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RERE.US Corporate Blog – July 2023
Below is a summary of the recent business development of the Company and the industry headlines in July 2023. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
AHS Recycle had a net addition of 31 self-operated stores in July, mainly resulting from franchisee store conversion in Changsha and Shijiazhuang. Such conversion is expected to improve regional operational management efficiency and the recycling transaction experience for users.
The retail selection brand Paipai Selection was renamed as “AHS Selection” out of the Company’s brand strategy. AHS Selection covers multiple product categories, including premium pre-owned mobile phones, tablets, laptops, smart electronics, luxury goods, watches, etc. The brand change aims at integrating to-consumer service capabilities and enhancing user awareness of the core AHS Recycle brand. The original Paipai brand mainly focuses on B2C platform services. Adjustments to front-line personnel structure and advancements to operational capabilities were done prior to this brand merger.
Key highlights
ATRenew onboards management trainees of 2023
During the first week of July, ATRenew provided orientation and onboarding training to the newly recruited management trainees. These graduates mainly majored in information management and information systems, computer application engineering, and logistics management, etc. These trainees will rotate across multiple business departments, functions, and project teams within the following six months before the final review. The trainees will be appointed to the most suitable roles in December 2023, which marks the end of the trainee development roadmap and the start of their journey as future leaders.
ATRenew named in Shanghai’s recommended “Quality Benchmark” (2022-2023)
The Shanghai Municipal Economic and Information Commission recently organized, reviewed and selected a series of quality benchmark applications according to the requirements of the Ministry of Industry and Information Technology. Shanghai then unveiled a list of recommendations for “Quality Benchmarks” (2022-2023). ATRenew’s Practical experience of “streamlined quality inspection and digitalized intelligent management” of pre-owned consumer electronic products was shortlisted.
ATRenew as a finalist of Responsible Business Awards 2023 by Reuters Events
Recently, Reuters announced lists of finalists for its “Responsible Business Awards 2023”. With an industry-leading, innovative, and scalable circular business model, ATRenew is honored as the only Chinese finalist for the “Circular Transition Award” for its contribution to helping the use of consumer electronics move from a linear to a circular model. Finalists of this award include Schneider Electric, Oracle and PepsiCo, among others.
Industry news
The State Council approved taking multiple measures to promote the recovery and expansion of consumption, pinpointing electronics consumption and green consumption
According to a circular released on July 31, China’s State Council approved a series of measures proposed by the National Development and Reform Commission to drive the recovery of consumption. The measures include stabilizing spending on big-ticket items, encouraging the upgrade of consumer electronic products, and promoting trade in used home appliances for new ones. The measures also urged new-type consumption, highlighting an active development outlook for green consumption and well-established low-carbon manufacturing standards.