RLX Technology Inc-ADR · Q1 2025 earnings

Briefing

RLX Q1 revenue surges 46% to RMB808M as international expansion drives profitability

RLX Technology reported Q1 2025 net revenues of RMB808.3 million (US$111.4 million), up 46.5% year over year, driven by international market expansion despite industry headwinds from disposable product bans and excise taxes. Gross margin improved to 28.6% from 25.9% on a favorable revenue mix and cost optimization. U.S. GAAP income from operations was RMB77.4 million versus a RMB51.6 million loss in Q1 2024, and non-GAAP operating income reached RMB105.8 million. GAAP net income was RMB222.7 million (US$30.7 million) and non-GAAP net income was RMB251.1 million. Diluted GAAP EPS per ADS was RMB0.170 (US$0.023) and non-GAAP diluted EPS was RMB0.191. Operating cash inflow was RMB207.2 million and cash and investments totaled RMB16.2 billion at March 31.

• Net revenues RMB808.3M (+46.5% YoY); gross margin 28.6% vs 25.9% a year ago
• GAAP net income RMB222.7M; non-GAAP net income RMB251.1M; non-GAAP operating income RMB105.8M
• Diluted GAAP EPS RMB0.170 per ADS; non-GAAP diluted EPS RMB0.191 per ADS
• Sixth consecutive quarter of positive non-GAAP operating profit
• Cash and investments RMB16.2B; operating cash inflow RMB207.2M in Q1

Headline financials

Revenue & EPS history