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.
As of Dec. 31, 2025, the company held RMB15,732.1 million (approximately $2.2 billion) in cash, cash equivalents, and short-term investments.
This liquidity has allowed the firm to remain aggressive in its capital return program.
During the fiscal year, RLX returned approximately $171 million to shareholders via dividends and continued its $330 million share repurchase program.