ATRenew Reports 25% Revenue Growth, Profit Turnaround in 2024

ATRenew Inc. reported a strong financial performance for the fourth quarter and full year of 2024, with total net revenues increasing by 25.2% to RMB 4.85 billion and net income rising significantly to RMB 77.4 million, compared to a loss in the previous year. This growth was attributed to the expansion of their store network to 1,861 locations and enhanced service capabilities, allowing the company to meet rising consumer demand for electronic device trade-ins. Adjusted net income also saw a notable increase of 35.1%, reaching RMB 122.9 million. CEO Kerry Chen expressed optimism about the future of trade-ins in the electronics market, emphasizing the company's commitment to improving service offerings. ATRenew's performance reflects a broader trend in consumer behavior towards recycling and trade-in services for electronic devices. The company is positioning itself to leverage these trends for long-term value creation for stakeholders.