SHENZHEN, China, Aug. 14, 2026 /PRNewswire/ -- RLX Technology Inc. ("RLX Technology" or the "Company") (NYSE: RLX), a leading global branded e-vapor company, today announced its unaudited financial results for the second quarter ended June 30, 2026.
Second Quarter 2026 Financial Highlights
- Net revenues were RMB1,010.5 million (US$148.9 million) in the second quarter of 2026, increasing by 14.8% from RMB880.0 million in the same period of 2025.
- Gross margin was 35.4% in the second quarter of 2026, compared with 27.5% in the same period of 2025.
- Non-GAAP income from operations[1] was RMB149.6 million (US$22.0 million) in the second quarter of 2026, increasing by 28.8% from RMB116.2 million in the same period of 2025.
- U.S. GAAP net income was RMB222.0 million (US$32.7 million) in the second quarter of 2026, increasing by 1.6% from RMB218.5 million in the same period of 2025.
- Non-GAAP net income[1] was RMB238.8 million (US$35.2 million) in the second quarter of 2026, compared with RMB291.2 million in the same period of 2025.
"We delivered solid second quarter results as we continued to strengthen our global business with a focus on quality, stability, and long-term resilience," said Ms. Ying (Kate) Wang, Co-founder, Chairperson, and Chief Executive Officer of RLX Technology. "As our industry matures, competitive advantage is increasingly defined not only by product innovation but also by retail execution and shelf-space leadership. We have refined our global route-to-market strategies accordingly - deepening store-level execution in Asia while advancing a dual-engine approach in Europe that balances strategic investment in top-tier local partners with organic growth. At the same time, we are expanding beyond our leadership in e-vapor into a broader portfolio of smoke-free products, scaling our newly launched modern oral nicotine pouches and building our presence across other smokeless categories. Supported by a rock-solid balance sheet and disciplined capital management, we are confident that pairing greater channel autonomy with user-centric products and multi-category innovation will continue to drive sustainable growth."
Mr. Chao Lu, Chief Financial Officer of RLX Technology, commented, "Second quarter net revenues were RMB1.01 billion, up 14.8% year over year, with gross profit rising 47.8% year over year to RMB357.8 million. As expected, revenues and gross profit moderated from the first quarter, which included a disclosed one-time benefit due to the change of export related regulation. In July 2026, we acquired a 51% equity interest in one of Western Europe's largest distributors of next-generation smoke-free and FMCG products, deepening our presence in the region. The entity brings an extensive offline distribution footprint and a proprietary B2B digital marketplace serving a broad base of retail merchants, supporting long-term regional development. Moving forward, we remain dedicated to disciplined capital allocation, balancing strategic growth investments with ongoing shareholder returns to maximize long-term shareholder value."
Second Quarter 2026 Financial Results
Net revenues were RMB1,010.5 million (US$148.9 million) in the second quarter of 2026, increasing by 14.8% from RMB880.0 million in the same period of 2025. The increase was primarily due to the Company's international expansion and contributions from the Company's May 2025 acquisition. Net revenues from international business represented 68.5% of net revenues for the period.
Gross profit was RMB357.8 million (US$52.7 million) in the second quarter of 2026, increasing by 47.8% from RMB242.1 million in the same period of 2025.
Gross margin increased to 35.4% in the second quarter of 2026 from 27.5% in the same period of 2025, primarily due to a favorable change in the revenue mix and further supply chain optimization.
Operating expenses were RMB227.5 million (US$33.5 million) in the second quarter of 2026, compared with RMB203.1 million in the same period of 2025. The increase was driven by higher salary and welfare expenses primarily related to the Company's May 2025 acquisition, partially offset by a significant decrease in share-based compensation expenses.
Selling expenses were RMB123.7 million (US$18.2 million) in the second quarter of 2026, compared with RMB84.6 million in the same period of 2025, primarily due to an increase in salary and welfare expenses, branding expenses, depreciation and amortization expenses related to the Company's May 2025 acquisition, partially offset by a decrease in share-based compensation expenses.
General and administrative expenses were RMB74.4 million (US$11.0 million) in the second quarter of 2026, compared with RMB88.4 million in the same period of 2025, primarily due to a significant decrease in share-based compensation expenses, partially offset by an increase in legal and other consulting fees.
Research and development expenses were RMB29.4 million (US$4.3 million) in the second quarter of 2026, compared with RMB30.1 million in the same period of 2025. The slight decrease was primarily due to a decrease in share-based compensation expenses.
U.S. GAAP income from operations was RMB130.4 million (US$19.2 million) in the second quarter of 2026, increasing by 234.7% from RMB39.0 million in the same period of 2025.
Non-GAAP income from operations was RMB149.6 million (US$22.0 million) in the second quarter of 2026, increasing by 28.8% from RMB116.2 million in the same period of 2025.
Income tax expense was RMB24.8 million (US$3.7 million) in the second quarter of 2026, compared with RMB28.5 million in the same period of 2025.
U.S. GAAP net income was RMB222.0 million (US$32.7 million) in the second quarter of 2026, increasing by 1.6% from RMB218.5 million in the same period of 2025.
Non-GAAP net income was RMB238.8 million (US$35.2 million) in the second quarter of 2026, compared with RMB291.2 million in the same period of 2025.
U.S. GAAP basic and diluted net income per American depositary share ("ADS") were RMB0.178 (US$0.026) and RMB0.167 (US$0.025), respectively, in the second quarter of 2026, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.178 and RMB0.166, respectively, in the same period of 2025.
Non-GAAP basic and diluted net income per ADS[2] were RMB0.190 (US$0.028) and RMB0.178 (US$0.026), respectively, in the second quarter of 2026, compared with non-GAAP basic and diluted net income per ADS of RMB0.234 and RMB0.218, respectively, in the same period of 2025.
[1] Non-GAAP net income and non-GAAP income from operations are non-GAAP financial measures. For more information on the
Company's non-GAAP financial measures, please see the section "Non-GAAP Financial Measures" and the table captioned "Unaudited
Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
[2] Non-GAAP basic and diluted net income per ADS is a non-GAAP financial measure. For more information on the Company's non-GAAP
financial measures, please see the section "Non-GAAP Financial Measures" and the table captioned "Unaudited Reconciliation of GAAP
and Non-GAAP Results" set forth at the end of this press release.
Balance Sheet and Cash Flow
As of June 30, 2026, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, long-term bank deposits, net, and long-term investment securities, net, of RMB13,883.4 million (US$2,046.2 million), compared with RMB14,529.7 million as of March 31, 2026. In the second quarter of 2026, net cash used in operating activities was RMB63.2 million (US$9.3 million).
Strategic Investment
In July 2026, RLX Technology acquired a 51% equity interest and board control in a leading Western European distributor of next-generation smoke-free and FMCG products. With its multi-channel logistics network and a proprietary B2B digital ordering platform, the entity provides an established and highly efficient route-to-market across key European territories. Through this strategic investment, RLX Technology intends to leverage its global supply chain capabilities and capital resources to drive deep commercial collaboration with this entity, aiming to optimize costs and capture cross-selling synergies. Its financial results will be consolidated into RLX Technology's financial statements beginning in the third quarter of 2026.
Conference Call
The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 14, 2026 (8:00 PM Beijing/Hong Kong Time on August 14, 2026).
Dial-in details for the earnings conference call are as follows:
United States (toll-free): +1-888-317-6003
International: +1-412-317-6061
Hong Kong, China: +852-5808-1995
Mainland China: 400-120-6115
Participant Code (English line): 7036236
Participant Code (Chinese simultaneous interpretation line): 7119184
Participants may choose between the English and Chinese simultaneous interpretation options above when joining the conference call. Please note that the Chinese simultaneous interpretation option is in listen-only mode. Participants should dial in 10 minutes before the scheduled start time and ask to be connected to the call for "RLX Technology Inc." using the appropriate English or Chinese Participant Code above.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.relxtech.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the call until August 21, 2026, by dialing the following telephone numbers:
United States: +1-855-669-9658
International: +1-412-317-0088
Replay Access Code (English line): 9911837
Replay Access Code (Chinese line): 6469534
About RLX Technology Inc.
RLX Technology Inc. (NYSE: RLX) is a leading global branded e-vapor company. The Company leverages its strong in-house technology, product development capabilities and in-depth insights into adult smokers' needs to develop superior e-vapor products.
For more information, please visit: http://ir.relxtech.com.
Non-GAAP Financial Measures
The Company uses non-GAAP net income, non-GAAP income from operations and non-GAAP basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. Non-GAAP net income represents net income excluding share-based compensation expenses, amortization and depreciation of assets arising from fair value step-up in business acquisitions, and tax effects on non-GAAP adjustments. Non-GAAP income from operations represents net income from operations excluding share-based compensation expenses and amortization and depreciation of assets arising from fair value step-up in business acquisitions. Non-GAAP basic and diluted net income per ADS is computed using non-GAAP net income attributable to RLX Technology Inc. and the same number of ADSs used in the U.S. GAAP basic and diluted net income per ADS calculation.
The Company presents these non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company believes that they help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net income. The Company also believes that the use of the non-GAAP measures facilitates investors' assessment of its operating performance, as they could provide useful information about its operating results, enhance the overall understanding of its past performance and future prospects, and allow for greater visibility with respect to key metrics used by the management in its financial and operational decision making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. They should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per ADS or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review its historical non-GAAP financial measures against the most directly comparable U.S. GAAP measures. The non-GAAP financial measures here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned "Unaudited Reconciliation of GAAP and non-GAAP Results" set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB6.7851 to US$1.00, the exchange rate on June 30, 2026, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred to could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement 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 the global e-vapor market; changes in its revenues and certain cost or expense items; governmental policies, laws and regulations across various jurisdictions 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.
For more information, please contact:
In China:
RLX Technology Inc.
Head of Capital Markets
Sam Tsang
Email: ir@relxtech.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
As of
December 31, June 30, June 30,
2025 2026 2026
RMB RMB US$
ASSETS
Current assets:
Cash and cash equivalents 5,367,139 4,629,116 682,247
Restricted cash 177,873 210,875 31,079
Short-term bank deposits, net 2,310,486 2,110,069 310,985
Receivables from online payment platforms 4,080 10,281 1,515
Short-term investments 2,326,610 2,019,812 297,683
Accounts and notes receivable, net 190,442 333,047 49,085
Inventories 297,682 416,246 61,347
Amounts due from related parties 210,239 483,381 71,242
Prepayments and other current assets, net 319,478 577,277 85,080
Total current assets 11,204,029 10,790,104 1,590,263
Non-current assets:
Property, equipment and leasehold improvement, net 245,981 258,924 38,161
Intangible assets, net 213,141 183,496 27,044
Long-term investments, net 8,330 8,330 1,228
Deferred tax assets, net 29,104 43,808 6,456
Right-of-use assets, net 82,430 80,710 11,895
Long-term bank deposits, net 433,618 526,412 77,584
Long-term investment securities, net 5,116,336 4,387,136 646,584
Goodwill 567,181 561,665 82,779
Other non-current assets, net 29,412 10,626 1,566
Total non-current assets 6,725,533 6,061,107 893,297
Total assets 17,929,562 16,851,211 2,483,560
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts and notes payable 403,708 229,443 33,817
Contract liabilities 84,003 82,313 12,131
Salary and welfare benefits payable 93,947 51,820 7,637
Taxes payable 159,718 192,901 28,430
Short-term loan 92,100 165,168 24,343
Accrued expenses and other current liabilities 149,552 162,807 23,995
Amounts due to related parties 474,627 109,875 16,194
Dividend payable 478,833
Lease liabilities - current portion 28,588 22,768 3,356
Total current liabilities 1,965,076 1,017,095 149,903
Non-current liabilities:
Deferred tax liabilities 112,912 98,169 14,468
Lease liabilities - non-current portion 55,671 56,109 8,269
Other non-current liability 64,291 53,647 7,907
Total non-current liabilities 232,874 207,925 30,644
Total liabilities 2,197,950 1,225,020 180,547
Shareholders' Equity:
Total RLX Technology Inc. shareholders' equity 15,633,749 15,512,261 2,286,223
Noncontrolling interests 97,863 113,930 16,790
Total shareholders' equity 15,731,612 15,626,191 2,303,013
Total liabilities and shareholders' equity 17,929,562 16,851,211 2,483,560
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except for share and per share data)
For the three months ended For the six months ended
June 30, March 31, June 30, June 30, June 30, June 30, June 30,
2025 2026 2026 2026 2025 2026 2026
RMB RMB RMB US$ RMB RMB US$
Total net revenues 879,952 1,585,821 1,010,453 148,922 1,688,252 2,596,274 382,643
Cost of revenues (552,037) (965,446) (559,057) (82,395) (1,029,563) (1,524,503) (224,684)
Excise tax on products (85,835) (116,119) (93,563) (13,790) (185,658) (209,682) (30,903)
Gross profit 242,080 504,256 357,833 52,737 473,031 862,089 127,056
Operating expenses:
Selling expenses (84,649) (122,039) (123,729) (18,235) (143,638) (245,768) (36,222)
General and administrative expenses (88,406) (107,207) (74,366) (10,960) (155,874) (181,573) (26,761)
Research and development expenses (30,067) (30,375) (29,357) (4,327) (57,122) (59,732) (8,803)
Total operating expenses (203,122) (259,621) (227,452) (33,522) (356,634) (487,073) (71,786)
Income from operations 38,958 244,635 130,381 19,215 116,397 375,016 55,270
Other income:
Interest income, net 142,851 113,820 109,116 16,082 278,804 222,936 32,857
Investment income 24,832 9,718 7,117 1,049 33,218 16,835 2,481
Others, net 40,324 (28,761) 235 35 69,467 (28,526) (4,204)
Income before income tax 246,965 339,412 246,849 36,381 497,886 586,261 86,404
Income tax expense (28,470) (45,257) (24,846) (3,662) (56,651) (70,103) (10,332)
Net income 218,495 294,155 222,003 32,719 441,235 516,158 76,072
Less: net income attributable to noncontrolling 1,378 10,019 4,257 627 2,078 14,276 2,104
interests
Net income attributable to RLX Technology Inc. 217,117 284,136 217,746 32,092 439,157 501,882 73,968
Other comprehensive (loss)/income:
Foreign currency translation adjustments (26,510) (173,952) (181,016) (26,678) (42,181) (354,968) (52,316)
Unrealized income/(loss) on long-term investment 698 (22,208) 2,726 402 2,765 (19,482) (2,871)
securities
Total other comprehensive loss (25,812) (196,160) (178,290) (26,276) (39,416) (374,450) (55,187)
Total comprehensive income 192,683 97,995 43,713 6,443 401,819 141,708 20,885
Less: total comprehensive income attributable to 632 11,699 4,368 644 1,268 16,067 2,368
noncontrolling interests
Total comprehensive income attributable to RLX 192,051 86,296 39,345 5,799 400,551 125,641 18,517
Technology Inc.
Net income per ordinary share/ADS
Basic 0.178 0.231 0.178 0.026 0.359 0.408 0.060
Diluted 0.166 0.216 0.167 0.025 0.335 0.383 0.056
Weighted average number of ordinary shares/ADSs
Basic 1,221,705,674 1,232,448,894 1,226,191,545 1,226,191,545 1,224,005,302 1,229,302,934 1,229,302,934
Diluted 1,309,486,924 1,313,480,246 1,307,483,883 1,307,483,883 1,309,617,920 1,311,101,429 1,311,101,429
RLX TECHNOLOGY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share and per share data)
For the three months ended For the six months ended
June 30, March 31, June 30, June 30, June 30, June 30, June 30,
2025 2026 2026 2026 2025 2026 2026
RMB RMB RMB US$ RMB RMB US$
Income from operations 38,958 244,635 130,381 19,215 116,397 375,016 55,270
Add: share-based compensation expenses
Selling expenses 13,262 5,919 3,327 490 16,572 9,246 1,363
General and administrative expenses 38,368 45,841 4,218 622 62,639 50,059 7,378
Research and development expenses 7,188 3,494 1,516 223 7,933 5,010 738
Amortization and depreciation of assets resulting from
business acquisitions
Cost of revenues 13,347 13,347
Selling expenses 4,881 9,956 9,707 1,431 6,884 19,663 2,898
General and administrative expenses 167 469 455 67 195 924 136
Non-GAAP income from operations 116,171 310,314 149,604 22,048 223,967 459,918 67,783
Net income 218,495 294,155 222,003 32,719 441,235 516,158 76,072
Add: share-based compensation expenses 58,818 55,254 9,061 1,335 87,144 64,315 9,479
Amortization and depreciation of assets resulting from 18,395 10,425 10,162 1,498 20,426 20,587 3,034
business acquisitions
Tax effects on non-GAAP adjustments (4,513) (2,527) (2,465) (363) (4,938) (4,992) (736)
Non-GAAP net income 291,195 357,307 238,761 35,189 543,867 596,068 87,849
Net income attributable to RLX Technology Inc. 217,117 284,136 217,746 32,092 439,157 501,882 73,968
Add: share-based compensation expenses 58,818 55,254 9,061 1,335 87,144 64,315 9,479
Amortization and depreciation of assets resulting from 13,002 7,613 7,410 1,092 15,033 15,023 2,214
business acquisitions(a)
Tax effects on non-GAAP adjustments(a) (3,164) (1,824) (1,777) (262) (3,589) (3,601) (531)
Non-GAAP net income attributable to RLX Technology 285,773 345,179 232,440 34,257 537,745 577,619 85,130
Inc.
Non-GAAP net income per ordinary share/ADS
- Basic 0.234 0.280 0.190 0.028 0.439 0.470 0.069
- Diluted 0.218 0.263 0.178 0.026 0.411 0.441 0.065
Weighted average number of ordinary shares/ADSs
- Basic 1,221,705,674 1,232,448,894 1,226,191,545 1,226,191,545 1,224,005,302 1,229,302,934 1,229,302,934
- Diluted 1,309,486,924 1,313,480,246 1,307,483,883 1,307,483,883 1,309,617,920 1,311,101,429 1,311,101,429
Note (a): The amortization and depreciation expense and related tax effect attributable to noncontrolling interests have been excluded from the presentation in the reconciliation items for GAAP
and Non-GAAP results.
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands)
For the three months ended For the six months ended
June 30, March 31, June 30, June 30, June 30, June 30, June 30,
2025 2026 2026 2026 2025 2026 2026
RMB RMB RMB US$ RMB RMB US$
Net cash generated from/(used in) operating activities 229,616 (68,841) (63,227) (9,319) 436,781 (132,068) (19,464)
Net cash (used in)/generated from investing activities (816,501) (116,326) 983,338 144,926 (1,803,667) 867,012 127,782
Net cash used in financing activities (326,948) (863,712) (403,599) (59,483) (312,513) (1,267,311) (186,779)
Effect of foreign exchange rate changes on cash, cash 2,436 (57,648) (115,006) (16,950) (5,604) (172,654) (25,447)
equivalents and restricted cash
Net (decrease)/increase in cash and cash equivalents (911,397) (1,106,527) 401,506 59,174 (1,685,003) (705,021) (103,908)
and restricted cash
Cash, cash equivalents and restricted cash at the 4,870,753 5,545,012 4,438,485 654,152 5,644,359 5,545,012 817,234
beginning of the period
Cash, cash equivalents and restricted cash at the end 3,959,356 4,438,485 4,839,991 713,326 3,959,356 4,839,991 713,326
of the period
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SOURCE RLX Technology Inc.
