RLX Technology (RLX) Company Report

RLX Technology Inc. (RLX) reported robust Q3 2025 financial results, with net revenues reaching RMB 1,100,000,000.0, a 49% year-over-year increase, and non-GAAP operating profit of RMB 188,000,000, marking its eighth consecutive quarter of positive non-GAAP operating profit.
International markets were a primary growth driver, contributing 70% to 80% of total revenues, bolstered by strong organic growth in Asia Pacific and the consolidation of a strategic equity investment in a leading European e-vapor firm.
Despite a mild recovery, Mainland China revenues remained challenged at RMB 320,000,000, approximately 13% of Q2 2021 levels, primarily due to the persistence of an unregulated e-vapor market.
The company maintained a strong liquidity position with total financial assets of RMB 16,400,000,000.0 as of September 30, 2025, and continued to return value to shareholders through approximately USD $330,000,000 in share repurchases and a declared cash dividend of $0.1 per ordinary share or ADS.
RLX is expanding its portfolio into adjacent categories, including the modern oral product segment, which is identified as the smokeless industry's fastest-growing segment, with products launched in Germany.

Nov 14, 2025, 12:00 PM

RLX Technology Announces Strong Q3 2025 Results with Revenue Surge and Profitability Growth

RLX

Earnings

Revenue Acceleration/Inflection

New Projects/Investments

RLX Technology reported net revenues of RMB 1,129 million in Q3 2025, representing a 49% year-over-year and 28% quarter-over-quarter increase, with non-GAAP operating profits reaching RMB 188 million.
The company's gross profit margin expanded by 4 percentage points year-over-year and 3.7 percentage points quarter-over-quarter, attributed to the consolidation of a European equity investment and favorable geographic revenue mix.
International markets now contribute 70-80% of revenues, driven by strong organic growth in the Asia-Pacific region and strategic adaptation to regulatory changes, such as the U.K.'s disposable e-vapor product ban.
As of September 30, 2025, RLX Technology maintained a strong financial position with RMB 15.4 billion (approximately $2.2 billion) in total financial assets and continued shareholder returns, including approximately $330 million in share repurchases and a declared cash dividend of $0.1 per ordinary share or ADS for the quarter.
The company expanded its product portfolio with the debut of a modern oral product and launched a breakthrough e-vapor product in East Asia, emphasizing innovation and local market adaptation.

Nov 14, 2025, 12:00 PM

RLX Technology reports strong Q3 2025 revenue growth and expanded profitability

RLX

Earnings

Revenue Acceleration/Inflection

Dividends

RLX Technology reported net revenues of RMB 1,129 million in Q3 2025, marking a 49% year-over-year increase, and achieved non-GAAP operating profits of RMB 188 million.
The company demonstrated improved profitability, with its gross profit margin expanding by 4 percentage points year-over-year and 3.7 percentage points quarter-over-quarter, and the non-GAAP operating profit margin expanding by 6 percentage points year-over-year.
International markets are a significant growth driver, now contributing 70-80% of revenues, while Mainland China revenue was RMB 320 million.
RLX Technology maintained a strong financial position with RMB 15.4 billion (approximately $2.2 billion) in total financial assets as of September 30, 2025, and declared a cash dividend of $0.1 per ordinary share or ADS.

Nov 14, 2025, 12:00 PM

RLX Technology Announces Unaudited Third Quarter 2025 Financial Results

RLX

Earnings

Dividends

Share Buyback

Net revenues for the third quarter of 2025 were RMB1,129.3 million (US$158.6 million), representing a 49.3% year-over-year increase from RMB756.3 million in the same period of 2024.
The gross margin for Q3 2025 improved to 31.2%, compared to 27.2% in Q3 2024.
Non-GAAP income from operations more than doubled to RMB187.8 million (US$26.4 million) in Q3 2025, up from RMB84.0 million in Q3 2024.
U.S. GAAP net income for the third quarter of 2025 was RMB206.8 million (US$29.1 million), an increase from RMB169.4 million in Q3 2024.
RLX Technology announced a cash dividend of US$0.1 per ordinary share/ADS and has cumulatively repurchased US$330 million in shares as of September 30, 2025, under its share repurchase program.

Nov 14, 2025, 11:02 AM

RLX Technology Announces Unaudited Third Quarter 2025 Financial Results

RLX

Earnings

Dividends

Share Buyback

RLX Technology reported net revenues of RMB1,129.3 million (US$158.6 million) for the third quarter ended September 30, 2025, marking a 49.3% year-over-year increase.
The company's gross margin improved to 31.2% in Q3 2025, up from 27.2% in the same period of 2024, while U.S. GAAP net income reached RMB206.8 million (US$29.1 million).
Growth was primarily driven by equity investment in European markets, organic international business growth, and a gradual recovery in Mainland China, with international business representing 71.6% of net revenues for the period.
The Board of Directors approved a cash dividend of US$0.1 per ADS, payable around February 9, 2026.
The company has cumulatively returned over US$500 million to shareholders through repurchases and dividends, including US$330 million in share repurchases as of September 30, 2025.