All Things Renew
Home / News / Corporate Blog
RERE.US Corporate Blog – February 2023
Below is a summary of the recent business development of the Company and the industry headlines in February 2023. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
During the month, AHS Recycle continued its shop-in-shop store expansion in lower-tier cities mainly in North China while optimizing the storefronts of a small number of standard stores. This was to improve regional customer access. At the same time, a selective number of AHS stores piloted rare and exclusive sneaker recycling services by leveraging the face-to-face services of AHS stores and partner’s inspection capabilities that serve the need for cashback of sneakerheads.
Key highlights
ATRenew hosts new-year townhall and awards star employees of 2022
On February 21, ATRenew continued its tradition of annual townhall following the Chinese New Year during which the General Manager Office awarded the outperforming employees of 2022. Yongliang Wang, president of the company delivered an annual speech on behalf of the General Manager Office, reviewing the decision-making process in 2022 which prioritized making subtractions and focusing on the core recycling business against the headwinds caused by the covid-19 epidemic. Looking into 2023, Yongliang reiterated the core strategies of the Company, including continuously advancing the recycling penetration rate of the core consumer electronics category through “city-level service integration” strategy, strengthening compliant refurbishing capabilities to improve the value of the industrial chain, maximizing the value of the leading domestic recycling brand “AHS Recycle”, and continuing to invest and amplify automation efficiency.
Industry news
Shanghai issues key points of work on climate change in 2023
The “Key Points” pointed out that the city's carbon inclusive system should be gradually improved. This includes 1) establishing a carbon-inclusive management and operation center, and building an inclusive carbon system; 2) researching and releasing supporting policies; 3) developing pilot scenarios in industries such as energy and transportation; 4) incorporating carbon-inclusive certified emission reductions into the city's carbon market supplementary offset mechanism, and initially realize closed-loop operation with the city's carbon market. Furthermore, the system should strengthen regional cooperation and actively promote the joint construction of carbon inclusiveness in the Yangtze River Delta region.