RLX Technology Delivers Strong 2025 Results as International Revenues Surge Over 40%
International Expansion Drives Over 76% of Q4 Revenue
RLX Technology, a global branded e-vapor leader, reported fourth quarter and full-year 2025 unaudited results showing robust momentum, particularly from its international segment. In the fourth quarter alone, net revenues reached RMB1,141.3 million (US$163.2 million), up 40.3% from the same period in 2024, propelled by overseas growth and acquisitions. Notably, international business accounted for an impressive 76.5% of all Q4 sales, underlining RLX's transition to a global footprint and diversification outside of Mainland China.
Margins Show Clear Improvement Amid Revenue Mix Shift
Gross margin rose to 31.4% in Q4 2025, up from 27% a year ago, driven by a favorable change in revenue mix and continued supply chain optimization. On a full-year basis, gross margin improved to 29.9% for 2025, compared to 26.4% in 2024. This operational progress underscores management's focus on efficiency while scaling new markets.
| Period | Net Revenue (RMB millions) | Gross Margin (%) | International Revenue (% of Total, Q4) | Non-GAAP Op. Income (RMB millions) |
|---|---|---|---|---|
| Q4 2025 | 1,141.3 | 31.4 | 76.5 | 158.1 |
| FY 2025 | 3,958.9 | 29.9 | -- | 569.9 |
Net Income Sets New High on Back of Operating Leverage
Profitability showed compelling acceleration. Fourth quarter U.S. GAAP net income was RMB286.3 million (US$40.9 million), an increase of 124.8% over the prior year. For the full year, RLX achieved RMB934.4 million (US$133.6 million) in net income, up 65.6%. Non-GAAP net income reached RMB1,162.3 million (US$166.2 million) for 2025, a 23.5% annual rise, with non-GAAP operating income more than doubling.
These results reflect not just sales growth, but decisive improvements in the company's revenue mix, prudent cost control, and substantial operating leverage as the business scales internationally.
| Metric | Q4 2024 | Q4 2025 | Y/Y % Change | FY 2024 | FY 2025 | Y/Y % Change |
|---|---|---|---|---|---|---|
| Net Revenues (RMB mn) | 813.5 | 1,141.3 | +40.3% | 2,748.6 | 3,958.9 | +44.0% |
| Gross Margin (%) | 27.0 | 31.4 | +4.4pts | 26.4 | 29.9 | +3.5pts |
| Non-GAAP Op. Income (RMB mn) | 114.7 | 158.1 | +37.9% | 271.1 | 569.9 | +110.2% |
| U.S. GAAP Net Income (RMB mn) | 127.4 | 286.3 | +124.8% | 564.3 | 934.4 | +65.6% |
| Non-GAAP Net Income (RMB mn) | 253.2 | 323.0 | +27.6% | 940.8 | 1,162.3 | +23.5% |
Solid Balance Sheet and Strong Cash Flow Underpin Growth
RLX closed 2025 with cash and equivalents, short-term and long-term investments totaling RMB15,732.1 million (US$2,249.7 million). Net cash from operating activities reached RMB1,104.5 million (US$157.95 million) for the year, spotlighting ongoing capital efficiency.
The company has also returned capital to shareholders, cumulatively repurchasing 170 million ordinary shares (US$330 million value) and delivering US$171 million in dividends as of March 12, 2026.
Management Focuses on Sustainable Global Growth
RLX executives credit strong execution across international markets and disciplined investment for the company’s ongoing success. According to CEO Ms. Ying (Kate) Wang, aligning organic expansion with targeted acquisitions and supply chain improvements has positioned RLX for multi-dimensional growth in 2026. CFO Mr. Chao Lu emphasized that operating leverage and a robust capital allocation strategy remain at the center of RLX's approach.
Key Takeaways for Investors
- International markets now drive the majority of RLX's topline, making revenue streams more resilient to regional regulatory cycles.
- Gross margin improvements suggest enhanced profitability per unit sold as the business benefits from operational scale.
- Consistent cash returns through buybacks and dividends indicate management's confidence in future results and discipline in capital stewardship.
With growing cash reserves and accelerating profitability, RLX Technology is setting the stage for another year of global growth. For those tracking e-vapor sector dynamics and international consumer product expansion, RLX's 2025 report offers a roadmap—from market penetration to cost discipline—of how operational execution can drive both performance and shareholder value.
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