Store Opening Progress in July: AHS Recycle added a net total of 18 new self-operated standard stores and 29 new franchised standard stores. The company expanded its self-operated standard store network in cities such as Beijing, Guangzhou, Qingdao, Shanghai, and Zhengzhou. It also increased the number of franchised AHS stores in shopping malls across third- and fourth-tier cities in provinces like Anhui, Guizhou, Henan, Hubei, Jiangsu, and Shandong provinces. These efforts collectively enhanced front-end fulfillment capabilities and service coverage.

ATRenew successfully hosted its first physical investor day, where the management team shared updates on the Company's strategic roadmap and discussed long-term development goals and implementation pathways with nearly 100 attendees. As part of the event, ATRenew opened its South China (Dongguan) Automated Operation Center and Shenzhen Paijitang Flagship Store to investors and analysts. The tour showcased ATRenew's industry-leading automated quality inspection and supply chain capabilities, the potential of economies of scale, and innovative models for empowering industry players and merchants. The event provided participants with firsthand insights into ATRenew's operational excellence and growth drivers in the secondhand electronics ecosystem.

In July, commissioned by the Standardization Administration of China (SAC), the Shanghai Administration for Market Regulation held an evaluation and acceptance review meeting for the "Standardization Pilot Project on Recycle and Reuse of Consumer Electronic Products", during which ATRenew's pilot program successfully passed the review. ATRenew has contributed to the drafting of three national standards, including Management Specifications for Secondhand Goods Trading Markets, General Rules for Quality Assessment of Secondhand Goods, and Information Monitoring and Evaluation Standards for Live E-Commerce Service Quality. Additionally, ATRenew led the development of two industry group standards: Trading Specifications for Used Mobile Phones and Quality Requirements for Export of Used Mobile Phones. Furthermore, ATRenew has formulated 35 enterprise standards, driving forward the recycling and reuse of secondhand electronic products.

In January and April of this year, the Ministry of Finance pre-allocated a total of 162 billion yuan in ultra-long-term special treasury bonds across two batches to support local governments in implementing consumer goods trade-in programs during the first and second quarters. In July, the Ministry of Finance disbursed the third batch of 69 billion yuan in such funds. The fourth batch of national subsidy funds, amounting to 69 billion yuan, is expected to be allocated in October, further bolstering trade-in initiatives nationwide. This will complete the full-year allocation plan of 300 billion yuan. Moving forward, the National Development and Reform Commission, in collaboration with the Ministry of Finance, the Ministry of Commerce, and other relevant departments, will urge local authorities to fulfill their matching fund obligations, refine fund utilization plans, and ensure the orderly and balanced use of funds through the end of the year.