RLX Technology Inc-ADR · Q4 2025 earnings

Briefing

44% full-year revenue surge as international mix hits 76% of Q4 sales

RLX Technology reported Q4 2025 net revenues of RMB1,141.3 million (US$163.2 million), up 40.3% year over year, with international business representing 76.5% of sales. Gross margin expanded to 31.4% from 27.0% on favorable revenue mix and supply chain optimization. U.S. GAAP net income was RMB286.3 million (US$40.9 million), up 124.8%, while non-GAAP net income reached RMB323.0 million (US$46.2 million). Full-year 2025 net revenues grew 44.0% to RMB3,958.9 million (US$566.1 million) with non-GAAP operating income up 110.2% to RMB569.9 million. The company returned over US$500 million to shareholders cumulatively and held RMB15.7 billion in cash and investments at year-end.

• Q4 revenue RMB1,141.3M (+40.3% YoY); international 76.5% of Q4 net revenues
• Q4 gross margin 31.4% vs 27.0%; FY2025 gross margin 29.9% vs 26.4%
• Q4 GAAP net income US$40.9M (+124.8%); non-GAAP net income US$46.2M (+27.6%)
• FY2025 revenue RMB3,958.9M (+44.0%); non-GAAP operating income +110.2%
• Cash and investments RMB15.7B; cumulative shareholder returns exceed US$500M

Headline financials

Revenue & EPS history