Core Insights - ATRenew Inc. (RERE) is China's largest pre-owned consumer electronics platform, reporting FY23 revenue of RMB12,965.8 million, a 31.4% year-over-year increase, indicating strong performance over the past three quarters [2] - The market reacted positively to RERE's earnings release, with a trading volume of 16 million shares, significantly higher than the average of 2 million shares, and a post-earnings surge of 27% [2] Financial Performance - Q4'23 revenue reached RMB3,873.6 million, up 29.9% year-over-year, driven by product revenue of RMB3,522.5 million (+31.1% YoY) and service revenue of RMB351.1 million (+19.7% YoY) [5] - RERE's revenue growth outpaced the market growth of 10% YoY in FY23, supported by increased transaction volume and improved take rates [5] - Operating loss in Q4'23 improved significantly to RMB16.7 million from RMB2,210.6 million in Q4'22 [5] Market and Industry Trends - The Chinese government is promoting a green economy, which aligns with RERE's mission and is expected to stimulate demand for recycling services [6] - The global refurbished and used mobile phone market is projected to grow, with RERE positioned to benefit from this trend [5] Strategic Partnerships - RERE's partnership with Apple has progressed well, generating RMB300 million in Q4'23, a 9x increase quarter-over-quarter, as RERE became Apple's third-party trade-in partner [7] - A significant percentage of iPhone users (59%) are likely to trade in their old phones when purchasing new ones, indicating a strong market opportunity for RERE [7] Expansion and Diversification - RERE's multi-category recycling services expanded to 252 AHS stores in FY23, achieving a GMV of RMB1 billion for non-electronic products [7] - The second-hand luxury goods market in China is booming, providing additional growth opportunities for RERE as it expands its offerings [8] Valuation and Future Outlook - RERE's stock is currently trading at 0.12x EV/Sales, with a target price of $2.5 based on a multiple of 0.25x EV/Sales, indicating a potential 60% upside [9] - The company is expected to continue delivering strong topline growth of 25% YoY in FY24 and aims to break even by FY25 [9]

ATRenew Inc. (NYSE:RERE) Q4 2023 Earnings Conference March 12, 2024 8:00 AM ET Company Participants Jeremy Ji - Director of Corporate Development & IR Kerry Chen - Founder, Chairman and CEO Rex Chen - CFO Conference Call Participants Joyce Ju - Bank of America Xiaoxin Chen - CICC Operator Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to ATRenew Inc.’s Fourth Quarter and Full Year 2023 Earnings Conference Call. At this time, all participants are in a listen-only m ...

4Q23 INVESTOR PRESENTATION Safe Harbor Forward-looking Statements This presentation has been prepared by ATRenew Inc. (the “Company”) solely for informational purposes. This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations and projections with respect to, among other things, our financial condition, results of operations, plans, objectives, future perfo ...

SHANGHAI, March 12, 2024 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced that its board of directors has authorized a share repurchase program, under which the Company may repurchase up to US$20 million of its shares over a twelve-month period.  The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, in privat ...

SHANGHAI, March 12, 2024 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023.  Fourth Quarter 2023 Highlights Total net revenues grew by 29.9% to RMB3,873.6 million (US$545.6 million) from RMB2,981.2 million in the fourth quarter of 2022. Loss from operations was RMB16.7 milli ...

SHANGHAI, Feb. 27, 2024 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced that it plans to release its unaudited financial results for the fourth quarter and full year of 2023 before the U.S. market opens on Tuesday, March 12, 2024. The Company's management will hold an earnings conference call at 08:00 A.M. Eastern Time on Tuesday, March 12, 2024 (08:00 P.M. Beijing ...

Financial Data and Key Metrics Changes - Total revenues for Q3 2023 reached RMB3.26 billion, representing a 28.4% year-over-year increase, surpassing guidance [6][21] - Adjusted operating income was RMB73.8 million with an adjusted operating margin of 2.3%, marking a new record [7][25] - Total revenues for the first three quarters amounted to RMB9.1 billion, marking a 32% year-over-year increase [6] Business Line Data and Key Metrics Changes - Revenue from the 1P business grew by 31.4% year-over-year to RMB2.92 billion [9] - The complex refurbished business contributed RMB200 million in revenue during Q3 [11] - 3P revenue increased by 7.3% year-over-year to RMB330 million, with an overall take rate of 5.4% [14][21] Market Data and Key Metrics Changes - Monthly recycling values in Beijing and Shanghai exceeded RMB100 million in October [10] - The recycling volume of the multi-category business amounted to RMB350 million in Q3 [18] Company Strategy and Development Direction - The company focuses on enhancing its 1P business as the primary growth driver while improving the service capabilities of its 3P platform [8] - Integration of the B2C retail brand into the AHS main brand aims to bolster service quality and trustworthiness [11] - The company is committed to sustainability, becoming the first signatory from the pre-owned consumer electronics industry to join the United Nations Global Compact [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of the secondhand industry and the company's strategies to enhance profitability [5][30] - The outlook for Q4 2023 anticipates total earnings between RMB3,730 million and RMB3,830 million, reflecting a year-on-year increase of 25.1% to 28.5% [26] Other Important Information - The company repurchased 1.6 million ADSs for a total cash consideration of $4 million during Q3 [26] - Cash and cash equivalents totaled RMB2.3 billion as of September 30, 2023, supporting long-term strategic development [33] Q&A Session Summary Question: Performance of new single-state grant promotion and outlook for 2024 - Management noted a 60% year-on-year increase in C2B recycling orders during the Double Eleven event, with B2C sales totaling RMB160 million, a 24% increase year-on-year [28][29] Question: Use of cash and share repurchase handling - Total cash and cash equivalents were RMB2.3 billion, with a disciplined approach to cash deployment for long-term potential areas [32][34] Question: Insights on gross profit margin and refurbishment progress - Overall gross profit margin was 19.8%, with a focus on improving operational efficiencies and a promising outlook for the compliant refurbishment business [35][38]

Financial & Operational Highlights - Total net revenues reached RMB3,256.8 million, a 28.4% year-over-year increase, reflecting the circular economy's resilient growth[8] - Net product revenues grew by 31.4% year-over-year to RMB2,924.0 million, with refurbished device sales contributing RMB200 million[8] - Net service revenues increased by 7.3% year-over-year to RMB332.8 million, with an improved take rate of 5.40%[8] - The company repurchased 1.6 million ADSs for USD4.0 million in 3Q23, with a remaining amount of USD51.6 million allocated for future buybacks[8] - Non-GAAP operating income was RMB73.8 million, with an adjusted operating margin of 2.3%[8] Business Scale & Strategy - The company has established a network of 1,952 physical stores across 273 cities in China[8] - The company aims to increase recycling scenario coverage, expand recycling categories, and enhance profitability[15] - 230 core AHS stores fulfilled new category orders in 3Q23, contributing RMB350 million of recycling transaction volume[19] Market Opportunity - The pre-owned device distribution and service GMV in China is experiencing increasing penetration, with a 26.1% CAGR[24] - The company extended the life cycle of 32 million used devices in 2022[59] ESG Initiatives - The company was rated "Low ESG Risk" by Morningstar Sustainalytics in September 2022, ranking 4th (4/85) among Online and Direct Marketing Retail in the global universe[23]

ATRenew Inc. (NYSE:RERE) Q2 2023 Earnings Call Transcript August 23, 2023 8:00 AM ET Company Participants Jeremy Ji - Director of Corporate Development & IR Kerry Chen - Founder, Chairman and CEO Rex Chen - CFO Conference Call Participants Weiting Tang - Goldman Sachs Joyce Ju - Bank of America Operator Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to ATRenew Inc. Second Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only ...

2Q23 INVESTOR PRESENTATION Safe Harbor Forward-looking Statements This presentation has been prepared by ATRenew Inc. (the “Company”) solely for informational purposes. This presentation contains forward- looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company’s current expectations and projections with respect to, among other things, our financial condition, results of operations, plans, objectives, future perf ...