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RERE.US Corporate Blog – September 2024
Below is a summary of the recent business development of the Company and the industry headlines in September 2024. Regarding the operational metrics, please refer to the Company’s quarterly earnings release and its filings with the U.S. SEC.
Operational update
Continuously strengthening its multi-category recycling services, AHS Recycle released its September Jade Recycling Calendar. This service tour was first launched in 14 cities nationwide, including Shanghai, Suzhou, Nanjing, Hefei, and Zhengzhou. Consumers bring their jade jewelry pieces to the stores according to appointment instructions and they will get cash on the spot after the specialists make an offer. This new service creates more value for users with the high-quality fulfillment scenario of AHS stores.
AHS Recycle onboards more brand partners to its original “Revive” initiative. The initiative joins hands with Kleenex to collect used paper and plastic goods while urging the public to protect the ocean. With JD.com, the initiative circulates empty liquor bottles when consumers pay for a new bottle of liquor. There are milk carton recycling and remake initiatives with Satine by Yili Dairy and Zhenguoli by Mengniu Dairy. There were also pet care product recycling programs co-launched with Dyson and plastic recycling programs kicked off with Coco-Cola, GRPG, and Totele on World Cleanup Day.
Key highlights
AHS Recycle landed 108 stores in September 2024
In September, AHS Recycle reached its milestone of either opening or revamping 108 stores, including Deji Plaza, a premium shopping mall in Nanjing. The landing of those stores demonstrates the next-level service accessibility and multi-category recycling capabilities of AHS Recycle.
Industry news
IDC launched its quarterly tracker for global used smartphone shipments
In the second quarter of 2024, 49.88 million used smartphones were shipped into the global market, representing an increase of 7.4% year-on-year, according to International Data Corporation (“IDC”). Meanwhile, trade-in programs continue to fuel the industry. China is the largest single market for used smartphone shipments, accounting for 38% of the global market with 18.7 million units, which grew by 10% year-on-year in the second quarter of 2024. Used iPhones remained the most popular smartphones in China as its shipments accounted for over one-third of the market share.