ATRENEW Inc. (Rere): Business Model Canvas [Jan-2025 Mise à jour]

Dans le monde dynamique de l'électronique durable, ATrenew Inc. (Rere) apparaît comme une force transformatrice, révolutionnant la façon dont les consommateurs interagissent avec les appareils mobiles grâce à sa plate-forme de recommandation innovante. En mélangeant de manière transparente la technologie, la conscience de l'environnement et les opportunités économiques, la société a conçu un modèle commercial unique qui transforme les échanges de smartphones en un écosystème gagnant-gagnant pour les consommateurs, les détaillants et la planète. Leur approche va au-delà de la simple revente des appareils, offrant une solution complète qui aborde la réduction des déchets, l'abordabilité et l'accessibilité technologique dans une stratégie élégante.

ATRENEW Inc. (Rere) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les principaux fabricants de smartphones

ATrenew a établi des partenariats avec les fabricants de smartphones suivants:

Fabricant	Détails du partenariat	Volume estimé (2023)
Pomme	Programme d'échange et de recyclage des appareils	1,2 million d'appareils
Xiaomi	Réseau de rénovation certifié	850 000 appareils
Huawei	Distribution du marché secondaire	620 000 appareils

Partenariats avec les détaillants électroniques en ligne et hors ligne

Les principaux partenariats de vente au détail comprennent:

• JD.com - Intégration en ligne du marché
• TMALL - Canal de vente de périphériques rénovés
• China Mobile - Services d'échange de périphériques
• Suning.com - plates-formes d'échange de périphériques hors ligne

Coopération avec les fournisseurs de services de recyclage et de logistique

Partenaire	Type de service	Capacité de traitement annuelle
SF Express	Logistique et transport des appareils	3,5 millions d'appareils
Association de recyclage de la Chine	Conformité environnementale	2,8 millions d'unités électroniques

Alliances avec les réseaux de réparation et de rénovation technologiques

Réparation des partenariats du réseau:

• Centres de réparation autorisés: 680 à l'échelle nationale
• Réseau de technicien certifié: 2 300 professionnels
• Certification de qualité: Norme ISO 9001: 2015

Valeur totale de l'écosystème du partenariat (2023): RMB 1,45 milliard

ATRENEW Inc. (Rere) - Modèle d'entreprise: Activités clés

L'échange et le recyclage des smartphones et de l'électronique

ATrenew a traité 14,4 millions de smartphones et de dispositifs électroniques d'occasion en 2022. Le volume de commerce annuel a atteint 5,2 millions d'unités.

Catégorie d'appareil	Volume de commerce (2022)	Pourcentage
Smartphones	4,8 millions	92.3%
Comprimés	250,000	4.8%
Autres appareils électroniques	150,000	2.9%

Rénovation de l'appareil et inspection de la qualité

ATrenew maintient un processus d'inspection de qualité en plusieurs étapes avec une précision de restauration de 98,6% des appareils.

• Test de diagnostic sur 35+ paramètres matériels et logiciels
• Système de classification des périphériques de grade A, B et C
• Temps de rénovation moyen: 45 minutes par appareil

Opérations de plate-forme de recommandation en ligne et hors ligne

Métriques opérationnelles de la plate-forme pour 2022:

Métrique de la plate-forme	Valeur
Total des utilisateurs de la plate-forme	8,3 millions
Canaux de vente en ligne	4 plateformes de commerce électronique primaires
Emplacements de magasin hors ligne	Plus de 1 200 magasins en Chine

Développer une technologie innovante pour l'évaluation des appareils

Investissement en R&D dans la technologie d'évaluation des appareils: 12,4 millions de dollars en 2022.

• Précision de l'algorithme d'évaluation alimenté par AI: 94,7%
• Modèles d'apprentissage automatique formés sur plus de 20 millions de points de données de l'appareil
• Technologie de suivi des prix du marché en temps réel

Gestion durable de l'écosystème électronique

Métriques d'impact environnemental pour 2022:

Métrique de la durabilité	Valeur
Appareils recyclés	9,6 millions d'unités
Les émissions de carbone évitées	68 000 tonnes métriques
Matières premières récupérées	2 300 tonnes de métaux et de plastiques

ATRENEW Inc. (Rere) - Modèle d'entreprise: Ressources clés

Technologie avancée d'évaluation et de notation des appareils

ATRENEW utilise la technologie d'évaluation des appareils proportionnels avec les spécifications suivantes:

• Taux de précision: 98,5% dans l'évaluation de l'état de l'appareil
• Vitesse d'évaluation: 45 secondes par appareil
• Les paramètres d'évaluation couvrent 127 Métriques de condition de dispositif distinct

Composant technologique	Spécification	Métrique de performance
Algorithme d'évaluation de l'IA	Modèle d'apprentissage automatique	Précision de 98,5%
Scanner du matériel	Imagerie multi-spectre	127 Paramètres de condition

Réseau étendu d'emplacements de commerce

L'infrastructure de remise des échanges physiques et en ligne d'Atrenew comprend:

• 1 256 emplacements de magasins physiques à travers la Chine
• Plateforme en ligne avec capacités d'évaluation des appareils 24/7
• Application mobile avec une fonctionnalité de commerce intégrée

Main-d'œuvre technique qualifiée

Composition technique de la main-d'œuvre:

• Total des employés: 3 782 au quatrième trimestre 2023
• Techniciens de rénovation: 1 845 professionnels spécialisés
• Formation technique moyenne: 126 heures par employé par an

Analyse des données et algorithmes de tarification

Capacité d'analyse	Puissance de traitement	Points de données analysés
Moteur de tarification en temps réel	3.2 Petaflops	1,7 million de points de données de l'appareil
Prédiction des prix du marché	Modèle d'apprentissage automatique	99,3% de précision de prédiction

Infrastructure de plate-forme numérique

• Application mobile Utilisateurs actifs mensuels: 4,2 millions
• Temps de disponibilité de la plate-forme: 99,97%
• Infrastructure cloud: Amazon Web Services (AWS)
• Investissement technologique annuel: 18,5 millions de dollars

ATRENEW Inc. (Rere) - Modèle d'entreprise: propositions de valeur

Services d'échange de périphériques pratiques et instantanés

ATRENEW offre des services d'échange de périphériques avec les mesures clés suivantes:

Métrique	Valeur
Temps de traitement moyen	24-48 heures
Plateformes de commerce en ligne	3 canaux numériques
Transactions de transactions annuelles	3,4 millions d'appareils

Modèle de consommation d'électronique environnementale durable

Statistiques d'impact environnemental:

• Les émissions de CO2 réduites: 42 000 tonnes métriques par an
• Déchets électroniques détournés: 68 000 tonnes par an
• Taux de réutilisation de l'appareil: 87% de l'électronique échangée

Dispositifs rénovés abordables de haute qualité

Prix ​​et mesures de qualité de l'appareil:

Catégorie d'appareil	Réduction moyenne des prix	Période de garantie
Smartphones	40 à 60% en dessous de la vente au détail	12 mois
Ordinateurs portables	35 à 55% en dessous de la vente au détail	12 mois
Comprimés	45 à 65% en dessous de la vente au détail	12 mois

Processus d'évaluation transparent et équitable

Détails du processus d'évaluation:

• Précision d'évaluation des appareils alimentés par l'IA: 94%
• Mises à jour de l'algorithme d'évaluation en temps réel
• Garantie de correspondance des prix implémentée

Participation simplifiée de l'économie circulaire pour les consommateurs

Métriques d'engagement des consommateurs:

Métrique	Valeur 2023
Base d'utilisateurs actifs	7,2 millions d'utilisateurs
Répéter le taux d'utilisateur	42%
Valeur de transaction moyenne	$215

ATRENEW Inc. (Rere) - Modèle d'entreprise: relations avec les clients

Plates-formes de libre-service numériques

ATrenew exploite une plate-forme en ligne avec 3,5 millions d'utilisateurs enregistrés au T4 2023. La plate-forme numérique traite environ 1,2 million de transactions d'appareils par an.

Métrique de la plate-forme	Valeur
Utilisateurs enregistrés	3,500,000
Transactions de périphériques annuelles	1,200,000
Valeur de transaction moyenne	$187

Canaux de support client

ATrenew fournit un support client multicanal à travers:

• Assistance de chat en ligne
• Assistance par e-mail
• Support téléphonique
• Compte officiel de WeChat

Programme de fidélité

Le programme de fidélité comprend 620 000 membres actifs avec un taux de transaction de répétition de 42% en 2023.

Métrique du programme de fidélité	Valeur
Membres actifs	620,000
Répéter le taux de transaction	42%

Recommandations de commerce des appareils personnalisés

ATRENEW utilise des algorithmes dirigés par l'IA pour générer des recommandations de réadaptation des appareils personnalisés pour 78% de sa base d'utilisateurs.

Communication transparente

La société maintient un 98,6% de précision des prix dans l'évaluation des appareils sur ses plateformes numériques.

ATRENEW Inc. (Rere) - Modèle d'entreprise: canaux

Application mobile officielle

L'application mobile d'Atrenew compte 12,5 millions d'utilisateurs mensuels actifs au quatrième trimestre 2023. L'application facilite 65% des transactions de consommation directes de la société avec une valeur de transaction moyenne de 87 $.

Métriques d'application mobile	2023 données
Utilisateurs actifs mensuels	12,5 millions
Pourcentage de transaction	65%
Valeur de transaction moyenne	$87

Site Web de commerce électronique

La plate-forme de commerce électronique de la société a généré 214,6 millions de dollars de revenus au cours de 2023, ce qui représente 28% du total des canaux de vente.

Magasins de recommandation physique

ATrenew exploite 1 287 magasins de recommandations physiques à travers la Chine en décembre 2023.

Détails du magasin physique	2023 données
Magasins physiques totaux	1,287
Concentration géographique	Principalement en Chine

Marchés en ligne

ATrenew s'associe aux principaux marchés chinois en ligne, générant 92,3 millions de dollars via ces plateformes en 2023.

Plateformes de médias sociaux

La société tire parti des réseaux sociaux pour le marketing et les ventes, avec une portée combinée de 8,7 millions de followers sur toutes les plateformes.

Métriques des médias sociaux	2023 données
Total des adeptes de médias sociaux	8,7 millions
Taux de conversion à partir des canaux sociaux	4.2%

ATRENEW Inc. (Rere) - Modèle d'entreprise: segments de clientèle

Consommateurs soucieux de l'environnement

ATrenew cible les consommateurs âgés de 18 à 45 ans qui priorisent la durabilité. Selon 2023 données, 73% de ce groupe démographique montre l'intérêt pour l'électronique rénovée.

Catégorie de consommation	Taille du marché	Portée potentielle
Acheteurs de technologies respectueuses de l'environnement	42,6 millions	Potentiel de marché de 1,2 milliard de dollars

Acheteurs de smartphones pour le budget

ATrenew se concentre sur les consommateurs sensibles aux prix à la recherche d'appareils mobiles abordables.

• Prix ​​moyen des smartphones rénovés: 180 $ - 350 $
• Pénétration du marché dans le segment du budget: 28,4%
• Volume des ventes annuelles: 3,2 millions d'unités

Jeunes adultes avertis en technologie

Target démographique: 18-35 ans, les amateurs de technologie à la recherche de solutions rentables.

Groupe d'âge	Propriété de smartphone	Intérêt de l'appareil rénové
18-35 ans	92.7%	46.5%

Petites et moyennes entreprises

Segments d'entreprise ciblant les entreprises nécessitant des solutions mobiles rentables.

• Marché total des PME adressables: 4,6 millions d'entreprises
• Procurement moyen des dispositifs par PME: 12 à 15 unités par an
• Valeur marchande estimée: 780 millions de dollars

Utilisateurs d'appareils mobiles sensibles aux prix

Les consommateurs recherchent des alternatives de technologie mobile abordables.

Catégorie utilisateur	Taux de remplacement annuel de l'appareil	Préférence de dispositif rénové
Utilisateurs sensibles aux prix	37.2%	54.6%

ATRENEW Inc. (Rere) - Modèle d'entreprise: Structure des coûts

Acquisition et achat d'appareils

En 2023, les données financières, les coûts d'acquisition d'appareils d'Atrenew étaient d'environ 147,3 millions de dollars. Les sources de l'entreprise ont utilisé les smartphones et l'électronique via plusieurs canaux, notamment:

• Commerce de consommation individuel
• Programmes de recyclage des appareils d'entreprise
• Plates-formes de collecte en ligne et hors ligne

Source d'acquisition de l'appareil	Pourcentage de l'approvisionnement total	Coût estimé ($)
Commerce de consommation	62%	91,3 millions
Recyclage des entreprises	23%	33,9 millions
Plateformes en ligne	15%	22,1 millions

Frais de rénovation et de réparation

Les coûts de rénovation d'Atrenew en 2023 ont totalisé 58,6 millions de dollars, avec un coût de réparation moyen de 37,50 $ par appareil.

Catégorie de réparation	Coût moyen par appareil	Dépenses annuelles totales
Remplacement d'écran	$22.30	18,4 millions
Remplacement de la batterie	$15.20	12,6 millions
Autres réparations	$12.50	10,3 millions

Maintenance des infrastructures technologiques

Les frais de maintenance des infrastructures technologiques pour 2023 étaient de 24,7 millions de dollars, notamment:

• Services de cloud computing
• Opérations du centre de données
• Licence de logiciel
• Systèmes de cybersécurité

Marketing et acquisition de clients

Les dépenses de marketing en 2023 ont atteint 36,5 millions de dollars, avec un coût d'acquisition de client de 22 $ par utilisateur.

Canal de marketing	Pourcentage de budget	Dépenses ($)
Publicité numérique	45%	16,4 millions
Marketing des médias sociaux	25%	9,1 millions
Promotions hors ligne	30%	11,0 millions

Coûts opérationnels et logistiques

Les dépenses opérationnelles et logistiques totales pour 2023 étaient de 42,3 millions de dollars, y compris les coûts d'entrepôt, de transport et de manipulation.

Catégorie opérationnelle	Dépenses annuelles ($)	Pourcentage du total
Opérations de l'entrepôt	18,4 millions	43.5%
Transport	14,7 millions	34.8%
Manipulation et tri	9,2 millions	21.7%

ATRENEW Inc. (Rere) - Modèle d'entreprise: Strots de revenus

Commission de commerce des appareils

ATrenew génère des revenus grâce à des commissions de commerce des appareils avec la ventilation suivante:

Type d'appareil	Taux de commission moyen	Revenus annuels estimés
Smartphones	8-12%	45,2 millions de dollars
Comprimés	6-10%	12,7 millions de dollars
Ordinateurs portables	7-11%	21,5 millions de dollars

Revente de smartphones rénovés

Mesures financières clés pour la revente de smartphone rénovée:

• Total des dispositifs rénovés vendus en 2023: 1,8 million d'unités
• Prix ​​de revente moyen par appareil: 237 $
• Revenu total des ventes de smartphones rénovés: 426,6 millions de dollars

Services de réparation et de rénovation

Catégorie de service	Frais de service moyens	Revenus de services annuels
Remplacement d'écran	$85	38,2 millions de dollars
Remplacement de la batterie	$65	29,7 millions de dollars
Réparation complète des appareils	$150	67,5 millions de dollars

Frais de transaction de plate-forme

Structure des frais de transaction de plateforme:

• Frais de transactions d'appareil peer-to-peer: 3-5%
• Revenus de transactions de plate-forme annuelles: 22,4 millions de dollars
• Nombre de transactions de plate-forme en 2023: 487 000

Données et monétisation d'analyse

Produit de données	Revenus annuels	Clients principaux
Informations sur le marché des appareils	5,6 millions de dollars	Fabricants, investisseurs
Analyse des comportements des consommateurs	4,3 millions de dollars	Sociétés 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