ATRenew Inc. (RERE)

Price$4.18Cached quoteAs of 2026-09-05 15:34 UTC

AI: Undervalued

Valuation is modest relative to current growth and profitabilityAt $3.95 per ADS, ATRenew has a market capitalization of about $873 million and trades at roughly 13.3x trailing earnings despite revenue and operating income growing rapidly in 2026.

Q2 revenue rose 32.4% year over year to RMB6.609 billion and operating income increased 95.7% to RMB178.3 million. The live market source reports approximately $3.56 billion of trailing revenue and a 13.25x trailing P/E. Using the supplied June cash of RMB1.526 billion and debt of RMB534.6 million leaves about RMB991 million of net cash, further reducing the cash-adjusted valuation. Low absolute margins and China risk warrant a discount, but the combination of double-digit earnings valuation, net cash and above-30% growth supports an Undervalued assessment.

First-party recommerce is driving strong top-line growthATRenew operates an integrated C2B, B2B and B2C recommerce ecosystem spanning AHS Recycle, PJT Marketplace, Paipai and increasingly international channels.

Q2 product revenue grew 35.9% to RMB6.195 billion, driven primarily by increased online sales of pre-owned consumer electronics, while service revenue declined 4.2% to RMB414.6 million because of merchant fee discounts during the extended 618 promotion. Management expects Q3 revenue of RMB6.34-RMB6.44 billion, representing 23.1%-25.1% year-over-year growth. Product ownership improves control of sourcing, grading and customer experience but also makes the business inventory-intensive and keeps gross and operating margins structurally thinner than asset-light marketplace models.

Profitability is improving, but cash conversion needs monitoringFY2025 revenue reached RMB21.05 billion and net income RMB336.3 million, yet operating cash flow was negative RMB414.6 million as working capital expanded.

The FY2025 cash-flow shortfall was principally associated with increases including RMB571.4 million of inventory, RMB395.3 million of prepayments and other receivables and RMB294.2 million due from related parties. Nevertheless, the balance sheet remained strong with RMB1.537 billion of cash and RMB456.6 million of supplied debt at year-end. Q2 2026 cash remained RMB1.526 billion against RMB534.6 million of debt, while quarterly net income increased 78.6% to RMB129.1 million. Sustainable valuation upside therefore depends on converting rapid 1P growth into stronger recurring operating cash generation.

China exposure and execution risk offset shareholder-return supportATRenew's scale, proprietary inspection technology and circular-economy positioning provide competitive advantages, but investors retain material China regulatory, consumer-demand and inventory risks.

ATRenew is a Cayman holding company whose operations are primarily conducted through mainland-China subsidiaries, exposing ADS holders to evolving Chinese regulation, data and cybersecurity rules, overseas-listing requirements and geopolitical risks. Recommerce also faces pricing volatility for used electronics, changing smartphone upgrade cycles, inventory markdown risk and competition from manufacturers, retailers and online marketplaces. Offsetting these risks, ATRenew repurchased about 1.0 million ADSs for $4.2 million in Q2 and had $35.2 million remaining under its extended repurchase authorization, while its three-year shareholder-return framework targets at least 60% of annual adjusted net income for dividends and/or repurchases.

AI: News

Q2 delivered record growth and stronger operating leverageATRenew's latest financial update reported 32.4% revenue growth, 95.7% operating-income growth and 78.6% net-income growth while management issued another quarter of greater-than-20% revenue-growth guidance.

Q2 revenue was RMB6.609 billion, operating income RMB178.3 million and net income RMB129.1 million. Adjusted operating income increased 70.1% to RMB206.3 million. Management guided Q3 revenue to RMB6.34-RMB6.44 billion and said it continues upgrading AHS stores, door-to-door recycling capabilities and first-party sales channels. Cash, restricted cash, short-term investments and payment-provider receivables totaled RMB2.157 billion at June 30, providing financial flexibility for growth and shareholder returns.

International expansion adds a new growth vector beyond mainland ChinaATRenew launched FoneSquare as a global B2B marketplace and opened its first ReRe consumer store in Hong Kong as part of a broader overseas strategy.

The July 28 strategy calls for using Hong Kong as an initial hub and expanding infrastructure toward Dubai, Miami and other international markets. FoneSquare aims to export ATRenew's automated inspection, standardized grading and supply-chain capabilities to global secondhand-electronics trading, while ReRe targets consumer-facing resale and recycling. Management said overseas export sales reached HKD120 million in June. International expansion could enlarge the addressable market and diversify China exposure, but it adds execution, logistics, compliance and brand-building costs and remains much earlier-stage than the domestic business.

Loading local price history

Revenue

No reported data

Net income

2021

2022

2023

2024

2025

Free cash flow

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019
Research & development	$34.9M	—	—	—	—	—	—
Operating expenses	—	—	—	—	$1.37B	—	—
Operating income	$65.2M	$4.0M	−$24.4M	−$380.4M	−$140.5M	—	—
EBITDA	$81.9M	$40.6M	$22.6M	−$321.6M	−$81.8M	—	—
Net income	$48.1M	−$1.1M	−$22.0M	−$357.8M	−$128.1M	—	—
Basic EPSper basic share	$0.30	-$0.01	-$0.14	-$2.20	-$2.16	—	—
Diluted EPSper diluted share	$0.30	-$0.01	-$0.14	-$2.20	-$2.16	—	—

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of RERE
Holder	Shares held
TIGER GLOBAL MANAGEMENT LLC	9.83M
PRICE T ROWE ASSOCIATES INC /MD/	5.12M
ACADIAN ASSET MANAGEMENT LLC	4.76M
FIL Ltd	3.52M
Prescott Group Capital Management, L.L.C.	3.32M
Yiheng Capital Management, L.P.	3.16M
CITIGROUP INC	2.73M
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP	2.65M
WELLINGTON MANAGEMENT GROUP LLP	2.49M
CITADEL ADVISORS LLC	2.23M
Tiger Pacific Capital LP	2.07M
Qube Research & Technologies Ltd	1.26M
MORGAN STANLEY	780.08K
Harvest Fund Management Co., Ltd	700K
SG Americas Securities, LLC	629.83K
CenterBook Partners LP	565.99K
Parametrica Management Ltd	544.95K
Greenwoods Asset Management Hong Kong Ltd.	525K
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND	501K
BNP PARIBAS FINANCIAL MARKETS	450.72K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)1$19.0K disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 10, 2026Form 4	Zhu RuiDirector	SellAmerican depositary shares	4.8K	$4.00	$19.0K	55.2K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about RERE yet. Start the conversation.

Write the first post

ATRenew Inc. (RERE)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.