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ATRenew (RERE) investor relations material
ATRenew Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary20 Nov, 2025
Executive summary
Achieved record net revenue of RMB 5,149.2 million in Q3 2025, up 27.1% year-over-year, with strong growth in both 1P and 3P businesses and improved operational efficiency.
Non-GAAP operating profit reached RMB 140.3 million, up 34.9% year-over-year, with a margin of 2.7% and steady quarter-over-quarter improvement.
Net income surged 407.3% year-over-year to RMB 90.8 million, with adjusted net income (non-GAAP) at RMB 110.2 million.
Expanded AHS Recycle store network to 2,195 locations, with 1,962 team members and increased transaction volumes, mainly driven by 1P transactions.
Recognized as a finalist for the Earthshot Prize and expanded ESG initiatives, including extending the life cycle of 35.3 million devices and achieving ISO 14001 re-certification.
Financial highlights
Total revenue reached RMB 5,149.2 million, at the high end of guidance, up 27.1% year-over-year.
Net product revenue rose 28.7% to RMB 4,726.3 million, driven by online sales of pre-owned electronics.
Net service revenue increased 11.6% to RMB 422.8 million, with a marketplace take rate of 4.89%.
GAAP income from operations was RMB 120.8 million, up 385.1% year-over-year; GAAP operating margin improved by 173 bps to 2.3%.
Cash and equivalents, restricted cash, short-term investments, and funds receivable totaled RMB 2.54 billion as of September 30, 2025.
Outlook and guidance
Q4 2025 revenue expected between RMB 6,080 million and RMB 6,180 million, up 25.4%-27.4% year-over-year.
Full-year 2025 revenue forecasted at RMB 20.87-20.97 billion, up 27.8%-28.5% year-over-year.
Anticipates continued rapid growth in 2026, driven by trade-in penetration, brand strength, and supply chain efficiency.
Maintains focus on high-value scenarios, user-centric strategies, and long-term capacity building, leveraging partnerships and technology.
International PJT Marketplace replication plans?
Take rate evolution across platform segments?
Multi-category: future high-value category focus?
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Q4 202511 Mar, 2026
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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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