In the first quarter of 2024, RLX Technology reported a significant increase in net revenues and gross margin. The company generated RMB551.6 million ($76.4 million) in net revenues, up from RMB188.9 million in the same period of 2023. The gross margin also improved to 25.9 percent from 24.2 percent in the previous year.
RLX Technology’s CEO, Ying (Kate) Wang, highlighted the positive developments in the international business and challenges faced due to regulatory changes in different regions. She emphasized the importance of identifying opportunities and leveraging strengths to enter potential markets prudently. Wang also acknowledged China’s regulatory crackdown on illegal products but stressed that there is still progress to be made in the domestic market. She expressed RLX Technology’s commitment to working with regulators to create a well-regulated and healthy e-vapor industry while optimizing its product portfolio to meet users’ needs and drive growth in an evolving industry.
Chief Financial Officer Chao Lu attributed RLX Technology’s fifth consecutive quarter of sequential revenue growth to its resilient business model, effective regional strategies, and strong execution. He expressed confidence that this growth trajectory would continue and that RLX Technology would deliver sustainable value to stakeholders. Non-GAAP basic and diluted net income per ADS were RMB0.166 (US$0.023) and RMB0.159 (US$0
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