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RLX Technology Inc.

RLX Clue Score60
Cayman Islands Fiscal year ends December CIK 0001828365
$1.73 +0.58% Close, 9 Oct 2026
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Price $1.73 −64.48% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 22 Jan 2021. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2018Revenue0.13Operating income0.00Net income−0.00EPS, diluted−0.00Fiscal year 2019Revenue1.55 +1,068.3%Operating income0.06Net income0.05EPS, diluted0.03Fiscal year 2020Revenue3.82 +146.5%Operating income0.01Net income−0.13 −368.3%EPS, diluted−0.09 −369.7%Fiscal year 2021Revenue8.52 +123.1%Operating income2.30Net income2.02EPS, diluted1.44Fiscal year 2022Revenue5.33 −37.4%Operating income1.06Net income1.44 −28.8%EPS, diluted1.09 −24.4%Fiscal year 2023Revenue1.59 −70.3%Operating income−0.50Net income0.53 −62.9%EPS, diluted0.40 −63.2%Fiscal year 2024Revenue2.75 +73.3%Operating income−0.11Net income0.55 +3.3%EPS, diluted0.43 +7.3%Fiscal year 2025Revenue3.96 +44.0%Operating income0.33Net income0.92 +67.1%EPS, diluted0.70 +63.1%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.13 1.55 3.82 8.52 5.33 1.59 2.75 3.96
Growth +1,068.3% +146.5% +123.1% −37.4% −70.3% +73.3% +44.0%
Operating income 0.00 0.06 0.01 2.30 1.06 −0.50 −0.11 0.33
Net income −0.00 0.05 −0.13 2.02 1.44 0.53 0.55 0.92
Growth −368.3% −28.8% −62.9% +3.3% +67.1%
EPS, diluted −0.00 0.03 −0.09 1.44 1.09 0.40 0.43 0.70
Growth −369.7% −24.4% −63.2% +7.3% +63.1%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2018Gross margin44.7%Operating margin1.7%Net margin−0.2%Free cash flow margin−0.8%Fiscal year 2019Gross margin37.5%Operating margin3.6%Net margin3.1%Free cash flow margin16.3%Fiscal year 2020Gross margin40.0%Operating margin0.3%Net margin−3.4%Free cash flow margin67.5%Fiscal year 2021Gross margin43.1%Operating margin27.0%Net margin23.8%Free cash flow margin19.6%Fiscal year 2022Gross margin43.2%Operating margin19.9%Net margin27.0%Free cash flow margin8.4%Fiscal year 2023Gross margin24.4%Operating margin−31.3%Net margin33.7%Free cash flow margin10.7%Fiscal year 2024Gross margin26.4%Operating margin−3.9%Net margin20.1%Free cash flow margin30.7%Fiscal year 2025Gross margin29.9%Operating margin8.3%Net margin23.3%Free cash flow margin24.9%
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 44.7% 37.5% 40.0% 43.1% 43.2% 24.4% 26.4% 29.9%
Operating margin 1.7% 3.6% 0.3% 27.0% 19.9% −31.3% −3.9% 8.3%
Net margin −0.2% 3.1% −3.4% 23.8% 27.0% 33.7% 20.1% 23.3%
Free cash flow margin −0.8% 16.3% 67.5% 19.6% 8.4% 10.7% 30.7% 24.9%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2018Operating cash flow−0.00Capital expenditure−0.00Free cash flow−0.00Fiscal year 2019Operating cash flow0.34Capital expenditure−0.08Free cash flow0.25Dividends paid−0.04Fiscal year 2020Operating cash flow2.59Capital expenditure−0.01Free cash flow2.58 +917.9%Fiscal year 2021Operating cash flow1.80Capital expenditure−0.13Free cash flow1.67 −35.2%Buybacks−0.13Fiscal year 2022Operating cash flow0.49Capital expenditure−0.04Free cash flow0.45 −73.1%Buybacks−0.50Fiscal year 2023Operating cash flow0.20Capital expenditure−0.03Free cash flow0.17 −62.0%Buybacks−1.00Dividends paid−0.09Fiscal year 2024Operating cash flow0.85Capital expenditure−0.01Free cash flow0.84 +395.2%Buybacks−0.59Dividends paid−0.09Fiscal year 2025Operating cash flow1.10Capital expenditure−0.12Free cash flow0.99 +16.9%Buybacks−0.18Dividends paid−0.09
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −0.00 0.34 2.59 1.80 0.49 0.20 0.85 1.10
Capital expenditure −0.00 −0.08 −0.01 −0.13 −0.04 −0.03 −0.01 −0.12
Free cash flow −0.00 0.25 2.58 1.67 0.45 0.17 0.84 0.99
Growth +917.9% −35.2% −73.1% −62.0% +395.2% +16.9%
Buybacks n/a n/a n/a −0.13 −0.50 −1.00 −0.59 −0.18
Dividends paid n/a −0.04 n/a n/a n/a −0.09 −0.09 −0.09

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2018Cash0.07Shareholders’ equity0.01Fiscal year 2019Cash0.14Shareholders’ equity0.11Fiscal year 2020Cash1.11Shareholders’ equity1.51Fiscal year 2021Cash5.21Shareholders’ equity13.51Fiscal year 2022Cash1.27Shareholders’ equity15.57Fiscal year 2023Cash2.39Shareholders’ equity15.61Fiscal year 2024Cash5.59Shareholders’ equity15.99Fiscal year 2025Cash5.37Shareholders’ equity15.63
FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.07 0.14 1.11 5.21 1.27 2.39 5.59 5.37
Shareholders’ equity 0.01 0.11 1.51 13.51 15.57 15.61 15.99 15.63

In billions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In billions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Assets
0.07 0.14 1.11 5.21 1.27 2.39 5.59 5.37
n/a 0.04 0.01 0.01 0.05 n/a n/a n/a
n/a 0.22 0.33 0.59 0.13 0.14 0.14 0.30
n/a 0.07 0.07 0.14 0.09 0.08 0.05 0.25
n/a n/a n/a n/a n/a 0.07 0.06 0.57
n/a 1.44 4.06 16.37 16.38 16.32 16.87 17.93
Growth +181.1% +303.1% +0.1% −0.4% +3.4% +6.3%
Liabilities
n/a 1.34 2.55 2.85 0.84 0.72 0.88 2.20
Equity
n/a 0.05 −0.08 1.91 3.32 3.77 4.22 4.12
0.01 0.11 1.51 13.51 15.57 15.61 15.99 15.63
Growth +1,504.7% +1,319.5% +795.8% +15.2% +0.3% +2.4% −2.2%
Per share and net cash
n/a 1,437 1,437 1,566 1,571 1,571 1,571 1,549
calc n/a 0.07 1.05 8.63 9.91 9.94 10.18 10.09

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CNY as filed; the screener converts to dollars.