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RERE.US Corporate Blog – July 2022
Below is a summary of the recent business development of the Company and the industry headlines in July 2022. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
In July, ATRenew continued the pace of its store network expansion by adding 49 stores. The additions were mainly in the form of cooperative stores (shop-in-shop) in the first- and second-tier cities in central and southern China, such as Shenzhen and Wuxi, further strengthening the coverage of AHS Recycle in the local electronics hubs and the ability to serve consumers.
PJT Marketplace adjusts labels and entrances to improve user experience. The quality inspection indicators are grouped into "official quality inspection", "certified quality inspection (by PJT Marketplace-certified inspectors)", and "third-party quality inspection (by merchants who adopt PJT Marketplace’s quality inspection standards and procedures)". There is also a star rating for products labeled “certified quality inspection” and “third-party quality inspection” - a five-star rating represents the highest credibility of a seller. The upgrade of the labeling and rating system further enhances the transparency of the marketplace. The auctioning section has been divided into two: 1) mobile phones and tablets, and 2) laptops and other electronics - forming category focuses and providing merchants users with more convenience.
ATRenew has successfully accelerated the trial operation process of multi-category recycling, reusing the system and capabilities of AHS stores in central business districts in cities such as Beijing and Shanghai selectively. The new categories include pre-owned luxury bags, watches, photography and video equipment as well as gold. Consumers can get price estimates and place orders through the mobile app, official website and WeChat mini program of AHS Recycle. Take luxury goods as an example, the recycling process and user experience are significantly improved compared with the traditional approaches in the industry. The development of a multi-category business is based on strong brand awareness and consumers' trust. It is also inseparable from the long-term construction of store fulfillment capabilities, and the quality inspection competence backboned by the Company’s systematic staff training system.
Key highlights
ATRenew received acknowledgments as a leading CSR practitioner 2022 Corporate Social Responsibility and Innovation Forum unveiled a series of innovative CSR initiatives where ATRenew's “AHS Charity and Love Digital Education Aid Program for Children in Rural Regions” stood out. In the meantime, due to its prominent performance in helping poverty alleviation, ATRenew won the special contribution award for poverty alleviation issued by the China Rural Development Foundation (formerly the China Foundation for Poverty Alleviation) - ATRenew proactively supported the recovery of the flooded schools in Henan in 2021 by donating smart blackboards, electronic teaching equipment and office supply.
Industry news
ATRenew exemplifies low-carbon development in Aurora Mobile’s insight report
MoonFox, a data provider by Aurora Mobile, a leading customer engagement and MarTech service provider in China launched the "2022 Low-Carbon Society Insight Report" (full report in Chinese) in July. It focuses on the evolvement of the Internet industry and several leading players in China as well as analyzing their contribution to the country’s carbon neutrality goal. With its leading business model, outstanding carbon reduction measures and contributions, ATRenew becomes a case model of an enterprise that recycles idle electronic products.