RLX Technology Announces Unaudited Third Quarter 2025 Financial Results

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 2025 Financial Highlights

— Net revenueswere RMB1,129.3 million (US$158.6 million) in the third quarter of 2025, compared withRMB756.3 million in the same period of 2024.

— Gross marginwas 31.2% in the third quarter of 2025, compared with 27.2% in the same periodof 2024.

— Non-GAAP income from operations[1]was RMB187.8 million (US$26.4 million) in the thirdquarter of 2025, compared with RMB84.0 million in the same period of 2024.

— U.S. GAAP netincomewas RMB206.8 million (US$29.1 million) in the thirdquarter of 2025, compared with RMB169.4 million in the same period of 2024.

— Non-GAAP net income1was RMB295.4 million (US$41.5million) in the third quarter of 2025, compared with RMB263.6million 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 ofRLXTechnology. “Our disciplined execution on international expansion and innovation is translating into tangible growth. Internationally, we extended our leadership in key AsiaPacific and European markets through targeted investments in retail networks and tailored local product platforms. In MainlandChina, 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.ChaoLu, ChiefFinancialOfficerof RLX Technology, commented, “Third‑quarter net revenues soared49.3% year‑over‑year toRMB1.13billion, while non‑GAAP operating income more than doubled toRMB187.8million. These results demonstrate the strength of our diversified growth modelpropelled by organic share gains in existing international markets, high‑return capital deployment in Europe, and a steady rebound in MainlandChina. Our balance sheet remains robust, enabling consistent capital returns. To date, including the cash dividend announced today, we have returned over US$500million 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 RMB1,129.3million (US$158.6 million) in the third quarter of 2025, compared with RMB756.3million 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 Chinabusiness.Net revenues from international business represented 71.6% of our net revenues for the period.

Gross profit was RMB352.6million (US$49.5 million) in the thirdquarter of 2025, compared with RMB206.0million in the same period of 2024.

Gross margin was 31.2% in the thirdquarter 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 RMB259.3million (US$36.4million) in the thirdquarter 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 decreasein 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 wereRMB85.7million (US$12.0million) in the thirdquarter of 2025, compared with RMB123.2million in the same period of 2024,primarily due toadecrease 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 incomefrom operations was RMB93.3 million (US$13.1million) 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 thirdquarter of 2025, compared with RMB84.0 million in the same period of 2024.

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

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

Non-GAAPnet income was RMB295.4million (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 thirdquarter of 2025, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.135and RMB0.129,respectively, in the same period of 2024.

Non-GAAP basic and diluted net incomeper 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 RMB0.212and RMB0.202,respectively, in the same period of 2024.

BalanceSheet 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 ofUS$0.1per ordinary share, orUS$0.1per ADS, to holders of ordinary shares and holders of ADSs, respectively, as of the close of business onJanuary 26, 2026Beijing/Hong Kong Time and New York Time, respectively, payable in U.S. dollars. The payment date is expected to be on or aroundFebruary 2, 2026and on or aroundFebruary 9, 2026for holders of ordinary shares and holders of ADSs, respectively. Including the cash dividend announced today, we have cumulatively returned approximately US$171 millionthrough 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 170million 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): +1-888-317-6003International: +1-412-317-6061Hong Kong, China (toll-free): +800-963-976Hong Kong, China: +852-5808-1995Mainland China: 400-120-6115Participant Code (English line): 2869014Participant 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: +1-877-344-7529International: +1-412-317-0088Replay Access Code (English line): 5641887Replay Access Code (Chinese line) 4042658

AboutRLX 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 expensesandamortization 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$ASSETSCurrent assets:Cash and cash equivalents 5,593,492 3,457,085 485,614Restricted cash 50,867 119,392 16,771Short-term bank deposits, net 2,179,886 3,134,566 440,310Receivables from online payment platforms 4,722 7,123 1,000Short-term investments 719,755 1,877,796 263,772Accounts and notes receivable, net 78,484 202,455 28,439Inventories 142,552 230,953 32,442Amounts due from related parties 346,132 143,398 20,143Prepayments and other current assets, net 185,091 409,859 57,573Total current assets 9,300,981 9,582,627 1,346,064Non-current assets:Property, equipment and leasehold improvement, net 50,787 175,507 24,653Intangible assets, net 52,796 226,870 31,868Long-term investments, net 8,000 8,330 1,170Deferred tax assets, net 38,067 42,215 5,930Right-of-use assets, net 24,110 53,232 7,478Long-term bank deposits, net 727,448 232,842 32,707Long-term investment securities, net 6,599,365 6,529,438 917,185Goodwill 59,581 569,818 80,042Other non-current assets, net 9,914 10,019 1,407Total non-current assets 7,570,068 7,848,271 1,102,440Total assets 16,871,049 17,430,898 2,448,504LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Accounts and notes payable 458,538 338,672 47,573Contract liabilities 10,610 94,095 13,217Salary and welfare benefits payable 73,740 79,744 11,202Taxes payable 126,154 210,839 29,616Short-term loan 40,000 113,345 15,921Accrued expenses and other current liabilities 108,816 145,755 20,474Amounts due to related parties 27,401 24,804 3,484Dividend payable 1,144 – -Lease liabilities – current portion 11,447 22,745 3,195Total current liabilities 857,850 1,029,999 144,682Non-current liabilities:Deferred tax liabilities 16,196 110,834 15,569Lease liabilities – non-current portion 7,050 29,372 4,126Other non-current liability – 69,119 9,710Total non-current liabilities 23,246 209,325 29,405Total liabilities 881,096 1,239,324 174,087Shareholders' Equity:Total RLX Technology Inc. shareholders' equity 15,988,216 16,100,599 2,261,638Noncontrolling interests 1,737 90,975 12,779Total shareholders' equity 15,989,953 16,191,574 2,274,417Total liabilities and shareholders' equity 16,871,049 17,430,898 2,448,504RLX TECHNOLOGY INC.UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OFCOMPREHENSIVE 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 2,817,523 395,775Cost 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 49,524 506,611 825,590 115,970Operating 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 29,449Other income:Interest income, net 156,659 142,851 139,669 19,619 469,724 418,473 58,783Investment income 13,070 24,832 8,587 1,206 38,564 41,805 5,872Others, net 40,745 40,324 11,266 1,582 92,427 80,733 11,340Income before income tax 199,814 246,965 252,773 35,507 505,117 750,659 105,444Income 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 91,032Less: net income attributable to noncontrolling interests 3,737 1,378 3,662 514 7,085 5,740 806Net income attributable to RLX Technology Inc. 165,654 217,117 203,163 28,539 429,876 642,320 90,226Other 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 705Total 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 74,637Less: total comprehensive income attributable to 3,730 632 5,270 740 7,078 6,538 918noncontrolling interestsTotal comprehensive (loss)/income attributable to RLX (10,195) 192,051 124,255 17,455 311,599 524,806 73,719Technology Inc.Net incomeper ordinary share/ADSBasic 0.135 0.178 0.167 0.023 0.348 0.526 0.074Diluted 0.129 0.166 0.157 0.022 0.333 0.495 0.070Weighted average number of ordinary shares/ADSsBasic 1,225,417,517 1,221,705,674 1,215,324,092 1,215,324,092 1,234,501,619 1,221,079,766 1,221,079,766Diluted 1,287,927,444 1,309,486,924 1,295,380,218 1,295,380,218 1,289,831,349 1,297,712,264 1,297,712,264RLX 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 29,449Add: share-based compensation expensesSelling expenses 5,768 13,262 16,732 2,350 19,543 33,304 4,678General and administrative expenses 85,295 38,368 44,086 6,193 244,735 106,725 14,992Research and development expenses 1,446 7,188 9,593 1,347 (18,747) 17,526 2,462Amortization and depreciation of assets arising from fairvalue step up in business acquisitionsCost of revenues – 13,347 13,272 1,864 – 26,619 3,739Selling expenses 2,114 4,881 10,361 1,455 6,377 17,245 2,422General and administrative expenses 30 167 491 69 90 686 96Non-GAAP income from operations 83,993 116,171 187,786 26,378 156,400 411,753 57,838Net income 169,391 218,495 206,825 29,053 436,961 648,060 91,032Add: share-based compensation expenses 92,509 58,818 70,411 9,890 245,531 157,555 22,132Amortization and depreciation of assets arising from fair 2,144 18,395 24,124 3,388 6,467 44,550 6,257value step up in business acquisitionsTax 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 41,496 687,607 839,283 117,892Net income attributable to RLX Technology Inc. 165,654 217,117 203,163 28,539 429,876 642,320 90,226Add: share-based compensation expenses 92,509 58,818 70,411 9,890 245,531 157,555 22,132Amortization and depreciation of assets arising from fair 2,144 13,002 16,834 2,365 6,467 31,867 4,476value step up in business acquisitions(b)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 40,215 680,522 824,031 115,751Non-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 0.089Weighted 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 1,297,712,264Note (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 retrospectivelyadjusted 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 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 cash generated from operating activities 156,554 229,616 357,546 50,224 357,338 794,327 111,578Net cash generated/(used in) from investing 139,120 (816,501) (343,188) (48,207) 1,116,917 (2,146,855) (301,567)activitiesNet 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, (45,818) 2,436 (27,032) (3,797) (32,883) (32,636) (4,583)cash equivalents and restricted cashNet increase/(decrease) in cash and cash 175,076 (911,397) (382,879) (53,782) 893,707 (2,067,882) (290,473)equivalents and restricted cashCash, cash equivalents and restricted cash at 3,138,689 4,870,753 3,959,356 556,167 2,420,058 5,644,359 792,858the beginning of the periodCash, cash equivalents and restricted cash at 3,313,765 3,959,356 3,576,477 502,385 3,313,765 3,576,477 502,385the end of the period

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