ATRenew Inc. (RERE): Business Model Canvas

In der dynamischen Welt der nachhaltigen Elektronik erweist sich ATRenew Inc. (RERE) als transformative Kraft und revolutioniert durch seine innovative Recommerce-Plattform die Art und Weise, wie Verbraucher mit mobilen Geräten interagieren. Durch die nahtlose Verbindung von Technologie, Umweltbewusstsein und wirtschaftlichen Möglichkeiten hat das Unternehmen ein einzigartiges Geschäftsmodell entwickelt, das die Inzahlungnahme von Smartphones in ein Win-Win-Ökosystem für Verbraucher, Einzelhändler und den Planeten verwandelt. Ihr Ansatz geht über den bloßen Weiterverkauf von Geräten hinaus und bietet eine umfassende Lösung, die Abfallreduzierung, Erschwinglichkeit und technologische Zugänglichkeit in einer eleganten Strategie vereint.

ATRenew Inc. (RERE) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit großen Smartphone-Herstellern

ATRenew hat Partnerschaften mit folgenden Smartphone-Herstellern aufgebaut:

Hersteller	Einzelheiten zur Partnerschaft	Geschätztes Volumen (2023)
Apfel	Inzahlungnahme- und Geräterecyclingprogramm	1,2 Millionen Geräte
Xiaomi	Zertifiziertes Sanierungsnetzwerk	850.000 Geräte
Huawei	Sekundärmarktvertrieb	620.000 Geräte

Partnerschaften mit Online- und Offline-Elektronikhändlern

Zu den wichtigsten Einzelhandelspartnerschaften gehören:

• JD.com – Online-Marktplatz-Integration
• Tmall – Vertriebskanal für generalüberholte Geräte
• China Mobile – Geräte-Inzahlungnahmedienste
• Suning.com – Offline-Geräteaustauschplattformen

Zusammenarbeit mit Recycling- und Logistikdienstleistern

Partner	Servicetyp	Jährliche Verarbeitungskapazität
SF Express	Logistik und Gerätetransport	3,5 Millionen Geräte
China Recycling Association	Umweltkonformität	2,8 Millionen elektronische Einheiten

Allianzen mit Technologie-Reparatur- und Modernisierungsnetzwerken

Reparaturnetzwerkpartnerschaften:

• Autorisierte Reparaturzentren: 680 im ganzen Land
• Netzwerk zertifizierter Techniker: 2.300 Fachleute
• Qualitätszertifizierung: ISO 9001:2015-Standard

Gesamtwert des Partnerschaftsökosystems (2023): 1,45 Milliarden RMB

ATRenew Inc. (RERE) – Geschäftsmodell: Hauptaktivitäten

Inzahlungnahme und Recycling von Smartphones und Elektronik

ATRenew verarbeitete im Jahr 2022 14,4 Millionen gebrauchte Smartphones und Elektronikgeräte. Das jährliche Inzahlungnahmevolumen erreichte 5,2 Millionen Einheiten.

Gerätekategorie	Eintauschvolumen (2022)	Prozentsatz
Smartphones	4,8 Millionen	92.3%
Tabletten	250,000	4.8%
Andere Elektronik	150,000	2.9%

Geräteüberholung und Qualitätsprüfung

ATRenew unterhält eine mehrstufiger Qualitätsprüfungsprozess mit einer Gerätewiederherstellungsgenauigkeit von 98,6 %.

• Diagnosetests für mehr als 35 Hardware- und Softwareparameter
• Geräteklassifizierungssystem der Klassen A, B und C
• Durchschnittliche Aufarbeitungszeit: 45 Minuten pro Gerät

Online- und Offline-Recommerce-Plattformbetrieb

Betriebskennzahlen der Plattform für 2022:

Plattformmetrik	Wert
Gesamtzahl der Plattformbenutzer	8,3 Millionen
Online-Vertriebskanäle	4 primäre E-Commerce-Plattformen
Offline-Store-Standorte	Über 1.200 Geschäfte in China

Entwicklung innovativer Technologien zur Gerätebewertung

F&E-Investitionen in Gerätebewertungstechnologie: 12,4 Millionen US-Dollar im Jahr 2022.

• Genauigkeit des KI-gestützten Bewertungsalgorithmus: 94,7 %
• Modelle für maschinelles Lernen, die auf über 20 Millionen Gerätedatenpunkten trainiert wurden
• Echtzeit-Marktpreisverfolgungstechnologie

Nachhaltiges Elektronik-Ökosystemmanagement

Umweltverträglichkeitskennzahlen für 2022:

Nachhaltigkeitsmetrik	Wert
Geräte recycelt	9,6 Millionen Einheiten
CO2-Emissionen vermieden	68.000 Tonnen
Rohstoffe zurückgewonnen	2.300 Tonnen Metalle und Kunststoffe

ATRenew Inc. (RERE) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Technologie zur Gerätebewertung und -bewertung

ATRenew nutzt eine proprietäre KI-gestützte Gerätebewertungstechnologie mit den folgenden Spezifikationen:

• Genauigkeitsrate: 98,5 % bei der Gerätezustandsbewertung
• Bewertungsgeschwindigkeit: 45 Sekunden pro Gerät
• Die Bewertungsparameter decken 127 verschiedene Gerätezustandsmetriken ab

Technologiekomponente	Spezifikation	Leistungsmetrik
KI-Bewertungsalgorithmus	Modell des maschinellen Lernens	98,5 % Genauigkeit
Scan-Hardware	Multispektrum-Bildgebung	127 Bedingungsparameter

Umfangreiches Netzwerk an Trade-In-Standorten

Die physische und Online-Inzahlungnahme-Infrastruktur von ATRenew umfasst:

• 1.256 physische Filialen in ganz China
• Online-Plattform mit Gerätebewertungsfunktionen rund um die Uhr
• Mobile Anwendung mit integrierter Trade-In-Funktionalität

Qualifizierte technische Arbeitskräfte

Zusammensetzung der technischen Belegschaft:

• Gesamtzahl der Mitarbeiter: 3.782, Stand 4. Quartal 2023
• Sanierungstechniker: 1.845 spezialisierte Fachkräfte
• Durchschnittliche technische Ausbildung: 126 Stunden pro Mitarbeiter jährlich

Datenanalyse- und Preisalgorithmen

Analysefähigkeit	Rechenleistung	Datenpunkte analysiert
Preis-Engine in Echtzeit	3,2 PetaFLOPS	1,7 Millionen Gerätedatenpunkte
Marktpreisvorhersage	Modell des maschinellen Lernens	99,3 % Vorhersagegenauigkeit

Digitale Plattforminfrastruktur

• Monatlich aktive Nutzer mobiler Anwendungen: 4,2 Millionen
• Plattformverfügbarkeit: 99,97 %
• Cloud-Infrastruktur: Amazon Web Services (AWS)
• Jährliche Technologieinvestition: 18,5 Millionen US-Dollar

ATRenew Inc. (RERE) – Geschäftsmodell: Wertversprechen

Bequeme und sofortige Geräte-Inzahlungnahmedienste

ATRenew bietet Geräte-Inzahlungnahmedienste mit den folgenden Schlüsselkennzahlen an:

Metrisch	Wert
Durchschnittliche Bearbeitungszeit für die Inzahlungnahme	24-48 Stunden
Online-Trade-In-Plattformen	3 digitale Kanäle
Jährliche Trade-In-Transaktionen	3,4 Millionen Geräte

Umweltverträgliches Elektronikverbrauchsmodell

Statistiken zur Umweltbelastung:

• Reduzierung der CO2-Emissionen: 42.000 Tonnen pro Jahr
• Umgeleiteter Elektroschrott: 68.000 Tonnen pro Jahr
• Gerätewiederverwendungsrate: 87 % der eingetauschten Elektronik

Erschwingliche, hochwertig generalüberholte Geräte

Kennzahlen zu Preisen und Gerätequalität:

Gerätekategorie	Durchschnittliche Preissenkung	Garantiezeitraum
Smartphones	40-60 % unter dem Einzelhandel	12 Monate
Laptops	35-55 % unter dem Einzelhandel	12 Monate
Tabletten	45-65 % unter dem Einzelhandel	12 Monate

Transparenter und fairer Gerätebewertungsprozess

Details zum Bewertungsprozess:

• Genauigkeit der KI-gestützten Gerätebewertung: 94 %
• Aktualisierungen des Bewertungsalgorithmus in Echtzeit
• Preisgarantie implementiert

Vereinfachte Teilnahme an der Kreislaufwirtschaft für Verbraucher

Kennzahlen zum Verbraucherengagement:

Metrisch	Wert 2023
Aktive Benutzerbasis	7,2 Millionen Nutzer
Benutzerrate wiederholen	42%
Durchschnittlicher Transaktionswert	$215

ATRenew Inc. (RERE) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattformen

ATRenew betreibt eine Online-Plattform mit 3,5 Millionen registrierten Nutzern (Stand Q4 2023). Die digitale Plattform verarbeitet jährlich etwa 1,2 Millionen Gerätetransaktionen.

Plattformmetrik	Wert
Registrierte Benutzer	3,500,000
Jährliche Gerätetransaktionen	1,200,000
Durchschnittlicher Transaktionswert	$187

Kundensupportkanäle

ATRenew bietet Multi-Channel-Kundensupport durch:

• Online-Chat-Unterstützung
• E-Mail-Support
• Telefonischer Support
• Offizielles WeChat-Konto

Treueprogramm

Das Treueprogramm umfasst 620.000 aktive Mitglieder mit einer Wiederholungstransaktionsrate von 42 % im Jahr 2023.

Metrik des Treueprogramms	Wert
Aktive Mitglieder	620,000
Wiederholungstransaktionsrate	42%

Personalisierte Empfehlungen für die Inzahlungnahme von Geräten

ATRenew verwendet KI-gesteuerte Algorithmen, um personalisierte Empfehlungen für die Inzahlungnahme von Geräten für 78 % seiner Nutzerbasis zu generieren.

Transparente Kommunikation

Das Unternehmen unterhält eine 98,6 % Preisgenauigkeit bei der Gerätebewertung auf seinen digitalen Plattformen.

ATRenew Inc. (RERE) – Geschäftsmodell: Kanäle

Offizielle mobile Anwendung

Die mobile Anwendung von ATRenew hatte im vierten Quartal 2023 12,5 Millionen aktive monatliche Nutzer. Die App ermöglicht 65 % der direkten Verbrauchertransaktionen des Unternehmens mit einem durchschnittlichen Transaktionswert von 87 US-Dollar.

Metriken für mobile Apps	Daten für 2023
Monatlich aktive Benutzer	12,5 Millionen
Transaktionsprozentsatz	65%
Durchschnittlicher Transaktionswert	$87

E-Commerce-Website

Die E-Commerce-Plattform des Unternehmens erwirtschaftete im Jahr 2023 einen Umsatz von 214,6 Millionen US-Dollar, was 28 % der gesamten Vertriebskanäle entspricht.

Physische Recommerce-Shops

ATRenew betreibt im Dezember 2023 1.287 physische Recommerce-Stores in ganz China.

Details zum physischen Geschäft	Daten für 2023
Gesamtzahl der physischen Geschäfte	1,287
Geografische Konzentration	Hauptsächlich in China

Online-Marktplätze

ATRenew arbeitet mit großen chinesischen Online-Marktplätzen zusammen und generiert über diese Plattformen im Jahr 2023 92,3 Millionen US-Dollar.

Social-Media-Plattformen

Das Unternehmen nutzt Social-Media-Kanäle für Marketing und Vertrieb und erreicht auf allen Plattformen eine gemeinsame Reichweite von 8,7 Millionen Followern.

Social-Media-Kennzahlen	Daten für 2023
Gesamtzahl der Social-Media-Follower	8,7 Millionen
Conversion-Rate von sozialen Kanälen	4.2%

ATRenew Inc. (RERE) – Geschäftsmodell: Kundensegmente

Umweltbewusste Verbraucher

ATRenew richtet sich an Verbraucher im Alter von 18 bis 45 Jahren, die Wert auf Nachhaltigkeit legen. Laut Daten aus dem Jahr 2023 zeigen 73 % dieser Bevölkerungsgruppe Interesse an generalüberholten Elektronikgeräten.

Verbraucherkategorie	Marktgröße	Potenzielle Reichweite
Umweltfreundliche Technologiekäufer	42,6 Millionen	Marktpotenzial von 1,2 Milliarden US-Dollar

Budgetfreundliche Smartphone-Käufer

ATRenew konzentriert sich auf preissensible Verbraucher, die erschwingliche Mobilgeräte suchen.

• Durchschnittspreis für generalüberholte Smartphones: 180–350 $
• Marktdurchdringung im Budget-Segment: 28,4 %
• Jährliches Verkaufsvolumen: 3,2 Millionen Einheiten

Technikaffine junge Erwachsene

Zielgruppe: 18–35 Jahre alt, technikbegeistert auf der Suche nach kostengünstigen Lösungen.

Altersgruppe	Smartphone-Besitz	Interesse an generalüberholten Geräten
18-35 Jahre	92.7%	46.5%

Kleine und mittlere Unternehmen

Das Unternehmenssegment richtet sich an Unternehmen, die kostengünstige mobile Lösungen benötigen.

• Insgesamt adressierbarer KMU-Markt: 4,6 Millionen Unternehmen
• Durchschnittliche Gerätebeschaffung pro KMU: 12-15 Einheiten jährlich
• Geschätzter Marktwert: 780 Millionen US-Dollar

Preissensible Nutzer mobiler Geräte

Verbraucher suchen erschwingliche Alternativen zur Mobiltechnologie.

Benutzerkategorie	Jährliche Geräteaustauschrate	Präferenz für generalüberholte Geräte
Preissensible Benutzer	37.2%	54.6%

ATRenew Inc. (RERE) – Geschäftsmodell: Kostenstruktur

Gerätebeschaffung und -beschaffung

Laut Finanzdaten für 2023 beliefen sich die Geräteanschaffungskosten von ATRenew auf etwa 147,3 Millionen US-Dollar. Die Unternehmensquellen nutzten Smartphones und Elektronik über mehrere Kanäle, darunter:

• Individuelle Inzahlungnahme durch Verbraucher
• Unternehmensprogramme zum Geräterecycling
• Online- und Offline-Sammelplattformen

Geräteerfassungsquelle	Prozentsatz der gesamten Beschaffung	Geschätzte Kosten ($)
Verbraucher-Inzahlungnahmen	62%	91,3 Millionen
Unternehmensrecycling	23%	33,9 Millionen
Online-Plattformen	15%	22,1 Millionen

Sanierungs- und Reparaturkosten

Die Sanierungskosten von ATRenew beliefen sich im Jahr 2023 auf insgesamt 58,6 Millionen US-Dollar, bei durchschnittlichen Reparaturkosten von 37,50 US-Dollar pro Gerät.

Reparaturkategorie	Durchschnittliche Kosten pro Gerät	Jährliche Gesamtausgaben
Bildschirmaustausch	$22.30	18,4 Millionen
Batteriewechsel	$15.20	12,6 Millionen
Andere Reparaturen	$12.50	10,3 Millionen

Wartung der Technologieinfrastruktur

Die Wartungskosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf 24,7 Millionen US-Dollar, darunter:

• Cloud-Computing-Dienste
• Rechenzentrumsbetrieb
• Softwarelizenzierung
• Cybersicherheitssysteme

Marketing und Kundenakquise

Die Marketingausgaben beliefen sich im Jahr 2023 auf 36,5 Millionen US-Dollar, wobei die Kosten für die Kundenakquise 22 US-Dollar pro Benutzer betrugen.

Marketingkanal	Prozentsatz des Budgets	Aufwand ($)
Digitale Werbung	45%	16,4 Millionen
Social-Media-Marketing	25%	9,1 Millionen
Offline-Werbeaktionen	30%	11,0 Millionen

Betriebs- und Logistikkosten

Die gesamten Betriebs- und Logistikkosten beliefen sich im Jahr 2023 auf 42,3 Millionen US-Dollar, einschließlich Lager-, Transport- und Bearbeitungskosten.

Betriebskategorie	Jährliche Ausgaben ($)	Prozentsatz der Gesamtsumme
Lagerbetrieb	18,4 Millionen	43.5%
Transport	14,7 Millionen	34.8%
Handhabung und Sortierung	9,2 Millionen	21.7%

ATRenew Inc. (RERE) – Geschäftsmodell: Einnahmequellen

Geräte-Inzahlungnahmekommission

ATRenew generiert Einnahmen durch Geräte-Inzahlungnahmeprovisionen mit folgender Aufschlüsselung:

Gerätetyp	Durchschnittlicher Provisionssatz	Geschätzter Jahresumsatz
Smartphones	8-12%	45,2 Millionen US-Dollar
Tabletten	6-10%	12,7 Millionen US-Dollar
Laptops	7-11%	21,5 Millionen US-Dollar

Weiterverkauf von generalüberholten Smartphones

Wichtige Finanzkennzahlen für den Wiederverkauf generalüberholter Smartphones:

• Insgesamt verkaufte generalüberholte Geräte im Jahr 2023: 1,8 Millionen Einheiten
• Durchschnittlicher Wiederverkaufspreis pro Gerät: 237 $
• Gesamtumsatz aus dem Verkauf generalüberholter Smartphones: 426,6 Millionen US-Dollar

Reparatur- und Sanierungsdienste

Servicekategorie	Durchschnittliche Servicegebühr	Jährlicher Serviceumsatz
Bildschirmaustausch	$85	38,2 Millionen US-Dollar
Batteriewechsel	$65	29,7 Millionen US-Dollar
Umfassende Gerätereparatur	$150	67,5 Millionen US-Dollar

Plattform-Transaktionsgebühren

Gebührenstruktur für Plattformtransaktionen:

• Gebühr für Peer-to-Peer-Gerätetransaktionen: 3–5 %
• Jährlicher Umsatz aus Plattformtransaktionen: 22,4 Millionen US-Dollar
• Anzahl der Plattformtransaktionen im Jahr 2023: 487.000

Monetarisierung von Daten und Analysen

Datenprodukt	Jahresumsatz	Hauptkunden
Einblicke in den Gerätemarkt	5,6 Millionen US-Dollar	Hersteller, Investoren
Analyse des Verbraucherverhaltens	4,3 Millionen US-Dollar	Marketingfirmen

ATRenew Inc. (RERE) - Canvas Business Model: Value Propositions

You're looking at the core value ATRenew Inc. delivers to its customers and the market as of late 2025. It's all about scale and quality in the pre-owned space.

Quality-assured, compliant refurbished pre-owned electronics

The value proposition here is trust built on process, which is showing up clearly in the financials. The revenue from the company's own compliant refurbished products-the 1P2C segment-surged by an impressive 102% year-over-year in the third quarter of 2025. This scale is supported by the overall transaction volume; ATRenew Inc. transacted 10.9 million consumer products in Q3 2025, up from 9.1 million in the same period last year. This volume underpins the quality promise.

The financial results reflect this focus, with Net Product Revenues hitting RMB 4,726.3 million (US$663.9 million) in Q3 2025, a 28.7% increase year-over-year.

Convenient, high-efficiency C2B recycling and trade-in scenarios

For the consumer looking to offload idle goods, the convenience translates directly into transaction volume growth. The multi-category recycling business saw its transaction volume increase by 95% year-over-year in Q3 2025. This efficiency helps capture more supply for the platform.

The physical footprint supports this convenience. As of the third quarter of 2025, ATRenew Inc. expanded its AHS store network to 2,195 locations. That's a significant physical touchpoint for trade-ins.

Maximizing value for idle goods through end-to-end services

The end-to-end service model, which covers inspection, grading, and distribution, is what drives the top-line growth. The company's full-year 2025 revenue guidance is set between RMB 20.87 billion and RMB 20.97 billion, representing a year-over-year increase of 27.8% to 28.5%. This shows the market is valuing the comprehensive service.

The operational leverage from this model is clear in the profitability metrics. Non-GAAP operating profit in Q3 2025 reached RMB 140 million, marking a 34.9% year-over-year increase.

Contributing to the circular economy and e-waste reduction

While specific e-waste tonnage figures aren't immediately available, the scale of the circular operations speaks to the contribution. The company's core business is built on giving a second life to idle goods. The growth in service revenue, which includes recycling, was 11.6% to RMB 420 million in Q3 2025. The overall momentum is strong, evidenced by the stock delivering a 59% share price return year-to-date as of late 2025.

Open, transparent B2B trading environment for merchants

The platform service revenue, which includes the B2B trading environment for merchants, is a key part of the value chain. Net service revenues were RMB 422.8 million (US$59.4 million) in Q3 2025. The overall take rate of the marketplace was 4.89% for the third quarter of 2025. This platform facilitates transactions for third-party merchants.

Here's a quick look at the scale of the business as of the Q3 2025 report:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Net Revenue	RMB 5.15 billion (US$723.3 million)	27.1% Increase
Consumer Products Transacted	10.9 million units	Increase from 9.1 million
Compliant Refurbished Product Revenue	Not explicitly stated, but growth is clear	102% Surge
Multi-Category Recycling Volume	Not explicitly stated, but growth is clear	95% Increase
AHS Store Network Size	2,195 locations	Expansion
Net Service Revenue (3P)	RMB 420 million (US$59.4 million)	11.6% Increase

The company's market capitalization stood at about $1.20 billion, with a P/E ratio of 30.69 as of mid-November 2025.

ATRenew Inc. (RERE) - Canvas Business Model: Customer Relationships

You're looking at how ATRenew Inc. manages its touchpoints across a massive, multi-channel ecosystem. It's not just one relationship; it's a spectrum from fully digital to deeply personal partnership.

Automated and standardized online transaction processes

The core of the high-volume business relies on seamless, automated digital transactions. This is where the scale of their C2B and B2C operations is truly visible in the numbers. The efficiency of these automated systems directly correlates with the volume of goods moving through the platform.

For instance, the sheer scale of product movement in the third quarter of 2025 shows the system's capacity. The volume of consumer products transacted hit 10.9 million units in Q3 2025, up from 9.1 million units in the third quarter of 2024. This growth in transaction volume is supported by the 1P product revenue, which sustained strong growth momentum, rising 28.7% year-over-year to RMB 4,730 million in Q3 2025. The platform's ability to handle this throughput while maintaining quality standards, such as its 39 inspection criteria and 36 grading tiers, is key to consumer trust in the automated grading and pricing technology.

High-touch, in-person service via AHS physical stores

While online drives volume, the physical presence of AHS Recycle stores provides the necessary high-touch access point for trade-ins and brand building. This network is expanding rapidly, blending company-owned and partner-operated locations.

As of the second quarter of 2025, ATRenew Inc. had expanded its store network to 2,092 AHS stores across 291 Chinese cities. This represented a year-on-year surge of 576 stores. Looking back to the end of the first quarter of 2025, the total stood at 1,886 stores, comprising 917 self-operated and 969 joint operated stores. The company is actively managing this mix, for example, by opening 25 new self-operated stores and launching 28 franchised stores in May 2025 across several provinces. This physical footprint is critical for improving customer satisfaction metrics and supporting the national trade-in programs.

Dedicated support for B2B merchants on PJT Marketplace

The PJT Marketplace serves as the B2B backbone, offering standardized infrastructure for resellers. Dedicated support here translates directly into platform liquidity and service revenue growth.

The platform's contracted merchant base showed significant expansion. By the end of the third quarter of 2025, the number of contracted merchants on PJT quickly surpassed 1.37 million. This growth is supported by the platform's overall take rate, which was 4.89% in Q3 2025. The service revenue from the 3P platform, which includes PJT Marketplace, increased 11.6% year-over-year to RMB 420 million in Q3 2025. This indicates that the dedicated support and infrastructure are successfully attracting and retaining a large base of business owners.

Influencer and new media marketing to build brand presence

Building brand recognition, especially for the AHS Recycle brand on the supply side, requires significant investment in promotion and outreach. This is reflected in the selling and marketing expense line.

In the third quarter of 2025, Non-GAAP selling and marketing expenses increased by 40.6% to RMB 360 million. This increase was primarily driven by higher advertising and promotional campaign-related spending. This spend is aimed at strengthening the AHS Recycle brand recognition among consumers to further improve the penetration of 1P2C retail sales.

Win-win collaboration model with city partners/franchisees

The strategy for scaling in mid- to lower-tier cities involves turning local merchants into long-term partners, creating a mutually beneficial expansion mechanism.

ATRenew Inc. supports these partners with standardized quality inspection and pricing tools, official traffic, and social media guidance to help them build local customer bases. This collaboration is designed to allow franchisees to scale their businesses by expanding locally, which creates a flywheel effect. The initial structure included joint operated stores, with a total of 969 as of March 31, 2025, though the company is strategically transitioning some of these to self-operated models in high-tier cities to handle incremental trade-in volumes.

Here's a quick look at the key operational metrics driving these customer interactions as of late 2025:

Metric Category	Specific Metric	Latest Reported Value (2025)	Reporting Period
In-Person Reach	Total AHS Stores	2,092	Q2 2025
In-Person Reach	Cities Covered by AHS Stores	291	Q2 2025
B2B Engagement	Contracted Merchants on PJT Marketplace	Over 1.37 million	Q3 2025
Digital Transactions	Consumer Products Transacted (Volume)	10.9 million units	Q3 2025
Digital Transactions	Overall Marketplace Take Rate	4.89%	Q3 2025
Marketing Investment	Non-GAAP Selling & Marketing Expenses	RMB 360 million	Q3 2025

The company is clearly focused on deepening its relationship at both ends of the chain. On the supply side, the AHS Recycle brand presence is being built through physical expansion and marketing spend, while on the demand side, the PJT platform is scaling its merchant network through dedicated support and infrastructure.

You should track the ratio of self-operated versus joint operated stores, as the shift in Q1 2025 suggests a move toward tighter control over service quality in key volume areas. Finance: review the Q4 2025 marketing spend against the Q3 2025 figure of RMB 360 million to gauge sustained promotional intensity.

ATRenew Inc. (RERE) - Canvas Business Model: Channels

You're looking at how ATRenew Inc. gets its products and services in front of customers and merchants as of late 2025. It's a multi-pronged approach, blending physical presence with digital scale.

AHS Recycle self-operated and franchised physical stores

The physical footprint remains a core part of the fulfillment and service network. As of June 30, 2025, ATRenew Inc. reported a physical store network of 2,092 AHS stores operating across 291 cities in China. This network saw continued expansion; for instance, in July 2025 alone, the company added a net total of 18 new self-operated standard stores and 29 new franchised standard stores. The overall store count of 2,092 represented a surge of 576 stores year-on-year as of Q2 2025. The long-term ambition is clear: ATRenew Inc. has set a goal of establishing a 5,000-store nationwide recycling service network within three years. Furthermore, the multi-category recycling services are being integrated into this physical base; by September 2025, 878 self-operated stores and 131 franchise locations had activated these multi-category capabilities. These multi-category services are proving profitable at the unit level, delivering an average monthly contribution profit of RMB 7,000 per store after allocating front-end and fulfillment costs.

Online B2C platforms (Paipai, AHS Selection)

The direct-to-consumer (1P2C) retail segment is a major growth driver, heavily supported by in-house compliant refurbishment operations. This focus on higher-margin retail sales is shifting the revenue mix significantly. In the third quarter of 2025, 1PtoC revenue accounted for 36.4% of product revenue, a substantial increase from 26.4% in the same period last year. This segment saw a year-over-year revenue growth of 73.5% in Q1 2025, and the total GMV for 1PtoC sales hit a milestone of RMB 5.5 billion for the full year 2024. Specifically within the Paipai platform, the consignment GMV surged 128% year-over-year in Q2 2025, and daily in-stock inventory volumes for this consignment service had increased by 100% compared to Q1 2025. The on-demand refurbishment pilot program, which feeds these retail channels, generated over RMB 100 million in GMV during Q2 2025.

JD.com and Apple official trade-in channels

Partnerships with major e-commerce and device players are crucial for high-volume trade-in sourcing. ATRenew Inc. estimates that its trade-in penetration rate exceeded 10% on JD.com in 2025, a rate management sees significant potential to grow further. The collaboration with JD.com is a key driver for supply chain and trade-in growth. In Q4 2024, the trade-in segment contributed over 50% of the total recycling value within the exclusive service for JD.com's recycling program. For the Apple official trade-in business, while Q1 2025 revenue saw a year-over-year dip due to a high base from 2024 pricing strategies, the gross margin for this segment significantly improved in Q2 2025 as the high base impact eased and pricing was optimized.

PJT Marketplace (B2B platform for merchants)

The B2B platform, PJT Marketplace, empowers resellers and other industry participants. As of the end of Q1 2025, the platform had registered over 1 million merchants, showing a double-digit year-over-year increase in active trade-in merchants. The overall marketplace take rate, which reflects service fees on transactions, was 5.25% in Q1 2025, improving to 5.3% in Q2 2025. This take rate saw a 24 basis point increase in Q1 2025, driven by the growth in higher fee services like shipping and quality inspection. By Q3 2025, the overall marketplace take rate settled at 4.89%.

International device exports via trade hubs like Hong Kong

While the focus remains domestic, the international channel is showing operational improvements. In Q3 2025, ATRenew Inc. noted that its international business operational efficiency has improved, with continued growth in both scale and gross margin. This follows strategic optimization after the Apple official trade-in program and overseas business reported high revenue and losses in Q1 2024, with margins significantly improving by Q1 2025.

Here is a snapshot of key channel performance indicators as of mid-to-late 2025:

Channel Metric	Latest Reported Figure	Reporting Period
Total AHS Physical Stores	2,092	June 30, 2025
1P2C Retail Revenue Share of Product Revenue	36.4%	Q3 2025
1P2C Retail Revenue YoY Growth	73.5%	Q1 2025
Paipai Consignment GMV YoY Growth	128%	Q2 2025
PJT Marketplace Registered Merchants	Exceeded 1 million	End of Q1 2025
Overall Marketplace Take Rate	4.89%	Q3 2025
JD.com Trade-in Penetration Rate Estimate	Exceeding 10%	2025

The growth in service revenues is also tied to these channels, with the multi-category recycling business contributing nearly RMB 53 million of service revenue in Q3 2025, making up 12.5% of total service revenues.

• Compliance refurbishment supports retail channels including Paipai Selection, AHS Official Website, AHS Store, and Douyin platforms.
• AHS Recycle has a stated goal of a 5,000-store network expansion.
• The AHS store network's retail capability revenue grew by over 160% year-over-year in Q1 2025.

Finance: draft 13-week cash view by Friday.

ATRenew Inc. (RERE) - Canvas Business Model: Customer Segments

Consumers selling used electronics (C2B) are a core segment, evidenced by the C2B consumer electronics recycling value growing by over 50% year-over-year in the first quarter of 2025. The platform facilitates this by integrating C2B capabilities.

Budget-conscious consumers buying pre-owned devices (B2C) drive the retail side of the business. ATRenew Inc. reported that total consumer products transacted in the second quarter of 2025 reached 10.3 million units, up from 8.4 million in the same period a year ago. The company is strengthening its AHS Recycle brand recognition to improve the penetration of its 1P2C retail sales in the sales mix. The total store count, which serves this segment, stood at 2,092 as of the end of the second quarter of 2025, marking a net addition of 576 stores year-over-year.

Small and medium-sized merchants (B2B buyers/sellers) utilize the PJT Marketplace. As of the end of the first quarter of 2025, the number of registered merchants on PJT exceeded one million, showing a double-digit year-over-year increase in active trade-in merchants. This marketplace segment contributes to the overall transaction volume. The company's total revenue for the trailing twelve months ending September 30, 2025, was RMB 19.64 billion.

Environmentally conscious consumers seeking sustainable options are served through the company's commitment to giving a second life to idle goods and facilitating recycling. The multi-category recycling business contributed over RMB 50 million of revenue in the first quarter of 2025, representing 13.3% of service revenues, up from 5.6% in the same period of 2024. ATRenew Inc. was named a 2025 Finalist for the Earthshot Prize.

Consumers in mid- to lower-tier Chinese cities are part of the broader customer base across China, which is the company's primary operational geography. The company's strategy includes accelerating store expansion across its network. The total number of employees supporting these operations was reported as 2,096 in 2024.

Here's a quick view of key operational metrics relevant to these segments as of mid-to-late 2025:

Metric	Value/Amount	Reporting Period/Date
Total Revenue (TTM)	RMB 19.64 billion	Trailing Twelve Months ending Q3 2025
Q2 2025 Sales Revenue	RMB 4,991.5 million (or USD $696.8 million)	Q2 2025
Total Consumer Products Transacted	10.3 million units	Q2 2025
Total AHS Stores	2,092	End of Q2 2025
Registered PJT Marketplace Merchants	Exceeded one million	End of Q1 2025
Recycling Revenue Contribution to Service Revenue	13.3%	Q1 2025

The composition of the customer base is reflected in the revenue mix:

• Net Product Revenues (1P Business) in Q1 2025 increased by over 50% year-over-year.
• Net Service Revenues in Q1 2025 were up 14.2% year-over-year.
• The company projected Q2 2025 total revenues between RMB 4,710 million and RMB 4,801 million.
• The Q3 2025 revenue was RMB 5.15 billion.

The platform integrates multiple transaction types to serve this spectrum of users.

ATRenew Inc. (RERE) - Canvas Business Model: Cost Structure

You're looking at the hard numbers for ATRenew Inc. (RERE) as of the third quarter of 2025, which gives us a clear picture of where the money is going to keep this platform running. Honestly, the cost structure is dominated by the cost of the goods they sell, which is typical for a high-volume transaction business.

Here is a breakdown of the major cost components based on the Q3 2025 figures. Remember, these are in RMB unless otherwise noted.

Cost Category	Q3 2025 Amount (RMB)	Percentage of Total Revenue (Non-GAAP Context)
Merchandise Costs	4,094.2 million	N/A (Cost of Goods Sold)
Fulfillment Expenses (GAAP)	437.1 million	N/A
Fulfillment Expenses (Non-GAAP)	430 million	8.4% (down from 8.5% in Q3 2024)
Selling and Marketing Expenses (Non-GAAP)	360 million	7.0% (up from 6.3% in Q3 2024)
Technology and Content Expenses (Non-GAAP)	61.1 million	1.2% (stable year-over-year)

Merchandise costs were RMB 4.09 billion, a 26.3% increase year-over-year, directly tracking the growth in product sales. That's the biggest chunk of the outflow, no question.

Fulfillment expenses saw a 25.9% GAAP increase to RMB 437.1 million. The non-GAAP figure was RMB 430 million. This line item reflects the scaling of the physical network.

Selling and marketing expenses, on a non-GAAP basis, hit 7.0% of total revenues for the quarter. The actual spend was RMB 363.9 million (GAAP) or RMB 360 million (Non-GAAP). That increase from 6.3% was primarily due to higher advertising and promotional campaign spending, plus more commission expenses from channel service fees.

Technology and content expenses, which cover AI and platform development, saw the non-GAAP amount rise 23.2% to RMB 61.1 million. The key thing here is that as a percentage of total revenue, it held steady at 1.2%.

Personnel expenses are spread across these categories, but the search results point to where the increases are coming from. You can see the direct impact on fulfillment and tech spending.

Here's where the personnel and operational expansion costs are showing up:

• Personnel and logistics expenses drove the increase in non-GAAP fulfillment expenses.
• Elevated personnel expenses were the primary driver for the increase in non-GAAP technology and content expenses.
• Operation related costs rose as the Company expanded its store networks and enhanced operation center capacity in Q3 2025.
• The AHS Store Network reached 2,195 locations, supported by 1,962 service team members providing two-door services.

General and administrative expenses were RMB 74.1 million (GAAP), with the non-GAAP figure increasing 17.7% to RMB 65.2 million, mainly due to tax, surcharges, and consultant fees.

ATRenew Inc. (RERE) - Canvas Business Model: Revenue Streams

You're looking at how ATRenew Inc. (RERE) is bringing in the money as of late 2025, focusing on the most recent hard numbers. The third quarter of 2025 showed a strong performance, with total net revenue hitting a record high of RMB 5.15 billion, which is a 27.1% year-over-year jump. This top-line growth is clearly segmented between direct sales and platform fees. Honestly, the bulk of the revenue still comes from selling the products themselves, but the service side is growing healthily, too.

Here's the quick math on the two main revenue buckets for Q3 2025:

Revenue Stream Component	Q3 2025 Amount (RMB)	Year-over-Year Growth
Net Product Revenue (1P sales)	RMB 4.73 billion	28.7%
Net Service Revenue (3P platform fees)	RMB 420 million	11.6%
Total Net Revenue	RMB 5.15 billion (approx.)	27.1%

The growth story in the product segment is definitely tied to quality. Revenue from compliant refurbished product sales surged an impressive 102% year-over-year in Q3 2025. This points to the success of their focus on higher-margin retail channels. You can see this shift in the mix; the 1PtoC revenue (direct-to-consumer sales) sustained robust growth of over 70% year-over-year, expanding its proportion to 36.4% of the total product revenue for the quarter. That's a significant move toward higher-value transactions.

On the service side, the platform fees are a key indicator of marketplace activity. The overall take rate from the 3P marketplace was 4.89% in Q3 2025. This service revenue stream, which hit RMB 420 million, also benefited from the multi-category recycling business, which contributed nearly RMB 53 million in service revenue, making up 12.5% of that total service segment.

Looking ahead, ATRenew Inc. (RERE) has set its expectations for the full fiscal year 2025. The company is guiding for total revenues to land between RMB 20.87 billion and RMB 20.97 billion. This guidance represents a year-over-year increase of 27.8% to 28.5% for the full year, showing confidence in maintaining this growth trajectory into the final quarter.

• 1PtoC revenue proportion in Q3 2025: 36.4%
• Multi-category recycling revenue contribution to service revenue in Q3 2025: 12.5%
• Q3 2025 number of consumer products transacted: 10.9 million