6-K

UNITED STATES

SECURITIES AND EXCHANGECOMMISSION

WASHINGTON, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATEISSUER

PURSUANT TO RULE 13a-16OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2026

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

Exhibit No.	Description
99.1	Press<br>Release

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: March 13, 2026

Exhibit 99.1

RLX Technology Announces Unaudited Fourth Quarterand Fiscal Year 2025 Financial Results

SHENZHEN, March 13, 2026 /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 fourth quarter and the fiscal year ended December 31, 2025.

Fourth Quarter 2025 Financial Highlights

·	Net revenues were RMB1,141.3 million (US$163.2<br>million) in the fourth quarter of 2025, increasing by 40.3% from RMB813.5 million in the same period of 2024.
·	Gross margin was 31.4% in the fourth quarter<br>of 2025, compared with 27.0% in the same period of 2024.
·	Non-GAAP income from operations^1^<br>was RMB158.1 million (US$22.6 million) in the fourth quarter of 2025, increasing by 37.9% from RMB114.7 million in the same period of<br>2024.
·	U.S. GAAP net income was RMB286.3 million<br>(US$40.9 million) in the fourth quarter of 2025, increasing by 124.8% from RMB127.4 million in the same period of 2024.
·	Non-GAAP net income^1^ was RMB323.0<br>million (US$46.2 million) in the fourth quarter of 2025, increasing by 27.6% from RMB253.2 million in the same period of 2024.

Fiscal Year 2025 Financial Highlights

·	Net revenues were RMB3,958.9 million (US$566.1<br>million) in fiscal year 2025, increasing by 44.0% from RMB2,748.6 million in the prior year.
·	Gross margin was 29.9% in fiscal year<br>2025, compared with 26.4% in the prior year.
·	Non-GAAP income from operations^1^<br>was RMB569.9 million (US$81.5 million) in fiscal year 2025, increasing by 110.2% from RMB271.1 million in the prior year.
·	U.S. GAAP net income was RMB934.4 million<br>(US$133.6 million) in fiscal year 2025, increasing by 65.6% from RMB564.3 million in the prior year.
·	Non-GAAP net income^1^ was RMB1,162.3<br>million (US$166.2 million) in fiscal year 2025, increasing by 23.5% from RMB940.8 million in the prior year.

"We delivered robust growth in 2025, capped by a strong fourth quarter performance, as we continued to build structural value across our global footprint,” said Ms. Ying (Kate) Wang, Co-founder, Chairperson, and Chief Executive Officer of RLX Technology. “By harmonizing organic business development with targeted strategic investment, we have established a resilient framework for scale. Effective execution drove meaningful progress in our international expansion. At the same time, intensified customs enforcement improved China’s competitive landscape for compliant participants, supporting a solid recovery in our Mainland China operations. We also deepened our market integration globally by aligning our product roadmap with granular consumer insights and optimizing channel dynamics to support our partners. For 2026, we are focused on multidimensional growth, leveraging internal agility and strategic external partnerships to navigate evolving market conditions across global markets. Our mission remains clear: to empower adult users with leading harm-reduction alternatives while setting the industry standard for compliance and responsibility, creating sustainable value for all stakeholders."

Mr. Chao Lu, Chief Financial Officer of RLX Technology, commented, "Our 2025 results demonstrate the scalability and resilience of our global business model. Net revenues rose 44.0% year over year, fueled by the coordinated success of our international expansion, the accretive value of our strategic investments in Europe and the Mainland China market recovery. This strong revenue growth, combined with rigorous optimization of our revenue mix, generated meaningful operating leverage and drove a 110.2% increase in non-GAAP operating income. Meanwhile, our capital allocation strategy remained focused on maximizing shareholder value. We have returned over US$500 million to shareholders cumulatively, underscoring our commitment to prudent capital stewardship. Looking forward, we will continue to pursue sustainable, profitable growth, leveraging the efficiencies of our integrated global network to deliver ongoing innovation and superior long-term returns."

^1^ Non-GAAP net income and non-GAAP income from operations are non-GAAP financial measures. 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.

Fourth Quarter 2025 Financial Results

Net revenues were RMB1,141.3 million (US$163.2 million) in the fourth quarter of 2025, increasing by 40.3% from RMB813.5 million in the same period of 2024. The increase was primarily due to the Company’s international expansion and contributions from its newly acquired entity. Net revenues from international business represented 76.5% of net revenues for the period.

Gross profit was RMB358.0 million (US$51.2 million) in the fourth quarter of 2025, increasing by 62.8% from RMB219.9 million in the same period of 2024.

Gross margin increased to 31.4% in the fourth quarter of 2025 from 27.0% in the same period of 2024, primarily due to a favorable change in the revenue mix and further supply chain optimization.

Operating expenses were RMB239.1 million (US$34.2 million) in the fourth quarter of 2025, compared with RMB231.5 million in the same period of 2024. The slight increase was driven by increased salary and welfare expenses related to the consolidation of the Company’s acquired entity, offset by a decrease in share-based compensation expenses.

Selling expenses were RMB111.2 million (US$15.9 million) in the fourth quarter of 2025, compared with RMB45.4 million in the same period of 2024, primarily due to an increase in salaries and welfare expenses.

General and administrative expenses were RMB95.3 million (US$13.6 million) in the fourth quarter of 2025, compared with RMB153.7 million in the same period of 2024, primarily due to a decrease in share-based compensation expenses.

Research and development expenses were RMB32.6 million (US$4.7 million) in the fourth quarter of 2025, compared with RMB32.4 million in the same period of 2024. The slight increase was primarily due to an increase in salaries and welfare expenses and consulting expenses, offset by a decrease in share-based compensation expenses.

U.S. GAAP income from operations was RMB118.9 million (US$17.0 million) in the fourth quarter of 2025, compared with U.S. GAAP loss from operations of RMB11.5 million in the same period of 2024.

Non-GAAP income from operations was RMB158.1 million (US$22.6 million) in the fourth quarter of 2025, increasing by 37.9% from RMB114.7 million in the same period of 2024.

Income tax expense was RMB16.4 million (US$2.3 million) in the fourth quarter of 2025, compared with RMB26.3 million in the same period of 2024.

U.S. GAAP net income was RMB286.3 million (US$40.9 million) in the fourth quarter of 2025, increasing by 124.8% from RMB127.4 million in the same period of 2024.

Non-GAAP net income was RMB323.0 million (US$46.2 million) in the fourth quarter of 2025, increasing by 27.6% from RMB253.2 million in the same period of 2024.

U.S. GAAP basic and diluted net income perAmerican depositary share ("ADS") were RMB0.172 (US$0.025) and RMB0.172 (US$0.025), respectively, in the fourth quarter of 2025, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.100 and RMB0.094, respectively, in the same period of 2024.

Non-GAAP basic and diluted net income per ADS^2^ were RMB0.200 (US$0.029) and RMB0.200 (US$0.029), respectively, in the fourth quarter of 2025, compared with non-GAAP basic and diluted net income per ADS of RMB0.202 and RMB0.192, respectively, in the same period of 2024.

Balance Sheet and Cash Flow

As of December 31, 2025, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, long-term bank deposits, net and long-term investment securities, net, of RMB15,732.1 million (US$2,249.7 million), compared with RMB15,351.1 million as of September 30, 2025. In the fourth quarter of 2025, net cash generated from operating activities was RMB310.2 million (US$44.4 million).

Fiscal Year 2025 Financial Results

Net revenues were RMB3,958.9 million (US$566.1 million) in fiscal year 2025, increasing by 44.0% from RMB2,748.6 million in the prior year. The increase was primarily due to the Company’s international expansion and contributions from its acquired entity.

Gross profit was RMB1,183.6 million (US$169.3 million) in fiscal year 2025, increasing by 62.9% from RMB726.5 million in the prior year.

Gross margin increased to 29.9% in fiscal year 2025 from 26.4% in the prior year, primarily due to a favorable change in the revenue mix and further supply chain optimization.

Operating expenses were RMB855.1 million (US$122.3 million) in fiscal year 2025, increasing by 2.6% from RMB833.7 million in the prior year. The slight increase was driven by an increase in salaries and welfare benefits related to the consolidation of our acquired entity, offset by a decrease in share-based compensation expenses.

Selling expenses were RMB387.1 million (US$55.4 million) in fiscal year 2025, compared with RMB229.5 million in the prior year, mainly driven by an increase in salaries and welfare expenses, share-based compensation expenses and shipping expenses.

General and administrative expenses were RMB336.9 million (US$48.2 million) in fiscal year 2025, compared with RMB515.9 million in the prior year, primarily attributable to a decrease in share-based compensation expenses, slightly offset by an increase in salaries and welfare expenses.

Research and development expenses were RMB131.0 million (US$18.7 million) in fiscal year 2025, compared with RMB88.3 million in the prior year, mainly driven by an increase in share-based compensation expenses and salaries and welfare expenses.

U.S GAAP income from operations was RMB328.6 million (US$47.0 million) in fiscal year 2025, compared with U.S. GAAP loss from operations of RMB107.1 million in the prior year.

Income tax expense was RMB119.0 million (US$17.0 million) in fiscal year 2025, increasing by 26.0% from RMB94.5 million in the prior year.

^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.

U.S. GAAP net income was RMB934.4 million (US$133.6 million) in fiscal year 2025, increasing by 65.6% from RMB564.3 million in the prior year.

Non-GAAP net income was RMB1,162.3 million (US$166.2 million) in fiscal year 2025, increasing by 23.5% from RMB940.8 million in the prior year.

U.S. GAAP basic and diluted net income perADS were RMB0.698 (US$0.100) and RMB0.698 (US$0.100), respectively, in fiscal year 2025, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.448 and RMB0.428, respectively, in the prior year.

Non-GAAP basic and diluted net income per ADS were RMB0.875 (US$0.125) and RMB0.873 (US$0.125), respectively, in fiscal year 2025, compared with non-GAAP basic and diluted net income per ADS of RMB0.753 and RMB0.720, respectively, in the prior year.

Shareholder Returns

As of December 31, 2025, the Company had cumulatively repurchased 170 million ordinary shares represented by ADS for an aggregate amount of US$330 million. The Company has cumulatively returned approximately US$171 million through cash dividend programs as of March 12, 2026.

Conference Call

The Company's management will host an earnings conference call at 8:00 AM U.S. Eastern Time on March 13, 2026 (8:00 PM Beijing/Hong Kong Time on March 13, 2026).

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 (English line):	8804299
Participant Code (Chinese simultaneous interpretation<br>line):	7472529

Participants may choose between the English and Chinese simultaneous interpretation options above when joining the conference call. Please note that the Chinese simultaneous interpretation option is in listen-only mode. Participants should dial in 10 minutes before the scheduled start time and ask to be connected to the call for "RLX Technology Inc." using the appropriate English or Chinese Participant Code 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 March 20, 2026, by dialing the following telephone numbers:

United States:	+1-855-669-9658
International:	+1-412-317-0088
Replay Access Code (English line):	6066425
Replay Access Code (Chinese line)	5700159

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, non-GAAP income from operations 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, amortization and depreciation of assets arising from fair value step-up in business acquisitions, and tax effects on non-GAAP adjustments. Non-GAAP income from operations represents net income from operations excluding share-based compensation expenses and amortization and depreciation of assets arising from fair value step-up in business acquisitions. 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, enhance the overall understanding of its past performance and future prospects, and allow 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 against 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 RMB6.9931 to US$1.00, the exchange rate on December 31, 2025, 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 to 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 the 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

(Allamounts in thousands)

	As of
	December 31,		December 31,		December 31,
	2024		2025		2025
	RMB		RMB		US
ASSETS
Current assets:
Cash and cash equivalents		5,593,492		5,367,139
Restricted cash		50,867		177,873
Short-term bank deposits, net		2,179,886		2,310,486
Receivables from online payment platforms		4,722		4,080
Short-term investments		719,755		2,326,610
Accounts and notes receivable, net		78,484		190,442
Inventories		142,552		297,682
Amounts due from related parties		346,132		210,239
Prepayments and other current assets, net		185,091		319,478
Total current assets		9,300,981		11,204,029
Non-current assets:
Property, equipment and leasehold improvement, net		50,787		245,981
Intangible assets, net		52,796		213,141
Long-term investments, net		8,000		8,330
Deferred tax assets, net		38,067		29,104
Right-of-use assets, net		24,110		82,430
Long-term bank deposits, net		727,448		433,618
Long-term investment securities, net		6,599,365		5,116,336
Goodwill		59,581		567,181
Other non-current assets, net		9,914		29,412
Total non-current assets		7,570,068		6,725,533
Total assets		16,871,049		17,929,562
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts and notes payable		458,538		403,708
Contract liabilities		10,610		84,003
Salary and welfare benefits payable		73,740		93,947
Taxes payable		126,154		159,718
Short-term loan		40,000		92,100
Accrued expenses and other current liabilities		108,816		149,552
Amounts due to related parties		27,401		474,627
Dividend payable		1,144		478,833
Lease liabilities - current portion		11,447		28,588
Total current liabilities		857,850		1,965,076
Non-current liabilities:
Deferred tax liabilities		16,196		112,912
Lease liabilities - non-current portion		7,050		55,671
Other non-current liability		-		64,291
Total non-current liabilities		23,246		232,874
Total liabilities		881,096		2,197,950
Shareholders' Equity:
Total RLX Technology Inc. shareholders' equity		15,988,216		15,633,749
Noncontrolling interests		1,737		97,863
Total shareholders' equity		15,989,953		15,731,612
Total liabilities and shareholders' equity		16,871,049		17,929,562

All values are in US Dollars.

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 year ended
	December 31,			September 30,			December 31,			December 31		December 31,			December 31,			December 31,
	2024			2025			2025			2025		2024			2025			2025
	RMB			RMB			RMB			US		RMB			RMB			US
Total net revenues		813,489			1,129,271			1,141,338					2,748,576			3,958,861
Cost of revenues		(516,305	)		(681,295	)		(722,798	)		)		(1,718,006	)		(2,433,656	)		)
Excise tax on products		(77,278	)		(95,417	)		(60,520	)		)		(304,053	)		(341,595	)		)
Gross profit		219,906			352,559			358,020					726,517			1,183,610
Operating expenses:
Selling expenses		(45,369	)		(132,335	)		(111,154	)		)		(229,466	)		(387,127	)		)
General and administrative expenses		(153,710	)		(85,722	)		(95,319	)		)		(515,887	)		(336,915	)		)
Research and development expenses		(32,374	)		(41,251	)		(32,635	)		)		(88,309	)		(131,008	)		)
Total operating expenses		(231,453	)		(259,308	)		(239,108	)		)		(833,662	)		(855,050	)		)
(Loss)/income from operations		(11,547	)		93,251			118,912					(107,145	)		328,560
Other income：
Interest income, net		146,664			139,669			141,948					616,388			560,421
Investment income		11,072			8,587			9,812					49,636			51,617
Others, net		7,497			11,266			32,035					99,924			112,768
Income before income tax		153,686			252,773			302,707					658,803			1,053,366
Income tax expense		(26,303	)		(45,948	)		(16,390	)		)		(94,459	)		(118,989	)		)
Net income		127,383			206,825			286,317					564,344			934,377
Less: net income attributable to noncontrolling interests		5,422			3,662			6,770					12,507			12,510
Net income attributable to RLX Technology Inc.		121,961			203,163			279,547					551,837			921,867
Other comprehensive income/(loss):
Foreign currency translation adjustments		268,079			(79,554	)		(135,439	)		)		143,811			(257,174	)		)
Unrealized (loss)/income on long-term investment securities		(8,151	)		2,254			(7,193	)		)		(2,167	)		(2,174	)		)
Total other comprehensive income/(loss)		259,928			(77,300	)		(142,632	)		)		141,644			(259,348	)		)
Total comprehensive income		387,311			129,525			143,685					705,988			675,029
Less: total comprehensive income attributable to noncontrolling interests		5,442			5,270			6,900					12,520			13,438
Total comprehensive income attributable to RLX Technology Inc.		381,869			124,255			136,785					693,468			661,591
Net income per ordinary share/ADS
Basic		0.100			0.167			0.172					0.448			0.698
Diluted		0.094			0.157			0.172					0.428			0.698
Weighted average number of ordinary shares/ADSs
Basic		1,225,140,420			1,215,324,092			1,231,303,311					1,232,148,531			1,223,656,660
Diluted		1,291,925,422			1,295,380,218			1,232,499,617					1,288,911,783			1,223,955,737

All values are in US Dollars.

RLX TECHNOLOGY INC.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(Allamounts in thousands, except for share and per share data)

	For the three months ended											For the year ended
	December 31,			September 30,			December 31,			December 31,		December 31,			December 31,			December 31,
	2024			2025			2025			2025		2024			2025			2025
	(As adjusted) ^(a)^											(As adjusted) ^(a)^
	RMB			RMB			RMB			US		RMB			RMB			US
(Loss)/income from operations		(11,547	)		93,251			118,912					(107,145	)		328,560
Add: share-based compensation expenses					****			****								****
Selling expenses		13,020			16,732			4,441					32,563			37,744
General and administrative expenses		103,894			44,086			22,204					348,629			128,929
Research and development expenses		7,210			9,593			2,037					(11,537	)		19,562
Amortization and depreciation of assets resulting from business acquisitions
Cost of revenues		-			13,272			-					-			26,619
Selling expenses		2,062			10,361			10,063					8,439			27,308
General and administrative expenses		29			491			478					120			1,165
Non-GAAP income from operations		114,668			187,786			158,135					271,069			569,887
Net income		127,383			206,825			286,317					564,344			934,377
Add: share-based compensation expenses		124,124			70,411			28,682					369,655			186,235
Amortization and depreciation of assets resulting from business acquisitions		2,091			24,124			10,541					8,559			55,092
Tax effects on non-GAAP adjustments		(437	)		(5,944	)		(2,554	)		)		(1,789	)		(13,436	)		)
Non-GAAP net income		253,161			295,416			322,986					940,769			1,162,268
Net income attributable to RLX Technology Inc.		121,961			203,163			279,547					551,837			921,867
Add: share-based compensation expenses		124,124			70,411			28,682					369,655			186,235
Amortization and depreciation of assets resulting from business acquisitions ^(b)^		2,091			16,834			7,711					8,559			39,578
Tax effects on non-GAAP adjustments^(b)^		(437	)		(4,122	)		(1,846	)		)		(1,789	)		(9,557	)		)
Non-GAAP net income attributable to RLX Technology Inc.		247,739			286,286			314,094					928,262			1,138,123
Non-GAAP net income per ordinary share/ADS					****			****								****
- Basic		0.202			0.236			0.200					0.753			0.875
- Diluted		0.192			0.221			0.200					0.720			0.873
Weighted average number of ordinary shares/ADSs					****			****								****
- Basic		1,225,140,420			1,215,324,092			1,231,303,311					1,232,148,531			1,223,656,660
- Diluted		1,291,925,422			1,295,380,218			1,232,499,617					1,288,911,783			1,290,458,801

All values are in US Dollars.

Note (a): The Company completed the acquisition of the acquiredcompany on May 31, 2025, which was accounted for as a business combination. Beginning in Q2 2025, the Company included the amortizationand depreciation of assets arising from fair value step-up in business acquisitions, as well as the associated tax impact, in the reconciliationitems for GAAP and Non-GAAP results. The Company has retrospectively adjusted the above unaudited reconciliation of GAAP and Non-GAAPresults for the prior quarter and year. The Company believes these changes provide management and investors with more useful informationto evaluate the operations of its business.

Note (b): The amortization and depreciation expense and relatedtax effect attributable to noncontrolling interests have been excluded from the presentation in the reconciliation items for GAAP andNon-GAAP results.

RLX TECHNOLOGY INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(All amounts in thousands)

	For the three months ended											For the year ended
	December 31,			September 30,			December 31,			December 31,		December 31,			December 31,			December 31,
	2024			2025			2025			2025		2024			2025			2025
	RMB			RMB			RMB			US		RMB			RMB			US
Net cash generated from operating activities		497,011			357,546			310,221					854,349			1,104,548
Net cash generated from/(used in) investing activities		1,901,084			(343,188	)		1,324,664					3,018,001			(822,191	)		)
Net cash (used in)/generated from financing activities		(130,366	)		(370,205	)		399,971					(678,031	)		(282,747	)		)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash		62,865			(27,032	)		(66,321	)		)		29,982			(98,957	)		)
Net increase/(decrease) in cash and cash equivalents and restricted cash		2,330,594			(382,879	)		1,968,535					3,224,301			(99,347	)		)
Cash, cash equivalents and restricted cash at the beginning of the period		3,313,765			3,959,356			3,576,477					2,420,058			5,644,359
Cash, cash equivalents and restricted cash at the end of the period		5,644,359			3,576,477			5,545,012					5,644,359			5,545,012

All values are in US Dollars.