ATRenew(US:RERE) IPO早知道·2025-05-21 01:54Core Viewpoint - The article highlights the strong growth of Wanwu Xingsheng (Ai Huishou) Group in the second-hand consumer electronics market, showcasing significant revenue increases and improved profitability in Q1 2025 [2][7][12]. Financial Performance - In Q1 2025, Wanwu Xingsheng Group reported total revenue of 4.65 billion yuan, a year-on-year increase of 27.5%, exceeding the high end of revenue guidance [2]. - The revenue from 1P (self-operated) product sales was 4.26 billion yuan, up 28.8% year-on-year, while 3P (platform) service revenue reached 390 million yuan, growing 14.2% [2]. - The non-GAAP operating profit increased by 39.5% to 110 million yuan, with a non-GAAP operating profit margin rising to 2.4% [7]. - Non-GAAP net profit was 78.04 million yuan, with the non-GAAP net profit margin significantly improving from 0.6% in the same period of 2024 to 1.7% [7]. Business Expansion - As of the end of Q1 2025, Wanwu Xingsheng had established a network of 1,886 offline stores across 283 cities, with over 1,000 personnel in the delivery team, reflecting a commitment to enhancing offline delivery capabilities [7][8]. - The company has diversified its recovery services to include categories such as bags, watches, gold, fine wines, and clothing, achieving nearly 200% year-on-year growth in multi-category recovery transactions and revenue [8]. Strategic Partnerships and Initiatives - The company has strengthened its collaboration with JD.com to leverage supply chain advantages, facilitating a trade-in program that allows users to offset new purchase costs with second-hand products [8]. - Wanwu Xingsheng's "Paiji Tang" platform has registered over 1 million merchants, with a double-digit year-on-year growth in trading merchants, enhancing its role as an industry infrastructure for second-hand mobile phone transactions [9]. Retail and User Experience - The self-operated products' toC (business-to-consumer) revenue grew by 73.5%, with the toC share of 1P revenue increasing to 33% [10]. - The company has launched initiatives to improve user experience in the consignment business, resulting in a 220% year-on-year increase in sales for the "Paipai" consignment service [10]. - Wanwu Xingsheng was selected as one of the first pilot enterprises for second-hand goods circulation in China, indicating its recognition in the industry [10]. Environmental and Social Responsibility - In April, Wanwu Xingsheng collaborated with 12 leading domestic brands to promote environmental awareness through a recycling and circular economy campaign [10].