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RERE.US Corporate Blog – Dec 2021
Below is a summary of the recent business development of the Company and the industry headlines in December 2021. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
By the end of December 2021, the total number of stores exceeded 1,300 in China, including “partner stores”, a new type of AHS store (“合作店” in Chinese). The number of city-level operation stations was above 90. Both reinforced “ensuring sources of supply” at the core of ATRenew’s business strategy and processing capability.
PJT Marketplace service upgrades: adopting seal bags to smart electronics, including sports cameras, video game consoles, and smartwatches, etc. This ensures customers properly cite evidence of defects after-sales. In addition, PJT Marketplace launched “New Releases” (“今日上新”), “PJT Certified” (“拍机堂认证”), and “Prime” (“优质质检”) tags for easy browsing and bidding. Meanwhile, there is a newly-added slider on the product page that allows shoppers to compare multiple devices at ease.
According to JD Cellphone, the 28-hour mobile phone shopping festival on started from 20:00 on December 31, 2021, till 24:00 on January 1, 2022, achieved multiple record highs. Of note, GMV of its trade-in service, exclusively operated by AHS Recycle, increased by 625%.
Key highlights
Open day at Changzhou operation center welcomes investors and analysts
On December 6, ATRenew’s fully automated operation center in Changzhou opened up to analysts from GF Securities and investors. A guided tour to Matrix 2.0, the latest version of the proprietary automatic inspection system, and a roundtable were provided for the visitors to obtain a thorough understanding of ATRenew’s advanced inspection, operation, and technology capabilities.
Polish strategy implementation tactics and financial targets through quarterly discussion
On December 24 to 26, a periodical review of business strategy and innovative projects was conducted through ATRenew’s quarterly strategy committee meeting. The committee also discussed operational and financial targets for 1Q2022, and how the city-level service integration model could be more efficiently replicated across China. Partnerships and competitive landscapes were also among the themes of discussion.
Won multiple corporate awards on merit
In December, ATRenew won three major corporate-level recognition for its outstanding innovations, social responsibility, and investor relations work. The awards are “2021 Capital Market Innovative Potential Company” (“2021年度资本市场潜力创新公司”) from 36Kr, “2021 Corporate Social Responsibility Excellence Award” from SUMG, and “Best Capital Market Communication Award” from Roadshow China.
Industry news
Authorities visit corporates for the healthy development of the circular economy
Recently, China’s NDRC, the MOFCOM, and the CNIPA have been initiating discussions on the recycling and reuse of pre-owned goods as well as the healthy development of the industry. As a leading player in the pre-owned consumer electronics industry, ATRenew presented its business model and exchanged ideas on industry evolvement and taxation, compliant operation, and IP protection.