RLX Technology (RLX) Q4 2025 earnings summary

Executive summary

• Achieved robust revenue and profit growth in Q4 and FY2025, driven by international expansion, strategic investments, and acquisition integration.

• Strengthened position in Mainland China due to improved regulatory enforcement and compliance.

• Product portfolio expanded to address diverse consumer needs across key segments and geographies.

• Management emphasized a focus on multidimensional growth and sustainable value creation for 2026.

Financial highlights

• Q4 2025 net revenues reached RMB 1,141.3 million, up 40.3% year-over-year, with 76.5% of growth from international business.

• Q4 2025 gross profit rose to RMB 358 million, a 63% year-over-year increase, with gross margin improving to 31.4%.

• Q4 2025 U.S. GAAP net income increased 124.8% year-over-year to RMB 286.3 million; non-GAAP net income up 27.6% to RMB 323.0 million.

• FY2025 net revenues grew 44.0% to RMB 3,958.9 million; gross margin increased to 29.9% from 26.4%.

• FY2025 U.S. GAAP net income rose 65.6% to RMB 934.4 million; non-GAAP net income up 23.5% to RMB 1,162.3 million.

Outlook and guidance

• Management expects continued growth from international markets, further supply chain optimization, and multidimensional growth in 2026.

• Ongoing focus on compliance, product innovation, and leveraging internal agility and external partnerships.