ATRenew Inc. · NYSE:RERE
ATRenew — Q1 2026 Earnings Presentation
29 slides from ATRenew's earnings presentation, May 2026
Slide 1: 1Q26 Investor Presentation
1Q26 INVESTOR PRESENTATION May 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: ATRenew Inc. First Quarter 2026 Financial Highlights
ATRenew Inc. First Quarter 2026 Financial Highlights Total net revenues exceeded high-end of guidance Non-GAAP operating income expanded rapidly 1Q26 1Q25 Change Total net revenues RMB 6,160.1 MN RMB 4,653.5 MN +32.4% YoY Net product revenues RMB 5,729.8 MN RMB 4,263.7 MN +34.4% YoY Net service reve
Slide 5: ATRenew Inc. First Quarter 2026 Business Updates
ATRenew Inc. First Quarter 2026 Business Updates 1P business 1Q26 AHS store count As of Mar. 31, 2026 Net Change YoY Net product revenues +34.4% YoY Total 2,156 +270 self-operated 965 +48 standard stores 3P business 1Q26 joint-operated Net service revenues +10.4% YoY 1,133 +290 standard stores from
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% 2.4% 3.1% YoY 1,668 16,328 1,484 555 +32.4% 410 YoY 19,380 14,844 6,160 4,653 430 191 390 112 5,730
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% 9.1% 8.5% 6.6% 7.6% 8.3% 8.0% 1,362 1,747 425 522 1,085 1,598 388 492 FY24 FY25 1Q25 1Q26 FY24 FY25 1Q25 1Q26 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 existin
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: 2,156 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: Appendix: Income Statement
Appendix: Income Statement RMB mn (GAAP Basis, Unless Otherwise Specified) 1Q26 1Q25 Net product revenues 5,729.8 4,263.7 Net service revenues 430.3 389.8 Total net revenues 6,160.1 4,653.5 Operating (expenses) income Merchandise costs (4,816.8) (3,615.9) Fulfillment expenses (524.0) (427.8) Selling
Slide 26: Appendix: Income Statement – Cont’d
Appendix: Income Statement – Cont’d RMB mn (Reconciliations of GAAP and Non-GAAP Results) 1Q26 1Q25 Income from operations 185.3 72.7 Add: Share-based compensation expenses 4.4 12.7 Amortization of intangible assets resulting from assets and business acquisitions 0.8 26.5 Adjusted income from operat
Slide 27: Appendix: Balance Sheet
Appendix: Balance Sheet RMB mn As of Mar. 31, 2026 As of Dec. 31, 2025 ASSETS Current assets: Cash and cash equivalents 1,012.6 1,537.5 Restricted cash 0.5 0.5 Short-term investments 247.9 267.6 Amount due from related parties, net 482.5 414.8 Inventories 1,486.2 1,074.1 Funds receivable from third
Slide 28: Appendix: Balance Sheet – Cont’d
Appendix: Balance Sheet – Cont’d RMB mn As of Mar. 31, 2026 As of Dec. 31, 2025 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Short-term borrowings 294.7 322.9 Accounts payable 225.0 335.6 Contract liabilities 271.2 231.8 Accrued expenses and other current liabilities 842.0 644.8 Accrued
Slide 29: Explore more:
Explore more: Home: www.atrenew.com IR site: ir.atrenew.com Email: ir@atrenew.com 28