RLX RLX Technology Inc.

Overview and Growth

Fiscal 2025 results for RLX Technology Inc. combined $566.11M of revenue with net income of $131.83M and an operating cash inflow of $157.95M. The $566.11M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $376.55M in fiscal 2024, revenue recorded a 50.3% year-over-year increase. On a per-share basis, diluted EPS was $0.10, which connects the reported earnings outcome with the company’s diluted share count. Against diluted EPS of $0.06 in fiscal 2024, the current result was 69.5% higher. Asset turnover was 0.22x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

Gross profit was $169.25M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 29.9% of revenue, quantifying the portion retained before operating expenses were recognized. Operating income was $46.98M, the earnings remaining from reported operations after the company’s recognized operating cost structure. Operating margin measured 8.3%, showing the portion of revenue preserved after the full set of operating costs. Net income came to $131.83M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 23.3%, meaning that this portion of revenue remained as net income after all recognized expenses. Pretax income was $150.63M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. Pretax income represented 26.6% of revenue, placing earnings before tax in the context of the company’s operating scale. The reported income-tax provision was $17.02M, the amount recognized between pretax income and the final net-income result. The effective relationship between income tax and positive pretax income was 11.3%, without assuming a statutory-rate comparison. The relationship between net income and period-end equity was 5.9%, indicating the profitability achieved on book capital. Return on period-end assets was 5.1%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $2.56B, supported by $314.31M of liabilities and $2.25B of shareholder equity. The near-term balance sheet paired $1.60B of current assets with $281.00M of current liabilities at the reporting date. At 5.7x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $767.49M, identifying the most liquid reported component available within the broader current-asset balance. Cash and equivalents represented 273.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. The liabilities-to-assets relationship was 12.3%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 29.9%, comparing reported cash and equivalents with the full positive asset balance. Compared with $2.31B in fiscal 2024, the current asset base moved 10.9% and finished higher. Against $2.19B of equity in fiscal 2024, the current book-equity balance moved 2.7% and ended higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $157.95M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Against net income, operating cash flow measured 1.2x, showing the relationship between accrual earnings and operating cash. Capital expenditures used $16.84M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital expenditures represented 10.7% of operating cash flow, leaving the remainder available as free cash flow. After capital spending, free cash flow was $141.11M, leaving cash available for debt reduction, shareholder returns, or further investment. The free-cash-flow margin was 24.9%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 5.5%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.