Sales To Offline Distributors was RLX Technology’s largest revenue line in fiscal 2025, bringing in $3.49B of $3.96B (88%).
| Contract with Customer, Sales Channel | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Sales To Offline Distributors | $5.17B | $1.49B | $2.59B | $3.49B | ||||
| Sales To End Users Through Thirdparty Ecommerce Platforms(A) | — | — | — | — | ||||
| Sales To End Users Through Thirdparty Ecommerce Platforms | — | — | — | — | ||||
| Others | $164.22M | $80.30M | $138.62M | $216.00M | ||||
| Sales To Online & Offline End Users | — | $19.01M | $24.14M | $252.82M | ||||
| Sales To Thirdparty Ecommerce Platform Distributors(A) | — | — | — | — | ||||
| Sales To Thirdparty Ecommerce Platform Distributors | — | — | — | — | ||||
| Total | $5.33B | $1.59B | $2.75B | $3.96B |
RLX Technology brought in $3.96B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 44.0% from $2.75B in fiscal 2024. Sales To Offline Distributors was the largest at $3.49B (88.2%), ahead of Sales To Online & Offline End Users at $252.82M (6.4%) and Others at $216.00M (5.5%).
Compared with fiscal 2024, Sales To Online & Offline End Users grew fastest, up 947.2% to $252.82M. Every revenue line above 2% of revenue grew.
RLX Technology began breaking out Sales To Online & Offline End Users in fiscal 2023, when it brought in $19.01M.
Hong Kong was RLX Technology’s largest region in fiscal 2025, bringing in $1.35B of $3.96B (34%).
| Geography | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Prc | — | $1.36B | $1.15B | $1.21B | |
| China | $5.33B | — | — | — | |
| Hong Kong | — | — | $966.63M | $1.35B | |
| Other International Areas | — | $228.51M | $629.17M | $932.64M | |
| Uk | — | — | — | $468.02M | |
| Total | $5.33B | $1.59B | $2.75B | $3.96B |
RLX Technology brought in $3.96B from its four regions in fiscal 2025, the year ended December 31, 2025. RLX Technology regrouped these regions after fiscal 2024, so the total does not compare directly with that year's $2.75B. Hong Kong was the largest at $1.35B (34.1%), ahead of Prc at $1.21B (30.5%) and Other International Areas at $932.64M (23.6%). The remaining region, Uk, brought in $468.02M.
Compared with fiscal 2024, Other International Areas grew fastest, up 48.2% to $932.64M. Every region above 2% of revenue grew.
RLX Technology began breaking out Prc in fiscal 2023, Hong Kong in fiscal 2024, Other International Areas in fiscal 2023 and Uk in fiscal 2025. RLX Technology stopped reporting China as a separate region after fiscal 2022, when it brought in $5.33B.
Core Markets was RLX Technology’s largest segment in fiscal 2025, bringing in $3.34B of $3.96B (84%).
| Segment | FY 2025 |
|---|---|
| Core Markets | $3.34B |
| Europe Acquisition | $625.38M |
| Intersegment Eliminations | -$2.26M |
| Total | $3.96B |
RLX Technology brought in $3.96B from its three segments in fiscal 2025, the year ended December 31, 2025. Core Markets was the largest at $3.34B (84.3%), ahead of Europe Acquisition at $625.38M (15.8%).
The total is net of Intersegment Eliminations, which took $2.26M off revenue in fiscal 2025.
RLX Technology (RLX) reports its revenue by contract with customer, sales channel, by geography and by segment. In fiscal 2025, Sales To Offline Distributors was its largest revenue line, bringing in $3.49B (88.2% of the total), followed by Sales To Online & Offline End Users at $252.82M (6.4%).
Sales To Offline Distributors was RLX Technology's largest revenue line in fiscal 2025, bringing in $3.49B, or 88.2% of the $3.96B total across its three revenue lines.
Hong Kong was RLX Technology's largest region in fiscal 2025, bringing in $1.35B, or 34.1% of the $3.96B total across its four regions.
Core Markets was RLX Technology's largest segment in fiscal 2025, bringing in $3.34B, or 84.3% of the $3.96B total across its three segments.
Among RLX Technology's revenue lines that make up at least 2% of revenue, Sales To Online & Offline End Users grew fastest in fiscal 2025, up 947.2% from $24.14M to $252.82M.
Every figure comes from RLX Technology's annual financial filings, as reported. Each line keeps the name RLX Technology gives it, and years follow its fiscal calendar.
RLX Technology's revenue by contract with customer, sales channel goes back to fiscal 2018, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.