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Fog core technology released the third quarter financial report: net income of 1.0444 billion yuan, cash and equivalent, etc. 16.4 billion yuan

Fog core technology released the third quarter financial report: net income of 1.0444 billion yuan, cash and equivalent, etc. 16.4 billion yuan

2022-11-17

Lan Cave New Consumer Report, November 16th, the electronic cigarette brand Yuexin technology RLX Technology RLX Technology today announced today the third quarter of the third quarter of 2022, and in the third quarter, as of September 30, 2022.




Financial summary in the third quarter of 2022


The net income was 1.0444 billion yuan (US $ 146.8 million), while the same period in 2021 was 1.676 million yuan.


The gross profit margin was 50.0%, while the same period in 2021 was 39.1%.


The net income of the United States GA accounting standards was RMB 505.2 billion (US $ 71 million), while the same period in 2021 was 976.4 million yuan.


The net income of non -American GAAP was RMB 328.6 million (US $ 46.2 million), while the same period in 2021 was RMB 452.7 million.


"In the third quarter of 2022, we continued to work to prepare for the smooth transition to the new national standards. The new national standard took effect on October 1, 2022. Gradually shift to national standards. Regional -based trading platforms. We have now achieved comprehensive geographical coverage nationwide. "Said Wang Ying, co -founder, chairman of the board of directors, and CEO Wang Ying of RLX Technology. "In addition to our efforts to adapt to the new standards, we also focus on fulfilling our social responsibility. We regard it as one of our core competitive advantages. We recently released the annual corporate social responsibility report and summarized the following we are in the following The efforts made by aspects: market responsibility, R & D investment, environmental protection, employee career development, and corporate governance. I am proud to share, our latest S & P CSA ESG score leads 67% of peers in the world. And ESG's promise is strongly affirmed. "


"We achieved a net income of about 1 billion yuan in the third quarter. The decline in the month -on -month decrease was mainly due to the discontinuation of old products during the transition from the new national standard, and the high comparison base in the second quarter was mainly due to expected old products to be discontinued. Our sales will decline. We still believe that our diversified product portfolio will continue to meet the needs of adult smokers, and our sales will gradually recover. "Lu Chao, chief financial officer of RLX Technology. "At the same time, the continuous efforts we did to improve operating efficiency were proven to be effective. Non -GAAP operating costs decreased by 30.9% month -on -month. The influence is levied on electronic cigarette manufacturers since November 1, 2022. As we cope with the changing regulatory environment and maintain our sustainable and long -term growth, cost control measures will still be the rearrangement of our strategic measures. Heavy."




Financial performance in the third quarter of 2022


In the third quarter of 2022, the net income was RMB 1.0444 billion (US $ 146.8 million), while the same period in 2021 was RMB 1.676.7 billion. The main reason for the decline is that during the period of suspension of store expansion and suspension of old products to the new national standards.


In the third quarter of 2022, gross profit was RMB 522 million (US $ 73.4 million), while the same period in 2021 was 656 million yuan.


The gross profit margin in the third quarter of 2022 was 50.0%, while the same period in 2021 was 39.1%. The main reason for the growth is the favorable changes of channel combinations. Due to the gradual termination of the cooperative relationship between the distributors who have not obtained the wholesale license during the transition, they have begun to directly provide products to these retail stores, so the sales contribution of retail stores increased and the direct costs related to promotional activities decreased.


In the third quarter of 2022, the operating expenses were RMB 56.8 million ($ 8 million), while the same period in 2021 was RMB 241.3 million. The increase in operating expenses is mainly due to changes in the joint -stock system. In the third quarter of 2022, it was RMB 176.6 million (US $ 24.8 million), while the same period in 2021 was RMB 523.7 billion, including (i) equity incentive expenses were as equity incentives for being as equity incentives. Zheng RMB 24.2 million (US $ 3.4 million) confirmed in the sales expenses. The equity incentive expenses of RMB 24.2 million (US $ 3.4 million) confirmed in R & D expenses. The changes in equity incentives are mainly due to the fluctuation of the company's stock price, and the company's awarded employee's equity incentive fair value changes.


In the third quarter of 2022, the sales cost was RMB 52.5 million (US $ 7.4 million), while the same period of 2021 was 56.5 million yuan. This was mainly due to the fluctuation of equity incentives, and at the same time, the brand's offset materials and freight were reduced.


In the third quarter of 2022, the general and management costs were RMB 41.7 million (US $ 5.9 million), while the same period in 2021 was RMB 253.2 million. The change is mainly due to the fluctuation of equity incentives.


In the third quarter of 2022, R & D expenses were RMB 46 million (US $ 6.5 million), while the same period in 2021 was 44.6 million yuan. This change is mainly driven by equity incentive fluctuations.


In the third quarter of 2022, operating income was RMB 465.2 million (US $ 65.4 million), and the same period of 2021 was 897.3 million yuan.


In the third quarter of 2022, the income tax cost was 70.9 million yuan (10 million US dollars), and the same period in 2021 was 121.4 million yuan.


 In the third quarter of 2022, the net income of GM Accounting Standards for the United States was RMB 505.2 billion (US $ 71 million), and the same period in 2021 was 976.4 million yuan.


In the third quarter of 2022, the net income of non -US GAAP was RMB 328.6 million (US $ 46.2 million), and the same period of 2021 was 452.7 million yuan.


In the third quarter of 2022, the U.S. -recognized accounting principles per share of US deposits (ADS) and diluted net income per share were 0.381 yuan (US $ 0.053) and 0.379 yuan (US $ 0.053). Compared with the same period of 2021, net income was RMB 0.724 and RMB 0.717, respectively.


 In the third quarter of 2022, the non -US -General Accounting Standards for each US deposit basis and diluted net income were 0.247 yuan (US $ 0.035) and 0.246 yuan (US $ 0.035). The standards per share and diluted net income per share in 2021 were RMB 0.334 and RMB 0.332 in 2021.




Asset -liability statement and cash flow


As of September 30, 2022, the company's cash and cash equivalents, restricted cash, short -term bank deposits, nets, short -term investment, long -term bank deposits, nets and long -term investment securities were RMB 16.454 billion (US $ 2306.2 billion), while As of September 30, 2021, it was 14.7203 billion yuan. As of the third quarter of September 30, 2022, the net cash used in business activities was RMB 1.0169 billion (US $ 142.9 million).




Recent supervision development


On October 25, 2022, the Ministry of Finance of the People's Republic of China, the General Administration of Customs of the People's Republic of China, and the State Administration of Taxation of the People's Republic of China jointly issued the "Announcement on the Consumption Tax of Electronic Tobacco". The announcement entered into force on November 1, 2022 to levy consumption taxes on Chinese electronic cigarette manufacturers, importers and/or distributors.


Regarding the impact of electronic cigarette manufacturers such as RLX technology, electronic cigarette importers and electronic cigarette distributors, the announcement includes the following main provisions:


Electronic cigarette manufacturers/importers will levy 36% of the production or import of electronic cigarettes.


Electronic cigarette distributors will pay the wholesale distribution of electronic cigarettes at a tax rate of 11%.


The regulatory development in the announcement is expected to face additional taxes, which may lead to increased taxation, costs and expenses, and have a significant adverse effect on the company's profitability. Due to the development of the regulatory system in 2022 and its corresponding impact on the company's business operations, the company's future operating performance has significant uncertainty and may not be able to compare with its historical performance.




telephone conference


The company's management will convene a financial report conference call at 7 am on November 16, 2022 (Beijing time/Hong Kong time on November 16, 2022).



Other quarter financial reports:


Financial summary in the first quarter of 2022


The net income was 1714.5 billion yuan (US $ 270.4 billion), while the same period in 2021 was 2.398.5 billion yuan.


The gross profit margin was 38.3%, and the same period of 2021 was 46.0%.


The net income of the United States GA accounting standards was RMB 687.1 million (US $ 108.4 million), while the US GAAP net loss was 267 million yuan in 2021.


The net income of non -American GAAP was RMB 361.8 million (US $ 57.1 million), while the same period in 2021 was 610.5 billion yuan.


Financial summary in the second quarter of 2022


The net income was RMB 2.2339 billion (US $ 333.5 billion), while the same period in 2021 was 2.5414 billion yuan.


The gross profit margin was 43.8%, and the same period of 2021 was 45.1%.


The net income of the US GAAC was 441.6 billion yuan (US $ 65.9 million), while the same period in 2021 was 824.3 billion yuan.


The net income of non -American GAAP was RMB 634.7 million (US $ 94.8 million), while the same period in 2021 was RMB 651.8 billion.


Financial summary in the third quarter of 2022


The net income was 1.0444 billion yuan (US $ 146.8 million), while the same period in 2021 was 1.676 million yuan.


The gross profit margin was 50.0%, while the same period in 2021 was 39.1%.


The net income of the United States GA accounting standards was RMB 505.2 billion (US $ 71 million), while the same period in 2021 was 976.4 million yuan.


The net income of non -American GAAP was RMB 328.6 million (US $ 46.2 million), while the same period in 2021 was RMB 452.7 million.


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