ATRenew to use Chinese experience to support electronics recycling partners worldwide
London, UK
|
November 30, 2023 08:25 AM Eastern Standard Time
ATRenew Inc (NYSE:RERE) chief manager of investor relations and ESG Xiaoyi (Jessie) Jin speaks to Thomas Warner from Proactive about China's leading electronics recycling platform. She starts by giving an overview of the business, noting that ATRenew last year facilitated over 32 million electronics transactions, claiming a significant 10% market share in China.
The company operates 2,000 physical stores and eight operational centres. Financially, ATRenew has achieved a 32% year-on-year increase in revenues, reaching 9.1 billion RMB in revenue for the nine months ending 30 September.
The company also reported a substantial 74 million RMB non-GAAP operating profit for the same period, marking a pivotal point in its profitability journey. Jin attributes the success to the growing consumer awareness of circular economy principles and green consumption behaviours in China. Customers are increasingly open to trading in their used electronics, facilitated by partnerships with manufacturers like Apple and Huawei.
Looking forward, ATRenew anticipates further 30% growth in full-year revenue for 2023. The company aims to expand its scale and profitability, with a strategic focus on international markets, including East Asia, Japan, Malaysia, and Europe.
Contact Details
Proactive United States
Proactive United States
+1 347-449-0879
