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RERE.US Corporate Blog – October 2023
Below is a summary of the recent business development of the Company and the industry headlines in October 2023. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
In October, a total of ten new directly managed AHS Selection stores were opened in Shanghai, Qingdao and Chengdu, etc., and these AHS Selection stores combine recycling and selling of quality pre-owned products. A total of nine standard franchise stores were opened in mid-level cities, mainly in Zhejiang, Guangdong and Jiangxi provinces. The stores serve popular shopping malls while raising consumer awareness of AHS Recycle.
AHS Recycle’s multi-category strategy, rooted in its store stratification, has made positive progress, with monthly recycling value exceeding RMB100 million. In addition, recycling operations in Shanghai and Beijing both realized their RMB100 million monthly recycling value milestones, in October. These re-affirm the promising outlook for the circular economy as well as users’ trust in AHS Recycle.
Key highlights
ATRenew shortlisted as a national circular economy standardization pilot project
ATRenew applied for the 2023 National Circular Economy Standardization Pilot Demonstration Project with the “Reuse of Secondhand Consumer Electronic Products”. It’s the only shortlisted project involving the reuse of pre-owned consumer electronics in the field of “waste electrical and electronic product recycling” after expert review and soliciting opinions from relevant departments. The list was announced by the National Standardization Management Committee for public review.
AHS Recycle and Warrior Shoes initiated the “Old Shoes Step to New Life” project
The joint initiative aims to reduce environmental pollution from randomly discarded shoes and urge the remake and reuse of recyclables. 35 AHS stores in Beijing, Shanghai, Shenzhen, Hangzhou and Chengdu were designed for this initiative. Users can bring used shoes of any brand to these stores in exchange for eco-friendly bags and lucky draw for winning Warrior products. It encourages more users to participate in the eco-friendly recycling of idle goods.
Industry news
Shenzhen unveils China second-hand electronics transaction center
In order to promote the recycling and reuse of second-hand electronics, Shenzhen has built a display and trading platform combining wholesale and retail, while introducing a number of Internet companies to Huaqiangbei, to strengthen the integration of marketplaces and offline industries. AHS Recycle, PJT Marketplace and Paipai Marketplace, business segments of ATRenew, settled in as key corporate participants to assist in the compliance and standardized development of the industry.
CCS Insight’s prediction for second-hand iPhones
According to recent predictions broadcasted by CCS Insights, over 50% of the 1.3 billion iPhones in use will be second-hand devices by the end of 2023. From 2024, the average life of an iPhone lasts eight years. In contrast, second-hand Android phones represent less than 25% of Android’s installed base.