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Rafael Wei

Vice President and Research Analyst at DBS

Rafael Wei is a Vice President and Research Analyst at DBS Bank, specializing in equity research within the consumer and retail sectors. He covers prominent companies such as CapitaLand Investment, Sheng Siong, Wilmar International, and Dairy Farm International, and his analytical insights have contributed to positive investment outcomes, with several of his stock recommendations outperforming market benchmarks. Wei began his analyst career in the early 2010s, initially working with other leading financial institutions before joining DBS in 2017. Holding professional credentials including the Chartered Financial Analyst (CFA) designation and necessary MAS licensing, he is recognized for his incisive equity analysis and accurate market calls.

Rafael Wei's questions to ATRenew (RERE) leadership

Question · Q3 2025

Rafael Wei asked about ATRenew's store opening pace for Q4 2025 and 2026, and sought details on future plans and targets for the multi-category business.

Answer

CEO Kerry Chen confirmed the acceleration of store openings for 2025, emphasizing quality development for self-operated stores (88% now multi-category enabled) and strategic partnerships for joint-operated locations. He also detailed the asset-light, rapidly growing multi-category business, highlighting gold recycling's success due to reduced take rates and the future focus on high-value categories with higher service value and take rate potential to enhance the AiHuiShou brand.

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Question · Q3 2025

Rafael Wei inquired about ATRenew's store opening pace for Q4 2025 and 2026, and the future plans and targets for the multi-category business.

Answer

Kerry Chen, Founder, Chairman, and CEO, stated that ATRenew maintained its target for accelerating store openings in 2025, focusing on quality development for self-operated stores (88% now multi-category enabled) and active collaboration with local partners for joint-operated stores. The pace will be balanced with the expansion of two-door service teams. For the multi-category business, Kerry Chen highlighted its rapid development as an asset-light platform, emphasizing user experience and compliant operations. He noted that gold recycling, a significant portion of current volume, has a low single-digit take rate, while second-hand luxury exceeds 10%. Future expansion will prioritize high-value categories with potential for higher take rates.

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