$RLX

RLX Technology Inc.

CIK:0001828365|SEC Filings

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net revenues	¥ 3,958,861	$ 566,110	¥ 2,748,576	¥ 1,586,397
Cost of revenues	(2,433,656)	(348,008)	(1,718,006)	(856,329)
Excise tax on products	(341,595)	(48,848)	(304,053)	(342,354)
Gross profit	1,183,610	169,254	726,517	387,714
Operating expenses:
Selling expenses	(387,127)	(55,358)	(229,466)	(213,723)
General and administrative expenses	(336,915)	(48,178)	(515,887)	(498,015)
Research and development expenses	(131,008)	(18,734)	(88,309)	(172,686)
Total operating expenses	(855,050)	(122,270)	(833,662)	(884,424)
(Loss)/income from operations	328,560	46,984	(107,145)	(496,710)
Other income:
Interest income, net	560,421	80,139	616,388	627,879
Investment income	51,617	7,381	49,636	245,700
Others, net	112,768	16,126	99,924	214,874
Income before income tax	1,053,366	150,630	658,803	591,743
Income tax expense	(118,989)	(17,015)	(94,459)	(50,755)
Net income	934,377	133,615	564,344	540,988
Less: net income attributable to noncontrolling interests	12,510	1,789	12,507	6,660
Net income attributable to RLX Technology Inc.	921,867	131,826	551,837	534,328
Other comprehensive income/(loss):
Foreign currency translation adjustments	(257,174)	(36,775)	143,811	198,534
Unrealized income/(loss) on investment securities	(2,174)	(311)	(2,167)	632
Total other comprehensive income/(loss)	(259,348)	(37,086)	141,644	199,166
Total comprehensive income	675,029	96,529	705,988	740,154
Less: total comprehensive income attributable to noncontrolling interests	13,438	1,922	12,520	6,660
Total comprehensive income attributable to RLX Technology Inc.	¥ 661,591	$ 94,607	¥ 693,468	¥ 733,494
Net income per ordinary share
-Basic \| (per share)	¥ 0.698	$ 0.1	¥ 0.448	¥ 0.407
-Diluted \| (per share)	¥ 0.698	$ 0.1	¥ 0.428	¥ 0.399
Weighted average number of ordinary shares
-Basic	1,223,656,660	1,223,656,660	1,232,148,531	1,311,401,901
-Diluted	1,223,955,737	1,223,955,737	1,288,911,783	1,340,445,653

CONSOLIDATED STATEMENTS OF CASH FLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities:
Net income	¥ 934,377	$ 133,615	¥ 564,344	¥ 540,988
Adjustments to reconcile Net income to net cash generated from operating activities:
Depreciation of property, equipment and leasehold improvement	30,877	4,415	27,738	37,622
Amortization of right-of-use assets	31,222	4,465	35,548	50,087
Amortization of intangible assets	29,419	4,207	12,510	8,892
Loss on disposal of long-term assets	180	26	5,486	2,989
Dividend income			(1,280)	(640)
Deferred income tax	(2,736)	(391)	9,661	4,495
Inventory write-downs	36,999	5,291	24,344	35,695
Interest expense	6,395	914	176
Foreign exchange (gain) /loss	(2,987)	(427)	14,061	(586)
Share-based compensation expenses	186,235	26,631	369,655	362,868
Unrealized investment income	(45,488)	(6,506)	(91,298)	(378,138)
Impairment of property, equipment, and leasehold improvement and intangible assets				5,008
Impairment of other non-current assets				72
Gain on disposal of long-term investment				(164,400)
Provision for credit losses	2,284	327	4,045	1,615
Changes in operating assets and liabilities:
Accounts and notes receivable	(37,284)	(5,332)	(19,310)	26,976
Receivables from online payment platforms	5,497	786	2,171	(3,893)
Inventories	(55,094)	(7,878)	(21,743)	(39,054)
Amounts due from related parties	135,893	19,432	(227,396)	(113,624)
Amounts due to related parties	(598)	(86)	(42,457)	60,397
Prepayments and other current assets	(77,640)	(11,102)	(2,181)	29,937
Other non-current assets	(3,893)	(556)	(4,702)	2,240
Accounts and notes payable	(55,557)	(7,945)	192,112	(30,057)
Contract liabilities	(605)	(86)	(38,976)	(25,798)
Salary and welfare benefits payable	16,545	2,366	34,484	(88,493)
Taxes payable	6,882	984	48,990	(36,861)
Accrued expenses and other current liabilities	(13,320)	(1,905)	819	(29,924)
Lease liabilities	(23,055)	(3,297)	(42,452)	(59,710)
Net cash generated from operating activities	1,104,548	157,948	854,349	198,703
Cash flows from investing activities:
Purchase of property, equipment, and leasehold improvement	(117,729)	(16,835)	(10,086)	(28,221)
Purchase of intangible assets	(992)	(142)	(2,177)	(4,192)
Purchase of short-term bank deposits	(2,298,896)	(328,738)	(1,090,022)	(4,843,210)
Purchase of long-term bank deposits	(380,000)	(54,339)	(180,000)	(782,335)
Proceeds from maturities of short-term bank deposits	2,769,473	396,029	2,710,561	9,717,494
Proceeds from maturities of long-term bank deposits			10,000	240,000
Proceeds from sale of short-term bank deposits			100,000
Purchase of short-term investments	(13,458,033)	(1,924,473)	(9,786,203)	(8,749,704)
Purchase of long-term investment securities	(1,000,159)	(143,021)	(1,993,689)	(2,325,411)
Proceeds from maturities of short-term investments	14,262,997	2,039,581	13,258,052	8,388,000
Sale of short-term investments				320,000
Sale of long-term investments				588,872
Purchase of long-term investments	(330)	(47)		(430,788)
Disposal of property, equipment and leasehold improvement	572	82	285
Acquisition of subsidiaries - net of cash acquired (not under common control)	(599,094)	(85,669)
Dividend from investment			1,280	640
Net cash generated from/(used in) investing activities	(822,191)	(117,572)	3,018,001	2,091,145
Cash flows from financing activities:
Capital contribution from non-controlling interest				11,050
Proceeds from bank loans	92,100	13,170	40,000
Repayments of bank loans	(99,019)	(14,160)
Proceeds from exercise of employees' share options	1,152	165	1,448	8,757
Acquisition of subsidiaries - net of cash acquired				(169,148)
Dividend paid	(91,471)	(13,080)	(88,839)	(92,384)
Funds provided by related parties				41,107
Funds paid back to related parties			(41,107)
Cash payments for repurchase of shares	(183,930)	(26,302)	(589,357)	(996,628)
Other financing activities	(1,579)	(225)	(176)	4,030
Net cash used in financing activities	(282,747)	(40,432)	(678,031)	(1,193,216)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash	(98,957)	(14,150)	29,982	34,340
Net increase/(decrease) in cash, cash equivalents and restricted cash	(99,347)	(14,206)	3,224,301	1,130,972
Cash, cash equivalents and restricted cash at the beginning of the year	5,644,359	807,133	2,420,058	1,289,086
Cash, cash equivalents and restricted cash at the end of the year	5,545,012	792,927	5,644,359	2,420,058
Including:
Cash and cash equivalents at the end of the year	5,367,139	767,491	5,593,492	2,390,298
Restricted cash at the end of the year	177,873	25,436	50,867	29,760
Supplemental disclosures of cash flow information:
Cash paid for income taxes	85,293	12,197	40,805	74,844
Cash paid for interest	1,579	225	176
Non-cash investing and financing activities:
Property, equipment and leasehold improvement financed by other payables	160	23	174	923
Deemed dividend to shareholders in connection with the share-based awards to employees of Relx Inc.	¥ (14,958)	$ (2,139)	¥ (425,976)	¥ 396,378

CONSOLIDATED BALANCE SHEETS
¥ in Thousands, $ in Thousands

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Current assets

Cash and cash equivalents

¥ 5,367,139

$ 767,491

¥ 5,593,492

Restricted cash

177,873

25,436

50,867

Short-term bank deposits, net

2,310,486

330,395

2,179,886

Receivables from online payment platforms

4,080

583

4,722

Short-term investments, net

2,326,610

332,701

719,755

Accounts and notes receivable, net

190,442

27,233

78,484

Inventories

297,682

42,568

142,552

Prepayments and other current assets, net

319,478

45,685

185,091

Total current assets

11,204,029

1,602,156

9,300,981

Non-current assets

Property, equipment and leasehold improvement, net

245,981

35,175

50,787

Intangible assets, net

213,141

30,479

52,796

Long-term investments, net

8,330

1,191

8,000

Deferred tax assets, net

29,104

4,162

38,067

Right-of-use assets, net

82,430

11,787

24,110

Long-term bank deposits, net

433,618

62,007

727,448

Long-term investment securities, net

5,116,336

731,626

6,599,365

Goodwill

567,181

81,106

59,581

Other non-current assets, net

29,412

4,206

9,914

Total non-current assets

6,725,533

961,739

7,570,068

Total assets

17,929,562

2,563,895

16,871,049

Current liabilities

Accounts and notes payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 252,401 and RMB 150,891 as of December 31, 2024 and 2025, respectively)

403,708

57,729

458,538

Contract liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 1,148 and RMB 567 as of December 31, 2024 and 2025, respectively)

84,003

12,012

10,610

Salary and welfare benefits payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 42,785 and RMB 56,203 as of December 31, 2024 and 2025, respectively)

93,947

13,434

73,740

Taxes payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 30,720 and RMB 16,203 as of December 31, 2024 and 2025, respectively)

159,718

22,839

126,154

Short-term loans (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 40,000 and RMB 20,000 as of December 31, 2024 and 2025, respectively)

92,100

13,170

40,000

Accrued expenses and other current liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 92,335 and RM62,535 as of December 31, 2024 and 2025, respectively)

149,552

21,386

108,816

Dividend payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of nil and nil as of December 31, 2024 and 2025, respectively).

478,833

68,475

1,144

Lease liabilities - current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 9,301 and RMB 9,649 as of December 31, 2024 and 2023, respectively)

28,588

4,088

11,447

Total current liabilities

1,965,076

281,004

857,850

Non-current liabilities

Deferred tax liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 3,293 and RMB 3,293 as of December 31, 2024 and 2025, respectively)

112,912

16,146

16,196

Lease liabilities - non-current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 4,743 and RMB 25,898 as of December 31, 2024 and 2025, respectively)

55,671

7,961

7,050

Other non-current liabilities

64,291

9,194

Total non-current liabilities

232,874

33,301

23,246

Total liabilities

2,197,950

314,305

881,096

Commitments and contingencies

Shareholders' equity

Ordinary shares (US$0.00001 par value; 15,000,000,000 shares authorized; 1,570,790,570 shares issued as of December 31, 2024; 1,570,790,570 shares issued as of December 31, 2025)

^[1]

104

Treasury stock

(2,286,391)

(326,950)

(2,105,754)

Additional paid-in capital

12,910,276

1,846,145

12,723,938

Statutory reserves

27,305

3,904

27,305

Retained earnings

4,119,797

589,123

4,219,689

Accumulated other comprehensive income

862,658

123,359

1,122,934

Total RLX Technology Inc. shareholders' equity

15,633,749

2,235,596

15,988,216

Noncontrolling interests

97,863

13,994

1,737

Total shareholders' equity

15,731,612

2,249,590

15,989,953

Total liabilities and shareholders' equity

17,929,562

2,563,895

16,871,049

Related Party

Current assets

Amounts due from related parties

210,239

30,064

346,132

Current liabilities

Amounts due to related parties (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 26 and RMB 83 as of December 31, 2024 and 2025, respectively)

¥ 474,627

$ 67,871

¥ 27,401

[1]

As of December 31, 2024, there were 1,570,790,570 ordinary shares issued, par value US$0.00001 per share, including 352,346,961 ordinary shares that consist of treasury shares held by the Company’s depositary bank and shares reserved for future exercise of share-based awards. As of December 31, 2025, there were 1,570,790,570 ordinary shares issued, par value US$0.00001 per share, including 353,694,227 ordinary shares that consist of treasury shares held by the Company’s depositary bank and shares reserved for future exercise of share-based awards.