RLX Technology (RLX) financial statements

Consumer Defensive · Tobacco · Market cap $2.0B

RLX Technology reported revenue of 4.0B CNY in fiscal 2025, up 62.4% a year over 7 years.

Net income was 922M CNY and the operating margin 8.3%, against 1.7% in 2018.

Free cash flow was 987M CNY, and the company returned 91M CNY in dividends and 184M CNY in net buybacks.

Revenue and free cash flow

Fiscal years, $ billions (CNY).

-2.502.557.51020182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, in CNY, from RLX Technology's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Revenue133M CNY1.5B CNY3.8B CNY8.5B CNY5.3B CNY1.6B CNY2.7B CNY4.0B CNY
Cost of revenue73M CNY968M CNY2.3B CNY4.8B CNY3.0B CNY856M CNY1.7B CNY2.4B CNY
Gross profit59M CNY581M CNY1.5B CNY3.7B CNY2.3B CNY388M CNY727M CNY1.2B CNY
Research and development2M CNY32M CNY299M CNY180M CNY317M CNY173M CNY88M CNY131M CNY
Selling, general and admin55M CNY493M CNY1.2B CNY1.2B CNY925M CNY712M CNY745M CNY724M CNY
Operating income2M CNY56M CNY13M CNY2.3B CNY1.1B CNY-497M CNY-107M CNY329M CNY
Interest expense————1M CNY—176,000 CNY6M CNY
Pre-tax income2M CNY74M CNY102M CNY2.7B CNY1.8B CNY592M CNY659M CNY1.1B CNY
Income tax2M CNY26M CNY231M CNY631M CNY372M CNY51M CNY94M CNY119M CNY
Net income-287,000 CNY48M CNY-128M CNY2.0B CNY1.4B CNY534M CNY552M CNY922M CNY
EPS (diluted)-0.00 CNY0.03 CNY-0.09 CNY1.44 CNY1.08 CNY0.40 CNY0.43 CNY0.70 CNY
Diluted shares1.19B1.44B1.44B1.41B1.33B1.34B1.29B1.22B
Gross margin44.7%37.5%40.0%43.1%43.2%24.4%26.4%29.9%
Operating margin1.7%3.6%0.3%27.0%19.9%-31.3%-3.9%8.3%
Net margin-0.2%3.1%-3.4%23.8%27.0%33.7%20.1%23.3%

Balance sheet

Fiscal years, in CNY, from RLX Technology's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Cash and short-term investments68M CNY176M CNY2.6B CNY8.8B CNY3.7B CNY5.5B CNY6.3B CNY7.7B CNY
Receivables—39M CNY15M CNY12M CNY51M CNY———
Inventory—219M CNY329M CNY589M CNY131M CNY145M CNY143M CNY298M CNY
Total current assets—1.2B CNY3.9B CNY14.0B CNY11.2B CNY9.0B CNY9.3B CNY11.2B CNY
Property, plant and equipment—66M CNY74M CNY143M CNY88M CNY77M CNY51M CNY246M CNY
Goodwill—————67M CNY60M CNY567M CNY
Total assets—1.4B CNY4.1B CNY16.4B CNY16.4B CNY16.3B CNY16.9B CNY17.9B CNY
Total current liabilities—620M CNY2.5B CNY2.7B CNY790M CNY669M CNY858M CNY2.0B CNY
Total liabilities—1.3B CNY2.6B CNY2.8B CNY838M CNY717M CNY881M CNY2.2B CNY
Shareholders' equity7M CNY106M CNY1.5B CNY13.5B CNY15.6B CNY15.6B CNY16.0B CNY15.6B CNY
Net debt-68M CNY-136M CNY-1.1B CNY-5.2B CNY-1.3B CNY-2.4B CNY-5.6B CNY-5.4B CNY

Cash flow

Fiscal years, in CNY, from RLX Technology's 10-K filings with the SEC.

Fiscal year20182019202020212022202320242025
Operating cash flow-977,000 CNY338M CNY2.6B CNY1.8B CNY487M CNY199M CNY854M CNY1.1B CNY
Capital spending29,000 CNY85M CNY13M CNY131M CNY39M CNY28M CNY10M CNY118M CNY
Free cash flow-1M CNY253M CNY2.6B CNY1.7B CNY448M CNY170M CNY844M CNY987M CNY
Stock-based compensation7M CNY53M CNY929M CNY223M CNY166M CNY363M CNY370M CNY186M CNY
Dividends paid—36M CNY———92M CNY89M CNY91M CNY
Share buybacks (net)———-128M CNY-500M CNY-997M CNY-589M CNY-184M CNY
Free cash flow margin-0.8%16.3%67.5%19.6%8.4%10.7%30.7%24.9%
Dividends per share—0.03 CNY———0.07 CNY0.07 CNY0.07 CNY
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Questions

What was RLX Technology's revenue in 2025?

4.0B CNY in fiscal 2025, from its 10-K filing.

How much free cash flow does RLX Technology generate?

987M CNY in fiscal 2025 (operating cash flow minus capital spending).

From RLX Technology's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.