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Sep 30
RLX Q3 2025 Earnings Report
RLX Technology reported solid growth in Q3 2025 with strong international performance and higher profitability.
Key Takeaways
RLX Technology delivered strong Q3 results driven by significant growth in international markets, improved gross margins, and a rebound in its China business.
Net revenues reached $158,628,000, primarily driven by international expansion.
Net income came in at $29,053,000 under U.S. GAAP.
International revenue accounted for 71.6% of total net revenues.
Gross margin improved to 31.2% compared to 27.2% a year ago.
RLX
RLX
RLX Revenue by Geographic Location
Revenue by Geographic Location
Mainland China Revenue
CapyFin.comInternational Markets Revenue
CapyFin.com Forward Guidance
RLX expects continued growth through global diversification and innovation, but remains cautious due to regulatory risks and competitive pressures.
Positive Outlook
- Strong retail and product expansion in Europe and Asia-Pacific.
- Robust international revenue mix at 71.6%.
- Improved gross margins from favorable geographic mix.
- Successful rollout of oral product line in the UK.
- Solid balance sheet with over $500M returned to shareholders.
Challenges Ahead
- Regulatory challenges in Mainland China persist.
- Increased operating expenses from higher salaries and shipping costs.
- Foreign currency translation led to losses in comprehensive income.
- Uncertainty around long-term domestic recovery.
- Higher R&D and administrative costs may weigh on margins.
Revenue & Expenses
Visualization of income flow from segment revenue to net income