Workflow
ATRenew Inc. Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results
REREATRenew(RERE) Prnewswire·2025-03-11 08:00

Core Viewpoint - ATRenew Inc. reported strong financial results for Q4 and full year 2024, with significant revenue growth and improved profitability, driven by increased consumer demand for trade-in and recycling services in the pre-owned consumer electronics market in China [1][3][4]. Financial Performance - Q4 2024 total net revenues increased by 25.2% to RMB4,849.3 million (US664.4million)fromRMB3,873.6millioninQ42023[4][6].−Fullyear2024totalnetrevenuesgrewby25.9664.4 million) from RMB3,873.6 million in Q4 2023 [4][6]. - Full year 2024 total net revenues grew by 25.9% to RMB16,328.4 million (US2,237.0 million) from RMB12,965.8 million in 2023 [12][17]. - Adjusted income from operations for Q4 2024 was RMB131.4 million (US18.0million),a61.018.0 million), a 61.0% increase from RMB81.6 million in Q4 2023 [9][10]. - Full year adjusted income from operations was RMB409.7 million (US56.1 million), up 62.8% from RMB251.7 million in 2023 [17]. Operational Highlights - The number of consumer products transacted in Q4 2024 was 9.4 million, compared to 8.5 million in Q4 2023 [6]. - For the full year 2024, the number of consumer products transacted reached 35.3 million, up from 32.3 million in 2023 [6][12]. - The company expanded its network to 1,861 AHS stores, enhancing its ability to meet growing consumer demand for trade-in and recycling services [3]. Cost and Expenses - Operating costs and expenses for Q4 2024 were RMB4,826.6 million (US661.2million),anincreaseof23.9661.2 million), an increase of 23.9% from RMB3,894.0 million in Q4 2023 [5][6]. - Full year operating costs and expenses increased by 24.1% to RMB16,352.9 million (US2,240.3 million) from RMB13,175.4 million in 2023 [13][17]. Profitability Metrics - Q4 2024 net income was RMB77.4 million (US10.6million),asignificantincreaseof2,664.310.6 million), a significant increase of 2,664.3% from RMB2.8 million in Q4 2023 [10]. - Full year net loss was reduced to RMB8.2 million (US1.1 million) from RMB156.3 million in 2023 [18]. - Basic and diluted net income per ordinary share for Q4 2024 were RMB0.48 (US0.07),comparedtoRMB0.02inQ42023[11].BusinessOutlook−ForQ12025,ATRenewexpectstotalrevenuestobebetweenRMB4,550.0millionandRMB4,650.0million,representingayear−over−yearincreaseof24.60.07), compared to RMB0.02 in Q4 2023 [11]. Business Outlook - For Q1 2025, ATRenew expects total revenues to be between RMB4,550.0 million and RMB4,650.0 million, representing a year-over-year increase of 24.6% to 27.4% [21]. - The company aims to enhance its service capabilities and strengthen brand awareness to seize emerging opportunities in the circular economy [3][23]. Recent Developments - ATRenew was recognized by the United Nations Global Compact for its commitment to sustainable development practices [22]. - The company repurchased approximately 2.1 million ADSs for about US5.8 million under its share repurchase program [23].