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RERE - ATRenew Digs Closer To Profits With City-Level Recycling Drive
AiHuiShou International Co. Ltd. American Depositary Shares (every three of which representing two Class A)
ATRenew reported its revenue rose 48.2% in last year’s fourth quarter, as it posted its first quarterly non-GAAP operating profit since listing in the U.S. last year.
Company is boosting efficiency by doing more recycling at the city level, with a pilot localization program begun in two cities early last year now expanded to 22 cities.
ATRenew is aiming to triple its gross merchandise volume (GMV) of goods passing through its system to more than 100 billion yuan by 2025 from 32 billion yuan last year.