ATRenew Inc. reported its fourth‑quarter and full‑year 2025 results on March 11, 2026. The company posted a net revenue of RMB 6,254.2 million, a 29.0 % year‑over‑year increase that exceeded the high end of its own guidance range of RMB 5,860.0–5,960.0 million. Net income for the year turned from a loss of RMB 8.2 million in 2024 to a profit of RMB 336.3 million in 2025, underscoring a turnaround in profitability.
The revenue growth was driven by a surge in online sales of pre‑owned electronics and an expanded integrated fulfillment network that combines offline stores with door‑to‑door services. The company’s 1P business saw its gross margin rise to 13.7 % in Q4 2025 from 12.5 % in the same quarter a year earlier, reflecting a more favorable product mix and improved operational leverage.
Earnings per share, however, fell short of analyst expectations. The company reported a non‑GAAP EPS of CNY 0.55, compared with consensus estimates of CNY 0.83, a miss of 0.28 CNY. Adjusted EPS of $0.12 matched the consensus estimate of $0.12, but the non‑GAAP figure was the primary metric cited by analysts. The miss was attributed to higher operating expenses and one‑time charges disclosed in the earnings call, though management did not provide a detailed breakdown.
Management reiterated its revenue guidance for the first quarter of 2026, projecting total revenue of RMB 5,860.0–5,960.0 million, a 25.9 %–28.1 % year‑over‑year increase. The guidance signals confidence in continued demand for the company’s circular‑economy platform and the scalability of its fulfillment network, while also indicating that the company expects to maintain its profitability trajectory.
“The fourth quarter results for 2025 exceeded expectations, marking another breakthrough for ATRenew,” said Kerry Xuefeng Chen, Founder, Chairman, and CEO. “Total revenues for the quarter surpassed the high end of our guidance, increasing by 29.0 % year‑on‑year to RMB 6,254.2 million. By leveraging our integrated fulfillment network, combining a robust offline store presence with professional door‑to‑door services, we provided users with seamless recycling and trade‑in experiences during the seasonal replacement wave following the autumn product launches.”
The earnings report highlights ATRenew’s ability to scale its pre‑owned electronics business while managing costs, as evidenced by the turnaround in net income and margin improvement. The EPS miss, however, signals that the company’s cost base remains a concern and that investors should monitor how operating expenses evolve in the coming quarters. Overall, the results reinforce ATRenew’s position as a leading player in China’s growing circular‑economy market and suggest that the company is well positioned to sustain growth through its integrated fulfillment strategy.
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