ATRenew(US:RERE)2024-08-20 19:15Financial Performance - Total net revenues increased by 27.4% year-over-year, reaching RMB 3,776.7 million in 2Q24 compared to RMB 2,963.7 million in 2Q23[10] - Product revenues grew by 29.0% year-over-year, amounting to RMB 3,401.8 million in 2Q24 from RMB 2,636.7 million in 2Q23[10] - Service revenues increased by 14.6% year-over-year, reaching RMB 374.9 million in 2Q24 compared to RMB 327.0 million in 2Q23[10] - Non-GAAP income from operations increased significantly by 81.0% year-over-year, reaching RMB 94.1 million in 2Q24 compared to RMB 52.0 million in 2Q23[10] - Non-GAAP operating margin improved by 70 basis points, reaching 2.5% in 2Q24 from 1.8% in the previous year[10] Business Expansion and Operations - The company has 1,516 offline stores as of June 30, 2024, to increase consumer awareness for recycle and reuse[5] - The company had 2,768.7 million RMB in cash and cash equivalents, restricted cash, short-term investments, and funds receivable from third-party payment service providers as of June 30, 2024[8] - The company has 730 self-operated AHS stores and 585 standard joint-operated stores, along with 201 shop-in-shop joint-operated stores as of June 30, 2024[9] - Refurbished device sales exceeded RMB 580 million in the first half of 2024[20] - GMV for recycling used goods of new categories exceeded RMB 1.5 billion in the first half of 2024[21] - Gold product recycling GMV had a five-fold year-on-year increase in 2Q24[50]