RLX Technology Inc. announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2024. For the full fiscal year 2024, net revenues reached RMB2,748.6 million (US$376.6 million), marking a 73.3% year-over-year increase from RMB1,586.4 million in the prior year. This substantial growth was primarily driven by the company's international expansion efforts.
The company's gross margin for fiscal year 2024 improved to 26.4% from 24.4% in the prior year, reflecting a favorable change in revenue mix and cost optimization initiatives. RLX achieved a non-GAAP operating income of RMB262.5 million for the full year 2024, signifying a significant return to profitability. In the fourth quarter alone, non-GAAP operating profit was RMB112.6 million, marking its fourth consecutive sequential rise.
As of December 31, 2024, RLX Technology maintained a strong liquidity position with total financial assets of RMB15,870.8 million (US$2,174.3 million). The company generated RMB497.0 million (US$68.1 million) in net cash from operating activities during the fourth quarter. RLX also returned approximately US$122.9 million to shareholders in fiscal year 2024 through share repurchases and cash dividends, including US$109.2 million in share repurchases.
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