RLX Technology Inc. (RLX) Balance Sheet

NYSE: RLXAssets, liabilities, debt and equity over 8 years.

RLX balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥17.94B assets = CN¥2.20B liabilities + CN¥15.74B equity

Both columns are drawn to the same scale: what RLX owns equals what it owes plus shareholders’ equity. Hover a block for its value.

RLX financial health

Current ratio5.70

Comfortable · current assets cover current liabilities 5.70×

Debt / equity0.01

Low leverage · CN¥0.01 of debt for each $1 of equity

Equity / assets87.2%

Equity-funded · of assets funded by shareholders

Cash / debt5,773.5%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles4.4%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

RLX balance sheet trends, 2018–2025

RLX Technology Inc. balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥105.7M2018	CN¥17.94B2025	+108.2%/yr
Total liabilities	CN¥99.1M2018	CN¥2.20B2025	+55.7%/yr
Shareholders’ equity	CN¥6.6M2018	CN¥15.64B2025	+203.3%/yr
Cash & short-term investments	CN¥68.2M2018	CN¥10.19B2025	+104.5%/yr
Total debt	CN¥1.3M2018	CN¥176.5M2025	+101.5%/yr
Net cash (debt)	CN¥66.9M2018	CN¥10.01B2025	+CN¥9.9B
Working capital	CN¥6.6M2018	CN¥9.24B2025	+CN¥9.2B
Current ratio	1.072018	5.702025	+4.63
Debt / equity	0.202018	0.012025	−0.19
Shares outstanding	1.55B2018	1.22B2025	−3.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

RLX assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

RLX liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

RLX debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

RLX balance sheet in Chinese yuan

RLX Technology Inc. annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018
Assets
Cash & short-term investments	CN¥10.19B	CN¥8.49B	CN¥8.11B	CN¥10.79B	CN¥12.85B	CN¥523.2M	CN¥463.2M	CN¥68.2M
Cash & equivalents	CN¥5.55B	CN¥5.59B	CN¥2.39B	CN¥1.27B	CN¥5.21B	CN¥222.5M	CN¥135.5M	CN¥68.2M
Short-term investments	CN¥4.64B	CN¥2.90B	CN¥5.72B	CN¥9.52B	CN¥7.64B	CN¥300.7M	CN¥327.7M	CN¥0
Receivables	CN¥405.0M	CN¥566.2M	CN¥662.7M	CN¥59.5M	CN¥26.0M	CN¥8.3M	CN¥85.7M	CN¥19.3M
Inventory	CN¥297.9M	CN¥142.6M	CN¥144.8M	CN¥130.9M	CN¥589.1M	CN¥53.2M	CN¥219.3M	CN¥14.2M
Other current assets	CN¥319.7M	CN¥99.1M	CN¥61.6M	CN¥219.5M	CN¥483.2M	CN¥6.6M	CN¥414.6M	CN¥2.8M
Total current assets	CN¥11.21B	CN¥9.30B	CN¥8.98B	CN¥11.20B	CN¥13.95B	CN¥591.3M	CN¥1.18B	CN¥104.3M
Property, plant & equipment (net)	CN¥328.6M	CN¥82.0M	CN¥129.9M	CN¥162.9M	CN¥319.4M	CN¥27.2M	CN¥176.4M	CN¥889,000
Goodwill & intangible assets	CN¥780.8M	CN¥112.4M	CN¥136.3M	CN¥7.6M	CN¥8.4M	CN¥824,642	CN¥5.4M	CN¥0
Long-term investments	CN¥5.56B	CN¥7.33B	CN¥7.00B	CN¥4.93B	CN¥2.02B	CN¥4.0M	CN¥5.0M	CN¥0
Other non-current assets	CN¥62.1M	CN¥40.9M	CN¥63.1M	CN¥77.4M	CN¥69.8M	CN¥0	CN¥74.4M	CN¥511,000
Total assets	CN¥17.94B	CN¥16.87B	CN¥16.32B	CN¥16.38B	CN¥16.37B	CN¥620.8M	CN¥1.44B	CN¥105.7M
Liabilities
Accounts payable	CN¥404.0M	CN¥295.5M	CN¥109.4M	CN¥52.5M	CN¥506.1M	CN¥81.9M	CN¥150.5M	CN¥17.2M
Short-term debt	CN¥120.8M	CN¥51.4M	CN¥70.5M	CN¥46.0M	CN¥80.6M	CN¥148.2M	CN¥31.4M	CN¥209,000
Deferred revenue	CN¥84.1M	CN¥10.6M	CN¥49.6M	CN¥75.2M	CN¥286.7M	CN¥49.0M	CN¥18.4M	CN¥538,000
Total current liabilities	CN¥1.97B	CN¥857.9M	CN¥668.7M	CN¥789.8M	CN¥2.74B	CN¥381.8M	CN¥619.9M	CN¥97.7M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥707.3M	CN¥1.1M
Lease obligations	CN¥84.3M	CN¥18.5M	CN¥53.9M	CN¥85.9M	CN¥184.8M	CN¥94.5M	CN¥92.8M	CN¥492,000
Other long-term liabilities	CN¥233.0M	CN¥23.2M	CN¥48.0M	CN¥48.6M	CN¥108.7M	CN¥8.4M	CN¥10.6M	CN¥283,000
Total liabilities	CN¥2.20B	CN¥881.1M	CN¥716.7M	CN¥838.5M	CN¥2.85B	CN¥390.1M	CN¥1.34B	CN¥99.1M
Shareholders' equity
Common stock & paid-in capital	—	CN¥104,000	CN¥104,000	CN¥104,000	CN¥103,000	CN¥14,373	CN¥94,000	CN¥94,000
Retained earnings (deficit)	CN¥4.12B	CN¥4.25B	CN¥3.77B	CN¥3.32B	CN¥1.91B	−CN¥12.5M	CN¥46.5M	−CN¥1.1M
Accumulated other comprehensive income	—	CN¥1.12B	CN¥981.3M	CN¥809.9M	−CN¥147.5M	CN¥49,236	CN¥181,000	CN¥830,000
Minority interest	CN¥97.9M	CN¥1.7M	−CN¥11.0M	−CN¥28.7M	—	—	—	—
Total shareholders' equity	CN¥15.64B	CN¥15.99B	CN¥15.61B	CN¥15.57B	CN¥13.51B	CN¥230.7M	CN¥106.3M	CN¥6.6M
Key figures
Total debt	CN¥176.5M	CN¥58.5M	CN¥95.0M	CN¥85.9M	CN¥184.8M	CN¥155.7M	CN¥738.8M	CN¥1.3M
Net cash (debt)	CN¥10.01B	CN¥8.43B	CN¥8.02B	CN¥10.70B	CN¥12.67B	CN¥367.4M	−CN¥275.6M	CN¥66.9M
Working capital	CN¥9.24B	CN¥8.44B	CN¥8.32B	CN¥10.41B	CN¥11.21B	CN¥209.5M	CN¥563.0M	CN¥6.6M
Tangible book value	CN¥14.86B	CN¥15.88B	CN¥15.47B	CN¥15.56B	CN¥13.51B	CN¥229.9M	CN¥100.9M	CN¥6.6M
Shares outstanding	1.22B	1.29B	1.34B	1.33B	1.41B	1.55B	1.55B	1.55B
Current ratio	5.70	10.84	13.44	14.18	5.10	1.55	1.91	1.07
Quick ratio	5.39	10.56	13.13	13.73	4.70	1.39	0.89	0.89
Debt / equity	0.01	0.00	0.01	0.01	0.01	0.68	6.95	0.20
Equity / assets	87.2%	94.8%	95.7%	95.1%	82.6%	37.2%	7.4%	6.3%

RLX Technology Inc. quarterly balance sheet
	Jun '26	Mar '26	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥8.97B	CN¥9.64B	CN¥8.47B	CN¥7.41B	CN¥8.16B	CN¥8.49B	CN¥8.06B	CN¥8.30B	CN¥7.33B	CN¥8.11B	CN¥1.14B
Cash & equivalents	CN¥4.84B	CN¥4.42B	CN¥3.46B	CN¥3.86B	CN¥4.71B	CN¥5.59B	CN¥3.26B	CN¥3.08B	CN¥2.32B	CN¥2.39B	CN¥352.8M
Short-term investments	CN¥4.13B	CN¥5.22B	CN¥5.01B	CN¥3.56B	CN¥3.45B	CN¥2.90B	CN¥4.80B	CN¥5.22B	CN¥5.01B	CN¥5.72B	CN¥783.8M
Receivables	CN¥827.0M	CN¥884.9M	CN¥353.0M	CN¥407.0M	CN¥331.7M	CN¥83.2M	CN¥376.1M	CN¥316.8M	CN¥300.6M	CN¥164.7M	CN¥33.4M
Inventory	CN¥416.4M	CN¥371.1M	CN¥231.0M	CN¥227.9M	CN¥116.5M	CN¥142.6M	CN¥81.4M	CN¥84.3M	CN¥99.8M	CN¥144.8M	CN¥10.7M
Other current assets	CN¥577.5M	CN¥613.2M	CN¥529.3M	CN¥317.4M	CN¥383.1M	CN¥582.1M	CN¥357.7M	CN¥771.9M	CN¥673.3M	CN¥559.6M	CN¥66.9M
Total current assets	CN¥10.79B	CN¥11.51B	CN¥9.58B	CN¥8.37B	CN¥8.99B	CN¥9.30B	CN¥8.87B	CN¥9.47B	CN¥8.41B	CN¥8.98B	CN¥1.25B
Property, plant & equipment (net)	CN¥339.8M	CN¥324.5M	CN¥228.7M	CN¥228.6M	CN¥73.6M	CN¥74.9M	CN¥88.3M	CN¥102.8M	CN¥117.7M	CN¥129.9M	CN¥17.2M
Goodwill & intangible assets	CN¥745.4M	CN¥755.4M	CN¥796.7M	CN¥816.8M	CN¥110.0M	CN¥112.4M	CN¥123.7M	CN¥122.8M	CN¥129.1M	CN¥136.3M	CN¥67.3M
Long-term investments	CN¥4.92B	CN¥704.9M	CN¥6.77B	CN¥8.02B	CN¥7.85B	CN¥7.33B	CN¥7.25B	CN¥6.58B	CN¥7.30B	CN¥7.00B	CN¥7.27B
Other non-current assets	CN¥56.2M	CN¥4.20B	CN¥52.2M	CN¥57.3M	CN¥50.0M	CN¥48.0M	CN¥63.9M	CN¥64.8M	CN¥70.0M	CN¥63.1M	CN¥0
Total assets	CN¥16.86B	CN¥17.49B	CN¥17.43B	CN¥17.49B	CN¥17.07B	CN¥16.87B	CN¥16.40B	CN¥16.34B	CN¥16.03B	CN¥16.32B	CN¥2.27B
Liabilities
Accounts payable	CN¥229.5M	CN¥626.0M	CN¥338.7M	CN¥357.0M	CN¥396.2M	CN¥458.5M	CN¥352.4M	CN¥323.8M	CN¥213.8M	CN¥109.4M	CN¥32.9M
Short-term debt	CN¥188.0M	CN¥160.5M	CN¥136.1M	CN¥126.8M	CN¥70.3M	CN¥51.4M	CN¥16.7M	CN¥28.2M	CN¥31.1M	CN¥29.4M	CN¥4.9M
Deferred revenue	CN¥82.3M	CN¥79.8M	CN¥94.1M	CN¥94.1M	CN¥5.6M	—	CN¥24.5M	CN¥56.9M	CN¥15.1M	CN¥49.6M	CN¥9.3M
Total current liabilities	CN¥1.02B	CN¥1.35B	CN¥1.03B	CN¥1.00B	CN¥819.6M	CN¥857.9M	CN¥714.3M	CN¥658.6M	CN¥599.2M	CN¥668.7M	CN¥84.0M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥78.9M	CN¥11.1M	CN¥52.1M	CN¥53.9M	CN¥23.6M	CN¥18.5M	CN¥23.8M	CN¥41.3M	CN¥49.1M	CN¥53.9M	CN¥65.3M
Other long-term liabilities	CN¥208.0M	CN¥210.8M	CN¥209.3M	CN¥245.1M	CN¥29.5M	CN¥23.2M	CN¥28.9M	CN¥34.9M	CN¥40.6M	CN¥48.0M	CN¥5.2M
Total liabilities	CN¥1.23B	CN¥1.56B	CN¥1.24B	CN¥1.25B	CN¥849.1M	CN¥881.1M	CN¥743.2M	CN¥693.5M	CN¥639.8M	CN¥716.7M	CN¥89.2M
Shareholders' equity
Common stock & paid-in capital	—	—	CN¥16.10B	CN¥16.15B	CN¥16.22B	CN¥15.99B	CN¥15.66B	CN¥15.65B	CN¥15.40B	CN¥104,000	CN¥15.94B
Retained earnings (deficit)	—	—	—	—	CN¥4.25B	CN¥4.22B	—	—	CN¥3.77B	CN¥3.77B	CN¥3.77B
Accumulated other comprehensive income	—	—	—	—	CN¥1.12B	—	—	—	CN¥1.01B	CN¥1.01B	CN¥1.01B
Minority interest	CN¥113.9M	CN¥109.6M	CN¥91.0M	CN¥87.7M	—	—	—	—	—	—	—
Total shareholders' equity	CN¥15.52B	CN¥15.82B	CN¥16.10B	CN¥16.15B	CN¥16.22B	CN¥15.99B	CN¥15.66B	CN¥15.65B	CN¥15.40B	CN¥15.61B	CN¥2.18B
Key figures
Total debt	CN¥244.1M	CN¥210.8M	CN¥165.5M	CN¥158.1M	CN¥83.6M	CN¥58.5M	CN¥23.8M	CN¥41.3M	CN¥49.1M	CN¥53.9M	CN¥8.9M
Net cash (debt)	CN¥8.73B	CN¥9.43B	CN¥8.30B	CN¥7.26B	CN¥8.08B	CN¥8.43B	CN¥8.03B	CN¥8.26B	CN¥7.29B	CN¥8.06B	CN¥1.13B
Working capital	CN¥9.78B	CN¥10.16B	CN¥8.55B	CN¥7.36B	CN¥8.17B	CN¥8.44B	CN¥8.16B	CN¥8.81B	CN¥7.81B	CN¥8.32B	CN¥1.16B
Tangible book value	CN¥14.77B	CN¥15.07B	CN¥15.30B	CN¥15.33B	CN¥16.11B	CN¥15.88B	CN¥15.54B	CN¥15.53B	CN¥15.27B	CN¥15.47B	CN¥2.12B
Shares outstanding	1.31B	1.31B	1.30B	1.31B	1.31B	1.29B	1.29B	1.28B	1.30B	1.32B	1.34B
Current ratio	10.61	8.53	9.30	8.35	10.97	10.84	12.42	14.38	14.03	13.44	14.86
Quick ratio	9.63	7.80	8.57	7.81	10.36	10.00	11.81	13.08	12.74	12.38	13.94
Debt / equity	0.02	0.01	0.01	0.01	0.01	0.00	0.00	0.00	0.00	0.00	0.00
Equity / assets	92.1%	90.5%	92.4%	92.4%	95.0%	94.8%	95.5%	95.8%	96.1%	95.7%	96.2%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 23, 2026); data from EODHD.

RLX financial position

At the end of fiscal 2025 (December 31, 2025), RLX Technology had total assets of CN¥17.9 billion (up 6.3% from a year earlier), total liabilities of CN¥2.2 billion and shareholders' equity of CN¥15.6 billion. It held CN¥10.2 billion in cash and short-term investments against CN¥176.5 million of debt, a net cash position of CN¥10.0 billion. Its current ratio was 5.70. In the latest quarter (ended June 30, 2026) total assets were CN¥16.9 billion and equity CN¥15.5 billion.

Related: RLX income statement, RLX cash flow statement. See the RLX stock overview for the latest quote and news.

RLX balance sheet FAQ

What are RLX Technology's total assets?

RLX Technology reported total assets of CN¥17.9 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥16.9 billion a year earlier.

How much debt does RLX Technology have?

RLX Technology had CN¥176.5 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.

How much cash does RLX Technology have?

RLX Technology held CN¥10.2 billion in cash and short-term investments at the end of fiscal 2025; with CN¥176.5 million of debt that is net cash of CN¥10.0 billion.

What is RLX Technology's book value?

RLX Technology's shareholders' equity (book value) was CN¥15.6 billion at the end of fiscal 2025.

What is RLX Technology's current ratio?

RLX Technology had current assets of CN¥11.2 billion and current liabilities of CN¥2.0 billion, a current ratio of 5.70 (it can cover its short-term obligations).

How much goodwill does RLX Technology have?

RLX Technology carried CN¥780.8 million of goodwill and intangible assets, 4.4% of total assets, at the end of fiscal 2025.