RLX Technology Files 2025 Annual Report on Form 20-F

Rhea-AI Summary

RLX Technology (NYSE: RLX) filed its Annual Report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission on April 23, 2026.

The filing is available on the SEC website at https://www.sec.gov and on the company's investor relations site at https://ir.relxtech.com. The company will provide a free hard copy of its audited consolidated financial statements to shareholders and ADS holders upon request.

AI-generated analysis. How Rhea-AI works. Not financial advice.

What This Means

This announcement formalizes RLX’s 2025 results in a Form 20-F, giving investors detailed audited fi...

Analysis

This announcement formalizes RLX’s 2025 results in a Form 20-F, giving investors detailed audited financials and risk disclosures. The filing highlights strong growth, with net revenues of RMB3,958,861 thousand and net income of RMB934,377 thousand, but also reiterates structural risks around its VIE structure and PRC regulation. Investors may focus on capital-return history, including 2025 cash dividends of US$0.01 and US$0.1 per ADS, and how these align with evolving regulatory and tax burdens.

Key Figures

2025 Form 20-F filing date: April 23, 2026 2025 net revenues: RMB3,958,861 thousand (US$566,110 thousand) 2023 net revenues: RMB1,586,397 thousand +5 more

8 metrics

2025 Form 20-F filing date April 23, 2026 Annual report filed with SEC for year ended Dec 31, 2025

2025 net revenues RMB3,958,861 thousand (US$566,110 thousand) From 2025 Form 20-F

2023 net revenues RMB1,586,397 thousand From 2025 Form 20-F

2025 net income RMB934,377 thousand (US$133,615 thousand) From 2025 Form 20-F

2023 net income RMB540,988 thousand From 2025 Form 20-F

Cash dividends 2025 US$0.01 and US$0.1 per ADS Two cash dividends in 2025 per Form 20-F

Fiscal year-end December 31, 2025 Period covered by filed Form 20-F

Pre-news share price $2.2 Price with <b>5.26%</b> 24h change before this news

Historical Context

5 past events · Latest: Mar 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 13	Earnings results	Positive	-0.9%	Strong 2025 revenue growth, margin expansion, and higher non-GAAP operating income.
Mar 03	Earnings date notice	Neutral	-2.1%	Scheduling of Q4 and FY 2025 earnings release and conference call details.
Dec 31	Buyback extension	Positive	+1.8%	Extension of up to US$500M ADS repurchase program with US$170M capacity remaining.
Nov 14	Earnings results	Positive	+10.3%	Q3 2025 revenue up 49.3% YoY, margin gains and higher non-GAAP income.
Nov 03	Earnings date notice	Neutral	-1.6%	Announcement of Q3 2025 results release date and related conference call.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings and capital return headlines have mostly aligned with positive price reactions, with one recent earnings beat seeing a mild negative divergence.

Recent Company History

Over the last few quarters, RLX has reported strong growth and profitability, highlighted by Q3 2025 net revenue of RMB1,129.3 million and expanded margins, plus robust cash levels and a US$0.1 per ADS dividend. The company extended a US$500 million repurchase program with US$170 million remaining as of Dec 31, 2025. Recent full-year 2025 results and ongoing capital returns frame today’s Form 20-F filing as formalizing already disclosed performance and risk factors.

Regulatory & Risk Context

Short Interest: 9.57%

Short Interest

9.57% of shares outstanding

as of 2026-05-29 Days to cover: 1

Key Terms

form 20-f, u.s. securities and exchange commission, ads

3 terms

form 20-f regulatory

"announced that it filed its annual report on Form 20-F for the fiscal year"

Form 20-F is the standardized annual disclosure that non-U.S. companies must file with the U.S. securities regulator when their shares are traded in the U.S.; it contains audited financial statements, a plain-language description of the business, management discussion, governance details and key risk factors. It matters to investors because it provides a consistent, comparable company “report card” and rulebook, helping buyers assess financial health, governance and risks before investing.

u.s. securities and exchange commission regulatory

"for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission"

The U.S. Securities and Exchange Commission is a government agency responsible for overseeing the stock market and protecting investors. It sets rules to ensure that companies share truthful information and that trading is fair, helping to maintain trust in the financial system. This oversight is important because it helps prevent fraud and ensures that investors can make informed decisions.

ads financial

"to its shareholders and ADS holders upon request."

Ads are paid promotional messages a company places across media — online, on TV, in print, or on social platforms — to attract customers, explain products, or shape public perception. For investors, ads matter because they drive sales growth, affect how much a company must spend to win customers, and influence brand strength and long-term value. Ads can also create regulatory or reputational risk if claims are misleading, which can affect profits and stock price.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SHENZHEN, China, April 23, 2026 /PRNewswire/ -- RLX Technology Inc. ("RLX Technology" or the "Company") (NYSE: RLX), a leading global branded e-vapor company, today announced that it filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the U.S. Securities and Exchange Commission (the "SEC") on April 23, 2026.

The annual report on Form 20-F can be accessed on the SEC's website at https://www.sec.gov and on the Company's investor relations website at https://ir.relxtech.com. The Company will provide a hard copy of its  audited consolidated financial statements, free of charge, to its shareholders and ADS holders upon request.

About RLX Technology Inc.

RLX Technology Inc. (NYSE: RLX) is a leading global branded e-vapor company. The Company leverages its strong in-house technology, product development capabilities, and in-depth insights into adult smokers' needs to develop superior e-vapor products.

For more information, please visit: https://ir.relxtech.com.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate," "aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential," "continue" and similar statements. Among other things, quotations from management in this announcement, as well as the Company's strategic and operational plans, contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development, results of operations and financial condition; trends and competition in global e-vapor market; changes in its revenues and certain cost or expense items; governmental policies, laws and regulations across various jurisdictions relating to the Company's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of this press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.

Contacts

In China:

RLX Technology Inc.
Head of Capital Markets
Sam Tsang
Email: ir@relxtech.com

Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com

In the United States:

Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com

View original content:https://www.prnewswire.com/news-releases/rlx-technology-files-2025-annual-report-on-form-20-f-302751815.html

SOURCE RLX Technology Inc.

FAQ

What did RLX (RLX) file on April 23, 2026?

RLX filed its 2025 Annual Report on Form 20-F with the U.S. SEC on April 23, 2026. According to the company, the filing covers the fiscal year ended December 31, 2025 and includes audited consolidated financial statements available online and on request.

Where can investors access RLX's 2025 Form 20-F (RLX)?

Investors can access RLX's 2025 Form 20-F on the SEC website and RLX's investor relations site. According to the company, the filing is posted at https://www.sec.gov and https://ir.relxtech.com with the April 23, 2026 filing date noted.

How can RLX shareholders request a hard copy of the audited financials (RLX)?

Shareholders and ADS holders can request a free hard copy of RLX's audited consolidated financial statements from the company. According to the company, requests are fulfilled at no charge through its investor relations contact on the company's website.

Does the RLX Form 20-F include audited consolidated financial statements for 2025?

Yes, the Form 20-F includes audited consolidated financial statements for the fiscal year ended December 31, 2025. According to the company, those audited statements are available within the filing online and via free hard-copy request for shareholders and ADS holders.

What information does the RLX 2025 Form 20-F provide to shareholders (RLX)?

The filing provides RLX shareholders with audited annual disclosures and required regulatory information for 2025. According to the company, it supplies financial statements and corporate disclosures investors use for review and due diligence, without implying operational changes.