RERE.US Corporate Blog – December 2023

In December, the numbers of net standard store openings under the self-operated model and joint-operated model were 29 and 11, respectively. These new stores cover premium shopping plazas in high-tier cities including Beijing, Guangzhou, Shanghai, Chengdu, Wuhan, Nanjing and Zhengzhou, and serve users' demand for getting cash for their idle electronics and high-value goods while penetrating popular shopping malls in key cities in northern China and northwestern China. In December, Securities Daily hosted the 2023 Public Company Environmental, Social and Corporate Governance Conference in Beijing. The event selected and honored outstanding ESG innovation practices. It was committed to promoting the establishment and improvement of the local ESG ecosystem, providing a professional and authoritative investment benchmark for the capital markets, encouraging green operations among corporates, helping enterprises to tap endogenous power, setting an excellent benchmark in the industry, and leading high-quality economic and social development in the new era. ATRenew's innovative ESG business practice of "Internet + Environmental Protection" was one of the awarded cases. According to Counterpoint Research's latest monthly Market Pulse, the global premium smartphone (wholesale price ≥$600) market's sales are likely to grow 6% YoY in 2023 to hit a new record. "This contrasts with the decline projected for the overall global smartphone market this year. The premium segment is likely to capture close to one-fourth of the global smartphone market sales and 60% of the revenues in 2023." The research house also notes that China, India, the Middle East and Latin America are likely to set a new record for premium market sales in 2023. IDC has recently released the top ten insights into China's smart electronics market in 2024, predicting a general consumption trend of returning to the intrinsic value of goods. Consumers are inclined to prudent spending behavior in electronic devices, and to opt for value-for-money products. As the consumer electronics market becomes increasingly transparent and diversified in distribution channels, users' purchasing considerations will be overlaid with multiple influences such as fairly priced substitutes and second-hand products.

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