RERE · ATRenew Inc.

ATRenew's first quarter 2026 results demonstrate strong momentum in both top-line growth and profitability. Total net revenues grew 32.4% year-over-year to RMB6,160.1 million, driven primarily by a 34.4% increase in net product revenues, reflecting robust sales of pre-owned consumer electronics through online channels. The company also achieved significant operating leverage: income from operations surged 154.9% to RMB185.3 million, while adjusted income from operations rose 70.2% to RMB190.5 million. Net income increased 215.7% to RMB135.1 million, and adjusted net income grew 79.6% to RMB140.1 million. Management attributed the performance to deepened self-operated capabilities across the value chain, including expanded doorstep fulfillment and AI-driven pricing. On the cost side, merchandise costs increased 33.2%, fulfillment expenses rose 22.5%, and selling and marketing expenses increased 17.9%, but the growth rates were below revenue growth, indicating improving efficiency. The company also updated its share repurchase program, authorizing a 12-month extension from June 30, 2026, with approximately US$39.4 million remaining. For the second quarter of 2026, ATRenew expects total revenues between RMB6,240 million and RMB6,340 million, representing 25% to 27% year-over-year growth, reflecting continued optimism in the pre-owned consumer electronics market.