NYSE : RLX
RLX Technology Inc. — Financial statements
Consumer Staples · Tobacco · China
Last price 1.61 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 1.97B
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Financial statements
RLX Technology Inc. (RLX) reported revenue of 4.50B CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.50B | 3.62B | 2.44B | 1.24B | 5.28B | 8.52B |
| Cost of Revenue | 2.93B | 2.43B | 1.72B | 856.33M | 2.97B | 4.85B |
| Gross Profit | 1.57B | 1.18B | 726.52M | 387.71M | 2.31B | 3.67B |
| Selling, General & Admin | 851.87M | 724.04M | 745.35M | 711.74M | 924.61M | 1.19B |
| Research & Development | 133.62M | 131.01M | 88.31M | 172.69M | 317.11M | 179.91M |
| Operating Expenses | 985.49M | 855.05M | 833.66M | 884.42M | 1.24B | 1.37B |
| Operating Income | 587.18M | 328.56M | -107.14M | -496.71M | 1.06B | 2.30B |
| Interest & Investment Income | 539.79M | 612.04M | 666.02M | 873.58M | 317.26M | 166.64M |
| Other Non Operating Income (Expenses) | 14.78M | 112.77M | 99.92M | 214.87M | 403.64M | 194.21M |
| EBT Excluding Unusual Items | 1.14B | 1.05B | 658.80M | 591.74M | 1.78B | 2.66B |
| Gain (Loss) on Sale of Investments | -4.00M | |||||
| Pretax Income | 1.14B | 1.05B | 658.80M | 591.74M | 1.78B | 2.66B |
| Income Tax Expense | 132.44M | 118.99M | 94.46M | 50.76M | 371.58M | 631.43M |
| Earnings From Continuing Operations | 1.01B | 934.38M | 564.34M | 540.99M | 1.41B | 2.03B |
| Minority Interest in Earnings | -24.71M | -12.51M | -12.51M | -6.66M | 32.49M | -3.41M |
| Net Income | 984.59M | 921.87M | 551.84M | 534.33M | 1.44B | 2.02B |
| Net Income to Common | 984.59M | 921.87M | 551.84M | 534.33M | 1.44B | 2.02B |
| Shares Outstanding (Basic) | 1.23B | 1.22B | 1.23B | 1.31B | 1.32B | 1.40B |
| Shares Outstanding (Diluted) | 1.23B | 1.22B | 1.29B | 1.34B | 1.33B | 1.41B |
| EPS (Basic) | 0.80 | 0.75 | 0.45 | 0.41 | 1.09 | 1.44 |
| EPS (Diluted) | 0.75 | 0.70 | 0.43 | 0.40 | 1.08 | 1.44 |
| Free Cash Flow | 417.97M | 986.82M | 844.26M | 170.48M | 448.19M | 1.67B |
| Free Cash Flow Per Share | 0.34 | 0.81 | 0.66 | 0.13 | 0.34 | 1.18 |
| Dividend Per Share | 0.70 | 0.77 | 0.07 | 0.07 | ||
| Gross Margin | 34.94% | 32.72% | 29.72% | 31.17% | 43.66% | 43.09% |
| Operating Margin | 13.05% | 9.08% | -4.38% | -39.93% | 20.14% | 26.98% |
| Profit Margin | 21.87% | 25.49% | 22.57% | 42.95% | 27.30% | 23.76% |
| Free Cash Flow Margin | 9.29% | 27.28% | 34.54% | 13.70% | 8.49% | 19.59% |
| EBITDA | 657.50M | 388.86M | -66.90M | -450.20M | 1.14B | 2.34B |
| EBITDA Margin | 14.61% | 10.75% | -2.74% | -36.19% | 21.68% | 27.51% |
| D&A For EBITDA | 70.32M | 60.30M | 40.25M | 46.51M | 81.41M | 45.64M |
| EBIT | 587.18M | 328.56M | -107.14M | -496.71M | 1.06B | 2.30B |
| EBIT Margin | 13.05% | 9.08% | -4.38% | -39.93% | 20.14% | 26.98% |
| Effective Tax Rate | 11.60% | 11.30% | 14.34% | 8.58% | 20.87% | 23.74% |
| Advertising Expenses | 19.91M | 15.01M | 31.90M | 57.95M | 192.54M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.63B | 5.37B | 5.59B | 2.39B | 1.27B | 5.21B |
| Short-Term Investments | 4.13B | 4.64B | 2.90B | 5.72B | 9.52B | 7.21B |
| Cash & Short-Term Investments | 8.76B | 10.00B | 8.49B | 8.11B | 10.79B | 12.42B |
| Accounts Receivable | 343.33M | 380.33M | 417.64M | 164.70M | 54.38M | 25.97M |
| Other Receivables | 483.38M | 175.30M | 124.88M | 478.31M | 151.32M | 139.50M |
| Receivables | 826.71M | 555.63M | 542.52M | 643.01M | 205.70M | 165.46M |
| Inventory | 416.25M | 297.68M | 142.55M | 144.85M | 130.90M | 589.09M |
| Prepaid Expenses | 27.04M | 10.89M | 7.84M | 9.00M | 20.99M | |
| Restricted Cash | 210.88M | 177.87M | 50.87M | 29.76M | 20.57M | 500.00K |
| Other Current Assets | 577.28M | 141.57M | 61.02M | 43.70M | 43.73M | 754.92M |
| Total Current Assets | 10.79B | 11.20B | 9.30B | 8.98B | 11.20B | 13.95B |
| Property, Plant & Equipment | 339.63M | 328.41M | 74.90M | 129.92M | 162.88M | 319.41M |
| Long-Term Investments | 4.92B | 5.56B | 7.33B | 7.00B | 4.93B | 2.02B |
| Goodwill | 561.66M | 567.18M | 59.58M | 66.51M | ||
| Other Intangible Assets | 183.50M | 213.14M | 52.80M | 69.78M | 7.55M | 8.37M |
| Long-Term Deferred Tax Assets | 43.81M | 29.10M | 38.07M | 58.26M | 63.89M | 20.86M |
| Other Long-Term Assets | 10.63M | 29.41M | 9.91M | 4.87M | 13.46M | 48.96M |
| Total Assets | 16.85B | 17.93B | 16.87B | 16.32B | 16.38B | 16.37B |
| Accounts Payable | 229.44M | 403.81M | 458.55M | 321.74M | 269.35M | 1.29B |
| Accrued Expenses | 214.63M | 212.20M | 169.80M | 110.17M | 238.25M | 262.00M |
| Short-Term Debt | 165.17M | 92.10M | 40.00M | 41.11M | ||
| Current Portion of Long-Term Debt | 15.49M | |||||
| Current Portion of Leases | 22.77M | 28.59M | 11.45M | 29.43M | 45.95M | 80.58M |
| Current Income Taxes Payable | 192.90M | 159.72M | 126.15M | 77.16M | 109.68M | 597.76M |
| Current Unearned Revenue | 82.31M | 84.00M | 10.61M | 49.59M | 75.23M | 286.65M |
| Other Current Liabilities | 109.88M | 969.16M | 41.29M | 39.47M | 51.38M | 221.79M |
| Total Current Liabilities | 1.02B | 1.97B | 857.85M | 668.67M | 789.83M | 2.74B |
| Long-Term Leases | 56.11M | 55.67M | 7.05M | 24.42M | 39.97M | 104.23M |
| Long-Term Deferred Tax Liabilities | 98.17M | 112.91M | 16.20M | 23.59M | 8.65M | 4.51M |
| Other Long-Term Liabilities | 53.65M | 64.29M | ||||
| Total Liabilities | 1.23B | 2.20B | 881.10M | 716.68M | 838.45M | 2.85B |
| Common Stock | 15.51B | 104.00K | 104.00K | 104.00K | 104.00K | 103.00K |
| Additional Paid-In Capital | 12.91B | 12.72B | 12.12B | 12.06B | 11.88B | |
| Retained Earnings | 4.15B | 4.25B | 3.79B | 3.35B | 1.91B | |
| Treasury Stock | -2.29B | -2.11B | -1.28B | -627.89M | -127.52M | |
| Comprehensive Income & Other | 862.66M | 1.12B | 981.30M | 782.14M | -149.87M | |
| Total Common Equity | 15.51B | 15.63B | 15.99B | 15.61B | 15.57B | 13.51B |
| Minority Interest | 113.93M | 97.86M | 1.74M | -10.98M | -28.69M | 3.80M |
| Shareholders' Equity | 15.63B | 15.73B | 15.99B | 15.60B | 15.54B | 13.52B |
| Total Liabilities & Equity | 16.85B | 17.93B | 16.87B | 16.32B | 16.38B | 16.37B |
| Total Debt | 244.04M | 191.85M | 58.50M | 94.96M | 85.92M | 184.81M |
| Net Cash (Debt) | 8.51B | 9.81B | 8.43B | 8.02B | 10.70B | 12.24B |
| Net Cash Per Share | 6.94 | 8.02 | 6.54 | 5.98 | 8.06 | 8.68 |
| Filing Date Shares Outstanding | 1.23B | 1.22B | 1.22B | 1.27B | 1.31B | 1.55B |
| Total Common Shares Outstanding | 1.23B | 1.20B | 1.22B | 1.27B | 1.31B | 1.57B |
| Working Capital | 9.77B | 9.24B | 8.44B | 8.32B | 10.41B | 11.21B |
| Book Value Per Share | 12.65 | 13.08 | 13.12 | 12.28 | 11.86 | 8.63 |
| Tangible Book Value | 14.77B | 14.85B | 15.88B | 15.47B | 15.56B | 13.51B |
| Tangible Book Value Per Share | 12.04 | 12.43 | 13.03 | 12.17 | 11.85 | 8.63 |
| Land | 17.93M | 7.50M | 8.38M | |||
| Buildings | 8.33M | |||||
| Machinery | 323.83M | 147.03M | 133.05M | 131.86M | 139.81M | |
| Construction In Progress | 7.06M | 1.76M | ||||
| Leasehold Improvements | 196.06M | 97.77M | 97.51M | 94.34M | 65.81M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 984.59M | 921.87M | 551.84M | 534.33M | 1.44B | 2.02B |
| Depreciation & Amortization | 91.52M | 91.52M | 75.80M | 96.60M | 164.46M | 113.55M |
| Loss (Gain) From Sale of Assets | 180.00K | 180.00K | 5.49M | 2.99M | 1.23M | 4.10M |
| Asset Writedown & Restructuring Costs | 5.08M | 42.53M | ||||
| Loss (Gain) From Sale of Investments | -45.49M | -45.49M | -91.30M | -542.54M | -64.88M | -15.79M |
| Stock-Based Compensation | 186.24M | 186.24M | 369.65M | 362.87M | 166.16M | 223.34M |
| Provision & Write-off of Bad Debts | 2.28M | 2.28M | 4.04M | 1.61M | 25.04M | 2.56M |
| Other Operating Activities | -581.39M | 50.18M | 59.47M | 45.62M | 114.89M | 75.60M |
| Change in Accounts Receivable | -31.79M | -31.79M | -17.14M | 23.08M | -30.41M | -3.22M |
| Change in Inventory | -55.09M | -55.09M | -21.74M | -39.05M | 278.49M | -349.04M |
| Change in Accounts Payable | -55.56M | -55.56M | 192.11M | -30.06M | -1.02B | -170.94M |
| Change in Unearned Revenue | -605.00K | -605.00K | -38.98M | -25.80M | -211.43M | -33.78M |
| Change in Income Taxes | 6.88M | 6.88M | 48.99M | -36.86M | -490.64M | 234.12M |
| Change in Other Net Operating Assets | 33.93M | 33.93M | -283.88M | -199.18M | 69.67M | -305.33M |
| Operating Cash Flow | 535.70M | 1.10B | 854.35M | 198.70M | 486.83M | 1.80B |
| Capital Expenditures | -117.73M | -117.73M | -10.09M | -28.22M | -38.64M | -130.94M |
| Sale of Property, Plant & Equipment | 572.00K | 572.00K | 285.00K | |||
| Cash Acquisitions | -599.09M | -599.09M | ||||
| Sale (Purchase) of Intangibles | -992.00K | -992.00K | -2.18M | -4.19M | -5.93M | -7.90M |
| Investment in Securities | -104.95M | -104.95M | 3.03B | 2.12B | -4.09B | -7.75B |
| Other Investing Activities | 2.67B | 1.28M | 640.00K | 21.01M | ||
| Investing Cash Flow | 1.85B | -822.19M | 3.02B | 2.09B | -4.13B | -7.87B |
| Short-Term Debt Issued | 41.11M | |||||
| Long-Term Debt Issued | 92.10M | 40.00M | 198.60M | |||
| Total Debt Issued | 92.10M | 92.10M | 40.00M | 41.11M | 198.60M | |
| Short-Term Debt Repaid | -41.11M | -11.17M | ||||
| Long-Term Debt Repaid | -99.02M | -200.00M | ||||
| Total Debt Repaid | -99.02M | -99.02M | -41.11M | -200.00M | -11.17M | |
| Net Debt Issued (Repaid) | -6.92M | -6.92M | -1.11M | 41.11M | -1.40M | -11.17M |
| Issuance of Common Stock | 1.15M | 1.15M | 1.45M | 8.76M | 23.86M | 10.04B |
| Repurchase of Common Stock | -183.93M | -183.93M | -589.36M | -996.63M | -500.37M | -127.52M |
| Common Dividends Paid | -91.47M | -91.47M | -88.84M | -92.38M | ||
| Other Financing Activities | -956.38M | -1.58M | -176.00K | -154.07M | 640.00K | 389.00K |
| Financing Cash Flow | -1.24B | -282.75M | -678.03M | -1.19B | -477.27M | 9.90B |
| Foreign Exchange Rate Adjustments | -266.01M | -98.96M | 29.98M | 34.34M | 203.10M | -78.69M |
| Net Cash Flow | 880.63M | -99.35M | 3.22B | 1.13B | -3.92B | 3.75B |
| Free Cash Flow | 417.97M | 986.82M | 844.26M | 170.48M | 448.19M | 1.67B |
| Free Cash Flow Margin | 9.29% | 27.28% | 34.54% | 13.70% | 8.49% | 19.59% |
| Free Cash Flow Per Share | 0.34 | 0.81 | 0.66 | 0.13 | 0.34 | 1.18 |
| Levered Free Cash Flow | -621.44M | 994.93M | 635.80M | -488.39M | 158.58M | 1.71B |
| Unlevered Free Cash Flow | -621.44M | 994.93M | 635.80M | -488.39M | 158.58M | 1.71B |
| Cash Interest Paid | 1.58M | 1.58M | 176.00K | 1.40M | ||
| Cash Income Tax Paid | 85.29M | 85.29M | 40.80M | 74.84M | 743.53M | 471.25M |
| Change in Working Capital | -102.23M | -102.23M | -120.64M | -307.86M | -1.40B | -628.18M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.97B | 2.84B | 2.75B | 2.63B | 3.56B | 5.25B |
| Enterprise Value | 714.30M | 1.69B | 1.60B | 1.50B | 1.55B | 3.42B |
| Last Close Price | 1.61 | 2.23 | 2.06 | 1.90 | 2.18 | 3.70 |
| PE Ratio | 14.62 | 21.54 | 36.33 | 34.85 | 17.04 | 16.47 |
| Forward PE | 10.76 | 17.49 | 19.57 | 27.30 | 18.06 | 15.26 |
| PS Ratio | 2.97 | 5.49 | 8.20 | 14.97 | 4.65 | 3.91 |
| PB Ratio | 0.86 | 1.26 | 1.25 | 1.19 | 1.58 | 2.47 |
| P/TBV Ratio | 0.91 | 1.34 | 1.26 | 1.20 | 1.58 | 2.47 |
| P/FCF Ratio | 31.32 | 20.12 | 23.75 | 109.23 | 54.79 | 19.98 |
| P/OCF Ratio | 24.43 | 17.98 | 23.47 | 93.72 | 50.44 | 18.52 |
| PEG Ratio | 1.80 | 0.14 | 0.14 | 0.14 | 0.34 | |
| EV/Sales Ratio | 1.08 | 3.26 | 4.78 | 8.56 | 2.02 | 2.55 |
| EV/EBITDA Ratio | 7.38 | 30.31 | 9.31 | 9.26 | ||
| EV/EBIT Ratio | 8.26 | 35.88 | 10.03 | 9.44 | ||
| EV/FCF Ratio | 11.37 | 11.95 | 13.84 | 62.50 | 23.79 | 13.01 |
| Debt / Equity Ratio | 0.02 | 0.01 | 0.00 | 0.01 | 0.01 | 0.01 |
| Debt / EBITDA Ratio | 0.34 | 0.44 | 0.07 | 0.08 | ||
| Debt / FCF Ratio | 0.58 | 0.19 | 0.07 | 0.56 | 0.19 | 0.11 |
| Net Debt / Equity Ratio | -0.55 | -0.62 | -0.53 | -0.51 | -0.69 | -0.91 |
| Net Debt / EBITDA Ratio | -12.95 | -25.23 | 126.08 | 17.81 | -9.35 | -5.22 |
| Net Debt / FCF Ratio | -20.37 | -9.94 | -9.99 | -47.04 | -23.88 | -7.33 |
| Asset Turnover | 0.26 | 0.21 | 0.15 | 0.08 | 0.32 | 0.83 |
| Inventory Turnover | 9.09 | 11.06 | 11.96 | 6.21 | 8.26 | 10.56 |
| Quick Ratio | 9.43 | 5.37 | 10.53 | 13.10 | 13.92 | 4.60 |
| Current Ratio | 10.61 | 5.70 | 10.84 | 13.44 | 14.18 | 5.10 |
| Return on Equity (ROE) | 6.33% | 5.89% | 3.57% | 3.48% | 9.70% | 26.99% |
| Return on Assets (ROA) | 2.14% | 1.18% | -0.40% | -1.90% | 4.06% | 14.07% |
| Return on Invested Capital (ROIC) | 7.51% | 4.33% | -1.21% | -7.31% | 27.49% | 136.56% |
| Return on Capital Employed (ROCE) | 3.70% | 2.10% | -0.70% | -3.20% | 6.80% | 16.90% |
| Earnings Yield | 6.84% | 4.64% | 2.75% | 2.87% | 5.87% | 6.07% |
| FCF Yield | 3.19% | 4.97% | 4.21% | 0.92% | 1.82% | 5.00% |
| Dividend Yield | 6.83% | 4.63% | 0.44% | 0.48% | ||
| Payout Ratio | 98.05% | 9.92% | 16.10% | 17.29% | ||
| Buyback Yield / Dilution | 5.54% | 5.04% | 3.84% | -0.93% | 5.79% | 1.89% |
| Total Shareholder Return | 12.38% | 9.67% | 4.29% | -0.44% | 5.79% | 1.89% |