ATRenew Earnings Call Transcripts
Fiscal Year 2026
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China's largest secondhand electronics platform has expanded its physical and digital presence, leveraging automation and strategic partnerships to drive growth. Revenue rose 29% to CNY 21 billion, with plans to return 60% of Non-GAAP net income to shareholders by 2027.
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Q1 2026 delivered 32.4% revenue growth and record profits, driven by strong 1P and 3P segment expansion, robust refurbishment, and multi-category recycling. Guidance for Q2 anticipates 25%-27% revenue growth year-over-year, with continued margin improvement.
Fiscal Year 2025
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Q4 and full year 2025 saw record revenue and profit, driven by strong demand, expanded offline presence, and robust growth in multi-category recycling and refurbishment. 2026 guidance anticipates continued double-digit growth, with ongoing investment in AI and automation to enhance efficiency.
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Q3 2025 saw record revenue of RMB 5.15 billion, up 27.1% year-over-year, with strong growth in both 1P and 3P segments and improved margins. Guidance for Q4 and full-year 2025 points to continued rapid growth, supported by expanding store network and multi-category services.
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Q2 2025 revenue grew 32.2% year-over-year to RMB 4.99 billion, exceeding guidance, with strong C2B recycling and refurbished product growth. The company announced a three-year shareholder return plan and set ambitious ESG targets, while maintaining a robust cash position and positive outlook for continued growth.
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Q1 2025 revenues rose 27.5% year-over-year, driven by strong 1P business, C2B recycling, and national subsidies. Non-GAAP operating income grew 39.5%, with improved margins and robust cash reserves. Q2 guidance projects continued double-digit growth.
Fiscal Year 2024
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Q4 and full year 2024 revenues and profits exceeded targets, with strong growth in retail and multi-category recycling. 2025 guidance anticipates continued double-digit revenue growth, driven by national subsidies, network expansion, and brand investment.
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Q3 2024 revenue grew 24.4% year-over-year to RMB 4.05 billion, with strong gains in core recycling, multi-category, and direct-to-consumer sales. Non-GAAP operating profit rose 40.9%, and the company issued robust Q4 guidance amid continued market expansion.
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Q2 2024 saw 27.4% revenue growth, driven by recycling and retail, with strong gains in trade-in and refurbishment segments. Gross margin and operating profit improved, and Q3 revenue is forecast to rise up to 25% year-over-year.
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Net revenues rose 27.1% year-over-year in Q1 2024, with strong growth in product and service revenues. Marketplace and multi-category recycling businesses expanded, while the store network now covers over 250 cities. Margin and income growth are expected to continue.