Financial Data and Key Metrics Changes - Total net revenue reached a record high of RMB 5.15 billion, representing a 27.1% year-over-year growth [5][25] - 1P product revenue increased by 28.7% year-over-year to RMB 4.73 billion, while 3P platform service revenue rose 11.6% year-over-year to RMB 420 million [5][27] - Non-GAAP operating profits reached RMB 140 million, up 34.9% year-over-year, with a non-GAAP operating profit margin of 2.7% [5][35] Business Line Data and Key Metrics Changes - Combined refurbished product revenue surged 102% year-over-year, with 1P2C revenue growing over 70% year-over-year [7] - The number of contracted merchants on the PJC Marketplace surpassed 1.37 million, driven by rapid growth in product supply and small-sized merchants [11] - GMV for consignment in the PaiPai marketplace grew 180% year-over-year, with the take rate trending upward in the high single-digit range [14] Market Data and Key Metrics Changes - AHS Recycle achieved a trade-in penetration rate exceeding 10% on JD.com, with significant potential for further growth as retail prices of new devices increase [44] - The overall take rate of the marketplace was 4.89% for the third quarter of 2025 [28] Company Strategy and Development Direction - The company aims to strengthen core capabilities in second-hand consumer electronics, enhance fulfillment capabilities, and advance technology through automation and AI [18][19] - AHS Recycle is positioned as China's leading recycling brand, focusing on user engagement and frequency of service usage [20] - The company is preparing for an international strategy to share China's recycling story globally, with a focus on export standards and international mutual recognition [21][22] Management's Comments on Operating Environment and Future Outlook - Management expects total revenue growth in Q4 2025 to be between 25.4% and 27.4%, driven by attractive new products and strong consumer demand [45] - For 2026, the company anticipates maintaining a relatively rapid year-over-year growth rate, supported by increased trade-in program penetration and enhanced brand power [48] Other Important Information - The company repurchased approximately 0.5 million ADSs for about $2.1 million during the third quarter [36] - As of September 30, 2025, cash and cash equivalents totaled RMB 2.54 billion, sufficient to support reinvestment and shareholder returns [37] Q&A Session Summary Question: Impact of national subsidy policies on business - Management noted that national trade-in subsidies primarily promote sales of new devices priced under RMB 6,000, with limited impact on premium models [42] - The company has collaborated with JD.com and major brands to enhance trade-in experiences, benefiting from the subsidies [43] Question: Outlook for Q4 and next year - Management expects total revenue growth in Q4 to be between 25.4% and 27.4%, driven by strong consumer demand for new devices [45][46] - For 2026, the company anticipates continued growth driven by trade-in program penetration and improved supply chain efficiency [48] Question: Store opening pace for Q4 and next year - The company aims to accelerate store openings while ensuring quality development and superior user experience [52] Question: Plans for multi-category business - The multi-category business has maintained rapid growth, focusing on high-value categories and user experience [54] Question: Uptake of enhanced services across marketplace businesses - The take rate for PJC marketplace remains stable at over 6%, with ongoing adjustments to merchant service policies [57] - The consignment model in PaiPai has shown success, driving its take rate into the high single-digit range [58]

Financial Data and Key Metrics Changes - Total net revenue reached a record high of RMB 5.15 billion, representing a 27.1% year-over-year growth [5][29] - 1P product revenue increased by 28.7% year-over-year to RMB 4.73 billion, while 3P platform service revenue rose 11.6% year-over-year to RMB 420 million [5][31] - Non-GAAP operating profits reached RMB 140 million, up 34.9% year-over-year, with a non-GAAP operating profit margin of 2.7% [5][38] Business Line Data and Key Metrics Changes - Combined refurbished product revenue surged 102% year-over-year, with 1P2C revenue growing over 70% year-over-year [6] - The overall take rate of the marketplace was 4.89% for the third quarter [10] - Multi-category recycling businesses contributed nearly RMB 53 million of revenue, accounting for 12.5% of service revenue [31] Market Data and Key Metrics Changes - AHS Recycle achieved a trade-in penetration rate exceeding 10% on JD.com, indicating a growing trend in trade-in programs [46] - The number of contracted merchants on the PJC Marketplace surpassed 1.37 million, driven by rapid onboarding of small-sized merchants [11] Company Strategy and Development Direction - The company aims to strengthen core capabilities in second-hand consumer electronics and enhance trade-in collaboration with partners like JD.com and Apple [18] - AHS Recycle is positioned as China's leading recycling brand, focusing on user engagement and frequency of service usage [20] - The company is preparing for an international strategy to share China's recycling story globally, with a focus on export standards and international mutual recognition [22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the healthy development of the second-hand industry and strong growth trajectory for the company [25] - For Q4 2025, total revenue growth is expected to be between 25.4% and 27.4%, driven by attractive new product launches [47] - For 2026, the company anticipates maintaining a relatively rapid year-over-year growth rate, supported by increased trade-in program penetration and enhanced brand power [50] Other Important Information - ATRenew was recognized as a finalist for the Earthshot Prize, highlighting its contributions to the circular economy [26] - As of September 30, 2025, cash and cash equivalents totaled RMB 2.54 billion, sufficient to support reinvestment and shareholder returns [40] Q&A Session Summary Question: Impact of national subsidy policies on business - Management noted that national trade-in subsidies primarily promote sales of new devices priced under RMB 6,000, with limited impact on premium models [44][45] Question: Outlook for Q4 and next year - Total revenue growth for Q4 is expected between 25.4% and 27.4%, with a full-year estimate of RMB 20.87 billion to RMB 20.97 billion, indicating potential for faster growth than initially budgeted [47][48] Question: Store opening pace for Q4 and next year - The company aims to accelerate store openings, with nearly 88% of self-operated stores equipped with multi-category services [53][54] Question: Plans for multi-category business - The multi-category business is rapidly developing, focusing on high-value categories and improving user transaction experience [56][58] Question: Uptake of enhanced services across marketplace businesses - The take rate for PJC marketplace remains stable at over 6%, with the consignment model in PaiPai showing initial success and a take rate in the high single-digit range [61][62]

Financial Data and Key Metrics Changes - Total net revenues for Q1 2025 increased by 27.5% year over year to RMB 4653.5 million, exceeding the high end of guidance [6][21] - Non-GAAP operating income rose by 39.5% year over year to over RMB 110 million, with a non-GAAP operating margin of 2.4% [6][21][28] - Net product revenues increased by 28.8% to RMB 4260 million, driven by sales of consumer electronics through online channels [22] Business Line Data and Key Metrics Changes - The 1P business revenue grew by 28.8% year over year, with product revenue increasing by over 50% when excluding high base impacts [7][12] - 1P2C revenue grew by 73.5% year over year, with retail revenue accounting for 33% of 1P revenue [10][11] - Multi-category recycling business contributed over RMB 15 million of revenue, significantly increasing its share of service revenues from 5.6% to 13.3% [23] Market Data and Key Metrics Changes - The C2B consumer electronics recycling value grew by over 50% year over year, supported by national subsidies and increased demand for user upgrades [8] - The number of registered merchants in PJT exceeded 1,000,000, with a double-digit year-over-year increase in active trading merchants [13] - The overall marketplace take rate for secondhand consumer electronic transactions was 5.25% in Q1 2025 [22] Company Strategy and Development Direction - The company continues to invest in its 1P business and recycling fulfillment capabilities, enhancing supply access and brand recognition [7] - AHS Recycle launched the Revive Environmental Protection Initiative to encourage collaboration with consumer brands and promote recycling [10] - The company aims to strengthen its trade-in supply chain and services to expand market share in the pre-owned consumer electronics industry [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the sustained growth momentum of the secondhand recycling and resale business due to national subsidies [33] - The average replacement cycle for mobile phones is about two years, with potential for domestic recycling penetration to rise to over 20% [35] - The company anticipates total revenues for Q2 2025 to be between RMB 4801 million, representing a year-over-year increase of 24.7% to 27.4% [29] Other Important Information - The company repurchased approximately 400,000 ADSs for about US$1.2 million under its share repurchase program [28][29] - Cash and cash equivalents totaled RMB 2.78 billion as of March 31, 2025, sufficient to support reinvestment and shareholder returns [29] Q&A Session Summary Question: Effectiveness of National Subsidy - Management noted that national subsidies have positively impacted mobile phone recycling, with a 9% year-over-year increase in new smartphone shipments [33] Question: Increase in Non-GAAP Fulfillment and Marketing Margins - The increase in non-GAAP operating profit margin was attributed to pricing strategy and expense control, with improved margins in the Apple trade-in program [36][38] Question: Progress on Store Openings - As of March 31, 2025, there were 1886 AHS recycled stores, with a net addition of 458 stores year over year [42] Question: Brand Awareness and Customer Acquisition Costs - The company has seen increased traction from marketing efforts, with product revenue from AHS Mini Program and official websites growing faster than overall 1P business [48]