Thank you for hosting this. I'm Jessie Jin, the Investor Relations Director at ATRenew, the largest pre-owned consumer electronics transactions and services platform in China. As an update, beyond what we supported, the recirculation of over 32 million used electronics in 2023, with that supported over 8.4 million used devices in the first quarter of 2024. To add a little bit of more financial color regarding our earnings results that were released earlier in mid-May.
So in terms of total net revenues, we reported CNY 3.65 billion in terms of revenues, which was a year-over-year increase of 27.1%, of which our product revenues were another very exciting result, which reported at CNY 3.3 billion, of which the higher gross profit margin business, which was the compliant refurbishment business, which we reconditioned the used cell phones, smartphones, laptops, etc., to support the buying need of consumers and small business owners alike, have totaled CNY 282 million in terms of product revenues, which was a greater contribution to the improvement of our gross profit margin of our product revenues. And the gross product profit revenue of the first quarter of 2024 was 10.9%, which was a slight improvement of 0.3% compared to the previous quarter.
That was largely contributed by the compliant refurbishment business, that the proportion of our compliant refurbishment business also increased by 0.5% compared to the previous quarter. In terms of service revenues, it was a decent improvement of 15.1% year-over-year to CNY 341 million in the first quarter of 2024, which was a great result of the improving, expanding service transactions of our PJT and Paipai marketplaces, which supports the transaction between business owners and some consumers. In terms of our PJT marketplace, which is one of the largest B2B transaction platforms for the pre-owned consumer electronics in China, it has been serving over 680,000 registered users across Mainland China, which is also expanding at a very fast pace. In terms of take rate of our marketplaces, the overall take rate of our marketplaces reached 5.4%, which has been compared, remained sustainable compared to the previous quarters.
We expect the take rate to continuously grow at a very sustainable stage, a pace, so as to nurture the transactions between business owners and our registered users. To add some color about our services to industry players was the multi-category recycling business, which evolved rapidly in the first quarter. The total GMV gross transaction value, gross merchandise value of the business, reached CNY 600 million in the first quarter, which included recycling luxury goods, watches, gold accessories, etc., from consumers. The service has been greatly welcomed by consumers in China through our stores and online platforms.
We see the transaction of this multi-category recycling business has been benefiting the growth of our core consumer electronics transaction business, as we see like 18% of the users who recycled their idle, who disposed of their idle luxury goods, come back to our stores for the disposal of used products, including consumer electronics, other categories, including another luxury product or gold, etc., within 30 days. So we see the multi-category recycling business expanding well and has been providing sustained services to our users and to encourage them more to be involved into this circular economy and circular consumption behavior, including our margins and profitability that we have continued to report non-GAAP operating income at CNY 80 million, which represented a rapid growth at over 80% year-on-year.
We see this as the seventh consecutive quarter for reporting non-GAAP operating income, and our non-GAAP operating margin stayed steady at 2.2%. We expect this margin to be further expanding throughout the year to report a decent and expanding income from operations and the non-GAAP measures. In terms of our total cash position, that's including cash and cash equivalents, restricted cash, short-term investments, and funds receivables from the third-party payment service providers that we use to top up at our WeChat Wallet and Alipay Wallet to provide on-site payment service when a consumer comes to our store to dispose of their used product. Our store staff will pay the consumer on-site through these third-party payment service providers. All those cash positions total CNY 2.6 billion, which is sufficient for our long-term growth.
In terms of another very important operating metric, the store count, our self-operated stores totaled 711 physical stores in terms of our direct operations. These stores are located in first-tier and second-tier cities in China, mainland China, to support consumers' needs from Beijing, Shanghai, Guangzhou, Shenzhen, Suzhou, Tianjin, etc. There is a strong demand from consumers to return their used electronics to us and get cash, and then get the incentive to buy something new. And then we will standardize these used products through our operating systems, through our 7 operation centers in mainland China to grade, to inspect, and then to give a selling price to these products, and then circulate through our PJT Marketplace and Paipai Marketplace at a very high turnover rate.
Then we have 557 standard joint-operated stores, which has the same storefront, same look of our stores as the direct operating stores. Then we have 160 shop-in-shops, which provide offline services and the touchpoints to our consumers in mid- to lower-tier cities to further penetrate into over 250 cities in Mainland China. As you know, there is a huge population here, and we need to establish sufficient physical touchpoints so that once a consumer has the demand to recycle, to dispose of their used products, they can come to us and enjoy our safe and efficient services face-to-face.
Because at our storefronts, the store staff will provide data erasing, data wiping, data migration services to ensure that the consumer has a better understanding of the quality of the goods, and then the recycling price is further confirmed, and to ensure that consumers have the sense that their used electronics are properly handled, being responsibly handled by us. So that's it. We're working on the grand promotion during June 18th grand promotion in China, and we look forward to release further results in the coming months. And also, we are also working on the 2023 ESG report, which will be ready soon within this month. So stay tuned.