ATRenew Inc. reported strong financial results for the fourth quarter and full year ended December 31, 2024, with Q4 total net revenues increasing by 25.2% year-over-year to RMB 4,849.3 million (US$664.4 million), surpassing the high end of its guidance. For the full year 2024, total net revenues grew 25.9% to RMB 16,328.4 million (US$2,237.0 million), significantly outpacing industry growth rates.
A key highlight was the achievement of GAAP operating income for the full year 2024, reaching RMB 29.0 million (US$4.0 million), a substantial improvement from a loss of RMB 173.3 million in 2023. Non-GAAP operating income for the full year surged 62.8% to RMB 409.7 million (US$56.1 million), demonstrating enhanced profitability and operational efficiency. Q4 GAAP net income also saw a dramatic increase of 2,664.3% year-over-year to RMB 77.4 million (US$10.6 million).
The company's strategic initiatives contributed to this growth, including expanding its network to 1,861 AHS stores and seeing 1PtoC retail revenue increase to 29% of product revenue in Q4, up 8 percentage points year-over-year. Multi-category recycling services transaction volume nearly tripled, contributing 8.6% of total service revenue. ATRenew also provided optimistic guidance for the first quarter of 2025, expecting total revenues between RMB 4,550.0 million and RMB 4,650.0 million, representing a 24.6% to 27.4% year-over-year increase.
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