US Market News
2月前
ATRenew Inc. Reports Unaudited First Quarter 2026 Financial ResultsMay 19, 2026 4:00 AM
PR Newswire (US) SHANGHAI, May 19, 2026 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a pioneer in technology-driven recycling and trade-in solutions for consumer products in China, today announced its unaudited financial results for the three months ended March 31, 2026. First Quarter 2026 HighlightsTotal net revenues grew by 32.4% to RMB6,160.1 million (US$893.0 million) from RMB4,653.5 million in the same period of 2025.Income from operations increased by 154.9% to RMB185.3 million (US$26.9 million) from RMB72.7 million in the same period of 2025. Adjusted income from operations (non-GAAP)[1] grew by 70.2% to RMB190.5 million (US$27.6 million) from RMB111.9 million in the same period of 2025.Net income increased by 215.7% to RMB135.1 million (US$19.6 million) from RMB42.8 million in the same period of 2025. Adjusted net income (non-GAAP)[1] grew by 79.6% to RMB140.1 million (US$20.3 million) from RMB78.0 million in the same period of 2025.Number of consumer products transacted[2] was 10.8 million compared to 9.5 million in the same period of 2025.Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, "ATRenew achieved accelerated growth across multiple dimensions in the first quarter of 2026. Total net revenue reached RMB6,160.1 million, representing a 32.4% year-on-year increase. We deepened our self-operated capabilities across the value chain. On the sourcing side, we continuously improved users' awareness of recycling and trade-in programs, expanded our doorstep fulfillment network, and actively deployed our capital to acquire first-hand sources. In the meantime, we leverage AI capabilities to offer better prices, thus strengthening control over upstream supply while delivering a more reliable user experience. As we expanded our compliant refurbishment capacity to a high standard on the processing side, we also ensured supply for our direct retail business and high-quality resale to small business owners on the distribution side. These efforts ultimately created greater value end-to-end across the entire value chain."Mr. Rex Chen, Chief Financial Officer of ATRenew, added, "In addition to strong topline growth, ATRenew also achieved rapid profit growth in the first quarter of 2026. Adjusted income from operations increased by 70.2% year-on-year to RMB190.5 million. In refining our management and operations, we prioritized building out doorstep fulfillment capabilities and optimizing operational spending. These initiatives, combined with economies of scale, drove year-on-year improvements in our key expense ratios, effectively boosting profitability for the quarter. Looking forward, we will continue to pursue rapid growth in scale and revenue, seize development opportunities in the second-hand industry, and further optimize our cost structure to create long-term value for both users and shareholders."[1] For all measures labeled as "non-GAAP" on this page and following pages, please see "Unaudited Reconciliations of GAAP and Non-GAAP Results" for more information.[2] "Number of consumer products transacted" represents the number of consumer products distributed to merchants and consumers through transactions on the Company's PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.First Quarter 2026 Financial ResultsREVENUETotal net revenues increased by 32.4% to RMB6,160.1 million (US$893.0 million) from RMB4,653.5 million in the same period of 2025.Net product revenues increased by 34.4% to RMB5,729.8 million (US$830.6 million) from RMB4,263.7 million in the same period of 2025. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company's online channels.Net service revenues increased by 10.4% to RMB430.3 million (US$62.4 million), compared to RMB389.8 million in the same period of 2025. This increase was primarily due to an increase in the service revenue generated from multi-category recycling business and PJT Marketplace.OPERATING COSTS AND EXPENSESOperating costs and expenses were RMB5,987.9 million (US$868.1 million), compared to RMB4,581.0 million in the same period of 2025, representing an increase of 30.7%.Merchandise costs were RMB4,816.8 million (US$698.3 million), compared to RMB3,615.9 million in the same period of 2025, representing an increase of 33.2%. The increase was primarily due to the growth in product sales.Fulfillment expenses were RMB524.0 million (US$76.0 million), compared to RMB427.8 million in the same period of 2025, representing an increase of 22.5%. The increase was primarily due to (i) an increase in personnel costs driven by the growth of our business, and (ii) an increase in operating center related expenses as the Company conducted more recycling and transaction activities compared with the same period of 2025.Selling and marketing expenses were RMB493.9 million (US$71.6 million), compared to RMB418.9 million in the same period of 2025, representing an increase of 17.9%. The increase was primarily due to an increase in commission expenses in relation to channel service fees, partially offset by a decrease in amortization of intangible assets resulting from assets and business acquisitions due to the maturity of major remaining intangible assets in the second quarter of 2025.General and administrative expenses were RMB79.8 million (US$11.6 million), compared to RMB63.4 million in the same period of 2025, representing an increase of 25.9%. The increase was primarily due to an increase in personnel costs and sales tax and associated charges, partially offset by a decrease in share-based compensation expenses.Research and development expenses were RMB73.4 million (US$10.6 million), compared to RMB55.0 million in the same period of 2025, representing an increase of 33.5%. The increase was primarily due to an increase in personnel costs.INCOME FROM OPERATIONSIncome from operations was RMB185.3 million (US$26.9 million), representing an increase of 154.9% from RMB72.7 million in the same period of 2025.Adjusted income from operations (non-GAAP) was RMB190.5 million (US$27.6 million), representing an increase of 70.2% from RMB111.9 million in the same period of 2025.NET INCOMENet income was RMB135.1 million (US$19.6 million), representing an increase of 215.7% from RMB42.8 million in the same period of 2025.Adjusted net income (non-GAAP) was RMB140.1 million (US$20.3 million), representing an increase of 79.6% from RMB78.0 million in the same period of 2025.BASIC AND DILUTED NET INCOME PER ORDINARY SHAREBasic and diluted net income per ordinary share were RMB0.84 (US$0.12) and RMB0.84 (US$0.12), compared to RMB0.27 and RMB0.26 in the same period of 2025.Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.87 (US$0.13) and RMB0.87 (US$0.13), compared to RMB0.48 and RMB0.48 in the same period of 2025.CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB1,718.8 million (US$249.2 million) as of March 31, 2026, as compared to RMB2,187.4 million as of December 31, 2025.Business Outlook For the second quarter of 2026, the Company currently expects its total revenues to be between RMB6,240.0 million and RMB6,340.0 million, representing an increase of 25.0% to 27.0% year-over-year. This forecast only reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.Recent DevelopmentsOn June 30, 2025, the board of directors of the Company (the "Board") authorized a new share repurchase program, under which the Company may repurchase up to US$50 million of its shares (including ADSs) over a 12-month period starting from June 30, 2025. During the first quarter of 2026, the Company repurchased a total of approximately 0.5 million ADSs for approximately US$2.7 million. As of March 31, 2026, the Company had cumulatively repurchased a total of approximately 2.3 million ADSs for approximately US$10.6 million, with approximately US$39.4 million remaining available for repurchases under the share repurchase program. On May 19, 2026, the Board has authorized an extension of the existing share repurchase program for an additional 12-month period commencing from June 30, 2026, with other key terms remaining unchanged.Conference Call InformationThe Company's management will hold a conference call on Tuesday, May 19, 2026 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:International:
1-412-317-6061United States Toll Free:
1-888-317-6003Mainland China Toll Free:
4001-206115Hong Kong Toll Free:
800-963976Access Code:
2239384The replay will be accessible through May 26, 2026 by dialing the following numbers:International:
1-412-317-0088United States Toll Free:
1-855-669-9658Access Code:
3889521A live and archived webcast of the conference call will also be available at the Company's investor relations website at ir.atrenew.com.About ATRenew Inc.Headquartered in Shanghai, ATRenew Inc. is a pioneer in technology-driven recycling and trade-in solutions for consumer products in China. Since inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, reducing the environmental impact of pre-owned consumer products by facilitating recycling, trade-ins and distribution that prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Powered by proprietary technologies and a scalable platform ecosystem, ATRenew enhances transaction efficiency and pricing transparency for consumers and merchants alike while advancing circular economy standards in China. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.Exchange Rate InformationThis announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.8980 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of March 31, 2026.Use of Non-GAAP Financial MeasuresThe Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is income from operations excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income is net income excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net income per ordinary share.The Company presents non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that are included in income from operations and net income. The Company also believes that the use of non-GAAP financial measures facilitates investors' assessment of the Company's operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision making.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. The share-based compensation expenses, amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions have been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results."Safe Harbor StatementThis press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactATRenew Inc.
Investor Relations
Email: ir@atrenew.com Christensen Advisory
Email: rere@christensencomms.com ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
As of December 31,
As of March 31,
2025
2026
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
1,537,461
1,012,641
146,802
Restricted cash
500
500
72
Short-term investments
267,641
247,913
35,940
Amount due from related parties, net
414,779
482,458
69,942
Inventories
1,074,080
1,486,198
215,453
Funds receivable from third party payment service
providers
381,284
457,279
66,292
Accounts receivables, net
131,598
145,388
21,077
Prepayments and other receivables, net
933,960
941,984
136,560
Total current assets
4,741,303
4,774,361
692,138
Non-current assets:
Long-term investments
485,401
467,253
67,737
Property and equipment, net
239,378
235,968
34,208
Intangible assets, net
10,653
9,875
1,432
Other non-current assets
489,209
497,693
72,150
Total non-current assets
1,224,641
1,210,789
175,527
TOTAL ASSETS
5,965,944
5,985,150
867,665
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings
322,855
294,706
42,723
Accounts payable
335,622
225,011
32,620
Contract liabilities
231,771
271,178
39,313
Accrued expenses and other current liabilities
644,782
841,980
122,061
Accrued payroll and welfare
189,904
181,242
26,275
Amount due to related parties
178,224
160,367
23,248
Total current liabilities
1,903,158
1,974,484
286,240
Non-current liabilities:
Operating lease liabilities, non-current
70,031
64,847
9,401
Deferred tax liabilities
2,352
2,235
324
Total non-current liabilities
72,383
67,082
9,725
TOTAL LIABILITIES
1,975,541
2,041,566
295,965
TOTAL SHAREHOLDERS' EQUITY
3,990,403
3,943,584
571,700
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
5,965,944
5,985,150
867,665
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
(Amounts in thousands, except share and per share and otherwise noted)
Three months ended,
March 31,
2025
December 31,
2025
March 31, 2026
RMB
RMB
RMB
US$
Net revenues
Net product revenues
4,263,679
5,831,223
5,729,814
830,649
Net service revenues
389,766
422,968
430,300
62,380
Operating (expenses) income (1)(2)
Merchandise costs
(3,615,916)
(5,032,320)
(4,816,769)
(698,285)
Fulfillment expenses
(427,849)
(483,139)
(524,048)
(75,971)
Selling and marketing expenses
(418,858)
(464,083)
(493,873)
(71,597)
General and administrative expenses
(63,374)
(59,966)
(79,831)
(11,573)
Research and development expenses
(55,004)
(62,618)
(73,404)
(10,641)
Other operating income, net
244
19,575
13,131
1,904
Income from operations
72,688
171,640
185,320
26,866
Interest expense
(1,885)
(1,152)
(2,125)
(308)
Interest income
8,374
628
3,938
571
Other loss, net
(6,487)
(8,344)
(15,973)
(2,316)
Income before income taxes and share of loss in equity
method investments
72,690
162,772
171,160
24,813
Income tax expenses
(6,270)
(16,284)
(19,022)
(2,758)
Share of loss in equity method investments
(23,620)
(16,153)
(17,044)
(2,471)
Net income
42,800
130,335
135,094
19,584
Net income per ordinary share:
Basic
0.27
0.81
0.84
0.12
Diluted
0.26
0.80
0.84
0.12
Weighted average number of shares used in calculating
net income per ordinary share
Basic
161,373,633
161,005,931
160,826,793
160,826,793
Diluted
162,568,603
162,019,666
161,376,066
161,376,066
Net income
42,800
130,335
135,094
19,584
Foreign currency translation adjustments
(999)
2,353
(7,080)
(1,026)
Total comprehensive income
41,801
132,688
128,014
18,558
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (CONTINUED)
(Amounts in thousands)
Three months ended,
March 31,
2025
December 31,
2025
March 31, 2026
RMB
RMB
RMB
US$
(1) Includes share-based compensation expenses as
follows:
Fulfillment expenses
(2,357)
(2,965)
(1,745)
(253)
Selling and marketing expenses
(4,437)
(1,424)
(642)
(93)
General and administrative expenses
(3,956)
(2,415)
(845)
(122)
Research and development expenses
(1,983)
(2,298)
(1,130)
(164)
(2) Includes amortization of intangible assets resulting
from assets and business acquisitions as follows:
Selling and marketing expenses
(26,479)
(780)
(780)
(113)
Research and development expenses
—
—
—
—
Unaudited Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands, except share and per share and otherwise noted)
Three months ended,
March 31,
2025
December 31,
2025
March 31, 2026
RMB
RMB
RMB
US$
Income from operations
72,688
171,640
185,320
26,866
Add:
Share-based compensation expenses
12,733
9,102
4,362
632
Amortization of intangible assets resulting from assets and
business acquisitions
26,479
780
780
113
Adjusted income from operations (non-GAAP)
111,900
181,522
190,462
27,611
Net income
42,800
130,335
135,094
19,584
Add:
Share-based compensation expenses
12,733
9,102
4,362
632
Amortization of intangible assets resulting from assets and
business acquisitions
26,479
780
780
113
Less:
Tax effects of amortization of intangible assets resulting
from assets and business acquisitions
(3,972)
(116)
(117)
(17)
Adjusted net income (non-GAAP)
78,040
140,101
140,119
20,312
Adjusted net income per ordinary share (non-GAAP):
Basic
0.48
0.87
0.87
0.13
Diluted
0.48
0.86
0.87
0.13
Weighted average number of shares used in calculating
net income per ordinary share
Basic
161,373,633
161,005,931
160,826,793
160,826,793
Diluted
162,568,603
162,019,666
161,376,066
161,376,066
View original content:https://www.prnewswire.com/news-releases/atrenew-inc-reports-unaudited-first-quarter-2026-financial-results-302775742.htmlSOURCE ATRenew Inc. Original: ATRenew Inc. Reports Unaudited First Quarter 2026 Financial Results
US Market News
4月前
ATRenew Inc. Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results and Announces Cash DividendMarch 11, 2026 4:30 AM
PR Newswire (US)
SHANGHAI, March 11, 2026 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a pioneer in technology-driven recycling and trade-in solutions for consumer products in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025.Fourth Quarter 2025 HighlightsTotal net revenues grew by 29.0% to RMB6,254.2 million (US$894.3 million) from RMB4,849.3 million in the same period of 2024.Income from operations was RMB171.6 million (US$24.5 million), compared to income from operations of RMB53.1 million in the same period of 2024. Adjusted income from operations (non-GAAP)[1] was RMB181.5 million (US$26.0 million), compared to adjusted income from operations of RMB131.4 million in the same period of 2024.Number of consumer products transacted[2] was 11.0 million compared to 9.4 million in the same period of 2024.Full Year 2025 HighlightsTotal net revenues grew by 28.9% to RMB21,048.3 million (US$3,009.9 million) from RMB16,328.4 million for the full year of 2024.Income from operations was RMB456.2 million (US$65.2 million), compared to income from operations of RMB29.0 million for the full year of 2024. Adjusted income from operations (non-GAAP)[1] was RMB555.0 million (US$79.4 million), compared to adjusted income from operations of RMB409.7 million for the full year of 2024.Number of consumer products transacted[2] was 41.7 million compared to 35.3 million for the full year of 2024.Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, "The fourth quarter results for 2025 exceeded expectations, marking another breakthrough for ATRenew. Total revenues for the quarter surpassed the high end of our guidance, increasing by 29.0% year-on-year to RMB6,254.2 million. By leveraging our integrated fulfillment network, combining a robust offline store presence with professional door-to-door services, we provided users with seamless recycling and trade-in experiences during the seasonal replacement wave following the autumn product launches. Our abundant first-hand sourcing, coupled with our compliant, value-added refurbishment capabilities, is accelerating our retail performance, enabling us to provide consumers with value-for-money quality products. Looking ahead, we remain committed to deepening our presence in the circular economy by enhancing transaction efficiency of pre-owned goods and delivering greater value for users."Mr. Rex Chen, Chief Financial Officer of ATRenew, added, "ATRenew finished 2025 on a high note, delivering a standout fourth quarter. Our profitability continued to improve, with fourth quarter adjusted income from operations rising 38.1% year-over-year to RMB181.5 million. The improvement reflected the economies of scale and enhanced operational efficiencies driven by robust technology and automation capabilities and supply chain optimization. With 2026 underway, our focus is on expanding our addressable market and fulfillment footprint to further unlock the growth potential of our core, pre-owned consumer electronics business. Through innovative platform models tailored to diverse recycling needs, we will continue to advance industry standards while maintaining a disciplined focus on improving operational efficiency."[1] For all measures labeled as "non-GAAP" on this page and following pages, please see "Unaudited Reconciliations of GAAP and Non-GAAP Results" for more information.[2] "Number of consumer products transacted" represents the number of consumer products distributed to merchants and consumers through transactions on the Company's PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.Fourth Quarter 2025 Financial ResultsREVENUETotal net revenues increased by 29.0% to RMB6,254.2 million (US$894.3 million) from RMB4,849.3 million in the same period of 2024.Net product revenues increased by 30.7% to RMB5,831.2 million (US$833.9 million) from RMB4,460.6 million in the same period of 2024. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company's online channels.Net service revenues increased by 8.8% to RMB423.0 million (US$60.5 million), compared to RMB388.7 million in the same period of 2024. This increase was primarily due to an increase in the service revenue generated from multi-category recycling business and PJT Marketplace.OPERATING COSTS AND EXPENSESOperating costs and expenses were RMB6,102.1 million (US$872.6 million), compared to RMB4,826.6 million in the same period of 2024, representing an increase of 26.4%.Merchandise costs were RMB5,032.3 million (US$719.6 million), compared to RMB3,905.1 million in the same period of 2024, representing an increase of 28.9%. The increase was primarily due to the growth in product sales.Fulfillment expenses were RMB483.1 million (US$69.1 million), compared to RMB396.9 million in the same period of 2024, representing an increase of 21.7%. The increase was primarily due to (i) an increase in personnel costs driven by the growth of our business, (ii) an increase in logistics expenses and operating center related expenses as the Company conducted more recycling and transaction activities compared with the same period of 2024, and (iii) an increase in AHS stores related expenses and depreciation and amortization expenses as more AHS stores opened compared with the same period of 2024.Selling and marketing expenses were RMB464.1 million (US$66.4 million), compared to RMB376.4 million in the same period of 2024, representing an increase of 23.3%. The increase was primarily due to an increase in commission expenses in relation to channel service fees. The increase was partially offset by (i) a decrease in amortization of intangible assets resulting from assets and business acquisitions due to the maturity of major remaining intangible assets in the second quarter of 2025, and (ii) a decrease in share-based compensation expenses.General and administrative expenses were RMB60.0 million (US$8.6 million), compared to RMB91.1 million in the same period of 2024, representing a decrease of 34.1%. The decrease was primarily due to (i) a decrease in personnel costs, and (ii) a decrease in share-based compensation expenses.Research and development expenses were RMB62.6 million (US$9.0 million), compared to RMB57.0 million in the same period of 2024, representing an increase of 9.8%. The increase was primarily due to an increase in personnel costs.INCOME FROM OPERATIONSIncome from operations was RMB171.6 million (US$24.5 million), representing an increase of 223.2% from RMB53.1 million in the same period of 2024.Adjusted income from operations (non-GAAP) was RMB181.5 million (US$26.0 million), representing an increase of 38.1% from RMB131.4 million in the same period of 2024.NET INCOMENet income was RMB130.3 million (US$18.6 million), representing an increase of 68.3% from RMB77.4 million in the same period of 2024.Adjusted net income (non-GAAP) was RMB140.1 million (US$20.0 million), representing an increase of 14.0% from RMB122.9 million in the same period of 2024.BASIC AND DILUTED NET INCOME PER ORDINARY SHAREBasic and diluted net income per ordinary share were RMB0.81 (US$0.12) and RMB0.80 (US$0.12), compared to RMB0.48 and RMB0.48 in the same period of 2024.Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.87 (US$0.12) and RMB0.86 (US$0.12), compared to RMB0.77 and RMB0.76 in the same period of 2024.Full Year 2025 Financial ResultsREVENUETotal net revenues increased by 28.9% to RMB21,048.3 million (US$3,009.9 million) from RMB16,328.4 million for the full year of 2024.Net product revenues increased by 30.6% to RMB19,379.9 million (US$2,771.3 million) from RMB14,844.4 million for the full year of 2024. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company's online channels.Net service revenues increased by 12.4% to RMB1,668.3 million (US$238.6 million), compared to RMB1,484.0 million for the full year of 2024. This increase was primarily due to an increase in the service revenue generated from multi-category recycling business and Paipai Marketplace.OPERATING COSTS AND EXPENSESOperating costs and expenses were RMB20,634.3 million (US$2,950.7 million), compared to RMB16,352.9 million for the full year of 2024, representing an increase of 26.2%.Merchandise costs were RMB16,700.0 million (US$2,388.1 million), compared to RMB13,086.4 million for the full year of 2024, representing an increase of 27.6%. The increase was primarily due to the growth in product sales.Fulfillment expenses were RMB1,761.7 million (US$251.9 million), compared to RMB1,382.3 million for the full year of 2024, representing an increase of 27.4%. The increase was primarily due to (i) an increase in personnel costs driven by the growth of our business, (ii) an increase in logistics expenses and operating center related expenses as the Company conducted more recycling and transaction activities compared with 2024, and (iii) an increase in AHS stores related expenses and depreciation and amortization expenses as the Company expanded its store network in 2025.Selling and marketing expenses were RMB1,653.7 million (US$236.5 million), compared to RMB1,367.0 million for the full year of 2024, representing an increase of 21.0%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, and (ii) an increase in commission expenses in relation to channel service fees. The increase was partially offset by (i) a decrease in amortization of intangible assets resulting from assets and business acquisitions due to the maturity of major remaining intangible assets in the second quarter of 2025, and (ii) a decrease in share-based compensation expenses.General and administrative expenses were RMB275.0 million (US$39.3 million), compared to RMB306.8 million for the full year of 2024, representing a decrease of 10.4%. The decrease was primarily due to a decrease in share-based compensation expenses. The decrease was partially offset by an increase in tax and surcharges.Research and development expenses were RMB243.9 million (US$34.9 million), compared to RMB210.4 million for the full year of 2024, representing an increase of 15.9%. The increase was primarily due to an increase in personnel costs.INCOME FROM OPERATIONSIncome from operations was RMB456.2 million (US$65.2 million), representing an increase of 1,473.1% from RMB29.0 million for the full year of 2024.Adjusted income from operations (non-GAAP) was RMB555.0 million (US$79.4 million), representing an increase of 35.5% from RMB409.7 million for the full year of 2024.NET INCOME(LOSS)Net income was RMB336.3 million (US$48.1 million), compared to a net loss of RMB8.2 million for the full year of 2024.Adjusted net income (non-GAAP) was RMB428.2 million (US$61.2 million), representing an increase of 36.3% from RMB314.1 million for the full year of 2024.BASIC AND DILUTED NET INCOME(LOSS) PER ORDINARY SHAREBasic and diluted net income per ordinary share were RMB2.08 (US$0.30) and RMB2.07 (US$0.30), compared to basic and diluted net loss per ordinary share of RMB0.05 and RMB0.05 for the full year of 2024.Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB2.65 (US$0.38) and RMB2.64 (US$0.38), compared to RMB1.94 and RMB1.91 for the full year of 2024.CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,187.4 million (US$312.8 million) as of December 31, 2025, as compared to RMB2,919.6 million as of December 31, 2024.Business Outlook For the first quarter of 2026, the Company currently expects its total revenues to be between RMB5,860.0 million and RMB5,960.0 million, representing an increase of 25.9% to 28.1% year-over-year. This forecast only reflects the Company's current and preliminary views on the market and operational conditions, which are subject to change.Recent DevelopmentsOn June 30, 2025, the board of directors of the Company (the "Board") has authorized a new share repurchase program, under which the Company may repurchase up to US$50 million of its shares (including ADSs) over a 12-month period starting from June 30, 2025. During the fourth quarter of 2025, ATRenew repurchased a total of approximately 1.3 million ADSs for approximately US$5.8 million. In full year 2025, ATRenew repurchased a total of approximately 3.8 million ADSs for approximately US$13.1 million.On March 10, 2026, the Board has approved a cash dividend for the fiscal year 2025 (the "FY2025 Cash Dividend") to implement its three-year shareholder return plan adopted in August 2025. The FY2025 Cash Dividend will be paid to holders of ordinary shares and holders of ADSs of record as of the close of business on April 6, 2026, in U.S. dollars, in an amount of US$0.1 per ADS or US$0.15 per ordinary share. The total amount of cash to be distributed for the FY2025 Cash Dividend is expected to be approximately US$23.5 million. The payment date for holders of ordinary shares and holders of ADSs is expected to be on or around April 24, 2026.In March 2026, the Company amended and restated the business cooperation agreement originally entered into with JD.com (NASDAQ: JD; HKEX: 9618 (HKD counter) and 89618 (RMB counter)) on June 1, 2024, relating to the parties' cooperation in the second-hand business. Pursuant to the amendment, the term of the cooperation will automatically extend for an additional three years following the expiration of the original agreement, with the new expiration date being December 31, 2030. No other substantive amendment to the agreement was made.Conference Call InformationThe Company's management will hold a conference call on Wednesday, March 11, 2026 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:International:
1-412-317-6061United States Toll Free:
1-888-317-6003Mainland China Toll Free:
4001-206115Hong Kong Toll Free:
800-963976Access Code:
6798949The replay will be accessible through March 18, 2026 by dialing the following numbers:International:
1-412-317-0088United States Toll Free:
1-855-669-9658Access Code:
8769458A live and archived webcast of the conference call will also be available at the Company's investor relations website at ir.atrenew.com.About ATRenew Inc.Headquartered in Shanghai, ATRenew Inc. is a pioneer in technology-driven recycling and trade-in solutions for consumer products in China. Since inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, reducing the environmental impact of pre-owned consumer products by facilitating recycling, trade-ins and distribution that prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Powered by proprietary technologies and a scalable platform ecosystem, ATRenew enhances transaction efficiency and pricing transparency for consumers and merchants alike while advancing circular economy standards in China. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.Exchange Rate InformationThis announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB6.9931 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2025.Use of Non-GAAP Financial MeasuresThe Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is income from operations excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income is net income (loss) excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net income (loss) per ordinary share.The Company presents non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that are included in income from operations and net income (loss). The Company also believes that the use of non-GAAP financial measures facilitates investors' assessment of the Company's operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision making.The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. The share-based compensation expenses, amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions have been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results."Safe Harbor StatementThis press release contains statements that may constitute "forward-looking" statements pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew's beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew's filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.Investor Relations ContactATRenew Inc.
Investor Relations
Email: ir@atrenew.com Christensen Advisory
Email: rere@christensencomms.com ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
As of December 31,
As of December 31,
2024
2025
RMB
RMB
US$
ASSETS
Current assets:
Cash and cash equivalents
1,970,183
1,537,461
219,854
Restricted cash
132,000
500
71
Short-term investments
583,764
267,641
38,272
Amount due from related parties, net
117,161
414,779
59,313
Inventories
535,070
1,074,080
153,591
Funds receivable from third party payment service
providers
233,133
381,284
54,523
Prepayments and other receivables, net
598,045
1,065,558
152,374
Total current assets
4,169,356
4,741,303
677,998
Non-current assets:
Long-term investments
556,136
485,401
69,411
Property and equipment, net
156,532
239,378
34,231
Intangible assets, net
56,603
10,653
1,523
Other non-current assets
152,094
489,209
69,956
Total non-current assets
921,365
1,224,641
175,121
TOTAL ASSETS
5,090,721
5,965,944
853,119
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term borrowings
225,000
322,855
46,168
Accounts payable
171,356
335,622
47,993
Contract liabilities
98,834
231,771
33,143
Accrued expenses and other current liabilities
522,378
644,782
92,203
Accrued payroll and welfare
179,693
189,904
27,156
Amount due to related parties
109,730
178,224
25,486
Total current liabilities
1,306,991
1,903,158
272,149
Non-current liabilities:
Operating lease liabilities, non-current
79,934
70,031
10,014
Deferred tax liabilities
9,244
2,352
336
Total non-current liabilities
89,178
72,383
10,350
TOTAL LIABILITIES
1,396,169
1,975,541
282,499
TOTAL SHAREHOLDERS' EQUITY
3,694,552
3,990,403
570,620
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY
5,090,721
5,965,944
853,119
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
(Amounts in thousands, except share and per share and otherwise noted)
Three months ended December 31,
Years ended December 31,
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
Net revenues
Net product revenues
4,460,603
5,831,223
833,854
14,844,416
19,379,932
2,771,293
Net service revenues
388,720
422,968
60,484
1,483,984
1,668,324
238,567
Operating (expenses) income(1)(2)
Merchandise costs
(3,905,118)
(5,032,320)
(719,612)
(13,086,418)
(16,699,982)
(2,388,066)
Fulfillment expenses
(396,948)
(483,139)
(69,088)
(1,382,273)
(1,761,718)
(251,922)
Selling and marketing expenses
(376,421)
(464,083)
(66,363)
(1,367,028)
(1,653,702)
(236,476)
General and administrative expenses
(91,111)
(59,966)
(8,575)
(306,782)
(275,008)
(39,326)
Research and development expenses
(56,973)
(62,618)
(8,954)
(210,364)
(243,912)
(34,879)
Other operating income, net
30,352
19,575
2,799
53,434
42,241
6,040
Income from operations
53,104
171,640
24,545
28,969
456,175
65,231
Interest expense
(2,684)
(1,152)
(165)
(15,016)
(6,038)
(863)
Interest income
6,250
628
90
26,861
20,503
2,932
Other income (loss), net
49
(8,344)
(1,193)
(41,256)
(10,342)
(1,479)
Income (loss) before income taxes and
share of loss in equity method investments
56,719
162,772
23,277
(442)
460,298
65,821
Income tax benefits (expenses)
32,341
(16,284)
(2,329)
56,877
(56,749)
(8,115)
Share of loss in equity method investments
(11,636)
(16,153)
(2,310)
(64,664)
(67,261)
(9,618)
Net income (loss)
77,424
130,335
18,638
(8,229)
336,288
48,088
Net income (loss) per ordinary share:
Basic
0.48
0.81
0.12
(0.05)
2.08
0.30
Diluted
0.48
0.80
0.12
(0.05)
2.07
0.30
Weighted average number of shares used
in calculating net income (loss) per
ordinary share
Basic
160,450,396
161,005,931
161,005,931
161,618,799
161,315,074
161,315,074
Diluted
162,384,444
162,019,666
162,019,666
161,618,799
162,191,874
162,191,874
Net income (loss)
77,424
130,335
18,638
(8,229)
336,288
48,088
Foreign currency translation adjustments
14,539
2,353
336
7,356
(3,496)
(500)
Total comprehensive income (loss)
91,963
132,688
18,974
(873)
332,792
47,588
ATRENEW INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS) (CONTINUED)
(Amounts in thousands)
Three months ended December 31,
Years ended December 31,
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
(1) Includes share-based compensation
expenses as follows:
Fulfillment expenses
(4,657)
(2,965)
(424)
(20,649)
(14,222)
(2,034)
Selling and marketing expenses
(12,066)
(1,424)
(204)
(68,858)
(9,676)
(1,384)
General and administrative expenses
(13,706)
(2,415)
(345)
(59,630)
(17,738)
(2,537)
Research and development expenses
(3,993)
(2,298)
(329)
(17,604)
(11,241)
(1,607)
(2) Includes amortization of intangible
assets resulting from assets and
business acquisitions as follows:
Selling and marketing expenses
(43,850)
(780)
(112)
(213,004)
(45,952)
(6,571)
Research and development expenses
(43)
—
—
(1,024)
—
—
Unaudited Reconciliations of GAAP and Non-GAAP Results
(Amounts in thousands, except share and per share and otherwise noted)
Three months ended December 31,
Years ended December 31,
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
Income from operations
53,104
171,640
24,545
28,969
456,175
65,231
Add:
Share-based compensation expenses
34,422
9,102
1,302
166,741
52,877
7,562
Amortization of intangible assets resulting from
assets and business acquisitions
43,893
780
112
214,028
45,952
6,571
Adjusted income from operations (non-GAAP)
131,419
181,522
25,959
409,738
555,004
79,364
Net income (loss)
77,424
130,335
18,638
(8,229)
336,288
48,088
Add:
Share-based compensation expenses
34,422
9,102
1,302
166,741
52,877
7,562
Amortization of intangible assets resulting from
assets and business acquisitions
43,893
780
112
214,028
45,952
6,571
Less:
Tax effects of amortization of intangible assets
resulting from assets and business acquisitions
(32,855)
(116)
(17)
(58,414)
(6,892)
(986)
Adjusted net income (non-GAAP)
122,884
140,101
20,035
314,126
428,225
61,235
Adjusted net income per ordinary share (non-
GAAP):
Basic
0.77
0.87
0.12
1.94
2.65
0.38
Diluted
0.76
0.86
0.12
1.91
2.64
0.38
Weighted average number of shares used in
calculating net income per ordinary share
Basic
160,450,396
161,005,931
161,005,931
161,618,799
161,315,074
161,315,074
Diluted
162,384,444
162,019,666
162,019,666
164,374,271
162,191,874
162,191,874
View original content:https://www.prnewswire.com/news-releases/atrenew-inc-reports-unaudited-fourth-quarter-and-full-year-2025-financial-results-and-announces-cash-dividend-302710749.htmlSOURCE ATRenew Inc.
Original: ATRenew Inc. Reports Unaudited Fourth Quarter and Full Year 2025 Financial Results and Announces Cash Dividend
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