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RERE.US Corporate Blog – October 2022
Below is a summary of the recent business development of the Company and the industry headlines in October 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 October, AHS Recycle has a net addition of 8 self-operated stores and 14 joint-operated standard stores, focusing on second-tier cities in the southern regions for continuous expansion of the recycling and fulfillment network. At the same time, 40 AHS cooperative stores have been set up in middle- and lower-tier cities, mainly in central and northern China, to improve the consumer influence and business empowerment of the re-commercialization of consumer electronics.
Together with ATRenew, JD strengthens its environmental protection contributions through consumer electronic and home appliance product trade-in initiatives. JD announces that it will donate to China Green Foundation for wolfberry tree planting in Ningxia Province in the spring of 2023 through the green trade-in initiative. The total value of the donation equals the number of consumer electronics and home appliance orders placed through this initiative since August 15, 2022. This is designed as a green project to encourage trade-in and to build an ecological belt through forest expansion.
PJT Marketplace continues to optimize its tiered user management mechanism based on the life cycle and the gross transaction value of users. Under this mechanism, PJT Marketplace improves the transaction experience by offerings a simplified transaction process when onboarding new buyers as a way to retain new users. PJT Marketplace also initiated a program to serve sellers better as they can better enjoy customer rights and more specific commission fees.
Key highlights
ATRenew’s second automated operation center was officially put into use in Dongguan, Guangdong Province
The newly launched operation center has realized important improvements in three aspects, further advancing the automation capabilities compared with the automated operation center in Changzhou. On circulation, through digitally managed shunting systems, the advanced streamlined unmanned system which transports goods between each model observes a 15% improvement in efficiency. On quality inspection capability, Matrix 3.0 elevates inspection accuracy and efficiency by 10% and 50%, respectively, thus minimizing losses from the return of goods caused by inspection errors. On warehousing, the capacity of the intelligent vertical storage system doubles that of the earlier generation. The Dongguan automated operation center has an 8-hour capacity of 10,000+ devices.
ATRenew wins the "For Good Awards" of China Social Enterprise and Impact Investment Forum
China Social Enterprise and Impact Investment Forum and Caixin Media jointly launched 2022 For Good Awards, screening companies that are both strategically and economically responsible to the society. 242 companies were included in the “2022 For Good” list where ATRenew received the “For Good Awards” as a recognition of its commitment to corporate social responsibilities and that the company has been on a mission to give a second life to all idle goods.