On March 14, RELX Technology (RLX Technology Inc.) released its unaudited financial report for the fourth quarter and full year of 2024. The report shows that RELX Technology's net revenue for the fourth quarter of 2024 was 810 million yuan (110 million U.S. dollars), an increase of 7.6% compared to the previous quarter and a 56.3% increase year-on-year. Under non-GAAP, adjusted net profit for the fourth quarter was 250 million yuan (34.46 million U.S. dollars). The full year net revenue for 2024 was 2.75 billion yuan (380 million U.S. dollars), a 73.3% increase year-on-year. Under non-GAAP, adjusted net profit for the full year was 930 million yuan (130 million U.S. dollars).
Financial Summary for the Fourth Quarter of 2024 for RELX Technology
In the fourth quarter of 2024, RELX Technology reported a net revenue of 810 million RMB (110 million USD), representing a 7.6% increase compared to the previous quarter and a 56.3% increase year-on-year.
The year-on-year growth was mainly driven by the expansion of international business. The gross profit for the fourth quarter of 2024 was 220 million RMB (30.13 million USD), with a gross profit margin of 27.0%, representing a 3.3 percentage point increase compared to the same period last year. On a non-GAAP basis, the adjusted net profit for the fourth quarter of 2024 was 250 million RMB (34.46 million USD).
As of December 31, 2024, RELX Technology had a total of 15.87 billion RMB (2.17 billion USD) in cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments, long-term bank deposits, and long-term investment securities.
Financial Summary of 2024
In 2024, net revenue amounted to 2.75 billion Chinese yuan (380 million US dollars), representing a year-on-year growth of 73.3%.
The significant increase in revenue was mainly attributed to the expansion of international operations. Gross profit for the year was 730 million Chinese yuan (100 million US dollars), with a gross profit margin of 26.4%, a 2 percentage point increase compared to the previous year.
On a non-US GAAP basis, adjusted net profit for the year was 930 million Chinese yuan (130 million US dollars). Research and development expenses for the 2024 fiscal year decreased by 48.9% to 88.3 million Chinese yuan (12.1 million US dollars) from the previous year's 172.7 million Chinese yuan, primarily due to lower equity incentive costs and reduced compensation and benefits.
RELX Technology founder, chairman, and CEO Ying Wang stated,
The year 2024 marked a milestone for RELX Technology, as the company made significant progress in global operations. We upgraded our organizational structure, optimized our business strategies to meet the increasingly diverse and dynamic needs of international markets, and launched several innovative products that were well-received globally. These efforts led to growth in performance and solidified our leading position in multiple global markets. Looking ahead to 2025, we will continue to focus on compliance in the market, concentrate on refining sales channels and diversifying product offerings to provide high-quality products for adult smokers. We will also actively respond to industry changes, seize new opportunities, and practice long-termism.
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