ATRenew Inc. (RERE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la electrónica sostenible, Atrenew Inc. (RERE) surge como una fuerza transformadora, revolucionando cómo los consumidores interactúan con dispositivos móviles a través de su innovadora plataforma de recomendación. Al combinar a la perfección la tecnología, la conciencia ambiental y la oportunidad económica, la compañía ha creado un modelo de negocio único que convierte los comercios de teléfonos inteligentes en un ecosistema beneficioso para los consumidores, los minoristas y el planeta. Su enfoque va más allá de la mera reventa del dispositivo, ofreciendo una solución integral que aborde la reducción de desechos, la asequibilidad y la accesibilidad tecnológica en una estrategia elegante.

Atrenew Inc. (RERE) - Modelo de negocios: asociaciones clave

Colaboración estratégica con los principales fabricantes de teléfonos inteligentes

Atrenew ha establecido asociaciones con los siguientes fabricantes de teléfonos inteligentes:

Fabricante	Detalles de la asociación	Volumen estimado (2023)
Manzana	Programa de intercambio y reciclaje de dispositivos	1,2 millones de dispositivos
Xiaomi	Red de renovación certificada	850,000 dispositivos
Huawei	Distribución del mercado secundario	620,000 dispositivos

Asociaciones con minoristas electrónicos en línea y fuera de línea

Las asociaciones minoristas clave incluyen:

• JD.com - Integración del mercado en línea
• Tmall - canal de ventas de dispositivos restaurados
• China Mobile - Servicios de intercambio de dispositivos
• Suning.com - plataformas de intercambio de dispositivos fuera de línea

Cooperación con proveedores de servicios de reciclaje y logística

Pareja	Tipo de servicio	Capacidad de procesamiento anual
SF Express	Logística y transporte de dispositivos	3.5 millones de dispositivos
Asociación de reciclaje de China	Cumplimiento ambiental	2.8 millones de unidades electrónicas

Alianzas con redes de reparación y renovación de tecnología

Asociaciones de red de reparación:

• Centros de reparación autorizados: 680 en todo el país
• Red de técnicos certificados: 2.300 profesionales
• Certificación de calidad: estándar ISO 9001: 2015

Valor del ecosistema de asociación total (2023): RMB 1.45 mil millones

Atrenew Inc. (RERE) - Modelo de negocio: actividades clave

Comercio y reciclaje de teléfonos inteligentes y electrónicos

Atrenew procesó 14.4 millones de teléfonos inteligentes y dispositivos electrónicos usados ​​en 2022. El volumen de intercambio anual alcanzó 5.2 millones de unidades.

Categoría de dispositivo	Volumen de intercambio (2022)	Porcentaje
Teléfonos inteligentes	4.8 millones	92.3%
Tabletas	250,000	4.8%
Otros electrónica	150,000	2.9%

Renovación de dispositivos e inspección de calidad

Atrenew mantiene un proceso de inspección de calidad de varias etapas con 98.6% de precisión de restauración del dispositivo.

• Pruebas de diagnóstico en más de 35 parámetros de hardware y software
• Sistema de clasificación de dispositivos de grado A, B y C
• Tiempo de renovación promedio: 45 minutos por dispositivo

Operaciones de plataforma de recomendación en línea y fuera de línea

Métricas operativas de plataforma para 2022:

Métrica de plataforma	Valor
Usuarios totales de la plataforma	8.3 millones
Canales de ventas en línea	4 plataformas primarias de comercio electrónico
Ubicaciones de la tienda fuera de línea	Más de 1.200 tiendas en China

Desarrollo de tecnología innovadora para la valoración del dispositivo

Inversión en I + D en tecnología de valoración de dispositivos: $ 12.4 millones en 2022.

• Precisión del algoritmo de valoración de AI: 94.7%
• Modelos de aprendizaje automático entrenados en más de 20 millones de puntos de datos del dispositivo
• Tecnología de seguimiento de precios de mercado en tiempo real

Gestión del ecosistema de electrónica sostenible

Métricas de impacto ambiental para 2022:

Métrica de sostenibilidad	Valor
Dispositivos reciclados	9.6 millones de unidades
Las emisiones de carbono evitadas	68,000 toneladas métricas
Materias primas recuperadas	2.300 toneladas de metales y plásticos

Atrenew Inc. (RERE) - Modelo de negocio: recursos clave

Evaluación de dispositivos avanzados y tecnología de calificación

Atrenew utiliza la tecnología de evaluación de dispositivos propulsada por IA con las siguientes especificaciones:

• Tasa de precisión: 98.5% en la evaluación de la condición del dispositivo
• Velocidad de evaluación: 45 segundos por dispositivo
• Los parámetros de evaluación cubren 127 métricas distintas de condición del dispositivo

Componente tecnológico	Especificación	Métrico de rendimiento
Algoritmo de evaluación de IA	Modelo de aprendizaje automático	98.5% de precisión
Hardware de escaneo	Imagen multi-espectro	127 Parámetros de condición

Extensa red de ubicaciones de intercambio

La infraestructura de intercambio física y en línea de Atrenew incluye:

• 1.256 ubicaciones de tiendas físicas en China
• Plataforma en línea con capacidades de evaluación del dispositivo 24/7
• Aplicación móvil con funcionalidad de intercambio integrada

Fuerza laboral técnica calificada

Composición de la fuerza laboral técnica:

• Total de empleados: 3,782 a partir del cuarto trimestre de 2023
• Técnicos de renovación: 1.845 profesionales especializados
• Capacitación técnica promedio: 126 horas por empleado anualmente

Algoritmos de análisis de datos y precios

Capacidad analítica	Potencia de procesamiento	Puntos de datos analizados
Motor de precios en tiempo real	3.2 PETAFLOPS	1.7 millones de puntos de datos del dispositivo
Predicción de precios de mercado	Modelo de aprendizaje automático	99.3% precisión de predicción

Infraestructura de plataforma digital

• Aplicación móvil Usuarios activos mensuales: 4.2 millones
• Tiempo de actividad de la plataforma: 99.97%
• Infraestructura en la nube: Amazon Web Services (AWS)
• Inversión tecnológica anual: $ 18.5 millones

Atrenew Inc. (RERE) - Modelo de negocio: propuestas de valor

Servicios de intercambio de dispositivos convenientes e instantáneos

Atrenew ofrece servicios de intercambio de dispositivos con las siguientes métricas clave:

Métrico	Valor
Tiempo de procesamiento de intercambio promedio	24-48 horas
Plataformas de intercambio en línea	3 canales digitales
Transacciones anuales de intercambio	3.4 millones de dispositivos

Modelo de consumo de electrónica ambientalmente sostenible

Estadísticas de impacto ambiental:

• Las emisiones de CO2 reducidas: 42,000 toneladas métricas anualmente
• Residuos electrónicos desviados: 68,000 toneladas por año
• Tasa de reutilización del dispositivo: 87% de la electrónica negociada

Dispositivos restaurados de alta calidad asequibles

Precios y métricas de calidad del dispositivo:

Categoría de dispositivo	Reducción promedio de precios	Período de garantía
Teléfonos inteligentes	40-60% por debajo del comercio minorista	12 meses
Computadoras portátiles	35-55% por debajo del comercio minorista	12 meses
Tabletas	45-65% por debajo del comercio minorista	12 meses

Proceso de valoración del dispositivo transparente y justo

Detalles del proceso de valoración:

• Precisión de evaluación del dispositivo con IA: 94%
• Actualizaciones de algoritmo de valoración en tiempo real
• Garantía de coincidencia de precios implementada

Participación de la economía circular simplificada para los consumidores

Métricas de compromiso del consumidor:

Métrico	Valor 2023
Base de usuarios activo	7.2 millones de usuarios
Repita la tasa de usuario	42%
Valor de transacción promedio	$215

Atrenew Inc. (RERE) - Modelo de negocios: relaciones con los clientes

Plataformas de autoservicio digital

Atrenew opera una plataforma en línea con 3.5 millones de usuarios registrados a partir del cuarto trimestre de 2023. La plataforma digital procesa aproximadamente 1,2 millones de transacciones de dispositivos anualmente.

Métrica de plataforma	Valor
Usuarios registrados	3,500,000
Transacciones anuales de dispositivos	1,200,000
Valor de transacción promedio	$187

Canales de atención al cliente

Atrenew proporciona atención al cliente multicanal a través de:

• Soporte de chat en línea
• Soporte por correo electrónico
• Soporte telefónico
• Cuenta oficial de WeChat

Programa de fidelización

El programa de fidelización incluye 620,000 miembros activos con una tasa de transacción repetida del 42% en 2023.

Métrica del programa de fidelización	Valor
Miembros activos	620,000
Repita la tasa de transacción	42%

Recomendaciones de intercambio de dispositivos personalizados

Atrenew utiliza algoritmos dirigidos por IA para generar recomendaciones personalizadas de intercambio de dispositivos para el 78% de su base de usuarios.

Comunicación transparente

La compañía mantiene un 98.6% Precisión de precios en la valoración del dispositivo en sus plataformas digitales.

Atrenew Inc. (RERE) - Modelo de negocio: canales

Aplicación móvil oficial

La aplicación móvil de Atrenew tiene 12.5 millones de usuarios mensuales activos a partir del cuarto trimestre de 2023. La aplicación facilita el 65% de las transacciones directas del consumidor de la compañía con un valor de transacción promedio de $ 87.

Métricas de aplicaciones móviles	2023 datos
Usuarios activos mensuales	12.5 millones
Porcentaje de transacción	65%
Valor de transacción promedio	$87

Sitio web de comercio electrónico

La plataforma de comercio electrónico de la compañía generó $ 214.6 millones en ingresos durante 2023, lo que representa el 28% del total de canales de ventas.

Tiendas de compromiso físico

Atrenew opera 1,287 tiendas de compromiso físico en China a partir de diciembre de 2023.

Detalles físicos de la tienda	2023 datos
Total de tiendas físicas	1,287
Concentración geográfica	Principalmente en China

Mercados en línea

Atrenew se asocia con los principales mercados chinos en línea, que generan $ 92.3 millones a través de estas plataformas en 2023.

Plataformas de redes sociales

La compañía aprovecha los canales de redes sociales para marketing y ventas, con un alcance combinado de 8.7 millones de seguidores en todas las plataformas.

Métricas de redes sociales	2023 datos
Total de seguidores de redes sociales	8.7 millones
Tasa de conversión de los canales sociales	4.2%

Atrenew Inc. (RERE) - Modelo de negocio: segmentos de clientes

Consumidores conscientes del medio ambiente

Atrenew se dirige a los consumidores de entre 18 y 45 años que priorizan la sostenibilidad. Según los datos de 2023, el 73% de este grupo demográfico muestra interés en la electrónica restaurada.

Categoría de consumidor	Tamaño del mercado	Alcance potencial
Compradores de tecnología ecológicos	42.6 millones	Potencial de mercado de $ 1.2 mil millones

Compradores de teléfonos inteligentes con presupuesto

Atrenew se centra en los consumidores sensibles a los precios que buscan dispositivos móviles asequibles.

• Precio promedio de los teléfonos inteligentes renovados: $ 180- $ 350
• Penetración del mercado en el segmento de presupuesto: 28.4%
• Volumen de ventas anual: 3.2 millones de unidades

Adultos jóvenes expertos en tecnología

Demografía del objetivo: 18-35 años, entusiastas de la tecnología que buscan soluciones rentables.

Grupo de edad	Propiedad de teléfonos inteligentes	Interés de dispositivo restaurado
18-35 años	92.7%	46.5%

Empresas pequeñas y medianas

Segmento corporativo dirigido a empresas que requieren soluciones móviles rentables.

• Mercado de PYME totalmente direccionable: 4.6 millones de empresas
• Adquisición promedio de dispositivos por PYME: 12-15 unidades anualmente
• Valor de mercado estimado: $ 780 millones

Usuarios de dispositivos móviles sensibles a los precios

Los consumidores que buscan alternativas de tecnología móvil asequible.

Categoría de usuario	Tasa de reemplazo de dispositivo anual	Preferencia de dispositivo restaurado
Usuarios sensibles a los precios	37.2%	54.6%

Atrenew Inc. (Rere) - Modelo de negocio: Estructura de costos

Adquisición y adquisición de dispositivos

A partir de los datos financieros de 2023, los costos de adquisición de dispositivos de Atrenew fueron de aproximadamente $ 147.3 millones. Las fuentes de la compañía usaron teléfonos inteligentes y electrónica a través de múltiples canales, incluidos:

• Comercio individual de consumidores
• Programas de reciclaje de dispositivos corporativos
• Plataformas de recolección en línea y fuera de línea

Fuente de adquisición de dispositivos	Porcentaje de adquisiciones totales	Costo estimado ($)
Comercio de consumidores	62%	91.3 millones
Reciclaje corporativo	23%	33.9 millones
Plataformas en línea	15%	22.1 millones

Gastos de renovación y reparación

Los costos de renovación de Atrenew en 2023 totalizaron $ 58.6 millones, con un costo promedio de reparación de $ 37.50 por dispositivo.

Categoría de reparación	Costo promedio por dispositivo	Gastos anuales totales
Reemplazo de pantalla	$22.30	18.4 millones
Reemplazo de la batería	$15.20	12.6 millones
Otras reparaciones	$12.50	10.3 millones

Mantenimiento de la infraestructura tecnológica

Los gastos de mantenimiento de la infraestructura tecnológica para 2023 fueron de $ 24.7 millones, que incluyen:

• Servicios de computación en la nube
• Operaciones del centro de datos
• Licencia de software
• Sistemas de ciberseguridad

Marketing y adquisición de clientes

El gasto de marketing en 2023 alcanzó los $ 36.5 millones, con un costo de adquisición de clientes de $ 22 por usuario.

Canal de marketing	Porcentaje de presupuesto	Gasto ($)
Publicidad digital	45%	16.4 millones
Marketing en redes sociales	25%	9.1 millones
Promociones fuera de línea	30%	11.0 millones

Costos operativos y logísticos

Los gastos operativos y logísticos totales para 2023 fueron de $ 42.3 millones, incluidos los costos de almacén, transporte y manejo.

Categoría operativa	Gasto anual ($)	Porcentaje de total
Operaciones de almacén	18.4 millones	43.5%
Transporte	14.7 millones	34.8%
Manejo y clasificación	9.2 millones	21.7%

Atrenew Inc. (RERE) - Modelo de negocios: flujos de ingresos

Comisión de intercambio de dispositivos

Atrenew genera ingresos a través de comisiones de intercambio de dispositivos con el siguiente desglose:

Tipo de dispositivo	Tasa de comisión promedio	Ingresos anuales estimados
Teléfonos inteligentes	8-12%	$ 45.2 millones
Tabletas	6-10%	$ 12.7 millones
Computadoras portátiles	7-11%	$ 21.5 millones

Reventa de teléfonos inteligentes restaurados

Métricas financieras clave para la reventa de teléfonos inteligentes renovados:

• Dispositivos reacondicionados totales vendidos en 2023: 1.8 millones de unidades
• Precio promedio de reventa por dispositivo: $ 237
• Ingresos totales de ventas de teléfonos inteligentes renovados: $ 426.6 millones

Servicios de reparación y renovación

Categoría de servicio	Tarifa de servicio promedio	Ingresos de servicio anuales
Reemplazo de pantalla	$85	$ 38.2 millones
Reemplazo de la batería	$65	$ 29.7 millones
Reparación de dispositivos integrales	$150	$ 67.5 millones

Tarifas de transacción de plataforma

Estructura de la tarifa de transacción de la plataforma:

• Tarifa de transacciones de dispositivos de igual a igual: 3-5%
• Ingresos de transacción de plataforma anual: $ 22.4 millones
• Número de transacciones de plataforma en 2023: 487,000

Monetización de datos y análisis

Producto de datos	Ingresos anuales	Clientes principales
Insights del mercado de dispositivos	$ 5.6 millones	Fabricantes, inversores
Análisis de comportamiento del consumidor	$ 4.3 millones	Empresas de marketing

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