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RERE.US Corporate Blog – Oct 2021
Below is a summary of the recent business development of the Company and the industry headlines in October 2021. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
As of 31 October, the total number of stores exceeds 990 nationwide, illustrating a continuously penetrating footprint, with a focus on south China. In the meantime, the Company added 3 Paipai Selection stores in the CBD areas in Chengdu and Zhengzhou to meet consumers’ growing needs for premium pre-owned electronic devices.
City-level service integration: Over 10 jointly-operated city-level operation stations were added to the mainland market. By leveraging the local AHS store network, standard quality inspection and operational capabilities, and the extension of Paipai Selection stores, we aim to secure direct sources of supply and exploit the efficiency of transactions through local distribution.
On processing, the operation centers integrate the process of generating toB and toC inspection and grading reports at the same time, each suiting the Company’s toB and toC distribution business. Such integration further advances the Company’s internal circulation from PJT Marketplace to Paipai Marketplace and cuts down operational costs.
Key highlights
Upgraded accident reporting and management measures to safeguard operations
On 15 October, the Company issued "ATRenew Accident Management Measures" as the upgraded measures to further standardize its internal accident grading, reporting, responding, and tracking functions. The goal is to reduce adverse effects and losses, improve operational efficiency, and ensure the orderly operation of the Company. At the same time, the original measures are unified into the upgraded measures.
International acknowledgment of ATRenew’s award-winning treasury functions
On 20 October, ATRenew announced that the Company was highly commended by Treasury Today Group’s Adam Smith Awards Asia 2021 (the “Awards”) for“Best in Class Treasury Solution” in the PRC category. The Awards are widely recognized as the ultimate benchmark for corporate treasury achievement. This is a recognition that ATRenew outperforms hundreds of outstanding corporates of major industries across the Asia-Pacific region in terms of treasury management, credit and risk control, and practices in digital and centralized account management, etc.
4Q21 R&D Day complete with strategy sharing and team-building
On 29 October, ATRenew held its quarterly R&D Day in Shanghai. The CEO and the COO brought themed sharing presentations on the Company’s strategy updates. In addition to appraisal and awards to outstanding employees, outdoor concerts and fun team-building activities form a balanced agenda.
Industry news
China’s State Council set "Action Plan for Carbon Dioxide Peaking Before 2030"
On 26 October, the State Council, China's cabinet, released the “Action Plan for Carbon Dioxide Peaking Before 2030” (the “Plan”) for reaching carbon dioxide peak before 2030. The Plan is formulated to advance actions on carbon dioxide peaking in further implementing the major strategic decisions by the central authorities. Over the 14th Five-Year Plan period, notable progress will be made in the adjustment and optimization of the industrial structure and the energy mix. During the 15th Five-Year Plan period, the public will opt for environment-friendly living patterns, and formulation of the policy framework for green, low-carbon and circular development will be mostly complete. Of note, the action for promoting circular economy in carbon mitigation purpose is one of the “ten major peaking carbon dioxide emissions actions” attracting particular focus during implementation. (Full text in English.)
China issues white paper on responses to climate change
The State Council Information Office released a white paper titled "Responding to Climate Change: China's Policies and Actions” on 27 October, in Beijing. The white paper reiterates China’s initiatives in tackling climate change, including the commitment to sustainable development and the urge that “all countries should integrate climate action into their national overall plans for sustainable development, promote a green, low-carbon, circular and sustainable approach to life and work, and foster a model of sustainable development featuring increased output, higher living standards, and healthy ecosystems.” (Full text in English.)