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RLX Technology (RLX) investor relations material
RLX Technology Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net revenues rose 40.3% year-over-year to RMB880 million in Q2 2025, driven by international expansion, favorable revenue mix, and regulatory adaptation.
Gross margin improved to 27.5% from 25.2% year-over-year, reflecting gains in Asia and cost optimization.
Non-GAAP operating profit reached RMB116 million, with margin at 13.2%, and non-GAAP net income surged to RMB291.2 million.
U.S. GAAP net income increased to RMB218.5 million, up from RMB134.9 million a year ago.
Management emphasized effective strategy execution, disciplined cost control, and global compliance.
Financial highlights
Net revenues reached RMB880 million, up 40% year-over-year and 9% quarter-over-quarter.
Gross profit was RMB242.1 million, up from RMB157.9 million year-over-year.
Non-GAAP operating margin was 13.2%, and non-GAAP net income margin was 33.1%.
Operating cash inflow was RMB230 million, with cash and equivalents plus investments totaling RMB15,524.3 million as of June 30, 2025.
Announced a cash dividend of US$0.01 per ordinary share/ADS for Q2 2025.
Outlook and guidance
Management expects market stabilization in high-capacity e-vapor devices by year-end, with sustainable growth resuming in 2026.
Plans to expand into additional European and Asian countries, and potentially another continent by early 2026.
Ongoing focus on global compliance, innovation, and evaluation of shareholder return programs.
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