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2021-03-28

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RLX Technology's quarterly revenue jumps 44.5% QoQ<blockquote>RLX科技季度收入环比增长44.5%</blockquote>

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(\"RLX Technology\" or the \"Company\") (NYS","content":"BEIJING, March&nbsp;26, 2021 /PRNewswire/ -- RLX Technology Inc. (\"RLX Technology\" or the \"Company\") (NYSE: RLX), a leading branded e-vapor company inChina, today announced its unaudited financial results for the fourth quarter and the fiscal year endedDecember 31, 2020.<blockquote>北京2021年3月26日电/美通社/--中国领先的品牌电子烟公司RLX科技公司（“RLX科技”或“公司”）（纽约证券交易所代码：RLX）今天公布了第四季度未经审计的财务业绩截至2020年12月31日的季度和财年。</blockquote><img src=\"https://static.tigerbbs.com/cd48712f2965372dd71b1af347f0ab9c\" tg-width=\"828\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Fourth Quarter 2020 Financial Highlights<blockquote>2020年第四季度财务摘要</blockquote><ul><li>Net revenueswereRMB1,618.5 million(US$248.0 million), representing an increase of 44.5% fromRMB1,120.2 millionin the third quarter of 2020.</li><li>Gross marginwas 42.9%, compared to 39.1% in the third quarter of 2020.</li><li>Net losswasRMB236.7 million(US$36.3 million), compared with net income ofRMB7.8 millionin the third quarter of 2020.</li><li>Non-GAAP net income[1]wasRMB419.3 million(US$64.3 million).</li></ul><table><tbody><tr><td>[1]Non-GAAP net (loss)/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.<blockquote><ul><li>净收入为16.185亿元人民币（2.480亿美元），较2020年第三季度的11.202亿元人民币增长44.5%。</li><li>毛利率为42.9%，而2020年第三季度为39.1%。</li><li>净亏损为人民币2.367亿元（3630万美元），而2020年第三季度净利润为人民币780万元。</li><li>非公认会计准则净利润[1]为人民币4.193亿元（6430万美元）。</li></ul><table><tbody><tr><td>[1]非公认会计准则净（损失）/收入是一项非公认会计准则财务指标。有关公司非GAAP财务指标的更多信息，请参阅本新闻稿末尾的“非GAAP财务指标”部分和标题为“未经审计的GAAP和非GAAP业绩调节表”的表格。</td></tr></tbody></table></blockquote></td></tr></tbody></table>Fiscal Year 2020 Financial Highlights<blockquote>2020财年财务摘要</blockquote><ul><li>Net revenueswereRMB3,819.7 million(US$585.4 million) in fiscal year 2020, representing an increase of 146.5% fromRMB1,549.4 millionin the prior year.</li><li>Gross marginwas 40.0% in fiscal year 2020, compared to 37.5% in the prior year.</li><li>Net losswasRMB128.1 million(US$19.6 million) in fiscal year 2020, compared with net income ofRMB47.7 millionin the prior year.</li><li>Non-GAAP net incomewasRMB801.0 million(US$122.8 million).</li></ul>\"We are pleased to report financial and operational results for the fourth quarter of 2020. Throughout 2020, despite challenges stemming from COVID-19, our business remained resilient, and our management team maintained our focus on building and strengthening RELX as a trusted brand for adult smokers,\" said Ms.Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors and Chief Executive Officer of RLX Technology. \"We continue to consistently uphold and practice our ethical principles, including facilitating the prevention of underage use of our products through our industry pioneeringGuardian Program,introducing effective age-verification practices to the industry. This fourth quarter also witnessed the first anniversary of the launch of ourSunflower System, our&nbsp;technology-driven underage-access-prevention system. In addition, we continued to advance ourGolden Shield Programin cooperation with the public, media and local authorities to combat sales of counterfeit products.\"<blockquote><ul><li>净收入2020财年为人民币38.197亿元（5.854亿美元），较上年的人民币15.494亿元增长146.5%。</li><li>毛利率2020财年为40.0%，而上年为37.5%。</li><li>净亏损2020财年净利润为人民币1.281亿元（1960万美元），而上一年净利润为人民币4770万元。</li><li>非公认会计准则净利润为人民币8.01亿元（1.228亿美元）。</li></ul>“我们很高兴报告2020年第四季度的财务和运营业绩。在整个2020年，尽管面临COVID-19带来的挑战，我们的业务仍然保持弹性，我们的管理团队仍然专注于建立和加强悦刻作为值得信赖的品牌对于成年吸烟者来说，”RLX科技联合创始人、董事会主席兼首席执行官王英女士表示。“我们将继续坚持和实践我们的道德原则，包括通过我们的行业先锋促进防止未成年人使用我们的产品。”守护者计划，向行业介绍有效的年龄验证实践。第四季度亦见证了我们推出一周年向日葵系统，我们的技术驱动的未成年人访问预防系统。此外，我们持续推进金盾计划与公众、媒体和地方当局合作，打击假冒产品的销售。”</blockquote>\"Looking forward, we plan to further solidify our leadership as we endeavor to continue investment&nbsp;in scientific research, enhance our technology and product development, strengthen our distribution and retail network, bolster supply chain and production capabilities, and extend our global capabilities. These strategic initiatives are designed to support our growth over the long-term,\" Ms. Wang concluded.<blockquote>“展望未来，我们计划进一步巩固我们的领导地位，努力继续投资于科学研究，增强我们的技术和产品开发，加强我们的分销和零售网络，增强我们的供应链和生产能力，并扩展我们的全球能力。这些战略举措旨在支持我们的长期增长，”王女士总结道。</blockquote>Closing of Initial Public Offering (\"IPO\")<blockquote>首次公开发售（“首次公开发售”）结束</blockquote>OnJanuary 26, 2021, the Company completed the closing of its initial public offering of 133,975,000 American depositary shares (\"ADSs\"), each representing one Class A ordinary share. The number of ADSs issued at closing included 17,475,000 ADSs issued pursuant to the exercise in full of over-allotment option by the underwriters. At a price to the public ofUS$12.00per ADS, the total offering size wasUS$1,607.7 million.<blockquote>2021年1月26日，公司完成了133,975,000股美国存托股份（“ADS”）的首次公开发行，每股代表一股A类普通股。于交割时已发行的美国存讬股数目包括根据包销商悉数行使超额配股权而发行的17,475,000股美国存讬股。以每股美国存托凭证12.00美元的公开发行价格计算，总发行规模为16.077亿美元。</blockquote>Fourth Quarter 2020 Unaudited Financial Results<blockquote>2020年第四季度未经审计的财务业绩</blockquote>Net revenues&nbsp;increased by 44.5% toRMB1,618.5 million(US$248.0 million) in the fourth quarter of 2020 fromRMB1,120.2 millionin the third quarter of 2020. The increase was primarily due to an increase in net revenues from sales to offline distributors, which was mainly attributable to the expansion of the Company's distribution and retail network.<blockquote>净收入从2020年第三季度的人民币11.202亿元增长44.5%至2020年第四季度的人民币16.185亿元（2.480亿美元）。该增加主要是由于向线下分销商销售的净收入增加，这主要归因于公司分销和零售网络的扩张。</blockquote>Gross profit&nbsp;increased by 58.6% to&nbsp;RMB694.1 million (US$106.4 million) in the fourth quarter of 2020 fromRMB437.5 millionin the third quarter of 2020.<blockquote>毛利从2020年第三季度的人民币4.375亿元增长58.6%至2020年第四季度的人民币6.941亿元（1.064亿美元）。</blockquote>Gross margin&nbsp;increased to 42.9% in the fourth quarter of 2020, compared to 39.1% in the third quarter of 2020.<blockquote>毛利率2020年第四季度增至42.9%，而2020年第三季度为39.1%。</blockquote>Operating expenses&nbsp;wereRMB852.6 million(US$130.7 million) in the fourth quarter of 2020, representing an increase of 124.4% fromRMB380.0&nbsp;million in the third quarter of 2020.<blockquote>营业费用2020年第四季度为8.526亿元人民币（1.307亿美元），较2020年第三季度的3.80亿元人民币增长124.4%。</blockquote>Selling expensesincreased by 127.0% to&nbsp;RMB196.7 million (US$30.1 million) in the fourth quarter of 2020 fromRMB86.7 millionin the third quarter of 2020. The increase was mainly driven by (i) an increase in share-based compensation expenses, and (ii) an increase in branding material expenses.<blockquote>销售费用2020年第四季度的人民币1.967亿元，较2020年第三季度的人民币8,670万元增长127.0%至人民币1.967亿元（3,010万美元）。该增加主要由于(i)以股份为基础的薪酬开支增加及(ii)品牌材料开支增加所致。</blockquote>General and administrative expenses&nbsp;increased by 75.4% toRMB447.0 million(US$68.5 million) in the fourth quarter of 2020 fromRMB254.8 millionin the third quarter of 2020. The increase wasprimarilydue to (i) an increase in share-based compensation expenses, and (ii) an increase in professional service fees.<blockquote>一般及行政开支从2020年第三季度的人民币2.548亿元增长75.4%至2020年第四季度的人民币4.470亿元（6850万美元）。增加的主要原因是（i）以股份为基础的薪酬开支增加，及（ii）专业服务费增加。</blockquote>Research and development expensesincreased by 441.9% to&nbsp;RMB208.9 million (US$32.0 million) in the fourth quarter of 2020 fromRMB38.5 millionin the third quarter of 2020. The increase wasprimarilydriven by (i) an increase in share-based compensation expenses, and (ii) an increase in software and technical service expenses.<blockquote>研发费用从2020年第三季度的人民币3850万元增长441.9%至2020年第四季度的人民币2.089亿元（3200万美元）。这一增长主要是由于(i)以股份为基础的薪酬费用增加，以及(ii)软件和技术服务费用增加。</blockquote>Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB656.1&nbsp;million (US$100.6&nbsp;million) in the fourth quarter of 2020 andRMB238.2&nbsp;million in the third quarter of 2020. The increase was primarily due to the increase in fair value of ordinary shares of Relx Inc.<blockquote>2020年第四季度，在销售费用、一般和管理费用以及研发费用中确认的股权激励费用总计为人民币6.561亿元（1.006亿美元），2020年第三季度为人民币2.382亿元。该增加主要是由于Relx Inc.普通股公允价值增加。</blockquote>Loss from operations&nbsp;wasRMB158.5&nbsp;million (US$24.3&nbsp;million) in the fourth quarter of 2020, compared with income from operations ofRMB57.5 millionin the third quarter of 2020.<blockquote>经营亏损2020年第四季度营业收入为人民币1.585亿元（2430万美元），而2020年第三季度营业收入为人民币5750万元。</blockquote>Income tax expense&nbsp;wasRMB110.6&nbsp;million (US$17.0&nbsp;million) in the fourth quarter of 2020, compared with income tax expense ofRMB77.3 millionin the third quarter of 2020, primarily due to an increase in taxable income.<blockquote>所得税费用2020年第四季度所得税费用为人民币1.106亿元（1700万美元），而2020年第三季度所得税费用为人民币7730万元，主要是由于应税收入增加。</blockquote>Net loss&nbsp;wasRMB236.7&nbsp;million (US$36.3&nbsp;million) in the fourth&nbsp;quarter of 2020, compared with net income ofRMB7.8 millionin the third quarter of 2020.<blockquote>净亏损2020年第四季度净利润为人民币2.367亿元（3630万美元），而2020年第三季度净利润为人民币780万元。</blockquote>Non-GAAP&nbsp;net incomewasRMB419.3 million(US$64.3&nbsp;million) in the fourth&nbsp;quarter of 2020.<blockquote>非公认会计准则净利润2020年第四季度为4.193亿元人民币（6430万美元）。</blockquote>Basic and diluted net loss per American depositary share (\"ADS\")&nbsp;were bothRMB0.165(US$0.025)in the fourth quarter of 2020, compared to basic and diluted net income per ADS ofRMB0.005in the third quarter of 2020.<blockquote>每股美国存托股份（“美国存托股份”）基本及摊薄净亏损2020年第四季度每股美国存托凭证的基本和摊薄净利润均为人民币0.165元（0.025美元），而2020年第三季度每股美国存托凭证的基本和摊薄净利润为人民币0.005元。</blockquote>Non-GAAP basic and diluted netincome&nbsp;per ADS[2]were bothRMB0.292(US$0.045)in the fourth quarter of 2020, compared toRMB0.171in the third quarter of 2020.<blockquote>非GAAP每股美国存托凭证基本和摊薄净收入[2]2020年第四季度均为人民币0.292元（0.045美元），而2020年第三季度为人民币0.171元。</blockquote><table><tbody><tr><td>[2]Non-GAAP basic and diluted net (loss)/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.<blockquote><table><tbody><tr><td>[2]非公认会计原则每股美国存托凭证基本和摊薄净（亏损）/收入是一项非公认会计原则财务指标。有关公司非GAAP财务指标的更多信息，请参阅本新闻稿末尾的“非GAAP财务指标”部分和标题为“未经审计的GAAP和非GAAP业绩调节表”的表格。</td></tr></tbody></table></blockquote></td></tr></tbody></table>Fiscal Year 2020 Unaudited Financial Results<blockquote>2020财年未经审计的财务业绩</blockquote>Net revenues&nbsp;increased by 146.5% to&nbsp;RMB3,819.7&nbsp;million (US$585.4 million) in fiscal year 2020 fromRMB1,549.4&nbsp;million in the prior year. The increase was primary due to an increase in net revenues from sales to offline distributors.<blockquote>净收入2020财年的人民币38.197亿元（5.854亿美元）由上年的人民币15.494亿元增长146.5%至人民币38.197亿元（5.854亿美元）。该增长主要是由于向线下分销商销售的净收入增加所致。</blockquote>Gross profit&nbsp;increased by 162.9% to&nbsp;RMB1,527.6 million (US$234.1 million) in fiscal year 2020 fromRMB580.9 millionin the prior year.<blockquote>毛利2020财年的人民币15.276亿元（2.341亿美元）由上年的人民币5.809亿元增长162.9%至人民币15.276亿元（2.341亿美元）。</blockquote>Gross margin&nbsp;was 40.0% in the fiscal year 2020, compared to 37.5% in the prior year.<blockquote>毛利率2020财年为40.0%，而上年为37.5%。</blockquote>Operating expenses&nbsp;wereRMB1,514.4 million(US$232.1 million) in fiscal year 2020, representing an increase of 188.7% fromRMB524.6&nbsp;million in the prior year.<blockquote>营业费用2020财年为15.144亿元人民币（2.321亿美元），较上年的5.246亿元人民币增长188.7%。</blockquote>Selling expensesincreased by 23.3% toRMB443.2 million(US$67.9 million) in fiscal year 2020 fromRMB359.4 millionin the prior year. The increase was&nbsp;primarilydue to (i)&nbsp;an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's selling personnel, partially offset by a decrease in e-commerce platform service expenses as the Company closed its stores on e-commerce platforms and ceased collaboration with e-commerce platform distributors in response to theOctober 2019Announcement.<blockquote>销售费用2020财年的收入从上年的3.594亿元人民币增长23.3%至4.432亿元人民币（6790万美元）。这一增长主要是由于（i）以股份为基础的薪酬费用增加，以及（ii）公司销售人员的工资和福利增加，但部分被公司关闭电商平台服务费用减少所抵消。2019年10月的公告，并停止与电商平台分销商的合作。</blockquote>General and administrative expenses&nbsp;increased by 479.5% toRMB772.0 million(US$118.3 million) in fiscal year 2020 fromRMB133.2 millionin the prior year. The increase was&nbsp;primarilyattributable to (i) an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's general and administrative personnel.<blockquote>一般及行政开支2020财年的收入从上年的人民币1.332亿元增长479.5%至人民币7.72亿元（1.183亿美元）。增加的主要原因是（i）以股份为基础的薪酬费用增加，以及（ii）公司一般和行政人员的工资和福利增加。</blockquote>Research and development expensesincreased by 837.2% toRMB299.3 million(US$45.9 million) in fiscal year 2020 fromRMB31.9 millionin the prior year. The increase was&nbsp;primarilydue to (i) an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's research and development personnel.<blockquote>研发费用2020财年的收入从上一年的人民币3,190万元增长837.2%至人民币2.993亿元（4,590万美元）。增加的主要原因是（i）以股份为基础的薪酬费用增加，以及（ii）公司研发人员的工资和福利增加。</blockquote>Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB929.1 million(US$142.4 million) in fiscal year 2020 andRMB52.7 millionin the prior year, primarily due to the increase in fair value of ordinary shares of Relx Inc.<blockquote>2020财年，销售费用、一般及管理费用以及研发费用中确认的股份补偿费用总额为人民币9.291亿元（1.424亿美元），上一年为人民币5270万元，主要是由于Relx Inc.普通股公允价值增加。</blockquote>Income from operationsdecreased by 76.7% toRMB13.1 million(US$2.0 million) in fiscal year 2020 fromRMB56.4 millionin the prior year.<blockquote>营业收入2020财年的收入由上年的人民币5640万元下降76.7%至人民币1310万元（200万美元）。</blockquote>Income tax expense&nbsp;wasRMB230.5&nbsp;million (US$35.3&nbsp;million) in fiscal year 2020, representing an increase of 789.3% fromRMB25.9&nbsp;million in the prior year. The increase was&nbsp;primarilydue to an increase in taxable income.<blockquote>所得税费用2020财年为人民币2.305亿元（3530万美元），较上年的人民币2590万元增长789.3%。增加的主要原因是应纳税收入增加。</blockquote>Net loss&nbsp;wasRMB128.1 million(US$19.6 million) in fiscal year 2020, compared with net income ofRMB47.7 millionin the prior year.<blockquote>净亏损2020财年净利润为人民币1.281亿元（1960万美元），而上一年净利润为人民币4770万元。</blockquote>Non-GAAP net incomewasRMB801.0 million(US$122.8 million) in fiscal year 2020.<blockquote>非公认会计准则净利润2020财年为人民币8.01亿元（1.228亿美元）。</blockquote>Basic and diluted net loss per ADS&nbsp;were bothRMB0.089(US$0.014)in fiscal year 2020, compared to basic and diluted net income per ADS ofRMB0.033in the prior year.<blockquote>每股美国存托股基本和摊薄净亏损2020财年每股美国存托凭证基本和摊薄净利润均为人民币0.089元（0.014美元），而上一年每股美国存托凭证基本净利润和摊薄净利润为人民币0.033元。</blockquote>Non-GAAP basic and diluted netincome&nbsp;per ADSwere bothRMB0.557(US$0.085)in fiscal year 2020, compared toRMB0.070per ADS in the prior year.<blockquote>非GAAP每股美国存托凭证基本和摊薄净收入2020财年每股美国存托凭证为0.557元人民币（0.085美元），而上一年为每股美国存托凭证0.070元人民币。</blockquote>Balance&nbsp;Sheet<blockquote>资产负债表</blockquote>As ofDecember 31, 2020, the Company had cash and cash equivalents, restricted cash, short-term bank deposits and short-term investments ofRMB3,421.4&nbsp;million (US$524.4&nbsp;million), compared toRMB811.7 millionas ofDecember 31, 2019.<blockquote>截至2020年12月31日，公司的现金及现金等价物、限制性现金、短期银行存款和短期投资为人民币34.214亿元（5.244亿美元），而截至2019年12月31日为人民币8.117亿元。</blockquote>Business Outlook<blockquote>业务展望</blockquote>For the first quarter of 2021, the Company currently expects net revenues to exceedRMB2,300 million, and expects non-GAAP net income to exceedRMB590 million. The Company's expected net income will also include share-based compensation expenses which depend on the Company's share price and are not available without unreasonable efforts. The Company also expects gross margin&nbsp;toremain steady.<blockquote>对于2021年第一季度，公司目前预计净收入将超过人民币23亿元，预计非公认会计准则净利润将超过人民币5.9亿元。公司的预期净利润还将包括基于股份的薪酬费用，这些费用取决于公司的股价，如果不付出不合理的努力就无法获得。该公司还预计毛利率将保持稳定。</blockquote>The above outlook is based on the current market conditions, including those related to the COVID-19 pandemic, and reflects the Company's preliminary estimates of market and operating conditions, and users' demand, which are all subject to change. Please refer to \"Safe Harbor Statement\" in this press release for risks associated with forward-looking statements.<blockquote>上述展望基于当前市场状况，包括与COVID-19大流行相关的市场状况，反映了公司对市场和运营状况以及用户需求的初步估计，这些都可能发生变化。有关与前瞻性陈述相关的风险，请参阅本新闻稿中的“安全港声明”。</blockquote>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>RLX Technology's quarterly revenue jumps 44.5% QoQ<blockquote>RLX科技季度收入环比增长44.5%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nRLX Technology's quarterly revenue jumps 44.5% QoQ<blockquote>RLX科技季度收入环比增长44.5%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\nTiger Newspress \n2021-03-26 17:45\n</div>\n</a>\n</h4>\n</header>\n<article>\nBEIJING, March&nbsp;26, 2021 /PRNewswire/ -- RLX Technology Inc. (\"RLX Technology\" or the \"Company\") (NYSE: RLX), a leading branded e-vapor company inChina, today announced its unaudited financial results for the fourth quarter and the fiscal year endedDecember 31, 2020.<blockquote>北京2021年3月26日电/美通社/--中国领先的品牌电子烟公司RLX科技公司（“RLX科技”或“公司”）（纽约证券交易所代码：RLX）今天公布了第四季度未经审计的财务业绩截至2020年12月31日的季度和财年。</blockquote><img src=\"https://static.tigerbbs.com/cd48712f2965372dd71b1af347f0ab9c\" tg-width=\"828\" tg-height=\"762\" referrerpolicy=\"no-referrer\"><blockquote></blockquote>Fourth Quarter 2020 Financial Highlights<blockquote>2020年第四季度财务摘要</blockquote><ul><li>Net revenueswereRMB1,618.5 million(US$248.0 million), representing an increase of 44.5% fromRMB1,120.2 millionin the third quarter of 2020.</li><li>Gross marginwas 42.9%, compared to 39.1% in the third quarter of 2020.</li><li>Net losswasRMB236.7 million(US$36.3 million), compared with net income ofRMB7.8 millionin the third quarter of 2020.</li><li>Non-GAAP net income[1]wasRMB419.3 million(US$64.3 million).</li></ul><table><tbody><tr><td>[1]Non-GAAP net (loss)/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.<blockquote><ul><li>净收入为16.185亿元人民币（2.480亿美元），较2020年第三季度的11.202亿元人民币增长44.5%。</li><li>毛利率为42.9%，而2020年第三季度为39.1%。</li><li>净亏损为人民币2.367亿元（3630万美元），而2020年第三季度净利润为人民币780万元。</li><li>非公认会计准则净利润[1]为人民币4.193亿元（6430万美元）。</li></ul><table><tbody><tr><td>[1]非公认会计准则净（损失）/收入是一项非公认会计准则财务指标。有关公司非GAAP财务指标的更多信息，请参阅本新闻稿末尾的“非GAAP财务指标”部分和标题为“未经审计的GAAP和非GAAP业绩调节表”的表格。</td></tr></tbody></table></blockquote></td></tr></tbody></table>Fiscal Year 2020 Financial Highlights<blockquote>2020财年财务摘要</blockquote><ul><li>Net revenueswereRMB3,819.7 million(US$585.4 million) in fiscal year 2020, representing an increase of 146.5% fromRMB1,549.4 millionin the prior year.</li><li>Gross marginwas 40.0% in fiscal year 2020, compared to 37.5% in the prior year.</li><li>Net losswasRMB128.1 million(US$19.6 million) in fiscal year 2020, compared with net income ofRMB47.7 millionin the prior year.</li><li>Non-GAAP net incomewasRMB801.0 million(US$122.8 million).</li></ul>\"We are pleased to report financial and operational results for the fourth quarter of 2020. Throughout 2020, despite challenges stemming from COVID-19, our business remained resilient, and our management team maintained our focus on building and strengthening RELX as a trusted brand for adult smokers,\" said Ms.Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors and Chief Executive Officer of RLX Technology. \"We continue to consistently uphold and practice our ethical principles, including facilitating the prevention of underage use of our products through our industry pioneeringGuardian Program,introducing effective age-verification practices to the industry. This fourth quarter also witnessed the first anniversary of the launch of ourSunflower System, our&nbsp;technology-driven underage-access-prevention system. In addition, we continued to advance ourGolden Shield Programin cooperation with the public, media and local authorities to combat sales of counterfeit products.\"<blockquote><ul><li>净收入2020财年为人民币38.197亿元（5.854亿美元），较上年的人民币15.494亿元增长146.5%。</li><li>毛利率2020财年为40.0%，而上年为37.5%。</li><li>净亏损2020财年净利润为人民币1.281亿元（1960万美元），而上一年净利润为人民币4770万元。</li><li>非公认会计准则净利润为人民币8.01亿元（1.228亿美元）。</li></ul>“我们很高兴报告2020年第四季度的财务和运营业绩。在整个2020年，尽管面临COVID-19带来的挑战，我们的业务仍然保持弹性，我们的管理团队仍然专注于建立和加强悦刻作为值得信赖的品牌对于成年吸烟者来说，”RLX科技联合创始人、董事会主席兼首席执行官王英女士表示。“我们将继续坚持和实践我们的道德原则，包括通过我们的行业先锋促进防止未成年人使用我们的产品。”守护者计划，向行业介绍有效的年龄验证实践。第四季度亦见证了我们推出一周年向日葵系统，我们的技术驱动的未成年人访问预防系统。此外，我们持续推进金盾计划与公众、媒体和地方当局合作，打击假冒产品的销售。”</blockquote>\"Looking forward, we plan to further solidify our leadership as we endeavor to continue investment&nbsp;in scientific research, enhance our technology and product development, strengthen our distribution and retail network, bolster supply chain and production capabilities, and extend our global capabilities. These strategic initiatives are designed to support our growth over the long-term,\" Ms. Wang concluded.<blockquote>“展望未来，我们计划进一步巩固我们的领导地位，努力继续投资于科学研究，增强我们的技术和产品开发，加强我们的分销和零售网络，增强我们的供应链和生产能力，并扩展我们的全球能力。这些战略举措旨在支持我们的长期增长，”王女士总结道。</blockquote>Closing of Initial Public Offering (\"IPO\")<blockquote>首次公开发售（“首次公开发售”）结束</blockquote>OnJanuary 26, 2021, the Company completed the closing of its initial public offering of 133,975,000 American depositary shares (\"ADSs\"), each representing one Class A ordinary share. The number of ADSs issued at closing included 17,475,000 ADSs issued pursuant to the exercise in full of over-allotment option by the underwriters. At a price to the public ofUS$12.00per ADS, the total offering size wasUS$1,607.7 million.<blockquote>2021年1月26日，公司完成了133,975,000股美国存托股份（“ADS”）的首次公开发行，每股代表一股A类普通股。于交割时已发行的美国存讬股数目包括根据包销商悉数行使超额配股权而发行的17,475,000股美国存讬股。以每股美国存托凭证12.00美元的公开发行价格计算，总发行规模为16.077亿美元。</blockquote>Fourth Quarter 2020 Unaudited Financial Results<blockquote>2020年第四季度未经审计的财务业绩</blockquote>Net revenues&nbsp;increased by 44.5% toRMB1,618.5 million(US$248.0 million) in the fourth quarter of 2020 fromRMB1,120.2 millionin the third quarter of 2020. The increase was primarily due to an increase in net revenues from sales to offline distributors, which was mainly attributable to the expansion of the Company's distribution and retail network.<blockquote>净收入从2020年第三季度的人民币11.202亿元增长44.5%至2020年第四季度的人民币16.185亿元（2.480亿美元）。该增加主要是由于向线下分销商销售的净收入增加，这主要归因于公司分销和零售网络的扩张。</blockquote>Gross profit&nbsp;increased by 58.6% to&nbsp;RMB694.1 million (US$106.4 million) in the fourth quarter of 2020 fromRMB437.5 millionin the third quarter of 2020.<blockquote>毛利从2020年第三季度的人民币4.375亿元增长58.6%至2020年第四季度的人民币6.941亿元（1.064亿美元）。</blockquote>Gross margin&nbsp;increased to 42.9% in the fourth quarter of 2020, compared to 39.1% in the third quarter of 2020.<blockquote>毛利率2020年第四季度增至42.9%，而2020年第三季度为39.1%。</blockquote>Operating expenses&nbsp;wereRMB852.6 million(US$130.7 million) in the fourth quarter of 2020, representing an increase of 124.4% fromRMB380.0&nbsp;million in the third quarter of 2020.<blockquote>营业费用2020年第四季度为8.526亿元人民币（1.307亿美元），较2020年第三季度的3.80亿元人民币增长124.4%。</blockquote>Selling expensesincreased by 127.0% to&nbsp;RMB196.7 million (US$30.1 million) in the fourth quarter of 2020 fromRMB86.7 millionin the third quarter of 2020. The increase was mainly driven by (i) an increase in share-based compensation expenses, and (ii) an increase in branding material expenses.<blockquote>销售费用2020年第四季度的人民币1.967亿元，较2020年第三季度的人民币8,670万元增长127.0%至人民币1.967亿元（3,010万美元）。该增加主要由于(i)以股份为基础的薪酬开支增加及(ii)品牌材料开支增加所致。</blockquote>General and administrative expenses&nbsp;increased by 75.4% toRMB447.0 million(US$68.5 million) in the fourth quarter of 2020 fromRMB254.8 millionin the third quarter of 2020. The increase wasprimarilydue to (i) an increase in share-based compensation expenses, and (ii) an increase in professional service fees.<blockquote>一般及行政开支从2020年第三季度的人民币2.548亿元增长75.4%至2020年第四季度的人民币4.470亿元（6850万美元）。增加的主要原因是（i）以股份为基础的薪酬开支增加，及（ii）专业服务费增加。</blockquote>Research and development expensesincreased by 441.9% to&nbsp;RMB208.9 million (US$32.0 million) in the fourth quarter of 2020 fromRMB38.5 millionin the third quarter of 2020. The increase wasprimarilydriven by (i) an increase in share-based compensation expenses, and (ii) an increase in software and technical service expenses.<blockquote>研发费用从2020年第三季度的人民币3850万元增长441.9%至2020年第四季度的人民币2.089亿元（3200万美元）。这一增长主要是由于(i)以股份为基础的薪酬费用增加，以及(ii)软件和技术服务费用增加。</blockquote>Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB656.1&nbsp;million (US$100.6&nbsp;million) in the fourth quarter of 2020 andRMB238.2&nbsp;million in the third quarter of 2020. The increase was primarily due to the increase in fair value of ordinary shares of Relx Inc.<blockquote>2020年第四季度，在销售费用、一般和管理费用以及研发费用中确认的股权激励费用总计为人民币6.561亿元（1.006亿美元），2020年第三季度为人民币2.382亿元。该增加主要是由于Relx Inc.普通股公允价值增加。</blockquote>Loss from operations&nbsp;wasRMB158.5&nbsp;million (US$24.3&nbsp;million) in the fourth quarter of 2020, compared with income from operations ofRMB57.5 millionin the third quarter of 2020.<blockquote>经营亏损2020年第四季度营业收入为人民币1.585亿元（2430万美元），而2020年第三季度营业收入为人民币5750万元。</blockquote>Income tax expense&nbsp;wasRMB110.6&nbsp;million (US$17.0&nbsp;million) in the fourth quarter of 2020, compared with income tax expense ofRMB77.3 millionin the third quarter of 2020, primarily due to an increase in taxable income.<blockquote>所得税费用2020年第四季度所得税费用为人民币1.106亿元（1700万美元），而2020年第三季度所得税费用为人民币7730万元，主要是由于应税收入增加。</blockquote>Net loss&nbsp;wasRMB236.7&nbsp;million (US$36.3&nbsp;million) in the fourth&nbsp;quarter of 2020, compared with net income ofRMB7.8 millionin the third quarter of 2020.<blockquote>净亏损2020年第四季度净利润为人民币2.367亿元（3630万美元），而2020年第三季度净利润为人民币780万元。</blockquote>Non-GAAP&nbsp;net incomewasRMB419.3 million(US$64.3&nbsp;million) in the fourth&nbsp;quarter of 2020.<blockquote>非公认会计准则净利润2020年第四季度为4.193亿元人民币（6430万美元）。</blockquote>Basic and diluted net loss per American depositary share (\"ADS\")&nbsp;were bothRMB0.165(US$0.025)in the fourth quarter of 2020, compared to basic and diluted net income per ADS ofRMB0.005in the third quarter of 2020.<blockquote>每股美国存托股份（“美国存托股份”）基本及摊薄净亏损2020年第四季度每股美国存托凭证的基本和摊薄净利润均为人民币0.165元（0.025美元），而2020年第三季度每股美国存托凭证的基本和摊薄净利润为人民币0.005元。</blockquote>Non-GAAP basic and diluted netincome&nbsp;per ADS[2]were bothRMB0.292(US$0.045)in the fourth quarter of 2020, compared toRMB0.171in the third quarter of 2020.<blockquote>非GAAP每股美国存托凭证基本和摊薄净收入[2]2020年第四季度均为人民币0.292元（0.045美元），而2020年第三季度为人民币0.171元。</blockquote><table><tbody><tr><td>[2]Non-GAAP basic and diluted net (loss)/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.<blockquote><table><tbody><tr><td>[2]非公认会计原则每股美国存托凭证基本和摊薄净（亏损）/收入是一项非公认会计原则财务指标。有关公司非GAAP财务指标的更多信息，请参阅本新闻稿末尾的“非GAAP财务指标”部分和标题为“未经审计的GAAP和非GAAP业绩调节表”的表格。</td></tr></tbody></table></blockquote></td></tr></tbody></table>Fiscal Year 2020 Unaudited Financial Results<blockquote>2020财年未经审计的财务业绩</blockquote>Net revenues&nbsp;increased by 146.5% to&nbsp;RMB3,819.7&nbsp;million (US$585.4 million) in fiscal year 2020 fromRMB1,549.4&nbsp;million in the prior year. The increase was primary due to an increase in net revenues from sales to offline distributors.<blockquote>净收入2020财年的人民币38.197亿元（5.854亿美元）由上年的人民币15.494亿元增长146.5%至人民币38.197亿元（5.854亿美元）。该增长主要是由于向线下分销商销售的净收入增加所致。</blockquote>Gross profit&nbsp;increased by 162.9% to&nbsp;RMB1,527.6 million (US$234.1 million) in fiscal year 2020 fromRMB580.9 millionin the prior year.<blockquote>毛利2020财年的人民币15.276亿元（2.341亿美元）由上年的人民币5.809亿元增长162.9%至人民币15.276亿元（2.341亿美元）。</blockquote>Gross margin&nbsp;was 40.0% in the fiscal year 2020, compared to 37.5% in the prior year.<blockquote>毛利率2020财年为40.0%，而上年为37.5%。</blockquote>Operating expenses&nbsp;wereRMB1,514.4 million(US$232.1 million) in fiscal year 2020, representing an increase of 188.7% fromRMB524.6&nbsp;million in the prior year.<blockquote>营业费用2020财年为15.144亿元人民币（2.321亿美元），较上年的5.246亿元人民币增长188.7%。</blockquote>Selling expensesincreased by 23.3% toRMB443.2 million(US$67.9 million) in fiscal year 2020 fromRMB359.4 millionin the prior year. The increase was&nbsp;primarilydue to (i)&nbsp;an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's selling personnel, partially offset by a decrease in e-commerce platform service expenses as the Company closed its stores on e-commerce platforms and ceased collaboration with e-commerce platform distributors in response to theOctober 2019Announcement.<blockquote>销售费用2020财年的收入从上年的3.594亿元人民币增长23.3%至4.432亿元人民币（6790万美元）。这一增长主要是由于（i）以股份为基础的薪酬费用增加，以及（ii）公司销售人员的工资和福利增加，但部分被公司关闭电商平台服务费用减少所抵消。2019年10月的公告，并停止与电商平台分销商的合作。</blockquote>General and administrative expenses&nbsp;increased by 479.5% toRMB772.0 million(US$118.3 million) in fiscal year 2020 fromRMB133.2 millionin the prior year. The increase was&nbsp;primarilyattributable to (i) an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's general and administrative personnel.<blockquote>一般及行政开支2020财年的收入从上年的人民币1.332亿元增长479.5%至人民币7.72亿元（1.183亿美元）。增加的主要原因是（i）以股份为基础的薪酬费用增加，以及（ii）公司一般和行政人员的工资和福利增加。</blockquote>Research and development expensesincreased by 837.2% toRMB299.3 million(US$45.9 million) in fiscal year 2020 fromRMB31.9 millionin the prior year. The increase was&nbsp;primarilydue to (i) an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's research and development personnel.<blockquote>研发费用2020财年的收入从上一年的人民币3,190万元增长837.2%至人民币2.993亿元（4,590万美元）。增加的主要原因是（i）以股份为基础的薪酬费用增加，以及（ii）公司研发人员的工资和福利增加。</blockquote>Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB929.1 million(US$142.4 million) in fiscal year 2020 andRMB52.7 millionin the prior year, primarily due to the increase in fair value of ordinary shares of Relx Inc.<blockquote>2020财年，销售费用、一般及管理费用以及研发费用中确认的股份补偿费用总额为人民币9.291亿元（1.424亿美元），上一年为人民币5270万元，主要是由于Relx Inc.普通股公允价值增加。</blockquote>Income from operationsdecreased by 76.7% toRMB13.1 million(US$2.0 million) in fiscal year 2020 fromRMB56.4 millionin the prior year.<blockquote>营业收入2020财年的收入由上年的人民币5640万元下降76.7%至人民币1310万元（200万美元）。</blockquote>Income tax expense&nbsp;wasRMB230.5&nbsp;million (US$35.3&nbsp;million) in fiscal year 2020, representing an increase of 789.3% fromRMB25.9&nbsp;million in the prior year. The increase was&nbsp;primarilydue to an increase in taxable income.<blockquote>所得税费用2020财年为人民币2.305亿元（3530万美元），较上年的人民币2590万元增长789.3%。增加的主要原因是应纳税收入增加。</blockquote>Net loss&nbsp;wasRMB128.1 million(US$19.6 million) in fiscal year 2020, compared with net income ofRMB47.7 millionin the prior year.<blockquote>净亏损2020财年净利润为人民币1.281亿元（1960万美元），而上一年净利润为人民币4770万元。</blockquote>Non-GAAP net incomewasRMB801.0 million(US$122.8 million) in fiscal year 2020.<blockquote>非公认会计准则净利润2020财年为人民币8.01亿元（1.228亿美元）。</blockquote>Basic and diluted net loss per ADS&nbsp;were bothRMB0.089(US$0.014)in fiscal year 2020, compared to basic and diluted net income per ADS ofRMB0.033in the prior year.<blockquote>每股美国存托股基本和摊薄净亏损2020财年每股美国存托凭证基本和摊薄净利润均为人民币0.089元（0.014美元），而上一年每股美国存托凭证基本净利润和摊薄净利润为人民币0.033元。</blockquote>Non-GAAP basic and diluted netincome&nbsp;per ADSwere bothRMB0.557(US$0.085)in fiscal year 2020, compared toRMB0.070per ADS in the prior year.<blockquote>非GAAP每股美国存托凭证基本和摊薄净收入2020财年每股美国存托凭证为0.557元人民币（0.085美元），而上一年为每股美国存托凭证0.070元人民币。</blockquote>Balance&nbsp;Sheet<blockquote>资产负债表</blockquote>As ofDecember 31, 2020, the Company had cash and cash equivalents, restricted cash, short-term bank deposits and short-term investments ofRMB3,421.4&nbsp;million (US$524.4&nbsp;million), compared toRMB811.7 millionas ofDecember 31, 2019.<blockquote>截至2020年12月31日，公司的现金及现金等价物、限制性现金、短期银行存款和短期投资为人民币34.214亿元（5.244亿美元），而截至2019年12月31日为人民币8.117亿元。</blockquote>Business Outlook<blockquote>业务展望</blockquote>For the first quarter of 2021, the Company currently expects net revenues to exceedRMB2,300 million, and expects non-GAAP net income to exceedRMB590 million. The Company's expected net income will also include share-based compensation expenses which depend on the Company's share price and are not available without unreasonable efforts. The Company also expects gross margin&nbsp;toremain steady.<blockquote>对于2021年第一季度，公司目前预计净收入将超过人民币23亿元，预计非公认会计准则净利润将超过人民币5.9亿元。公司的预期净利润还将包括基于股份的薪酬费用，这些费用取决于公司的股价，如果不付出不合理的努力就无法获得。该公司还预计毛利率将保持稳定。</blockquote>The above outlook is based on the current market conditions, including those related to the COVID-19 pandemic, and reflects the Company's preliminary estimates of market and operating conditions, and users' demand, which are all subject to change. Please refer to \"Safe Harbor Statement\" in this press release for risks associated with forward-looking statements.<blockquote>上述展望基于当前市场状况，包括与COVID-19大流行相关的市场状况，反映了公司对市场和运营状况以及用户需求的初步估计，这些都可能发生变化。有关与前瞻性陈述相关的风险，请参阅本新闻稿中的“安全港声明”。</blockquote>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"RLX":"雾芯科技"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2122473630","content_text":"BEIJING, March 26, 2021 /PRNewswire/ -- RLX Technology Inc. (\"RLX Technology\" or the \"Company\") (NYSE: RLX), a leading branded e-vapor company inChina, today announced its unaudited financial results for the fourth quarter and the fiscal year endedDecember 31, 2020.Fourth Quarter 2020 Financial HighlightsNet revenueswereRMB1,618.5 million(US$248.0 million), representing an increase of 44.5% fromRMB1,120.2 millionin the third quarter of 2020.Gross marginwas 42.9%, compared to 39.1% in the third quarter of 2020.Net losswasRMB236.7 million(US$36.3 million), compared with net income ofRMB7.8 millionin the third quarter of 2020.Non-GAAP net income[1]wasRMB419.3 million(US$64.3 million).[1]Non-GAAP net (loss)/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.Fiscal Year 2020 Financial HighlightsNet revenueswereRMB3,819.7 million(US$585.4 million) in fiscal year 2020, representing an increase of 146.5% fromRMB1,549.4 millionin the prior year.Gross marginwas 40.0% in fiscal year 2020, compared to 37.5% in the prior year.Net losswasRMB128.1 million(US$19.6 million) in fiscal year 2020, compared with net income ofRMB47.7 millionin the prior year.Non-GAAP net incomewasRMB801.0 million(US$122.8 million).\"We are pleased to report financial and operational results for the fourth quarter of 2020. Throughout 2020, despite challenges stemming from COVID-19, our business remained resilient, and our management team maintained our focus on building and strengthening RELX as a trusted brand for adult smokers,\" said Ms.Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors and Chief Executive Officer of RLX Technology. \"We continue to consistently uphold and practice our ethical principles, including facilitating the prevention of underage use of our products through our industry pioneeringGuardian Program,introducing effective age-verification practices to the industry. This fourth quarter also witnessed the first anniversary of the launch of ourSunflower System, our technology-driven underage-access-prevention system. In addition, we continued to advance ourGolden Shield Programin cooperation with the public, media and local authorities to combat sales of counterfeit products.\"\"Looking forward, we plan to further solidify our leadership as we endeavor to continue investment in scientific research, enhance our technology and product development, strengthen our distribution and retail network, bolster supply chain and production capabilities, and extend our global capabilities. These strategic initiatives are designed to support our growth over the long-term,\" Ms. Wang concluded.Closing of Initial Public Offering (\"IPO\")OnJanuary 26, 2021, the Company completed the closing of its initial public offering of 133,975,000 American depositary shares (\"ADSs\"), each representing one Class A ordinary share. The number of ADSs issued at closing included 17,475,000 ADSs issued pursuant to the exercise in full of over-allotment option by the underwriters. At a price to the public ofUS$12.00per ADS, the total offering size wasUS$1,607.7 million.Fourth Quarter 2020 Unaudited Financial ResultsNet revenues increased by 44.5% toRMB1,618.5 million(US$248.0 million) in the fourth quarter of 2020 fromRMB1,120.2 millionin the third quarter of 2020. The increase was primarily due to an increase in net revenues from sales to offline distributors, which was mainly attributable to the expansion of the Company's distribution and retail network.Gross profit increased by 58.6% to RMB694.1 million (US$106.4 million) in the fourth quarter of 2020 fromRMB437.5 millionin the third quarter of 2020.Gross margin increased to 42.9% in the fourth quarter of 2020, compared to 39.1% in the third quarter of 2020.Operating expenses wereRMB852.6 million(US$130.7 million) in the fourth quarter of 2020, representing an increase of 124.4% fromRMB380.0 million in the third quarter of 2020.Selling expensesincreased by 127.0% to RMB196.7 million (US$30.1 million) in the fourth quarter of 2020 fromRMB86.7 millionin the third quarter of 2020. The increase was mainly driven by (i) an increase in share-based compensation expenses, and (ii) an increase in branding material expenses.General and administrative expenses increased by 75.4% toRMB447.0 million(US$68.5 million) in the fourth quarter of 2020 fromRMB254.8 millionin the third quarter of 2020. The increase wasprimarilydue to (i) an increase in share-based compensation expenses, and (ii) an increase in professional service fees.Research and development expensesincreased by 441.9% to RMB208.9 million (US$32.0 million) in the fourth quarter of 2020 fromRMB38.5 millionin the third quarter of 2020. The increase wasprimarilydriven by (i) an increase in share-based compensation expenses, and (ii) an increase in software and technical service expenses.Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB656.1 million (US$100.6 million) in the fourth quarter of 2020 andRMB238.2 million in the third quarter of 2020. The increase was primarily due to the increase in fair value of ordinary shares of Relx Inc.Loss from operations wasRMB158.5 million (US$24.3 million) in the fourth quarter of 2020, compared with income from operations ofRMB57.5 millionin the third quarter of 2020.Income tax expense wasRMB110.6 million (US$17.0 million) in the fourth quarter of 2020, compared with income tax expense ofRMB77.3 millionin the third quarter of 2020, primarily due to an increase in taxable income.Net loss wasRMB236.7 million (US$36.3 million) in the fourth quarter of 2020, compared with net income ofRMB7.8 millionin the third quarter of 2020.Non-GAAP net incomewasRMB419.3 million(US$64.3 million) in the fourth quarter of 2020.Basic and diluted net loss per American depositary share (\"ADS\") were bothRMB0.165(US$0.025)in the fourth quarter of 2020, compared to basic and diluted net income per ADS ofRMB0.005in the third quarter of 2020.Non-GAAP basic and diluted netincome per ADS[2]were bothRMB0.292(US$0.045)in the fourth quarter of 2020, compared toRMB0.171in the third quarter of 2020.[2]Non-GAAP basic and diluted net (loss)/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.Fiscal Year 2020 Unaudited Financial ResultsNet revenues increased by 146.5% to RMB3,819.7 million (US$585.4 million) in fiscal year 2020 fromRMB1,549.4 million in the prior year. The increase was primary due to an increase in net revenues from sales to offline distributors.Gross profit increased by 162.9% to RMB1,527.6 million (US$234.1 million) in fiscal year 2020 fromRMB580.9 millionin the prior year.Gross margin was 40.0% in the fiscal year 2020, compared to 37.5% in the prior year.Operating expenses wereRMB1,514.4 million(US$232.1 million) in fiscal year 2020, representing an increase of 188.7% fromRMB524.6 million in the prior year.Selling expensesincreased by 23.3% toRMB443.2 million(US$67.9 million) in fiscal year 2020 fromRMB359.4 millionin the prior year. The increase was primarilydue to (i) an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's selling personnel, partially offset by a decrease in e-commerce platform service expenses as the Company closed its stores on e-commerce platforms and ceased collaboration with e-commerce platform distributors in response to theOctober 2019Announcement.General and administrative expenses increased by 479.5% toRMB772.0 million(US$118.3 million) in fiscal year 2020 fromRMB133.2 millionin the prior year. The increase was primarilyattributable to (i) an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's general and administrative personnel.Research and development expensesincreased by 837.2% toRMB299.3 million(US$45.9 million) in fiscal year 2020 fromRMB31.9 millionin the prior year. The increase was primarilydue to (i) an increase in share-based compensation expenses, and (ii) an increase in salaries and welfare benefits to the Company's research and development personnel.Share-based compensation expenses recognized in selling expenses, general and administrative expenses and research and development expenses in total wereRMB929.1 million(US$142.4 million) in fiscal year 2020 andRMB52.7 millionin the prior year, primarily due to the increase in fair value of ordinary shares of Relx Inc.Income from operationsdecreased by 76.7% toRMB13.1 million(US$2.0 million) in fiscal year 2020 fromRMB56.4 millionin the prior year.Income tax expense wasRMB230.5 million (US$35.3 million) in fiscal year 2020, representing an increase of 789.3% fromRMB25.9 million in the prior year. The increase was primarilydue to an increase in taxable income.Net loss wasRMB128.1 million(US$19.6 million) in fiscal year 2020, compared with net income ofRMB47.7 millionin the prior year.Non-GAAP net incomewasRMB801.0 million(US$122.8 million) in fiscal year 2020.Basic and diluted net loss per ADS were bothRMB0.089(US$0.014)in fiscal year 2020, compared to basic and diluted net income per ADS ofRMB0.033in the prior year.Non-GAAP basic and diluted netincome per ADSwere bothRMB0.557(US$0.085)in fiscal year 2020, compared toRMB0.070per ADS in the prior year.Balance SheetAs ofDecember 31, 2020, the Company had cash and cash equivalents, restricted cash, short-term bank deposits and short-term investments ofRMB3,421.4 million (US$524.4 million), compared toRMB811.7 millionas ofDecember 31, 2019.Business OutlookFor the first quarter of 2021, the Company currently expects net revenues to exceedRMB2,300 million, and expects non-GAAP net income to exceedRMB590 million. The Company's expected net income will also include share-based compensation expenses which depend on the Company's share price and are not available without unreasonable efforts. The Company also expects gross margin toremain steady.The above outlook is based on the current market conditions, including those related to the COVID-19 pandemic, and reflects the Company's preliminary estimates of market and operating conditions, and users' demand, which are all subject to change. Please refer to \"Safe Harbor Statement\" in this press release for risks associated with forward-looking statements.","news_type":1,"symbols_score_info":{"RLX":0.9}},"isVote":1,"tweetType":1,"viewCount":490,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":5,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/352604338"}