ATRenew reports 2Q23 results, highlighting strong topline and operating profits
On August 23rd, ATRenew released its 2Q23 earnings report ended on June 30th. As at the end of June, there were 1,944 AHS Selection stores across 269 cities in China, meeting users’ need for consumer electronics recycling and trade-in services. There were also upgraded AHS specialty stores, fulfilling users’ demand for recycling high-value consumer goods including bags, watches, vintage liquor, and gold jewelry, etc. Topline of the quarter reached RMB2.96 billion, representing an increase of 38.1% year over year and beating the business guidance provided in the previous financial report. The non-GAAP operating profit was RMB52 million, which equals a non-GAAP operating margin of 1.8%. This was the fourth quarter in a row for the Company to report operating profits while setting a new record. These achievements were primarily attributable to an improved fulfillment expenses ratio compared with total net revenues under the non-GAAP measure.