RLX Technology Inc. is one of the best branded e-vapor companies in China. It markets products through its “branded store plus” retail model and integrated offline distribution.
RLX Announced $500M Share Repurchase Program
On 8th December 2021, RLX published that its board of directors had approved a share repurchase program. Under the program, the company may repurchase about $500 million of its shares by 31st December 2023. The board of directors may adjust the terms and size after evaluating the share repurchase program. The company anticipates funding the repurchases from its current cash balance.
RLX Third Quarter 2021 Financial Results
On 3rd December 2021, RLX reported its financial results for the third quarter ended 30th September 2021. The company has also provided its business highlights.
RLX calculated net revenue of RMB1,676.7M for the third quarter of 2021. It represents a drop of 34.0% from RMB2,541.4M in the second quarter of 2021. For the third quarter of 2021, gross profit lessened by 42.8% to RMB656.0M. Gross profit was RMB1,146.5M in the previous quarter of 2021. The company reported a gross margin of 39.1% for the Q3 of 2021. For the second quarter of 2021, the gross margin was 45.1%.
RLX reported operating expenses of RMB241.3M for the third quarter of 2021. It represents a loss of 244.4% from RMB167.2 million in the previous quarter of 2021. For the third quarter of 2021, income from operations totaled RMB897.3 million. Income from operations was RMB979.3 million for the second quarter of 2021.
RLX reported a net income of RMB976.4 million for the third quarter of 2021. Net income was RMB824.3 million for the second quarter of 2021. GAAP net income per basic share was RMB0.724 in the third quarter of 2021. In the second quarter of 2021, GAAP net income per basic share was RMB0.595. As of 30th September 2021, the company had total cash and cash equivalents of RMB14,720.3 million.