RLX on NYSE

RLX Technology Inc.

RLX Technology Inc. is a cigarettes company based in George Town, Cayman Islands, listed on NYSE (RLX).1

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Last updated Oct 20, 2026.

Overview

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  • TickerRLX on NYSE1
  • IndustryCigarettes1
  • HeadquartersGeorge Town, Cayman Islands1
  • Websitewww.relxtech.com
  • Incorporated inCayman Islands4
  • Business address10Th Fl, Bldg 1A, Unit 1 Xingiao E, Bao'An District, Shenzhen, Guangdong Province, 5181254
  • Filer categoryLarge accelerated filer4
  • Legal formexempt company3
  • LEI984500EG5DBB2F7F40023
  • StatusActive3
  • LEI statusIssued and current3
  • Registered addressC/O MAPLES CORPORATE SERVICES LIMITED, KY1-1104 George Town, Cayman Islands3
  • Registered withGeneral Registry, 3664313

We commenced operations on January 2, 2018, when Shenzhen Wuxin Technology Co., Ltd., or Shenzhen Wuxin, was established.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

29.9%Gross margin6
8.3%Operating margin6
23.3%Net margin6
50.3%Revenue growth, 20256
5.9%Return on equity6
$141.1MFree cash flow6

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Core Markets brought in 84% of the revenue RLX Technology Inc. broke down this way in fiscal 2025.

  1. Core Markets3.3B CNY684%
  2. Europe Acquisition625.4M CNY616%
Business segments by year
Business segments2025
Core Markets3.3B CNY
Europe Acquisition625.4M CNY

Regions

HKMember brought in 34% of the revenue RLX Technology Inc. broke down this way in fiscal 2025.

  1. HKMember1.3B CNY634%up 40% from 2024
  2. China1.2B CNY631%up 5% from 2024
  3. Countries Other Than China And United Kingdom932.6M CNY624%up 48% from 2024
  4. United Kingdoms468.0M CNY612%
Regions by year
Regions202320242025
HKMember966.6M CNY1.3B CNY
China1.4B CNY1.2B CNY1.2B CNY
Countries Other Than China And United Kingdom228.5M CNY629.2M CNY932.6M CNY
United Kingdoms468.0M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue61¢$348.0M
  • Research and development3¢$18.7M
  • Other costs9¢$49.6M
  • Interest0¢$914.0K
  • Income tax3¢$17.0M
  • Profit23¢$131.8M

Out of $566.1M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Capital spending11¢$16.8M
  • Dividends paid8¢$13.1M
  • Share buybacks17¢$26.3M
  • Kept or used elsewhere64¢$101.7M

Out of $157.9M of cash from operations.6

Financial statements

Revenue78910116$566.1M in 2025−3% since 2020
0$500.0M$1.0B$1.5B2020: $585.4M$585.4M20202021: $1.3B$1.3B2021+128%2022: $773.2M$773.2M2022−42%2023: $223.4M$223.4M2023−71%2024: $376.6M$376.6M2024+69%2025: $566.1M$566.1M2025+50%
Gross profit78910116$169.3M in 2025−28% since 2020
0$200.0M$400.0M$600.0M2020: $234.1M$234.1M20202021: $576.2M$576.2M2021+146%2022: $334.2M$334.2M2022−42%2023: $54.6M$54.6M2023−84%2024: $99.5M$99.5M2024+82%2025: $169.3M$169.3M2025+70%
Operating income78910116$47.0M in 2025+2232% since 2020
-$200.0M0$200.0M$400.0M2020: $2.0M$2.0M20202021: $360.7M$360.7M2021+17802%2022: $154.2M$154.2M2022−57%2023: -$70.0M-$70.0M20232024: -$14.7M-$14.7M2024−79%2025: $47.0M$47.0M2025
Net income78910116$131.8M in 2025
-$100.0M0$100.0M$200.0M$300.0M$400.0M2020: -$19.6M-$19.6M20202021: $317.7M$317.7M20212022: $209.0M$209.0M2022−34%2023: $75.3M$75.3M2023−64%2024: $75.6M$75.6M2024+0%2025: $131.8M$131.8M2025+74%

Every line of the income statement as filed: the last 3 fiscal years, latest first.6

Period ending2025-12-312024-12-312023-12-31
Net revenues4.0B CNY2.7B CNY1.6B CNY
Excise tax on products-341.6M CNY-304.1M CNY-342.4M CNY
Gross profit1.2B CNY726.5M CNY387.7M CNY
General and administrative expenses-336.9M CNY-515.9M CNY-498.0M CNY
Research and development expenses-131.0M CNY-88.3M CNY-172.7M CNY
Total operating expenses-855.0M CNY-833.7M CNY-884.4M CNY
(Loss)/income from operations328.6M CNY-107.1M CNY-496.7M CNY
Interest income, net560.4M CNY616.4M CNY627.9M CNY
Investment income51.6M CNY49.6M CNY245.7M CNY
Others, net112.8M CNY99.9M CNY214.9M CNY
Income before income tax1.1B CNY658.8M CNY591.7M CNY
Income tax expense-119.0M CNY-94.5M CNY-50.8M CNY
Net income934.4M CNY564.3M CNY541.0M CNY
Less: net income attributable to noncontrolling interests12.5M CNY12.5M CNY6.7M CNY
Net income attributable to RLX Technology Inc.921.9M CNY551.8M CNY534.3M CNY
Foreign currency translation adjustments-257.2M CNY143.8M CNY198.5M CNY
Unrealized income/(loss) on investment securities-2.2M CNY-2.2M CNY632.0K CNY
Total other comprehensive income/(loss)-259.3M CNY141.6M CNY199.2M CNY
Total comprehensive income675.0M CNY706.0M CNY740.2M CNY
Less: total comprehensive income attributable to noncontrolling interests13.4M CNY12.5M CNY6.7M CNY
Total comprehensive income attributable to RLX Technology Inc.661.6M CNY693.5M CNY733.5M CNY
-Basic0.70 CNY0.45 CNY0.41 CNY
-Diluted0.70 CNY0.43 CNY0.40 CNY
-Basic1.2B shares1.2B shares1.3B shares
-Diluted1.2B shares1.3B shares1.3B shares
Cost of revenues2.4B CNY1.7B CNY856.3M CNY
Selling expenses387.1M CNY229.5M CNY213.7M CNY

Compare RLX Technology Inc. with another company

Corporate structure

RLX Technology Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of RLX Technology Inc.

  • Ying Kate Wang Filed SCHEDULE 13G/A on RLX Technology Inc., latest Mar 18, 2026 (4 filings since Feb 11, 2022)
  • Deep Technology Linkage Fund L.P. Filed SC 13G/A on RLX Technology Inc., latest Feb 6, 2024 (3 filings since Mar 29, 2022)
  • RLX Technology Inc. George Town, Cayman Islands

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What RLX Technology Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation544.9M CNY6 Dec 31, 2025254.1M CNY6 Dec 31, 2024+114.5%
Accumulated depreciation287.9M CNY6 Dec 31, 2025188.2M CNY6 Dec 31, 2024+53.0%
Property and equipment, net$35.2M6 Dec 31, 2025$7.0M11 Dec 31, 2024+405.5%
Operating-lease assets (leased space)$11.8M6 Dec 31, 2025$3.3M11 Dec 31, 2024+256.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$767.5M6 Dec 31, 2025$766.3M11 Dec 31, 2024+0.2%
Marketable securities, current$332.7M6 Dec 31, 2025$98.6M11 Dec 31, 2024+237.4%
Long-term investments$1.2M6 Dec 31, 2025$1.1M11 Dec 31, 2024+8.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$81.1M6 Dec 31, 2025$8.2M11 Dec 31, 2024+893.6%
Finite-lived intangibles, gross283.5M CNY6 Dec 31, 202590.7M CNY6 Dec 31, 2024+212.4%
Accumulated amortization68.9M CNY6 Dec 31, 202536.6M CNY6 Dec 31, 2024+88.5%
Finite-lived intangibles, net$30.5M6 Dec 31, 2025$7.2M11 Dec 31, 2024+321.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$42.6M6 Dec 31, 2025$19.5M11 Dec 31, 2024+118.0%
Finished goods274.8M CNY6 Dec 31, 2025121.4M CNY6 Dec 31, 2024+126.3%

Leadership

Who has led RLX Technology Inc., and when. Pick a name to see everywhere that person has worked.

Chief financial officer

  1. Chao Lu2026–now
  • Chief financial officerChao Lu Mar 18, 2026 to now12
Board members and other officers (6)

Timeline

  1. Sep 24, 2020Founded RLX Technology Inc. is founded3

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/202617

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

59 filings to the SEC since October 2021: 5 annual reports, 7 insider forms, 7 large holders, 40 other. The latest 20:

  1. Aug 14, 20266-K EDGAR
  2. Aug 4, 20264 OWNERSHIP DOCUMENT EDGAR
  3. May 20, 20266-K EDGAR
  4. Apr 23, 202620-F EDGAR
  5. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  6. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  7. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  8. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  9. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  10. Mar 18, 20263 OWNERSHIP DOCUMENT EDGAR
  11. Mar 18, 2026SCHEDULE 13G/A EDGAR
  12. Mar 13, 20266-K EDGAR
  13. Dec 31, 20256-K EDGAR
  14. Nov 14, 20256-K EDGAR
  15. Aug 22, 20256-K EDGAR
  16. May 16, 20256-K EDGAR
  17. Apr 17, 202520-F EDGAR
  18. Mar 26, 2025144 EDGAR
  19. Mar 14, 20256-K EDGAR
  20. Nov 15, 20246-K EDGAR

The 59 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
First Beijing Investment Ltd59,821,839$113.7M4.7%−307,832
IDG China Venture Capital Fund V Associates L.P.55,074,473$104.6M100.0%−2,058,530
Nomura Holdings Inc22,583,602$42.9M0.2%+20,221,393
Vanguard Capital Management LLC20,925,425$39.8M0.0%−546,627
OLP CAPITAL MANAGEMENT Ltd13,322,760$25.3M6.3%−13,052,670
BlackRock, Inc.9,634,820$18.3M0.0%+109,933
D. E. Shaw & Co., Inc.9,550,710$18.1M0.0%−59,275
Perseverance Asset Management International7,360,737$14.0M1.4%−135,125
Oasis Management Co Ltd.6,497,600$12.3M1.4%No change
Barclays PLC6,048,550$11.5M0.0%No change
Vanguard Fiduciary Trust Co5,645,844$10.7M0.0%+28,425
Pictet Asset Management Holding SA3,933,703$7.5M0.0%+181,359
Morgan Stanley3,906,504$7.4M0.0%−1,861,603
State Street Corp2,993,983$5.7M0.0%−333,677
Bank Of America Corp /de/2,457,161$4.7M0.0%+7,453
Two Sigma Investments, LP2,343,695$4.5M0.0%+1,715,872
Goldman Sachs Group Inc2,172,378$4.1M0.0%−36,324
Connor, Clark & Lunn Investment Management Ltd.2,157,166$4.1M0.0%−2,623
Capitolis Liquid Global Markets LLC1,510,200$2.9M0.0%No change
Assenagon Asset Management S.A.1,455,020$2.8M0.0%+703,023
VANGUARD ASSET MANAGEMENT, Ltd1,012,371$1.9M0.0%+11,368
Charles Schwab Investment Management Inc862,910$1.6M0.0%−2,223
Citadel Advisors LLC804,969$1.5M0.0%−2,361,641
UBS Group AG789,429$1.5M0.0%−525,933
Legal & General Group Plc775,522$1.5M0.0%−50,611

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How RLX Technology Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARRLX Technology Inc.2
  • CIK0001828365
  • Filer statusLarge accelerated filer not an emerging growth company; not a shell company5
  • Incorporated inCayman Islands5
  • Fiscal year endsDecember 312
  • Industry code (SIC)2111 Cigarettes2
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance2
  • Business address10Th Fl, Bldg 1A, Unit 1 Xingiao E, Bao'An District, Shenzhen, Guangdong Province, 518125, China2
  • Phone86 755 8696 76192
  • Shares outstanding1,548,940,307 shares; 1,240,225,317 Common Class A shares; 308,714,990 Common Class B shares as of Mar 31, 20265
  • AuditorPricewaterhouseCoopers Zhong Tian LLP, Beijing, the People’s Republic of China PCAOB ID 1424; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceOct 26, 20202
  • Filings88 in all: 6-K (33), UPLOAD (8), CORRESP (7), 20-F (6), 3 (6), 144 (5), SC 13G/A (4), DRSLTR (2)2
    All 22 form types

    EFFECT (2), F-1/A (2), SC 13G (2), 4 (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), DRS/A (1), F-1 (1), F-6 (1), F-6EF (1), S-8 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Apr 23, 2026

Securities registered for trading

ClassSymbolExchange
American Depositary Shares, eachrepresenting one Class A ordinary share,par value US$0.00001 per shareRLXNew York Stock Exchange
Class A ordinary shares,par value US$0.00001 per share*New York Stock Exchange

From the cover page of the 20-F filed Apr 23, 2026 (Section 12(b) of the Exchange Act).5