By Timothy s. Donahue
Top Takeaways
- International markets drove results, contributing more than 70% of Q3 revenue and supporting nearly 50% year-over-year growth.
- Profitability strengthened, with non-GAAP operating income more than doubling and gross margin improving to 31.2%.
- RLX expanded its product portfolio, launching a self-developed oral dissolvable film in the U.K. as global regulatory conditions stabilized.
RLX Technology Inc. announced its unaudited results for the third quarter ended September 30, 2025, reflecting strong year-over-year and quarter-over-quarter growth driven by its international business.
For Q3 2025, RLX reported net revenues of RMB 1.29 billion (US$158.6 million), a 49.3% increase compared to RMB 756.3 million in the same period in 2024. The company’s adjusted non-GAAP net income rose to RMB 295.4 million (US$41.5 million), up from RMB 263.6 million a year earlier.
Board Chair and CEO Wang Ying stated in a release, “Our disciplined execution on international expansion and innovation is translating into tangible growth. Internationally, we expanded our leadership in key Asia-Pacific and European markets through targeted investments in retail networks and customized local product platforms.”
She noted that enhanced regulatory clarity in Mainland China “has helped restore order to the market … fueling a measured recovery of our business.” International operations contributed the majority of revenue, accounting for approximately 71.6% of net revenues in Q3.
RLX also reported that its non-GAAP income from operations increased to RMB 187.8 million, significantly higher than the RMB 84.0 million in the same period last year. CFO Lu Chao stated, “These results demonstrate the strength of our diversified growth model propelled by organic share gains in existing international markets, high-return capital deployment in Europe, and a steady rebound in Mainland China.”
He highlighted that RLX has “returned over US$500 million to shareholders through repurchases and dividends,” reaffirming the company’s focus on long-term value creation. Additionally, gross margin increased to 31.2% in the quarter, up from 27.2% in Q3 2024, according to the press release.
RLX also announced the launch of its self-developed oral dissolvable film product in the U.S., marking part of its strategic move beyond traditional vapor products. The release did not mention if the company intended to file a premarket tobacco product application (PMTA) with the U.S. Food and Drug Administration.
