Won Zhao's questions to ATRenew Inc (RERE) leadership • Q3 2024
Question
Won Zhao from CICC asked for more details on the progress of the multi-category recycling business, including its profit contribution and future growth strategy for the segment.
Answer
Xuefeng Chen Kerry, Founder, Chairman & CEO, stated that the asset-light multi-category business saw its recycling value increase 270% year-over-year in Q3, generating over RMB 30 million in service revenue, which is recognized as gross profit. He noted that 46% of this converted to store-level operating profit. Gold and luxury goods are the core categories, and 587 of the company's self-operated stores now offer these services, with plans to expand further.