ATRenew announces multiple milestones when reporting its 4Q&FY22 financials
On March 13, ATRenew released its financial report for the fourth quarter and full year of 2022, announcing multiple revenue and profit milestones, including a 26.9% year-on-year increase in annual revenue to RMB9.87 billion, and the number of pre-owned products recycled and transacted throughout the year reached 32 million. For the first time, ATRenew realized profitability on a full-year basis, reporting an annual non-GAAP operating profit of RMB6.9 million and a non-GAAP net profit of over RMB50.8 million. In addition, ATRenew achieved a net cash inflow of RMB200 million in 2022. As of December 31, 2022, there were 1,920 offline stores in 266 cities across China. The quality inspection operation capability covers 8 regional operation centers. The South China (Dongguan) automation operation center was put into use in the fourth quarter, further advancing ATRenew’s overall automation quality inspection efficiency. As a result, the non-GAAP fulfillment expenses as a percentage of total net revenues dropped by 2.8 percentage points to 8.7% in the fourth quarter, verifying an improved cost efficiency.
ATRenew also announced that it deepened its strategic cooperations with leading international OEMs for trade-in, which is expected to extend the service capabilities of ATRenew’s 1P recycling supply chain for retail scenarios and increase the recycling penetration rate in first- and second-tier cities in China.
CCTV reports on the circular economy and the re-commercialization of used electronics worth advocating
Recently, CCTV-2, the finance channel of China Central Television, reported on second-hand electronic product transactions under the circular economy, citing the business model of AHS Recycle established by ATRenew. According to the news report, giving a second life to idle electronics is worth advocating. This emerging industry with abundant opportunities shall be developed further soon. To view the news clip, please visit the WeChat video account of ATRenew, named “万物新生新鲜发布”.