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LeiDi Network, Lei Jianping, March 13
The parent company of RELX, RLX Technology (NYSE: RLX), today announced its unaudited financial report for the fourth quarter and full year of 2025. The report shows that RLX Technology's revenue in 2025 was 3.959 billion yuan (approximately 566 million USD), an increase of 44% compared to 2.749 billion yuan in the same period last year.
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RLX Technology's operating profit in 2025 was 329 million yuan (approximately 46.98 million USD), compared to an operating loss of 107 million yuan in the same period last year.
RLX Technology's net profit in 2025 was 934 million yuan (approximately 134 million USD), an increase of 65.6% compared to 564 million yuan in the same period last year; Non-GAAP net profit was 1.162 billion yuan (approximately 166 million USD), an increase of 23.5% compared to 941 million yuan in the same period last year.
RLX Technology's revenue for the fourth quarter of 2025 was 1.141 billion yuan, a year-on-year increase of 40.3%; net profit was 286 million yuan.
RLX Technology's founder, chairman, and CEO Wang Ying stated that in 2025, the company achieved significant and high-quality growth. Over the past year, RLX Technology has continuously promoted its globalization strategy, with international business maintaining rapid development, becoming the core driving force behind the company's overall growth. Meanwhile, the continuous strengthening of regulations in the mainland Chinese market has improved the competitive environment for compliant enterprises, leading to a moderate recovery in the company's mainland business.
RLX Technology's CFO Lu Chao stated that the revenue growth in 2025 mainly came from the continuous expansion of international business, the synergistic effects brought by strategic investments overseas, and the moderate recovery of the mainland business. Among them, international business has become the main source of growth for the company, with revenue from international markets accounting for 76.5% in the fourth quarter of 2025.
RLX Technology Q4 revenue 1.141 billion, up 40% year-on-year
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RLX Technology's revenue for the fourth quarter of 2025 was 1.141 billion yuan (approximately 163 million USD), an increase of 40.3% compared to 814 million yuan in the same period last year. The revenue growth mainly came from the expansion of the international market, with international market revenue accounting for 76.5% of total revenue
RLX Tech Q4 cost 723 million, up 40% year-on-year
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RLX Tech's cost for the fourth quarter of 2025 was 723 million yuan (approximately 103 million USD), an increase of 40% compared to 516 million yuan in the same period last year.
The product consumption tax for RLX Tech in the fourth quarter of 2025 was 60.52 million yuan, compared to 77.28 million yuan in the same period last year.
RLX Tech Q4 gross profit 358 million, gross margin 31%
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RLX Tech's gross profit for the fourth quarter of 2025 was 358 million yuan (approximately 51.2 million USD), an increase of 62.7% compared to 220 million yuan in the same period last year. RLX Tech's gross margin for the fourth quarter of 2025 was 31%.
RLX Tech Q4 expenses 239 million, up 3% year-on-year
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RLX Tech's expenses for the fourth quarter of 2025 were 239 million yuan (approximately 34.2 million USD), an increase of 3% compared to 232 million yuan in the same period last year.
Among them, RLX Tech's sales expenses for the fourth quarter of 2025 were 111 million yuan (approximately 15.9 million USD), compared to 45.4 million yuan in the same period last year, mainly due to increased compensation and benefits expenses.
RLX Tech's general and administrative expenses for the fourth quarter of 2025 were 95.3 million yuan (13.6 million USD), while in the same period of 2024 it was 153.7 million yuan, mainly due to a decrease in stock-based compensation expenses.
RLX Tech's R&amp;D expenses for the fourth quarter of 2025 were 32.6 million yuan.
RLX Tech Q4 operating profit 118.9 million, operating profit margin 10%
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RLX Tech achieved an operating profit of 118.9 million yuan (17 million USD) for the fourth quarter of 2025 according to U.S. Generally Accepted Accounting Principles (GAAP), while in the same period of 2024 it reported an operating loss of 11.5 million yuan
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RLX Tech's Non-GAAP operating profit for Q4 2025 is 158.1 million yuan (22.6 million USD), an increase of 37.9% compared to 114.7 million yuan in the same period of 2024.
The income tax expense for RLX Tech in Q4 2025 is 16.4 million yuan, compared to 26.3 million yuan in the same period of 2024.
RLX Tech's Q4 net profit is 286 million yuan, a year-on-year increase of 125%.
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RLX Tech's net profit for Q4 2025 is 286.3 million yuan (40.9 million USD), an increase of 124.8% compared to 127.4 million yuan in the same period of 2024; adjusted net profit is 323 million yuan (46.2 million USD), an increase of 27.6% compared to 253.2 million yuan in the same period of 2024.
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As of December 31, 2025, RLX Tech's current assets are 11.2 billion yuan (approximately 1.6 billion USD), non-current assets are 6.726 billion yuan (approximately 960 million USD), and total assets are 17.9 billion yuan (approximately 2.564 billion USD).
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As of December 31, 2025, RLX Tech's current liabilities are 1.966 billion yuan (approximately 281 million USD), non-current liabilities are 233 million yuan, total liabilities are 2.2 billion yuan (approximately 314 million USD), and shareholders' equity is 15.7 billion yuan (approximately 2.25 billion USD).
As of December 31, 2025, RLX Tech holds cash and cash equivalents, restricted cash, net short-term bank deposits, short-term investments, net long-term bank deposits, and net long-term investment securities totaling 15.7321 billion yuan (2.2497 billion USD)
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VICE

RLX Tech, the parent company of RELX, released its financial report for the fourth quarter and the full year of 2025, with annual revenue of 3.959 billion yuan, a year-on-year increase of 44%; net profit of 934 million yuan, an increase of 65.6%. In the fourth quarter, revenue was 1.141 billion yuan, and net profit was 286 million yuan, with international market revenue accounting for 76.5%. The company's CEO Wang Ying stated that the continuous expansion of international business is the main growth driver, and the mainland China market is gradually recovering

The parent company of RELX, RLX Tech's quarterly report illustrated: Revenue of 1.14 billion from selling e-cigarettes, net profit of 286 million