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ATRenew (RERE) investor relations material

ATRenew Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary20 Aug, 2025

Executive summary

  • Total net revenues for Q2 2025 rose 32.2% year-over-year to RMB4,991.5 million, surpassing guidance, with 1H25 revenues at RMB9,644.9 million, up 29.8% year-over-year.

  • Net product revenues grew 34% to RMB4,558.7 million, and net service revenues increased 15.4% to RMB432.8 million.

  • Net income reached RMB72.3 million, reversing a net loss in Q2 2024; adjusted income from operations (non-GAAP) was RMB121.3 million, up from RMB94.1 million year-over-year.

  • 10.3 million consumer products were transacted, up 22.6% year-over-year, driven mainly by 1P business growth.

  • Store network expanded to 2,092 AHS stores in 291 cities as of June 30, 2025, with a net increase of 576 stores year-over-year.

Financial highlights

  • Non-GAAP operating profit margin was 2.4%, stable year-over-year; GAAP operating margin for Q2 2025 was 1.8%, up 197 bps year-over-year.

  • Gross profit margin for 1P business improved to 13.2% from 12.1% year-over-year.

  • Fulfillment expenses as a percentage of revenue declined to 8.2% from 8.5% year-over-year.

  • Cash and equivalents, restricted cash, short-term investments, and funds receivable totaled RMB2.35 billion as of June 30, 2025.

  • Repurchased 12.3 million ADSs for US$31.1 million during FY24 and 1H25.

Outlook and guidance

  • Q3 2025 revenue guidance set at RMB5,050–5,150 million, representing 24.7%–27.1% year-over-year growth.

  • Confident in meeting full-year operational objectives and revenue growth targets for the second half.

  • Focus on expanding high-value scenarios, user-centric strategies, and long-term capacity building.

  • Continued investment in technology and automation to improve cost efficiency and inspection accuracy.

  • Expect scale effects to gradually improve operating profit margins starting next year.

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Frequently asked questions

ATRenew Inc. operates as a pre-owned consumer electronics transactions and services platform based in China. The company primarily deals with the recycling and resale of electronic products such as mobile phones, laptops, tablets, and digital cameras. ATRenew's business model includes purchasing used electronic devices from consumers and businesses, inspecting, grading, and pricing these items, and then reselling them through both online and offline channels. The company also offers online marketplaces for merchants to sell their products, charging commissions on these transactions. It is headquartered in Shanghai, and its shares are listed on the NYSE.

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