ATRenew Inc. Reports Unaudited Third Quarter 2025 Financial Results

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 8/22/2026

1. WMT
2. ROST
3. AAP
4. SPY
5. NVDA
6. AVGO
7. SPCX
8. HD
9. BJ
10. BABA

November 20, 2025 3:00 AM EST

SHANGHAI, Nov. 20, 2025 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the three months ended September 30, 2025.

Third Quarter 2025 Highlights

  • Total net revenues grew by 27.1% to RMB5,149.2 million (US$723.3 million) from RMB4,051.2 million in the same period of 2024.
  • Income from operations was RMB120.8 million (US$17.0 million), representing an increase of 385.1% year -on-year from RMB24.9 million in the same period of 2024. Adjusted income from operations (non-GAAP)[1]was RMB140.3 million (US$19.7 million), representing an increase of 34.9% year-on-year from RMB104.0 million in the same period of 2024.
  • Number of consumer products transacted[2] was 10.9 million compared to 9.1 million in the same period of 2024.

Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, "In the third quarter of 2025, ATRenew once again delivered impressive results. Total revenue for the quarter reached a record high of RMB5,149 million, up 27.1% year-on-year. With a strategic focus on 'scenario + supply chain' capabilities, we have secured high-quality supplies, accelerated the expansion of our fulfillment capabilities, and achieved a higher proportion of compliant refurbishment and retail operations that deliver greater value to the industry. With enhanced transaction efficiency and user experience across our marketplaces, we capitalized on the rapid and healthy development of the pre-owned consumer electronics industry, thereby solidifying the foundation of the company's core business. At the same time, leveraging AHS Recycle's brand power as China's leading brand for recycle-and-reuse, we are innovatively exploring multi-category recycling services under the platform model, with a focus on the long-term opportunities presented by the future circular economy."

Mr. Rex Chen, Chief Financial Officer of ATRenew, added, "We are pleased to report that ATRenew achieved improved profitability in the third quarter of 2025, with adjusted income from operations increasing by 34.9% year-over-year to RMB140 million. Through effective business execution and refined operational management, we achieved year-over-year and quarter-over-quarter improvements across multiple profitability metrics. As user acceptance of recycling and trade-in services continues to grow, we expect to leverage economies of scale in our fulfillment capabilities to gradually enhance our overall profitability. In alignment with the Company's financial performance and our ongoing commitment to creating value, we are also implementing a three-year shareholder return plan as we previously announced."

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.

Third Quarter 2025 Financial Results

REVENUE

Total net revenues increased by 27.1% to RMB5,149.2 million (US$723.3 million) from RMB4,051.2 million in the same period of 2024.

  • Net product revenues increased by 28.7% to RMB4,726.3 million (US$663.9 million) from RMB3,672.2 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 11.6% to RMB422.8 million (US$59.4 million), compared to RMB379.0 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 Paipai Marketplace.

OPERATING COSTS AND EXPENSES

Operating costs and expenses were RMB5,033.2 million (US$707.0 million), compared to RMB4,028.1 million in the same period of 2024, representing an increase of 25.0%.

  • Merchandise costs were RMB4,094.2 million (US$575.1 million), compared to RMB3,242.8 million in the same period of 2024, representing an increase of 26.3%. The increase was primarily due to the growth in product sales.
  • Fulfillment expenses were RMB437.1 million (US$61.4 million), compared to RMB347.3 million in the same period of 2024, representing an increase of 25.9%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with the same period of 2024, and (ii) an increase in operation related expenses as the Company expanded its store networks and operation center capacity in the third quarter of 2025.
  • Selling and marketing expenses were RMB363.9 million (US$51.1 million), compared to RMB315.3 million in the same period of 2024, representing an increase of 15.4%. 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 a decrease in amortization of intangible assets resulting from assets and business acquisitions resulting from the maturity of major remaining intangible assets in the second quarter of 2025.
  • General and administrative expenses were RMB74.1 million (US$10.4 million), compared to RMB69.3 million in the same period of 2024, representing an increase of 6.9%. The increase was primarily due to (i) an increase in tax and surcharges, and (ii) an increase in consultant fees. The increase was partially offset by a decrease in share-based compensation.
  • Technology and content expenses were RMB63.8 million (US$9.0 million), compared to RMB53.4 million in the same period of 2024, representing an increase of 19.5%. The increase was primarily due to an increase in personnel costs.

INCOME FROM OPERATIONS

Income from operations was RMB120.8 million (US$17.0 million), an increase of 385.1% from RMB24.9 million in the same period of 2024.

Adjusted income from operations (non-GAAP) was RMB140.3 million (US$19.7 million), an increase of 34.9% from RMB104.0 million in the same period of 2024.

NET INCOME

Net income was RMB90.8 million (US$12.8 million), an increase of 407.3% from RMB17.9 million in the same period of 2024.

Adjusted net income (non-GAAP) was RMB110.2 million (US$15.5 million), an increase of 22.3% from RMB90.1 million in the same period of 2024.

BASIC AND DILUTED NET INCOME PER ORDINARY SHARE

Basic and diluted net income per ordinary share were RMB0.56 (US$0.08) and RMB0.56 (US$0.08), compared to RMB0.11 and RMB0.11 in the same period of 2024.

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.68 (US$0.10) and RMB0.68 (US$0.10), compared to RMB0.56 and RMB0.55 in the same period 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 RMB2,537.6 million (US$356.4 million) as of September 30, 2025, as compared to RMB2,919.6 million as of December 31, 2024.

Business Outlook

For the fourth quarter of 2025, the Company currently expects its total revenues to be between RMB6,080.0 million and RMB6,180.0 million, representing an increase of 25.4% to 27.4% 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 Developments

On June 30, 2025, ATRenew announced that 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 third quarter of 2025, ATRenew repurchased a total of approximately 0.5 million ADSs for approximately US$2.1 million.

Conference Call Information

The Company's management will hold a conference call on Thursday, November 20, 2025 at 07:00 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:


1-412-317-6061

United States Toll Free:


1-888-317-6003

Mainland China Toll Free:


4001-206115

Hong Kong Toll Free:


800-963976

Access Code:


2918322

The replay will be accessible through November 27, 2025 by dialing the following numbers:

International:


1-412-317-0088

United States Toll Free:


1-855-669-9658

Access Code:


3466263

A 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. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew's open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.

Exchange Rate Information

This 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 RMB7.1190 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 September 30, 2025.

Use of Non-GAAP Financial Measures

The 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 (loss) 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 (loss) 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 Statement

This 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 Contact

In China:
ATRenew Inc.
Investor Relations
Email: [email protected]

In the United States:
ICR LLC.
Email: [email protected]
Tel: +1-212-537-0461

 

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)






As of December 31,



As of September 30,




2024



2025




RMB



RMB



US$


ASSETS










Current assets:










Cash and cash equivalents



1,970,183




1,627,654




228,635


Restricted cash



132,000




6,668




937


Short-term investments



583,764




546,685




76,792


Amount due from related parties, net



117,161




244,445




34,337


Inventories



535,070




698,834




98,165


Funds receivable from third party payment service
providers



233,133




356,054




50,015


Prepayments and other receivables, net



598,045




903,655




126,934


Total current assets



4,169,356




4,383,995




615,815


Non-current assets:










Long-term investments



556,136




514,256




72,237


Property and equipment, net



156,532




229,671




32,262


Intangible assets, net



56,603




11,432




1,606


Other non-current assets



152,094




158,551




22,272


Total non-current assets



921,365




913,910




128,377


TOTAL ASSETS



5,090,721




5,297,905




744,192


LIABILITIES AND SHAREHOLDERS' EQUITY










Current liabilities:










Short-term borrowings



225,000




149,800




21,042


Accounts payable



171,356




146,268




20,546


Contract liabilities



98,834




79,139




11,117


Accrued expenses and other current liabilities



522,378




648,487




91,092


Accrued payroll and welfare



179,693




189,921




26,678


Amount due to related parties



109,730




116,418




16,353


Total current liabilities



1,306,991




1,330,033




186,828


Non-current liabilities:










Operating lease liabilities, non-current



79,934




76,986




10,814


Deferred tax liabilities



9,244




2,469




347


Total non-current liabilities



89,178




79,455




11,161


TOTAL LIABILITIES



1,396,169




1,409,488




197,989


TOTAL SHAREHOLDERS' EQUITY



3,694,552




3,888,417




546,203


TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY



5,090,721




5,297,905




744,192


 

 

 

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 September 30,



Nine months ended September 30,




2024



2025



2024



2025




RMB



RMB



US$



RMB



RMB



US$


Net revenues



















Net product revenues



3,672,239




4,726,335




663,904




10,383,813




13,548,709




1,903,176


Net service revenues



378,999




422,820




59,393




1,095,264




1,245,356




174,934


Operating (expenses) income (1)(2)



















Merchandise costs



(3,242,843)




(4,094,190)




(575,107)




(9,181,300)




(11,667,662)




(1,638,947)


Fulfillment expenses



(347,270)




(437,102)




(61,399)




(985,325)




(1,278,579)




(179,601)


Selling and marketing expenses



(315,293)




(363,891)




(51,115)




(990,607)




(1,189,619)




(167,105)


General and administrative expenses



(69,302)




(74,147)




(10,415)




(215,671)




(215,042)




(30,207)


Technology and content expenses



(53,396)




(63,823)




(8,965)




(153,391)




(181,294)




(25,466)


Other operating income, net



1,751




4,776




671




23,082




22,666




3,184


Income (loss) from operations



24,885




120,778




16,967




(24,135)




284,535




39,968


Interest expense



(3,615)




(1,258)




(177)




(12,332)




(4,886)




(686)


Interest income



8,686




5,921




832




20,611




19,875




2,792


Other income (loss), net



47




(281)




(39)




(41,305)




(1,998)




(281)


Income (loss) before income taxes and
share of loss in equity method investments



30,003




125,160




17,583




(57,161)




297,526




41,793


Income tax benefits (expenses)



5,949




(16,883)




(2,372)




24,536




(40,465)




(5,684)


Share of loss in equity method investments



(18,069)




(17,460)




(2,453)




(53,028)




(51,108)




(7,179)


Net income (loss)



17,883




90,817




12,758




(85,653)




205,953




28,930


Net income (loss) per ordinary share:



















Basic



0.11




0.56




0.08




(0.53)




1.28




0.18


Diluted



0.11




0.56




0.08




(0.53)




1.27




0.18


Weighted average number of shares used
in calculating net income (loss) per
ordinary share



















Basic



161,405,774




161,397,323




161,397,323




162,011,110




161,419,254




161,419,254


Diluted



164,258,720




162,686,691




162,686,691




162,011,110




162,495,952




162,495,952


Net income (loss)



17,883




90,817




12,758




(85,653)




205,953




28,930


Foreign currency translation adjustments



(7,093)




892




125




(7,183)




(5,849)




(822)


Total comprehensive income (loss)



10,790




91,709




12,883




(92,836)




200,104




28,108


 

 

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS) (CONTINUED)

(Amounts in thousands)






Three months ended September
30,


Nine months ended September
30,




2024


2025


2024


2025




RMB


RMB


US$


RMB


RMB


US$


(1) Includes share-based compensation
expenses as follows:














Fulfillment expenses



(3,021)



(4,919)



(691)



(15,992)



(11,257)



(1,581)


Selling and marketing expenses



(12,220)



(2,062)



(290)



(56,792)



(8,252)



(1,159)


General and administrative expenses



(13,854)



(8,992)



(1,263)



(45,924)



(15,323)



(2,152)


Technology and content expenses



(3,657)



(2,726)



(383)



(13,611)



(8,943)



(1,256)


(2) Includes amortization of intangible
assets resulting from assets and
business acquisitions as follows:














Selling and marketing expenses



(46,263)



(780)



(110)



(169,154)



(45,172)



(6,345)


Technology and content expenses



(130)



—



—



(981)



—



—


 

 

 

Unaudited Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except share and per share and otherwise noted)






Three months ended September 30,



Nine months ended September 30,




2024



2025



2024



2025




RMB



RMB



US$



RMB



RMB



US$


 Income (loss) from operations



24,885




120,778




16,967




(24,135)




284,535




39,968


Add:



















Share-based compensation expenses



32,752




18,699




2,627




132,319




43,775




6,148


Amortization of intangible assets resulting from
assets and business acquisitions



46,393




780




110




170,135




45,172




6,345


Adjusted income from operations (non-GAAP)



104,030




140,257




19,704




278,319




373,482




52,461


Net income (loss)



17,883




90,817




12,758




(85,653)




205,953




28,930


Add:



















Share-based compensation expenses



32,752




18,699




2,627




132,319




43,775




6,148


Amortization of intangible assets resulting from
assets and business acquisitions



46,393




780




110




170,135




45,172




6,345


Less:



















Tax effects of amortization of intangible assets
resulting from assets and business acquisitions



(6,972)




(117)




(16)




(25,559)




(6,776)




(952)


Adjusted net income (non-GAAP)



90,056




110,179




15,479




191,242




288,124




40,471


Adjusted net income per ordinary share (non-
GAAP):



















Basic



0.56




0.68




0.10




1.18




1.78




0.25


Diluted



0.55




0.68




0.10




1.16




1.77




0.25


Weighted average number of shares used in
calculating net income per ordinary share



















Basic



161,405,774




161,397,323




161,397,323




162,011,110




161,419,254




161,419,254


Diluted



164,258,720




162,686,691




162,686,691




165,040,389




162,495,952




162,495,952


 

Cision View original content:https://www.prnewswire.com/news-releases/atrenew-inc-reports-unaudited-third-quarter-2025-financial-results-302621208.html

SOURCE ATRenew Inc.


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

PRNewswire, Press Releases

Related Entities

Stock Buyback, Earnings