Core Insights - The article discusses the search for value investment opportunities, particularly focusing on bargain stocks of large companies listed on US stock exchanges, including those from other countries [1]. Group 1 - The analyst has several years of investing experience and is primarily interested in large companies that are undervalued [1]. - The focus is not limited to American companies, indicating a broader investment strategy that includes international firms [1].

Investment Rating - The report assigns a rating of "Buy" with target price estimates of 15/10/6 for the years 2023/2024/2025 respectively [1]. Core Insights - The company achieved a significant milestone in Q3 2024 by reporting a GAAP operating profit for the first time, with revenue reaching 4.051 billion yuan, a year-over-year increase of 24.4% and a quarter-over-quarter increase of 7.27% [1]. - Non-GAAP net profit for Q3 2024 was reported at 178.8 million yuan, reflecting an impressive year-over-year growth of 89% [1]. - The company is benefiting from the growing trend of second-hand trading, with a notable performance through the JD.com channel, where total recovery amounts from trade-ins and exchanges increased by over 40% year-over-year [1]. Summary by Sections Financial Performance - Q3 2024 revenue was 4.051 billion yuan, with operating profit at 24.89 million yuan, marking a year-over-year increase of 41% [1]. - The overall gross margin was reported at 19.95%, a slight increase of 0.13 percentage points year-over-year [1]. Business Segments - The 3P business segment generated revenue of 380 million yuan, showing a year-over-year growth of 13.89% [1]. - The company’s high-margin business is expanding, with the monetization rate of the 3P business increasing by 25.59% year-over-year, accounting for approximately 90.64% of total revenue [1]. Market Trends - The report highlights the increasing consumer adoption of trade-in programs, with the "Double Eleven" shopping festival seeing a 246% year-over-year growth in trade-in transactions through JD.com [1]. - The company is transitioning towards a more selective retail model, with sales of second-hand goods through various channels showing a year-over-year growth of 114.6% [1]. Shareholder Returns - The company has been actively repurchasing shares, with a total repurchase amount reaching 23.5 billion yuan as of September 30, 2024 [1]. - The report indicates that the company is focusing on enhancing its service capabilities and expanding its store network to improve customer experience [1].

Financial Data and Key Metrics Changes - The total gross income for the third quarter reached RMB 40.5 billion, reflecting a year-over-year growth of 24.4% [2][10] - Total revenue for the third quarter was RMB 4.05 billion, with product revenue increasing by 25.6% year-over-year [2][10] - Non-GAAP operating income was RMB 1.04 billion, representing a 40.9% increase year-over-year, with a non-GAAP operating margin of 2.6% [6][14] - The company reported its first GAAP operating income of RMB 24.9 million [7][14] Business Line Data and Key Metrics Changes - The core recycling business revenue in mainland China grew by over 30% year-over-year, significantly outpacing the overall market growth [2][3] - Revenue from the multi-category recycling business increased by 270% year-over-year, generating over RMB 30 million in service revenue [5][19] - The trading services through JD.com saw a year-over-year increase of 246% during the Double 11 promotion [4][17] Market Data and Key Metrics Changes - The second-hand consumer electronics industry in China is growing at approximately 10% year-over-year [7][8] - The value of goods collected through JD.com via regular recycling and trading services increased by over 40% year-over-year [4][17] - The acceptance of second-hand goods is rising, with direct-to-consumer sales through various channels growing significantly [6][22] Company Strategy and Development Direction - The company aims to enhance service capabilities and user experience in both online and physical stores to build brand trust and secure recycling resources [2][3] - There is a focus on expanding the multi-category recycling services to meet growing consumer demand, particularly in luxury goods and high-value items [19][20] - The long-term strategy emphasizes strengthening supply chain advantages and consumer trust in the AHS Recycle brand [8][9] Management Comments on Operating Environment and Future Outlook - Management noted that consumer spending is slowing down, but the company is adapting by opening new physical stores to meet demand for idle goods [3][4] - The company expects total revenues for the fourth quarter of 2024 to be between RMB 4,740 million and RMB 4,840 million, indicating a year-over-year increase of 22.4% to 24.9% [15] - There is optimism regarding the growth of the trading business, with expectations for increased consumer adoption of trade-in services [17][18] Other Important Information - The company has initiated an ESG campaign in collaboration with leading consumer brands to promote eco-friendly recycling practices [9] - As of September 30, 2024, the company had cash and cash equivalents totaling $2.4 billion, indicating a strong cash position despite a decrease from the previous quarter [15] Q&A Session Summary Question: How are trading subsidies driving business growth? - Management highlighted that collaboration with JD.com has led to significant growth in recycling and trading business, with trading services doubling year-over-year [16][17] Question: What is the progress of the multi-category recycling business? - The multi-category recycling business has seen a 270% increase in recycling volume, generating substantial service revenue and enhancing store-level operating profit [19][20] Question: What are the expectations for pre-owned smartphone transactions? - Management noted that while direct subsidies for smartphones are lacking, the company's cross-category trading capabilities are effectively capturing consumer demand [21][22]

3Q24 INVESTOR PRESENTATION November 2024 Safe Harbor 1 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, objectiv ...

实现GAAP层面全面盈利。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，二手消费电子产品交易和服务平台万物新生（爱回收）集团（纽交所股票代码： RERE）于11月20日美股盘前发布了2024年第三季度业绩报告。 · 1P(自营)产品收入达 36.7 亿元,同比增长 25.6%。 · 3P(平台)服务收入达 3.8亿元,同比增长 13.9%。 ● Q3 non-GAAP ● 同比增长 经营利润 1.04 亿元 40.9% · 连续九个季度实现 non-GAAP 经营利润,单季创 历史新高。 · 03 集团 non-GAAP 经营利润率较去年同期的 2.3% 提升至 2.6%,单季创历史新高。 03 non-GAAP ● 同比增长 净利润 9006 万元 89.3% 值得注意的是，万物新生的盈利能力全面优化—— 三季度，万物新生集团实现经营利润2489万元， 净利润为1788万元，实现单季GAAP标准下的全面盈利。 此外，本季度万物新生Non-GAAP经营利 润超1亿元，同比增长40.9%，创下历史新高；non-GAAP经营利润率由 2 023年同期 ...

Core Viewpoint - ATRenew Inc. reported strong financial results for the third quarter of 2024, with total net revenues increasing by 24.4% year-over-year, driven by the growth in pre-owned consumer electronics transactions and services [2][3][4]. Financial Performance - Total net revenues reached RMB4,051.2 million (US$577.3 million), up from RMB3,256.8 million in Q3 2023, marking a 24.4% increase [2][4]. - Net product revenues increased by 25.6% to RMB3,672.2 million (US$523.3 million) from RMB2,924.0 million in the same period of 2023 [5]. - Net service revenues rose by 13.9% to RMB379.0 million (US$54.0 million) compared to RMB332.8 million in Q3 2023 [5]. Operating Results - Income from operations was RMB24.9 million (US$3.5 million), a turnaround from a loss of RMB28.1 million in Q3 2023 [10]. - Adjusted income from operations (non-GAAP) was RMB104.0 million (US$14.8 million), compared to RMB73.8 million in the same period of 2023 [10][29]. - Net income was RMB17.9 million (US$2.6 million), compared to a net loss of RMB44.2 million in Q3 2023 [11]. Shareholder Returns - The company repurchased approximately 4.9 million ADSs for about US$12.1 million during the quarter, with a total of approximately 8.2 million ADSs repurchased for about US$20.1 million under its current share repurchase program [15]. Business Outlook - For Q4 2024, ATRenew expects total revenues to be between RMB4,740.0 million and RMB4,840.0 million, representing a year-over-year increase of 22.4% to 24.9% [13]. Recent Developments - ATRenew improved its Environmental, Social and Governance (ESG) score, ranking in the 93rd percentile among its global retail industry peers, attributed to enhanced transparency in climate strategy and business ethics [14].

Core Viewpoint - ATRenew Inc. plans to release its unaudited financial results for Q3 2024 on November 20, 2024, before the U.S. market opens [1]. Company Overview - ATRenew Inc. is a leading technology-driven platform for pre-owned consumer electronics transactions and services in China, headquartered in Shanghai [4]. - The company has been operational since 2011, focusing on recycling and trade-in services to address the environmental impact of pre-owned electronics [4]. - ATRenew integrates C2B, B2B, and B2C capabilities, providing end-to-end coverage of the value chain with proprietary inspection, grading, and pricing technologies [4]. - The company is a participant in the United Nations Global Compact, adhering to responsible business principles [4]. Earnings Conference Call - The management will hold an earnings conference call on November 20, 2024, at 07:00 A.M. Eastern Time to discuss the financial results [2]. - Listeners can access the call through various toll-free numbers, including 1-888-317-6003 for the United States [2]. - A live and archived webcast will be available on the company's investor relations website [3].

Investment Rating - The report suggests a positive investment outlook for the company, recommending active attention due to its leading position in the second-hand 3C trading market and favorable growth prospects [2][3]. Core Insights - The company, Wanwu Xinxing (RERE), has established itself as a leader in the second-hand 3C product trading sector in China, benefiting from supportive government policies and increasing consumer acceptance of second-hand transactions [2][6]. - The company's revenue has shown robust growth, with a CAGR of approximately 48.8% from 2019 to 2023, and a 27.3% year-on-year increase in the first half of 2024 [2][13]. - Wanwu Xinxing has a strong cash position, with a total of 2.769 billion CNY in cash and equivalents as of the first half of 2024, enabling share buyback programs to enhance shareholder returns [2][16]. Company Overview - Wanwu Xinxing, founded in 2011, has evolved into a comprehensive platform for second-hand 3C products, offering services across various categories including electronics, luxury goods, and more [2][6]. - The company operates a multi-brand strategy with platforms like "Aihuishou," "Paimitang," and "Paipai," facilitating a full-chain transaction model from collection to sales [2][8]. - As of the first half of 2024, the company has expanded to 1,516 offline stores across over 260 cities in China, enhancing consumer trust and transaction volume [2][6]. Financial Analysis - From 2019 to 2023, the company's revenue increased from 3.932 billion CNY to 12.966 billion CNY, with a significant reduction in net losses, achieving a Non-GAAP net profit of 101 million CNY in the first half of 2024 [13][16]. - The adjusted operating profit margin has been on the rise, reaching 2.3% in the first half of 2024, indicating improved profitability [2][16]. Industry Overview - The second-hand consumer market in China is experiencing significant growth, driven by longer replacement cycles for consumer electronics and increasing acceptance of second-hand products [20][21]. - The market for second-hand consumer electronics is projected to grow from 143.8 billion CNY in 2018 to 425.4 billion CNY in 2022, with a CAGR of 31.1% [24][26]. - Government policies promoting recycling and second-hand transactions are expected to further support market expansion [26][27].

SHANGHAI, Aug. 29, 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 latest Environmental, Social and Governance (ESG) scores as assessed by S&P Global's Corporate Sustainability Assessment ("CSA") released on August 23, 2024. ATRenew achieved a notable improvement with an S&P Global ESG Score of 35 in 2024, up from 33 in the previous year. This places the Co ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company has shown strong revenue growth, with Q2 2024 total revenue reaching 3.78 billion RMB, a year-on-year increase of 27.4% [3][4] - Non-GAAP operating profit for Q2 2024 was 94.07 million RMB, up 81.0% year-on-year, marking the eighth consecutive quarter of positive Non-GAAP operating profit [3][4] - The company expects Q3 2024 revenue to be between 3.97 billion and 4.07 billion RMB, representing a year-on-year growth of 21.9% to 25.0% [3] Revenue Breakdown - In Q2 2024, the company's 1P product revenue was 3.40 billion RMB, a 29.0% increase year-on-year, driven by growth in second-hand electronic product sales [4] - 3P service revenue reached 370 million RMB, a 14.6% increase year-on-year, attributed to the growth of services like "拍机堂" and multi-category business services [4] Financial Performance - The company's gross margin for Q2 2024 was 20.8%, a decrease of 0.7 percentage points from the same period last year [3] - Non-GAAP net profit for Q2 2024 was 80.49 million RMB, up 121.2% year-on-year, with a Non-GAAP net profit margin of 2.1%, an increase of 0.9 percentage points year-on-year [3][4] Future Projections - The company forecasts revenues of 16.4 billion, 20.5 billion, and 24.8 billion RMB for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 27%, 24%, and 21% [5][6] - Non-GAAP net profits are projected to be 400 million, 610 million, and 850 million RMB for the same years, with growth rates of 76%, 55%, and 38% respectively [5][6]