Aihuishou International . Stock Earnings Reports

ATRenew reported a strong Q1 2026 with total revenues up ~32% YoY to ~RMB 6.1–6.6 billion (company cited RMB 6.6B and RMB 6.16B figures in the call) and meaningful margin improvement: non-GAAP operating income rose to ~RMB 190M and non-GAAP operating margin expanded to 3.1% (up ~69 bps YoY). Growth was driven by product (1P) sales and an acceleration in compliant refurbishment and direct-to-consumer retail: compliant refurbished product revenue rose 76% YoY, on-demand refurbishment grew ~180%, and 1B2C retail of refurbished devices grew ~150% YoY and accounted for 45.1% of product revenue in the quarter. The PJT Marketplace (B2B) nearly doubled registered merchants to ~2M, with registered contracted buyers rising >120% YoY. Management is prioritizing its 1P strategy, expanding face-to-face fulfillment (store network and door-to-door teams) — face-to-face fulfillment ratio reached ~80% — and plans to scale store footprint toward a long-term target of ~5,000 stores while improving store formats and multi-category capabilities. Inventory increased as the mix shifts toward longer-turn 1P2C retail; management expects some normalization in Q2. Financial position: cash & equivalents and related balances were ~RMB 1.72B. The Board has been repurchasing ADSs (repurchased ~$11M YTD under a $50M program) and extended the repurchase authorization for another 12 months. For Q2 2026 the company forecasts revenues of RMB 6,240M–6,340M (≈+25%–27% YoY). Key risks/notes: commentary emphasizes continued government support for trade-in programs, measured overseas expansion, continued investments in AI/automation and refurbishment capability, and that forward-looking guidance is preliminary and subject to change.