BRIEF: Global expansion drives strong revenue growth at RLX
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
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