Key Points:
- Q3 net revenue reached RMB 1.129 billion (US$158.6 million), up 49.3% year-on-year and 28.3% quarter-on-quarter.
- Adjusted net profit was RMB 295.4 million (US$41.5 million), up 1.4% quarter-on-quarter and 12.1% year-on-year.
- International operations accounted for 72% of total revenue, serving as the main growth driver.
- Over US$500 million returned to shareholders through buybacks and dividends; financial position remains strong.
2Firsts, November 14, 2025 — RLX Technology Inc. (NYSE: RLX) today announced its unaudited financial results for the third quarter of 2025. The company achieved strong revenue and profit growth this quarter, with international markets continuing to serve as the primary growth engine.
Revenue and Profit Growth
In Q3 2025, RLX reported net revenue of RMB 1.129 billion (US$158.6 million), representing a 28.3% quarter-on-quarter and 49.3% year-on-year increase.
On a non-GAAP basis, adjusted net profit was RMB 295.4 million (US$41.5 million), up 1.4% quarter-on-quarter and 12.1% year-on-year.
The company attributed its growth to three key factors:
- Continued investment and channel expansion in European markets;
- Further increase in market share across existing international markets;
- Accelerated recovery of its China domestic business amid a more orderly and compliant regulatory environment.
Management Commentary
RLX Founder, Chairperson, and CEO Wang Ying stated that despite ongoing macroeconomic challenges, the company delivered strong and broad-based results this quarter, driven by disciplined execution in international expansion and R&D.
She highlighted that RLX has continued to strengthen its leading position in key Asia-Pacific and European markets through refined retail network investment and localized product strategies. She also noted that improving regulatory clarity in China has fostered a healthier competitive landscape and supported business recovery.
Notably, the company’s self-developed oral dissolvable film product was launched in the UK, representing a milestone in RLX’s product diversification and user experience innovation. Wang said the new product embodies years of R&D efforts and underscores the company’s long-term vision to lead next-generation adult consumer experiences.
Chief Financial Officer Lu Chao added that international operations accounted for 72% of total revenue in Q3, while adjusted operating profit surged 123.6% year-on-year to RMB 187.8 million (US$26.4 million), reflecting the synergies between international expansion, capital investments in Europe, and domestic business recovery.
Lu also noted that as of the end of Q3 2025 (including the cash dividend announced this quarter), RLX has returned over US$500 million to shareholders through share repurchases and dividends, demonstrating its firm commitment to long-term value creation and sustainable profitability.
