ATRenew (RERE) Q4 2025 earnings summary

Executive summary

• Achieved record net revenues of RMB 6,254.2 million in Q4 2025 (up 29% year-over-year) and RMB 21,048.3 million for the full year (up 28.9%), driven by strong demand for secondhand electronics, effective trade-in programs, and expanded offline presence with 2,195 stores.

• Non-GAAP operating income grew 38.1% in Q4 and 35.5% for the year; net income for Q4 was RMB 130.3 million (up 68.3%), and full year net income reached RMB 336.3 million, reversing a net loss in 2024.

• Overseas business delivered sequential growth for four quarters, with monthly export revenue surpassing RMB 50 million.

• Multi-category recycling and compliant refurbishment products saw significant growth, validating the end-to-end circular ecosystem.

• Announced a cash dividend of US$0.1 per ADS (US$0.15 per ordinary share), totaling approximately US$23.5 million.

Financial highlights

• Q4 2025 net product revenues: RMB 5,831.2 million (up 30.7%); net service revenues: RMB 423.0 million (up 8.8%). Full year net product revenues: RMB 19,379.9 million (up 30.6%); net service revenues: RMB 1,668.3 million (up 12.4%).

• Q4 non-GAAP operating profit: RMB 180 million (up 38.1%); full year: RMB 560 million (up 35.5%).

• Q4 non-GAAP operating margin: 2.9%; full year: 2.6%.

• GAAP income from operations rose 223.2% in Q4 and 1,473.1% for the year.

• Cash and equivalents, restricted cash, short-term investments, and funds receivable totaled RMB 2,187.4 million at year-end.

Outlook and guidance

• Q1 2026 revenue guidance: RMB 5,860–5,960 million, up 25.9%–28.1% year-over-year.

• Expects continued double-digit revenue growth in 2026, outpacing industry average.

• Strategic focus on expanding store network, enhancing user experience, leveraging AI for pricing and operations, and technology-driven cost efficiency.

• Total net revenues exceeded the high end of guidance for both the quarter and full year.