ATRenew Inc. Reports Unaudited Third Quarter 2024 Financial Results

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$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].