NYSE$RLX
RLX Technology Inc-ADR · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
RLX Q2 revenue jumps 40% to RMB880M as non-GAAP operating income surges 148% on international expansion
RLX Technology reported second-quarter 2025 net revenues of RMB880.0 million (US$122.8 million), up 40.3% year over year and 8.9% sequentially, driven by international market expansion. Gross margin improved to 27.5% from 25.2% a year ago on a favorable revenue mix. GAAP income from operations was RMB39.0 million versus a loss of RMB33.3 million in Q2 2024; non-GAAP income from operations surged 148% to RMB116.2 million. GAAP net income was RMB218.5 million and non-GAAP net income RMB291.2 million, benefiting from interest income. The board approved a cash dividend of US$0.01 per ADS payable in September 2025. Total cash and investments were RMB15.5 billion at June 30, 2025.
- Net revenues RMB880M (+40.3% YoY); gross margin 27.5% vs 25.2% a year ago
- Non-GAAP income from operations RMB116M (+148% YoY); GAAP net income RMB219M
- Non-GAAP diluted EPS RMB0.218 per ADS vs RMB0.165 in Q2 2024
- International expansion driving revenue growth amid global regulatory shifts
- Cash dividend of US$0.01 per ADS declared; cash and investments RMB15.5B
Headline financials
Revenue & EPS history
RLX · Revenue · Quarterly
¥880M
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
+1.5%
Avg return
Earnings day
+2.8%
Avg return
5 days after
+3.7%
Avg return
30 days after
54%
13 / 24 earnings
Positive
+23.3%
Q4 2022
Best reaction
-47.9%
Q4 2021
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.9% | -1.9% | -12.7% | |
| Q4 2025 | +0.4% | +1.3% | -7.9% | |
| Q3 2025 | +10.4% | +7.3% | +1.3% | |
| Q2 2025 | +6.8% | +7.1% | +12.9% | |
| Q1 2025 | +2.1% | +2.6% | +10.3% | |
| Q4 2024 | -3.8% | -14.0% | -27.7% | |
| Q3 2024 | +11.7% | +11.7% | +22.7% | |
| Q2 2024 | +3.7% | +10.5% | +1.9% | |
| Q1 2024 | -7.4% | -7.9% | -15.3% | |
| Q4 2023 | -0.5% | +8.2% | -9.7% | |
| Q3 2023 | +16.5% | +22.0% | +32.3% | |
| Q2 2023 | +4.9% | +2.1% | +5.6% | |
| Q1 2023 | -0.4% | -3.8% | -17.4% | |
| Q4 2022 | +23.3% | +19.2% | +31.5% | |
| Q3 2022 | +8.1% | +10.0% | +56.9% | |
| Q2 2022 | -5.7% | -14.6% | -17.9% | |
| Q1 2022 | -5.6% | -9.6% | +17.2% | |
| Q4 2021 | -47.9% | -10.3% | -20.1% | |
| Q3 2021 | -17.4% | +7.4% | -12.0% | |
| Q2 2021 | -9.7% | +3.1% | +13.9% | |
| Q1 2021 | -8.3% | -24.1% | -28.9% | |
| Q4 2019 | +19.3% | +14.4% | +10.5% | |
| Q4 2018 | +19.3% | +14.4% | +10.5% | |
| Q4 2020 | +16.2% | +12.9% | +32.0% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — | |
| Q3 2019 | — | — | — |
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