EX-99.1 2 tm228997d1_ex99-1.htm EXHIBIT 99.1

 

Exhibit 99.1

 

RLX Technology Announces Unaudited Fourth Quarter and Fiscal Year 2021 Financial Results

 

BEIJING, March 11, 2022 /PRNEWSWIRE/ - RLX Technology Inc. (“RLX Technology” or the “Company”) (NYSE: RLX), a leading branded e-vapor company in China, today announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2021.

 

Fourth Quarter 2021 Financial Highlights

 

·Net revenues were RMB1,904.4 million (US$298.8 million), representing an increase of 17.7% from RMB1,618.5 million in the same period of 2020.

 

·Gross margin was 40.2%, compared with 42.9% in the same period of 2020.

 

·U.S. GAAP net income was RMB494.4 million (US$77.6 million), compared with U.S. GAAP net loss of RMB236.7 million in the same period of 2020.

 

·Non-GAAP net income1 was RMB536.5 million (US$84.2 million), compared with RMB419.3 million in the same period of 2020.

 

Fiscal Year 2021 Financial Highlights

 

·Net revenues were RMB8,521.0 million (US$1,337.1 million) in the fiscal year 2021, representing an increase of 123.1% from RMB3,819.7 million in the prior year.
  
·Gross margin was 43.1% in the fiscal year 2021, compared with 40.0% in the prior year.
  
·U.S. GAAP net income was RMB2,028.1 million (US$318.3 million) in the fiscal year 2021, compared with U.S. GAAP net loss of RMB128.1 million in the prior year.
  
·Non-GAAP net income was RMB2,251.5 million (US$353.3 million) in the fiscal year 2021, compared with RMB801.0 million in the prior year.
  

“We are pleased with our operational and financial performance in the fourth quarter, ending 2021 on a strong note. Despite the evolving industry regulatory framework and challenging backdrop of recurrent COVID-19 outbreaks, we remained focused throughout the year on optimizing our distribution and retail channels, investing in scientific research, new product development, and digitalization upgrades,” said Ms. Ying (Kate) Wang, Co-founder, Chairperson of the Board of Directors and Chief Executive Officer of RLX Technology. “The 2021 fiscal year was defined by year-over-year revenue growth of 123.1%, further cementing our leadership as a trusted e-vapor brand for adult smokers. Looking ahead, we are confident that the Company is well-positioned to further explore the enormous potential of this vast yet growing industry and achieve future growth in 2022 and beyond.”

 

“In the fourth quarter of 2021, we delivered net revenues of RMB1,904.4 million, up 17.7% year-over-year, reflecting the momentum behind our efforts to optimize our distribution and retail channel network and enhance our diversified product portfolio,” said Mr. Chao Lu, Chief Financial Officer of RLX Technology. “In December 2021, our Board of Directors authorized a share repurchase program under which we may repurchase up to US$500 million of our shares over a period until December 31, 2023. This program demonstrates our continued confidence in the future development of our industry and the strength of our business. As we progress through 2022, we will strive to strengthen our core capabilities, bolster our market leading position, and reinforce our commitment to achieve sustainable growth and generate long-term value for our shareholders.”

 

 

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.

 

 

 

 

Fourth Quarter 2021 Financial Results

 

Net revenues increased by 17.7% to RMB1,904.4 million (US$298.8 million) in the fourth quarter of 2021 from RMB1,618.5 million in the same period 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 10.3% to RMB765.5 million (US$120.1 million) in the fourth quarter of 2021 from RMB694.1 million in the same period of 2020.

 

Gross margin was 40.2% in the fourth quarter of 2021, compared with 42.9% in the same period of 2020. The decrease was primarily due to (i) an increase in direct costs related to promotional activities and (ii) an increase in the inventory provision.

 

Operating expenses were RMB231.5 million (US$36.3 million) in the fourth quarter of 2021, representing a decrease of 72.8% from RMB852.6 million in the same period of 2020. The decrease in operating expenses was primarily due to the change of share-based compensation expenses, which decreased by 93.6% to RMB42.1 million (US$6.6 million) in the fourth quarter of 2021 from RMB656.1 million in the same period of 2020. The decrease in share-based compensation expenses was primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees as affected by the fluctuations of the share price of the Company.

 

Selling expenses decreased by 76.3% to RMB46.6 million (US$7.3 million) in the fourth quarter of 2021 from RMB196.7 million in the same period of 2020. The decrease was mainly driven by (i) a decrease in share-based compensation expenses and (ii) a decrease in salaries and welfare benefits primarily attributable to a decrease in performance-based cash compensation, partially offset by an increase in branding material expenses.

 

General and administrative expenses decreased by 62.6% to RMB167.1 million (US$26.2 million) in the fourth quarter of 2021 from RMB447.0 million in the same period of 2020. The decrease was mainly driven by (i) a decrease in share-based compensation expenses and (ii) a decrease in salaries and welfare benefits primarily attributable to a decrease in performance-based cash compensation, partially offset by an increase in software and technical service expenses.

 

Research and development expenses decreased by 91.5% to RMB17.8 million (US$2.8 million) in the fourth quarter of 2021 from RMB208.9 million in the same period of 2020. The decrease was mainly driven by (i) a decrease in share-based compensation expenses and (ii) a decrease in salaries and welfare benefits primarily attributable to a decrease in performance-based cash compensation, partially offset by an increase in consulting expenses.

 

Income from operations was RMB534.0 million (US$83.8 million) in the fourth quarter of 2021, compared with a loss from operations of RMB158.5 million in the same period of 2020.

 

Income tax expense was RMB129.5 million (US$20.3 million) in the fourth quarter of 2021, compared with RMB110.6 million in the same period of 2020.

 

U.S. GAAP net income was RMB494.4 million (US$77.6 million) in the fourth quarter of 2021, compared with U.S. GAAP net loss of RMB236.7 million in the same period of 2020.

 

Non-GAAP net income was RMB536.5 million (US$84.2 million) in the fourth quarter of 2021, compared with RMB419.3 million in the same period of 2020.

 

 

 

 

U.S. GAAP basic and diluted net income per American depositary share (“ADS”) were RMB0.367 (US$0.058) and RMB0.363 (US$0.057), respectively, in the fourth quarter of 2021, compared with U.S. GAAP basic and diluted net loss per ADS of RMB0.165, in the same period of 2020.

 

Non-GAAP basic and diluted net income per ADS2 were RMB0.398 (US$0.062) and RMB0.394 (US$0.062), respectively, in the fourth quarter of 2021, compared with RMB0.292 in the same period of 2020.

 

Balance Sheet and Cash Flow

 

The Company’s liquidity was significantly enhanced by the completion of our IPO in early 2021. As of December 31, 2021, the Company had cash and cash equivalents, restricted cash, short-term bank deposits, net, short-term investments, and long-term bank deposits, net of RMB14,857.8 million (US$2,331.5 million), compared with RMB3,421.4 million as of December 31, 2020. As of December 31, 2021, approximately US$1,624.5 million (RMB10,352.3 million) was denominated in U.S. dollars.

 

For the fourth quarter ended December 31, 2021, net cash generated from operating activities was RMB465.7 million (US$73.1 million).

 

Fiscal Year 2021 Financial Results

 

Net revenues increased by 123.1% to RMB8,521.0 million (US$1,337.1 million) in the fiscal year 2021 from RMB3,819.7 million in the prior year. 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 140.4% to RMB3,672.1 million (US$576.2 million) in the fiscal year 2021 from RMB1,527.6 million in the prior year.

 

Gross margin increased to 43.1% in the fiscal year 2021 from 40.0% in the prior year.

 

Operating expenses were RMB1,373.4 million (US$215.5 million) in the fiscal year 2021, representing a decrease of 9.3% from RMB1,514.4 million in the prior year. The decrease in operating expenses was primarily due to the change of share-based compensation expenses, which decreased by 76.0% to RMB223.3 million (US$35.0 million) in the fiscal year 2021 from RMB929.1 million in the prior year. The decrease in share-based compensation expenses was primarily due to the changes in the fair value of the share incentive awards that the Company granted to its employees as affected by the fluctuations of the share price of the Company.

 

Selling expenses increased by 17.5% to RMB520.7 million (US$81.7 million) in the fiscal year 2021 from RMB443.2 million in the prior year. The increase was mainly driven by (i) an increase in branding material expenses, (ii) an increase in shipping expenses, and (iii) an increase in salaries and welfare, partially offset by the decrease of share-based compensation expenses.

 

General and administrative expenses decreased by 12.9% to RMB672.7 million (US$105.6 million) in the fiscal year 2021 from RMB772.0 million in the prior year. The decrease was primarily attributable to the decrease of share-based compensation expenses, partially offset by (i) an increase in salaries and welfare benefits, and (ii) an increase in legal and other consulting fees.

 

Research and development expenses decreased by 39.9% to RMB179.9 million (US$28.2 million) in the fiscal year 2021 from RMB299.3 million in the prior year. The decrease was primarily due to the decrease of share-based compensation expenses, partially offset by (i) an increase in salaries and welfare benefits, (ii) an increase in software and technical expenses, and (iii) an increase in consulting expenses.

 

 

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.

 

 

 

 

 

Income from operations was RMB2,298.7 million (US$360.7 million) in the fiscal year 2021, compared with RMB13.1 million in the prior year.

 

Income tax expense was RMB631.4 million (US$99.1 million) in the fiscal year 2021, representing an increase of 173.9% from RMB230.5 million in the prior year. The increase was primarily due to an increase in taxable income.

 

U.S. GAAP net income was RMB2,028.1 million (US$318.3 million) in the fiscal year 2021, compared with U.S. GAAP net loss of RMB128.1 million in the prior year.

 

Non-GAAP net income was RMB2,251.5 million (US$353.3 million) in the fiscal year 2021, compared with RMB801.0 million in the prior year.

 

U.S. GAAP basic and diluted net income per ADS were RMB1.445 (US$0.227) and RMB1.436 (US$0.225), respectively, in the fiscal year 2021, compared with U.S. GAAP basic and diluted net loss per ADS of RMB0.089 in the prior year.

 

Non-GAAP basic and diluted net income per ADS were RMB1.604 (US$0.252) and RMB1.595 (US$0.250), respectively, in the fiscal year 2021, compared with RMB0.557 in the prior year.

 

Share Repurchase Program

 

On December 8, 2021, the Company announced that its Board of Directors authorized a share repurchase program under which the Company may repurchase up to US$500 million of its shares over a period until December 31, 2023.

 

Conference Call

 

The Company’s management will host an earnings conference call at 7:00 A.M. U.S. Eastern Time on March 11, 2022 (8:00 P.M. Beijing/Hong Kong Time on March 11, 2022).

 

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: 3704755

 

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 March 18, 2022, by dialing the following telephone numbers:

 

United States: +1-877-344-7529
International: +1-412-317-0088
Replay Access Code: 8947871

 

About RLX Technology Inc.

 

RLX Technology Inc. (NYSE: RLX) is a leading branded e-vapor company in China. The Company leverages its strong in-house technology and product development capabilities and in-depth insights into adult smokers' needs to develop superior e-vapor products. RLX Technology Inc. sells its products through an integrated offline distribution and "branded store plus" retail model tailored to China's e-vapor market.

 

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/(loss) 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/(loss). 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/(loss), basic and diluted net income/(loss) 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 RMB6.3726 to US$1.00, the exchange rate on December 30, 2021 set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars 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 China’s e-vapor market; changes in its revenues and certain cost or expense items; PRC governmental policies, laws and regulations 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 Investor Relations

Sam Tsang

Email: ir@relxtech.com

 

The Piacente Group, Inc.

Jenny Cai

Tel: +86-10-6508-0677

Email: RLX@tpg-ir.com

 

In the United States:

 

The Piacente Group, Inc.

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,
   December 31,
   December 31,
 
   2020   2021   2021 
   RMB   RMB   US$ 
ASSETS            
Current assets:               
Cash and cash equivalents   1,113,988    5,208,967    817,401 
Restricted cash   340,813    500    78 
Short-term bank deposits, net   493,282    4,022,119    631,158 
Receivables from online payment platforms   862    10,006    1,570 
Short-term investments   1,473,349    3,621,637    568,314 
Accounts and notes receivable, net   20,089    14,024    2,201 
Inventories, net   329,123    589,088    92,441 
Amounts due from related parties   21,006    1,936    304 
Prepayments and other current assets, net   74,383    482,659    75,740 
Total current assets   3,866,895    13,950,936    2,189,207 
Non-current assets:               
Property, equipment and leasehold improvement, net   74,500    143,155    22,464 
Intangible assets, net   5,393    8,366    1,313 
Long-term investments, net   4,000    12,000    1,883 
Deferred tax assets, net   6,000    20,856    3,273 
Right-of-use assets, net   91,743    176,258    27,659 
Long-term bank deposits, net   -    2,004,593    314,564 
Other non-current assets   11,354    48,961    7,683 
Total non-current assets   192,990    2,414,189    378,839 
Total assets   4,059,885    16,365,125    2,568,046 
                
LIABILITIES AND SHAREHOLDERS’ EQUITY               
Current liabilities:               
Accounts and notes payable   1,459,782    1,288,845    202,248 
Contract liabilities   320,434    286,651    44,982 
Salary and welfare benefits payable   179,558    170,393    26,738 
Taxes payable   363,644    597,761    93,802 
Accrued expenses and other current liabilities   116,929    313,396    49,179 
Amounts due to related parties   11,174    -    - 
Lease liabilities - current portion   45,073    80,582    12,645 
Total current liabilities   2,496,594    2,737,628    429,594 
                
Non-current liabilities:               
Deferred tax liabilities   5,210    4,513    708 
Lease liabilities - non-current portion   49,448    104,232    16,356 
Total non-current liabilities   54,658    108,745    17,064 
Total liabilities   2,551,252    2,846,373    446,658 
                
Shareholders’ Equity:               
Total RLX Technology Inc. shareholders’ equity   1,508,633    13,514,952    2,120,792 
Noncontrolling interests   -    3,800    596 
Total shareholders’ equity   1,508,633    13,518,752    2,121,388 
                
Total liabilities and shareholders’ equity   4,059,885    16,365,125    2,568,046 

 

 

 

 

RLX TECHNOLOGY INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/ INCOME
(All amounts in thousands, except for share (or ADS) and per share (or ADS) data)

 

   For the three months ended   For the year ended 
   December 31,
   September 30,
   December 31,
   December 31,
   December 31,
   December 31,
   December 31,
 
   2020   2021   2021   2021   2020   2021   2021 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Net revenues   1,618,451    1,676,723    1,904,355    298,835    3,819,712    8,520,978    1,337,127 
Cost of revenues   (924,315)   (1,020,753)   (1,138,826)   (178,707)   (2,292,153)   (4,848,918)   (760,901)
Gross profit   694,136    655,970    765,529    120,128    1,527,559    3,672,060    576,226 
                                    
Operating expenses:                                   
Selling expenses   (196,683)   (56,525)   (46,628)   (7,317)   (443,154)   (520,694)   (81,708)
General and administrative expenses   (447,045)   253,231    (167,108)   (26,223)   (771,971)   (672,748)   (105,569)
Research and development expenses   (208,889)   44,607    (17,797)   (2,793)   (299,285)   (179,913)   (28,232)
Total operating expenses   (852,617)   241,313    (231,533)   (36,333)   (1,514,410)   (1,373,355)   (215,509)
                                    
(Loss)/income from operations   (158,481)   897,283    533,996    83,795    13,149    2,298,705    360,717 
                                    
Other income：                                   
Interest income, net   7,678    22,633    24,297    3,813    32,407    72,414    11,363 
Investment income   11,621    27,463    27,964    4,388    20,352    94,222    14,785 
Others, net   13,062    150,498    37,694    5,915    36,523    194,209    30,476 
(Loss)/income before income tax   (126,120)   1,097,877    623,951    97,911    102,431    2,659,550    417,341 
Income tax expense   (110,625)   (121,442)   (129,536)   (20,327)   (230,532)   (631,426)   (99,085)
Net (loss)/income   (236,745)   976,435    494,415    77,584    (128,101)   2,028,124    318,256 
Less: net income attributable to noncontrolling interests   -    2,520    891    140    -    3,411    535 
Net (loss)/income attributable to RLX Technology Inc.   (236,745)   973,915    493,524    77,444    (128,101)   2,024,713    317,721 
Other comprehensive (loss)/income:                                   
Foreign currency translation adjustments   (14)   41,911    (181,851)   (28,536)   141    (149,188)   (23,411)
Total other comprehensive (loss)/ income   (14)   41,911    (181,851)   (28,536)   141    (149,188)   (23,411)
Total comprehensive (loss)/income   (236,759)   1,018,346    312,564    49,048    (127,960)   1,878,936    294,845 
Less: total comprehensive income attributable to noncontrolling interests   -    2,520    891    140    -    3,411    535 
Total comprehensive (loss)/income attributable to RLX Technology Inc.   (236,759)   1,015,826    311,673    48,908    (127,960)   1,875,525    294,310 
                                    
Net (loss)/income per ordinary share/ADS                                   
 Basic   (0.165)   0.724    0.367    0.058    (0.089)   1.445    0.227 
 Diluted   (0.165)   0.717    0.363    0.057    (0.089)   1.436    0.225 
                                    
Weighted average number of ordinary shares/ADSs                                   
Basic   1,436,815,570    1,345,928,878    1,346,184,770    1,346,184,770    1,436,815,570    1,401,371,494    1,401,371,494 
Diluted   1,436,815,570    1,357,908,401    1,358,494,650    1,358,494,650    1,436,815,570    1,409,690,879    1,409,690,879 

 

 

 

 

RLX TECHNOLOGY INC.
UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS
(All amounts in thousands, except for share (or ADS) and per share (or ADS) data)

 

   For the three months ended   For the year ended 
   December 31,   September 30,   December 31,   December 31,   December 31,   December 31,   December 31, 
   2020   2021   2021   2021   2020   2021   2021 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Net (loss)/income   (236,745)   976,435    494,415    77,584    (128,101)   2,028,124    318,256 
Add: share-based compensation expenses                                   
    Selling expenses   123,270    (90,768)   1,885    296    142,325    (19,653)   (3,084)
    General and administrative expenses   367,426    (320,126)   45,107    7,078    593,473    302,070    47,401 
    Research and development expenses   165,395    (112,847)   (4,872)   (765)   193,300    (59,072)   (9,270)
Non-GAAP net income   419,346    452,694    536,535    84,193    800,997    2,251,469    353,303 
                                    
Net (loss)/income attributable to RLX Technology Inc.   (236,745)   973,915    493,524    77,444    (128,101)   2,024,713    317,721 
Add: share-based compensation expenses   656,091    (523,741)   42,120    6,609    929,098    223,345    35,047 
Non-GAAP net income attributable to RLX Technology Inc. for computing non-GAAP net income per ordinary share/ADS   419,346    450,174    535,644    84,053    800,997    2,248,058    352,768 
                                    
Non-GAAP net income per ordinary share/ADS                                   
- Basic   0.292    0.334    0.398    0.062    0.557    1.604    0.252 
- Diluted   0.292    0.332    0.394    0.062    0.557    1.595    0.250 
Weighted average number of ordinary shares/ADSs                                   
- Basic   1,436,815,570    1,345,928,878    1,346,184,770    1,346,184,770    1,436,815,570    1,401,371,494    1,401,371,494 
- Diluted   1,436,815,570    1,357,908,401    1,358,494,650    1,358,494,650    1,436,815,570    1,409,690,879    1,409,690,879 

 

 

 

 

RLX TECHNOLOGY INC.
 UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
 (All amounts in thousands)

 

   For the three months ended   For the year ended 
   December 31,
   September 30,
   December 31,
   December 31,
   December 31,
   December 31,
   December 31,
 
   2020   2021   2021   2021   2020   2021   2021 
   RMB   RMB   RMB   US$   RMB   RMB   US$ 
Net cash generated from/(used in) operating activities   1,290,121    (142,852)   465,738    73,084    2,589,383    1,799,892    282,442 
Net cash generated from/(used in) investing activities   829,504    (38,534)   (1,397,519)   (219,301)   (1,812,894)   (7,870,660)   (1,235,078)
Net cash (used in)/generated from financing activities   (1,200,659)   389    (127,516)   (20,010)   174,881    9,904,121    1,554,173 
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash   (10,666)   23,372    (99,770)   (15,656)   19,339    (78,687)   (12,348)
Net increase/(decrease) in cash and cash equivalents and restricted cash   908,300    (157,625)   (1,159,067)   (181,883)   970,709    3,754,666    589,189 
Cash, cash equivalents and restricted cash at the beginning of the period   546,501    6,526,159    6,368,534    999,362    484,092    1,454,801    228,290 
Cash, cash equivalents and restricted cash at the end of the period   1,454,801    6,368,534    5,209,467    817,479    1,454,801    5,209,467    817,479