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Financial Statements — RLX
Balance Sheet
(in billions CNY)| Metric | Q4 2025 | Q4 2024 | Q4 2023 | Q4 2022 | Q4 2021 |
|---|---|---|---|---|---|
| Cash & Equivalents | 5.37 | 5.59 | 2.39 | 0.18 | 0.82 |
| Short-term Investments | 2.33 | 0.72 | 0.44 | 0.35 | 3.62 |
| Accounts Receivable | -- | -- | -- | 0.05 | 0.01 |
| Inventory | 0.04 | 0.14 | 0.02 | 0.13 | 0.09 |
| Total Current Assets | 11.20 | 9.30 | 1.27 | 1.62 | 2.19 |
| Property, Plant & Equipment | 0.25 | 0.05 | 0.01 | 0.09 | 0.14 |
| Goodwill | 0.57 | 0.06 | 0.01 | -- | -- |
| Intangible Assets | 0.03 | 0.05 | 0.01 | 0.00 | 0.01 |
| Total Non-current Assets | 0.96 | 1.04 | 1.03 | 0.75 | 0.38 |
| Total Assets | 17.93 | 16.87 | 2.30 | 2.37 | 2.57 |
| Accounts Payable | 0.30 | 0.30 | 0.11 | 0.05 | 0.51 |
| Short-term Debt | 0.01 | 0.04 | -- | -- | -- |
| Total Current Liabilities | 0.28 | 0.12 | 0.09 | 0.11 | 0.43 |
| Total Non-current Liabilities | 0.03 | 0.00 | 0.01 | 0.01 | 0.02 |
| Total Liabilities | 0.31 | 0.88 | 0.72 | 0.84 | 2.85 |
| Retained Earnings | 4.12 | 4.22 | 3.77 | 3.32 | 1.91 |
| Total Stockholder Equity | 15.63 | 15.99 | 15.61 | 2.26 | 13.51 |
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