RLX.US

Chinese vaping company RLX Technology Inc. (RLX.US) reportedon Friday its annual revenue rose 73.3% last year to 2.75 billion yuan ($380 million), while its non-GAAP net profit rose 3.3% to 934 million yuan from 904 million yuan in 2023.

In the fourth quarter, the company’s revenue rose 56.3% year-on-year to 813 million yuan, but its non-GAAP net profit declined 41% to 252 million yuan over that period.

The company attributed its strong revenue growth to a successful international expansion. It added that improvements in its revenue structure and cost optimization measures helped it to boost its gross profit margin from 23.7% in the fourth quarter of 2023 to 27% in last year’s fourth quarter.

RLX’s stock fell 3.8% on Friday in New York after it announced the results, closing at $2.26.

By Lee Shih Ta

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

Illustration of Chinese government pumping confidence into stock market

China’s state-driven stocks, and its corporate wars abroad

China's stock market rally is fast approaching its one-year mark, with the benchmark Hang Seng and Shanghai composite indexes both up around 40%. How much longer can it last, especially given the weak state of China's economy? And internet giants Meituan and DiDi have sued each other in Brazil, where they are competing in the takeout dining market. How is this case likely to end up?