RLX Technology Inc ADR's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), RLX Technology Inc ADR reported revenue of $4.0B (+44.0% year on year) and net income of $934.4M (+65.6% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net revenues | $4.0B | $2.7B | $1.6B | $5.3B |
| Cost of revenues | ($2.4B) | ($1.7B) | ($856.3M) | ($3.0B) |
| Excise tax on products | ($341.6M) | ($304.1M) | ($342.4M) | ($52.7M) |
| Gross profit | $1.2B | $726.5M | $387.7M | $2.3B |
| Selling expenses | ($387.1M) | ($229.5M) | ($213.7M) | ($347.8M) |
| General and administrative expenses | ($336.9M) | ($515.9M) | ($498.0M) | ($576.8M) |
| Research and development expenses | ($131.0M) | ($88.3M) | ($172.7M) | ($317.1M) |
| Total operating expenses | ($855.0M) | ($833.7M) | ($884.4M) | ($1.2B) |
| (Loss)/income from operations | $328.6M | ($107.1M) | ($496.7M) | $1.1B |
| Interest income, net | $560.4M | $616.4M | $627.9M | $180.7M |
| Investment income | $51.6M | $49.6M | $245.7M | $136.5M |
| Others, net | $112.8M | $99.9M | $214.9M | $399.6M |
| Income before income tax | $1.1B | $658.8M | $591.7M | $1.8B |
| Income tax expense | ($119.0M) | ($94.5M) | ($50.8M) | ($371.6M) |
| Net income | $934.4M | $564.3M | $541.0M | $1.4B |
| Less: net income attributable to noncontrolling interests | $12.5M | $12.5M | $6.7M | ($32.5M) |
| Net income attributable to RLX Technology Inc. | $921.9M | $551.8M | $534.3M | $1.4B |
| Foreign currency translation adjustments | ($257.2M) | $143.8M | $198.5M | $937.4M |
| Unrealized income/(loss) on investment securities | ($2.2M) | ($2.2M) | $632.0K | ($5.4M) |
| Total other comprehensive income/(loss) | ($259.3M) | $141.6M | $199.2M | $932.0M |
| Total comprehensive income | $675.0M | $706.0M | $740.2M | $2.3B |
| Less: total comprehensive income attributable to noncontrolling interests | $13.4M | $12.5M | $6.7M | ($32.5M) |
| Total comprehensive income attributable to RLX Technology Inc. | $661.6M | $693.5M | $733.5M | $2.4B |
| -Basic | $0.70 | $0.45 | $0.41 | $1.09 |
| -Diluted | $0.70 | $0.43 | $0.40 | $1.08 |
| -Basic | 1.2B | 1.2B | 1.3B | 1.3B |
| -Diluted | 1.2B | 1.3B | 1.3B | 1.3B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents | $5.4B | $5.6B | $2.4B | $1.3B |
| Restricted cash | $177.9M | $50.9M | $29.8M | $20.6M |
| Short-term bank deposits, net | $2.3B | $2.2B | $2.6B | $7.1B |
| Receivables from online payment platforms | $4.1M | $4.7M | $6.9M | $3.0M |
| Short-term investments, net | $2.3B | $719.8M | $3.1B | $2.4B |
| Accounts and notes receivable, net | $190.4M | $78.5M | $60.5M | $51.4M |
| Inventories | $297.7M | $142.6M | $144.8M | $130.9M |
| Amounts due from related parties | $210.2M | $346.1M | $118.7M | $5.1M |
| Prepayments and other current assets, net | $319.5M | $185.1M | $508.4M | $198.9M |
| Total current assets | $11.2B | $9.3B | $9.0B | $11.2B |
| Property, equipment and leasehold improvement, net | $246.0M | $50.8M | $77.4M | $87.9M |
| Intangible assets, net | $213.1M | $52.8M | $69.8M | $7.6M |
| Long-term investments, net | $8.3M | $8.0M | $8.0M | $8.0M |
| Deferred tax assets, net | $29.1M | $38.1M | $58.3M | $63.9M |
| Right-of-use assets, net | $82.4M | $24.1M | $52.6M | $75.0M |
| Long-term bank deposits, net | $433.6M | $727.4M | $1.8B | $1.5B |
| Long-term investment securities, net | $5.1B | $6.6B | $5.2B | $3.4B |
| Goodwill | $567.2M | $59.6M | $66.5M | — |
| Other non-current assets, net | $29.4M | $9.9M | $4.9M | $13.5M |
| Total non-current assets | $6.7B | $7.6B | $7.3B | $5.2B |
| Total assets | $17.9B | $16.9B | $16.3B | $16.4B |
| Accounts and notes payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 252,401 and RMB 150,891 as of December 31, 2024 and 2025, respectively) | $403.7M | $458.5M | $266.4M | $269.3M |
| Contract liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 1,148 and RMB 567 as of December 31, 2024 and 2025, respectively) | $84.0M | $10.6M | $49.6M | $75.2M |
| Salary and welfare benefits payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 42,785 and RMB 56,203 as of December 31, 2024 and 2025, respectively) | $93.9M | $73.7M | $39.3M | $127.7M |
| Taxes payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 30,720 and RMB 16,203 as of December 31, 2024 and 2025, respectively) | $159.7M | $126.2M | $77.2M | $109.7M |
| Short-term loans (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 40,000 and RMB 20,000 as of December 31, 2024 and 2025, respectively) | $92.1M | $40.0M | — | — |
| Accrued expenses and other current liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 92,335 and RM62,535 as of December 31, 2024 and 2025, respectively) | $149.6M | $108.8M | $104.0M | $161.5M |
| Amounts due to related parties (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 26 and RMB 83 as of December 31, 2024 and 2025, respectively) | $474.6M | $27.4M | $101.9M | — |
| Dividend payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of nil and nil as of December 31, 2024 and 2025, respectively). | $478.8M | $1.1M | $881.0K | — |
| Lease liabilities - current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 9,301 and RMB 9,649 as of December 31, 2024 and 2023, respectively) | $28.6M | $11.4M | $29.4M | $46.0M |
| Total current liabilities | $2.0B | $857.9M | $668.7M | $789.8M |
| Deferred tax liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 3,293 and RMB 3,293 as of December 31, 2024 and 2025, respectively) | $112.9M | $16.2M | $23.6M | $8.7M |
| Lease liabilities - non-current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 4,743 and RMB 25,898 as of December 31, 2024 and 2025, respectively) | $55.7M | $7.0M | $24.4M | $40.0M |
| Other non-current liabilities | $64.3M | — | — | — |
| Total non-current liabilities | $232.9M | $23.2M | $48.0M | $48.6M |
| Total liabilities | $2.2B | $881.1M | $716.7M | $838.5M |
| Ordinary shares (US$0.00001 par value; 15,000,000,000 shares authorized; 1,570,790,570 shares issued as of December 31, 2024; 1,570,790,570 shares issued as of December 31, 2025) | 104.0K | 104.0K | 104.0K | 104.0K |
| Treasury stock | ($2.3B) | ($2.1B) | ($1.3B) | ($627.9M) |
| Additional paid-in capital | $12.9B | $12.7B | $12.1B | $12.1B |
| Statutory reserves | $27.3M | $27.3M | $27.8M | $27.8M |
| Retained earnings | $4.1B | $4.2B | $3.8B | $3.3B |
| Accumulated other comprehensive income | $862.7M | $1.1B | $981.3M | $782.1M |
| Total RLX Technology Inc. shareholders' equity | $15.6B | $16.0B | $15.6B | $15.6B |
| Noncontrolling interests | $97.9M | $1.7M | ($11.0M) | ($28.7M) |
| Total shareholders' equity | $15.7B | $16.0B | $15.6B | $15.5B |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income | $934.4M | $564.3M | $541.0M | $1.4B |
| Depreciation of property, equipment and leasehold improvement | $30.9M | $27.7M | $37.6M | $76.0M |
| Amortization of right-of-use assets | $31.2M | $35.5M | $50.1M | $83.1M |
| Amortization of intangible assets | $29.4M | $12.5M | $8.9M | $5.4M |
| Loss on disposal of long-term assets | $180.0K | $5.5M | $3.0M | $1.2M |
| Deferred income tax | ($2.7M) | $9.7M | $4.5M | ($38.9M) |
| Inventory write-downs | $37.0M | $24.3M | $35.7M | $179.7M |
| Interest expense | $6.4M | $176.0K | — | $1.4M |
| Foreign exchange (gain) /loss | ($3.0M) | $14.1M | ($586.0K) | $5.8M |
| Share-based compensation expenses | $186.2M | $369.7M | $362.9M | $166.2M |
| Unrealized investment income | ($45.5M) | ($91.3M) | ($378.1M) | ($68.9M) |
| Provision for credit losses | $2.3M | $4.0M | $1.6M | $25.0M |
| Accounts and notes receivable | ($37.3M) | ($19.3M) | $27.0M | ($37.4M) |
| Receivables from online payment platforms | $5.5M | $2.2M | ($3.9M) | $7.0M |
| Inventories | ($55.1M) | ($21.7M) | ($39.1M) | $278.5M |
| Amounts due from related parties | $135.9M | ($227.4M) | ($113.6M) | ($3.2M) |
| Amounts due to related parties | ($598.0K) | ($42.5M) | $60.4M | $423.0K |
| Prepayments and other current assets | ($77.6M) | ($2.2M) | $29.9M | $357.9M |
| Other non-current assets | ($3.9M) | ($4.7M) | $2.2M | $11.2M |
| Accounts and notes payable | ($55.6M) | $192.1M | ($30.1M) | ($1.0B) |
| Contract liabilities | ($605.0K) | ($39.0M) | ($25.8M) | ($211.4M) |
| Salary and welfare benefits payable | $16.5M | $34.5M | ($88.5M) | ($42.6M) |
| Taxes payable | $6.9M | $49.0M | ($36.9M) | ($490.6M) |
| Accrued expenses and other current liabilities | ($13.3M) | $819.0K | ($29.9M) | ($173.3M) |
| Lease liabilities | ($23.1M) | ($42.5M) | ($59.7M) | ($80.7M) |
| Net cash generated from operating activities | $1.1B | $854.3M | $198.7M | $486.8M |
| Purchase of property, equipment, and leasehold improvement | ($117.7M) | ($10.1M) | ($28.2M) | ($38.6M) |
| Purchase of intangible assets | ($992.0K) | ($2.2M) | ($4.2M) | ($5.9M) |
| Purchase of short-term bank deposits | ($2.3B) | ($1.1B) | ($4.8B) | ($18.5B) |
| Purchase of long-term bank deposits | ($380.0M) | ($180.0M) | ($782.3M) | ($8.8B) |
| Proceeds from maturities of short-term bank deposits | $2.8B | $2.7B | $9.7B | $16.0B |
| Purchase of short-term investments | ($13.5B) | ($9.8B) | ($8.7B) | ($14.9B) |
| Purchase of long-term investment securities | ($1.0B) | ($2.0B) | ($2.3B) | — |
| Proceeds from maturities of short-term investments | $14.3B | $13.3B | $8.4B | $13.4B |
| Purchase of long-term investments | ($330.0K) | — | ($430.8M) | ($3.5B) |
| Disposal of property, equipment and leasehold improvement | $572.0K | $285.0K | — | — |
| Acquisition of subsidiaries - net of cash acquired (not under common control) | ($599.1M) | — | — | — |
| Net cash generated from/(used in) investing activities | ($822.2M) | $3.0B | $2.1B | ($4.1B) |
| Proceeds from bank loans | $92.1M | $40.0M | — | $198.6M |
| Repayments of bank loans | ($99.0M) | — | — | ($200.0M) |
| Proceeds from exercise of employees' share options | $1.2M | $1.4M | $8.8M | $23.9M |
| Dividend paid | ($91.5M) | ($88.8M) | ($92.4M) | — |
| Cash payments for repurchase of shares | -183.9M | -589.4M | -996.6M | -500.4M |
| Other financing activities | ($1.6M) | ($176.0K) | $4.0M | $640.0K |
| Net cash used in financing activities | ($282.7M) | ($678.0M) | ($1.2B) | ($477.3M) |
RLX Technology Inc ADR score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.