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ATRenew Inc. (NYSE: RERE), headquartered in Shanghai, is a leading technology-driven platform specializing in pre-owned consumer electronics transactions and services in China. Founded in 2011, the company has dedicated itself to giving a second life to idle electronic goods, thereby addressing environmental concerns associated with e-waste. Operating under the brand ATRenew, the company manages a robust online and offline presence that integrates C2B, B2B, and B2C capabilities.
ATRenew's primary revenue stream comes from online sales of recycled phones and other consumer electronics. The company's extensive platform ensures transparent pricing through a competitive bidding model among recyclers. ATRenew has established significant partnerships with top-tier brands such as JD.com, Walmart, and Apple, enhancing its market presence and service quality. The company recently renewed its cooperation agreement with JD.com, extending their collaborative efforts until 2027.
Financially, ATRenew is on a growth trajectory, as evidenced by its recent performance metrics. For the second quarter of 2023, the company reported a remarkable 38.1% year-over-year increase in total net revenues, reaching RMB2,963.7 million. Operating efficiency has been improved through advanced automation technologies and big data algorithms, contributing to better inspection and logistics processes.
On the sustainability front, ATRenew is committed to reducing its carbon footprint. In its recent ESG report, the company highlighted its achievements in responsible recycling and green disposal of electronic devices. ATRenew is a participant in the United Nations Global Compact, showcasing its commitment to ethical practices and sustainability.
The company's future outlook remains optimistic, with plans to enhance its supply chain capabilities and customer experience. ATRenew aims to achieve sustainable long-term value for its stakeholders by leveraging its technological advancements.
ATRenew Inc. (NYSE: RERE) has announced plans to release its unaudited financial results for Q4 and the full year of 2021 on March 10, 2022. The earnings conference call will take place at 08:00 A.M. ET on the same day. ATRenew operates as a leading platform for pre-owned consumer electronics in China, focusing on recycling and trade-in services to extend the lifecycle of devices. The company aims to enhance its brand recognition and address environmental impacts through its technology-driven operations.
ATRenew Inc. (NYSE: RERE) has authorized a share repurchase program to buy back up to US$100 million of its shares over the next twelve months, starting December 28, 2021. The repurchases may occur in various ways including open market transactions and block trades, depending on market conditions. Funding will come from the company’s existing cash. This move is aimed at enhancing shareholder value by reducing the number of outstanding shares and potentially increasing earnings per share (EPS).
ATRenew Inc. (NYSE: RERE) reported strong Q3 2021 results, with net revenues up 48% to RMB1,962.3 million (US$304.5 million), driven by a 56.6% increase in Gross Merchandise Volume (GMV) to RMB8.3 billion. However, the company experienced a loss from operations of RMB150.5 million (US$23.4 million), worsening from RMB84.7 million in Q3 2020. Adjusted net loss was RMB22.5 million (US$3.5 million). The company expects Q4 revenues between RMB2,300 million and RMB2,350 million. ATRenew aims to enhance operational efficiency and contribute to China's circular economy goals.
On November 15, 2021, ATRenew Inc. (NYSE: RERE), formerly AiHuiShou International Co. Ltd., announced its name change to strengthen brand recognition. This decision was approved by shareholders and is effective immediately. Additionally, ATRenew launched its new official website and investor relations portal, which aim to enhance global market presence. The company continues to lead in pre-owned consumer electronics transactions in China, driven by technology and an eco-friendly mission since its founding in 2011.
AiHuiShou International Co. Ltd. (NYSE: RERE) participated in the fourth China International Import Expo on November 6, 2021, where CEO Kerry Xuefeng Chen discussed the company's role in promoting the circular economy. The event, hosted by Deloitte, emphasized the importance of climate action for economic sustainability. ATRenew focuses on extending the life cycles of pre-owned consumer electronics, aligning with China's dual-carbon targets. The company improves the recycling process while ensuring user data privacy through technology. ATRenew aims to engage stakeholders to foster responsible and resilient business practices.
AiHuiShou International Co. Ltd. (NYSE: RERE) announced plans to release its unaudited financial results for Q3 2021 on November 18, 2021, prior to U.S. market open. The management will conduct an earnings conference call at 7:00 A.M. ET to discuss these results. Founded in 2011, ATRenew operates a leading platform for pre-owned electronics in China, focusing on environmental sustainability through recycling and trade-in services. The company aims to set high standards in the industry using its proprietary technologies. For more details, visit their investor relations website.
AiHuiShou International Co. Ltd. (NYSE: RERE) has received high commendation from the Treasury Today Group's Adam Smith Awards Asia 2021 for 'Best in Class Treasury Solution' in the PRC category. This recognition highlights ATRenew's advancements in corporate treasury functions, including digital account management and supply chain finance, enhancing treasury efficiency and risk management. CEO Rex Chen emphasized ongoing investments in treasury team development to enhance stakeholder service.
SHANGHAI, Sept. 30, 2021 /PRNewswire/ -- AiHuiShou International Co. Ltd. (NYSE: RERE) has announced an extraordinary general meeting (EGM) scheduled for November 15, 2021, at 10:00 a.m. Beijing time. The meeting will address a proposal to change the company name to "ATRenew Inc." Shareholders of record as of October 8, 2021, are entitled to vote. ATRenew, established in 2011, operates a leading platform for pre-owned consumer electronics in China, focusing on sustainability and recycling through its innovative services.
AiHuiShou International Co. Ltd. (NYSE: RERE) participated in the 2021 China Investor Future Summit, where CEO Kerry Chen discussed the company’s commitment to social responsibility and environmental sustainability. The discussion focused on China's 'dual carbon' goals and the growth of a circular economy, which ATRenew is well-positioned to support. The demand for pre-owned consumer goods, particularly electronics, is rising in China. The company aims to extend the lifecycle of these products while enhancing its ESG integration for long-term stability and value creation.
On September 16, 2021, ATRenew (NYSE: RERE) presented at the CITIC CLSA Flagship Investors' Forum, outlining the growth potential in the pre-owned consumer electronics market in China. CEO Kerry Chen highlighted the need for sustainable practices to manage electronic waste, citing over 2.6 billion devices circulating in the country. ATRenew's integrated approach utilizes C2B, B2B, and B2C models, focusing on recycling and extending product lifecycles. The company emphasizes ESG accountability, recently publishing its first ESG report on August 17, 2021, enhancing brand recognition and sustainability efforts.
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