Financial Statements — RLX
Balance Sheet
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Cash & Equivalents | 0.77 | 0.77 | 2.39 | 0.18 | 0.82 | 1.11 |
| Short-term Investments | 2.33 | 0.72 | 0.44 | 2.43 | 0.57 | 1.47 |
| Accounts Receivable | -- | -- | -- | 0.05 | 0.01 | 0.01 |
| Inventory | 0.30 | 0.14 | 0.14 | 0.02 | 0.59 | 0.05 |
| Total Current Assets | 11.20 | 9.30 | 1.27 | 1.62 | 2.19 | 0.59 |
| Property, Plant & Equipment | 0.25 | 0.05 | 0.08 | 0.01 | 0.14 | 0.07 |
| Goodwill | 0.57 | 0.06 | 0.01 | -- | -- | -- |
| Intangible Assets | 0.03 | 0.05 | 0.01 | 0.00 | 0.00 | 0.01 |
| Total Non-current Assets | 0.96 | 1.04 | 1.03 | 0.75 | 2.41 | 0.03 |
| Total Assets | 17.93 | 16.87 | 2.30 | 2.37 | 16.37 | 0.62 |
| Accounts Payable | 0.30 | 0.30 | 0.11 | 0.05 | 0.51 | 0.54 |
| Short-term Debt | 0.01 | 0.04 | -- | -- | -- | -- |
| Total Current Liabilities | 0.28 | 0.12 | 0.09 | 0.11 | 0.43 | 2.50 |
| Total Non-current Liabilities | 0.03 | 0.02 | 0.05 | 0.01 | 0.11 | 0.05 |
| Total Liabilities | 0.31 | 0.88 | 0.10 | 0.84 | 2.85 | 2.55 |
| Retained Earnings | 4.12 | 4.22 | 3.77 | 0.48 | 1.91 | (0.08) |
| Total Stockholder Equity | 15.63 | 15.99 | 15.61 | 2.26 | 13.51 | 1.51 |
Income Statement
(in billions CNY) (except per-share rows)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Total Revenue | 3.96 | 2.75 | 1.59 | 5.33 | 8.52 | 3.82 |
| Cost of Revenue | 0.35 | 1.72 | 0.12 | 0.43 | 4.85 | 0.35 |
| Gross Profit | 1.18 | 0.73 | 0.05 | 0.33 | 3.67 | 0.23 |
| Research & Development | 0.02 | 0.01 | 0.17 | 0.32 | 0.03 | 0.05 |
| Selling, General & Admin | 0.05 | 0.07 | 0.50 | 0.08 | 0.11 | 0.77 |
| Total Operating Expenses | 0.12 | 0.83 | 0.88 | 1.24 | 0.22 | 1.51 |
| Operating Income | 0.05 | (0.11) | (0.07) | 1.06 | 0.36 | 0.01 |
| Interest Expense | 0.00 | 0.00 | -- | 0.00 | -- | -- |
| Pretax Income | 0.15 | 0.66 | 0.59 | 1.78 | 0.42 | 0.02 |
| Tax Provision | 0.12 | 0.09 | 0.01 | 0.37 | 0.10 | 0.04 |
| Net Income | 0.92 | 0.55 | 0.53 | 0.21 | 2.02 | (0.13) |
| Basic EPS | 0.10 | 0.45 | 0.06 | 1.09 | 1.45 | (0.01) |
| Diluted EPS | 0.10 | 0.43 | 0.40 | 0.16 | 0.23 | (0.01) |
Cash Flow Statement
(in billions CNY)| Metric | FY
2025 | FY
2024 | FY
2023 | FY
2022 | FY
2021 | FY
2020 |
|---|
| Operating Cash Flow | 0.16 | 0.85 | 0.20 | 0.49 | 1.80 | 2.59 |
| Capital Expenditures | 0.02 | 0.00 | 0.03 | 0.01 | 0.02 | 0.01 |
| Free Cash Flow* | 0.14 | 0.85 | 0.17 | 0.48 | 1.78 | 2.58 |
| Investing Cash Flow | (0.82) | 3.02 | 2.09 | (4.13) | (1.24) | (1.81) |
| Financing Cash Flow | (0.28) | (0.68) | (1.19) | (0.48) | 1.55 | 0.17 |
* Derived from reported values
Dividends Per Share
(USD)| Metric | FY
2025 |
|---|
| Dividends Per Share | 0.11 |
