RLX Technology's revenue in the third quarter reached Rmb760mn, driven by internationalization and efficient operations
1min read Securities Times News, on November 15, RLX Technology (RLX Technology Inc.) (NYSE: RLX) announced its unaudited financial results for the third quarter of 2024.
The financial report showed that RLX Technology's net revenue in the third quarter of 2024 was RMB760 million (US$110 million), up 20.6% quarter-on-quarter and 51.6% year-on-year. Under non-US generally accepted accounting principles, the adjusted net profit in the third quarter was RMB260 million (US$37.32 million), up 22.9% quarter-on-quarter and 30.0% year-on-year.
Founder, Chairman and CEO of RLX Technology, Wang Ying said that the Company achieved another strong performance in the third quarter, demonstrating its ability to maintain outstanding performance in rapidly changing market trends and regulatory environments. The efficient and flexible localization strategy has helped us establish market leadership in multiple countries. Through close cooperation with local distributors and retailers, we achieved a high degree of product-market fit.
RLX Technology CFO Lu Chao said that the Company's net revenue in the third quarter grew 51.6% year-on-year to RMB760 million, highlighting the success of its internationalization strategy. Thanks to the transformation of revenue structure and cost optimization initiatives, the Company's gross margin improved 3.2 percentage points year-on-year to 27.2%. Notably, while the Company's revenue grew rapidly, it maintained stable operating expenses under non-US generally accepted accounting principles, highlighting the operating leverage effect. At the same time, the Company is also pleased to continue to reward shareholders by distributing its second cash dividend since its listing and continuing its stock repurchase program. Looking ahead, the Company will continue to focus on seeking development opportunities to bring sustainable growth and higher returns to shareholders.