RLX Technology, Inc. · NYSE:RLX
RLX Technology — Q1 2026 Earnings Presentation
27 slides from RLX Technology's earnings presentation, May 20, 2026
Slide 1: Earnings Presentation First Quarter 2026
Earnings Presentation First Quarter 2026
Slide 2: Contents
Contents Contents Performance Financial Operational Appendix Highlights Highlights Highlights
Slide 3: Performance Highlights
Performance Highlights Performance Highlights 2026 Q1 We continued to accelerate our Profitability Capital Resources Shareholder Value international expansion and Total Cash Returned to Net Revenues Total Capital Cash and Cash Shareholders Since IPO broaden our global operations. Resources* Equivale
Slide 4: Financial Highlights
Financial Highlights Financial Highlights
Slide 5: Revenues
Financial Highlights Revenues Solid growth RMB millions since 2023 96% YoY Growth 72% from international business (2026 Q1) The YoY increase was primarily due to the Company’s international expansion and contributions from the Company’s May 2025 acquisition.
Slide 6: Gross Profit
Financial Highlights Gross Profit 31.8% 31.2% 31.4% RMB millions Improving 27.0% 28.6% 27.5% GPM 27.2% Gross Margin 25.9% 25.2% 118% YoY Growth The YoY increase was primarily due to a favorable change in the revenue mix and further supply chain optimization.
Slide 7: Non-GAAP Operating Expenses
Financial Highlights Non- GAAP Operating Expenses Selling Expenses General and Research and Administrative Expenses Development Expenses RMB millions RMB millions RMB millions As % of Net Revenues As % of Net Revenues As % of Net Revenues 7.6% 9.3% 8.5% 2.7% 6.6% 5.7% 6.4% 2.6% 2.8% 1.7% 6.7% 3.8% 3
Slide 8: Profitability
Financial Highlights Profitability Non- GAAP Operating Income & Margin Non- GAAP Net Income & Margin RMB millions RMB millions As % of Net Revenues As % of Net Revenues 19.6% 33.1% 31.1% 31.3% 28.3% 14.1% 13.3% 13.2% 16.6% 26.2% 13.9% 34.6% 22.5% 11.1% 34.2% 7.5% Beginning in Q2 2025, the Company in
Slide 9: Capital Resources 14.5B
Financial Highlights Capital Resources RMB millions Fortified Cash Position: Underpinning Financial Strength & Stability 14.5B Capital resources Cash And Cash Equivalents (in RMB, 2026 Q1) Restricted Cash Short- Term Bank Deposits Short- Term Investments Long - Term Bank Deposits Long - Term Investm
Slide 10: Operational Highlights
Operational Highlights Operational Highlights
Slide 11: Our Product Portfolio: Always Evolving
Operational Highlights Our Product Portfolio: Always Evolving Covers All Key Segments to Better Meet Diverse Consumer Needs Disposables Open System & E - liquid Pods & Devices
Slide 12: Mainland China Products
Operational Highlights Mainland China Products • Large capacity, easy to carry • Low entry costs • Large capacity, high power • Trendy battery indicator light • 3- level power adjustment • Power and airflow mechanically • Rechargeable, fits in one hand • Meets basic usage needs • 2- level adaptive p
Slide 13: International Products: Pod System
Operational Highlights International Products Pod System Mini Essential Infinity 2 Artisan Creator Spin
Slide 14: International Products: Disposable
Operational Highlights International Products Disposable soPro DM41i BURST DUO Smash DM02i RELX 2ml soPro 1000 PA10000
Slide 15: International Products: Open System & E-liquid
Operational Highlights International Products Open System & E - liquid E- liquid Prime Spin mini
Slide 16: Appendix
RLX T=CH Performance Highlights Appendix Financial Highlights Operational Highlights Appendix Key Ratios Income Statements Balance Sheets Statements of Cash Flows E-cigarettes Product Overview Vaping Myths and Facts R&D Capability Management Team Disclaimer Earnings Presentation First Quarter 2026 1
Slide 17: Key Ratios
Appendix Key Ratios For the Three Months Ended Changes Mar 31, 2026 QoQ YoY Gross Margin 31.80% +0.4pct +3.2pct Non - GAAP Operating Expense Ratio 12.23% - 5.3pct - 3.0pct Non - GAAP Operating Profit Margin 19.57% +5.7pct +6.2pct Non - GAAP Net Profit Margin 22.53% - 5.8pct - 8.7pct
Slide 18: Income Statements
Appendix Income Statements For the Three Months Ended Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 (In RMB thousands) Net Revenues 808,300 1,141,338 1,585,821 Cost of Revenues (477,526) (722,798) (965,446) Excise Taxes on Products (99,823) (60,520) (116,119) Gross Profit 230,951 358,020 504,256 Operating
Slide 19: Balance Sheets
Appendix Balance Sheets (In RMB thousands) As of ASSETS Dec 31, 2025 Mar 31, 2026 Current Assets Cash and Cash Equivalents 5,367,139 4,263,488 Restricted Cash 177,873 174,997 Short - Term Bank Deposits, net 2,310,486 3,015,006 Receivables From Online Payment Platforms 4,080 9,327 Short - Term Invest
Slide 20: Balance Sheets (Cont'd)
Appendix Balance Sheets (Cont’d) (In RMB thousands) As of LIABILITIES AND SHAREHOLDERS’ EQUITY Dec 31, 2025 Mar 31, 2026 Current Liabilities Accounts and Notes Payable 403,708 628,321 Contract Liabilities 84,003 80,050 Salary and Welfare Benefits Payable 93,947 72,350 Taxes Payable 159,718 164,195 S
Slide 21: Statements of Cash Flow
Appendix Statements of Cash Flow For the Three Months Ended Mar 31, 2025 Dec 31, 2025 Mar 31, 2026 (In RMB thousands) Net Cash Generated From / (Used in) Operating Activities 207,165 310,221 (68,841) Net Cash Generated From / (Used In) Investing Activities (987,166) 1,324,664 (116,326) Net Cash Gene
Slide 22: E-cigarettes Product Overview
Appendix E- cigarettes Product Overview From E- liquid to Aerosol E- Vapor Products Other Novel Uses an atomizer to heat up e - liquid in a cartridge to produce aerosol without fire, flame, tobacco, tar, carbon monoxide, and other chemicals found in combustible tobacco products. Tobacco Products Car
Slide 23: Vaping Myths and the Facts
Appendix Vaping Myths and the Facts Myths Facts Vaping is just as harmful as smoking Nicotine vaping is not risk- free, but it is substantially less harmful than smoking Nicotine is very harmful to health Although nicotine is addictive, it is relatively harmless to health Vaping does not help people
Slide 24: Our Robust R&D Capability
Appendix Our Robust R&D Capability We apply the “1+4” Scientific Research Matrix. We Product Quality strictly adhere to regulatory requirements and Stable product quality is the cornerstone of scientific research. ensure product quality at every stage. This The only way to draw meaningful scientific c
Slide 25: Management Team with Proven Track Record
Appendix Management Team with Proven Track Record We believe in change. Hence, our crew is composed of diverse, flexible, forward - looking professional who think outside the box. This makes us unique Ying (Kate) Wang Long (David) Jiang Yilong Wen Chao Lu Co - founder Co - founder Co - founder Chief
Slide 26: Disclaimer
Appendix Disclaimer The following presentation has been prepared by RLX Technology Inc . (“RLX Technology” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recomme
Slide 27: Earnings Presentation First Quarter 2026
Earnings Presentation First Quarter 2026