ATRenew Inc. · NYSE:RERE
ATRenew — Q4 2025 Earnings Presentation
25 slides from ATRenew's earnings presentation, March 2026
Slide 1: 4Q25 Investor Presentation
4Q25 INVESTOR PRESENTATION March 2026
Slide 2: Safe Harbor
Safe Harbor Forward-looking Statements This presentation has been prepared by ATRenew Inc. (the “Company”) solely for informational purposes. This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking s
Slide 3: Contents
• Market Overview • Contents Our Offerings and Capabilities • Investment Highlights • Quarterly Updates • Appendix 2
Slide 4: Fourth Quarter and Full Year 2025 Financial Highlights
ATRenew Inc. Fourth Quarter and Full Year 2025 Financial Highlights Total net revenues reached new record and exceeded high-end of guidance Non-GAAP operating income expanded rapidly 4Q25 Change FY25 Change Total net revenues RMB 6,254.2 MN +29.0% YoY RMB 21,048.3 MN +28.9% YoY Net product revenues
Slide 5: Fourth Quarter and Full Year 2025 Business Updates
ATRenew Inc. Fourth Quarter and Full Year 2025 Business Updates 1P business 4Q25 FY25 AHS store count As of Dec. 31, 2025 Net Change YoY Net product revenues +30.7% YoY +30.6% YoY Total 2,195 +334 self-operated 1,002 +172 standard stores 3P business 4Q25 FY25 joint-operated Net service revenues +8.8
Slide 6: Sustained Strong Growth in Revenue and Non-GAAP Operating Income
Sustained Strong Growth in Revenue and Non-GAAP Operating Income Net Revenues Non-GAAP Operating Income (RMB million) (RMB million) Change in Non-GAAP OpM % total net revenues 21,048 +28.9% 2.5% 2.6% 2.7% 2.9% YoY 1,668 16,328 555 1,484 410 +29.0% YoY 19,380 14,844 6,254 4,849 423 182 389 131 5,831
Slide 7: Snapshot of Non-GAAP Operating Expenses
Snapshot of Non-GAAP Operating Expenses Fulfillment Expenses Selling and Marketing Expenses (RMB million) (RMB million) As % of total net As % of total net revenues revenues 8.3% 8.3% 8.1% 7.7% 6.6% 7.6% 6.6% 7.4% 1,362 1,747 392 480 1,085 1,598 321 462 FY24 FY25 4Q24 4Q25 FY24 FY25 4Q24 4Q25 Genera
Slide 8: Our Strategy: High-value Scenarios, User-Centric & Long-term Capacity Building
Our Strategy: High-value Scenarios, User-Centric & Long-term Capacity Building Precise traffic conversion Embrace more in-store recycling categories ➢ Improve penetration of traffic directed from JD.com since 2015 ➢ Enable customers to sell luxury goods, gold, jewelry, and ➢ Work closely with brand
Slide 9: Appendix
• Market Overview • Appendix Our Offerings and Capabilities • Investment Highlights • Investment Highlights • Offerings and Capabilities 8
Slide 10: Key Investment Highlights
Key Investment Highlights Industry-defining scale and capabilities Proprietary testing, grading, and pricing technologies advance operational efficiency Integration of offerings which forms a closed-loop value chain Highly synergistic relationship with JD.com and leading brand owners Entrepreneurial
Slide 11: Three Tier Strategy to Achieve Mission of Consumer Goods Recycle and Reuse
Three Tier Strategy to Achieve Mission of Consumer Goods Recycle and Reuse Recycle Reuse Refurbish Mission ·To give a second life to all idle goods Maximize the value of products and resources Breakthrough ·A national brand for recycling Increase consumer awareness for recycle and reuse of existing
Slide 12: 15 Years Leading Innovation in the Secondhand Industry, Empowering More Partners
15 Years Leading Innovation in the Secondhand Industry, Empowering More Partners On June 18, 2021, ATRenew became a publicly traded company, listing on the New York Stock Exchange under the symbol ‘RERE.’ Growing our influence globally Extending competencies to end-consumer International Business Bu
Slide 13: ATRenew as a Tech-driven Market Disruptor and Reformer
ATRenew as a Tech-driven Market Disruptor and Reformer Transactions between middlemen Traditional Players Users at recycling end Recycler Dealer 1 … … … Dealer N Retailer Users at purchasing end × Lack of trustworthy and convenient × Lack of quality inspection and fair pricing × Lack of trustworthy
Slide 14: We Built the Circulation Ecosystem for Pre-owned Devices in China
We Built the Circulation Ecosystem for Pre-owned Devices in China Aggregated Diverse Supply Standardized Inspection, Grading, and Pricing Efficient Demand Fulfillment 1P Consumers Increasingly Proprietary & Innovative Consumers Automated & Highly Accurate Technologies Premium Consumers on JD.com AHS
Slide 15: Our Scale and Capabilities Define Industry Standards
Our Scale and Capabilities Define Industry Standards Nationwide coverage of industry participants Pioneer in developing used electronics industry standards Inspection 39 criteria to be inspected Online Recycling: Multiple online consumer Offline Presence: 2,195 stores automatically touchpoints for t
Slide 16: Proprietary Testing, Grading, and Pricing Technologies
Proprietary Testing, Grading, and Pricing Technologies Our State-of-the-art Operation Centers Wide-ranging Coverage in China Streamlined Process and High Precision Improve Non-GAAP Fulfillment Cost Efficiency 8 centralized operation centers1 Non-GAAP fulfillment expenses as % of Enhance Efficiency o
Slide 17: 2nd-Gen Automation Facility Realizes Multiple Upgrades in Dongguan
2nd-Gen Automation Facility Realizes Multiple Upgrades in Dongguan Shunting system The facility officially entered into operation in 4Q22, featuring three significant advances over the first- generation Changzhou facility: Circulation efficiency Inspection accuracy Storage capacity Automated shuntin
Slide 18: Overview of C2B (AHS Recycle)
Overview of C2B (AHS Recycle) C2B – efficiently sourcing supply of all phone types Supply Processing Distribution Offline Sources Operation Centers Paipai Marketplace Self-operated Joint-operated Pick-up Stores Stores Services AHS Select Online Sources Retail/toC AHS Recycle JD Group V Mall apple.cn
Slide 19: AHS Stores are Our Core Consumer Touchpoints
AHS Stores are Our Core Consumer Touchpoints 01 Premium recycling experience Trusted face-to-face 02 delivery Established offline trade-in 03 fulfillment infrastructure 04 Increased brand awareness 18
Slide 20: Accelerating New-category Fulfillment Coverage
Accelerating New-category Fulfillment Coverage Promote AHS Recycle as a top-of-mind cashback destination, leveraging a third-party model with zero inventory intake. AHS flagship store ➢ Positioning: To recycle valuable and popular consumer products ➢ Categories: Luxury goods, gold & jewelry, premium
Slide 21: Overview of B2B Marketplace (PJT)
Overview of B2B Marketplace (PJT) B2B – enabling third-party merchants’ trade-in programs and transactions Inspected at ATRenew’s Operating Resellers Proprietary Certification and Pricing and Listing Supply Chain Center Grading Standards Services Management Mom-and-Pop Stores Blind PJT Auction Marke
Slide 22: Overview of B2C Marketplace
Overview of B2C Marketplace B2C – fulfilling consumers’ demand for like-new products and a superior experience Consumers Consignment Model on Paipai platform Devices certified in operation centers Product Search or Device Certification Customer Recommendation and Pricing Support Consumers on AHS Sel
Slide 23: Highly Synergistic Relationship with JD.com, Co-creating Best-in-class Trade-in Experience
Highly Synergistic Relationship with JD.com, Co-creating Best-in-class Trade-in Experience A win-win for new device sales and Seamless trade-in and recycling solutions incorporated in JD.com’s used device recycling main site (product page) nd accurate traffic Large a sumer electronics for con Tra e
Slide 24: Our ESG Achievement
Our ESG Achievement EARTHSHOT PRIZE “LOW ESG RISK” S&P GLOBAL ESG UN GLOBAL COMPACT FINALIST RATING SCORE: TOP 7% “20 FOR 20” Selected as the finalist for the Rated “Low Risk” by Scored 35/100 (industry top 7%) Recognized by the UNGC as one Earthshot Prize founded by SUSTAINALYTICS, highlighting wit
Slide 25: Explore more:
Explore more: Home: www.atrenew.com IR site: ir.atrenew.com Email: ir@atrenew.com 24