ATRenew Inc. · NYSE:RERE
ATRenew — Q2 2025 Earnings Presentation
25 slides from ATRenew's earnings presentation, August 2025
Slide 1: 2Q25 Investor Presentation
2Q25 INVESTOR PRESENTATION August 2025
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: ATRenew Inc. Second Quarter and First Half 2025 Financial Highlights
ATRenew Inc. Second Quarter and First Half 2025 Financial Highlights Total net revenues of 2Q25 exceeded high-end guidance with accelerated growth 2Q25 Change 1H25 Change Total net revenues RMB 4,991.5 MN +32.2% YoY RMB 9,644.9 MN +29.8% YoY Net product revenues RMB 4,558.7 MN +34.0% YoY RMB 8,822.4
Slide 5: ATRenew Inc. Second Quarter and First Half 2025 Business Updates
ATRenew Inc. Second Quarter and First Half 2025 Business Updates 1P business 2Q25 AHS store count As of June 30, 2025 Net increase YoY Net product revenues +34.0% YoY Total 2,092 +576 Excl. Apple Trade-In and international businesses +39.2% YoY self-operated 987 +257 standard stores 3P business 2Q25
Slide 6: Strong Topline Growth Momentum
Strong Topline Growth Momentum Net Revenues Non-GAAP Operating Income (RMB million) (RMB million) Change of Non-GAAP OpM % total net revenues +29.8% 2.3% 2.4% 2.5% 2.4% YoY 9,645 823 233 7,428 716 174 +32.2% YoY 4,992 121 433 8,822 3,777 94 375 6,712 4,559 3,402 1H24 1H25 2Q24 2Q25 1H24 1H25 2Q24 2Q
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 8.4% 8.7% 8.5% 8.2% 6.8% 8.0% 7.5% 7.8% 625 835 322 410 508 775 283 387 1H24 1H25 2Q24 2Q25 1H24 1H25 2Q24 2Q25 General and Ad
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 Steps to Our Long-term Mission of Consumer Goods Recycle and Reuse
Three Steps to Our Long-term 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 an
Slide 12: Our Evolution
Our Evolution 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 Building ecosystem and B2C Offering industry infrastructure Accumulat
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: 2,092 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 02 Trusted face-to-face 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 Trade-
Slide 24: Our Continuous Efforts in Compliance and ESG Initiatives
Our Continuous Efforts in Compliance and ESG Initiatives ATRenew continues to enhance ESG performance in 2024 UNGC Signatory “Low ESG Risk” S&P Global ESG Score improved to 35, Environmental highlights: Rating by Sustainalytics top 7% in the industry ✓ Extended the life cycle of 35.3 million used de
Slide 25: Explore more:
Explore more: Home: www.atrenew.com IR site: ir.atrenew.com Email: ir@atrenew.com 24