RLX Technology Reports 44% Revenue Growth in 2025 Financial Results

Written by Emily J. Thompson, Senior Investment Analyst

Source: Newsfilter

Updated: 1 hour ago

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Should l Buy RLX?

Source: Newsfilter

Significant Revenue Growth: In Q4 2025, RLX Technology reported net revenues of RMB 1.141 billion (approximately USD 163.2 million), a 40.3% increase year-over-year, primarily driven by international expansion and contributions from newly acquired entities, showcasing the company's robust performance in global markets.
Gross Margin Improvement: The gross margin for Q4 2025 was 31.4%, up from 27.0% in the same period of 2024, reflecting favorable changes in revenue mix and further supply chain optimization, which enhanced the company's profitability.
Non-GAAP Operating Income Growth: The non-GAAP operating income for Q4 2025 was RMB 158.1 million (approximately USD 22.6 million), representing a 37.9% year-over-year increase, indicating significant progress in optimizing the revenue mix and driving operational leverage.
Shareholder Return Strategy: As of December 31, 2025, RLX Technology had cumulatively repurchased 170 million ordinary shares for a total of USD 330 million, demonstrating the company's commitment to maximizing shareholder value and laying the groundwork for sustainable future growth.

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About RLX

RLX Technology Inc is a holding company primarily engaged in the scientific research, technology and product development, supply chain management and distribution of e-vapor products. The products primarily include rechargeable closed-system e-vapor products, open-system products and closed-system disposable products. The products’ brands primarily include Qingyu, Phantom, Phantom Pro, Zeus, Leili, Daqian, Feiliu and Feiliu Mega. The rechargeable e-vapor products consist of a replaceable, snap-in cartridge containing the e-liquid and atomizer, and a device containing the battery and charging portal. The Company is also engaged in the assessment and research of e-liquid and aerosol through RELX Physiochemistry Lab, as well as the evaluation of sensory appeal of e-liquid through the RELX Sensory Analysis Lab. The Company distributes its products within the domestic market and to overseas markets.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

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Earnings Announcement Schedule: RLX Technology is set to release its Q4 2023 earnings report on March 13 before market open, with a consensus EPS estimate of $0.03, reflecting a significant 50% year-over-year increase in profitability.
Revenue Expectations: Analysts forecast that RLX Technology will achieve $154.49 million in revenue for Q4, indicating a stable growth trajectory that reinforces the company's position in the industry.
Historical Performance Review: Over the past two years, RLX has beaten EPS and revenue estimates 63% of the time, demonstrating consistency in financial performance and bolstering market confidence.
Share Repurchase Program: RLX Technology has extended its $500 million share repurchase program through 2027, aiming to enhance shareholder value and market appeal by reducing the number of outstanding shares, thereby increasing EPS.

RLX Technology Reports Strong Q4 Earnings Driven by International Expansion

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Significant Earnings Growth: RLX Technology reported a Q4 non-GAAP EPS of $0.30 and revenue of $163.2 million, reflecting a 40.3% year-over-year increase, driven by strong international performance and contributions from its newly acquired entity.
Dominance of International Business: International revenues accounted for 76.5% of total net revenues, indicating the company's successful overseas expansion, which enhances revenue diversity and stability, thereby strengthening its competitive position.
Share Repurchase Program Extended: The company announced the extension of its $500 million share repurchase program through 2027, aimed at boosting EPS by reducing the share count, enhancing investor confidence, and supporting stock performance.
Strategic Expansion Outlook: RLX Technology's international expansion strategy not only drives short-term earnings growth but also lays the groundwork for future margin improvements, with expectations to further solidify its position in the global market.