It is with great pleasure that we announce the unaudited quarterly results for the three months ended September 30, 2023 for ATRenew Inc. ("ATRenew", or the "Company") (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China. 
Highlights of the Third Quarter of 2023
I am Mr.. In a statement made by Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, he said, "During the third quarter of 2023, ATRenew exceeded expectations in terms of revenue as well as non-GAAP net income from operations.". The total net revenue for the year reached RMB3,256..This represents a strong increase of 28.4 million from last year.An increase of 4% from last year to this year. As a result, our 1P business is thriving, maintaining a consistent year-over-year revenue growth rate of over 30% within the past few years. As a result of sustained user demand for recycling old items and trading them in for new ones, this success has been achieved. On top of that, as a result of the increase in transacting users, our marketplaces' overall take rate grew by 95 basis points on an annual basis, reaching 5%.Four percent. During this period, our multi-category recycling business grew rapidly as consumers demonstrated an increased enthusiasm to trade in used luxury products, gold, and other high-value idle items for cash at AHS Recycle while our multi-category recycling business reached its peak.. As we look ahead, ATRenew will continue to play a key role in the long-term evolution of the circular economy by maintaining its unique and leading position within it
As we look ahead, ATRenew will continue to play a key role in the long-term evolution of the circular economy by maintaining its unique and leading position within it
I am Mr.. The Chief Financial Officer of ATRenew, Rex Chen, stated, "In addition to the revenue and recycling business growth, we achieved a significant profit milestone in the third quarter, as we generated a non-GAAP income from operations of RMB73 million in the quarter.".There are eight million people in the world. With the help of our automated quality inspection capabilities, we have been able to attain this achievement as a result of our increased operational efficiency. We were able to further enhance our cost efficiency in fulfillment expenses by optimising the operational facilities and logistics arrangements at the regional and city levels. Furthermore, prudent management of our marketing expenses and a streamlined organizational structure have boosted the effectiveness of local promotions and reduced relevant costs, thereby improving cost efficiency as compared to the same period of 2022.. As far as capital utilization is concerned, we have balanced investments in strategic collaborations with manufacturers, carefully managed capital deployment and inventory, as well as allocated US$4 million.This quarter, a total of 0 million was allocated for share buybacks. As of the end of the third quarter, our cash, cash equivalents, restricted cash, short-term investments, and funds receivable from third-party payment service providers amounted to RMB2,649 million.As a result of this investment, our company will be able to continue its sustainable growth into the future
As a result of this investment, our company will be able to continue its sustainable growth into the future
Financial Results for the Third Quarter of 2023
AMOUNTS RECEIVED
The total net revenues for the same period of 2022 increased by 28.4% to RMB3,256.8 million (US$446.4 million) compared to RMB2,536.0 million for the same period in 2021.
COSTS AND EXPENSES ASSOCIATED WITH OPERATION
A total of RMB3,307.5 million (US$453.3 million) was spent on operating costs and expenses during the first half of 2022 as compared to RMB2,663.9 million in the same period of 2022, representing an increase of 24.2%.
LOSSES RESULTING FROM OPERATIONS
There was a loss from operations of RMB28.1 million (US$3.8 million), as opposed to a loss from operations of RMB110.0 million in the same period of 2022, which was RMB111.0 million.
The company's adjusted income from operations (non-GAAP)[1] for the first quarter of 2023 was RMB73.8 million (US$10.1 million) as compared to RMB10.8 million in the same period of last year.
LOSS NET TO ENTITY
There was a net loss of RMB44.2 million (US$6.1 million), compared to a net loss of RMB30.1 million in the same period of 2022. The adjusted net income (non-GAAP)[1] was RMB47.6 million (US$6.5 million), compared to RMB77.4 million in the same period of 2022.
DILUTED NET LOSS PER ORDINARY SHARE AND THE BASIC NET LOSS PER ORDINARY SHARE
The basic and diluted net loss per ordinary share was RMB0.27 (US$0.04), which is compared to RMB0.19 in the same period of 2022.
There was an adjusted basic and diluted net income per ordinary share (non-GAAP)[1] of RMB0.30 (US$0.04) and RMB0.29 (US$0.04), compared to RMB0.48 and RMB0.46 in the same period of 2022.
It does not include CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AS WELL AS FUNDS RECEIVED FROM THIRD PARTY PAYMENT SERVICE PROVIDERS
As of September 30, 2023, the company had RMB2,313.7 million (US$317.1 million) in cash and cash equivalents, restricted cash, short-term investments and funds receivable from third-party payment service providers as compared to RMB2,802.1 million (US$317.1 million) as of December 31, 2022.
Outlook for the business world
It is anticipated that the total revenues of the Company for the fourth quarter of 2023 will be between RMB3,730.0 million and RMB3,830.0 million. This forecast is based on the Company's current and preliminary views of the market and operational conditions, which are subject to change at any time.
A recent development in the field
It was announced on December 9, 2022 that ATRenew would extend its existing share repurchase program for another twelve-month period starting from December 28, 2022, which would allow the Company to repurchase up to US$100 million of its shares. All other terms remained the same.. In the third quarter of 2023, the Company repurchased 1,550,557 American depositary shares ("ADSs") on the open market at an average price of US$2.00 per ADS..It is estimated that the cash consideration will be US$4 per ADS with a total of 55 per ADS.Millions of dollars. Accordingly, by September 30, 2023, the Company had repurchased a total of 13,815,329 ADSs for approximately US$48 million..As part of this share repurchase program, we are repurchasing 4 million shares
As part of this share repurchase program, we are repurchasing 4 million shares
AtRenew has announced its membership to the United Nations Global Compact (the "UNGC") initiative on September 20, 2023. The UNGC is a voluntary platform dedicated to promoting, implementing, and disclosing responsible business conduct on a global scale. By becoming a member of the UNGC, the Company is demonstrating its commitment to ethical practices, sustainability, and social responsibility.. Having integrated the UNGC's guiding principles into the day-to-day operations of ATRenew, we expect to make meaningful contributions to the Sustainable Development Goals of the United Nations, further cementing the company's commitment to driving positive transformations and helping to build a more prosperous and sustainable world.
Having integrated the UNGC's guiding principles into the day-to-day operations of ATRenew, we expect to make meaningful contributions to the Sustainable Development Goals of the United Nations, further cementing the company's commitment to driving positive transformations and helping to build a more prosperous and sustainable world.
Information about the conference call
The Company's management will hold a conference call to discuss the financial results on Wednesday, November 22, 2023 at 7:00 A.M. Eastern Time (or 8:00 P.M. Beijing Time on the same day) to discuss the results. Participants may access the call by dialing the following number:
By dialing the following numbers, you will be able to listen to the replay of the conference until November 29, 2023:
There will also be a live and archived webcast of the conference call available on the Company's investor relations website, which can be accessed at ir.atrenew.com, during the call.
A brief overview of ATRenew Inc.
The ATRenew Inc. company is headquartered in Shanghai, China.. Under the brand ATRenew, the company operates one of the leading technology-driven pre-owned consumer electronics transaction platforms in China. As a company that was founded in 2011, ATRenew has always been on a mission to give a second life to idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling services and trade-in services, as well as distributing the devices so that their lifecycles are prolonged.. In order to empower its online and offline services, ATRenew uses its open platform to integrate C2B, B2B, and B2C capabilities. With its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China's pre-owned consumer electronics market by setting the standards for nationwide inspections, grading, and pricing. As a participant in the United Nations Global Compact, ATRenew adheres to its principles-based approach to responsible business, which is based on the UN Global Compact's principles:
As a participant in the United Nations Global Compact, ATRenew adheres to its principles-based approach to responsible business, which is based on the UN Global Compact's principles:
Information about the exchange rate
It is for the convenience of the reader that this announcement contains the translation of RMB amounts into U.S. dollars at specified rates, so as to make the reading experience easier. All translations from RMB to U.S. dollars are based on the exchange rate as outlined in the H.10 statistical release issued by the Board of Governors of the Federal Reserve System on September 30, 2023, and are based on that exchange rate.
Non-GAAP financial measures are used to measure the performance of the company
Additionally, certain non-GAAP financial measures are also used by the Company to evaluate the performance of its business. As an example, the Company uses adjusted income (loss) from operations, adjusted net income, and adjusted net income per ordinary share of the Company as supplemental measures to assess, review, and evaluate its financial and operating performance.. In addition, these non-GAAP financial measures should not be considered in isolation, or as a replacement for the financial information prepared and presented in accordance with the U.S. generally accepted accounting principles. According to GAAP,. Income (loss) from operations adjusted for share-based compensation expenses, amortization of intangible assets resulting from assets and business acquisitions, and deferred costs resulting from asset and business acquisitions are presented as adjusted income (loss) from operations.. In order to calculate adjusted net income, you must exclude the impact of share-based compensation expenses, amortization of intangible assets and deferred costs resulting from acquisitions of assets and businesses, as well as the tax consequences of amortization of intangible assets and deferred costs resulting from acquisitions of assets and businesses.. In order to calculate adjusted net income per ordinary share, the adjusted net income attributable to ordinary shareholders is divided by the weighted average number of ordinary shares used in calculating the adjusted net income per ordinary share
In order to calculate adjusted net income per ordinary share, the adjusted net income attributable to ordinary shareholders is divided by the weighted average number of ordinary shares used in calculating the adjusted net income per ordinary share
The Company presents non-GAAP financial measures because they are considered by the Company's management to evaluate the Company's financial and operating performance and formulate business plans as a result of the Company's performance.. In order to identify underlying trends in the Company's business, the Company believes that the adjusted loss from operations and adjusted net income help identify underlying trends that may otherwise be distorted by certain expenses that are included in the loss from operations and net loss figures.. It is also the Company's belief that the use of non-GAAP financial measures facilitates investors' assessment of the Company's performance as a result of non-GAAP financial measures. Generally, adjusted income (loss) from operations and adjusted net income are considered useful information by the Company as it provides valuable insight into its operating results, enhances an understanding of the Company's past performance and future prospects, and provides more visibility with regard to the key metrics that are used by the management of the Company to make financial and operational decisions.
Generally, adjusted income (loss) from operations and adjusted net income are considered useful information by the Company as it provides valuable insight into its operating results, enhances an understanding of the Company's past performance and future prospects, and provides more visibility with regard to the key metrics that are used by the management of the Company to make financial and operational decisions.
There is no definition of non-GAAP financial measures under U.S. GAAP. Consequently, they are not based on GAAP and are not presented in accordance with U.S. GAAP. According to GAAP,. There are limitations to the use of non-GAAP financial measures as analytical tools. It is important to note that one of the main limitations of using non-GAAP financial measures is that they do not capture all the items of income and expense that are relevant to the Company's operations. A share-based compensation expense, amortization of intangible assets, and deferred costs resulting from the acquisition of assets and businesses, as well as tax effects resulting from the amortization of intangible assets and the deferred costs resulting from the acquisition of assets and businesses, have occurred and are expected to continue in the Company's business. However, this is not reflected in the presentation of non-GAAP financial measures.. In addition, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, which may limit the comparability between the Company's results and those of these companies. Due to the foregoing limitations, it is imperative to note that the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income (loss) from operations, net income, net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U. According to GAAP,
According to GAAP,
The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance as a whole. You can find the reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures in the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results" in the accompanying table.
Statement of Safe Harbor
As a result of the "safe harbor" provisions of the U.S. Securities and Exchange Commission, this press release may contain forward-looking statements. In 1995, the Private Securities Litigation Reform Act was passed into law. It is important to identify forward-looking statements by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to" and similar statements.. There are forward-looking statements contained in this announcement, including, but not limited to, quotations from this announcement. There may also be forward-looking statements in ATRenew's periodic reports to the Securities and Exchange Commission that are written or oral. In its annual report to shareholders, in press releases and other written material, as well as in oral statements made by officers, directors, or employees of the company to third parties, the Securities and Exchange Commission (the "SEC") makes several disclosures.. Forward-looking statements are those that do not relate to historical facts, including those that relate to ATRenew's beliefs, plans, and expectations in the future. There are inherent risks and uncertainties associated with forward-looking statements. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew's strategies; ATRenew's future business development, financial condition and results of operations; ATRenew's ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. A detailed description of these and other risks can be found in ATRenew's filings with the Securities and Exchange Commission (SEC).. ATRenew does not undertake any obligation to update any forward-looking statement contained in this press release, except when required to do so by applicable law, and the information provided in this press release is as of the date of this press release.
ATRenew does not undertake any obligation to update any forward-looking statement contained in this press release, except when required to do so by applicable law, and the information provided in this press release is as of the date of this press release.
Contact information for Investor Relations
The following companies are located in China: ATRenew Inc. Investor RelationsEmail: [email protected] 
As a matter of fact, in the United States:
Please contact ICR LLC. via email at [email protected] or by phone at +1-212-537-0461
ATRenew Inc. is the source of this information.
As one of the leading technology-driven pre-owned consumer electronics transactions and services platforms, ATRenew Inc. (ATRenew) (NYSE: RERE) is focused on helping companies...
AtRenew Inc. ("ATRenew" or the "Company"), a leading technology-driven platform for the sale and purchase of pre-owned consumer electronics, is a leading platform for the...
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