Earnings call transcript: ATRenew sees 32% revenue growth in Q2 2025

ATRenew Inc. reported a robust second quarter, showcasing significant revenue growth alongside strategic expansions in its product offerings. The company’s stock saw a premarket increase of 3.88%, reflecting positive investor sentiment. According to InvestingPro data, ATRenew maintains a "GREAT" financial health score of 3.24, with particularly strong performance in cash flow management and growth metrics. The company’s solid financial foundation is evidenced by its healthy current ratio of 2.92 and minimal debt exposure.

Key Takeaways

• ATRenew’s total revenue rose by 32.2% year-over-year, reaching RMB 4.99 billion.
• The company expanded its refurbishment services to include laptops and smartwatches.
• ATRenew launched the AHS Recycle Green Wallet, enhancing its product portfolio.
• The stock price experienced a 3.88% premarket rise, indicating investor optimism.

Company Performance

ATRenew Inc. demonstrated strong performance in Q2 2025, with total revenue increasing by 32.2% compared to the same period last year. The company’s growth was driven by expansions in its refurbishment services and a strategic focus on enhancing consumer electronics recycling. ATRenew’s partnerships with major brands such as JD.com, Apple, and Huawei further solidified its market position as China’s largest player in the pre-owned electronics sector.

Financial Highlights

• Total revenue: RMB 4.99 billion, up 32.2% YoY
• 1P product revenue: RMB 4.56 billion, up 34% YoY
• 3P service revenue: RMB 430 million, up 15.4% YoY
• Non-GAAP operating profit margin: 2.4%
• Gross profit margin for 1P business: 13.2% (up from 12.1% last year)

Market Reaction

ATRenew’s stock price increased by 3.88% in premarket trading, reaching $4.82. This reflects a positive market reaction to the company’s strong financial performance and strategic initiatives. The stock is approaching its 52-week high of $4.885, indicating strong investor confidence. InvestingPro analysis shows the stock has delivered impressive returns, with a 61.11% year-to-date gain and an 84.13% return over the past year. However, InvestingPro’s Fair Value analysis suggests the stock may be approaching overvalued territory. Subscribers can access 16 additional ProTips and comprehensive valuation metrics at InvestingPro.

Outlook & Guidance

Looking forward, ATRenew has set ambitious goals, including a full-year revenue guidance of RMB 5,050-5,150 million, representing a 24.7-27.1% year-over-year growth. This projection aligns with the company’s strong historical performance, as InvestingPro data shows a robust revenue CAGR of 33% over the past five years. For detailed analysis and growth projections, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers. The company is also committed to a three-year shareholder return program, promising to return 60% of its annual non-GAAP net profit. ATRenew aims to reduce its Scope 1 and 2 emissions by 35% and Scope 3 emissions by 50% by 2030.

Executive Commentary

Kary Chen, CEO of ATRenew, emphasized the company’s unique business model, stating, "Our business model is unique and disruptive. AHS recycle adds money to our users’ accounts." He also highlighted ATRenew’s strategic positioning, saying, "We are positioning AHS Recycle as China’s leading recycling brand."

Risks and Challenges

• Supply Chain Issues: Potential disruptions could impact product availability and refurbishment timelines.
• Market Saturation: As the pre-owned electronics market grows, increased competition could pressure margins.
• Macroeconomic Pressures: Economic fluctuations could affect consumer spending and demand for refurbished products.

Q&A

During the earnings call, analysts inquired about ATRenew’s growth prospects and strategic initiatives. The company expressed confidence in its ability to drive growth in the second half of the year, focusing on maximizing recycling and fulfillment capabilities. ATRenew also anticipates new device launches in September to create additional upgrade opportunities, with smartphones remaining the strongest category for C2B recycling.

Full transcript - ATRenew Inc DRC (RERE) Q2 2025:

Operator/Conference Moderator: Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the ATRenew Inc. Second Quarter twenty twenty five Earnings Conference Call. At this time, all participants are in a listen only mode. We will be hosting a question and answer session after management’s prepared remarks.

Please note, today’s event is being recorded. I will now turn the call over to the first speaker today, Mr. Jeremy Gee, Director of Corporate Development and Investor Relations of the company. Please go ahead, sir.

Jeremy Gee, Director of Corporate Development and Investor Relations, ATRenew Inc.: Thank you. Hello, everyone, and welcome to H. Renew’s second quarter twenty twenty five earnings conference call. Speaking for us today is Kara Chen, our Founder, Chairman and CEO and he will be followed by Rex Chen, our CFO. After that, we will open the call to questions from the analyst.

The second quarter twenty twenty five financial results were released earlier today. The earnings press release and investor slides accompanying this call are now available at our IR website, ir.aqiu.com. There will also be a transcript following this call for your early convenience. For today’s agenda, Kary will share his thoughts on our quarterly performance and business updates, followed by Rex, who will address the financial highlights. Both Kary and Rex will participate during the Q and A session.

Please note that our Safe Harbor statements. Some of the information you’ll hear during our discussion today will consist of forward looking statements, and I refer you to our Safe Harbor statements in the earnings press release. Any forward looking statements that management makes on this call are based on assumptions as of today and that ATReview does not take any obligations to upgrade our assumptions on these statements. Also, this call includes discussions of certain non GAAP financial measures. Please refer to our earnings press release, which contains a reconciliation of non GAAP measures to GAAP measures.

Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in RMB and all comparisons are on a year over year basis. I’d now like to turn the call over to Carrie for business and strategy update.

Operator/Conference Moderator: Ladies and gentlemen, please remain online while we reconnect the line.

Jeremy Gee, Director of Corporate Development and Investor Relations, ATRenew Inc.: Mr. C, I can hear you now. I can hear the voice from the Shanghai office.

Operator/Conference Moderator: Ladies and gentlemen, please hold a moment while we rejoin the line for JC. We have been rejoined by the main speaker line. Please go ahead.

Jeremy Gee, Director of Corporate Development and Investor Relations, ATRenew Inc.: Okay. Sorry for the disconnect. While we go back, let’s continue.

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: Hello, everyone, and thank you for joining ATRenew’s second quarter twenty twenty five earnings conference call. We are pleased to update you on our above expectation revenue growth and operational dynamics this quarter, address your questions on the progress and share our business plans and capability building initiatives for the second half of this year. First, riding the stable and rapidly growing trajectory of the second hand industry. We achieved revenue exceeding the high end of our guidance through continuous innovation and industry leadership. In the second quarter, our total revenue reached RMB4.99 billion, representing year over year growth of 32.2%.

Within this, 1P product revenue grew by 34% year over year to RMB4.56 billion, while 3P service revenue increased by 15.4% year over year to RMB430 million, with revenue growth rates significantly exceeding the guidance we set last quarter. Non GAAP operating profit margin was 2.4%, meeting our full year target alongside brand investments, accelerated store expansion and enhanced capability building initiatives. These solid results stem from our enhanced front end development of recycling scenarios and continuously strengthened in store and door fulfillment capabilities. Through the best in class user experience, AHS Recycle is building stronger brand recognition as China’s top recycling brand. Taking a closer look within our 1P business, our C2B recycling business maintained robust double digit growth in the second quarter, benefiting from national subsidies and during the eighteenth e commerce promotional campaigns, alongside expanded partnerships with high quality consumer electronics brands to jointly develop recycling and trading supply chain capabilities.

Notably, we observed a distinctive year over year growth performance in JD’s trading scenarios. The resulting achievement is closely tied to our front end fulfillment capabilities. We remain committed to our accelerated store expansion strategy. By the end of the second quarter, we operated 2,092 AHS stores nationwide, including nine eighty seven self operated stores in Tier one and Tier two cities and eleven oh five jointly operated stores in lower enabling users to access nearby in store services and in a convenient manner. Additionally, our self operated two door service team expanded to eleven sixty personnel at the end of the second quarter.

Benefiting from our intelligent order dispatch and fulfillment capabilities, we have broadened our coverage area and strengthened our capacity to manage volume surges during major promotional periods while enhancing fulfillment timeliness. Consequently, our channel expansion and fulfillment capability upgrades collectively create superior recycling and trading experiences for users. Notably, our in store and two door teams collectively handled nearly 90% of orders in the first and second tier cities and about 80% in the third and fourth tier cities. We continuously increased the proportion of orders with face to face services, order confirmation and payment by expanding our self operated fulfillment network, therefore enhancing user experience. In lower tier cities, temporary constraints in store density and two door staffing limited our face to face fulfillment order ratio to below 50%, leaving significant room for store expansion to do our capability building.

In terms of our supply chain capabilities, we continue leveraging mature end to end capabilities while expanding combined refurbishment capacity. In the second quarter, refurbished products contributed 13.5% of 1P revenue. Notably, our on demand refurbishment model added laptops and smartwatches to its scope, generating over RMB100 million in the quarter. Compliance refurbishment operations expand retail ready products for our channels such as Pie Pie Selection, Ahs Official Website, Ahs Store and Douyin platforms. Consequently, 1P2C retail revenue surged 63.7% year over year in the second quarter, accounting for 34.4% of product revenue.

This continuous improvement reflects our value creation for more retail users. Our 3P service revenue also sustained growth in the second quarter, increasing by 15.4% year over year with an overall take rate of 5.3%. Let’s zoom in on the three core business segments. First, our B2B marketplace, Paiditang sustained a strengthened industry openness by providing open supply chain services to merchants and our end users. Specifically, warehousing inspection GMV surged year on year, increasing the warehousing inspection penetration rate for B2B platform operations from 62% in the 2024 to 73% in the 2025.

Meanwhile, we also capture new user traffic and growth opportunities through the innovative specialty buyer model with cumulative registered users exceeding 1,160,000. In the second quarter, Paiditang achieved robust double digit growth in overall performance. Second, our B2C marketplace in developing PiPipe’s 3P business. As we previously shared, we have implemented a consignment model designed to provide enhanced operational convenience for small and medium sized secondhand merchants. Under this model, the PaiPai team handles product and store management, traffic operations and after sales services on behalf of merchant users.

This consignment approach ensures consistent front end product listing, standardized service quality, managed product quality and reliable after sales support, resulting in comprehensive improvements to both sales performance and user experience. Daily in stock inventory volumes of PiPai consignment service have now increased by 100 compared to the first quarter of this year. PiPai’s consignment GMV in the second quarter surged 128% year over year, driving a modest recovery in the platform’s take rate and delivering cost effective secondhand product transactions to a broader user base. Third, take care through recycling GMV and related service revenue both increased by nearly 110% year on year this quarter with a take rate of 3.4%. Service coverage expanded alongside our accelerated store opening strategy.

As of June 30, six ninety two self operated stores and 112 jointly operated stores launched multi category recycling services, tailoring offerings to local user consumption habits based on store locations and commercial districts. Building on our upgraded luxury recycling services at AHS self operated stores, we leverage AI technology to enhance automated identification capabilities to improve the recycling and pricing experiences for users, thus defining a best in class user experience. Our platform based multi category recycling service boosts local store efficiency without additional CapEx, enabling further expansion of our high quality offline store network. The aforementioned reflects our effective operational practices. As for our long term strategy, we would like to take this earnings call as an opportunity to update our investors and analysts on Ituranu’s three strategic goals, which we last spoke on during our offline Investor Day in early July.

The first goal against the backdrop of national subsidies and policies stimulating domestic consumption, we leveraged the value of our unique trading programs and comprehensive supply chain capabilities to partner with strategic allies such as jd.com and Apple, delivering the best in class trading user experience. By integrating our comprehensive supply chain capabilities across B2C, B2B and compliant refurbishment operations, ATRenew continues to strengthen our position as China’s largest and most robust leader in the transaction and service of pre owned consumer electronics. According to third party data from CIC, China’s reflecting penetration rate for pre owned consumer electronics remains in single digit versus over 30% in developed economies, indicating substantial growth potential. The second goal, in response to the changing consumer landscape, we leveraged AHS Recycle’s distinctive brand value and utilize our nationwide network of over 2,000 AHS stores to continuously expand our platform based recycling businesses across additional high value product categories. This strategy creates new growth opportunities for us in the secondhand recycling market and we are committed to establishing AHS Recycle as China’s

Moving up to the third goal, capitalizing on the surging momentum of brain consumption, we will leverage our unique business model advantage, combined with our distinctive fuel track offline presence spanning both shopping malls and communities. This positioning enables us to create a closed loop ecosystem that seamlessly integrates commercial monetization and user acquisition across both low frequency high value and high frequency low value transactions, reinforcing our commitment to becoming a pioneer of sustainable consumption. I’d like to point out that all business models take money from their accounts, while AHS recycle as money to our users’ accounts. Our business model is unique and disruptive. On August 1, we launched the AHS Recycle Green Wallet, enabling users to purchase a growing range of products at surprise discounts in recognition of their eco friendly actions.

Actions. Through co branded partnerships with consumer brands, we promote eco friendly recycling and green consumption, engage an increasing number of users and set a new trend of genuine new lifestyle. This represents our long term vision and embodies our mission to give a second life to all idols. These three strategic goals represent our roadmap for fulfilling our long term commitments and form the fundamental strategy driving accelerated business growth. Earlier this year, we identified emerging opportunities from national trading subsidies from consumer electronics alongside the expanding secondhand market.

Accordingly, our initial guidance estimated that this year’s revenue growth will not only sustain its momentum, but accelerate further, slightly surpassing last year’s growth. As we enter the third quarter, we have strong confidence in meeting our full year operational objectives. Based on strong confidence in our performance, we are pleased to announce a three year shareholder return program, committing to return no less than 60% of our annual non GAAP net profit to shareholders via dividends, share repurchases or a combination of both from 2025 through 2027. One more thing, our ESG progress. In June, we released our fifth annual ESG report, marking a significant milestone with our first carbon reduction commitment.

Using 2024 as our baseline year, we have set ambitious targets to reduce Scope one and Scope two greenhouse gas emission intensity by 35% and Scope three emission intensity by 50 by 02/1930. You are more than welcome to explore more about our ESG highlights and improvements from the full report, which is available on our Investor Relations website. Now, I’d like to turn the call over to CFO, Rex, for financial updates. Hello, everyone. We are pleased to report strong financial performance in the 2025.

As national trading subsidies for consumer electronics fueled by market growth, we witnessed a surge in the demand for used device recycling and trade in, enabling us to capture accelerated opportunities through high precision trade in services, upgraded fulfillment capabilities and a stronger AHS recycle brand. Total revenue in the second quarter once again surpassed the high end of our guidance, increasing by 32.2% to over RMB4990 million and adjusted operating income was over RMB120 million compared to adjusted operating income of RMB94.1 million in the same period of 2024. Before taking a detailed look at the financials, please note that all amounts are in RMB and all comparisons are on a year over year basis unless otherwise stated. In the second quarter, the growth of total revenues was primarily driven by continued growth in both our net product revenue and net service revenues. Net product revenues increased by 34% to million, largely attributable to the growth in online sales of pre owned consumer electronics.

Net service revenues were million in the second quarter, representing an increase of 15.4%. The increase was largely driven by the growth in service revenue from our 3P multi customer recycling operations. The overall take rate of our marketplace was 5.3% for the 2025, up slightly year over year and quarter over quarter. During the quarter, our multi category recycling business contributed over RMB63 million of revenue, accounting for 14.7% of service revenues and representing a healthy upward trend. Now let’s discuss our operating expenses.

To provide greater clarity on the trends in our actual operating based expenses, we will mainly discuss our non GAAP operating expenses, which better reflect how management views our operating results. The reconciliations of GAAP and non GAAP results are available in our earnings release and the corresponding Form six ks furnished with the U. S. SEC. Merchandise costs increased by 32.3 to million, in line with the growth in product sales.

Gross profit margin for our 1P business was 13.2% compared with 12.1% in the same period last year. The gross margin improvement in our 1P business was primarily driven by high efficiency C2B recycling scenarios, compliant refurbishment capabilities incorporated in our supply chain and an increasingly diversified retail channel mix. This allows us to increase the proportion of higher margin retail sales, with 1P2C revenue accounting for 34.4% of product revenue in the 2025, up from 28.2% in the same period last year. Additionally, the high base impact from Apple’s trading program in 2024 has eased, with significantly improved gross margin in this segment through better pricing strategies. Fulfillment expenses increased by 26% to RMB410 million.

Non GAAP fulfillment expenses increased by 27.3% to RMB410 million. Under the non GAAP measures, the increase was mainly driven by higher personnel and logistics expenses, reflecting a greater volume of recycling and transaction activities compared to the same period in 2024. Additionally, operation related costs rose as we expanded our store network and enhanced operation center capacity in the 2005. Non GAAP fulfillment expenses as a percentage of total revenues decreased to 8.2% from 8.5%. Selling and marketing expenses increased by 14.9% to RMB410 million.

Non GAAP selling and marketing expenses increased by 36.7% to RMB390 million. The increase was primarily driven by higher advertising and promotional campaign related spending, as well as an uptick in commission expenses associated with channel service fees. As a result, non GAAP selling and marketing expenses as a percentage of total revenues increased to 7.8% from 7.5%. General and administrative expenses increased by 6.9% to RMB77.5 million. Non GAAP G and A expenses also increased by 33.6 to RMB75.1 million, primarily due to an increase in personnel costs.

Non GAAP G and A expenses as a percentage of total revenues remained stable at 1.5%. Technology and content expenses increased by 25.5% to RMB62.5 million. Non GAAP technology and content expenses increased by 33.2% to RMB58.2 million as well. The increase was primarily driven by elevated personnel expenses. Non GAAP technology and content expenses as a percentage of total revenues remained stable at 1.2%.

As a result, our non GAAP operating income was over million in the 2025 compared to non GAAP operating income of RMB94.1 million in the 2024. Non GAAP operating profit margin was 2.4% for this quarter, compared to 2.5% in the 2024, representing a modest decline of six basis points. The margin stabilized at 2.4% compared to the previous quarter. During the 2025, we repurchased a total of approximately 1,600,000.0 ADSs for approximately $4,400,000 As of 06/30/2025, we had repurchased a total of approximately 12,300,000.0 ADSs for approximately US31.1 million dollars and the previous US50 million dollars share repurchase program. On June 30, we announced that the Board of Directors authorized a new share repurchase program under which the company may repurchase up to US50 million dollars of its shares over twelve months starting from 06/30/2025.

The share repurchase program will be implemented in conjunction with the three year shareholder return plan previously shared by Kerry. As of 06/30/2025, cash and cash equivalents, restricted cash, short term investments and funds receivable from third party payment service providers totaled RMB2.35 billion. Our financial reserves are sufficient to support reinvestment in business development and shareholder returns. Now turning to the business outlook. For the 2025, we anticipate total revenues to be between 5,050 million and RMB 5,150 million, representing a year over year increase of 24.7% to 27.1%.

Please note that this forecast only reflects our current and preliminary views on the market and operational conditions, which are subject to change. This concludes our prepared remarks. Operator, we are now ready Probably due to technical issues, we are not able to hear the operator line.

Operator/Conference Moderator: Operator,

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: we’re not able to hear you clearly.

Operator/Conference Moderator: Apologies, this is the operator. Can you hear me?

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: Yes, please proceed. Hello,

Joyce Yu, Analyst, Bank of America: this is Joyce Yu from Bank of America. Could you hear me?

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: Yes.

Joyce Yu, Analyst, Bank of America: Given such strong growth momentum in the first half, what are the company’s growth expectations for the second half of the year? What are your measures to tackle the high base in the third quarter due to the home appliances national subsidy that was implemented in August? Additionally, the company actually having an updated version of the senior revenue and profit target. Thank you very much.

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: So From a longer term perspective, we believe the circular economy model centered on trade ins and secondhand consumption holds enduring potential with its share of new product consumption gradually rising. This stems from younger consumers’ heightened appreciation for quality to price ratios and increasing acceptance of green secondhand consumption. Viewing industry development through an evolutionary view, this will be a long term process requiring progressive brands and service recognition building, normalizing trade ins as the default purchasing method for new products. Like other sectors, it necessitates user education and mindset cultivation. At the current stage and during the next two years, we are focusing on two core strategy priorities.

First, we are maximizing our recycling and fulfillment capabilities, including in store and two door capabilities, allowing safe, convenient and competitively priced recycling and services more accessible. Second, we are positioning AHS Recycle as China’s leading recycling brand, while building strong brand equity, ensuring AHS Recycle can effectively serve users’ secondhand recycling and purchasing needs for the next decade and even next generation. In September, new device launches from leading brands will generate significant upgrade opportunities. We expect to capitalize on this cycle to serve Chinese consumers’ recycling and trade in demand. We are confident in realizing our revenue growth targets for the second half of this year.

Regarding profitability expectations, we maintain our strategy of enhanced investment in brand and capability building, supporting healthy profit outlook. We anticipate scale effects to gradually drive improvements in operating profit margins starting next year to create longer term value.

Jeremy Gee, Director of Corporate Development and Investor Relations, ATRenew Inc.: Okay. Thank

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: you. Operator, please open the line to the second question.

Operator/Conference Moderator: Michael Kim of Zacks Small Cap Research. Please go ahead.

Michael Kim, Analyst, Zacks Small Cap Research: Great. Good morning and good evening, everyone. Just one question from me. Just from a supply standpoint, any notable trends in trade in activity via JD dot com or your offline stores in terms of volumes, or the underlying mix of products? And then related to that, any updated thoughts on how, the subsidies have obviously impacted volumes more recently?

And sort of what inning do you think we might be in as it relates subsidy driven growth? Thanks.

Jeremy Gee, Director of Corporate Development and Investor Relations, ATRenew Inc.: Okay. Thank you for your question.

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: Our results of the second quarter demonstrate that smartphones remained the strongest C2B recycling category, benefiting from rising user acceptance of trade ins. The trade in program co launched by jd.com and AHS Recycle sustained robust growth. Enhanced in store and two door fulfillment capabilities enabled 80% offline fulfillment adoption across Tier one to Tier four cities, elevating user experience. Regarding national subsidies, we closely monitor policy developments. Recent government directives signal a strong commitment to stimulating consumption through substantial subsidy allocations.

During implementation, we optimized fulfillment to capture subsidy driven replacement demand, delivering impressive double digit growth in C2B recycling results. The recycling results were particularly strong in JD’s trading scenario. Notably, our apple to apple trading model offers brand funded incentives for devices that were not eligible for the national subsidy. Other brand partners we collaborate with have implemented similar promotional strategies. Brand owners and e commerce platforms have a stronger motivation to invest in trading subsidies.

Moving forward, trading and secondhand consumption will gain further traction as mainstream behaviors. We will expand recycling and trading scenarios, strengthen store and door to door fulfillment, amplifies AHS recycles brand influence and delivers superior value and user experiences.

Jeremy Gee, Director of Corporate Development and Investor Relations, ATRenew Inc.: Okay. Thank you.

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: Operator, please take the next question, please. Good evening, management. Congratulations for the strong results. I have two questions. The first one is, could you please share the adjustments you made to the Apple’s official business and overseas business?

And what impact did they have on your financial performance? The second question is, could you share some progress regarding new cooperation channels with brand manufacturers in the recycling sector? Thank you. Our Apple Trading business, which operates through Apple China’s official website and direct flagship stores, has maintained profitability since March. We have successfully absorbed the impact from the high revenue base established in the 2024, which we previously discussed.

We anticipate this business segment will contribute solid product revenue for the full year while generating positive operating profit for us. Beyond Apple, we partner with high quality domestic brands, capturing significant recycling and trading shares on platforms like Huawei Mall, Xiaomi Mall. We have established a wide area of mature C2B recycling scenarios, including AHS stores jd.com, Apple official website and flagship stores and Alipay. This year, we tapped into honor DJI and JTE’s official retail scenarios and built new partnerships. We embedded secondhand supply chain into new scenarios.

High quality recycling supply sources remain a core strategic priority. We will actively identify better supply scenarios and leverage efficient supply chain capabilities to enhance service experiences and price transparency for users. In addition, regarding the international business, we are making active operation and explorations. So we look forward to provide more color on our progresses next quarter.

Jeremy Gee, Director of Corporate Development and Investor Relations, ATRenew Inc.: Okay. Thank

Kary Chen, Founder, Chairman and CEO, ATRenew Inc.: you.

Jeremy Gee, Director of Corporate Development and Investor Relations, ATRenew Inc.: Thank you. Thank you all again for joining us. The replay of today’s call will be available on our IR website shortly followed by a practical transcript when ready. If you have any additional questions, please feel free to email us at iragrenew dot com. Have a nice day.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.