Slides
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Earnings Presentation Third Quarter 2025
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Contents Performance Highlights Financial Highlights Operational Highlights Appendix Contents
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71% Performance Highlights 2025 Q3 Our international business continues to grow and outperform the industry average, driven by our increased investments in Asia Pacific and Europe to strengthen our retail operations and develop products tailored to local users’ preferences. In Mainland China, stricter customs enforcement has created a more favorable market environment for compliant players like RLX, and we have achieved a moderate recovery in our Mainland China business. Profitability Shareholder Value Capital Resources Cash Cycle Net Revenues Total Capital Returned to Shareholders Since IPO (including the cash dividend announced in 2025Q3 ER) Cash and Cash Equivalents Inventory Turnover Days Total Capital Resources* Receivable Turnover Days Operating Cashflows Payable Turnover Days Gross Profit Non - GAAP Operating Profit RMB million RMB billion Days RMB million RMB million YoY Growth RMB billion Days RMB billion USD million in the form of share repurchases Days YoY Growth YoY Growth 1,129 3.5 25 353 188 49% 15.4 11 0.4 501 66% 53 124% Performance Highlights *Capital resources include cash and cash equivalents, restricted cash, short - term bank deposits, net, short - term investments, lo ng - term bank deposits, net and long - term investment securities, net
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Financial Highlights Financial Highlights
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Revenues Financial Highlights Steady recovery and growth since 2023 The YoY increase in quarterly net revenues was primarily due to our international expansion. RMB millions QoQ Growth YoY Growth 28% 49% *The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805 - 50. The Company retrospectively adjusted the above comparative unaudited condensed consolidated statemen ts of comprehensive income in the prior quarter. (2025 Q3) from international business 72%
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Gross Profit 24.1% 23.7% 25.9% 25.2% 27.2% Financial Highlights Steadily Improving Gross Margin GPM RMB millions The YoY increase was primarily due to our equity investment in European markets, a favorable change in revenue mix by geography, and gross margin improvement in major international markets. QoQ Growth YoY Growth 46% 71% 27.0% *The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805 - 50. The Company retrospectively adjusted the above comparative unaudited condensed consolidated statemen ts of comprehensive income in the prior quarter. 28.6% 27.5% 31.2%
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Non - GAAP Operating Expenses Financial Highlights Selling Expenses General and Administrative Expenses Research and Development Expenses 8.1% 5.0% 3.0% 4.0% 6.1% 3.1% RMB millions As % of Net Revenues RMB millions As % of Net Revenues RMB millions As % of Net Revenues *The Company acquired the target company on May 31, 2025, which was accounted for as a business combination. Beginning in Q2 202 5, the Company included the amortization and depreciation of assets resulting from business acquisitions, as well as the asso cia ted tax impact, in the reconciliation items for GAAP and Non - GAAP results. The Company has retrospectively adjusted the above unaudited reconciliation of GAAP and Non - GAAP results for the prior quarter. The Company believes these changes provide management and investors with more useful information to evaluate the operations o f i ts business. 6.6% 5.3% 3.3% 7.6% 5.7% 2.6% 9.3% 3.6% 2.8%
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Profitability Financial Highlights Non - GAAP Operating Income & Margin Non - GAAP Net Income & Margin 34.2% 7.5% 34.6% 11.1% 30.9% 13.8% RMB millions As % of Net Revenues RMB millions As % of Net Revenues 13.3% 31.3% 13.2% *The Company acquired the target company on May 31, 2025, which was accounted for as a business combination. Beginning in Q2 202 5, the Company included the amortization and depreciation of assets resulting from business acquisitions, as well as the asso cia ted tax impact, in the reconciliation items for GAAP and Non - GAAP results. The Company has retrospectively adjusted the above unaudited reconciliation of GAAP and Non - GAAP results for the prior quarter. The Company believes these changes provide management and investors with more useful information to evaluate the operations o f i ts business. 33.1% 4.2% 14.6% 37.6% 83.1% 16.6% 26.2%
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Capital Resources Financial Highlights Fortified Cash Position: Underpinning Financial Strength & Stability (in RMB, 2025 Q3) Capital resources 15.4B (in RMB, 2025 Q3) OCF generated 358M RMB millions Cash And Cash Equivalents Restricted Cash Short - Term Bank Deposits Short - Term Investments Long - Term Bank Deposits Long - Term Investment Securities
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Operational Highlights Operational Highlights
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Operational Highlights Our Product Portfolio: Always Evolving Disposables Open System & E - liquid Pods & Devices Covers All Key Segments to Better Meet Diverse Consumer Needs
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Operational Highlights Mainland China Products Portable Mainstream Beginner Advanced Best Value Flagship • Large capacity, easy to carry • Rechargeable, fits in one hand • Type - C charging • Battery: 380mAh • Full charged in about 45 minutes • Low entry costs • Meets basic usage needs • Type - C charging • Battery: 350mAh • Full charged in about 45 minutes • Large capacity, high power • 2 - level adaptive power • Type - C charging • Battery: 800mAh • Full charged in about 60 minutes • Trendy battery indicator light • Sleek design • Type - C charging • Battery: 380mAh • Full charged in about 45 minutes • 3 - level power adjustment • Trendy battery light with 3 - color power indicator • Type - C fast charging • Battery: 440mAh • Full charged in about 27 minutes • Power and airflow mechanically adjustable • High power, dense vapor • Type - C upgraded fast charging • Battery: 800mAh • Full charged in about 45 minutes
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Spin Mini Essential Infinity 2 Artisan Operational Highlights International Products Pod System Creator
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BURST Operational Highlights International Products Disposable DUO Smash DM02i RELX 2ml PA10000 soPro 1000 soPro DM41i
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Operational Highlights International Products Open System & E - liquid E - liquid Prime Spin mini
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Appendix Appendix
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Appendix Key Ratios For the Three Months Ended Changes Sep 30, 2025 QoQ YoY Gross Margin 31.22% +3.7pct +4.0pct Non - GAAP Operating Expense Ratio 15.77% - 0.1pct - 0.4pct Non - GAAP Operating Profit Margin 16.63% +3.4pct +5.5pct Non - GAAP Net Profit Margin 26.16% - 6.9pct - 8.7pct
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(In RMB thousands) For the Three Months Ended For the Nine Months Ended Sep 30, 2024 Jun 30, 2025 Sep 30, 2025 Sep 30, 2024 Sep 30, 2025 Net Revenues 756,288 879,952 1,129,271 1,935,087 2,817,523 Cost of Revenues (473,379) (552,037) (681,295) (1,201,701) (1,710,858) Excise Taxes on Products (76,933) (85,835) (95,417) (226,775) (281,075) Gross Profit 205,976 242,080 352,559 506,611 825,590 Operating Expenses: Selling Expenses (68,975) (84,649) (132,335) (184,097) (275,973) General and Administrative Expenses (123,226) (88,406) (85,722) (362,177) (241,596) Research and Development Expenses (24,435) (30,067) (41,251) (55,935) (98,373) Total Operating Expenses (216,636) (203,122) (259,308) (602,209) (615,942) Income / (Loss) From Operations (10,660) 38,958 93,251 (95,598) 209,648 Other income: Interest Income, net 156,659 142,851 139,669 469,724 418,473 Investment Income 13,070 24,832 8,587 38,564 41,805 Others, net 40,745 40,324 11,266 92,427 80,733 Income Before Income Tax 199,814 246,965 252,773 505,117 750,659 Income Tax Expense (30,423) (28,470) (45,948) (68,156) (102,599) Net Income 169,391 218,495 206,825 436,961 648,060 Less: Net Income Attributable to Noncontrolling Interests 3,737 1,378 3,662 7,085 5,740 Net Income Attributable to RLX Technology Inc. 165,654 217,117 203,163 429,876 642,320 Other Comprehensive Income / (Loss) : Foreign Currency Translation Adjustments (181,148) (26,510) (79,554) (124,268) (121,735) Unrealized Income/(Loss) on Long - term Investment Securities 5,292 698 2,254 5,984 5,019 Total Other Comprehensive Income / (Loss) (175,856) (25,812) (77,300) (118,284) (116,716) Total Comprehensive Income (6,465) 192,683 129,525 318,677 531,344 Less: Total Comprehensive Income Attributable to Noncontrolling Interests 3,730 632 5,270 7,078 6,538 Total Comprehensive Income Attributable to RLX Technology Inc. (10,195) 192,051 124,255 311,599 524,806 Appendix Income Statements
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Appendix Balance Sheets (In RMB thousands) As of ASSETS Dec 31, 2024 Sep 30, 2025 Current Assets Cash and Cash Equivalents 5,593,492 3,457,085 Restricted Cash 50,867 119,392 Short - Term Bank Deposits, net 2,179,886 3,134,566 Receivables From Online Payment Platforms 4,722 7,123 Short - Term Investments 719,755 1,877,796 Accounts and Notes Receivable, net 78,484 202,455 Inventories 142,552 230,953 Amounts Due From Related Parties 346,132 143,398 Prepayments and Other Current Assets, net 185,091 409,859 Total Current Assets 9,300,981 9,582,627 Non - Current Assets Property, Equipment and Leasehold Improvement, net 50,787 175,507 Intangible Assets, net 52,796 226,870 Long - Term Investments, net 8,000 8,330 Deferred Tax Assets, net 38,067 42,215 Right - of - Use Assets, net 24,110 53,232 Long - Term Bank Deposits, net 727,448 232,842 Long - Term Investment Securities, net 6,599,365 6,529,438 Goodwill 59,581 569,818 Other Non - Current Assets, net 9,914 10,019 Total Non - Current Assets 7,570,068 7,848,271 Total Assets 16,871,049 17,430,898 Cash and Cash Equivalents 5,593,492 3,457,085 Restricted Cash 50,867 119,392 Short - Term Bank Deposits, net 2,179,886 3,134,566 Short - Term Investments 719,755 1,877,796 Long - Term Bank Deposits, net 727,448 232,842 Long - Term Investment Securities, net 6,599,365 6,529,438 Total Cash and Cash Equivalents 15,870,813 15,351,119
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Appendix Balance Sheets (Cont’d) (In RMB thousands) As of LIABILITIES AND SHAREHOLDERS’ EQUITY Dec 31, 2024 Sep, 30 2025 Current Liabilities Accounts and Notes Payable 458,538 338,672 Contract Liabilities 10,610 94,095 Salary and Welfare Benefits Payable 73,740 79,744 Taxes Payable 126,154 210,839 Short - term Loan 40,000 113,345 Amounts Due to Related Parties 27,401 24,804 Dividend Payable 1,144 - Accrued Expenses and Other Current Liabilities 108,816 145,755 Lease Liabilities - Current Portion 11,447 22,745 Total Current Liabilities 857,850 1,029,999 Non - Current Liabilities Deferred Tax Liabilities 16,196 110,834 Lease Liabilities - Non - Current Portion 7,050 29,372 Other non - current liabilities - 69,119 Total Non - Current Liabilities 23,246 209,325 Total Liabilities 881,096 1,239,324 Shareholders’ Equity: Total RLX Techology Inc. shareholders' Equity 15,988,216 16,100,599 Noncontrolling Interests 1,737 90,975 Total Shareholders' Equity 15,989,953 16,191,574 Total Liabilities and Shareholders’ Equity 16,871,049 17,430,898
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(In RMB thousands) For the Three Months Ended For the Nine Months Ended Sep 30, 2024 Jun 30, 2025 Sep 30, 2025 Sep 30, 2024 Sep 30, 2025 Net Cash Generated From Operating Activities 156,554 229,616 357,546 357,338 794,327 Net Cash Generated From Investing Activities 139,120 (816,501) (343,188) 1,116,917 (2,146,855) Net Cash Generated From / (Used In) Financing Activities (74,780) (326,948) (370,205) (547,665) (682,718) Effect of Foreign Exchange Rate Changes On Cash, Cash Equivalents And Restricted Cash (45,818) 2,436 (27,032) (32,883) (32,636) Net Increase / (Decrease) In Cash and Cash Equivalents and Restricted Cash 175,076 (911,397) (382,879) 893,707 (2,067,882) Cash, Cash Equivalents and Restricted Cash at the Beginning of the Period 3,138,689 4,870,753 3,959,356 2,420,058 5,644,359 Cash, Cash Equivalents and Restricted Cash at the End of the Period 3,313,765 3,959,356 3,576,477 3,313,765 3,576,477 Appendix Statements of Cash Flow
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Appendix E - cigarettes Product Overview E - Vapor Products Other Novel Tobacco Products From E - liquid to Aerosol Uses an atomizer to heat up e - liquid in a cartridge to produce aerosol without fire, flame, tobacco, tar, carbon monoxide, and other chemicals found in combustible tobacco products. Pod System Disposable Open System Heat Not Burn Modern Oral Contains the e - liquid and atomizer Cartridge Heat + E - liquid Aerosol Contains glycerol, propylene glycol, flavors, nicotine, benzoic acid E - liquid Contains the battery and charging portal Device
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Vaping is just as harmful as smoking Nicotine is very harmful to health Vaping does not help people quit smoking Vaping causes 'popcorn lung' Exposure to vape aerosol is harmful to people around you Appendix Vaping Myths and the Facts Myths Nicotine vaping is not risk - free, but it is substantially less harmful than smoking Although nicotine is addictive, it is relatively harmless to health Nicotine vapes are one of the most effective aids in quitting smoking Vaping does not cause "popcorn lung" There is no evidence so far that vaping is harmful to people around you Facts
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Relying on RLX Tech’s Chemistry Laboratory, we study the content of various chemical components in aerosols. We focus on the potential risk components in the released content and accumulate data for our quantitative risk assessment and clinical experiments. Physiochemical Research We systematically evaluate the toxicity of e - liquid and aerosols, exploring their impacts on di ff erent body tissues and in diff erent dimensions. The results can also serve as prerequisites for clinical research. Toxicology Research Top Quality Certifications Appendix Our Robust R&D Capability We apply the “1+4” Scientific Research Matrix. We strictly adhere to regulatory requirements and ensure product quality at every stage. This includes stringent standards in raw material control, product design, comprehensive quality management, quality inspections, and after - sales support, all to ensure reliable quality and provide consumers with better products. Compliance Verifications & Certifications including TPD/CE/UKCA/RoHS/FCC/ECAS, etc. The Birth of an RLX Product Product Testing to complete the R&D process discrete tests 30 Days 197 Formula Adjustments User Evaluations 100+ 500+ We study changes in the user group’s characteristics from a public health perspective. We build comprehensive and complex analytical models and predict the public health impacts of our e - vaping products based on our toxicological and clinical findings. Long - term Impact Assessment Stable product quality is the cornerstone of scienti fic research. The only way to draw meaningful scienti fic conclusions is by ensuring stable quality Product Quality We track users regularly to monitor changes in physiological indicators and relevant biomarkers in the body. We carry out research on user vaping behavior and nicotine pharmacokinetics. Clinical Research
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Appendix We believe in change. Hence, our crew is composed of diverse, flexible, forward - looking professional who think outside the box. This makes us unique Ying (Kate) Wang Long (David) Jiang Yilong Wen Chao Lu Co - founder Chief Executive Officer Co - founder Head of APAC Sales Co - founder Head of supply chain and R&D Chief Financial Officer • Former head of Didi Youxiang / head of Uber China at Didi Chuxing/ regional general manager at Uber China. • Bachelor's degree in finance and law/ master's degree in management from Xi'an Jiaotong University; MBA from Columbia Business School. • Former regional general manager at Didi Chuxing/ national head of customer marketing and channel in China at Bacardi, senior group key accounts manager at L'Oréal. • Bachelor's degree in mechanical engineering from Tsinghua University/ master's degree in scientific policy strategy and management from the Chinese Academy of Sciences. • Former regional general manager at Didi Chuxing, a vehicle simulation engineer at Mercedes - Benz. • Bachelor's degree in mechanical engineering from Shanghai Jiao Tong University/ bachelor's degree in mechanical engineering from the University of Michigan/ master's degree in mechanical engineering, design, and manufacturing from the University of Michigan. • Former Managing Director and Head of Asia Healthcare Investment Banking at Citigroup; former banker in Morgan Stanley Investment Banking, CICC Investment Banking, and the private equity investment industry. • Bachelor's degree in operations research and financial engineering from Princeton University. Management Team with Proven Track Record
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Appendix Disclaimer The following presentation has been prepared by RLX Technology Inc . (“RLX Technology” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities or otherwise . This presentation does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company . Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company . Past performance does not guarantee or predict future performance . You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company . This presentation contains forward - looking statements . These statements are made under the “safe harbor” provisions of the U . S . Private Securities Litigation Reform Act of 1995 . These forward - looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements . Among other things, quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward - looking statements . The Company may also make written or oral forward - looking statements in its periodic reports to the U . S . Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties . Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward - looking statements . Forward - looking statements involve inherent risks and uncertainties . A number of factors could cause actual results to differ materially from those contained in any forward - looking statement, including but not limited to the following : the Company’s growth strategies ; its future business development, results of operations and financial condition ; trends and competition in China’s e - vapor market ; changes in its revenues and certain cost or expense items ; PRC governmental policies, laws and regulations relating to the Company's industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing . Further information regarding these risks, uncertainties or factors is included in the Company’s filings with the U . S . Securities and Exchange Commission . All information provided in this press release and in the attachments is current as of the date of this press release, and the Company does not undertake any obligation to update such information, except as required under applicable law . This presentation also contains non - GAAP financial measures, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U . S . GAAP . In addition, the Company’s calculation of these non - GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited . The reconciliation of those measures to the most comparable U . S . GAAP measures is contained within this presentation or the earnings press release . This presentation also contains non - GAAP financial measures, the presentation of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U . S . GAAP . In addition, the Company’s calculation of these non - GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited . The reconciliation of those measures to the most comparable U . S . GAAP measures is contained within this presentation or the earnings press release . The information provided in this presentation regarding our products is for informational purposes only and is intended to communicate factual information . This presentation is not intended for marketing, promotional uses, or for influencing purchasing decisions . It should not be construed as an offer or solicitation for the sale of any product or service .
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Earnings Presentation Third Quarter 2025