SHENZHEN, China, March 15,
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 fourth quarter and the fiscal year ended December 31, 2023.
Fourth Quarter 2023 Financial Highlights
- Net revenues were RMB520.5
million (US$73.3 million) in
the fourth quarter of 2023, compared with RMB340.0 million in the same period of 2022.
- Gross margin was 23.7% in the fourth quarter of 2023,
compared with 43.6% in the same period of 2022.
- U.S. GAAP net income was
RMB216.0 million (US$30.4 million) in the fourth quarter of 2023,
compared with U.S. GAAP net loss of RMB225.1
million in the same period of 2022.
- Non-GAAP net income[1] was
RMB432.6 million (US$60.9 million) in the fourth quarter of 2023,
compared with RMB249.7 million in the
same period of 2022.
Fiscal Year 2023 Financial Highlights
- Net revenues were RMB1,586.4
million (US$223.4 million) in
fiscal year 2023, compared with RMB5,332.8
million in the prior year.
- Gross margin was 24.4% in fiscal year 2023, compared
with 43.2% in the prior year.
- U.S. GAAP net income was RMB541.0
million (US$76.2 million) in
fiscal year 2023, compared with RMB1,408.7
million in the prior year.
- Non-GAAP net income was RMB903.9
million (US$127.3 million) in
fiscal year 2023, compared with RMB1,574.9
million in the prior year.
"Despite external challenges, we achieved an impressive recovery
throughout 2023 through strong strategic execution, setting the
stage for new ventures," said Ms. Ying (Kate) Wang, Co-founder, Chairperson of the Board
of Directors, and CEO of RLX Technology. "We embarked on our
international expansion during the fourth quarter, focusing on
markets and product categories with the highest growth potential.
By acquiring and integrating resources across diverse markets, we
can create powerful synergies and elevate operational efficiency,
enhancing our global competitiveness. For our domestic business in
China, we remain committed to
optimizing our product portfolios while combatting illegal products
that still weigh on legitimate players' sales, advocating for a
responsible and well-regulated e-vapor industry. Looking ahead, we
will continue to expand our business to more markets and develop
innovative and premium products to meet our users' evolving
needs."
Mr. Chao Lu, Chief Financial
Officer of RLX Technology, commented, "2023 was a pivotal year of
progress for RLX's domestic operations. We decisively refined our
business structure to align with China's new regulatory environment, driving
steady improvements in our financial performance while building a
firm foundation for our sustainable future. In the fourth quarter
of 2023, we achieved a non-GAAP operating profit of RMB76.1 million, marking a significant turnaround
from the previous quarters' losses and reflecting our robust
rebound and growth trajectory. Furthermore, we continued to return
value to our shareholders through our share repurchase program and
cash dividend, with approximately US$112
million in 2023. We also extended our share repurchase
program for an additional 24-month period, demonstrating our
confidence in the Company's long-term prospects. Going forward, our
financial strength and solid balance sheet will empower us to
pursue development opportunities that create value for our
stakeholders."
Fourth Quarter 2023 Financial Results
Net revenues were RMB520.5
million (US$73.3 million) in
the fourth quarter of 2023, compared with RMB340.0 million in the same period of
2022. The increase was primarily due to our international
expansion in Southeast and North
Asia.
Gross profit was RMB123.4 million (US$17.4 million) in the fourth quarter of
2023, compared with RMB148.3 million in the same period of
2022.
Gross margin was 23.7% in the fourth quarter of 2023,
compared with 43.6% in the same period of 2022. The decrease
was primarily due to the imposition of a 36% excise tax, which came
into effect on November 1, 2022, and
an unfavorable change in revenue mix.
Operating expenses were RMB263.9 million (US$37.2 million) in the fourth quarter of
2023, compared with RMB620.4 million in the same period of
2022. The decrease was primarily due to a decrease in
share-based compensation expenses, which were RMB216.6 million (US$30.5
million) in the fourth quarter of 2023, compared with
RMB474.9 million in the same period
of 2022. The changes in share-based compensation expenses consisted
of (i) RMB12.1 million (US$1.7 million) recognized in selling expenses,
(ii) RMB194.2 million (US$27.3 million) recognized in general and
administrative expenses, and (iii) RMB10.3
million (US$1.5 million)
recognized in research and development expenses. 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 RMB38.0
million (US$5.4 million) in
the fourth quarter of 2023, compared with RMB96.7 million in the same period of 2022,
primarily due to a decrease in share-based compensation expenses,
salaries and welfare benefits.
General and administrative expenses
were RMB204.0 million (US$28.7 million) in the fourth quarter of
2023, compared with RMB394.2 million in the same period of
2022, mainly driven by a decrease in share-based compensation
expenses, salaries and welfare benefits.
Research and development expenses were RMB21.9 million (US$3.1
million) in the fourth quarter of 2023, compared with
RMB129.6 million in the same period
of 2022, mainly driven by a decrease in share-based compensation
expenses, salaries and welfare benefits.
Loss from operations was RMB140.5 million (US$19.8 million) in the fourth quarter of
2023, compared with RMB472.2 million in the same period of
2022.
Income tax expense was RMB15.1
million (US$2.1 million) in
the fourth quarter of 2023, compared with income tax benefit
of RMB16.2 million in the same
period of 2022.
U.S. GAAP net income was
RMB216.0 million (US$30.4 million) in the fourth quarter
of 2023, compared with U.S. GAAP net loss of RMB225.1 million in the same period of 2022.
Non-GAAP net income was RMB432.6 million (US$60.9
million) in the fourth quarter of 2023, compared with
RMB249.7 million in the same
period of 2022.
U.S. GAAP basic and diluted net income per American
depositary share ("ADS") were RMB0.166 (US$0.023) and RMB0.161 (US$0.023) in the fourth quarter of
2023, respectively, compared with U.S. GAAP basic and diluted net
loss per ADS of RMB0.174 and
RMB0.174, in the same period of
2022.
Non-GAAP basic and diluted net income per
ADS[2] were RMB0.335 (US$0.047) and RMB0.325 (US$0.046), respectively, in the
fourth quarter of 2023, compared with non-GAAP basic and diluted
net income per ADS of RMB0.188 and
RMB0.186, respectively, in the same
period of 2022.
Balance Sheet and Cash Flow
As of December 31, 2023, 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
RMB15,138.4 million (US$2,132.2 million), compared with RMB15,186.7 million as of September 30, 2023. For the fourth quarter ended
December 31, 2023, net cash generated
from operating activities was RMB305.2
million (US$43.0 million).
Fiscal Year 2023 Financial Results
Net revenues were RMB1,586.4
million (US$223.4 million) in
fiscal year 2023, compared with RMB5,332.8
million in the prior year. The decrease was primarily due to
the discontinuation of older products.
Gross profit was RMB387.7
million (US$54.6 million) in
fiscal year 2023, compared with RMB2,305.1
million in the prior year.
Gross margin decreased to 24.4% in fiscal year 2023 from
43.2% in the prior year, primarily due to the imposition of a 36%
excise tax, which came into effect on November 1, 2022.
Operating expenses were RMB884.4
million (US$124.6 million) in
fiscal year 2023, representing a decrease of 28.8% from
RMB1,241.7 million in the prior year.
The decrease in operating expenses was primarily due to the
decrease in salaries and welfare benefits.
Selling expenses decreased by 38.5% to RMB213.7 million (US$30.1
million) in fiscal year 2023 from RMB347.8 million in the prior year, mainly driven
by a decrease in salaries and welfare benefits.
General and administrative expenses decreased by 13.7% to
RMB498.0 million (US$70.1 million) in fiscal year 2023 from
RMB576.8 million in the prior year,
primarily attributable to the decrease in salaries and welfare
benefits and accrued liabilities to suppliers.
Research and development expenses decreased by 45.5% to
RMB172.7 million (US$24.3 million) in fiscal year 2023 from
RMB317.1 million in the prior year,
mainly driven by a decrease in salaries and welfare benefits.
Loss from operations was RMB496.7
million (US$70.0 million) in
fiscal year 2023, compared with an income from operations of
RMB1,063.4 million in the prior
year.
Income tax expense was RMB50.8
million (US$7.1 million) in
fiscal year 2023, representing a decrease of 86.3% from
RMB371.6 million in the prior
year.
U.S. GAAP net income was RMB541.0
million (US$76.2 million) in
fiscal year 2023, compared with RMB1,408.7
million in the prior year.
Non-GAAP net income was RMB903.9
million (US$127.3 million) in
fiscal year 2023, compared with RMB1,574.9
million in the prior year.
U.S. GAAP basic and diluted net income per ADS were
RMB0.407 (US$0.057) and RMB0.399 (US$0.056), respectively, in fiscal year 2023,
compared with U.S. GAAP basic and diluted net income per ADS of
RMB1.092 and RMB1.085, respectively, in the prior year.
Non-GAAP basic and diluted net income per ADS were
RMB0.684 (US$0.096) and RMB0.669 (US$0.094), respectively, in fiscal year 2023,
compared with non-GAAP basic and diluted net income per ADS of
RMB1.218 and RMB1.210, respectively, in the prior year.
Share Repurchase Program and Dividend Payment
The Company repurchased approximately US$98.5 million of its ordinary shares
represented by ADSs during the fiscal year of 2023 and
US$195.5 million of its ordinary
shares represented by ADSs cumulatively, as of December 31, 2023. In December 2023, the Company's board of directors
authorized the extension of its existing share repurchase program
established in December 2021 for an
additional 24-month period through December
31, 2025.
In November 2023, the Company
announced that its Board of Directors approved a cash dividend of
US$0.01 per ordinary share, or
US$0.01 per ADS, to holders of
ordinary shares and holders of ADSs, respectively, as of the close
of business on December 1, 2023
Beijing/Hong Kong Time and New York Time, respectively, payable in
U.S. dollars. The cash dividend was paid in December 2023 to shareholders. The aggregate
amount of the dividend is approximately US$13.0 million.
Conference Call
The Company's management will host an earnings conference call
at 8:00 AM U.S. Eastern Time on March
15, 2024 (8:00 PM Beijing/Hong
Kong Time on March 15, 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:
|
1473355
|
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 March 22, 2024, by dialing the following
telephone numbers:
|
United
States:
|
+1-877-344-7529
|
|
International:
|
+1-412-317-0088
|
|
Replay Access
Code:
|
9792377
|
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
RMB7.0999 to US$1.00, the exchange rate on December 29, 2023, 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 China's e-vapor
market; changes in its revenues and certain cost or expense items;
PRC governmental policies, laws and regulations 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
|
[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.
|
|
[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.
|
|
RLX TECHNOLOGY
INC.
|
|
UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(All amounts in
thousands)
|
|
|
|
|
|
As of
|
|
December
31,
|
December
31,
|
December
31,
|
|
2022
(As
adjusted) (a)
|
2023
|
2023
|
|
RMB
|
RMB
|
US$
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
1,268,512
|
2,390,298
|
336,666
|
|
Restricted
cash
|
20,574
|
29,760
|
4,192
|
|
Short-term bank
deposits, net
|
7,084,879
|
2,631,256
|
370,605
|
|
Receivables from online
payment platforms
|
3,000
|
6,893
|
971
|
|
Short-term investments,
net
|
2,434,864
|
3,093,133
|
435,659
|
|
Accounts and notes
receivable, net
|
51,381
|
60,482
|
8,519
|
|
Inventories
|
130,901
|
144,850
|
20,402
|
|
Amounts due from
related parties
|
5,112
|
118,736
|
16,724
|
|
Prepayments and other
current assets, net
|
198,932
|
508,435
|
71,612
|
|
Total current
assets
|
11,198,155
|
8,983,843
|
1,265,350
|
|
Non-current
assets:
|
|
|
|
|
Property, equipment and
leasehold improvement, net
|
87,871
|
77,358
|
10,896
|
|
Intangible assets,
net
|
7,552
|
69,778
|
9,828
|
|
Long-term investments,
net
|
8,000
|
8,000
|
1,127
|
|
Deferred tax assets,
net
|
63,894
|
58,263
|
8,206
|
|
Right-of-use assets,
net
|
75,008
|
52,562
|
7,403
|
|
Long-term bank
deposits, net
|
1,515,428
|
1,757,804
|
247,582
|
|
Long-term investment
securities, net
|
3,409,458
|
5,236,109
|
737,491
|
|
Goodwill
|
-
|
66,506
|
9,367
|
|
Other non-current
assets, net
|
13,458
|
4,874
|
686
|
|
Total non-current
assets
|
5,180,669
|
7,331,254
|
1,032,586
|
|
Total
assets
|
16,378,824
|
16,315,097
|
2,297,936
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts and notes
payable
|
269,346
|
266,426
|
37,525
|
|
Contract
liabilities
|
75,226
|
49,586
|
6,984
|
|
Salary and welfare
benefits payable
|
127,749
|
39,256
|
5,529
|
|
Taxes
payable
|
109,676
|
77,164
|
10,868
|
|
Amounts due to related
parties
|
423
|
101,927
|
14,356
|
|
Dividend
payable
|
-
|
881
|
124
|
|
Accrued expenses and
other current liabilities
|
161,455
|
103,996
|
14,648
|
|
Lease liabilities -
current portion
|
45,955
|
29,435
|
4,146
|
|
Total current
liabilities
|
789,830
|
668,671
|
94,180
|
|
|
|
|
|
Non-current
liabilities:
|
|
|
|
|
Deferred tax
liabilities
|
8,653
|
23,591
|
3,323
|
|
Lease liabilities -
non-current portion
|
39,968
|
24,419
|
3,439
|
|
Total non-current
liabilities
|
48,621
|
48,010
|
6,762
|
|
Total
liabilities
|
838,451
|
716,681
|
100,942
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
Total RLX Technology
Inc. shareholders' equity
|
15,569,060
|
15,609,393
|
2,198,540
|
|
Noncontrolling
interests
|
(28,687)
|
(10,977)
|
(1,546)
|
|
Total shareholders'
equity
|
15,540,373
|
15,598,416
|
2,196,994
|
|
|
|
|
|
Total liabilities
and shareholders' equity
|
16,378,824
|
16,315,097
|
2,297,936
|
|
|
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 consolidated balance sheets in prior
year.
|
|
UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE (LOSS)/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,
|
|
2022
（As
adjusted）(b)
|
2023
（As
adjusted）(b)
|
2023
|
2023
|
|
2022
（As
adjusted）(b)
|
2023
|
2023
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
|
|
|
|
|
|
|
|
Net
revenues
|
340,012
|
498,929
|
520,468
|
73,306
|
|
5,332,779
|
1,586,397
|
223,439
|
|
Cost of
revenues
|
(139,073)
|
(278,578)
|
(327,325)
|
(46,103)
|
|
(2,974,981)
|
(856,329)
|
(120,611)
|
|
Excise tax on
products
|
(52,668)
|
(100,313)
|
(69,730)
|
(9,821)
|
|
(52,668)
|
(342,354)
|
(48,220)
|
|
Gross
profit
|
148,271
|
120,038
|
123,413
|
17,382
|
|
2,305,130
|
387,714
|
54,608
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Selling
expenses
|
(96,673)
|
(44,751)
|
(37,985)
|
(5,350)
|
|
(347,798)
|
(213,723)
|
(30,102)
|
|
General and
administrative expenses
|
(394,207)
|
(78,849)
|
(204,030)
|
(28,737)
|
|
(576,811)
|
(498,015)
|
(70,144)
|
|
Research and
development expenses
|
(129,558)
|
(30,783)
|
(21,904)
|
(3,085)
|
|
(317,110)
|
(172,686)
|
(24,322)
|
|
Total
operating expenses
|
(620,438)
|
(154,383)
|
(263,919)
|
(37,172)
|
|
(1,241,719)
|
(884,424)
|
(124,568)
|
|
|
|
|
|
|
|
|
|
|
(Loss)/income from operations
|
(472,167)
|
(34,345)
|
(140,506)
|
(19,790)
|
|
1,063,411
|
(496,710)
|
(69,960)
|
|
|
|
|
|
|
|
|
|
|
Other
income：
|
|
|
|
|
|
|
|
|
|
Interest
income, net
|
54,617
|
158,260
|
157,928
|
22,244
|
|
180,729
|
627,879
|
88,435
|
|
Investment
income
|
25,557
|
21,028
|
182,699
|
25,733
|
|
136,531
|
245,700
|
34,606
|
|
Others,
net
|
150,625
|
33,412
|
30,925
|
4,356
|
|
399,641
|
214,874
|
30,264
|
|
(Loss)/income before income tax
|
(241,368)
|
178,355
|
231,046
|
32,543
|
|
1,780,312
|
591,743
|
83,345
|
|
Income tax
benefit/(expense)
|
16,243
|
(1,746)
|
(15,078)
|
(2,124)
|
|
(371,580)
|
(50,755)
|
(7,149)
|
|
Net
(loss)/income
|
(225,125)
|
176,609
|
215,968
|
30,419
|
|
1,408,732
|
540,988
|
76,196
|
|
Less: net
income/(loss) attributable to noncontrolling
interests
|
3,355
|
1,579
|
2,491
|
351
|
|
(32,487)
|
6,660
|
938
|
|
Net
(loss)/income attributable to RLX Technology Inc.
|
(228,480)
|
175,030
|
213,477
|
30,068
|
|
1,441,219
|
534,328
|
75,258
|
|
Other
comprehensive (loss)/income:
|
|
|
|
|
|
|
|
|
|
Foreign
currency translation adjustments
|
(215,246)
|
(83,978)
|
(132,470)
|
(18,658)
|
|
937,428
|
198,534
|
27,963
|
|
Unrealized
(loss)/income on long-term investment securities
|
(5,425)
|
3,508
|
(11,288)
|
(1,590)
|
|
(5,425)
|
632
|
89
|
|
Total other
comprehensive (loss)/income
|
(220,671)
|
(80,470)
|
(143,758)
|
(20,248)
|
|
932,003
|
199,166
|
28,052
|
|
Total
comprehensive (loss)/income
|
(445,796)
|
96,139
|
72,210
|
10,171
|
|
2,340,735
|
740,154
|
104,248
|
|
Less: total
comprehensive income/(loss) attributable to
noncontrolling interests
|
3,355
|
1,579
|
2,491
|
351
|
|
(32,487)
|
6,660
|
938
|
|
Total
comprehensive (loss)/income attributable to RLX
Technology Inc.
|
(449,151)
|
94,560
|
69,719
|
9,820
|
|
2,373,222
|
733,494
|
103,310
|
|
|
|
|
|
|
|
|
|
|
Net
(loss)/income per ordinary share/ADS
|
|
|
|
|
|
|
|
|
|
Basic
|
(0.174)
|
0.133
|
0.166
|
0.023
|
|
1.092
|
0.407
|
0.057
|
|
Diluted
|
(0.174)
|
0.130
|
0.161
|
0.023
|
|
1.085
|
0.399
|
0.056
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of ordinary shares/ADSs
|
|
|
|
|
|
|
|
|
|
Basic
|
1,310,229,331
|
1,316,452,743
|
1,285,752,182
|
1,285,752,182
|
|
1,319,732,802
|
1,311,401,901
|
1,311,401,901
|
|
Diluted
|
1,310,229,331
|
1,344,359,144
|
1,324,466,240
|
1,324,466,240
|
|
1,328,144,092
|
1,340,445,653
|
1,340,445,653
|
|
|
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
comparative
consolidated statements of comprehensive (loss)/income in
prior quarters/year.
|
|
RLX TECHNOLOGY
INC.
|
|
UNAUDITED
RECONCILIATION OF GAAP AND NON-GAAP RESULTS
|
|
(All amounts in
thousands, except for share and per share data, or otherwise
noted)
|
|
|
|
|
|
|
For the three months
ended
|
|
For the year
ended
|
|
December
31,
|
September
30,
|
December
31,
|
December
31,
|
|
December
31,
|
December
31,
|
December
31,
|
|
2022
（As
adjusted）(c)
|
2023
（As
adjusted）(c)
|
2023
|
2023
|
|
2022
（As
adjusted）(c)
|
2023
|
2023
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
Net
(loss)/income
|
(225,125)
|
176,609
|
215,968
|
30,419
|
|
1,408,732
|
540,988
|
76,196
|
|
Add: share-based
compensation expenses
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
41,239
|
(4,045)
|
12,128
|
1,708
|
|
(6,993)
|
16,700
|
2,352
|
|
General and administrative expenses
|
369,447
|
29,771
|
194,153
|
27,346
|
|
162,229
|
334,344
|
47,091
|
|
Research and development expenses
|
64,165
|
(936)
|
10,335
|
1,456
|
|
10,925
|
11,824
|
1,665
|
|
Non-GAAP net
income
|
249,726
|
201,399
|
432,584
|
60,929
|
|
1,574,893
|
903,856
|
127,304
|
|
|
|
|
|
|
|
|
|
|
Net (loss)/income
attributable to RLX
Technology Inc.
|
(228,480)
|
175,030
|
213,477
|
30,068
|
|
1,441,219
|
534,328
|
75,258
|
|
Add: share-based
compensation expenses
|
474,851
|
24,790
|
216,616
|
30,510
|
|
166,161
|
362,868
|
51,108
|
|
Non-GAAP net income
attributable to RLX
Technology Inc.
|
246,371
|
199,820
|
430,093
|
60,578
|
|
1,607,380
|
897,196
|
126,366
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net income
per ordinary share/ADS
|
|
|
|
|
|
|
|
|
|
- Basic
|
0.188
|
0.152
|
0.335
|
0.047
|
|
1.218
|
0.684
|
0.096
|
|
- Diluted
|
0.186
|
0.149
|
0.325
|
0.046
|
|
1.210
|
0.669
|
0.094
|
|
Weighted average
number of ordinary
shares/ADSs
|
|
|
|
|
|
|
|
|
|
- Basic
|
1,310,229,331
|
1,316,452,743
|
1,285,752,182
|
1,285,752,182
|
|
1,319,732,802
|
1,311,401,901
|
1,311,401,901
|
|
- Diluted
|
1,324,475,455
|
1,344,359,144
|
1,324,466,240
|
1,324,466,240
|
|
1,328,144,092
|
1,340,445,653
|
1,340,445,653
|
|
|
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 unaudited reconciliation of GAAP and Non-GAAP results in
prior quarters/year.
|
|
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,
|
|
|
2022
（As
adjusted）(d)
|
2023
（As
adjusted）(d)
|
2023
|
2023
|
|
2022
（As
adjusted）(d)
|
2023
|
2023
|
|
|
RMB
|
RMB
|
RMB
|
US$
|
|
RMB
|
RMB
|
US$
|
|
|
Net cash (used
in)/generated from operating activities
|
(248,866)
|
82,853
|
305,197
|
42,986
|
|
486,829
|
198,703
|
27,987
|
|
|
Net cash generated
from/(used in) investing activities
|
752,545
|
967,234
|
310,274
|
43,701
|
|
(4,133,040)
|
2,091,145
|
294,532
|
|
|
Net cash used in
financing activities
|
(150,647)
|
(206,577)
|
(791,905)
|
(111,537)
|
|
(477,270)
|
(1,193,216)
|
(168,061)
|
|
|
Effect of foreign
exchange rate changes on cash, cash
equivalents and restricted cash
|
29,287
|
(5,918)
|
(18,544)
|
(2,612)
|
|
203,100
|
34,340
|
4,836
|
|
|
Net
increase/(decrease) in cash and cash equivalents
and restricted cash
|
382,319
|
837,592
|
(194,978)
|
(27,462)
|
|
(3,920,381)
|
1,130,972
|
159,294
|
|
|
Cash, cash
equivalents and restricted cash at the
beginning of the period
|
906,767
|
1,777,444
|
2,615,036
|
368,320
|
|
5,209,467
|
1,289,086
|
181,564
|
|
|
Cash, cash
equivalents and restricted cash at the
end of the period
|
1,289,086
|
2,615,036
|
2,420,058
|
340,858
|
|
1,289,086
|
2,420,058
|
340,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note (d): 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 consolidated statements of cash flows in
prior quarters/year.
|
|
View original
content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-fourth-quarter-and-fiscal-year-2023-financial-results-302090186.html
SOURCE RLX Technology Inc.