SHENZHEN, China, Aug. 16, 2024 /PRNewswire/ — RLX Technology Inc. (“RLX Technology” or the “Company”) (NYSE: RLX), a leading global branded e-vapor company, today announced its unaudited financial results for the second quarter ended June 30, 2024.
Second Quarter 2024 Financial Highlights
- Net revenues were RMB627.2 million (US$86.3 million) in the second quarter of 2024, compared with RMB378.1 million in the same period of 2023.
- Gross margin was 25.2% in the second quarter of 2024, compared with 26.1% in the same period of 2023.
- U.S. GAAP net income was RMB134.9 million (US$18.6 million) in the second quarter of 2024, compared with RMB204.7 million in the same period of 2023.
- Non-GAAP net income[1] was RMB213.1 million (US$29.3 million) in the second quarter of 2024, compared with RMB86.2 million in the same period of 2023.
“We delivered a strong second quarter performance as revenue continued to increase sequentially, driven by our international business expansion,” commented Ms. Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors, and Chief Executive Officer of RLX Technology. “Our deep exploration of overseas markets and regulations has provided us with valuable insights into the global e-vapor landscape, enabling us to create effective, targeted regional strategies. This year, global regulations are rapidly evolving, with more regulators recognizing e-vapor products as harm-reduction tools for adult smokers. Leveraging our broad expertise in regulatory compliance, we are well-prepared to navigate these changes and ensure a seamless transition for our users and partners. We remain dedicated to product innovation as a key driver of user engagement and market share and are collaborating closely with local partners to introduce compelling offerings. As a trusted e-vapor brand for adult smokers, we will continue to deliver high-quality, compliant products while capitalizing on diverse growth opportunities around the globe.”
Mr. Chao Lu, Chief Financial Officer of RLX Technology, added, “In the second quarter, our net revenues reached RMB627.2 million, a 66% year-over-year increase that underscores our ability to capture growth opportunities in international markets. While our gross margin declined slightly due to an unfavorable shift in our revenue mix, disciplined cost management bolstered our non-GAAP operating profit margins. Looking ahead, we are confident of driving continued improvement in both our top and bottom lines, fueled by ongoing revenue growth from international markets and our relentless focus on operational efficiency. As always, our priority is to deliver sustainable and profitable returns to our shareholders.”
Second Quarter 2024 Financial Results
Net revenues were RMB627.2 million (US$86.3 million) in the second quarter of 2024, compared with RMB378.1 million in the same period of 2023. The increase was primarily due to our international expansion.
Gross profit was RMB157.9 million (US$21.7 million) in the second quarter of 2024, compared with RMB98.5 million in the same period of 2023.
Gross margin was 25.2% in the second quarter of 2024, compared with 26.1% in the same period of 2023. The decrease was primarily due to an unfavorable change in the revenue mix.
Operating expenses were RMB191.2 million (US$26.3 million) in the second quarter of 2024, compared with RMB47.2 million in the same period of 2023. The increase was primarily due to an increase in share-based compensation expenses, from positive RMB118.5 million in the second quarter of 2023 to RMB78.1 million (US$10.8 million) in the second quarter of 2024. The changes in share-based compensation expenses were primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees with the fluctuations of the Company’s share price.
Selling expenses were RMB62.2 million (US$8.6 million) in the second quarter of 2024, compared with RMB45.2 million in the same period of 2023, primarily due to an increase in share-based compensation expenses.
General and administrative expenses were RMB129.0 million (US$17.8 million) in the second quarter of 2024, compared with positive RMB41.4 million in the same period of 2023, primarily due to an increase in share-based compensation expenses.
Research and development expenses were positive RMB0.04 million (US$0.005 million) in the second quarter of 2024, compared with RMB43.3 million in the same period of 2023, primarily due to a decrease in salaries, welfare benefits and share-based compensation expenses.
Loss from operations was RMB33.3 million (US$4.6 million) in the second quarter of 2024, compared with income from operations of RMB51.4 million in the same period of 2023.
Income tax expense was RMB21.4 million (US$2.9 million) in the second quarter of 2024, compared with RMB51.5 million in the same period of 2023.
U.S. GAAP net income was RMB134.9 million (US$18.6 million) in the second quarter of 2024, compared with RMB204.7 million in the same period of 2023.
Non-GAAP net income was RMB213.1 million (US$29.3 million) in the second quarter of 2024, compared with RMB86.2 million in the same period of 2023.
U.S. GAAP basic and diluted net income per American depositary share (“ADS”) were RMB0.108 (US$0.015) and RMB0.103 (US$0.014), respectively, in the second quarter of 2024, compared with U.S. GAAP basic and diluted net income per ADS of RMB0.154 and RMB0.150, respectively, in the same period of 2023.
Non-GAAP basic and diluted net income per ADS[2] were RMB0.171 (US$0.024) and RMB0.164 (US$0.023), respectively, in the second quarter of 2024, compared with non-GAAP basic and diluted net income per ADS of RMB0.064 and RMB0.062, respectively, in the same period of 2023.
Balance Sheet and Cash Flow
As of June 30, 2024, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, net, long-term bank deposits, net and long-term investment securities, net of RMB14,930.8 million (US$2,054.5 million), compared with RMB14,681.4 million as of March 31, 2024. In the second quarter of 2024, net cash generated from operating activities was RMB196.8 million (US$27.1 million).
Conference Call
The Company’s management will host an earnings conference call at 8:00 AM U.S. Eastern Time on August 16, 2024 (8:00 PM Beijing/Hong Kong Time on August 16, 2024).
Dial-in details for the earnings conference call are as follows:
|
United States (toll-free): |
+1-888-317-6003 |
|
International: |
+1-412-317-6061 |
|
Hong Kong, China (toll-free): |
+800-963-976 |
|
Hong Kong, China: |
+852-5808-1995 |
|
Mainland China: |
400-120-6115 |
|
Participant Code: |
3613850 |
Participants should dial in 10 minutes before the scheduled start time and ask to be connected to the call for “RLX Technology Inc.” with the Participant Code as set forth above.
Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.relxtech.com.
A replay of the conference call will be accessible approximately two hours after the conclusion of the call until August 23, 2024, by dialing the following telephone numbers:
|
United States: |
+1-877-344-7529 |
|
International: |
+1-412-317-0088 |
|
Replay Access Code: |
9416265 |
About RLX Technology Inc.
RLX Technology Inc. (NYSE: RLX) is a leading global branded e-vapor company. The Company leverages its strong in-house technology, product development capabilities and in-depth insights into adult smokers’ needs to develop superior e-vapor products.
For more information, please visit: http://ir.relxtech.com.
Non-GAAP Financial Measures
The Company uses non-GAAP net income and non-GAAP basic and diluted net income per ADS, each a non-GAAP financial measure, in evaluating its operating results and for financial and operational decision-making purposes. Non-GAAP net income represents net income excluding share-based compensation expenses. Non-GAAP basic and diluted net income per ADS is computed using non-GAAP net income attributable to RLX Technology Inc. and the same number of ADSs used in U.S. GAAP basic and diluted net income per ADS calculation.
The Company presents these non-GAAP financial measures because they are used by the management to evaluate its operating performance and formulate business plans. The Company believes that they help identify underlying trends in its business that could otherwise be distorted by the effect of certain expenses that are included in net income. The Company also believes that the use of the non-GAAP measures facilitates investors’ assessment of its operating performance, as they could provide useful information about its operating results, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the management in its financial and operational decision making.
The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. They should not be considered in isolation or construed as an alternative to net income, basic and diluted net income per ADS or any other measure of performance or as an indicator of its operating performance. Investors are encouraged to review its historical non-GAAP financial measures to the most directly comparable U.S. GAAP measures. The non-GAAP financial measures here may not be comparable to similarly titled measures presented by other companies. Other companies may calculate similarly titled measures differently, limiting their usefulness as comparative measures to our data. The Company encourages investors and others to review its financial information in its entirety and not rely on any single financial measure.
For more information on the non-GAAP financial measures, please see the table captioned “Unaudited Reconciliation of GAAP and non-GAAP Results” set forth at the end of this press release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars and from U.S. dollars to RMB are made at a rate of RMB 7.2672 to US$1.00, the exchange rate on June 28, 2024, set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollar amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” and similar statements. Among other things, quotations from management in this announcement, as well as the Company’s strategic and operational plans, contain forward- looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s growth strategies; its future business development, results of operations and financial condition; trends and competition in global e-vapor market; changes in its revenues and certain cost or expense items; governmental policies, laws and regulations across various jurisdictions relating to the Company’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release and in the attachments is current as of the date of this press release, and the Company does not undertake any obligation to update such information, except as required under applicable law.
For more information, please contact:
In China:
RLX Technology Inc.
Head of Capital Markets
Sam Tsang
Email: ir@relxtech.com
Piacente Financial Communications
Jenny Cai
Tel: +86-10-6508-0677
Email: RLX@tpg-ir.com
In the United States:
Piacente Financial Communications
Brandi Piacente
Tel: +1-212-481-2050
Email: RLX@tpg-ir.com
|
[1] Non-GAAP net 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. [2] Non-GAAP basic and diluted net 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. |
|
RLX TECHNOLOGY INC. |
|||
|
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
|||
|
(All amounts in thousands) |
|||
|
As of |
|||
|
December 31, |
June 30, |
June 30, |
|
|
2023 |
2024 |
2024 |
|
|
RMB |
RMB |
US$ |
|
|
ASSETS |
|||
|
Current assets: |
|||
|
Cash and cash equivalents |
2,390,298 |
3,076,781 |
423,379 |
|
Restricted cash |
29,760 |
61,908 |
8,519 |
|
Short-term bank deposits, net |
2,631,256 |
2,615,677 |
359,929 |
|
Receivables from online payment platforms |
6,893 |
5,619 |
773 |
|
Short-term investments, net |
3,093,133 |
2,604,414 |
358,379 |
|
Accounts and notes receivable, net |
60,482 |
114,428 |
15,746 |
|
Inventories |
144,850 |
84,306 |
11,601 |
|
Amounts due from related parties |
118,736 |
196,791 |
27,079 |
|
Prepayments and other current assets, net |
508,435 |
709,991 |
97,698 |
|
Total current assets |
8,983,843 |
9,469,915 |
1,303,103 |
|
Non-current assets: |
|||
|
Property, equipment and leasehold improvement, net |
77,358 |
63,192 |
8,696 |
|
Intangible assets, net |
69,778 |
60,215 |
8,286 |
|
Long-term investments, net |
8,000 |
8,000 |
1,101 |
|
Deferred tax assets, net |
58,263 |
58,264 |
8,017 |
|
Right-of-use assets, net |
52,562 |
39,604 |
5,450 |
|
Long-term bank deposits, net |
1,757,804 |
876,340 |
120,588 |
|
Long-term investment securities, net |
5,236,109 |
5,695,667 |
783,750 |
|
Goodwill |
66,506 |
62,606 |
8,615 |
|
Other non-current assets, net |
4,874 |
6,499 |
894 |
|
Total non-current assets |
7,331,254 |
6,870,387 |
945,397 |
|
Total assets |
16,315,097 |
16,340,302 |
2,248,500 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|||
|
Current liabilities: |
|||
|
Accounts and notes payable |
266,426 |
323,811 |
44,558 |
|
Contract liabilities |
49,586 |
56,908 |
7,831 |
|
Salary and welfare benefits payable |
39,256 |
60,048 |
8,263 |
|
Taxes payable |
77,164 |
79,197 |
10,898 |
|
Accrued expenses and other current liabilities |
103,996 |
99,440 |
13,683 |
|
Amounts due to related parties |
101,927 |
10,984 |
1,511 |
|
Dividend payable |
881 |
– |
– |
|
Lease liabilities – current portion |
29,435 |
28,202 |
3,881 |
|
Total current liabilities |
668,671 |
658,590 |
90,625 |
|
Non-current liabilities: |
|||
|
Deferred tax liabilities |
23,591 |
21,790 |
2,998 |
|
Lease liabilities – non-current portion |
24,419 |
13,124 |
1,808 |
|
Total non-current liabilities |
48,010 |
34,914 |
4,806 |
|
Total liabilities |
716,681 |
693,504 |
95,431 |
|
Shareholders’ Equity: |
|||
|
Total RLX Technology Inc. shareholders’ equity |
15,609,393 |
15,654,233 |
2,154,092 |
|
Noncontrolling interests |
(10,977) |
(7,435) |
(1,023) |
|
Total shareholders’ equity |
15,598,416 |
15,646,798 |
2,153,069 |
|
Total liabilities and shareholders’ equity |
16,315,097 |
16,340,302 |
2,248,500 |
|
RLX TECHNOLOGY INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME |
||||||||
|
(All amounts in thousands, except for share and per share data) |
||||||||
|
For the three months ended |
For the six months ended |
|||||||
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
||
|
2023 (As adjusted) (a) |
2024 |
2024 |
2024 |
2023 (As adjusted) (a) |
2024 |
2024 |
||
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||
|
Net revenues |
378,123 |
551,623 |
627,176 |
86,302 |
567,000 |
1,178,799 |
162,208 |
|
|
Cost of revenues |
(171,733) |
(327,610) |
(400,712) |
(55,140) |
(250,426) |
(728,322) |
(100,220) |
|
|
Excise tax on products |
(107,853) |
(81,240) |
(68,602) |
(9,440) |
(172,311) |
(149,842) |
(20,619) |
|
|
Gross profit |
98,537 |
142,773 |
157,862 |
21,722 |
144,263 |
300,635 |
41,369 |
|
|
Operating expenses: |
||||||||
|
Selling expenses |
(45,226) |
(52,887) |
(62,235) |
(8,564) |
(130,987) |
(115,122) |
(15,841) |
|
|
General and administrative expenses |
41,368 |
(109,954) |
(128,997) |
(17,751) |
(215,136) |
(238,951) |
(32,881) |
|
|
Research and development expenses |
(43,317) |
(31,540) |
40 |
5 |
(119,999) |
(31,500) |
(4,335) |
|
|
Total operating expenses |
(47,175) |
(194,381) |
(191,192) |
(26,310) |
(466,122) |
(385,573) |
(53,057) |
|
|
Income/(loss) from operations |
51,362 |
(51,608) |
(33,330) |
(4,588) |
(321,859) |
(84,938) |
(11,688) |
|
|
Other income： |
||||||||
|
Interest income, net |
162,888 |
158,858 |
154,207 |
21,220 |
311,691 |
313,065 |
43,079 |
|
|
Investment income |
20,588 |
12,776 |
12,718 |
1,750 |
41,973 |
25,494 |
3,508 |
|
|
Others, net |
21,380 |
28,943 |
22,739 |
3,129 |
150,537 |
51,682 |
7,112 |
|
|
Income before income tax |
256,218 |
148,969 |
156,334 |
21,511 |
182,342 |
305,303 |
42,011 |
|
|
Income tax expense |
(51,502) |
(16,344) |
(21,389) |
(2,943) |
(33,931) |
(37,733) |
(5,192) |
|
|
Net income |
204,716 |
132,625 |
134,945 |
18,568 |
148,411 |
267,570 |
36,819 |
|
|
Less: net income attributable to noncontrolling interests |
1,929 |
717 |
2,631 |
362 |
2,590 |
3,348 |
461 |
|
|
Net income attributable to RLX Technology Inc. |
202,787 |
131,908 |
132,314 |
18,206 |
145,821 |
264,222 |
36,358 |
|
|
Other comprehensive income: |
||||||||
|
Foreign currency translation adjustments |
563,078 |
12,706 |
44,174 |
6,078 |
414,982 |
56,880 |
7,827 |
|
|
Unrealized income/(loss) on long-term investment securities |
5,539 |
(13) |
705 |
97 |
8,412 |
692 |
95 |
|
|
Total other comprehensive income |
568,617 |
12,693 |
44,879 |
6,175 |
423,394 |
57,572 |
7,922 |
|
|
Total comprehensive income |
773,333 |
145,318 |
179,824 |
24,743 |
571,805 |
325,142 |
44,741 |
|
|
Less: total comprehensive income attributable to noncontrolling interests |
1,929 |
730 |
2,618 |
360 |
2,590 |
3,348 |
461 |
|
|
Total comprehensive income attributable to RLX Technology Inc. |
771,404 |
144,588 |
177,206 |
24,383 |
569,215 |
321,794 |
44,280 |
|
|
Net income per ordinary share/ADS |
||||||||
|
Basic |
0.154 |
0.106 |
0.108 |
0.015 |
0.111 |
0.213 |
0.029 |
|
|
Diluted |
0.150 |
0.101 |
0.103 |
0.014 |
0.108 |
0.205 |
0.028 |
|
|
Weighted average number of ordinary shares/ADSs |
||||||||
|
Basic |
1,318,628,588 |
1,249,317,641 |
1,228,869,526 |
1,228,869,526 |
1,317,718,705 |
1,239,093,583 |
1,239,093,583 |
|
|
Diluted |
1,353,296,802 |
1,301,431,007 |
1,284,388,803 |
1,284,388,803 |
1,348,021,483 |
1,290,853,297 |
1,290,853,297 |
|
|
Note (a): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above comparative unaudited condensed consolidated statements of comprehensive income in the prior quarter. |
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|
RLX TECHNOLOGY INC. |
||||||||
|
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS |
||||||||
|
(All amounts in thousands, except for share and per share data) |
||||||||
|
For the three months ended |
For the six months ended |
|||||||
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
||
|
2023 (As adjusted) (b) |
2024 |
2024 |
2024 |
2023 (As adjusted) (b) |
2024 |
2024 |
||
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||
|
Net income |
204,716 |
132,625 |
134,945 |
18,568 |
148,411 |
267,570 |
36,819 |
|
|
Add: share-based compensation expenses |
||||||||
|
Selling expenses |
(15,338) |
4,603 |
9,172 |
1,262 |
8,617 |
13,775 |
1,895 |
|
|
General and administrative expenses |
(90,923) |
66,414 |
93,026 |
12,801 |
110,420 |
159,440 |
21,940 |
|
|
Research and development expenses |
(12,229) |
3,881 |
(24,074) |
(3,313) |
2,425 |
(20,193) |
(2,779) |
|
|
Non-GAAP net income |
86,226 |
207,523 |
213,069 |
29,318 |
269,873 |
420,592 |
57,875 |
|
|
Net income attributable to RLX Technology Inc. |
202,787 |
131,908 |
132,314 |
18,206 |
145,821 |
264,222 |
36,358 |
|
|
Add: share-based compensation expenses |
(118,490) |
74,898 |
78,124 |
10,750 |
121,462 |
153,022 |
21,056 |
|
|
Non-GAAP net income attributable to RLX Technology Inc. |
84,297 |
206,806 |
210,438 |
28,956 |
267,283 |
417,244 |
57,414 |
|
|
Non-GAAP net income per ordinary share/ADS |
||||||||
|
– Basic |
0.064 |
0.166 |
0.171 |
0.024 |
0.203 |
0.337 |
0.046 |
|
|
– Diluted |
0.062 |
0.159 |
0.164 |
0.023 |
0.198 |
0.323 |
0.044 |
|
|
Weighted average number of ordinary shares/ADSs |
||||||||
|
– Basic |
1,318,628,588 |
1,249,317,641 |
1,228,869,526 |
1,228,869,526 |
1,317,718,705 |
1,239,093,583 |
1,239,093,583 |
|
|
– Diluted |
1,353,296,802 |
1,301,431,007 |
1,284,388,803 |
1,284,388,803 |
1,348,021,483 |
1,290,853,297 |
1,290,853,297 |
|
|
Note (b): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above unaudited reconciliation of GAAP and Non-GAAP results in the prior quarter. |
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|
RLX TECHNOLOGY INC. |
||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
|
(All amounts in thousands) |
||||||||
|
For the three months ended |
For the six months ended |
|||||||
|
June 30, |
March 31, |
June 30, |
June 30, |
June 30, |
June 30, |
June 30, |
||
|
2023 (As adjusted) (c) |
2024 |
2024 |
2024 |
2023 (As adjusted) (c) |
2024 |
2024 |
||
|
RMB |
RMB |
RMB |
US$ |
RMB |
RMB |
US$ |
||
|
Net cash generated from/(used in) operating activities |
41,339 |
4,020 |
196,764 |
27,076 |
(189,347) |
200,784 |
27,629 |
|
|
Net cash generated from investing activities |
431,683 |
420,665 |
557,132 |
76,664 |
813,637 |
977,797 |
134,549 |
|
|
Net cash used in financing activities |
(199,080) |
(472,885) |
– |
– |
(194,734) |
(472,885) |
(65,071) |
|
|
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
48,393 |
2,903 |
10,032 |
1,380 |
58,802 |
12,935 |
1,780 |
|
|
Net increase/(decrease) in cash and cash equivalents and restricted cash |
322,335 |
(45,297) |
763,928 |
105,120 |
488,358 |
718,631 |
98,887 |
|
|
Cash, cash equivalents and restricted cash at the beginning of the period |
1,455,109 |
2,420,058 |
2,374,761 |
326,778 |
1,289,086 |
2,420,058 |
333,011 |
|
|
Cash, cash equivalents and restricted cash at the end of the period |
1,777,444 |
2,374,761 |
3,138,689 |
431,898 |
1,777,444 |
3,138,689 |
431,898 |
|
|
Note (c): The Company acquired various companies on December 13, 2023, which was accounted for as an under common control transaction in accordance with ASC 805-50. The Company retrospectively adjusted the above comparative unaudited condensed consolidated statements of cash flows in the prior quarter. |
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View original content:https://www.prnewswire.com/news-releases/rlx-technology-announces-unaudited-second-quarter-2024-financial-results-302224158.html
SOURCE RLX Technology Inc.
