ATRenew (RERE) Q3 2025 earnings summary

Executive summary

• Achieved record net revenue of RMB 5,149.2 million in Q3 2025, up 27.1% year-over-year, with strong growth in both 1P and 3P businesses and improved operational efficiency.

• Non-GAAP operating profit reached RMB 140.3 million, up 34.9% year-over-year, with a margin of 2.7% and steady quarter-over-quarter improvement.

• Net income surged 407.3% year-over-year to RMB 90.8 million, with adjusted net income (non-GAAP) at RMB 110.2 million.

• Expanded AHS Recycle store network to 2,195 locations, with 1,962 team members and increased transaction volumes, mainly driven by 1P transactions.

• Recognized as a finalist for the Earthshot Prize and expanded ESG initiatives, including extending the life cycle of 35.3 million devices and achieving ISO 14001 re-certification.

Financial highlights

• Total revenue reached RMB 5,149.2 million, at the high end of guidance, up 27.1% year-over-year.

• Net product revenue rose 28.7% to RMB 4,726.3 million, driven by online sales of pre-owned electronics.

• Net service revenue increased 11.6% to RMB 422.8 million, with a marketplace take rate of 4.89%.

• GAAP income from operations was RMB 120.8 million, up 385.1% year-over-year; GAAP operating margin improved by 173 bps to 2.3%.

• Cash and equivalents, restricted cash, short-term investments, and funds receivable totaled RMB 2.54 billion as of September 30, 2025.

Outlook and guidance

• Q4 2025 revenue expected between RMB 6,080 million and RMB 6,180 million, up 25.4%-27.4% year-over-year.

• Full-year 2025 revenue forecasted at RMB 20.87-20.97 billion, up 27.8%-28.5% year-over-year.

• Anticipates continued rapid growth in 2026, driven by trade-in penetration, brand strength, and supply chain efficiency.

• Maintains focus on high-value scenarios, user-centric strategies, and long-term capacity building, leveraging partnerships and technology.