Wang Zhao

Wang Zhao inquired about the impact of recent national subsidy policy changes on ATRenew's business and requested an outlook for Q4 2025 and the full year 2026.

Answer

CEO Kerry Chen clarified that national subsidies primarily impact new devices under RMB 6,000, with ATRenew benefiting indirectly from stimulated upgrades and strategic trade-in collaborations with partners like JD.com and Apple. Head of Corporate Development Jeremy Ji provided Q4 2025 revenue guidance of RMB 6,080 million to RMB 6,180 million and full-year 2025 guidance of RMB 20.87 billion to RMB 20.97 billion, indicating potential to exceed initial budgets. Mr. Chen further attributed accelerated growth to trade-in initiatives, expanded fulfillment, and brand building, projecting continued rapid growth for 2026.

Wang Zhao asked about the impact of recent national subsidy policy changes on ATRenew's business and requested more color on the outlook for Q4 2025 and the full year 2026.

Answer

Kerry Chen, Founder, Chairman, and CEO, explained that national subsidies primarily stimulate new device sales under RMB 6,000, so the direct impact on ATRenew's premium 1P business was limited. However, the subsidies indirectly boosted upgrades in the pre-owned electronics market, benefiting ATRenew's trade-in collaborations with JD.com, Apple, Huawei, and Xiaomi, achieving over 10% trade-in penetration on JD.com. For the outlook, Kerry Chen and Jeremy Ji, Head of Corporate Development, projected Q4 2025 revenue growth between 25.4% and 27.4%, leading to a full-year 2025 revenue forecast of RMB 20.87 billion to RMB 20.97 billion (27.8%-28.5% year-over-year increase). They anticipate continued rapid growth in 2026 driven by increased trade-in penetration, enhanced AHS Recycle brand power, fulfillment capabilities, and improved supply chain efficiency.

Wang Zhao inquired about the company's outlook on future share repurchases and long-term plans for shareholder returns, and also asked for an update on new services provided to partners, particularly regarding creative content e-commerce.

Answer

Vincent Qiu, Chairman and CEO, confirmed that share repurchases will continue and stated that long-term shareholder returns also depend on improving business performance and creating synergies between business units. Arthur Yu, President of Baozun E-commerce, addressed the services question by highlighting the 10% growth in service revenue, driven by enhanced omnichannel solutions and the successful integration of the Location business, which is now seeing triple-digit growth.