<p><strong>ATRenew Inc</strong> (NYSE: RERE) 的股票在周三早盘交易中承压，此前该公司发布的 第一季度业绩 使其股价上涨近 12%。</p>
<p>中国循环经济的领先企业报告了收入和盈利能力的强劲增长，归功于其向直接面向消费者零售的战略转型以及其以旧换新服务的持续扩展。</p>
<h2><strong>收入和利润增长</strong></h2>
<p>本季度总收入达到人民币 61.6 亿元（约合 9.0389 亿美元），同比增长 32.4%，超出公司指导的高端。这一增长主要得益于产品销售，销售额增长 34.4% 至人民币 57.3 亿元（约合 8.4079 亿美元）。</p>
<p>非 GAAP 营业利润增长 70.2%，达到人民币 1.9 亿元（约合 2788 万美元）。公司的非 GAAP 营业利润率从去年同期的 2.4% 扩大至 3.1%。</p>
<h2><strong>向直接零售的转型</strong></h2>
<p>ATRenew 的业绩受益于其 “以 1P 为中心”（第一方为中心）的战略，专注于电子产品的回收和交易。公司正在从批发商转型为直接向终端用户销售翻新商品。</p>
<ul>
<li>直接零售（1PtoC）销售占总产品收入的 45.1%，高于一年前的 33.0%。</li>
<li>公司合规翻新业务的收入增长 76.1%。</li>
<li>3 月份，通过 “拍拍精选” 渠道的翻新产品月销售额首次超过人民币 2 亿元（约合 2935 万美元）。</li>
</ul>
<h2><strong>战略合作伙伴关系和前景</strong></h2>
<p>ATRenew 继续受益于与 <strong>京东</strong> (NASDAQ: JD] 的紧密合作。京东渠道内的以旧换新订单现在占 ATRenew 总交易量的约 70%。</p>
<p>除了智能手机外，公司多品类回收业务（包括黄金和奢侈品）报告了 81.5% 的 GMV（商品总值）增长。为了支持这一交易量，公司已将实体店扩展至 2156 家。</p>
<p>管理层预计第二季度收入在人民币 62.4 亿元至人民币 63.4 亿元之间，同比增长 25%-27%，较第一季度有所放缓。管理层的谨慎展望是在宏观环境疲软和库存积压的背景下提出的。</p>
<p>ATRenew 回购了约 230 万 ADS，耗资约 1060 万美元，并在未来 12 个月内剩余 3940 万美元的回购额度。</p>
<h2><strong>价格走势</strong></h2>
<p>截至周三发布时，ATRenew 的股票下跌了 9.76%，至 4.53 美元，此前周二上涨了 11.56%，收于 5.02 美元。</p>
<p><strong>另请阅读：</strong>
<strong>京东分析师上调盈利能力恢复和收益拐点的预期</strong></p>
<p><em>图片来源：Shutterstock</em></p>

京东-SW

万物新生

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电子商务 ETF - GlobalX

线上零售 ETF - Amplify

<p>ATRenew 报告了强劲的第一季度业绩，收入增长 32.4% 至 61.6 亿元人民币，主要得益于直接零售和以旧换新服务。公司预计第二季度收入增长将达到 25%-27%。尽管业绩公布后股价上涨了 12%，但由于宏观经济担忧，股价仍下跌 9.76% 至 4.53 美元。ATRenew 向直接零售的转型提升了盈利能力，非 GAAP 运营利润增长 70.2%。公司继续扩大门店布局和战略合作，特别是与京东的合作</p>

<p>Shares of <strong>ATRenew Inc</strong> (NYSE: RERE) came under pressure in early trading on Wednesday, after rallying almost 12% follow the release of the company's first-quarter results.</p>
<div class="lb-trans"><p><strong>ATRenew Inc</strong> (NYSE: RERE) 的股票在周三早盘交易中承压，此前该公司发布的 第一季度业绩 使其股价上涨近 12%。</p>
</div><p>The leading player in China's circular economy reported strong growth in both revenue and profitability, crediting its performance to a strategic shift toward direct-to-consumer retail and the continued expansion of its trade-in services.</p>
<div class="lb-trans"><p>中国循环经济的领先企业报告了收入和盈利能力的强劲增长，归功于其向直接面向消费者零售的战略转型以及其以旧换新服务的持续扩展。</p>
</div><h2><strong>Revenue And Profit Growth</strong></h2>
<div class="lb-trans"><h2><strong>收入和利润增长</strong></h2>
</div><p>Total revenue for the quarter reached RMB 6.16 billion ($903.89 million), up 32.4% year-on-year, surpassing the high end of the company's guidance. This growth was driven mainly by product sales, which climbed 34.4% to RMB 5.73 billion ($840.79 million).</p>
<div class="lb-trans"><p>本季度总收入达到人民币 61.6 亿元（约合 9.0389 亿美元），同比增长 32.4%，超出公司指导的高端。这一增长主要得益于产品销售，销售额增长 34.4% 至人民币 57.3 亿元（约合 8.4079 亿美元）。</p>
</div><p>Non-GAAP operating profit grew 70.2% to RMB 190 million ($27.88 million). The company's non-GAAP operating profit margin expanded to 3.1%, from 2.4% in the year-ago quarter.</p>
<div class="lb-trans"><p>非 GAAP 营业利润增长 70.2%，达到人民币 1.9 亿元（约合 2788 万美元）。公司的非 GAAP 营业利润率从去年同期的 2.4% 扩大至 3.1%。</p>
</div><h2><strong>Shift To Direct Retail</strong></h2>
<div class="lb-trans"><h2><strong>向直接零售的转型</strong></h2>
</div><p>ATRenew's results were boosted by its &#34;1P-centric&#34; (first-party-centric) strategy, which focuses on recycling and trading electronics. The company has been transitioning away from being a wholesaler to selling refurbished goods directly to end users.</p>
<div class="lb-trans"><p>ATRenew 的业绩受益于其 “以 1P 为中心”（第一方为中心）的战略，专注于电子产品的回收和交易。公司正在从批发商转型为直接向终端用户销售翻新商品。</p>
</div><ul>
<li>Direct retail (1PtoC) sales accounted for 45.1% of total product revenue, up from 33.0% a year ago.</li>
<li>Revenue from the company’s compliant refurbishment business grew 76.1%.</li>
<li>In March, monthly sales of refurbished products through the “Paipai Selection” channel surpassed RMB 200 million ($29.35 million) for the first time in the company's history.</li>
</ul>
<div class="lb-trans"><ul>
<li>直接零售（1PtoC）销售占总产品收入的 45.1%，高于一年前的 33.0%。</li>
<li>公司合规翻新业务的收入增长 76.1%。</li>
<li>3 月份，通过 “拍拍精选” 渠道的翻新产品月销售额首次超过人民币 2 亿元（约合 2935 万美元）。</li>
</ul>
</div><h2><strong>Strategic Partnerships And Outlook</strong></h2>
<div class="lb-trans"><h2><strong>战略合作伙伴关系和前景</strong></h2>
</div><p>ATRenew continues to benefit from its close association with <strong>JD.com</strong> (NASDAQ: JD). Trade-in orders within the JD channel now account for approximately 70% of ATRenew's total volume.</p>
<div class="lb-trans"><p>ATRenew 继续受益于与 <strong>京东</strong> (NASDAQ: JD] 的紧密合作。京东渠道内的以旧换新订单现在占 ATRenew 总交易量的约 70%。</p>
</div><p>Beyond smartphones, the company's multi-category recycling business, which includes gold and luxury items, reported GMV (gross merchandize value) growth of 81.5%. To support this volume, the company has expanded its physical presence to 2,156 stores.</p>
<div class="lb-trans"><p>除了智能手机外，公司多品类回收业务（包括黄金和奢侈品）报告了 81.5% 的 GMV（商品总值）增长。为了支持这一交易量，公司已将实体店扩展至 2156 家。</p>
</div><p>Management guided second-quarter revenues between RMB 6.24 billion and RMB 6.34 billion, representing 25%-27% year-on-year growth, representing a slowdown from the first quarter. Management’s cautious outlook comes against the backdrop of weakness in the macro environment and inventory build-up.</p>
<div class="lb-trans"><p>管理层预计第二季度收入在人民币 62.4 亿元至人民币 63.4 亿元之间，同比增长 25%-27%，较第一季度有所放缓。管理层的谨慎展望是在宏观环境疲软和库存积压的背景下提出的。</p>
</div><p>ATRenew repurchased approximately 2.3 million ADSs for about $10.6 million and has $39.4 million remaining for the next 12 months.</p>
<div class="lb-trans"><p>ATRenew 回购了约 230 万 ADS，耗资约 1060 万美元，并在未来 12 个月内剩余 3940 万美元的回购额度。</p>
</div><h2><strong>Price Action</strong></h2>
<div class="lb-trans"><h2><strong>价格走势</strong></h2>
</div><p>Shares of had declined by 9.76% to $4.53 at the time of publication on Wednesday, after climbed 11.56% to close at $5.02 on Tuesday.</p>
<div class="lb-trans"><p>截至周三发布时，ATRenew 的股票下跌了 9.76%，至 4.53 美元，此前周二上涨了 11.56%，收于 5.02 美元。</p>
</div><p><strong>Read Also:</strong>
<strong>JD.Com Analyst Raises Estimates On Recovering Profitability, Earnings Inflection</strong></p>
<div class="lb-trans"><p><strong>另请阅读：</strong>
<strong>京东分析师上调盈利能力恢复和收益拐点的预期</strong></p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

ATRenew Reports Strong Q1 Results As Direct Retail, Trade-In Volumes Surge

- ATRenew Inc 的股票在季度业绩发布后上涨近 12%，随即承压。  
- 第一季度总收入达 61.6 亿元人民币，同比增长 32.4%，超过预期。  
- 公司预计第二季度收入为 62.4 至 63.4 亿元，面临宏观环境挑战。

万物新生公布强劲的第一季度业绩，直接零售和以旧换新交易量大幅增长