In May, there were 10 net additions of self-operated standard AHS stores, mainly in shopping malls located in popular commercial areas in Shanghai, Chengdu, Tianjin, Hefei, Wuhan, among others. This is to increase the density of recycling services for local users and strengthen the ability to obtain high-quality first-hand sources of supply. During the same period, there were 11 net new franchise standard store openings, promoting the brand penetration and empowering franchisees of the second-hand consumer electronics industry in western China.

At the end of May, with the release of Honor's new phones and the warm-up of the 618 promotion, Honor Mall and AHS Recycle jointly launched an environmentally friendly recycling campaign. Through the jointly initiated trade-in and green recycling of electronics accessories, consumers are encouraged to try low-carbon consumption options. At the same time, Huawei Mall, with its official subsidies, jointly promoted the trade-in of flagship earphones with AHS Recycle.

On May 20th, ATRenew issued its earnings release for the first quarter of 2024. Total revenues increased by 27.1% year-on-year to RMB3.65 billion, reaching the high end of its quarterly guidance. Non-GAAP operating profit increased by 80.8% year-on-year to RMB80.22 million, representing a seventh consecutive profitable quarter under the non-GAAP measure. As at the end of March 2024, cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party service providers totaled RMB2.60 billion.

On May 31st, ATRenew announced the renewal of its business cooperation agreement with JD.com. The renewed agreement covers the term from June 1, 2024 to December 31, 2027. The two parties will continue to cooperate in the second-hand business by integrating resources and leveraging their respective strengths. The cooperation will also continue in areas such as user traffic, technology support, and logistics, among others. Together, the two parties aim to provide high quality and competitive prices for second-hand goods, thus enhancing customer experiences in the second-hand market.

The People's Daily front-page article “Giving a second life to idle phones” extensively cited ATRenew’s industry experience and ecological capacities in the recycling and trading of second-hand consumer electronics. Prior to this, an article titled “Let enterprises focus on innovation and develop with peace of mind (Legal Headlines)” was published, citing the market test results obtained since the release of the electronic product compliance refurbishment guidelines, backing companies like ATRenew to achieve an additional high-quality growth from compliance refurbishment business.

Apple Inc. will open its first retail location in Malaysia next month as it expands its presence in Southeast Asia to augment both sales and operations in Asia. The company’s first store in the country is at the Exchange TRX mall in Kuala Lumpur which will open on June 22 at 10 am local time.