All Things Renew
Home / News / Corporate Blog
RERE.US Corporate Blog – August 2023
Below is a summary of the recent business development of the Company and the industry headlines in August 2023. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
There were net increases in the number of AHS stores in August. The number of standard stores under direct operation grew by five, with the majority of them installed in new first-tier cities, further enriching the recycling service coverage in these cities. During the same month, there was also a net increase of 11 standard franchise stores, which are identical in layout and service standard to the directly operated stores. This amplifies the offline coverage in middle-tier cities in Anhui, Henan, and Sichuan provinces, etc.
The service capabilities of PJT Marketplace have been upgraded, and the ability to manage bulk purchases and warehousing has been improved by leveraging DeviceHero, the portable inspection tool. DeviceHero has specially developed a warehousing function for merchant users of PJT Marketplace. It can synchronize the list of goods purchased by users in PJT Marketplace every day, conduct warehousing and inventory management, sales management, and business analysis, helping users to better operate their businesses while saving time and labor costs.
Key highlights
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.