UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of August
2024
Commission File Number:
001-39902
RLX Technology Inc.
35/F, Pearl International Financial Center
No. 9 Jian’an First Road, Financial Street
Third District, Bao’an District
Shenzhen, Guangdong Province 518101
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):________________
Indicate by check mark if the registrant is submitting the
Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):________________
EXHIBIT INDEX
SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly
authorized.
| |
RLX Technology Inc. |
| |
|
|
|
| |
By |
: |
/s/ Chao Lu |
| |
Name: |
: |
Chao Lu |
| |
Title: |
: |
Chief Financial Officer |
Date: August 16, 2024
Exhibit 99.1
RLX Technology
Announces Unaudited Second Quarter 2024 Financial Results
SHENZHEN,
August 16, 2024 /PRNEWSWIRE/ - RLX Technology Inc. ("RLX Technology" or the "Company")
(NYSE: RLX), a leading global branded e-vapor company, today announced its unaudited financial results for the second quarter ended
June 30, 2024.
Second Quarter
2024 Financial Highlights
| · | Net revenues were RMB627.2 million (US$86.3 million) in the second quarter of 2024, compared with
RMB378.1 million in the same period of 2023. |
| · | Gross margin was 25.2% in the second quarter of 2024, compared with 26.1% in the same period of
2023. |
| · | U.S. GAAP net income was RMB134.9 million (US$18.6 million) in the second quarter of 2024, compared
with RMB204.7 million in the same period of 2023. |
| · | Non-GAAP net income1
was RMB213.1 million (US$29.3 million) in the second quarter of 2024, compared with RMB86.2 million in the same period of 2023. |
"We delivered a strong second quarter performance
as revenue continued to increase sequentially, driven by our international business expansion," commented Ms. Ying (Kate) Wang, Co-founder,
Chairperson of the Board of Directors, and Chief Executive Officer of RLX Technology. "Our deep exploration of overseas markets and
regulations has provided us with valuable insights into the global e-vapor landscape, enabling us to create effective, targeted regional
strategies. This year, global regulations are rapidly evolving, with more regulators recognizing e-vapor products as harm-reduction tools
for adult smokers. Leveraging our broad expertise in regulatory compliance, we are well-prepared to navigate these changes and ensure
a seamless transition for our users and partners. We remain dedicated to product innovation as a key driver of user engagement and market
share and are collaborating closely with local partners to introduce compelling offerings. As a trusted e-vapor brand for adult smokers,
we will continue to deliver high-quality, compliant products while capitalizing on diverse growth opportunities around the globe."
Mr. Chao Lu, Chief Financial Officer of RLX Technology,
added, "In the second quarter, our net revenues reached RMB627.2 million, a 66% year-over-year increase that underscores our ability
to capture growth opportunities in international markets. While our gross margin declined slightly due to an unfavorable shift in our
revenue mix, disciplined cost management bolstered our non-GAAP operating profit margins. Looking ahead, we are confident of driving continued
improvement in both our top and bottom lines, fueled by ongoing revenue growth from international markets and our relentless focus on
operational efficiency. As always, our priority is to deliver sustainable and profitable returns to our shareholders."
Second Quarter 2024 Financial Results
Net revenues were RMB627.2 million (US$86.3
million) in the second quarter of 2024, compared with RMB378.1 million in the same period of 2023. The increase was primarily due to our
international expansion.
Gross profit was RMB157.9 million (US$21.7
million) in the second quarter of 2024, compared with RMB98.5 million in the same period of 2023.
Gross margin was 25.2% in the second quarter
of 2024, compared with 26.1% in the same period of 2023. The decrease was primarily due to an unfavorable change in the revenue mix.
1 Non-GAAP net income is a non-GAAP
financial measure. For more information on the Company's non-GAAP financial measures, please see the section “Non-GAAP Financial
Measures” and the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this press release.
Operating expenses were RMB191.2 million
(US$26.3 million) in the second quarter of 2024, compared with RMB47.2 million in the same period of 2023. The increase was primarily
due to an increase in share-based compensation expenses, from positive RMB118.5 million in the second quarter of 2023 to RMB78.1 million
(US$10.8 million) in the second quarter of 2024. The changes in share-based compensation expenses were primarily due to the changes in
the fair value of the share incentive awards that the Company granted to its employees with the fluctuations of the Company's share price.
Selling expenses were RMB62.2 million (US$8.6
million) in the second quarter of 2024, compared with RMB45.2 million in the same period of 2023, primarily due to an increase in share-based
compensation expenses.
General and administrative expenses were
RMB129.0 million (US$17.8 million) in the second quarter of 2024, compared with positive RMB41.4 million in the same period of 2023, primarily
due to an increase in share-based compensation expenses.
Research and development expenses were
positive RMB0.04 million (US$0.005 million) in the second quarter of 2024, compared with RMB43.3 million in the same period of 2023, primarily
due to a decrease in salaries, welfare benefits and share-based compensation expenses.
Loss from operations was RMB33.3 million
(US$4.6 million) in the second quarter of 2024, compared with income from operations of RMB51.4 million in the same period of 2023.
Income tax expense was RMB21.4 million
(US$2.9 million) in the second quarter of 2024, compared with RMB51.5 million in the same period of 2023.
U.S. GAAP net income was RMB134.9 million
(US$18.6 million) in the second quarter of 2024, compared with RMB204.7 million in the same period of 2023.
Non-GAAP net income was RMB213.1 million
(US$29.3 million) in the second quarter of 2024, compared with RMB86.2 million in the same period of 2023.
U.S. GAAP basic and diluted net income per
American depositary share ("ADS") were RMB0.108 (US$0.015) and RMB0.103 (US$0.014), respectively, in the second quarter
of 2024, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.154 and RMB0.150, respectively, in the same period of 2023.
Non-GAAP basic and diluted net income per ADS2
were RMB0.171 (US$0.024) and RMB0.164 (US$0.023), respectively, in the second quarter of 2024, compared with non-GAAP basic and diluted
net income per ADS of RMB0.064 and RMB0.062, respectively, in the same period of 2023.
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had cash and
cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, net, long-term bank deposits, net and long-term
investment securities, net of RMB14,930.8 million (US$2,054.5 million), compared with RMB14,681.4 million as of March 31, 2024.
In the second quarter of 2024, net cash generated from operating activities was RMB196.8 million (US$27.1 million).
2 Non-GAAP basic and diluted net income
per ADS is a non-GAAP financial measure. For more information on the Company's non-GAAP financial measures, please see the section “Non-GAAP
Financial Measures” and the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" set forth at the end of this
press release.
Conference Call
The Company's management will host an earnings
conference call at 8:00 AM U.S. Eastern Time on August 16, 2024 (8:00 PM Beijing/Hong Kong Time on August 16, 2024).
Dial-in details for the earnings conference call
are as follows:
| United States (toll-free): |
+1-888-317-6003 |
| International: |
+1-412-317-6061 |
| Hong Kong, China (toll-free): |
+800-963-976 |
| Hong Kong, China: |
+852-5808-1995 |
| Mainland China: |
400-120-6115 |
| Participant Code: |
3613850 |
Participants should dial in 10 minutes before
the scheduled start time and ask to be connected to the call for "RLX Technology Inc." with the Participant Code as set forth
above.
Additionally, a live and archived webcast of
the conference call will be available on the Company's investor relations website at https://ir.relxtech.com.
A replay of the conference call will be accessible
approximately two hours after the conclusion of the call until August 23, 2024, by dialing the following telephone numbers:
| United States: |
+1-877-344-7529 |
| International: |
+1-412-317-0088 |
| Replay Access Code: |
9416265 |
About RLX Technology Inc.
RLX Technology Inc. (NYSE: RLX) is a leading global
branded e-vapor company. The Company leverages its strong in-house technology, product development capabilities and in-depth insights
into adult smokers' needs to develop superior e-vapor products.
For more information, please visit: http://ir.relxtech.com.
Non-GAAP Financial Measures
The Company uses non-GAAP net income and non-GAAP
basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational
decision-making purposes. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP basic and diluted
net income per ADS is computed using non-GAAP net income attributable to RLX Technology Inc. and the same number of ADSs used in U.S.
GAAP basic and diluted net income per ADS calculation.
The Company presents these non-GAAP
financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The
Company believes that they help identify underlying trends in its business that could otherwise be distorted by the effect of
certain expenses that are included in net income. The Company also believes that the use of the non-GAAP measures facilitates
investors' assessment of its operating performance, as they could provide useful information about its operating results, enhances
the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics
used by the management in its financial and operational decision making.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools.
They should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per ADS or any other
measure of performance or as an indicator of its operating performance. Investors are encouraged to review its historical non-GAAP financial
measures to the most directly comparable U.S. GAAP measures. The non-GAAP financial measures here may not be comparable to similarly titled
measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness
as comparative measures to our data. The Company encourages investors and others to review its financial information in its entirety and
not rely on any single financial measure.
For more information on the non-GAAP financial
measures, please see the table captioned "Unaudited Reconciliation of GAAP and non-GAAP Results" set forth at the end of this
press release.
Exchange Rate Information
This announcement contains translations of certain
RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations
from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB 7.2672 to US$1.00, the exchange rate on June 28, 2024,
set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar
amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements.
These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as "may," "will," "expect," "anticipate,"
"aim," "estimate," "intend," "plan," "believe," "is/are likely to," "potential,"
"continue" and similar statements. Among other things, quotations from management in this announcement, as well as the Company's
strategic and operational plans, contain forward- looking statements. The Company may also make written or oral forward-looking statements
in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical
facts, including but not limited to statements about the Company's beliefs and expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained
in any forward-looking statement, including but not limited to the following: the Company's growth strategies; its future business development,
results of operations and financial condition; trends and competition in global e-vapor market; changes in its revenues and certain cost
or expense items; governmental policies, laws and regulations across various jurisdictions relating to the Company's industry, and general
economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information
regarding these risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission.
All information provided in this press release and in the attachments is current as of the date of this press release, and the Company
does not undertake any obligation to update such information, except as required under applicable law.
For more information, please contact:
In China:
RLX Technology Inc.
Head of Capital Markets
Sam Tsang
Email: ir@relxtech.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(All amounts in thousands)
| | |
As of | |
| | |
December 31, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
US$ | |
| ASSETS | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 2,390,298 | | |
| 3,076,781 | | |
| 423,379 | |
| Restricted cash | |
| 29,760 | | |
| 61,908 | | |
| 8,519 | |
| Short-term bank deposits, net | |
| 2,631,256 | | |
| 2,615,677 | | |
| 359,929 | |
| Receivables from online payment platforms | |
| 6,893 | | |
| 5,619 | | |
| 773 | |
| Short-term investments, net | |
| 3,093,133 | | |
| 2,604,414 | | |
| 358,379 | |
| Accounts and notes receivable, net | |
| 60,482 | | |
| 114,428 | | |
| 15,746 | |
| Inventories | |
| 144,850 | | |
| 84,306 | | |
| 11,601 | |
| Amounts due from related parties | |
| 118,736 | | |
| 196,791 | | |
| 27,079 | |
| Prepayments and other current assets, net | |
| 508,435 | | |
| 709,991 | | |
| 97,698 | |
| Total current assets | |
| 8,983,843 | | |
| 9,469,915 | | |
| 1,303,103 | |
| Non-current assets: | |
| | | |
| | | |
| | |
| Property, equipment and leasehold improvement, net | |
| 77,358 | | |
| 63,192 | | |
| 8,696 | |
| Intangible assets, net | |
| 69,778 | | |
| 60,215 | | |
| 8,286 | |
| Long-term investments, net | |
| 8,000 | | |
| 8,000 | | |
| 1,101 | |
| Deferred tax assets, net | |
| 58,263 | | |
| 58,264 | | |
| 8,017 | |
| Right-of-use assets, net | |
| 52,562 | | |
| 39,604 | | |
| 5,450 | |
| Long-term bank deposits, net | |
| 1,757,804 | | |
| 876,340 | | |
| 120,588 | |
| Long-term investment securities, net | |
| 5,236,109 | | |
| 5,695,667 | | |
| 783,750 | |
| Goodwill | |
| 66,506 | | |
| 62,606 | | |
| 8,615 | |
| Other non-current assets, net | |
| 4,874 | | |
| 6,499 | | |
| 894 | |
| Total non-current assets | |
| 7,331,254 | | |
| 6,870,387 | | |
| 945,397 | |
| Total assets | |
| 16,315,097 | | |
| 16,340,302 | | |
| 2,248,500 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accounts and notes payable | |
| 266,426 | | |
| 323,811 | | |
| 44,558 | |
| Contract liabilities | |
| 49,586 | | |
| 56,908 | | |
| 7,831 | |
| Salary and welfare benefits payable | |
| 39,256 | | |
| 60,048 | | |
| 8,263 | |
| Taxes payable | |
| 77,164 | | |
| 79,197 | | |
| 10,898 | |
| Accrued expenses and other current liabilities | |
| 103,996 | | |
| 99,440 | | |
| 13,683 | |
| Amounts due to related parties | |
| 101,927 | | |
| 10,984 | | |
| 1,511 | |
| Dividend payable | |
| 881 | | |
| - | | |
| - | |
| Lease liabilities - current portion | |
| 29,435 | | |
| 28,202 | | |
| 3,881 | |
| Total current liabilities | |
| 668,671 | | |
| 658,590 | | |
| 90,625 | |
| | |
| | | |
| | | |
| | |
| Non-current liabilities: | |
| | | |
| | | |
| | |
| Deferred tax liabilities | |
| 23,591 | | |
| 21,790 | | |
| 2,998 | |
| Lease liabilities - non-current portion | |
| 24,419 | | |
| 13,124 | | |
| 1,808 | |
| Total non-current liabilities | |
| 48,010 | | |
| 34,914 | | |
| 4,806 | |
| Total liabilities | |
| 716,681 | | |
| 693,504 | | |
| 95,431 | |
| | |
| | | |
| | | |
| | |
| Shareholders' Equity: | |
| | | |
| | | |
| | |
| Total RLX Technology Inc. shareholders' equity | |
| 15,609,393 | | |
| 15,654,233 | | |
| 2,154,092 | |
| Noncontrolling interests | |
| (10,977 | ) | |
| (7,435 | ) | |
| (1,023 | ) |
| Total shareholders' equity | |
| 15,598,416 | | |
| 15,646,798 | | |
| 2,153,069 | |
| | |
| | | |
| | | |
| | |
| Total liabilities and shareholders' equity | |
| 16,315,097 | | |
| 16,340,302 | | |
| 2,248,500 | |
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(All amounts in thousands, except for share and per share data)
| |
|
For
the three months ended |
|
|
For
the six months ended |
|
| |
|
June 30,
2023 |
|
|
March 31, |
|
|
June 30, |
|
|
June 30, |
|
|
June 30, 2023 |
|
|
June 30, |
|
|
June 30, |
|
| |
|
(As
adjusted) (a) |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
(As
adjusted) (a) |
|
|
2024 |
|
|
2024 |
|
| |
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
| Net
revenues |
|
|
378,123 |
|
|
|
551,623 |
|
|
|
627,176 |
|
|
|
86,302 |
|
|
|
567,000 |
|
|
|
1,178,799 |
|
|
|
162,208 |
|
| Cost
of revenues |
|
|
(171,733 |
) |
|
|
(327,610 |
) |
|
|
(400,712 |
) |
|
|
(55,140 |
) |
|
|
(250,426 |
) |
|
|
(728,322 |
) |
|
|
(100,220 |
) |
| Excise
tax on products |
|
|
(107,853 |
) |
|
|
(81,240 |
) |
|
|
(68,602 |
) |
|
|
(9,440 |
) |
|
|
(172,311 |
) |
|
|
(149,842 |
) |
|
|
(20,619 |
) |
| Gross
profit |
|
|
98,537 |
|
|
|
142,773 |
|
|
|
157,862 |
|
|
|
21,722 |
|
|
|
144,263 |
|
|
|
300,635 |
|
|
|
41,369 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Selling
expenses |
|
|
(45,226 |
) |
|
|
(52,887 |
) |
|
|
(62,235 |
) |
|
|
(8,564 |
) |
|
|
(130,987 |
) |
|
|
(115,122 |
) |
|
|
(15,841 |
) |
| General
and administrative expenses |
|
|
41,368 |
|
|
|
(109,954 |
) |
|
|
(128,997 |
) |
|
|
(17,751 |
) |
|
|
(215,136 |
) |
|
|
(238,951 |
) |
|
|
(32,881 |
) |
| Research
and development expenses |
|
|
(43,317 |
) |
|
|
(31,540 |
) |
|
|
40 |
|
|
|
5 |
|
|
|
(119,999 |
) |
|
|
(31,500 |
) |
|
|
(4,335 |
) |
| Total
operating expenses |
|
|
(47,175 |
) |
|
|
(194,381 |
) |
|
|
(191,192 |
) |
|
|
(26,310 |
) |
|
|
(466,122 |
) |
|
|
(385,573 |
) |
|
|
(53,057 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income/(loss)
from operations |
|
|
51,362 |
|
|
|
(51,608 |
) |
|
|
(33,330 |
) |
|
|
(4,588 |
) |
|
|
(321,859 |
) |
|
|
(84,938 |
) |
|
|
(11,688 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other
income： |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest
income, net |
|
|
162,888 |
|
|
|
158,858 |
|
|
|
154,207 |
|
|
|
21,220 |
|
|
|
311,691 |
|
|
|
313,065 |
|
|
|
43,079 |
|
| Investment
income |
|
|
20,588 |
|
|
|
12,776 |
|
|
|
12,718 |
|
|
|
1,750 |
|
|
|
41,973 |
|
|
|
25,494 |
|
|
|
3,508 |
|
| Others,
net |
|
|
21,380 |
|
|
|
28,943 |
|
|
|
22,739 |
|
|
|
3,129 |
|
|
|
150,537 |
|
|
|
51,682 |
|
|
|
7,112 |
|
| Income
before income tax |
|
|
256,218 |
|
|
|
148,969 |
|
|
|
156,334 |
|
|
|
21,511 |
|
|
|
182,342 |
|
|
|
305,303 |
|
|
|
42,011 |
|
| Income
tax expense |
|
|
(51,502 |
) |
|
|
(16,344 |
) |
|
|
(21,389 |
) |
|
|
(2,943 |
) |
|
|
(33,931 |
) |
|
|
(37,733 |
) |
|
|
(5,192 |
) |
| Net
income |
|
|
204,716 |
|
|
|
132,625 |
|
|
|
134,945 |
|
|
|
18,568 |
|
|
|
148,411 |
|
|
|
267,570 |
|
|
|
36,819 |
|
| Less:
net income attributable to noncontrolling interests |
|
|
1,929 |
|
|
|
717 |
|
|
|
2,631 |
|
|
|
362 |
|
|
|
2,590 |
|
|
|
3,348 |
|
|
|
461 |
|
| Net
income attributable to RLX Technology Inc. |
|
|
202,787 |
|
|
|
131,908 |
|
|
|
132,314 |
|
|
|
18,206 |
|
|
|
145,821 |
|
|
|
264,222 |
|
|
|
36,358 |
|
| Other
comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign
currency translation adjustments |
|
|
563,078 |
|
|
|
12,706 |
|
|
|
44,174 |
|
|
|
6,078 |
|
|
|
414,982 |
|
|
|
56,880 |
|
|
|
7,827 |
|
| Unrealized
income/(loss) on long-term investment securities |
|
|
5,539 |
|
|
|
(13 |
) |
|
|
705 |
|
|
|
97 |
|
|
|
8,412 |
|
|
|
692 |
|
|
|
95 |
|
| Total
other comprehensive income |
|
|
568,617 |
|
|
|
12,693 |
|
|
|
44,879 |
|
|
|
6,175 |
|
|
|
423,394 |
|
|
|
57,572 |
|
|
|
7,922 |
|
| Total
comprehensive income |
|
|
773,333 |
|
|
|
145,318 |
|
|
|
179,824 |
|
|
|
24,743 |
|
|
|
571,805 |
|
|
|
325,142 |
|
|
|
44,741 |
|
| Less:
total comprehensive income attributable to noncontrolling interests |
|
|
1,929 |
|
|
|
730 |
|
|
|
2,618 |
|
|
|
360 |
|
|
|
2,590 |
|
|
|
3,348 |
|
|
|
461 |
|
| Total
comprehensive income attributable to RLX Technology Inc. |
|
|
771,404 |
|
|
|
144,588 |
|
|
|
177,206 |
|
|
|
24,383 |
|
|
|
569,215 |
|
|
|
321,794 |
|
|
|
44,280 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income per ordinary share/ADS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
0.154 |
|
|
|
0.106 |
|
|
|
0.108 |
|
|
|
0.015 |
|
|
|
0.111 |
|
|
|
0.213 |
|
|
|
0.029 |
|
| Diluted |
|
|
0.150 |
|
|
|
0.101 |
|
|
|
0.103 |
|
|
|
0.014 |
|
|
|
0.108 |
|
|
|
0.205 |
|
|
|
0.028 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted
average number of ordinary shares/ADSs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Basic |
|
|
1,318,628,588 |
|
|
|
1,249,317,641 |
|
|
|
1,228,869,526 |
|
|
|
1,228,869,526 |
|
|
|
1,317,718,705 |
|
|
|
1,239,093,583 |
|
|
|
1,239,093,583 |
|
| Diluted |
|
|
1,353,296,802 |
|
|
|
1,301,431,007 |
|
|
|
1,284,388,803 |
|
|
|
1,284,388,803 |
|
|
|
1,348,021,483 |
|
|
|
1,290,853,297 |
|
|
|
1,290,853,297 |
|
Note (a): The Company acquired various companies on December 13,
2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted
the above comparative unaudited condensed consolidated statements of comprehensive income in the prior quarter.
RLX TECHNOLOGY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share and per share data)
| | |
For
the three months ended | | |
For
the six months ended | |
| | |
June 30, 2023 | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30, 2023 | | |
June 30, | | |
June 30, | |
| | |
(As
adjusted) (b) | | |
2024 | | |
2024 | | |
2024 | | |
(As
adjusted) (b) | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net income | |
| 204,716 | | |
| 132,625 | | |
| 134,945 | | |
| 18,568 | | |
| 148,411 | | |
| 267,570 | | |
| 36,819 | |
| Add: share-based compensation expenses | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Selling expenses | |
| (15,338 | ) | |
| 4,603 | | |
| 9,172 | | |
| 1,262 | | |
| 8,617 | | |
| 13,775 | | |
| 1,895 | |
| General and administrative expenses | |
| (90,923 | ) | |
| 66,414 | | |
| 93,026 | | |
| 12,801 | | |
| 110,420 | | |
| 159,440 | | |
| 21,940 | |
| Research and development expenses | |
| (12,229 | ) | |
| 3,881 | | |
| (24,074 | ) | |
| (3,313 | ) | |
| 2,425 | | |
| (20,193 | ) | |
| (2,779 | ) |
| Non-GAAP net income | |
| 86,226 | | |
| 207,523 | | |
| 213,069 | | |
| 29,318 | | |
| 269,873 | | |
| 420,592 | | |
| 57,875 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net income attributable to RLX Technology Inc. | |
| 202,787 | | |
| 131,908 | | |
| 132,314 | | |
| 18,206 | | |
| 145,821 | | |
| 264,222 | | |
| 36,358 | |
| Add: share-based compensation expenses | |
| (118,490 | ) | |
| 74,898 | | |
| 78,124 | | |
| 10,750 | | |
| 121,462 | | |
| 153,022 | | |
| 21,056 | |
| Non-GAAP net income attributable to RLX Technology Inc. | |
| 84,297 | | |
| 206,806 | | |
| 210,438 | | |
| 28,956 | | |
| 267,283 | | |
| 417,244 | | |
| 57,414 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP net income per ordinary share/ADS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| - Basic | |
| 0.064 | | |
| 0.166 | | |
| 0.171 | | |
| 0.024 | | |
| 0.203 | | |
| 0.337 | | |
| 0.046 | |
| - Diluted | |
| 0.062 | | |
| 0.159 | | |
| 0.164 | | |
| 0.023 | | |
| 0.198 | | |
| 0.323 | | |
| 0.044 | |
| Weighted average number of ordinary shares/ADSs | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| - Basic | |
| 1,318,628,588 | | |
| 1,249,317,641 | | |
| 1,228,869,526 | | |
| 1,228,869,526 | | |
| 1,317,718,705 | | |
| 1,239,093,583 | | |
| 1,239,093,583 | |
| - Diluted | |
| 1,353,296,802 | | |
| 1,301,431,007 | | |
| 1,284,388,803 | | |
| 1,284,388,803 | | |
| 1,348,021,483 | | |
| 1,290,853,297 | | |
| 1,290,853,297 | |
Note (b): The Company acquired various companies on December 13,
2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted
the above unaudited reconciliation of GAAP and Non-GAAP results in the prior quarter.
RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(All amounts in thousands)
| | |
For
the three months ended | | |
For
the six months ended | |
| | |
June 30,
2023 | | |
March 31, | | |
June 30, | | |
June 30, | | |
June 30,
2023 | | |
June 30, | | |
June 30, | |
| | |
(As
adjusted) (c) | | |
2024 | | |
2024 | | |
2024 | | |
(As
adjusted) (c) | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ | | |
RMB | | |
RMB | | |
US$ | |
| Net
cash generated from/(used in) operating activities | |
| 41,339 | | |
| 4,020 | | |
| 196,764 | | |
| 27,076 | | |
| (189,347 | ) | |
| 200,784 | | |
| 27,629 | |
| Net
cash generated from investing activities | |
| 431,683 | | |
| 420,665 | | |
| 557,132 | | |
| 76,664 | | |
| 813,637 | | |
| 977,797 | | |
| 134,549 | |
| Net
cash used in financing activities | |
| (199,080 | ) | |
| (472,885 | ) | |
| - | | |
| - | | |
| (194,734 | ) | |
| (472,885 | ) | |
| (65,071 | ) |
| Effect
of foreign exchange rate changes on cash, cash equivalents and restricted cash | |
| 48,393 | | |
| 2,903 | | |
| 10,032 | | |
| 1,380 | | |
| 58,802 | | |
| 12,935 | | |
| 1,780 | |
| Net
increase/(decrease) in cash and cash equivalents and restricted cash | |
| 322,335 | | |
| (45,297 | ) | |
| 763,928 | | |
| 105,120 | | |
| 488,358 | | |
| 718,631 | | |
| 98,887 | |
| Cash,
cash equivalents and restricted cash at the beginning of the period | |
| 1,455,109 | | |
| 2,420,058 | | |
| 2,374,761 | | |
| 326,778 | | |
| 1,289,086 | | |
| 2,420,058 | | |
| 333,011 | |
| Cash,
cash equivalents and restricted cash at the end of the period | |
| 1,777,444 | | |
| 2,374,761 | | |
| 3,138,689 | | |
| 431,898 | | |
| 1,777,444 | | |
| 3,138,689 | | |
| 431,898 | |
Note (c): The Company acquired various companies on December 13,
2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted
the above comparative unaudited condensed consolidated statements of cash flows in the prior quarter.
RLX Technology (NYSE:RLX)
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