Financial Data and Key Metrics Changes - Total net revenues for Q4 2024 increased by 25.2% year-over-year to RMB4.85 billion, exceeding guidance [7][35] - Full year revenue reached RMB16.33 billion, representing a 25.9% year-over-year growth, significantly outpacing the pre-owned electronics industry growth [8][35] - Non-GAAP income from operations was RMB130 million in Q4 and RMB410 million for the full year, growing 61% and 62.8% year-on-year respectively [8][48] - Non-GAAP operating margins were 2.7% in Q4 and 2.5% for the full year 2024 [9][48] Business Line Data and Key Metrics Changes - Product revenues for Q4 grew by 26.6% year-over-year, with net product revenues reaching RMB4.46 billion [9][37] - Net service revenues in Q4 were RMB389 million, a 10.7% increase, driven by growth in the PJT marketplace and multi-category recycling businesses [38] - Multi-category recycling business contributed over RMB40 million to service revenues in Q4, up from 5.5% in the same period of 2023 to over 10% [39] Market Data and Key Metrics Changes - The total number of transactions grew to over 35.3 million, supported by government subsidies for equipment renewal and consumer goods trading [9] - The service revenue of Taiji Town increased steadily, with registered merchant users exceeding 850,000 [19] Company Strategy and Development Direction - The company aims to focus on experience-driven growth, brand building, and strengthening fulfillment capabilities in 2025 [23][33] - Plans to open 800 new stores and add 1,000 two-door service staff to enhance face-to-face fulfillment network [59] - The strategy includes leveraging new media platforms for brand awareness and expanding multi-category recycling services [29][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth potential in China's pre-owned electronics market, driven by national subsidies and increased consumer demand [55][56] - The company anticipates total revenues for Q1 2025 to be between RMB4,550 million and RMB4,650 million, representing a year-over-year increase of 24.6% to 27.4% [50][51] Other Important Information - The company has initiated a repurchase program allowing up to $50 million of ADSs through June 27, 2025, with $25.9 million returned to shareholders as of December 31, 2024 [48][49] - The company is focusing on AI applications to enhance operational efficiency and reduce costs in various business scenarios [64][66] Q&A Session Summary Question: Plans to capture growth opportunities in 2025 with consumer electronics trading subsidies - Management highlighted the significant untapped potential in the pre-owned electronics market and plans to leverage national subsidies to increase recycling volume and top-line growth [55][56][60] Question: Use of AI in optimizing business operations - Management confirmed the deployment of AI in quality inspection and operational processes, with plans to expand AI applications across more departments to improve efficiency [64][66] Question: Capital management priorities regarding growth reinvestment versus shareholder returns - Management stated a balanced approach will be taken, focusing on reinvestment for growth while maintaining a healthy non-GAAP operating profit margin to support shareholder returns [72][75]

Financial Performance - Total net revenues for 4Q24 reached RMB 4,849.3 million, a 25.2% year-over-year increase[7] - Net product revenues for 4Q24 were RMB 4,460.6 million, up 26.6% year-over-year[7] - Net service revenues for 4Q24 amounted to RMB 388.7 million, reflecting a 10.7% year-over-year growth[7] - Non-GAAP income from operations for 4Q24 increased by 61.0% year-over-year to RMB 131.4 million[7] - For the full year 2024, total net revenues reached RMB 16,328.4 million, a 25.9% year-over-year increase[7] - Full year 2024 GAAP income from operations was RMB 29.0 million, achieving a profit-making milestone[7] - Non-GAAP income from operations for the full year 2024 grew by 62.8% year-over-year to RMB 409.7 million[7] Business Updates - Net product revenues from the Trade-In Apple (ATI) program increased by 71.1% year-over-year in 4Q24 and 223.2% year-over-year for the full year 2024[9] - Net service revenues from multi-category recycling increased by 131.9% year-over-year in 4Q24 and 319.0% year-over-year for the full year 2024[10] - The company transacted 9.4 million units in 4Q24, a 10.6% year-over-year increase, and 35.3 million units for the full year, a 9.3% year-over-year increase[12] Operational Strategy - The company is focused on improving cost efficiency with technology, with Non-GAAP fulfillment expenses as a percentage of total revenues declining from 12.9% in FY21 to 8.3% in FY24[34] - As of December 31, 2024, ATRenew has 1,861 offline stores[41]