RLX Technology 2025 Revenue Rises 44.0% YoY to Nearly USD 566.1 million, International Business Accounts for 76.5% in Q4

Key Takeaways

• Q4 2025 net revenue was RMB 1.1413 billion (USD 163.2 million), up 40.3% year-over-year and 1.1% quarter-over-quarter.
• Full-year 2025 net revenue reached RMB 3.9589 billion (USD 566.1 million), representing a 44.0% year-over-year increase.
• Full-year 2025 non-GAAP adjusted net income stood at RMB 1.1623 billion (USD 166.2 million), a 23.5% year-over-year growth.
• The international market accounted for 76.5% of the total revenue in Q4 2025.
• As of December 31, 2025, the company held a total of RMB 15.7321 billion (USD 2.2497 billion) in cash and investments.

2Firsts, March 13, 2026

RLX Technology Inc. (NYSE: RLX) announced its unaudited financial results for the fourth quarter and full year of 2025.

According to the financial report, the company's net revenue for the fourth quarter of 2025 was RMB 1.1413 billion (USD 163.2 million), representing a year-over-year increase of 40.3% and a quarter-over-quarter increase of 1.1%; under non-GAAP, the adjusted net income was RMB 323.0 million (USD 46.19 million), an increase of 27.6% year-over-year. The gross profit for the fourth quarter was RMB 358.0 million (USD 51.20 million), and the gross margin was 31.4%, up 4.4 percentage points year-over-year; adjusted operating profit was RMB 158.1 million (USD 22.61 million).

Regarding full-year performance, RLX Technology's net revenue for 2025 was RMB 3.9589 billion (USD 566.1 million), a year-over-year increase of 44.0%; under non-GAAP, adjusted net income was RMB 1.1623 billion (USD 166.2 million), an increase of 23.5% year-over-year. Full-year gross profit was RMB 1.1836 billion (USD 169.3 million), and the gross margin was 29.9%, up 3.5 percentage points year-over-year; adjusted operating profit was RMB 569.9 million (USD 81.49 million).

The company stated that revenue growth in 2025 was primarily driven by the continuous expansion of its international business, the contribution of newly invested overseas entities, and a moderate recovery in its Chinese mainland business. Among these, the international market accounted for 76.5% of total revenue in the fourth quarter of 2025.

As of December 31, 2025, RLX Technology's total cash and cash equivalents, restricted cash, short-term bank deposits, short-term investments, long-term bank deposits, and long-term investment securities amounted to RMB 15.7321 billion (USD 2.2497 billion).

In terms of shareholder returns, as of December 31, 2025, the company had cumulatively repurchased 170 million ordinary shares represented by American Depositary Shares (ADSs) for a total amount of approximately USD 330 million. As of March 12, 2026, the company had returned approximately USD 171 million to shareholders through its cash dividend plan.

On March 13, RELX announced its anti-counterfeiting achievements in the Chinese market for 2025 through its official social media accounts. According to the data released by RELX, throughout 2025, RELX assisted law enforcement agencies in cracking down on 489 administrative and criminal cases related to manufacturing and selling counterfeit products. Over 1.5 million counterfeit RELX-branded pods and more than 200,000 devices and disposable products were seized, with the total amount involved exceeding RMB 70 million.

Image source: RLX Technology

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