RLX Technology (NYSE:RLX) delivered a robust financial performance for fiscal year 2025, demonstrating a successful pivot toward international markets as the e-vapor leader navigates a shifting regulatory landscape in its home market of China.
The Beijing-based company reported total net revenues of RMB3,958.9 million for the year ended Dec. 31, 2025, representing a 44% increase from the previous year.
The growth was particularly pronounced in the fourth quarter, where revenues climbed 40.3% year-over-year to RMB1,141.3 million.
Highlighting the company's strategic shift, international sales accounted for 76.5% of total revenue in the final quarter, up from a minority share just two years ago.
Profitability metrics saw significant improvement alongside the top-line growth.
Gross margin for the full year expanded to 29.9%, while non-GAAP operating income skyrocketed 110.2% to RMB569.9 million.
These gains were attributed to increased scale in Southeast Asia and Europe, as well as the successful integration of a strategic acquisition that bolstered the company’s supply chain and product portfolio.
Meanwhile, RLX continues to maintain one of the strongest balance sheets in the sector.