ATRenew Earnings Call Transcripts
Fiscal Year 2026
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Q2 2026 saw record revenue and profit, with net revenues up 32.4% year-over-year and strong growth in 1P and refurbished product sales. Service revenue declined due to merchant subsidies, but margins improved and cash reserves remain robust. Guidance for Q3 anticipates continued double-digit growth.
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ATRenew detailed its rapid growth in China's secondhand electronics market, driven by a vast store network, automation, and partnerships with major brands. Financial results showed strong revenue and margin expansion, with a focus on retail growth, international expansion, and ESG priorities.
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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. Achieved first GAAP operating profit and robust Non-GAAP margin. Q4 revenue is guided to rise 22.4%–24.9%.
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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.