On August 20, ATRenew (AiHuiShou), a second-hand consumer electronics trading and recycling platform, released its Q2 2026 earnings report. During the reporting period, total revenue reached RMB 6.609 billion, up 32.4% year-over-year, exceeding the previously guided range of RMB 6.24 billion to 6.34 billion; operating profit was RMB 178 million, surging 95.7% year-over-year; net profit was RMB 129 million, up 78.6% year-over-year. On a non-GAAP basis, operating profit and net profit were RMB 206 million and RMB 157 million respectively, up 70.1% and 57.3% year-over-year.

Notably, the revenue engine is now almost entirely driven by the self-operated 1P business. Product sales revenue during the quarter was RMB 6.195 billion, up 35.9% year-over-year, accounting for nearly 94% of total revenue; while service revenue was RMB 415 million, declining 4.2% against the trend, which the company attributed mainly to rate concessions offered to merchants during the extended "618" promotional period. This structure aligns with the company's strategy — for the full year 2025, product revenue already accounted for about 92% of total revenue, and the asset-heavy model of self-procurement, quality inspection, pricing, and retail resale is continuously deepening.

In terms of cost control, Q2 operating costs and expenses grew 31.0% year-over-year overall, slightly below the pace of revenue expansion. Among these, merchandise costs grew 31.9%, while fulfillment and marketing expenses increased 31.1% and 24.8% respectively. Multiple rate metrics improved, enabling profit growth to significantly outpace revenue growth. In terms of transaction scale, total consumer goods transactions rose from 10.3 million in the same period last year to 11.6 million. According to promotional period data, during the "618" event, recycling value across all categories increased 42%, 3C categories grew 57%, and second-hand luxury goods rebounded 45%, reflecting initial results from category expansion.

Overseas expansion also saw milestone changes. In July, the company launched FoneSquare, a cross-border second-hand 3C platform for merchants, and ReRe, a consumer-facing brand, in Hong Kong, and opened the latter's first Hong Kong store, attempting to extend its self-operated chain beyond the mainland. Such stores and platforms are still in an exploratory phase, and their short-term contribution to the group's revenue structure is difficult to assess. Looking ahead to Q3, the company's revenue guidance is RMB 6.34 billion to 6.44 billion, with year-over-year growth narrowing to 23.1% to 25.1%, below Q2's actual level. After multiple rounds of expansion, the rising proportion of self-operated business has increased inventory and fulfillment pressure, which is precisely the real touchstone for testing profit margins in the next stage.

Source: ATRenew Q2 Revenue Growth Exceeds 30%, Self-Operated Business Proportion Increases - Wallstreetcn · Originally published on 2026-08-20