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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.
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Q2 2025 earnings summary22 Aug, 2025

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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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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