Here are some financial highlights:
- Net revenues were CNY1,044.4 million (USD$146.8 million), compared with CNY1,676.7 million in the same period of 2021.
- Gross margin was 50.0%, compared with 39.1% in the same period of 2021.
- U.S. GAAP net income was CNY505.2 million (USD$71.0 million), compared with CNY976.4 million in the same period of 2021.
- Non-GAAP net income was CNY328.6 million (USD$46.2 million), compared with CNY452.7 million in the same period of 2021.
“Our continuous efforts to improve operational efficiency are proving effective, evidenced by a 30.9% quarter-over-quarter decrease in non-GAAP operating expenses. However, our profitability in the coming quarters will be adversely affected by the application of a 36% consumption tax to e-cigarette manufacturers since November 1, 2022. Cost control measures will remain at the forefront of our strategic initiatives as we navigate the evolving regulatory environment while maintaining our sustainable long-term growth”, said Mr. Chao Lu, Chief Financial Officer of RLX Technology.
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