Ms. Rui Zhu joins as an independent director to enhance corporate governance and board diversity
ATRenew welcomes Ms. Rui Zhu to its board of directors and the audit committee. Ms. Rui Zhu is a professor of marketing and the director of Social Innovation Center at Cheung Kong Graduate School of Business (“CKGSB”). With her extensive experience in “business for good”, Ms. Zhu brings unique perspectives to guard the sustainable development and financial stability of the Company. Ms. Zhu leverages her insights in consumer research and marketing to drive the new trends of greener lifestyles and to create incremental social value as ATRenew expects a synchronized evolvement with the circular economy in China. The appointment took effect on May 17 - currently, three out of the eight board members are independent directors.
Announces 1Q22 earnings with another quarterly non-GAAP operating profit
On May 24, ATRenew reported its 1Q22 financial results. Total net revenues increased by 45.7% year-on-year to RMB2.21 billion, beating Company’s guidance. Total GMV and the number of transactions increased by 51.6% and 31.3% year-on-year to RMB9.4 billion and 8.4 million, respectively. The Company continued its monetization momentum with a non-GAAP operating profit of RMB3.9 million. It also held RMB2.4 billion in cash and cash equivalents, restricted cash, short-term investments and funds receivable from third-party payment service providers as of March 31, 2022, representing a solid foundation for stable operation.
Refines frontline organizational structure to further implement the “city-level service integration” strategy
ATRenew refines its frontline structure into the East, the Southern, the Central and the North regions to optimize management performance, penetrate consumer reach nationwide, source first-hand supplies and empower merchant users while leading them to the next level of profitability. ATRenew also adjusts its C2B and B2B businesses on the HQ level to polish the core business capabilities. The structural adjustments were announced on June 1.