ATRenew(US:RERE) Jing Ji Wang·2025-08-21 07:30Core Insights - The company reported a record high total revenue of 4.99 billion yuan for Q2 2025, representing a year-on-year growth of 32.2% [1] - Non-GAAP operating profit exceeded 120 million yuan in Q2 2025, with a year-on-year increase of 28.9% [1] - The company plans to return at least 60% of annual non-GAAP net profit to shareholders from 2025 to 2027 through dividends and buybacks [3] Revenue Breakdown - Revenue from self-operated (1P) product sales reached 4.56 billion yuan, up 34% year-on-year, contributing significantly to overall revenue growth [1] - Platform (3P) service revenue was 430 million yuan, reflecting a year-on-year growth of 15.4% [1] - The total transaction volume of second-hand goods on the platform reached 10.3 million orders, a year-on-year increase of 22.6% [1] Profitability - Non-GAAP net profit for Q2 2025 was 99.91 million yuan, marking a year-on-year growth of 24.1% [1] - For the first half of 2025, the company achieved a non-GAAP operating profit of over 230 million yuan, up 33.8% year-on-year [1] - GAAP operating profit and net profit for Q2 were 91.07 million yuan and 72.34 million yuan, respectively [1] Operational Expansion - As of the end of Q2 2025, the company had 2,092 offline stores across 291 cities, enhancing customer convenience for in-store delivery [2] - The self-operated on-site team grew to 1,160 members, improving fulfillment capabilities and efficiency [2] - The multi-category recycling service generated a GMV of 1.87 billion yuan, with a year-on-year growth exceeding 110% [2] Market Trends - The consumer electronics market benefited from trade-in policies, with significant growth in C2B recycling performance driven by national subsidies and e-commerce promotions [2] - The recovery in gold prices led to a 118% year-on-year increase in gold recycling GMV, while luxury goods recycling GMV grew by 63% [2] Strategic Outlook - The company aims to enhance its front-end scenarios and improve delivery experiences to increase recycling penetration rates [3] - The management emphasizes the importance of leveraging unique business models to create innovative benchmarks in the industry [3]