← RLX Technology Inc.
| Annual Trend | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and Cash Equivalents, at Carrying Value | — | — | — | $135.5m | $170.7m | $817.4m | $183.9m | $336.7m | $766.3m | $767.5m | |
| Prepaid Expense and Other Assets, Current | — | — | — | $103.5m | $11.4m | $75.7m | $28.8m | $71.6m | $25.4m | $45.7m | |
| Short-term Investments | — | — | — | $40.0m | $225.8m | $568.3m | $353.0m | $435.7m | $98.6m | $332.7m | |
| Cash and cash equivalents | $1.8m | $3.8m | $45.3m | $135.5m | $1.1b | $5.2b | $1.3b | $2.4b | $5.6b | $5.4b | |
| Receivables from online payment platforms | — | — | — | $9.5m | $862k | $10.0m | $3.0m | $6.9m | $4.7m | $4.1m | |
| Short-term investments, net | — | — | — | $40.0m | $1.5b | $3.6b | $2.4b | $3.1b | $719.8m | $2.3b | |
| Accounts and notes receivable, net | — | — | — | $38.8m | $20.1m | $14.0m | $51.4m | $60.5m | $78.5m | $190.4m | |
| Prepayments and other current assets, net | — | — | — | $103.5m | $74.4m | $482.7m | $198.9m | $508.4m | $185.1m | $319.5m | |
| Notes receivable | $4.7m | $6.1m | $4.0m | $3.1m | $4.2m | $6.3m | $10.8m | $3.7m | $1.3m | $0 | |
| Accounts receivable, net | $38.1m | $39.4m | $24.3m | $68.5m | $48.2m | $26.7m | $22.6m | $27.5m | $38.6m | $35.9m | |
| Prepaid expenses | $110k | $828k | $510k | $193k | $198k | $146k | $420k | $350k | $402k | $389k | |
| Long-term other receivables, net | — | — | $0 | $440k | $4k | $115k | $1.6m | $4k | $0 | — | |
| Prepaid expenses - related parties | — | — | $0 | $218k | $0 | $433k | $275k | $0 | — | — | |
| Trade accounts receivable-related party, net | — | — | $0 | $3.4m | $3.1m | $0 | — | — | — | — | |
| Long-term trade accounts receivable, net | $2.2m | $0 | $4.2m | $0 | — | — | — | — | — | — | |
| Inventory, Net | $6.3m | $2.6m | $6.8m | $219.3m | $50.4m | $92.4m | $19.0m | $20.4m | $19.5m | $42.6m | |
| Assets, Current | — | — | — | $1.2b | $592.6m | $2.2b | $1.6b | $1.3b | $1.3b | $1.6b | |
| Total current assets | $74.3m | $68.4m | $100.8m | $1.2b | $3.9b | $14.0b | $11.2b | $9.0b | $9.3b | $11.2b | |
| Long-term investments, net | — | — | — | $5.0m | $4.0m | $12.0m | $8.0m | $8.0m | $8.0m | $8.3m | |
| Long-term investment securities, net | — | — | — | — | — | — | $3.4b | $5.2b | $6.6b | $5.1b | |
| Property, Plant and Equipment, Net | $2.9m | $2.8m | $3.2m | $66.5m | $11.4m | $22.5m | $12.7m | $10.9m | $7.0m | $35.2m | |
| Goodwill | — | — | — | — | — | $7.0m | $4.7m | $9.4m | $8.2m | $81.1m | |
| Intangible assets, net | — | — | — | $5.4m | $5.4m | $8.4m | $7.6m | $69.8m | $52.8m | $213.1m | |
| Operating Lease, Right-of-Use Asset | — | — | — | $90.2m | $14.1m | $27.7m | $10.9m | $7.4m | $3.3m | $11.8m | |
| Other Assets, Noncurrent | — | — | — | $21.3m | $1.7m | $7.7m | $2.0m | $686k | $1.4m | $4.2m | |
| Right-of-use assets, net | — | — | — | $90.2m | $91.7m | $176.3m | $75.0m | $52.6m | $24.1m | $82.4m | |
| Operating lease right-of-use assets, net (including ¥1,769,840 and ¥696,851($97,277) from a related party as of June 30, 2024 and June 30, 2025, respectively) | — | — | — | — | — | — | — | $2.7m | $23.5m | $19.0m | |
| Additional Financial Items | |||||||||||
| Accounts Receivable, after Allowance for Credit Loss, Current | — | — | — | $38.8m | $14.6m | $12.5m | $51.4m | — | — | — | |
| Restricted cash | — | — | — | $348.5m | $340.8m | $500k | $20.6m | $29.8m | $50.9m | $177.9m | |
| Short-term bank deposits, net | — | — | — | $287.7m | $493.3m | $4.0b | $7.1b | $2.6b | $2.2b | $2.3b | |
| Amounts due from related parties | $44.0m | $4.1m | $5.4m | $72.8m | $21.0m | $1.9m | $5.1m | $118.7m | $346.1m | $210.2m | |
| Deferred tax assets, net | — | — | — | $104k | $6.0m | $20.9m | $63.9m | $58.3m | $38.1m | $29.1m | |
| Long-term bank deposits, net | — | — | — | — | — | $2.0b | $1.5b | $1.8b | $727.4m | $433.6m | |
| Other non-current assets, net | — | — | — | $21.3m | $11.4m | $49.0m | $13.5m | $4.9m | $9.9m | $29.4m | |
| Accounts and notes payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 252,401 and RMB 150,891 as of December 31, 2024 and 2025, respectively) | — | — | — | $499.0m | $1.5b | $1.3b | $269.3m | $266.4m | $458.5m | $403.7m | |
| Contract liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 1,148 and RMB 567 as of December 31, 2024 and 2025, respectively) | — | — | — | $18.4m | $320.4m | $286.7m | $75.2m | $49.6m | $10.6m | $84.0m | |
| Salary and welfare benefits payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 42,785 and RMB 56,203 as of December 31, 2024 and 2025, respectively) | $381k | $2.0m | $600k | $42.3m | $179.6m | $170.4m | $127.7m | $39.3m | $73.7m | $93.9m | |
| Taxes payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 30,720 and RMB 16,203 as of December 31, 2024 and 2025, respectively) | $756k | $685k | $432k | $2.8m | $363.6m | $597.8m | $109.7m | $77.2m | $126.2m | $159.7m | |
| Short-term loans (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 40,000 and RMB 20,000 as of December 31, 2024 and 2025, respectively) | $26.4m | $300k | $0 | — | — | — | — | $0 | $40.0m | $92.1m | |
| Accrued expenses and other current liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 92,335 and RM62,535 as of December 31, 2024 and 2025, respectively) | — | — | — | $25.6m | $116.9m | $313.4m | $161.5m | $104.0m | $108.8m | $149.6m | |
| Amounts due to related parties (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 26 and RMB 83 as of December 31, 2024 and 2025, respectively) | $15.6m | $3.4m | $3.3m | $646.0m | $0 | $0 | $423k | $101.9m | $27.4m | $474.6m | |
| Dividend payable (including amounts of the consolidated VIE without recourse to the primary beneficiary of nil and nil as of December 31, 2024 and 2025, respectively). | — | — | — | — | — | — | $0 | $881k | $1.1m | $478.8m | |
| Lease liabilities - current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 9,301 and RMB 9,649 as of December 31, 2024 and 2023, respectively) | — | — | — | $31.4m | $45.1m | $80.6m | $46.0m | $29.4m | $11.4m | $28.6m | |
| Lease liabilities - non-current portion (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 4,743 and RMB 25,898 as of December 31, 2024 and 2025, respectively) | — | — | — | $61.3m | $49.4m | $104.2m | $40.0m | $24.4m | $7.0m | $55.7m | |
| Ordinary shares (US$0.00001 par value; 15,000,000,000 shares authorized; 1,570,790,570 shares issued as of December 31, 2024; 1,570,790,570 shares issued as of December 31, 2025) | $741k | $1.3m | $2.3m | $94k | $94k | $103k | $104k | $104k | $104k | $104k | |
| Statutory reserves | — | — | — | $1.0m | $1.0m | $2.3m | $27.8m | $27.8m | $27.3m | $27.3m | |
| Loans to third parties-short term | — | — | — | — | — | — | — | — | $208.9m | $141.6m | |
| Purchase advances, net | $2.6m | $11.5m | $12.7m | $1.3m | $179k | $1.1m | $178k | $2.7m | $5.2m | $14.6m | |
| Contract costs, net | — | — | — | — | $31.5m | $48.8m | $33.9m | $49.6m | $48.3m | $53.5m | |
| Deferred offering cost | — | — | — | — | — | — | — | — | $0 | $2.5m | |
| Construction in progress | — | $0 | $11.8m | $21.5m | $27.2m | — | $240k | $0 | $219k | $12.0m | |
| Short-term bank loans | — | — | $0 | $2.5m | $9.5m | $15.0m | $10.0m | $12.5m | $12.4m | $11.6m | |
| Short-term borrowings - related parties | — | — | — | — | $10.2m | $12.7m | $9.0m | $20.0m | $10.0m | $10.0m | |
| Long-term borrowings - related party | — | $0 | $8.9m | $8.2m | $7.4m | $6.5m | $5.5m | $0 | $10.0m | $10.0m | |
| Warrant liability - non-current | — | — | — | — | — | $190.6m | $16.7m | $31.6m | $7k | $688 | |
| Statutory reserve | $4.1m | $4.1m | $4.1m | $4.1m | $4.1m | $4.1m | $4.1m | $4.1m | $4.1m | $4.1m | |
| Loans to third parties | — | — | $2.0m | $5.0m | $3.2m | $50.5m | $50.4m | $123.1m | $208.9m | — | |
| Other payable- related parties | — | — | — | — | $4.5m | $2.4m | $2.2m | $2.6m | — | — | |
| Long-term borrowings - related party - current portion | — | $0 | $720k | $781k | $847k | $920k | $1,000k | — | — | — | |
| Contract liabilities - non-current | — | — | — | — | — | — | $106k | $0 | — | — | |
| Land use right, net | — | $0 | $1.3m | $1.3m | $1.3m | $1.3m | $1.2m | — | — | — | |
| Investment in unconsolidated entity | — | — | $0 | $31.1m | $31.5m | $27.9m | — | — | — | — | |
| Short-term borrowings | — | — | $0 | $1.1m | $200k | $530k | $0 | — | — | — | |
| Investment payable | — | — | $0 | $6.4m | $6.4m | — | — | — | — | — | |
| Contract assets, net | — | — | $0 | $4.6m | $31.5m | — | — | — | — | — | |
| Prepayments for construction in progress | — | $0 | $474k | $1.1m | $0 | — | — | — | — | — | |
| Deferred revenue | $407k | $1.3m | $85k | — | — | — | — | — | — | — | |
| Total non-current assets | — | — | — | $261.2m | $193.0m | $2.4b | $5.2b | $7.3b | $7.6b | $6.7b | |
| Total non-current liabilities | — | — | — | $717.9m | $54.7m | $108.7m | $48.6m | $48.0m | $23.2m | $232.9m | |
| Total RLX Technology Inc. shareholders' equity | $41.4m | $33.2m | $76.0m | $106.3m | $1.5b | $13.5b | $15.6b | $15.6b | $16.0b | $15.6b | |
| Total shareholders' equity | $49.6m | $41.7m | $86.9m | $106.7m | $1.5b | $13.5b | $15.5b | $15.6b | $16.0b | $15.7b | |
| Assets | — | — | — | $1.4b | $622.2m | $2.6b | $2.4b | $2.3b | $2.3b | $2.6b | |
| Total assets | $79.5m | $71.2m | $121.8m | $1.4b | $4.1b | $16.4b | $16.4b | $16.3b | $16.9b | $17.9b | |
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Operating Lease, Liability, Current | — | — | — | $31.4m | $6.9m | $12.6m | $6.7m | $4.1m | $1.6m | $4.1m | |
| Accounts Payable, Current | — | — | — | $150.5m | $535.8m | $506.1m | $52.5m | $109.4m | $295.5m | $303.6m | |
| Operating Lease, Liability, Noncurrent | — | — | — | $61.3m | $7.6m | $16.4m | $5.8m | $3.4m | $966k | $8.0m | |
| Dividends Payable, Current | — | — | — | — | — | — | — | $0 | $0 | $68 | |
| Trade accounts payable | $7.5m | $8.4m | $8.8m | $14.1m | $23.0m | $22.0m | $16.7m | — | — | — | |
| Liabilities, Current | — | — | — | $619.9m | $382.6m | $429.6m | $114.5m | $94.2m | $117.5m | $281.0m | |
| Total current liabilities | $29.9m | $29.4m | $26.0m | $619.9m | $2.5b | $2.7b | $789.8m | $668.7m | $857.9m | $2.0b | |
| Deferred Income Tax Liabilities, Net | — | — | — | $10.6m | $798k | $708k | $1.3m | $3.3m | $2.2m | $16.1m | |
| Other Liabilities, Noncurrent | — | — | — | — | — | — | — | — | — | $9.2m | |
| Deferred tax liabilities (including amounts of the consolidated VIE without recourse to the primary beneficiary of RMB 3,293 and RMB 3,293 as of December 31, 2024 and 2025, respectively) | — | — | — | $10.6m | $5.2m | $4.5m | $8.7m | $23.6m | $16.2m | $112.9m | |
| Deferred tax liability | — | — | — | — | $0 | $624k | — | — | — | — | |
| Liabilities | — | — | — | $1.3b | $391.0m | $446.7m | $121.6m | $100.9m | $120.7m | $314.3m | |
| Total liabilities | — | $29.4m | $34.9m | $1.3b | $2.6b | $2.8b | $838.5m | $716.7m | $881.1m | $2.2b | |
| Stockholders’ equity: | |||||||||||
| Common Stock, Value, Issued | — | — | — | $94k | $14k | $16k | $15k | $15k | $14k | $15k | |
| Additional Paid in Capital | $100.6m | $123.4m | $207.5m | $59.5m | $243.7m | $1.9b | $1.7b | $1.7b | $1.7b | $1.8b | |
| Retained Earnings (Accumulated Deficit) | ($63.9m) | ($95.4m) | ($139.4m) | $46.5m | ($12.5m) | $299.5m | $482.0m | $530.4m | $578.1m | $589.1m | |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | — | — | — | ($819k) | ($103k) | ($23.5m) | $113.4m | $138.2m | $153.8m | $123.4m | |
| Treasury stock | — | — | — | — | — | ($127.5m) | ($627.9m) | ($1.3b) | ($2.1b) | ($2.3b) | |
| Accumulated other comprehensive income | ($219k) | ($249k) | $1.5m | ($819k) | ($678k) | ($149.9m) | $782.1m | $981.3m | $1.1b | $862.7m | |
| Stockholders' Equity Attributable to Parent | — | — | — | $106.3m | $231.2m | $2.1b | $2.3b | $2.2b | $2.2b | $2.2b | |
| Stockholders' Equity Attributable to Noncontrolling Interest | — | — | — | — | — | $596k | ($4.2m) | ($1.5m) | $238k | $14.0m | |
| Noncontrolling interests | $8.2m | $8.5m | $10.9m | $11.1m | $10.6m | $3.8m | ($28.7m) | ($11.0m) | $1.7m | $97.9m | |
| Liabilities and Equity | — | — | — | $1.4b | $622.2m | $2.6b | $2.4b | $2.3b | $2.3b | $2.6b | |
| Total liabilities and shareholders' equity | $79.5m | $71.2m | $121.8m | $1.4b | $4.1b | $16.4b | $16.4b | $16.3b | $16.9b | $17.9b |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.