Exhibit 99.1

RLX Technology Announces Unaudited Second Quarter 2024 Financial Results

SHENZHEN, August 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 income¹ 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.

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.

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 ADS² 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).

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.

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

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, 2023			March 31,			June 30,			June 30,			June 30, 2023			June 30,			June 30,
	(As adjusted) ^(a)			2024			2024			2024			(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.

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, 2023			March 31,		June 30,			June 30,			June 30, 2023		June 30,			June 30,
	(As adjusted) ^(b)			2024		2024			2024			(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.

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, 2023			March 31,			June 30,		June 30,		June 30, 2023			June 30,			June 30,
	(As adjusted) ^(c)			2024			2024		2024		(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.

RLX Technology Inc. 6-K