ATRenew Inc (RERE) 2025 Q3 法說會逐字稿

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to the ATRenew Inc.'s third-quarter 2025 earnings conference call. (Operator Instructions)

女士們、先生們，早安，晚上好。感謝您的耐心等待，歡迎參加 ATRenew Inc. 2025 年第三季財報電話會議。（操作說明）

Please note today's call is being recorded. I would now like to turn the conference over to your first speaker today, Mr. Jeremy Ji, Head of Corporate Development. Please go ahead, sir.

請注意，今天的通話將會被錄音。現在我謹將會議交給今天的第一位發言人，企業發展部主管 Jeremy Ji 先生。請繼續，先生。

Thank you. Hello, everyone, and welcome to ATRenew's third-quarter 2025 earnings conference call. Speaking first today is Kerry Chen, our Founder, Chairman, and CEO. And he will be followed by Rex Chen, our CFO. After that, we will open the call to questions from the analysts.

謝謝。大家好，歡迎參加 ATRenew 2025 年第三季財報電話會議。今天首先發言的是我們的創辦人、董事長兼執行長陳凱瑞。接下來將由我們的財務長 Rex Chen 接任。之後，我們將開放電話會議，接受分析師的提問。

The third-quarter 2025 financial results were released earlier today. The earnings press release and the investor slides accompanying this call are now available at our IR website, ir.atrenew.com. There will also be a transcript following this call for your convenience.

2025年第三季財務業績於今日稍早發布。本次財報新聞稿和投資者關係簡報現已發佈在我們的投資者關係網站 ir.atrenew.com 上。為方便起見，本次電話會議結束後也將提供文字記錄。

For today's agenda, Kerry will share his thoughts on our quarterly performance and business strategy; followed by Rex, who will address the financial highlights. Both Kerry and Rex will participate during the Q&A session.

在今天的議程中，Kerry 將分享他對我們季度業績和業務策略的看法；隨後 Rex 將介紹財務亮點。Kerry 和 Rex 都將參加問答環節。

Please note our Safe Harbor statements. Some of the information you'll hear during our discussion today will consist of forward-looking statements. And I refer you to our Safe Harbor statements in the earnings press release. Any forward-looking statements that management makes on this call are based on assumptions as of today and that ATRenew does not take any obligation to upgrade our assumptions on these statements.

請注意我們的安全港聲明。今天我們討論中您將聽到的一些資訊包含前瞻性陳述。請參考我們在獲利新聞稿中的「安全港」聲明。管理階層在本次電話會議上所做的任何前瞻性陳述均基於截至今日的假設，ATRenew 不承擔任何義務更新我們對這些陳述的假設。

Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings press release, which contains a reconciliation of non-GAAP measures to GAAP measures. Finally, please note that, unless otherwise stated, all figures that are mentioned during this conference call are in RMB. And all comparisons are on a year-over-year basis.

此外，本次電話會議也將討論某些非GAAP財務指標。請參閱我們的獲利新聞稿，其中包含非GAAP指標與GAAP指標的調節表。最後請注意，除非另有說明，本次電話會議中提到的所有數字均以人民幣為單位。所有比較均以同比為基礎。

I'd now like to turn the call over to Kerry for business and strategy updates.

現在我想把電話交給 Kerry，請他介紹一下業務和策略的最新情況。

(interpreted) Hello, everyone, and thank you for joining ATRenew's third-quarter 2025 earnings conference call. We are pleased to update you on our strengthened operating results, share the progress of our three-stage development strategy and address key topics of interest.

（翻譯）大家好，感謝各位參加 ATRenew 2025 年第三季財報電話會議。我們很高興向您報告我們不斷增強的經營業績，分享我們三階段發展策略的進展情況，並探討您感興趣的關鍵議題。

In the third quarter, we once again achieved new breakthroughs across multiple operational metrics. Total net revenue reached a new record high of RMB5.15 billion, representing 27.1% year-over-year growth. Our 1P product revenue sustained strong growth momentum, rising 28.7% year over year to RMB4.73 billion, while 3P platform service revenue increased 11.6% year over year to RMB420 million, demonstrating continued healthy growth.

第三季度，我們在多個營運指標方面再次取得了新的突破。總淨收入達到創紀錄的51.5億元人民幣，較去年同期成長27.1%。我們的1P產品營收維持強勁成長勢頭，年增28.7%至人民幣47.3億元，而3P平台服務營收年增11.6%至人民幣4.2億元，顯示持續健康的成長動能。

Non-GAAP operating profit reached a record high of RMB140 million, up 34.9% year over year with our non-GAAP operating profit margin achieving 2.7%, demonstrating steady improvement both year over year and quarter over quarter.

非GAAP營業利潤達到創紀錄的人民幣1.4億元，較去年同期成長34.9%，非GAAP營業利益率達2.7%，年比及季均穩定提升。

During each third quarter, we strategically prepared for the mid- to late September launch of flagship devices from leading manufacturers while building operational capacity to support the uptick in new device shipments throughout October, providing users with better restocking and trade-in experiences.

在每個第三季度，我們都對領先製造商在 9 月中下旬推出的旗艦設備進行了戰略性準備，同時建立了運營能力，以支持整個 10 月份新設備出貨量的增長，為用戶提供更好的補貨和以舊換新體驗。

Looking closer to our third quarter performance. Within our 1P business, we have successfully expanded our product acquisition through trade-in programs and our AHS Recycle brand. We have effectively leveraged our proprietary combined refurbishment capabilities to deliver premium curated products to consumers through retail channels, including AHS Recycle and Paipai.

讓我們更深入地了解我們第三季的業績。在我們的 1P 業務中，我們透過以舊換新計畫和我們的 AHS Recycle 品牌成功擴大了產品獲取範圍。我們有效利用了我們專有的綜合翻新能力，透過零售通路（包括 AHS Recycle 和 Paipai）向消費者提供優質精選產品。

This strategy delivered impressive results with compliance refurbished product revenue surging 102% year over year in the third quarter. While (inaudible) sustaining robust growth of over 70% year over year, and the [1P 2C] proportion expanding to 36.4%. We believe that strengthening our retail capabilities will enhance our pricing power in the recycling end and effectively strengthen end-to-end value throughout the industry's supply chain.

該策略取得了令人矚目的成果，第三季合規翻新產品營收年增 102%。同時（聽不清楚）保持了超過 70% 的強勁同比增長，[1P 2C] 比例擴大到 36.4%。我們相信，加強零售能力將增強我們在回收環節的定價權，並有效提升整個產業供應鏈的端到端價值。

On the supply side, we focused on building stronger customer awareness and recognition from the AHS Recycle brand. Orders through the AHS official website maintained a solid 30% growth, while JD.com's trade-in program continues to be a preferred choice for users looking to recycle and upgrade their devices.

在供應方面，我們專注於提升客戶對 AHS Recycle 品牌的認知度和認可度。透過 AHS 官方網站的訂單維持了 30% 的穩健成長，而京東的以舊換新計畫仍然是希望回收和升級設備的用戶的首選。

We also significantly expanded our offline fulfillment capabilities, building customer trust through personalized face-to-face services that offer both convenient and competitive pricing. Our AHS store network grew to 2,195 locations from both self-operated and joint operated shops, supplemented by our workforce of 1,962 team members who either provide full time or part-time (inaudible) service.

我們也大幅擴展了線下履行能力，透過提供便利且價格具競爭力的個人化面對面服務，建立了客戶信任。我們的 AHS 門市網路發展到 2,195 家，包括自營店和合營店，此外還有 1,962 名團隊成員提供全職或兼職服務。

This comprehensive approach ensures that recycling and trade-in services are easily accessible to customers. In top-tier cities, we are positioning AHS Recycle as China's leading recycle brand, promoting AHS Recycle services through our self-operated stores.

這種綜合方法確保客戶能夠輕鬆獲得回收和以舊換新服務。在一線城市，我們將 AHS Recycle 定位為中國領先的回收品牌，並透過我們自營的門市推廣 AHS Recycle 服務。

We've expanded our asset life platform to include high value categories like luxury goods, gold and premium liquor, creating more user value while improving store unit economics. In mid- to lower-tier cities, we partner with local merchants who understand their markets, helping them evolve from single-store franchisees into city partners with multiple AHS stores.

我們擴大了資產生命週期平台，納入了奢侈品、黃金和高檔酒類等高價值類別，在提高門市單位經濟效益的同時，創造了更多用戶價值。在中低線城市，我們與了解當地市場的當地商家合作，幫助他們從單店加盟商發展成為擁有多家 AHS 門市的城市合作夥伴。

We support these partners with standardized quality inspection and pricing tools, official traffic and social media guidance to build local customer bases. This collaboration drives mutual success. Stronger store performance enables franchisees to expand locally and scale their businesses, creating a slight (inaudible) effect that benefits everyone.

我們透過標準化的品質檢驗和定價工具、官方交通和社交媒體指導，為這些合作夥伴提供支持，以建立本地客戶群。這種合作將帶來共同的成功。門市業績的提升使加盟商能夠在本地擴張並擴大業務規模，從而產生一種輕微的（聽不見的）效果，使每個人都受益。

Our commitment to win-win collaboration with merchants is evident in the performance of our platform business. In the third quarter, service revenue maintained strong double-digit growth with an overall take rate of 4.89%, breaking this down from three key platform segments.

我們致力於與商家實現雙贏合作，這一點在我們平台業務的業績中得到了充分體現。第三季度，服務收入維持了強勁的兩位數成長，整體成長率為 4.89%，這主要體現在三個關鍵平台細分市場。

First, in B2B, PJT Marketplace continues to provide an inclusive trade-in environment for small and medium-sized merchants. By the end of the quarter, the number of contracted merchants on the platform quickly surpassed 1.37 million. This was driven by two factors.

首先，在 B2B 領域，PJT Marketplace 繼續為中小商家提供包容性的以舊換新環境。到本季末，該平台上的簽約商戶數量迅速超過 137 萬人。這主要受兩個因素驅動。

On one hand, the number of sellers representing product supplies continue to grow rapidly, thanks to PJT Marketplace's strong infrastructure and merchant service capabilities. On the other hand, with the record onboarding of small sized -- medium merchants such as those leveraging the specialty buyer model of (inaudible), we accelerated supply chain enhancement for these merchants.

一方面，由於 PJT Marketplace 強大的基礎設施和商家服務能力，代表產品供應的賣家數量持續快速成長。另一方面，隨著採用（聽不清楚）專業買家模式的中小型商家的創紀錄入駐，我們加快了這些商家的供應鏈改進。

To ensure a positive for experience during this expansion, we temporarily allow more flexible post-sale rights and made a strategic adjustment to PJT Marketplace take rate. We remain confident in PJT Marketplace's long-term monetization potential, not only because of its maturing industry infrastructure, but also because of its flexibility to innovate, expand user reach, optimize services and create more value over time.

為了確保此次擴張期間的良好體驗，我們暫時允許更靈活的售後權利，並對 PJT Marketplace 的佣金率進行了策略調整。我們對 PJT Marketplace 的長期獲利潛力充滿信心，不僅因為其行業基礎設施日趨成熟，還因為其具有創新、擴大用戶覆蓋範圍、優化服務和隨著時間的推移創造更多價值的靈活性。

Second, in B2C, Paipai's user service and monetization capabilities achieved another year-over-year improvement. While maintaining (inaudible) open platform functionality, we further strengthen consignment services for small and mid-sized merchants.

其次，在 B2C 領域，拍拍的用戶服務和獲利能力又實現了同比提升。在維持（聽不清楚）開放平台功能的同時，我們進一步加強了對中小型商家的寄售服務。

Under this model, merchants no longer need to worry about product management, store operations, traffic or aftersales as Paipai provides standardized end-to-end operational solutions. In the third quarter, GMV for consignment grew 180% year over year and take rate continued to trend upward in the high single-digit range, reflecting strong merchant recognition of our service value.

在這種模式下，商家不再需要擔心產品管理、店鋪營運、客流量或售後服務，因為拍拍提供標準化的端到端營運解決方案。第三季度，寄售商品交易總額年增 180%，成交率持續維持高個位數成長趨勢，反映出商家對我們服務價值的強烈認可。

Third, our asset-light platform for multicategory recycling services sustained rapid growth with transaction volume increasing by 95% year over year and user experience continues to improve. As of September, 878 self-operated stores and 131 franchisee locations had activated multicategory capabilities, expanding geographic coverage.

第三，我們的輕資產多類別回收服務平台維持了快速成長，交易量較去年同期成長 95%，使用者體驗也不斷改善。截至 9 月，已有 878 家自營門市和 131 家加盟店啟用了多品類功能，擴大了地理覆蓋範圍。

Newly enabled stores typically stabilize performance within two to three months. After allocating front end and fulfillment costs, multicategory services delivered an average monthly contribution profit of RMB7,000 per store, optimizing the unit economics of AHS stores. This model supports customer acquisition, repeated orders and the disciplined rollout of additional high-quality stores.

新開通的門市通常會在兩到三個月內達到業績穩定。在分配前端和履行成本後，多品類服務平均每月每家店貢獻 7,000 元利潤，優化了 AHS 門市的單位經濟效益。此模式有助於客戶獲取、重複下單以及有條不紊地推出更多優質門市。

We continue our strategic adoption of automation and AI technologies to drive excellence in operational experience. As our business scales, automated inspection systems at both the recycling and operational centers generate significant economies of scale and help optimize our fulfillment expense ratio.

我們將繼續策略性地採用自動化和人工智慧技術，以提升營運體驗。隨著我們業務規模的擴大，回收中心和營運中心的自動化檢測系統產生了顯著的規模經濟效益，並有助於優化我們的履約成本率。

Beyond the AI-powered automation inspection capabilities for recycling of secondhand luxury goods discussed last quarter, we have also deployed AI applications in customer service, inquiry handling and training. This initiatives are enhancing the user experience and building robust capacity to handle peak demand periods such as major promotional events.

除了上個季度討論的用於回收二手奢侈品的 AI 驅動自動化檢測能力之外，我們還在客戶服務、諮詢處理和培訓中部署了 AI 應用。這些措施旨在提升用戶體驗，並建立強大的能力來應對大型促銷活動等高峰需求時期。

That concludes our review of third quarter operating results. Next, we'd like to take this opportunity to continue sharing our three-stage development strategy for the next two to three years. The first stage is to continue strengthening the core capabilities of the secondhand consumer electronics.

以上就是我們對第三季經營業績的回顧。接下來，我們想藉此機會繼續分享我們未來兩到三年的三階段發展策略。第一階段是持續強化二手消費性電子產品的核心能力。

ATRenew has already become China's largest platform for secondhand consumer electronic transactions and services. We have integrated the entire industry chain across C2B, B2B and B2C, creating industry-leading end-to-end capabilities and maximizing value for both users and the industry.

ATRenew 已成為中國最大的二手消費性電子產品交易和服務平台。我們整合了 C2B、B2B 和 B2C 的整個產業鏈，打造了業界領先的端到端能力，最大限度地為用戶和產業創造了價值。

Going forward, we will reinforce this foundation in four ways. First, by enhancing scenario capabilities and deepening trade-in collaboration in new device sales channels with partners such as JD.com and Apple, enabling low-cost, high-efficiency access to first-hand supply.

接下來，我們將從四個面向來加強這項基礎。首先，透過增強場景能力，深化與京東、蘋果等合作夥伴在新設備銷售通路的以舊換新合作，實現低成本、高效率的一手貨源獲取。

Second, by strengthening fulfillment capabilities through our nationwide AHS store network and [2-door] service teams to ensure a superior user experience. Third, by enhancing the capabilities of retail stores through compliant refurbishment and high proportion of retail sales to achieve an end-to-end loop and improve supply chain value.

其次，透過我們遍佈全國的 AHS 門市網路和 [2-door] 服務團隊加強履行能力，以確保卓越的用戶體驗。第三，透過合規翻新和高比例零售銷售來增強零售店的能力，從而實現端到端循環並提高供應鏈價值。

And fourth, by advancing technology capabilities, leveraging automation and AI technology to unlock scale efficiencies over the long term. The second stage is to accelerate the growth of AHS Recycle as China's leading recycling brand. By combining our store-based fulfillment capabilities with an asset-light platform model for multi-category recycling, we aim to increase user engagement and frequency of service usage.

第四，透過提陞技術能力，利用自動化和人工智慧技術，從長遠角度釋放規模效益。第二階段是加速AHS Recycle發展成為中國領先的回收品牌。透過將我們基於門市的履行能力與用於多類別回收的輕資產平台模式相結合，我們旨在提高用戶參與度和服務使用頻率。

At the same time, (inaudible) the ecosystem extension of AHS Recycle is expanding into extensive community scenarios across major cities, and AHS Recycle brand will partner with more consumer brands to promote revived initiatives based on high-frequency scenarios using [green] incentives to encourage broader participation in recycling and the circular economy across China so that everyone can benefit from the sustainable consumption model we advocate.

同時，（聽不清楚）AHS Recycle的生態系統延伸正在擴展到各大城市的廣泛社區場景，AHS Recycle品牌將與更多消費品牌合作，利用[綠色]激勵措施，在高頻場景下推廣復興計劃，鼓勵中國各地更廣泛地參與回收和循環經濟，使每個人都能從我們倡導的可持續消費模式中受益。

With this, we strengthen consumer awareness of our recycling capabilities, improve our active user base of consumer electronics with high-frequency daily [green] disposal activities and promote a growth loop of green recycling and green consumption. We are dedicated to building differentiated competitive edges for AHS Recycle.

透過此舉，我們增強了消費者對我們回收能力的認識，提高了我們消費電子產品活躍用戶群的日常[綠色]處置頻率，並促進了綠色回收和綠色消費的成長循環。我們致力於為 AHS Recycle 打造差異化的競爭優勢。

The third stage is to prepare for an international strategies that share China's green story globally. Over the past 15 years, we have built the expertise in standardization, automation and platform capabilities for secondhand consumer electronic products. The rapid increase in domestic recycling penetration is driving a growing flow of used smartphones to overseas markets, representing a clear trend.

第三階段是製定國際戰略，向全球宣傳中國的綠色故事。過去 15 年來，我們在二手消費電子產品的標準化、自動化和平台能力方面累積了豐富的專業知識。國內回收滲透率的快速提高，正推動越來越多的二手智慧型手機流向海外市場，這代表了一個明顯的趨勢。

On the one hand, we are actively engaging in the development of export centers and international mutual recognition for China market products. For instance, we participate in the expert committee for the cross-border (inaudible) standard for secondhand goods, a joint initiative of the China Quality Certification Center and the International Organization for Standardization.

一方面，我們積極致力於發展出口中心，促進中國產品在國際市場上的互認。例如，我們參與了跨境二手商品標準專家委員會的工作，這是中國品質認證中心和國際標準化組織的聯合倡議。

On the other hand, we are channeling high-quality China [source] devices of earlier generations into the international market. Hong Kong, among others, as a key global trade hub for used electronics facilitates this flow, allowing us to successfully address the demand abroad. Recently, the monthly export of China [source] devices has exceeded 10,000 units.

另一方面，我們正在將中國早期幾代的高品質設備推向國際市場。香港作為全球二手電子產品的重要貿易樞紐，促進了這項貿易流動，使我們能夠成功滿足海外需求。最近，中國[來源]設備的月出口量已超過1萬台。

Looking forward, as domestic recycling penetration rates increase and standards become further clarified, we believe there will be more efforts. We also look forward to replicating our efficient platform capabilities abroad to create an international version of the PJT Marketplace, connecting global sources of preowned consumer electronics with global merchants.

展望未來，隨著國內回收滲透率的提高和標準的進一步明確，我們相信會有更多努力。我們也期待將我們高效的平台能力複製到海外，打造 PJT Marketplace 的國際版本，將全球二手消費性電子產品資源與全球商家連結起來。

Simultaneously, we will, at the appropriate time, integrate with the international layout of our strategic partners to provide solutions and jointly explore the broader retail opportunities in the global markets. Looking forward to 2026, we remain confident in the healthy development of the secondhand industry and the strong growth trajectory of our company.

同時，我們將在適當的時候與戰略合作夥伴的國際佈局進行整合，提供解決方案，並共同探索全球市場更廣泛的零售機會。展望2026年，我們對二手產業的健康發展和公司的強勁成長動能依然充滿信心。

We are also proud to share an international recognition. This year, ATRenew is a finalist for the prestigious Earthshot Prize, a global environmental award founded by His Royal Highness Prince William. The price recognizes outstanding contributions across five categories aimed at repairing our planet.

我們也為獲得國際認可而感到自豪。今年，ATRenew 入圍了享有盛譽的「地球衛士獎」決賽名單，該獎項是由威廉王子殿下創立的全球環境獎。該獎項旨在表彰在五個領域為修復地球做出的傑出貢獻。

ATRenew was highly commended by the committee in the Build a Waste Free world category for its practices in advancing the circular economy through pre-owned product transactions and services. Moving forward, we remain committed to our founding mission of to give a second life to (inaudible) and we'll continue to contribute to the circular economy in China and globally.

ATRenew 因其透過二手產品交易和服務推動循環經濟的實踐，在「建立無廢世界」類別中受到委員會的高度讚揚。展望未來，我們將繼續秉承我們賦予（聽不清楚）第二次生命的創立使命，並繼續為中國乃至全球的循環經濟做出貢獻。

Now I'd like to turn the call over to CFO, Rex, for financial updates.

現在我想把電話交給財務長雷克斯，讓他介紹一下財務方面的最新情況。

(interpreted) Hello, everyone. We are pleased to report outstanding financial performance in the third quarter of 2025. We continue to capture opportunities from targeted trade-in scenarios, in-house fulfillment and supply chain capabilities and the elevated AHS Recycle brand presence.

（譯）大家好。我們很高興地宣布，公司在2025年第三季取得了優異的財務表現。我們繼續從有針對性的以舊換新方案、內部履行和供應鏈能力以及不斷提升的 AHS Recycle 品牌知名度中抓住機會。

Total revenue in the third quarter was at the high end of our guidance, increasing by 27.1% to RMB5,150 million. Adjusted operating income grew by 34.9% to over RMB140 million. Before taking a detailed look at the financials, please note that all amounts are in RMBand all comparisons are on a year-over-year basis unless otherwise stated.

第三季總營收達到預期上限，成長27.1%至人民幣51.5億元。調整後的營業收入成長34.9%，超過人民幣1.4億元。在詳細查看財務數據之前，請注意，除非另有說明，所有金額均以人民幣計，所有比較均以同比為基礎。

In the third quarter, total revenue growth was primarily driven by continued net product revenue growth. Net product revenues increased by 28.7% to 4,730 million, largely attributable to the growth in online sales of pre-owned consumer electronics.

第三季總營收成長主要得益於淨產品收入的持續成長。淨產品收入成長 28.7% 至 47.3 億美元，主要歸功於二手消費性電子產品線上銷售的成長。

Net service revenues were RMB420 million in the third quarter, representing an increase of 11.6%. The increase was largely driven by pipeline marketplace and multicategory recycling business. The overall take rate of our marketplace was 4.89% for the third quarter of 2025. During the quarter, our multi-category recycling businesses contributed nearly RMB53 million of revenue, accounting for 12.5% of service revenues.

第三季淨服務收入為人民幣4.2億元，年增11.6%。成長主要由管道市場和多類別回收業務推動。2025年第三季度，我們市場的整體成交率為4.89%。本季度，我們的多類別回收業務貢獻了近5,300萬元人民幣的收入，佔服務收入的12.5%。

Now let's discuss our operating expenses. To provide greater clarity on the trend in our actual operating base expenses, we will mainly discuss our non-GAAP operating expenses, which better reflects how management views our operating results. The reconciliations of GAAP and non-GAAP results are available in our earnings release and the corresponding Form 6-K furnished with the US SEC.

現在我們來討論一下營運費用。為了更清楚地說明我們實際營運基礎費用的趨勢，我們將主要討論非GAAP營運費用，這能更清楚反映管理階層對我們經營績效的看法。GAAP 和非 GAAP 結果的調整表可在我們的獲利報告和向美國證券交易委員會提交的相應 6-K 表格中找到。

Merchandise costs increased by 26.3% to RMB4,090 million, in line with the growth in product sales. Gross profit margin for our 1P business was 13.4% compared with 11.7% in the same period last year. The gross margin improvement in our 1P business was primarily driven by high efficiency C2B recycling scenarios, compliant refurbishment capabilities incorporated in our supply chain and an increasingly diversified retail channel mix.

商品成本成長26.3%至人民幣40.9億元，與產品銷售成長一致。我們1P業務的毛利率為13.4%，而去年同期為11.7%。我們 1P 業務毛利率的提高主要得益於高效的 C2B 回收方案、供應鏈中納入的合規翻新能力以及日益多元化的零售通路組合。

This allowed us to increase the proportion of higher-margin retail sales with [1P 2C] revenue accounting for 36.4% of product revenue in the third quarter of 2025, up from 26.4% in the same period last year. Meanwhile, our international business operational efficiency has improved with continued improvement in both scale and gross margins.

這使我們能夠提高高利潤零售額的比例，[1P 2C] 收入佔 2025 年第三季產品收入的 36.4%，高於去年同期的 26.4%。同時，隨著規模和毛利率的持續提升，我們的國際業務營運效率也提高了。

Fulfillment expenses increased by 25.9% to RMB440 million. Non-GAAP fulfillment expenses increased by 25.6% to RMB430 million. Under the non-GAAP measures, the increase was mainly driven by higher personnel and logistics expenses, reflecting a greater volume of recycling and transaction activities compared to the same period in 2024.

履約費用增加25.9%至人民幣4.4億元。 （非GAAP準則）物流配送費用成長25.6%，達到人民幣4.3億元。根據非GAAP指標，成長主要由人員和物流費用增加所致，反映與2024年同期相比，回收和交易活動量更大。

Additionally, operation-related costs grew as we expanded our store network in income operation center capacity in the third quarter of 2025. Non-GAAP fulfillment expenses as a percentage of total revenues decreased to 8.4% from 8.5%. Selling and marketing expenses increased by 15.4% to RMB360 million.

此外，隨著我們在 2025 年第三季擴大門市網路和營收營運中心容量，營運相關成本也隨之成長。非GAAP履行費用佔總收入的百分比從8.5%下降到8.4%。銷售及市場推廣費用成長15.4%，達到人民幣3.6億元。

Non-GAAP selling and marketing expenses increased by 40.6% to RMB360 million. The increase was primarily driven by higher advertising and promotional campaign related spending as well as the increase in commission expenses associated with channel service fees.

非公認會計準則銷售及市場推廣費用成長40.6%，達到人民幣3.6億元。成長的主要原因是廣告和促銷活動相關支出增加，以及與通路服務費相關的佣金支出增加。

As a result, non-GAAP selling and marketing expenses as a percentage of total revenues increased to 7.0% from 6.3%. General and administrative expenses increased by 6.9% to RMB74.1 million. Non-GAAP G&A expenses also increased by 17.7% to RMB65.2 million, primarily due to an increase in tax and surcharges as well as an increase in consultant fees.

因此，非GAAP銷售和行銷費用佔總收入的百分比從6.3%增加到7.0%。一般及行政費用增加6.9%至人民幣7,410萬元。非GAAP一般及行政費用支出也增加了 17.7%，達到人民幣 6,520 萬元，主要原因是稅收和附加費增加以及諮詢費增加。

Non-GAAP G&A expenses as a percentage of total revenues decreased to 1.3% from 1.4%. Technology and content expenses increased by 19.5% to RMB63.8 million. Non-GAAP technology and content expenses increased by 23.2% to RMB61.1 million as well. The increase was primarily driven by elevated personnel expenses. Non-GAAP technology and content expenses as a percentage of total revenue remained stable at 1.2%.

非GAAP一般及行政費用佔總收入的百分比從1.4%下降至1.3%。技術及內容支出成長19.5%至人民幣6,380萬元。 （非GAAP準則）科技和內容支出也成長了23.2%，達到人民幣6,110萬元。成長的主要原因是人員開支增加。非GAAP技術和內容支出佔總收入的比例維持穩定在1.2%。

As a result, our non-GAAP operating income was over RMB140 million in the third quarter of 2025 compared to non-GAAP operating income of RMB100 million in the third quarter of 2024. Non-GAAP operating profit margin was 2.7% for this quarter compared to 2.6% in the third quarter of 2024, representing an increase of 16 basis points.

因此，2025 年第三季我們的非公認會計準則營業收入超過 1.4 億元，而 2024 年第三季的非公認會計準則營業收入為 1 億元人民幣。本季非GAAP營業利潤率為2.7%，而2024年第三季為2.6%，成長了16個基點。

During the third quarter of 2025, we repurchased a total of approximately 0.5 million ADS for approximately USD 2.1 million. We will continue to evaluate our overall profitability and update the shareholder return programs at an appropriate time.

2025年第三季度，我們回購了總計約50萬份美國存託股份（ADS），總金額約500萬美元。210萬。我們將繼續評估公司的整體獲利能力，並在適當的時候更新股東回報計畫。

As of September 30, 2025, cash and cash equivalents, restricted cash, short-term investments and funds receivable from third-party payment service providers totaled RMB2.54 billion. Our financial reserves are sufficient to support reinvestment in business development and shareholder returns.

截至2025年9月30日，現金及現金等價物、受限現金、短期投資及應收第三方支付服務提供者款項合計人民幣25.4億元。我們的財務儲備足以支持對業務發展和股東回報的再投資。

Now turning to the business outlook. For the fourth quarter of 2025, we anticipate total revenue to be between RMB6,080 million and RMB6,180 million, representing a year-over-year increase of 25.4% to 27.4%. For the full year 2025, we estimate total revenues to be between RMB20.87 billion and RMB20.97 billion, representing a year-over-year increase of 27.8% to 28.5%.

現在來談談商業前景。我們預計 2025 年第四季總營收將在人民幣 60.8 億元至 61.8 億元之間，年增 25.4% 至 27.4%。我們預計 2025 年全年總收入將在人民幣 208.7 億元至 209.7 億元之間，年增 27.8% 至 28.5%。

Please note that this forecast only reflects our current and preliminary views on the market and operational conditions, which are subject to change.

請注意，此預測僅反映我們目前對市場和營運狀況的初步看法，這些看法可能會改變。

This concludes our prepared remarks. Operator, we are now ready to take questions.

我們的發言稿到此結束。操作員，我們現在可以開始接受提問了。

(Operator Instructions) (inaudible), CICC.

（操作說明）（聽不清楚），CICC。

(interpreted) My first question is, we know that recently, we are having some changes to the national subsidy policies. Could you please share the impact on your business? And the second one is, could you please give us more color about outlook for Q4 and next year?

（翻譯）我的第一個問題是，我們知道最近國家補貼政策發生了一些變化。請問這對貴公司造成了哪些影響？第二個問題是，您能否詳細介紹第四季和明年的展望？

(interpreted) Thank you for your question. The first question is about national subsidy. That's a very good question. Let me address it by analyzing the growth drivers of our 1P business in the context of the national subsidy.

（翻譯）謝謝你的提問。第一個問題是關於國家補貼的。這是一個很好的問題。讓我透過分析國家補貼背景下我們1P業務的成長驅動因素來解決這個問題。

The national trade-in subsidy directly promote the sales of new devices. However, these subsidies are only applicable to new devices price under RMB6,000. Therefore, a significant portion of consumers' purchasing premium models do not utilize these subsidies.

國家以舊換新補貼直接促進了新設備的銷售。但是，這些補貼僅適用於價格低於人民幣6,000元的新設備。因此，相當一部分購買高階車型的消費者並沒有利用這些補貼。

Given that our 1P business primarily focuses on premium brands, the proportion of trade-in orders utilizing national trade subsidies was actually quite limited this year. Nevertheless, the national subsidies have effectively stimulated upgrades within the preowned consumer electronics industry.

鑑於我們的 1P 業務主要集中在高端品牌，今年利用國家貿易補貼的以舊換新訂單比例實際上相當有限。然而，國家補貼有效地刺激了二手消費性電子產品產業的升級換代。

Benefiting from our mature trade-in supply chain this year, we collaborated with JD.com to create the best-in-class trade-in user experience. We also worked with brands like Apple, Huawei and Xiaomi, facilitating device upgrades for more users through trade in offsets.

今年，由於我們成熟的以舊換新供應鏈，我們與京東合作，打造了一流的以舊換新用戶體驗。我們也與蘋果、華為和小米等品牌合作，透過以舊換新抵銷的方式，為更多用戶提供設備升級服務。

This approach combined with specific subsidies offered by e-commerce platforms and manufacturers in trade-in scenarios, helping users upgrade their devices at a lower cost effect -- at a lower cost. We estimate that AHS Recycle achieved a trade-in penetration rate exceeding 10% on JD.com this year.

這種方法結合了電子商務平台和製造商在以舊換新場景中提供的特定補貼，幫助用戶以更低的成本升級設備。我們估計，AHS Recycle 今年在京東上的以舊換新滲透率超過了 10%。

The penetration rate is consistently increasing, driving precise conversions within JD's core consumer electronics business. Furthermore, we see significant potential for further growth in this penetration rate. As the retail prices of new devices from brand manufacturers continue to trend upwards, trade-in programs are gaining favor among users as a more cost-effective upgrade path.

滲透率持續成長，推動京東核心消費電子業務的精準轉換。此外，我們認為這項滲透率還有很大的成長潛力。隨著品牌廠商新設備的零售價格持續上漲，以舊換新計畫作為更具成本效益的升級途徑，越來越受到用戶的青睞。

Simultaneously, these programs help manufacturers protect the retail pricing of their new devices, creating a win-win situation. The scenario of new device retail presents an important source for us. We will continue to collaborate closely with our e-commerce and manufacturing partners to optimize the trade-in pricing algorithm, operational processes, supply chain and user experience, increasing the penetration rate of trade-in services over the long run.

同時，這些計劃有助於製造商保護其新設備的零售價格，從而創造雙贏局面。新設備零售市場為我們提供了一個重要的資訊來源。我們將繼續與我們的電子商務和製造合作夥伴緊密合作，優化以舊換新定價演算法、營運流程、供應鏈和用戶體驗，從長遠來看提高以舊換新服務的滲透率。

Regarding the second question, we expect total revenue growth in the fourth quarter to be between 25.4% and 27.4%. The major electronics brand we serve have launched more attractive products this year and achieved considerable sales, stimulating stronger consumer demand for device upgrades.

關於第二個問題，我們預計第四季總營收成長將在 25.4% 至 27.4% 之間。我們服務的知名電子品牌今年推出了更多吸引人的產品，並取得了可觀的銷售額，從而刺激了消費者對設備升級的更強勁需求。

Based on our fourth quarter outlook, we forecast total revenue for the full year 2025 to be between RMB20.87 billion and RMB20.97 billion, representing a year-over-year increase of 27.8% to 28.5%. This suggests a possibility for us to grow faster than our internal budget at the beginning of this year.

根據我們第四季的展望，我們預測 2025 年全年總營收將在 208.7 億元至 209.7 億元和人民幣之間，年增 27.8% 至 28.5%。這表明，今年年初我們的成長速度有可能超過內部預算。

We anticipate accelerated revenue growth this year compared to last year, primarily driven by three factors. First, the national trade-in initiative has promoted e-commerce platform and brand manufacturers to actively build or enhance their trade-in service capabilities. We integrated trade in supply chain can -- our integrated trade-in supply chain can efficiently provide users with the best-in-class upgrade experience.

我們預計今年的營收成長速度將比去年加快，主要由以下三個因素驅動。首先，國家以舊換新計畫促使電子商務平台和品牌製造商積極建立或增強其以舊換新服務能力。我們整合了以舊換新供應鏈－我們整合的以舊換新供應鏈可以有效率地為使用者提供一流的升級體驗。

Second, we are rapidly expanding our fulfillment network, having established a more granular presence in nearly 300 cities across China to ensure a superior user experience. Third, we are actively building the AHS Recycle brand, recognizing that brand influence delivers long-term value.

其次，我們正在迅速擴展我們的物流網絡，在中國近 300 個城市建立了更精細的服務網絡，以確保更優質的用戶體驗。第三，我們正在積極打造 AHS Recycle 品牌，因為我們意識到品牌影響力能夠帶來長期價值。

For 2026, we are actively preparing our internal annual budget. We expect to maintain a relatively rapid year-over-year growth rate driven by increased penetration of trade-in programs, enhanced brand power and fulfillment capabilities of AHS Recycle and the improvement in our overall supply chain efficiency. Thank you for the question.

我們正在積極編制2026年的內部年度預算。我們預計，在以舊換新計畫滲透率提高、AHS Recycle 品牌實力增強、履行能力提升以及整體供應鏈效率提高的推動下，我們將保持相對快速的同比增長率。謝謝你的提問。

[Wei Fady, DBS].

[魏發迪，DBS]

(interpreted) I will translate in English. Congratulations for the astonishing third quarter results. So two questions from my side. The first one is that, what is the store opening pace for the fourth quarter and for the next year for ATRenew.

（翻譯）我將用英語翻譯。恭喜你們取得了令人矚目的第三季業績。我有兩個問題。第一個問題是，ATRenew 第四季和明年的門市開設速度如何？

(interpreted) Thank you. I'll take the first question. For the full year 2025, we maintained our target of accelerating store openings. As shown in our store structure and capabilities, the number of self-operated AHS Recycle stores in Tier 1 and Tier 2 cities has grown steadily.

（翻譯）謝謝。我來回答第一個問題。2025 年全年，我們將繼續推進門市擴張目標。從我們的門市結構和能力可以看出，一二線城市的自營 AHS Recycle 門市數量穩定成長。

For self-operated stores, we prioritized quality development, focusing on delivering a superior user experience through enhanced fulfillment capabilities. Nearly 88% of these self-operated stores are now equipped with multi-category services. Regarding joint-operated standard stores, we actively collaborate with local market partners to build capabilities together.

對於自營門市，我們優先考慮品質發展，專注於透過增強履行能力來提供卓越的使用者體驗。目前，近 88% 的自營商店都配備了多品類服務。對於合營標準門市，我們積極與當地市場合作夥伴合作，共同提升能力。

Based on empowering them with our capabilities and traffic support, we work with city partners to serve local users and rapidly advance our store opening goals. In some franchise store scenarios, we are prudently exploring service capabilities for high-value categories with gold recycling already taking initial shape.

憑藉我們的能力和交通支持，我們與城市合作夥伴攜手合作，服務當地用戶，並快速推進我們的門市開幕目標。在某些加盟店場景中，我們正在謹慎地探索高價值類別的服務能力，黃金回收業務已經初具雛形。

Moving forward, the pace of new store openings will be dynamically balanced with the expansion of our [2-door] service teams to ensure the efficiency of both our physical locations and personnel.

展望未來，我們將動態平衡新店開幕的速度和[2門店]服務團隊的擴張，以確保我們的實體店和人員的效率。

So my second question is what are the plans and targets for multi-category business in the future?

所以我的第二個問題是，未來多品類業務的計畫和目標是什麼？

(interpreted) In terms of multi-category business, it has maintained a rapid development trajectory this year, benefiting from our (inaudible) improvement in several metrics, including service coverage, baseline pricing capabilities for various categories and user experience.

（翻譯）就多品類業務而言，今年以來一直保持著快速發展勢頭，這得益於我們在多項指標上的（聽不清楚）改進，包括服務覆蓋範圍、各類產品的基本定價能力和用戶體驗。

Our multi-category recycling business operates on an asset-light platform model, which is susceptible to policy changes and emphasizes compliant operations. It focuses on core user experience metrics such as transaction efficiency and pricing within the C2B model.

我們的多類別回收業務採用輕資產平台模式運營，容易受到政策變化的影響，並強調合規運營。它著重於 C2B 模式下的核心使用者體驗指標，例如交易效率和定價。

In the third quarter, against the backdrop of rapidly rising gold prices, we prioritized user transaction experience by reducing our take rate. This approach provided users with tangible value and benefits while also ensuring the rapid growth of our transaction volume.

第三季度，在金價快速上漲的背景下，我們透過降低手續費率來優先考慮用戶交易體驗。這種方法為用戶提供了實際的價值和好處，同時也確保了我們交易量的快速成長。

Looking ahead, leveraging the strength of our AHS Recycle brand and our store network, we will prioritize developing high-value categories that are convenient for users to bring to our stores for transactions. We aim to integrate user demographic profiles, including age and gender to solidify the consumer mindset of AHS Recycle go-to-destination positioning.

展望未來，我們將利用 AHS Recycle 品牌和門市網路的優勢，優先開發高價值類別，方便用戶帶到我們的門市進行交易。我們的目標是整合使用者人口統計資料，包括年齡和性別，以鞏固消費者對 AHS Recycle 作為首選目的地的認知。

Michael Kim, Zacks Small-Cap Research.

Michael Kim，Zacks Small-Cap Research。

Can you hear me?

你聽得到我嗎？

Yes, we can hear you.

是的，我們能聽到你們的聲音。

Yes. Okay. Curious to get your perspective on the uptake of enhanced services across your marketplace businesses and how maybe a more favorable mix might impact take rates? And then just related to that, how has the mix trended more recently as it relates to multi-category transactions?

是的。好的。很想了解您對貴公司市場業務中增強型服務的接受度有何看法，以及更有利的組合可能會如何影響轉換率？與此相關的是，最近多類別交易的組合趨勢如何？

(interpreted) The take rate for PJT Marketplace remained stable at over 6%. The slight variation in the platform take rate in the third quarter was primarily due to phased adjustments in our merchant service policy where we allow buyers more flexible return and exchange options.

（譯文）PJT Marketplace 的成交率維持穩定，超過 6%。第三季平台手續費率的輕微波動主要是由於我們對商家服務政策進行了分階段調整，讓買家選擇更靈活的退換貨方式。

Simultaneously, PJT actively introduced innovative transaction model such as the specialty buyer model and expanded platform supply chain connectivity to Douyin. This provides more influencers and small business owners with access to industry supply sources, simplify secondhand transactions and offers consumers better products and greater value.

同時，PJT積極引入了專業買家模式等創新交易模式，並擴大了平台供應鏈與抖音的連結。這為更多有影響力的人士和小企業主提供了接觸行業供應來源的途徑，簡化了二手交易，並為消費者提供了更好的產品和更高的價值。

Within the Paipai Marketplace, the consignment model has shown initial success, driving its take rate into the high single-digit rent to 9%. There remains room for optimization in both the sales categories and take rate structure for consignment. The standardized model effectively addresses operational challenges for small merchants by offering a simpler [door setup] experience, higher transaction efficiency and better pricing and sales channels. As the consignment business scale, both the revenue structure and take rate of the pipeline marketplace have the potential for further optimization. Regarding our multi-category services, a significant portion of current transaction volume comes from gold recycling, which is more standardized and operates with a low single-digit take rate.

在派派市場，寄售模式已初見成效，其租金率已達到個位數高位，最高可達 9%。寄售的銷售類別和佣金率結構都還有優化的空間。標準化模式透過提供更簡單的[門市設定]體驗、更高的交易效率以及更好的定價和銷售管道，有效地解決了小型商家面臨的營運挑戰。隨著寄售業務規模的擴大，管道市場的收入結構和分成率都有進一步優化的潛力。關於我們的多類別服務，目前交易量很大一部分來自黃金回收，這項業務更加標準化，回收率也較低，只有個位數。

The service take rate for the secondhand luxury category continue to exceed 10%. For future category expansion, we will prioritize high-value categories that offer greater service value and potential for higher take rates.

二手豪華車的維修服務普及率持續超過 10%。未來拓展品類時，我們將優先考慮高價值品類，這些品類能夠提供更高的服務價值和更高的轉換率潛力。

As there are no further questions at this time. I'd like to turn the conference back over to management for closing remarks.

目前沒有其他問題了。我想把會議交還給管理階層，請他們作閉幕致詞。

Thank you. Thank you all again for joining us. A replay of today's call will be available on our IR website shortly followed by the transcript when ready. If you have any additional questions, please feel free to e-mail us at ir@atrenew.com. Have a good day.

謝謝。再次感謝各位的參與。今天電話會議的錄音將很快在我們的投資者關係網站上提供，會議記錄也將隨後發布。如果您還有其他疑問，請隨時發送電子郵件至ir@atrenew.com。祝您一切順利。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。