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Tobacco · Consumer Defensive · Fiscal year ends Dec 31 · Reports in CNY
RLX Technology reported revenue of CNY 4B in the fiscal year ended Dec 2025, up 44.0% from the year before. Operating income was CNY 329M, an operating margin of 8.3%, and net income was CNY 922M. Operating cash flow of CNY 1.1B less capital expenditure of CNY 118M left free cash flow of CNY 987M.
Ranks among the 4 tobacco companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 8,521 | 5,333 | 1,586 | 2,749 | 3,959 |
| Cost of revenue | 4,849 | 2,975 | 856 | 1,718 | 2,434 |
| Gross profit | 3,672 | 2,305 | 388 | 727 | 1,184 |
| Research & development | 180 | 317 | 173 | 88.3 | 131 |
| Selling, general & admin | 1,193 | 925 | 712 | 745 | 724 |
| Operating income | 2,299 | 1,063 | −497 | −107 | 329 |
| Interest expense | – | 1.4 | – | 0.2 | 6.4 |
| Pre-tax income | 2,660 | 1,780 | 592 | 659 | 1,053 |
| Income tax | 631 | 372 | 50.8 | 94.5 | 119 |
| Net income | 2,025 | 1,441 | 534 | 552 | 922 |
| Diluted EPS | 1.44 | 1.08 | 0.40 | 0.43 | 0.70 |
| Diluted shares | 1,410 | 1,328 | 1,340 | 1,289 | 1,224 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 5,209 | 1,269 | 2,390 | 5,593 | 5,367 |
| Receivables | 12.5 | 51.4 | 60.5 | 78.5 | 190 |
| Inventory | 589 | 131 | 145 | 143 | 298 |
| Current assets | 13,951 | 11,198 | 8,984 | 9,301 | 11,204 |
| Net PP&E | 143 | 87.9 | 77.4 | 50.8 | 246 |
| Goodwill | – | – | 66.5 | 59.6 | 567 |
| Total assets | 16,365 | 16,379 | 16,315 | 16,871 | 17,930 |
| Payables | 506 | 52.5 | 109 | 295 | 304 |
| Deferred revenue | 287 | 75.2 | 49.6 | 10.6 | 84.0 |
| Current liabilities | 2,738 | 790 | 669 | 858 | 1,965 |
| Short-term debt | – | – | 0.0 | 40.0 | 92.1 |
| Total liabilities | 2,846 | 838 | 717 | 881 | 2,198 |
| Shareholders' equity | 13,515 | 15,569 | 15,609 | 15,988 | 15,634 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,800 | 487 | 199 | 854 | 1,105 |
| Capital expenditure | 131 | 38.6 | 28.2 | 10.1 | 118 |
| Free cash flow | 1,669 | 448 | 170 | 844 | 987 |
| Depreciation & amortisation | 40.9 | 76.0 | 37.6 | 27.7 | 30.9 |
| Stock-based compensation | 223 | 166 | 363 | 370 | 186 |
| Acquisitions | – | – | – | – | 599 |
| Share buybacks | 128 | 500 | 997 | 589 | 184 |
| Dividends paid | – | – | 92.4 | 88.8 | 91.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −37.4% | −70.3% | 73.3% | 44.0% |
| Operating income growth (YoY) | – | −53.7% | −146.7% | – | – |
| EPS growth (YoY) | – | −24.4% | −63.2% | 7.3% | 63.1% |
| Gross margin | 43.1% | 43.2% | 24.4% | 26.4% | 29.9% |
| Operating margin | 27.0% | 19.9% | −31.3% | −3.9% | 8.3% |
| Net margin | 23.8% | 27.0% | 33.7% | 20.1% | 23.3% |
| Return on equityBlank when equity is negative | 15.0% | 9.3% | 3.4% | 3.5% | 5.9% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.9% | 6.8% | −3.2% | −0.7% | 2.1% |
| Free cash flow margin | 19.6% | 8.4% | 10.7% | 30.7% | 24.9% |
| Cash conversion (CFO ÷ net income) | 0.89x | 0.34x | 0.37x | 1.55x | 1.20x |
| Receivable days | 1 | 4 | 14 | 10 | 18 |
| Inventory days | 44 | 16 | 62 | 30 | 45 |
| Payable days | 38 | 6 | 47 | 63 | 46 |
| Interest cover | – | 758x | – | −609x | 51.4x |
| Current ratio | 5.10x | 14.2x | 13.4x | 10.8x | 5.70x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.