RERE.US Corporate Blog – March 2024

AHS Device, the overseas business division of ATRenew, has entered into a new partnership with a leading Japanese general trading company. This collaboration aims to install advanced self-service recycling kiosks in Japan. In addition to piloting innovative compliance-based recycling processes, the installations will also serve to further investigate the viability of ATRenew's automated inspection solutions for used smartphones and consumer electronics in global markets. PJT Marketplace has revised its quality standards for models qualified for retail sales, prudently lowering the eligibility threshold for several popular product lines of used smartphones and tablets. This change expands the range of product listings available to bidders with a demand for bulk purchases of like-new inventory. In the fourth quarter of 2023, ATRenew's total net revenues increased by 29.9% year-on-year to RMB3.87 billion, exceeding the high-end of its guidance range. During the quarter, ATRenew reported a net income of RMB2.78 million, marking its first net income under the GAAP measures. It also realized operating income under the non-GAAP measures for a sixth consecutive quarter. In the full year of 2023, the total revenues saw a year-on-year growth of 31.4% to RMB12.97 billion, with the non-GAAP operating profit surpassing RMB250 million, representing a steep increase from RMB6.90 million in the full year of 2022. Concurrent with the financial report release, the company announced a stock repurchase plan of USD20 million, valid for a period of 12 months, demonstrating management's confidence in the company's development. China Environment News wrote a feature story following an interview with Mr. Tian Mu, Vice President at ATRenew, on the overview, challenges, and outlook of China's second-hand electronics transaction industry. Mr. Tian analyzed the issues present throughout the industry chain, from recycling and processing to distribution, and underscored the critical responsibilities of corporates in ensuring user privacy clearance and information security protection. The State Council released an action plan to promote large-scale equipment renewals and trade-ins of consumer goods, according to a circular issued in March, 2024. The implementation of this plan is designed to carry out recycling and re-utilization initiatives. Additionally, it seeks to accelerate the development of a new logistics system model for trade-ins, support the circulation of pre-owned goods, and promote the standardization of transactions involving second-hand electronic products.

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