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RLX Technology Reports Strong Performance in Q2 2025 Financial Results

Shenzhen, China, August 22, 2025 – RLX Technology Inc., a prominent global player in the e-vapor market, has unveiled its unaudited financial results for the second quarter of 2025, revealing a remarkable growth trajectory driven by both strategic execution and a successful expansion into international markets.

Financial Highlights

During the second quarter, RLX Technology reported net revenues of RMB 880.0 million (approximately US$122.8 million), a significant increase from RMB 627.2 million in the same period last year. This growth of 40.3% year-over-year underscores the company’s resilience and commitment to expanding its market footprint amidst evolving consumer preferences and regulatory landscapes.

The gross margin also improved to 27.5%, compared to 25.2% from the previous year. This increase is attributed to a favorable change in the revenue mix and enhanced margins in select Asian markets. Non-GAAP income from operations surged to RMB 116.2 million (US$16.2 million), reflecting a substantial increase of 147.6% compared to the previous year. This demonstrates the efficiency of the company’s operations and effective cost-control measures.

In terms of U.S. GAAP net income, RLX achieved RMB 218.5 million (US$30.5 million), up from RMB 134.9 million a year earlier, while non-GAAP net income reached RMB 291.2 million (US$40.6 million), compared to RMB 214.8 million in Q2 2024. The earnings per American Depositary Share (ADS) also saw notable improvement, indicating strong performance metrics across the board.

Strategic Comments

In a statement, Ms. Ying (Kate) Wang, Co-founder and CEO, expressed her satisfaction with the quarter's performance, linking it to the success of their global expansion strategies. She noted, “We have reinforced our leadership in this dynamic environment by prioritizing global compliance and implementing data-driven localized strategies.” Ms. Wang emphasized the importance of strategic partnerships to enhance international distribution, showcasing the company's proactive approach amid rapid regulatory changes and shifts in consumer behavior.

CFO Mr. Chao Lu added, “The impressive net revenue growth of 8.9% sequentially and significant rise in operational profits are attributed to disciplined cost control and an optimized product mix, positioning us well for sustainable, profitable growth.”

Balance Sheet Strength

As of June 30, 2025, RLX Technology reported total assets valued at RMB 17.486 billion (US$2.441 billion), with cash and equivalents totaling RMB 15.524 billion (US$2.167 billion). This strong financial position enhances the company’s ability to invest in future growth initiatives and respond effectively to evolving market dynamics.

The company also announced a cash dividend of US$0.01 per ordinary share to be paid on or around September 19, 2025, highlighting its commitment to returning value to shareholders.

Future Outlook

Looking ahead, RLX Technology remains optimistic about its ability to navigate complexities in the e-vapor market and seize emerging opportunities. As the brand continues to evolve, it aims to enhance its offerings and reinforce its position as a trusted choice for adult smokers worldwide. The management plans to continue focusing on operational efficiency, strategic growth initiatives, and expanding its international reach, which are critical for long-term success in the competitive e-vapor landscape.

For those interested in delving deeper, a conference call with RLX management is scheduled for 8:00 AM U.S. Eastern Time today, with participation details available on the company’s investor relations website. The firm is well-poised for continued success, building upon this robust quarter as it shapes the future of the global e-vapor industry.

For more information about RLX Technology Inc., visit ir.relxtech.com.