In August, AHS Recycle net opened 10 new self-operated standard stores, distributed in high-quality shopping malls in provincial cities. There was a total of 24 net additions of franchised standard stores in Sichuan, Guizhou, and Hunan provinces, etc. The expansion of AHS Recycle store network satisfies a wider group of user’s demand for recycling and trade-in.

The “Revive” initiative led by AHS Recycle and well-known brand owner partners continues to gain popularity among consumers. In August, joining hands with Meituan’s Tsingshan Project and ChaBaiDao, as well as dairy product brands Fonterra and Anchor, AHS Recycle aimed at recycling more plastic milk tea cups and milk cartons, respectively, for green disposal. At the same time, “Revive” has launched more consumer engagements, encouraging consumers to team up for greater “Revive” quests while raising the general public’s awareness of green consumption.

ATRenew reported a strong topline growth at 27.4% year-on-year to RMB3,780 million in 2Q24, exceeding the high-end of its revenue guidance. The Company reported an adjusted operating profit of over RMB94 million, representing an adjusted operating margin of 2.5%. Exciting results are seen in the growth of trade-in orders, 1PtoC retail revenues and multi-category recycling business.

ATRenew achieved a notable improvement with an S&P Global ESG Score of 35 in 2024, up from 33 in the previous year. This places the Company in the 93rd percentile among its global retail industry peers, significantly surpassing the industry average. The assessment identified climate strategy, human capital management, and business ethics as among the most material drivers of ATRenew’s ESG performance. ATRenew’s commitment to transparency is evidenced by its high data availability, with 71% of required disclosures and 66% of additional disclosures made available to S&P Global. This level of transparency significantly exceeds the industry average and underscores the Company’s dedication to open and ethical business practices.

On August 24, Chinese authorities are offering financial incentives to encourage consumers to replace their old home appliances with new ones, according to the circular released by the Ministry of Commerce and three other government departments. The circular addressed the synergy between central and local policies. Eight categories of home appliances with high energy efficiency, including refrigerators, washing machines, televisions, air conditioners and computers, can enjoy trade-in subsidies. The subsidies will be 15 to 20 percent of the final sale prices of the products, depending on the energy efficiency grade. Each consumer is allowed to receive subsidies for one item in one category and the subsidies for every single product are limited to RMB2,000. The circular aimed to optimize the subsidy application and redemption process, improve digital management and the equal roll-out of both online and offline application channels. Cities including Beijing and Guangzhou announced detailed action plans.