Aihuishou's full-year revenue in 2025 exceeds 21 billion yuan, with Non-GAAP operating profit of 560 million yuan

On March 12, the leading domestic second-hand consumer electronics product trading and service platform ATRenew Group (Aihuishou) released its financial results for the fourth quarter and full fiscal year 2025. According to the report, in the fourth quarter of fiscal year 2025, ATRenew Group's total revenue reached 6.25 billion RMB, a year-on-year increase of 29%. The non-GAAP operating profit for the quarter was 180 million RMB, up 38.1% year-on-year. Non-GAAP net profit reached 140 million RMB, up 14% year-on-year.

Looking at the full fiscal year, ATRenew's total revenue was 21.05 billion RMB, up 28.9% year-on-year. The annual non-GAAP operating profit reached 560 million RMB, up 35.5% year-on-year, and for the first time achieved comprehensive profitability under GAAP standards, with annual operating profit and net profit of 460 million RMB and 340 million RMB, respectively.

In the fourth quarter of fiscal 2025, ATRenew's revenue reached 6.25 billion RMB, up 29% year-on-year. In terms of revenue categories, 1P (self-operated) product sales revenue increased by 30.7% year-on-year to 5.83 billion RMB. 3P (platform) service revenue was 420 million RMB, up 8.8% year-on-year. In terms of profit, the group’s non-GAAP operating profit for the fourth quarter was 180 million RMB, up 38.1% year-on-year. The non-GAAP operating profit margin increased from 2.7% in the same period in 2024 to 2.9%. The single-quarter non-GAAP net profit was 140 million RMB, up 14% year-on-year. At the GAAP level, quarterly operating profit was 170 million RMB, up 223.2% year-on-year; net profit was 130 million RMB, up 68.3% year-on-year.

According to the financial report, from a revenue perspective, ATRenew’s total revenue in 2025 was 21.05 billion RMB, up 28.9% year-on-year. Of this, 1P business revenue was 19.38 billion RMB, up 30.6% year-on-year; 3P business revenue was 1.67 billion RMB, up 12.4% year-on-year. While achieving rapid performance growth in 2025, the group further expanded its profit scale and achieved comprehensive profitability under GAAP standards for the first time. In 2025, non-GAAP operating profit was 560 million RMB, up 35.5% year-on-year, with a non-GAAP operating profit margin of 2.6%. The annual non-GAAP net profit was 430 million RMB, up 36.3% year-on-year. At the GAAP level, annual operating profit was 460 million RMB, and net profit was 340 million RMB, achieving high-quality, sustainable profitability. As of the end of 2025, the group's cash and cash equivalents, restricted funds, short-term investments, and balance on third-party payment platform accounts totaled 2.19 billion RMB.

In the fourth quarter, compliant refurbished product revenue increased by 90.8% year-on-year. 1P to C product revenue increased by 88% year-on-year, with the proportion of 1P to C up 12.7 percentage points to 41.7%, a record high. The number of registered users on Paimaitang exceeded 1.66 million. The overseas business maintained quarter-on-quarter growth for four consecutive quarters in 2025, with performance peaking at 50 million RMB in a single month during a recent peak period.