Atrenew Inc. (Rere): Modelo de negócios Canvas [Jan-2025 Atualizado]

No mundo dinâmico dos eletrônicos sustentáveis, a Atrenew Inc. (REE) surge como uma força transformadora, revolucionando como os consumidores interagem com os dispositivos móveis por meio de sua inovadora plataforma de recomendação. Ao misturar perfeitamente a tecnologia, a consciência ambiental e a oportunidade econômica, a empresa criou um modelo de negócios exclusivo que transforma trocas de smartphones em um ecossistema de ganha-ganha para consumidores, varejistas e planeta. Sua abordagem vai além da mera revenda de dispositivos, oferecendo uma solução abrangente que aborda a redução de resíduos, a acessibilidade e a acessibilidade tecnológica em uma estratégia elegante.

ATRENEW Inc. (Rere) - Modelo de Negócios: Principais Parcerias

Colaboração estratégica com os principais fabricantes de smartphones

A ATRENEW estabeleceu parcerias com os seguintes fabricantes de smartphones:

Fabricante	Detalhes da parceria	Volume estimado (2023)
Maçã	Programa de reciclagem de troca e dispositivo	1,2 milhão de dispositivos
Xiaomi	Rede de reforma certificada	850.000 dispositivos
Huawei	Distribuição do mercado secundário	620.000 dispositivos

Parcerias com varejistas de eletrônicos online e offline

As principais parcerias de varejo incluem:

• JD.com - Integração de mercado on -line
• TMall - canal de vendas de dispositivos reformados
• China Mobile - Serviços de troca de dispositivos
• Suning.com - plataformas de troca de dispositivos offline

Cooperação com provedores de serviços de reciclagem e logística

Parceiro	Tipo de serviço	Capacidade anual de processamento
SF Express	Logística e transporte de dispositivos	3,5 milhões de dispositivos
Associação de Reciclagem da China	Conformidade ambiental	2,8 milhões de unidades eletrônicas

Alianças com redes de reparo e reforma de tecnologia

Reparar parcerias de rede:

• Centros de reparo autorizados: 680 em todo o país
• Rede de Técnico Certificado: 2.300 Profissionais
• Certificação de qualidade: ISO 9001: 2015 padrão

Valor do ecossistema total de parceria (2023): RMB 1,45 bilhão

Atrenew Inc. (Rere) - Modelo de Negócios: Atividades -chave

Smartphone e eletrônicos trocam e reciclagem

A ATRENEW processou 14,4 milhões de dispositivos de smartphones e eletrônicos usados ​​em 2022. O volume anual de troca atingiu 5,2 milhões de unidades.

Categoria de dispositivo	Volume de troca (2022)	Percentagem
Smartphones	4,8 milhões	92.3%
Comprimidos	250,000	4.8%
Outros eletrônicos	150,000	2.9%

Reformamento de dispositivos e inspeção de qualidade

Atrenew mantém um Processo de inspeção de qualidade em vários estágios com precisão de restauração de dispositivos de 98,6%.

• Testes de diagnóstico em mais de 35 parâmetros de hardware e software
• Sistema de classificação de dispositivos de grau A, B e C
• Tempo médio de reforma: 45 minutos por dispositivo

Operações de plataforma de recomendação online e offline

Métricas operacionais da plataforma para 2022:

Métrica da plataforma	Valor
Usuários totais da plataforma	8,3 milhões
Canais de vendas on -line	4 plataformas primárias de comércio eletrônico
Locais offline da loja	1.200 mais de lojas na China

Desenvolvendo tecnologia inovadora para avaliação de dispositivos

Investimento em P&D em tecnologia de avaliação de dispositivos: US $ 12,4 milhões em 2022.

• Algoritmo de avaliação movido a IA Precisão: 94,7%
• Modelos de aprendizado de máquina treinados em mais de 20 milhões de pontos de dados do dispositivo
• Tecnologia de rastreamento de preços de mercado em tempo real

Gerenciamento de ecossistema de eletrônica sustentável

Métricas de impacto ambiental para 2022:

Métrica de sustentabilidade	Valor
Dispositivos reciclados	9,6 milhões de unidades
Emissões de carbono evitadas	68.000 toneladas métricas
Matérias -primas recuperadas	2.300 toneladas de metais e plásticos

ATRENEW Inc. (Rere) - Modelo de negócios: Recursos -chave

Avaliação avançada de avaliação e tecnologia de classificação

O ATRENEW utiliza a tecnologia de avaliação de dispositivos de IA proprietária com as seguintes especificações:

• Taxa de precisão: 98,5% na avaliação da condição do dispositivo
• Velocidade de avaliação: 45 segundos por dispositivo
• Os parâmetros de avaliação abrangem 127 métricas de condição de dispositivo distintas

Componente de tecnologia	Especificação	Métrica de desempenho
Algoritmo de avaliação da IA	Modelo de aprendizado de máquina	98,5% de precisão
Digitalização de hardware	Imagem de vários espectros	127 parâmetros de condição

Extensa rede de locais de troca

A infraestrutura de troca física e on-line da Atrenew inclui:

• 1.256 locais de lojas físicas em toda a China
• Plataforma on -line com recursos de avaliação de dispositivos 24/7
• Aplicativo móvel com funcionalidade de troca integrada

Força de trabalho técnica qualificada

Composição técnica da força de trabalho:

• Total de funcionários: 3.782 a partir do quarto trimestre 2023
• Técnicos de reforma: 1.845 profissionais especializados
• Treinamento técnico médio: 126 horas por funcionário anualmente

Algoritmos de análise de dados e preços

Capacidade de análise	Poder de processamento	Pontos de dados analisados
Engine de preços em tempo real	3.2 PETAFLOPS	1,7 milhão de pontos de dados do dispositivo
Previsão de preços de mercado	Modelo de aprendizado de máquina	99,3% de precisão de previsão

Infraestrutura da plataforma digital

• Aplicativo móvel Usuários ativos mensais: 4,2 milhões
• Tempo de atividade da plataforma: 99,97%
• Infraestrutura em nuvem: Amazon Web Services (AWS)
• Investimento de tecnologia anual: US $ 18,5 milhões

Atrenew Inc. (Rere) - Modelo de Negócios: Proposições de Valor

Serviços de troca de dispositivos convenientes e instantâneos

A Atrenew oferece serviços de troca de dispositivos com as seguintes métricas-chave:

Métrica	Valor
Tempo médio de processamento de troca	24-48 horas
Plataformas de troca on-line	3 canais digitais
Transações de troca anual	3,4 milhões de dispositivos

Modelo de consumo eletrônico ambientalmente sustentável

Estatísticas de impacto ambiental:

• Emissões de CO2 reduzidas: 42.000 toneladas métricas anualmente
• Resíduos eletrônicos desviados: 68.000 toneladas por ano
• Taxa de reutilização do dispositivo: 87% dos eletrônicos negociados

Dispositivos reformados de alta qualidade acessíveis

Preços e métricas de qualidade do dispositivo:

Categoria de dispositivo	Redução média de preços	Período de garantia
Smartphones	40-60% abaixo do varejo	12 meses
Laptops	35-55% abaixo do varejo	12 meses
Comprimidos	45-65% abaixo do varejo	12 meses

Processo de avaliação de dispositivos transparentes e justos

Detalhes do processo de avaliação:

• Precisão de avaliação do dispositivo a IA: 94%
• Atualizações do algoritmo de avaliação em tempo real
• Garantia de correspondência de preços implementada

Participação da economia circular simplificada para consumidores

Métricas de engajamento do consumidor:

Métrica	2023 valor
Base de usuário ativa	7,2 milhões de usuários
Repita a taxa de usuário	42%
Valor médio da transação	$215

Atrenew Inc. (Rere) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de autoatendimento digital

A Atrenew opera uma plataforma on -line com 3,5 milhões de usuários registrados a partir do quarto trimestre 2023. A plataforma digital processa aproximadamente 1,2 milhão de transações de dispositivos anualmente.

Métrica da plataforma	Valor
Usuários registrados	3,500,000
Transações anuais de dispositivos	1,200,000
Valor médio da transação	$187

Canais de suporte ao cliente

O ATRENEW fornece suporte ao cliente multicanal por meio de:

• Suporte de bate -papo online
• Suporte por e -mail
• Suporte telefônico
• Conta oficial do WeChat

Programa de fidelidade

O programa de fidelidade inclui 620.000 membros ativos com uma taxa de transação repetida de 42% em 2023.

Métrica do Programa de Fidelidade	Valor
Membros ativos	620,000
Repita a taxa de transação	42%

Recomendações de troca de dispositivos personalizados

O Atrenew usa algoritmos orientados a IA para gerar recomendações personalizadas de troca de dispositivos para 78% de sua base de usuários.

Comunicação transparente

A empresa mantém um 98,6% de precisão do preço na avaliação do dispositivo em suas plataformas digitais.

Atrenew Inc. (Rere) - Modelo de Negócios: Canais

Aplicativo móvel oficial

O aplicativo móvel da Atrenew possui 12,5 milhões de usuários mensais ativos a partir do quarto trimestre 2023. O aplicativo facilita 65% das transações diretas do consumidor da empresa com um valor médio de transação de US $ 87.

Métricas de aplicativos móveis	2023 dados
Usuários ativos mensais	12,5 milhões
Porcentagem de transações	65%
Valor médio da transação	$87

Site de comércio eletrônico

A plataforma de comércio eletrônico da empresa gerou US $ 214,6 milhões em receita durante 2023, representando 28% do total de canais de vendas.

Lojas de recomendador físico

A Atrenew opera 1.287 lojas de recomendação física em toda a China em dezembro de 2023.

Detalhes da loja física	2023 dados
Total de lojas físicas	1,287
Concentração geográfica	Principalmente na China

Mercados on -line

A Atrenew faz parceria com os principais mercados on -line chineses, gerando US $ 92,3 milhões através dessas plataformas em 2023.

Plataformas de mídia social

A empresa aproveita os canais de mídia social para marketing e vendas, com um alcance combinado de 8,7 milhões de seguidores entre plataformas.

Métricas de mídia social	2023 dados
Total de seguidores de mídia social	8,7 milhões
Taxa de conversão de canais sociais	4.2%

Atrenew Inc. (Rere) - Modelo de negócios: segmentos de clientes

Consumidores ambientalmente conscientes

ATrenew tem como alvo os consumidores de 18 a 45 anos que priorizam a sustentabilidade. De acordo com 2023 dados, 73% dessa demografia mostra interesse em eletrônicos reformados.

Categoria de consumidor	Tamanho de mercado	Alcance potencial
Compradores de tecnologia ecológicos	42,6 milhões	Potencial de mercado de US $ 1,2 bilhão

Compradores de smartphones amigáveis ​​ao orçamento

Atenew se concentra nos consumidores sensíveis ao preço que buscam dispositivos móveis acessíveis.

• Preço médio dos smartphones reformados: US $ 180- $ 350
• Penetração de mercado no segmento de orçamento: 28,4%
• Volume anual de vendas: 3,2 milhões de unidades

Jovens adultos com experiência em tecnologia

Demográfico-alvo: 18-35 anos, entusiastas da tecnologia que buscam soluções econômicas.

Faixa etária	Propriedade do smartphone	Interesse do dispositivo reformado
18-35 anos	92.7%	46.5%

Pequenas e médias empresas

Segmento corporativo direcionando empresas que exigem soluções móveis econômicas.

• Mercado total de PMEs endereçáveis: 4,6 milhões de empresas
• Aquisição média de dispositivo por PME: 12-15 unidades anualmente
• Valor de mercado estimado: US $ 780 milhões

Usuários de dispositivos móveis sensíveis ao preço

Consumidores que buscam alternativas de tecnologia móvel acessíveis.

Categoria de usuário	Taxa anual de substituição do dispositivo	Preferência de dispositivo reformado
Usuários sensíveis ao preço	37.2%	54.6%

Atrenew Inc. (Rere) - Modelo de Negócios: Estrutura de Custo

Aquisição e aquisição de dispositivos

A partir de 2023, os dados financeiros, os custos de aquisição de dispositivos da Atrenew eram de aproximadamente US $ 147,3 milhões. As fontes da empresa usaram smartphones e eletrônicos através de vários canais, incluindo:

• Trades de consumidores individuais
• Programas de reciclagem de dispositivos corporativos
• Plataformas de coleta online e offline

Fonte de aquisição de dispositivos	Porcentagem de compras totais	Custo estimado ($)
Trades de consumidores	62%	91,3 milhões
Reciclagem corporativa	23%	33,9 milhões
Plataformas online	15%	22,1 milhões

Despesas de reforma e reparo

Os custos de reforma da Atrenew em 2023 totalizaram US $ 58,6 milhões, com um custo médio de reparo de US $ 37,50 por dispositivo.

Categoria de reparo	Custo médio por dispositivo	Despesa anual total
Substituição da tela	$22.30	18,4 milhões
Substituição da bateria	$15.20	12,6 milhões
Outros reparos	$12.50	10,3 milhões

Manutenção de infraestrutura de tecnologia

As despesas de manutenção de infraestrutura tecnológica para 2023 foram de US $ 24,7 milhões, incluindo:

• Serviços de computação em nuvem
• Operações de data center
• Licenciamento de software
• Sistemas de segurança cibernética

Marketing e aquisição de clientes

As despesas de marketing em 2023 atingiram US $ 36,5 milhões, com um custo de aquisição de clientes de US $ 22 por usuário.

Canal de marketing	Porcentagem de orçamento	Despesa ($)
Publicidade digital	45%	16,4 milhões
Marketing de mídia social	25%	9,1 milhões
Promoções offline	30%	11,0 milhões

Custos operacionais e logísticos

As despesas operacionais e de logística totais para 2023 foram de US $ 42,3 milhões, incluindo armazém, transporte e custos de manuseio.

Categoria operacional	Despesa anual ($)	Porcentagem de total
Operações de armazém	18,4 milhões	43.5%
Transporte	14,7 milhões	34.8%
Manuseio e classificação	9,2 milhões	21.7%

Atrenew Inc. (Rere) - Modelo de negócios: fluxos de receita

Comissão de troca de dispositivos

O ATRENEW gera receita por meio de comissões de troca de dispositivos com a seguinte quebra:

Tipo de dispositivo	Taxa média de comissão	Receita anual estimada
Smartphones	8-12%	US $ 45,2 milhões
Comprimidos	6-10%	US $ 12,7 milhões
Laptops	7-11%	US $ 21,5 milhões

Revenda de smartphones reformados

Principais métricas financeiras para revenda de smartphone reformada:

• Total de dispositivos reformados vendidos em 2023: 1,8 milhão de unidades
• Preço médio de revenda por dispositivo: $ 237
• Receita total de vendas de smartphones reformados: US $ 426,6 milhões

Serviços de reparo e reforma

Categoria de serviço	Taxa de serviço médio	Receita anual de serviço
Substituição da tela	$85	US $ 38,2 milhões
Substituição da bateria	$65	US $ 29,7 milhões
Reparo abrangente de dispositivos	$150	US $ 67,5 milhões

Taxas de transação da plataforma

Estrutura de taxas de transação da plataforma:

• Taxa de transações de dispositivos ponto a ponto: 3-5%
• Receita anual de transações da plataforma: US $ 22,4 milhões
• Número de transações de plataforma em 2023: 487.000

Monetização de dados e análises

Produto de dados	Receita anual	Clientes principais
Insights de mercado de dispositivos	US $ 5,6 milhões	Fabricantes, investidores
Análise de comportamento do consumidor	US $ 4,3 milhões	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