ATRenew (RERE) investor relations material

Executive summary

• Total net revenues for Q2 2026 reached CNY 6.61 billion (RMB 6,609.3 million), up 32.4% year-over-year, exceeding guidance and driven by strong pre-owned electronics sales.

• Non-GAAP operating profit grew 70.1% year-over-year to CNY 210 million (RMB 206.3 million), with margin expanding to 3.1%.

• GAAP net income for Q2 2026 was RMB 129.1 million, up 78.6% year-over-year; non-GAAP net income was RMB 157.1 million, up 57.3%.

• 11.6 million consumer products transacted, up 12.6% year-over-year, mainly driven by 1P transactions.

• Share repurchase program extended for 12 months from June 30, 2026, with 3.3 million ADSs repurchased for US$14.8 million to date.

Financial highlights

• Net product revenues increased 35.9% year-over-year to CNY 6.19 billion (RMB 6,194.7 million), mainly from online pre-owned electronics sales.

• Net service revenues declined 4.2% year-over-year to CNY 410 million (RMB 414.6 million), impacted by merchant subsidies and promotional discounts.

• Merchandise costs rose 31.9% to CNY 5.22 billion (RMB 5,219.2 million); 1P gross margin improved to 15.7% from 13.2% year-over-year.

• Non-GAAP fulfillment expenses increased 30.5% to CNY 530 million, but as a percentage of revenue, decreased to 8.1%.

• Cash, equivalents, restricted cash, short-term investments, and funds receivable totaled CNY 2.16 billion (RMB 2,157.2 million) as of June 30, 2026.

Outlook and guidance

• Q3 2026 revenue guidance set at CNY 6.34–6.44 billion (RMB 6,340.0–6,440.0 million), up 23.1%–25.1% year-over-year, factoring in new flagship smartphone launches.

• Expectation to maintain strong growth in both revenue and profit for the full year, with continued margin improvement.

• Total net revenues exceeded the high end of guidance for the quarter, indicating strong business momentum.