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RLX Technology (RLX) investor relations material
RLX Technology Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Net revenues surged 49.3% year-over-year to RMB 1,129.3 million (US$158.6 million) in Q3 2025, driven by international expansion and a measured recovery in Mainland China.
International business contributed 70-80% of total revenues, with strong growth in Asia-Pacific and Europe, and outperformed industry averages.
Gross margin improved to 31.2% from 27.2% year-over-year, reflecting favorable geographic mix and margin gains in international markets.
Non-GAAP operating profit reached RMB 188 million, up 124% year-over-year, with non-GAAP operating profit margin at 16.63%.
Regulatory enforcement in China improved market dynamics, but an unregulated e-vapor market continues to hinder full recovery.
Financial highlights
Net revenues reached RMB 1,129 million in Q3 2025, up 49% year-over-year and 28% quarter-over-quarter, mainly from international expansion.
Gross profit was RMB 353 million, up 71% year-over-year, with gross margin at 31.2%.
Non-GAAP net income was RMB 295.4 million, up from RMB 263.6 million year-over-year.
Cash flow from operating activities rose to RMB 358 million from RMB 157 million year-over-year.
U.S. GAAP net income reached RMB 206.8 million (US$29.1 million), up from RMB 169.4 million a year ago.
Outlook and guidance
Continued focus on selective international expansion, especially in Asia Pacific and Europe, with tailored products for local markets.
Expectation of a more favorable regulatory environment in Mainland China supporting compliant players.
Detailed revenue outlook for 2026 to be shared in future quarters as plans are finalized.
Focused on further profitability improvement through operating efficiency and a lean structure.
Management expressed confidence in continued innovation and long-term value creation despite macro and regulatory challenges.
China flavor regulation advocacy progress?
APAC franchise model: key success factors?
Modern oral product rollout strategy
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Next RLX Technology earnings date
Q4 202513 Mar, 2026
Next RLX Technology earnings date
Q4 202513 Mar, 2026
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Frequently asked questions
RLX Technology Inc. focuses on the research, development, and sales of e-vapor products. The company's primary business includes the production and distribution of e-vapor devices and accessories. The company is headquartered in Beijing, China, and its shares are listed on the NYSE.
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