                                    RLX TECHNOLOGY INC. 
                            UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
                              (All amounts in thousands, except for share and per share data) 
 
                                    For the three months ended                           For the nine months ended 
                    ----------------------------------------------------------  ------------------------------------------- 
                    September 30,    June 30,     September 30,  September 30,  September 30,  September 30,  September 30, 
                        2024           2025           2025           2025           2024           2025           2025 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
                         RMB            RMB            RMB            US$            RMB            RMB            US$ 
 
 Net revenues             756,288        879,952      1,129,271        158,628      1,935,087      2,817,523        395,775 
 Cost of revenues       (473,379)      (552,037)      (681,295)       (95,701)    (1,201,701)    (1,710,858)      (240,323) 
 Excise tax on 
  products               (76,933)       (85,835)       (95,417)       (13,403)      (226,775)      (281,075)       (39,482) 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 Gross profit             205,976        242,080        352,559         49,524        506,611        825,590        115,970 
 
 Operating 
 expenses: 
 Selling expenses        (68,975)       (84,649)      (132,335)       (18,589)      (184,097)      (275,973)       (38,766) 
 General and 
  administrative 
  expenses              (123,226)       (88,406)       (85,722)       (12,041)      (362,177)      (241,596)       (33,937) 
 Research and 
  development 
  expenses               (24,435)       (30,067)       (41,251)        (5,794)       (55,935)       (98,373)       (13,818) 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 Total operating 
  expenses              (216,636)      (203,122)      (259,308)       (36,424)      (602,209)      (615,942)       (86,521) 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
 (Loss)/income 
  from operations        (10,660)         38,958         93,251         13,100       (95,598)        209,648         29,449 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 
 Other income 
 Interest income, 
  net                     156,659        142,851        139,669         19,619        469,724        418,473         58,783 
 Investment income         13,070         24,832          8,587          1,206         38,564         41,805          5,872 
 Others, net               40,745         40,324         11,266          1,582         92,427         80,733         11,340 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 Income before 
  income tax              199,814        246,965        252,773         35,507        505,117        750,659        105,444 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 Income tax 
  expense                (30,423)       (28,470)       (45,948)        (6,454)       (68,156)      (102,599)       (14,412) 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 Net income               169,391        218,495        206,825         29,053        436,961        648,060         91,032 
 Less: net income 
  attributable to 
  noncontrolling 
  interests                 3,737          1,378          3,662            514          7,085          5,740            806 
 Net income 
  attributable to 
  RLX Technology 
  Inc.                    165,654        217,117        203,163         28,539        429,876        642,320         90,226 
                    =============  =============  =============  =============  =============  =============  ============= 
 Other 
 comprehensive 
 (loss)/income: 
 Foreign currency 
  translation 
  adjustments           (181,148)       (26,510)       (79,554)       (11,175)      (124,268)      (121,735)       (17,100) 
 Unrealized income 
  on long-term 
  investment 
  securities                5,292            698          2,254            317          5,984          5,019            705 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 Total other 
  comprehensive 
  (loss)/income         (175,856)       (25,812)       (77,300)       (10,858)      (118,284)      (116,716)       (16,395) 
                    -------------  -------------  -------------  -------------  -------------  -------------  ------------- 
 Total 
  comprehensive 
  (loss)/income           (6,465)        192,683        129,525         18,195        318,677        531,344         74,637 
 Less: total 
  comprehensive 
  income 
  attributable to 
    noncontrolling 
  interests                 3,730            632          5,270            740          7,078          6,538            918 
 Total 
  comprehensive 
  (loss)/income 
  attributable to 
  RLX   Technology 
  Inc.                   (10,195)        192,051        124,255         17,455        311,599        524,806         73,719 
                    =============  =============  =============  =============  =============  =============  ============= 
 
 Net income per 
 ordinary 
 share/ADS 
 Basic                      0.135          0.178          0.167          0.023          0.348          0.526          0.074 
 Diluted                    0.129          0.166          0.157          0.022          0.333          0.495          0.070 
 
 Weighted average 
 number of 
 ordinary 
 shares/ADSs 
 Basic              1,225,417,517  1,221,705,674  1,215,324,092  1,215,324,092  1,234,501,619  1,221,079,766  1,221,079,766 
 Diluted            1,287,927,444  1,309,486,924  1,295,380,218  1,295,380,218  1,289,831,349  1,297,712,264  1,297,712,264 
                    =============  =============  =============  =============  =============  =============  ============= 
 
 
                                                          RLX TECHNOLOGY INC. 
                                         UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS 
                                    (All amounts in thousands, except for share and per share data) 
 
                                        For the three months ended                                For the nine months ended 
                      ---------------------------------------------------------------  ------------------------------------------------ 
                        September 30,       June 30,     September 30,  September 30,    September 30,     September 30,  September 30, 
                             2024             2025           2025           2025              2024             2025           2025 
                      ( As adjusted) (a)                                               ( As adjusted) (a) 
                      ------------------  -------------  -------------  -------------  ------------------  -------------  ------------- 
                             RMB               RMB            RMB            US$              RMB               RMB            US$ 
(Loss)/income from 
 operations                     (10,660)         38,958         93,251         13,100            (95,598)        209,648         29,449 
Add: share-based 
compensation 
expenses 
     Selling 
      expenses                     5,768         13,262         16,732          2,350              19,543         33,304          4,678 
     General and 
      administrative 
      expenses                    85,295         38,368         44,086          6,193             244,735        106,725         14,992 
     Research and 
      development 
      expenses                     1,446          7,188          9,593          1,347            (18,747)         17,526          2,462 
 Amortization and 
 depreciation of 
 assets arising from 
 fair value step up 
 in business 
 acquisitions 
     Cost of 
      revenues                         -         13,347         13,272          1,864                   -         26,619          3,739 
     Selling 
      expenses                     2,114          4,881         10,361          1,455               6,377         17,245          2,422 
     General and 
      administrative 
      expenses                        30            167            491             69                  90            686             96 
                      ------------------  -------------  -------------  -------------  ------------------  -------------  ------------- 
Non-GAAP income from 
 operations                       83,993        116,171        187,786         26,378             156,400        411,753         57,838 
                      ==================  =============  =============  =============  ==================  =============  ============= 
 
Net income                       169,391        218,495        206,825         29,053             436,961        648,060         91,032 
Add: share-based 
 compensation 
 expenses                         92,509         58,818         70,411          9,890             245,531        157,555         22,132 
 Amortization and 
  depreciation of 
  assets arising 
  from fair value 
  step up in 
  business 
  acquisitions                     2,144         18,395         24,124          3,388               6,467         44,550          6,257 
 Tax effects on 
  non-GAAP 
  adjustments                      (448)        (4,513)        (5,944)          (835)             (1,352)       (10,882)        (1,529) 
                      ------------------  -------------  -------------  -------------  ------------------  -------------  ------------- 
Non-GAAP net income              263,596        291,195        295,416         41,496             687,607        839,283        117,892 
                      ==================  =============  =============  =============  ==================  =============  ============= 
 
Net income 
 attributable to RLX 
 Technology Inc.                 165,654        217,117        203,163         28,539             429,876        642,320         90,226 
Add: share-based 
 compensation 
 expenses                         92,509         58,818         70,411          9,890             245,531        157,555         22,132 
 Amortization and 
  depreciation of 
  assets arising 
  from fair value 
  step up in 
  business 
  acquisitions(b)                  2,144         13,002         16,834          2,365               6,467         31,867          4,476 
 Tax effects on 
  non-GAAP 
  adjustments(b)                   (448)        (3,164)        (4,122)          (579)             (1,352)        (7,711)        (1,083) 
                      ------------------  -------------  -------------  -------------  ------------------  -------------  ------------- 
Non-GAAP net income 
 attributable to RLX 
 Technology Inc.                 259,859        285,773        286,286         40,215             680,522        824,031        115,751 
                      ==================  =============  =============  =============  ==================  =============  ============= 
 
Non-GAAP net income 
per ordinary 
share/ADS 
- Basic                            0.212          0.234          0.236          0.033               0.551          0.675          0.095 
- Diluted                          0.202          0.218          0.221          0.031               0.528          0.635          0.089 
Weighted average 
number of ordinary 
shares/ADSs 
- Basic                    1,225,417,517  1,221,705,674  1,215,324,092  1,215,324,092       1,234,501,619  1,221,079,766  1,221,079,766 
- Diluted                  1,287,927,444  1,309,486,924  1,295,380,218  1,295,380,218       1,289,831,349  1,297,712,264  1,297,712,264 
 
Note (a): The Company completed the acquisition of the acquired company on May 31, 2025, which was accounted for as a business 
combination. Beginning in Q2 2025, the Company included the amortization and depreciation of assets arising from fair value step-up in 
business acquisitions, as well as the associated tax impact, in the reconciliation items for GAAP and Non-GAAP results. The Company has 
retrospectively adjusted the above unaudited reconciliation of GAAP and Non-GAAP results for the prior quarter. The Company believes 
these changes provide management and investors with more useful information to evaluate the operations of its business. 
 
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. 
 
 
                                        RLX TECHNOLOGY INC. 
                     UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
                                     (All amounts in thousands) 
 
                              For the three months ended              For the nine months ended 
                      ------------------------------------------  ---------------------------------- 
                      September             September  September  September  September    September 
                         30,     June 30,      30,        30,     30,        30,          30, 
                        2024       2025       2025       2025       2024        2025         2025 
                      ---------  ---------  ---------  ---------  ---------  -----------  ---------- 
                         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 
    activities          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, 
    cash equivalents 
 and restricted 
 cash                  (45,818)      2,436   (27,032)    (3,797)   (32,883)     (32,636)     (4,583) 
                      ---------  ---------  ---------  ---------  ---------  -----------  ---------- 
Net 
 increase/(decrease) 
 in cash and cash 
    equivalents and 
 restricted cash        175,076  (911,397)  (382,879)   (53,782)    893,707  (2,067,882)   (290,473) 
Cash, cash 
 equivalents and 
 restricted cash at 
    the beginning of 
 the period           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 
    the end of the 
 period               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.

 

(END) Dow Jones Newswires

November 14, 2025 04:30 ET (09:30 GMT)

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