ATRenew Delivers Record Revenues and 385% Surge in Operating Income: A Closer Look at Q3 2025 Results

Strong Revenue Growth Sets New Benchmark for ATRenew

ATRenew Inc. (NYSE:RERE), China’s leading platform for pre-owned consumer electronics, reported unaudited results for the third quarter of 2025, marking the company’s strongest performance to date. Revenue jumped by 27.1% year-over-year to a record RMB5,149.2 million (US$723.3 million), as the company capitalized on robust demand for recycling and refurbished electronics, coupled with an expanding fulfillment network and innovative recycling initiatives.

Operationally, the company’s efforts to boost efficiency and optimize supply chain management have paid off. The number of consumer products transacted climbed to 10.9 million—up from 9.1 million a year earlier—underscoring growing adoption of the platform’s recycling and trade-in services. Enhanced marketplace capabilities and compliance upgrades helped fuel both supply and user experience.

Operating Income Surges Over 385% as Margins Improve

Income from operations reached RMB120.8 million (US$17.0 million), marking an impressive 385.1% leap from RMB24.9 million in Q3 2024. On a non-GAAP basis, adjusted income from operations was RMB140.3 million (US$19.7 million), a 34.9% rise year-on-year. These improvements highlight the company’s effective business execution and cost management strategies.

Profitability Metrics Show Positive Momentum

Net income in the quarter was RMB90.8 million (US$12.8 million), representing an impressive 407.3% jump from the prior year. Adjusted net income, which strips out share-based compensation and intangible asset amortization, increased 22.3% to RMB110.2 million (US$15.5 million).

On a per share basis, adjusted net income per ordinary share (non-GAAP) was RMB0.68 (US$0.10), compared to RMB0.56 (US$0.08) in Q3 2024. These gains come as ATRenew further refined its operations and leveraged scale to control costs, with margins benefiting from technology-driven process improvements.

Expansion Initiatives and Shareholder Returns

The company continues to explore new frontiers, with expansion of its recycling services and enhanced focus on the circular economy through AHS Recycle. Fulfillment capabilities and operational infrastructure have scaled to meet rising demand. On the shareholder side, ATRenew repurchased 0.5 million ADSs for about US$2.1 million in Q3 as part of a broader US$50 million buyback authorization announced earlier this year.

Liquidity Position and Financial Outlook Remain Strong

ATRenew ended the quarter with cash, equivalents, and short-term investments totaling RMB2,537.6 million (US$356.4 million), providing ample financial flexibility to pursue growth opportunities and fund its shareholder return initiatives.

For the fourth quarter of 2025, management forecasts revenue between RMB6,080.0 million and RMB6,180.0 million, pointing to ongoing growth of 25–27% over the same period last year.

Key Takeaways for Investors and Stakeholders

ATRenew’s latest results reinforce the company's position as a leader in China’s pre-owned consumer electronics sector. Rapid revenue and transaction volume growth, significant margin improvement, and disciplined cost management have driven strong operating and net income gains. The ongoing expansion into new recycling categories, operational upgrades, and the buyback program underscore management’s confidence in both the core business and longer-term prospects.

Looking ahead, continued scaling and technological innovation are likely to remain central themes. Investors should watch Q4 results and further progress in the circular economy, as well as updates on capital return strategies. With a record-setting quarter and strong guidance, ATRenew has set a high bar for its next phase of growth.

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