Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
Exhibit 99.1
RLX Technology Announces
Unaudited First Quarter 2026 Financial Results
SHENZHEN, May 20, 2026 - RLX Technology Inc. (“RLX Technology” or the “Company”) (NYSE: RLX), a leading global branded e-vapor company,
today announced its unaudited financial results for the first quarter ended March 31, 2026.
First Quarter 2026 Financial Highlights
| | · | Net revenues were
RMB1,585.8 million (US$229.9 million) in the first quarter of 2026, increasing by 96.2% from
RMB808.3 million in the same period of 2025. |
| | · | Gross margin was 31.8% in the
first quarter of 2026, compared with 28.6% in the same period of 2025. |
| | · | Non-GAAP
income from operations1 was RMB310.3 million (US$45.0 million) in the first
quarter of 2026, increasing by 187.9% from RMB107.8 million in the same period of 2025. |
| | · | U.S. GAAP net
income was RMB294.2 million (US$42.6 million) in the first quarter of 2026, increasing
by 32.1% from RMB222.7 million in the same period of 2025. |
| | · | Non-GAAP
net income1 was RMB357.3 million (US$51.8 million) in the first quarter of
2026, increasing by 41.4% from RMB252.7 million in the same period of 2025. |
“We began this year with robust
first-quarter results, underpinned by a highly scalable global ecosystem and our ability to capture emerging market opportunities,”
said Ms. Ying (Kate) Wang, Co-founder, Chairperson, and Chief Executive Officer of RLX Technology. “We continued to accelerate our
international expansion and broaden our global operations. Notably, we refined our user-first approach through highly localized strategies
and deep engagement with trusted regional business partners to ensure superior product-market fit, strengthening our global competitiveness.
We also integrated our R&D, manufacturing, and commercial operations into our Super Factory, a cutting-edge hub that is driving greater
supply chain efficiencies while allowing us to seamlessly meet rising demand. Looking ahead, we will build on this momentum by focusing
on innovative and user-centric products, strengthening our distribution and retail capabilities, and deepening our presence in Europe.
Our uncompromising commitment to responsibility and adult-user harm reduction remains the core engine of our long-term growth.”
Mr. Chao Lu, Chief Financial Officer
of RLX Technology, commented, “In the first quarter, we delivered rapid top-line growth, with net revenues increasing to RMB1.59
billion, up 96.2% year over year and 38.9% quarter over quarter. This acceleration was fueled by momentum across our international operations,
accretion from our newly acquired European entity, and steady progress in our mainland China business, as well as a one-time impact from
changes in China’s export policies. The operating leverage from this growth translated into significant profitability, with non-GAAP
operating income surging 187.9% to RMB310.3 million. We also structurally enhanced our margin profile through strict cost discipline
and scale efficiencies across our comprehensive, broadly appealing product portfolio. Supported by a strong balance sheet, we enter the
remainder of the year with the financial flexibility to execute our next phase of growth, accelerate our market penetration in Asia and
Europe, and generate sustainable, long-term returns for our shareholders.”
First Quarter 2026 Financial Results
Net revenues were RMB1,585.8
million (US$229.9 million) in the first quarter of 2026, increasing by 96.2% from RMB808.3 million in the same period of 2025. The increase
was primarily due to the Company’s international expansion and contributions from the Company’s May 2025 acquisition. Net
revenues from international business represented 72.3% of net revenues for the period.
1 Non-GAAP net income and non-GAAP income from
operations are non-GAAP financial measures. For more information on the Company’s non-GAAP financial measures, please see the
section “Non-GAAP Financial Measures” and the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP
Results” set forth at the end of this press release.
Gross profit was RMB504.3 million
(US$73.1 million) in the first quarter of 2026, increasing by 118.3% from RMB231.0 million in the same period of 2025.
Gross margin increased to 31.8%
in the first quarter of 2026 from 28.6% in the same period of 2025, primarily due to a favorable change in the revenue mix and further
supply chain optimization.
Operating expenses were RMB259.6
million (US$37.6 million) in the first quarter of 2026, compared with RMB153.5 million in the same period of 2025. The increase was driven
by higher salary and welfare expenses related to the Company’s May 2025 acquisition and an increase in share-based compensation
expenses.
Selling expenses were RMB122.0
million (US$17.7 million) in the first quarter of 2026, compared with RMB59.0 million in the same period of 2025, primarily due to an
increase in salary and welfare expenses, as well as depreciation and amortization.
General and administrative expenses
were RMB107.2 million (US$15.5 million) in the first quarter of 2026, compared with RMB67.5 million in the same period of 2025, primarily
due to an increase in share-based compensation expenses and salary and welfare expenses.
Research and development expenses were RMB30.4 million
(US$4.4 million) in the first quarter of 2026, compared with RMB27.1 million in the same period of 2025, primarily due to an increase
in share-based compensation expenses.
U.S. GAAP income from operations
was RMB244.6 million (US$35.5 million) in the first quarter of 2026, increasing by 215.9% from RMB77.4 million in the same period
of 2025.
Non-GAAP income from operations
was RMB310.3 million (US$45.0 million) in the first quarter of 2026, increasing by 187.9% from RMB107.8 million in the same period
of 2025.
Income tax expense was RMB45.3
million (US$6.6 million) in the first quarter of 2026, compared with RMB28.2 million in the same period of 2025.
U.S. GAAP net income was RMB294.2
million (US$42.6 million) in the first quarter of 2026, increasing by 32.1% from RMB222.7 million in the same period of 2025.
Non-GAAP net income was RMB357.3
million (US$51.8 million) in the first quarter of 2026, increasing by 41.4% from RMB252.7 million in the same period of 2025.
U.S. GAAP basic and diluted net
income per American depositary share (“ADS”) were RMB0.231 (US$0.033) and RMB0.216 (US$0.031), respectively, in the first
quarter of 2026, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.181 and RMB0.170, respectively, in the same period
of 2025.
Non-GAAP basic and diluted net
income per ADS2 were RMB0.280 (US$0.041) and RMB0.263 (US$0.038), respectively, in the first quarter of 2026, compared
with non-GAAP basic and diluted net income per ADS of RMB0.205 and RMB0.193, respectively, in the same period of 2025.
Balance Sheet and Cash Flow
As of March 31, 2026, the Company had cash and cash equivalents,
restricted cash, short-term bank deposits, net, short-term investments, long-term bank
deposits, net, and long-term investment securities, net, of RMB14,529.7 million (US$2,106.4 million), compared with RMB15,732.1 million
as of December 31, 2025. In the first quarter of 2026, net cash used in operating activities was RMB68.8 million (US$10.0 million).
2 Non-GAAP basic and diluted net income
per ADS is a non-GAAP financial measure. For more information on the Company’s non-GAAP financial measures, please see the section “Non-GAAP
Financial Measures” and the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” set forth at the
end of this press release.
Conference Call
The Company’s management will host
an earnings conference call at 8:00 AM U.S. Eastern Time on May 20, 2026 (8:00 PM Beijing/Hong Kong Time on May 20, 2026).
| Dial-in details for the earnings conference call
are as follows: |
|
| United States (toll-free): |
+1-888-317-6003 |
| International: |
+1-412-317-6061 |
| Hong Kong, China (toll-free): |
+800-963-976 |
| Hong Kong, China: |
+852-5808-1995 |
| Mainland China: |
400-120-6115 |
| Participant Code (English line): |
8804299 |
| Participant Code (Chinese simultaneous interpretation
line): |
8393299 |
Participants may choose between the
English and Chinese simultaneous interpretation options above when joining the conference call. Please note that the Chinese simultaneous
interpretation option is in listen-only mode. Participants should dial in 10 minutes before the scheduled start time and ask to be connected
to the call for “RLX Technology Inc.” using the appropriate English or Chinese Participant Code above.
Additionally, a live and
archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.relxtech.com.
A replay of the conference call will
be accessible approximately two hours after the conclusion of the call until May 27, 2026, by dialing the following telephone numbers:
| United States: |
+1-855-669-9658 |
| International: |
+1-412-317-0088 |
| Replay Access Code (English line): |
3048124 |
| Replay Access Code (Chinese line) |
5502734 |
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: http://ir.relxtech.com.
Non-GAAP Financial Measures
The Company uses
non-GAAP net income, non-GAAP income from operations and non-GAAP basic and diluted net income per ADS, each a non-GAAP financial
measure, in evaluating its operating results and for financial and operational decision-making purposes. Non-GAAP net income
represents net income excluding share-based compensation expenses, amortization and depreciation of assets arising from fair value
step-up in business acquisitions, and tax effects on non-GAAP adjustments. Non-GAAP income from operations represents net income
from operations excluding share-based compensation expenses and amortization and depreciation of assets arising from fair value
step-up in business acquisitions. Non-GAAP basic and diluted net income per ADS is computed using non-GAAP net income attributable
to RLX Technology Inc. and the same number of ADSs used in the U.S. GAAP basic and diluted net income per ADS calculation.
The Company presents these non-GAAP
financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company
believes that they help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses
that are included in net income. The Company also believes that the use of the non-GAAP measures facilitates investors’ assessment of
its operating performance, as they could provide useful information about its operating results, enhance the overall understanding of
its past performance and future prospects, and allow for greater visibility with respect to key metrics used by the management in its
financial and operational decision making.
The non-GAAP financial measures are
not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical
tools. They should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per ADS
or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review its historical
non-GAAP financial measures against the most directly comparable U.S. GAAP measures. The non-GAAP financial measures here may not be
comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently,
limiting their usefulness as comparative measures to our data. The Company encourages investors and others to review its financial information
in its entirety and not rely on any single financial measure.
For more information on the non-GAAP
financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and non-GAAP Results” set forth at the
end of this press release.
Exchange Rate Information
This announcement contains translations
of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations
from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.8980 to US$1.00, the exchange rate on March 31, 2026,
set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar
amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
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 the 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.
For more information, please contact:
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
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS
(All amounts in thousands)
| | |
As of | |
| | |
December 31, | | |
March 31, | | |
March 31, | |
| | |
2025 | | |
2026 | | |
2026 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 5,367,139 | | |
| 4,263,488 | | |
| 618,076 | |
| Restricted cash | |
| 177,873 | | |
| 174,997 | | |
| 25,369 | |
| Short-term bank deposits, net | |
| 2,310,486 | | |
| 3,015,006 | | |
| 437,084 | |
| Receivables from online payment platforms | |
| 4,080 | | |
| 9,327 | | |
| 1,352 | |
| Short-term investments | |
| 2,326,610 | | |
| 2,221,763 | | |
| 322,088 | |
| Accounts and notes receivable, net | |
| 190,442 | | |
| 329,940 | | |
| 47,831 | |
| Inventories | |
| 297,682 | | |
| 372,441 | | |
| 53,993 | |
| Amounts due from related parties | |
| 210,239 | | |
| 548,968 | | |
| 79,584 | |
| Prepayments and other current assets, net | |
| 319,478 | | |
| 615,473 | | |
| 89,225 | |
| Total current assets | |
| 11,204,029 | | |
| 11,551,403 | | |
| 1,674,602 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Property, equipment and leasehold improvement, net | |
| 245,981 | | |
| 251,779 | | |
| 36,500 | |
| Intangible assets, net | |
| 213,141 | | |
| 194,823 | | |
| 28,243 | |
| Long-term investments, net | |
| 8,330 | | |
| 8,330 | | |
| 1,208 | |
| Deferred tax assets, net | |
| 29,104 | | |
| 35,818 | | |
| 5,193 | |
| Right-of-use assets, net | |
| 82,430 | | |
| 73,890 | | |
| 10,712 | |
| Long-term bank deposits, net | |
| 433,618 | | |
| 457,124 | | |
| 66,269 | |
| Long-term investment securities, net | |
| 5,116,336 | | |
| 4,397,272 | | |
| 637,470 | |
| Goodwill | |
| 567,181 | | |
| 563,398 | | |
| 81,676 | |
| Other non-current assets, net | |
| 29,412 | | |
| 24,166 | | |
| 3,503 | |
| Total non-current assets | |
| 6,725,533 | | |
| 6,006,600 | | |
| 870,774 | |
| Total assets | |
| 17,929,562 | | |
| 17,558,003 | | |
| 2,545,376 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accounts and notes payable | |
| 403,708 | | |
| 628,321 | | |
| 91,087 | |
| Contract liabilities | |
| 84,003 | | |
| 80,050 | | |
| 11,605 | |
| Salary and welfare benefits payable | |
| 93,947 | | |
| 72,350 | | |
| 10,489 | |
| Taxes payable | |
| 159,718 | | |
| 164,195 | | |
| 23,803 | |
| Short-term loan | |
| 92,100 | | |
| 135,169 | | |
| 19,595 | |
| Accrued expenses and other current liabilities | |
| 149,552 | | |
| 154,991 | | |
| 22,469 | |
| Amounts due to related parties | |
| 474,627 | | |
| 92,661 | | |
| 13,433 | |
| Dividend payable | |
| 478,833 | | |
| - | | |
| - | |
| Lease liabilities - current portion | |
| 28,588 | | |
| 25,931 | | |
| 3,759 | |
| Total current liabilities | |
| 1,965,076 | | |
| 1,353,668 | | |
| 196,240 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Deferred tax liabilities | |
| 112,912 | | |
| 102,953 | | |
| 14,925 | |
| Lease liabilities - non-current portion | |
| 55,671 | | |
| 50,475 | | |
| 7,317 | |
| Other non-current liability | |
| 64,291 | | |
| 58,206 | | |
| 8,438 | |
| Total non-current liabilities | |
| 232,874 | | |
| 211,634 | | |
| 30,680 | |
| Total liabilities | |
| 2,197,950 | | |
| 1,565,302 | | |
| 226,920 | |
| | |
| | | |
| | | |
| | |
| Shareholders’ Equity: | |
| | | |
| | | |
| | |
| Total RLX Technology Inc. shareholders’ equity | |
| 15,633,749 | | |
| 15,883,139 | | |
| 2,302,572 | |
| Noncontrolling interests | |
| 97,863 | | |
| 109,562 | | |
| 15,884 | |
| Total shareholders’ equity | |
| 15,731,612 | | |
| 15,992,701 | | |
| 2,318,456 | |
| | |
| | | |
| | | |
| | |
| Total liabilities and shareholders’ equity | |
| 17,929,562 | | |
| 17,558,003 | | |
| 2,545,376 | |
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except for share and per share data)
| | |
For the three months ended | |
| | |
March 31, | | |
December 31, | | |
March 31, | | |
March 31, | |
| | |
2025 | | |
2025 | | |
2026 | | |
2026 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Total net revenues | |
| 808,300 | | |
| 1,141,338 | | |
| 1,585,821 | | |
| 229,896 | |
| Cost of revenues | |
| (477,526 | ) | |
| (722,798 | ) | |
| (965,446 | ) | |
| (139,960 | ) |
| Excise tax on products | |
| (99,823 | ) | |
| (60,520 | ) | |
| (116,119 | ) | |
| (16,834 | ) |
| Gross profit | |
| 230,951 | | |
| 358,020 | | |
| 504,256 | | |
| 73,102 | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | | |
| | |
| Selling expenses | |
| (58,989 | ) | |
| (111,154 | ) | |
| (122,039 | ) | |
| (17,692 | ) |
| General and administrative expenses | |
| (67,468 | ) | |
| (95,319 | ) | |
| (107,207 | ) | |
| (15,542 | ) |
| Research and development expenses | |
| (27,055 | ) | |
| (32,635 | ) | |
| (30,375 | ) | |
| (4,403 | ) |
| Total operating expenses | |
| (153,512 | ) | |
| (239,108 | ) | |
| (259,621 | ) | |
| (37,637 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Income from operations | |
| 77,439 | | |
| 118,912 | | |
| 244,635 | | |
| 35,465 | |
| | |
| | | |
| | | |
| | | |
| | |
| Other income: | |
| | | |
| | | |
| | | |
| | |
| Interest income, net | |
| 135,953 | | |
| 141,948 | | |
| 113,820 | | |
| 16,500 | |
| Investment income | |
| 8,386 | | |
| 9,812 | | |
| 9,718 | | |
| 1,409 | |
| Others, net | |
| 29,143 | | |
| 32,035 | | |
| (28,761 | ) | |
| (4,169 | ) |
| Income before income tax | |
| 250,921 | | |
| 302,707 | | |
| 339,412 | | |
| 49,205 | |
| Income tax expense | |
| (28,181 | ) | |
| (16,390 | ) | |
| (45,257 | ) | |
| (6,561 | ) |
| Net income | |
| 222,740 | | |
| 286,317 | | |
| 294,155 | | |
| 42,644 | |
| Less: net income attributable to noncontrolling interests | |
| 700 | | |
| 6,770 | | |
| 10,019 | | |
| 1,452 | |
| Net income attributable to RLX Technology Inc. | |
| 222,040 | | |
| 279,547 | | |
| 284,136 | | |
| 41,192 | |
| Other comprehensive (loss)/income: | |
| | | |
| | | |
| | | |
| | |
| Foreign currency translation adjustments | |
| (15,671 | ) | |
| (135,439 | ) | |
| (173,952 | ) | |
| (25,218 | ) |
| Unrealized income/(loss) on long-term investment securities | |
| 2,067 | | |
| (7,193 | ) | |
| (22,208 | ) | |
| (3,219 | ) |
| Total other comprehensive loss | |
| (13,604 | ) | |
| (142,632 | ) | |
| (196,160 | ) | |
| (28,437 | ) |
| Total comprehensive income | |
| 209,136 | | |
| 143,685 | | |
| 97,995 | | |
| 14,207 | |
| Less: total comprehensive income attributable to noncontrolling interests | |
| 636 | | |
| 6,900 | | |
| 11,699 | | |
| 1,696 | |
| Total comprehensive income attributable to RLX Technology Inc. | |
| 208,500 | | |
| 136,785 | | |
| 86,296 | | |
| 12,511 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income per ordinary share/ADS | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 0.181 | | |
| 0.172 | | |
| 0.231 | | |
| 0.033 | |
| Diluted | |
| 0.170 | | |
| 0.172 | | |
| 0.216 | | |
| 0.031 | |
| | |
| | | |
| | | |
| | | |
| | |
| Weighted average number of ordinary shares/ADSs | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 1,226,330,482 | | |
| 1,231,303,311 | | |
| 1,232,448,894 | | |
| 1,232,448,894 | |
| Diluted | |
| 1,308,811,866 | | |
| 1,232,499,617 | | |
| 1,313,480,246 | | |
| 1,313,480,246 | |
RLX TECHNOLOGY INC.
UNAUDITED RECONCILIATION OF
GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share and per share data)
| | |
For the three months ended | |
| | |
March 31, | | |
December 31, | | |
March 31, | | |
March 31, | |
| | |
2025 | | |
2025 | | |
2026 | | |
2026 | |
| | |
(As adjusted) (a) | | |
| | |
| | |
| |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Income from operations | |
| 77,439 | | |
| 118,912 | | |
| 244,635 | | |
| 35,465 | |
| Add: share-based compensation expenses | |
| | | |
| | | |
| | | |
| | |
| Selling expenses | |
| 3,310 | | |
| 4,441 | | |
| 5,919 | | |
| 858 | |
| General and administrative expenses | |
| 24,271 | | |
| 22,204 | | |
| 45,841 | | |
| 6,645 | |
| Research and development expenses | |
| 745 | | |
| 2,037 | | |
| 3,494 | | |
| 507 | |
| Amortization and depreciation of assets resulting from business acquisitions | |
| | | |
| | | |
| | | |
| | |
| Selling expenses | |
| 2,003 | | |
| 10,063 | | |
| 9,956 | | |
| 1,443 | |
| General and administrative expenses | |
| 28 | | |
| 478 | | |
| 469 | | |
| 68 | |
| Non-GAAP income from operations | |
| 107,796 | | |
| 158,135 | | |
| 310,314 | | |
| 44,986 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income | |
| 222,740 | | |
| 286,317 | | |
| 294,155 | | |
| 42,644 | |
| Add: share-based compensation expenses | |
| 28,326 | | |
| 28,682 | | |
| 55,254 | | |
| 8,010 | |
| Amortization and depreciation of assets resulting from business acquisitions | |
| 2,031 | | |
| 10,541 | | |
| 10,425 | | |
| 1,511 | |
| Tax effects on non-GAAP adjustments | |
| (425 | ) | |
| (2,554 | ) | |
| (2,527 | ) | |
| (366 | ) |
| Non-GAAP net income | |
| 252,672 | | |
| 322,986 | | |
| 357,307 | | |
| 51,799 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to RLX Technology Inc. | |
| 222,040 | | |
| 279,547 | | |
| 284,136 | | |
| 41,192 | |
| Add: share-based compensation expenses | |
| 28,326 | | |
| 28,682 | | |
| 55,254 | | |
| 8,010 | |
| Amortization and depreciation of assets resulting from business acquisitions (b) | |
| 2,031 | | |
| 7,711 | | |
| 7,613 | | |
| 1,104 | |
| Tax effects on non-GAAP adjustments(b) | |
| (425 | ) | |
| (1,846 | ) | |
| (1,824 | ) | |
| (264 | ) |
| Non-GAAP net income attributable to RLX Technology Inc. | |
| 251,972 | | |
| 314,094 | | |
| 345,179 | | |
| 50,042 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP net income per ordinary share/ADS | |
| | | |
| | | |
| | | |
| | |
| - Basic | |
| 0.205 | | |
| 0.200 | | |
| 0.280 | | |
| 0.041 | |
| - Diluted | |
| 0.193 | | |
| 0.200 | | |
| 0.263 | | |
| 0.038 | |
| Weighted average number of ordinary shares/ADSs | |
| | | |
| | | |
| | | |
| | |
| - Basic | |
| 1,226,330,482 | | |
| 1,231,303,311 | | |
| 1,232,448,894 | | |
| 1,232,448,894 | |
| - Diluted | |
| 1,308,811,866 | | |
| 1,232,499,617 | | |
| 1,313,480,246 | | |
| 1,313,480,246 | |
Note (a): The Company completed the acquisition of the
acquired company on May 31, 2025, which was accounted for as a business combination. Beginning in Q2 2025, the Company included the
amortization and depreciation of assets arising from fair value step-up in business acquisitions, as well as the associated tax impact,
in the reconciliation items for GAAP and Non-GAAP results. The Company has retrospectively adjusted the above unaudited reconciliation
of GAAP and Non-GAAP results to reflect the effects of acquisitions completed in prior period. The Company believes these changes provide
management and investors with more useful information to evaluate the operations of its business.
Note (b): The amortization and depreciation expense
and related tax effect attributable to noncontrolling interests have been excluded from the presentation in the reconciliation items
for GAAP and Non-GAAP results.
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(All amounts in thousands)
| | |
For the three months ended | |
| | |
March 31, | | |
December 31, | | |
March 31, | | |
March 31, | |
| | |
2025 | | |
2025 | | |
2026 | | |
2026 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | |
| Net cash generated from/(used in) operating activities | |
| 207,165 | | |
| 310,221 | | |
| (68,841 | ) | |
| (9,980 | ) |
| Net cash (used in)/generated from investing activities | |
| (987,166 | ) | |
| 1,324,664 | | |
| (116,326 | ) | |
| (16,864 | ) |
| Net cash generated from/(used in) financing activities | |
| 14,435 | | |
| 399,971 | | |
| (863,712 | ) | |
| (125,212 | ) |
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash | |
| (8,040 | ) | |
| (66,321 | ) | |
| (57,648 | ) | |
| (8,357 | ) |
| Net (decrease)/increase in cash and cash equivalents and restricted cash | |
| (773,606 | ) | |
| 1,968,535 | | |
| (1,106,527 | ) | |
| (160,413 | ) |
| Cash, cash equivalents and restricted cash at the beginning of the period | |
| 5,644,359 | | |
| 3,576,477 | | |
| 5,545,012 | | |
| 803,858 | |
| Cash, cash equivalents and restricted cash at the end of the period | |
| 4,870,753 | | |
| 5,545,012 | | |
| 4,438,485 | | |
| 643,445 | |
