Foxin Technology's Q4 net revenue was $520.5 million, an increase of 53% over the previous year, mainly due to its international expansion in Southeast Asia and North Asia.
The Zhitong Finance App learned that before the US stock market on March 15, Fog Core Technology (RLX.US) announced the results for the fourth quarter of 2023. According to financial reports, the company's Q4 net revenue was 520.5 million yuan (RMB, same below), up 53% year on year; net profit was 216 million yuan, net loss for the same period last year was 225.1 million yuan; diluted ADS earnings per share were 0.166 yuan, and ADS loss per share for the same period last year was 0.174 yuan.
Foxin Technology's Q4 net revenue was $520.5 million, mainly due to its international expansion in Southeast Asia and North Asia.
The gross margin for Q4 was 23.7%, compared to 43.6% for the same period last year. The main reason for the decline was the imposition of a 36% consumption tax from November 1, 2022, and adverse changes in the revenue structure.
Operating expenses for the fourth quarter were $263.9 million, compared to $620.4 million for the same period in 2022. This decline was mainly due to a reduction in equity incentive fees. Equity incentive expenses for the fourth quarter of 2023 were $2166 million, compared to $474.9 million for the same period in 2022.
As of December 31, 2023, the company had cash and cash equivalents, restricted cash, short-term bank deposits, net short-term investments, net long-term bank deposits, and net long-term investment securities of $15.138.4 billion (US$2,132.2 billion), compared with a net amount of $15.186.7 billion as of September 30, 2023.
Net cash from operating activities for the fourth quarter ended 31 December 2023 was $305.2 million (USD 43 million).
Annual results
Fuxin Technology's net revenue for the full year of FY2023 was 1,586.4 billion yuan, compared to 5.332.8 billion yuan in the previous year. The main reason for the decrease was the discontinuation of production of old products; net profit of 541 million yuan, compared to 1,408.7 billion yuan in 2022; diluted ADS earnings per share were 0.399 yuan, and ADS earnings per share in the previous year were 1.21 yuan.