On May 17th, RELX (RLX Technology Inc.) (NYSE: RLX) released its unaudited financial report for the first quarter of 2024.
The financial report shows that RLX Technology's net revenue in the first quarter of 2024 was 550 million yuan (76.4 million US dollars), an increase of 6.0% compared to the previous quarter and a 192.1% increase year-on-year. Under non-US GAAP, the adjusted net profit for the first quarter was 210 million yuan (28.74 million US dollars), a decrease of 52.0% compared to the previous quarter and a 13.0% increase year-on-year.
RLX Technology's founder, chairman, and CEO, Wang Ying, expressed that the global regulatory environment is constantly evolving. The company is always adapting and adjusting its strategies to meet the changing market demands. They will continue to seize opportunities amid these changes, leveraging their core strengths to cautiously explore potential markets. Currently, there is a special crackdown on illegal e-cigarette products in the domestic market. RLX Technology is committed to supporting regulatory authorities in establishing a regulated and healthy environment for the e-cigarette industry. As a brand trusted by adult smokers, they will continuously optimize their product portfolio to provide users with compliant, reliable, and high-quality e-cigarette products to meet the diverse needs of consumers.
RLX Technology's CFO, Lu Chao, stated that in the first quarter, the company's net income reached 550 million yuan, marking the fifth consecutive quarter of steady revenue growth. The company's gross profit margin increased by 170 basis points compared to the same period last year, reaching 25.9%. It is worth mentioning that after excluding the impact of equity incentive expenses, we successfully turned operating losses into profits, in stark contrast to the 130 million yuan loss in the same period last year. We firmly believe that with the company's consistent excellent execution and precise market strategies, we can continue to maintain this growth momentum and create sustained value for shareholders.
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