RLX Technology FY2025 Revenue Climbs 44% to RMB3.96 Billion with 110% Op Income Gain
RLX Technology’s fourth-quarter net revenues rose 40.3% to RMB1,141.3 million (US$163.2 million) with gross margin up to 31.4% and non-GAAP operating income climbing 37.9% to RMB158.1 million (US$22.6 million). For fiscal 2025, net revenues increased 44.0% to RMB3,958.9 million and non-GAAP operating income surged 110.2% to RMB569.9 million (US$81.5 million).
1. Fourth-Quarter 2025 Financial Results
In the fourth quarter of 2025, the Company achieved net revenues of RMB1,141.3 million (US$163.2 million), up 40.3% year-over-year, driven by international expansion and its newly acquired entity. Gross margin improved to 31.4% from 27.0%, non-GAAP operating income rose 37.9% to RMB158.1 million (US$22.6 million), and U.S. GAAP net income jumped 124.8% to RMB286.3 million (US$40.9 million).
2. Fiscal Year 2025 Performance and Shareholder Returns
For fiscal 2025, net revenues reached RMB3,958.9 million (US$566.1 million), marking a 44.0% increase, while gross margin expanded to 29.9%. Non-GAAP operating income more than doubled by 110.2% to RMB569.9 million (US$81.5 million), and U.S. GAAP net income rose 65.6% to RMB934.4 million (US$133.6 million). The Company returned over US$500 million to shareholders through dividends and buybacks.
3. International Expansion and 2026 Outlook
International business accounted for 76.5% of fourth-quarter revenues, reflecting strong growth in Europe and a recovery in Mainland China supported by intensified customs enforcement. Management aims to leverage strategic partnerships and operational agility to pursue multidimensional growth, innovation and compliance in 2026 while sustaining capital discipline.