ATRenew (RERE) Q2 2025 earnings summary

Executive summary

• Total revenue for Q2 2025 reached RMB 4.99 billion, up 32.2% year-over-year, surpassing guidance, with 1H25 revenues at RMB 9.64 billion, up 29.8% year-over-year.

• Net product revenues grew 34.0% year-over-year; net service revenues increased 15.4% year-over-year.

• Adjusted (non-GAAP) income from operations was RMB 121.3 million, up from RMB 94.1 million in Q2 2024; net income reached RMB 72.3 million, reversing a net loss last year.

• Transaction volumes reached 10.3 million units, up 22.6% year-over-year, driven by 1P business growth.

• Announced a three-year shareholder return plan to return at least 60% of annual Non-GAAP net profit via dividends or share repurchases from 2025 to 2027.

Financial highlights

• Q2 2025 total revenue: RMB 4.99 billion, up 32.2% year-over-year, exceeding guidance.

• 1P product revenue: RMB 4.56 billion, up 34% year-over-year; 3P service revenue: RMB 430 million, up 15.4% year-over-year.

• Non-GAAP operating income: RMB 121.3 million, up 28.9% year-over-year.

• Gross profit margin for 1P business: 13.2%, up from 12.1% last year.

• Cash and equivalents as of June 30, 2025: RMB 2.35 billion.

Outlook and guidance

• Q3 2025 revenue guidance: RMB 5.05–5.15 billion, representing 24.7%–27.1% year-over-year growth.

• Confident in meeting full-year operational objectives and sustaining accelerated revenue growth.

• Expect scale effects to gradually improve operating profit margin starting next year.

• Focus on expanding high-value scenarios, user-centric strategies, and long-term capacity building.

• Continued investment in technology and automation to improve cost efficiency and inspection accuracy.