In November, there were net additions of three self-operated AHS stores and six joint-operated standard stores. Direct store operation additions mainly covered Changsha and Beijing while franchisees were located in Guangdong, Sichuan and Chongqing areas.

Since November 2023, AHS Recycle has won the recycling qualification for N-1 and N-2 generations of iPhone products within Apple’s direct retail systems in mainland China. Such an update allows users to trade in used iPhone 13 and iPhone 14 lineup products for new iPhone products through Apple’s direct-to-consumer channels backed by AHS Recycle. The pre-owned phones will be handed over to AHS Recycle for further handling after front-end collection by Apple. This qualification update reflects the brand owner’s recognition of AHS Recycle’s supply chain capabilities. In addition, throughout this year’s Single’s Day grand promotion, there was a surge in user enthusiasm for recycling and trade-in. During the pre-sale period of the grand promotion, the total value of C2B recycling orders increased significantly by 60% year-on-year.

On November 13, the list of outstanding ESG case studies for the second Xinhua Credit Jinlan Cup was released. ATRenew was selected as an outstanding ESG case for “taking root in the circular economy track and helping to achieve the goal of carbon peak and carbon neutrality”. This case collection was sponsored by the China Economic Information Service. Enterprises and institutions in various fields and industries at home and abroad actively submitted applications. The cases collected cover energy, electric power, automobiles, logistics and transportation, the Internet industries, etc.

On November 22, ATRenew released its third-quarter earnings. Total revenue increased by 28.4% year-on-year to RMB3.26 billion, breaking through the high end of management’s guidance on the back of a counter-cyclical growth momentum of the secondhand economy. Meanwhile, its non-GAAP operating income totaled RMB73.8 million, representing a year-on-year increase of 585.5%. The adjusted operating profit margin was 2.3%. The profitability results were beyond expectations. Sales of the self-operated refurbishment business totaled RMB200 million, and the multi-category recycling volume (GMV) has reached RMB350 million, contributing more value to users.

ATRenew stood out among the finalists of Reuters’s “Global Business Responsibility Award 2023”. Under the category of Circular Transition Award, ATRenew was honored “highly commended”, while its case study outruns those submitted by a number of world-renowned companies such as Oracle, Schneider Electric, and PepsiCo.

Goldman Sachs concluded on price and specifications of top-selling models by the end of November 2023: “1) Higher price: The average selling price of top-selling models in Nov is US$515, better than May (US$260), showing a better momentum for high-end phones in 2H23; and 2) Smaller discount: The average selling price vs. the average launch price is 15% below, better than May (17% below).”

At the earnings conference call on November 16, Eddie Yongming Wu, CEO of Alibaba announced the group’s first batch of strategic innovative businesses, namely 1688, Xianyu, DingTalk, and Quark. The above-mentioned strategic innovative businesses are operated as independent subsidiaries, breaking the previous positioning restrictions within the group and using more independent strategies to face the broadest market. Alibaba Group will make continuous investment in a 3 to 5-year cycle.