Released the first quarterly financial results since IPO, and pioneered in issuing the annual ESG report
ATRenew distributed its first quarterly earnings release on 17 August as a public company. To ensure transparency, a full transcript of the earnings conference call has been uploaded to the Company’s investor relations website. Management’s discussion on the Company’s operations and financial performance is included.
At the same time, the Company released its first annual ESG report which reviewed its ESG performance in 2020. With reference to the GRI Standards, the Company identified material ESG issues of the pre-owned electronic device transaction and service industry, and disclosed the Company's measures of information security and user data privacy protection. In addition, the report shared in detail the Company’s systematic approach to bringing employee welfare and caring to the next level, as well as its efforts in setting the standard for the pre-owned consumer electronics industry chain. The Company also reviewed the periodical performance in the aspects of environmental, social, and governance in 2020, aiming at establishing a more solid and comprehensive environmental management system in the future, and providing first-hand experience for energy-saving and emission-reduction management of the pre-owned consumer electronics industry chain. The Company continues to play an active role in advocating the development of a circular economy with its sustainable business model. The full report, in both Simplified Chinese and English, is available under the "ESG" column of the Company’s investor relations website.
CITIC Securities and GF Securities initiated coverage of RERE.US at “Buy”
In August 2021, both CITIC Securities and GF Securities initiated coverage of RERE at a “Buy” rating – target prices being USD19.00/ADS and USD20.33/ADS. CITIC Securities is optimistic about the upgrade of the entire value chain of recycling, grading, pricing, and distribution of pre-owned consumer electronic devices successfully established through proprietary technology research and development as well as innovation. It holds a bullish view of the Company's penetration and services capabilities. GF Securities recognizes the company's market leadership and believes that the pre-owned consumer transaction and service business is a supply-driven business that is still in its infancy but is expected to evolve rapidly soon.
Promotion of talents
130 outstanding employees were promoted following the semi-annual performance review. The promotion is expected to encourage talents and potentially nurture more future leaders.