ATRenew(US:RERE)2023-11-22 22:32Financial & Operational Highlights - Total net revenues reached RMB3,256.8 million, a 28.4% year-over-year increase, reflecting the circular economy's resilient growth[8] - Net product revenues grew by 31.4% year-over-year to RMB2,924.0 million, with refurbished device sales contributing RMB200 million[8] - Net service revenues increased by 7.3% year-over-year to RMB332.8 million, with an improved take rate of 5.40%[8] - The company repurchased 1.6 million ADSs for USD4.0 million in 3Q23, with a remaining amount of USD51.6 million allocated for future buybacks[8] - Non-GAAP operating income was RMB73.8 million, with an adjusted operating margin of 2.3%[8] Business Scale & Strategy - The company has established a network of 1,952 physical stores across 273 cities in China[8] - The company aims to increase recycling scenario coverage, expand recycling categories, and enhance profitability[15] - 230 core AHS stores fulfilled new category orders in 3Q23, contributing RMB350 million of recycling transaction volume[19] Market Opportunity - The pre-owned device distribution and service GMV in China is experiencing increasing penetration, with a 26.1% CAGR[24] - The company extended the life cycle of 32 million used devices in 2022[59] ESG Initiatives - The company was rated "Low ESG Risk" by Morningstar Sustainalytics in September 2022, ranking 4th (4/85) among Online and Direct Marketing Retail in the global universe[23]