Conference Operator: Good morning and good evening, ladies and gentlemen. Thank you for standing by, and welcome to ATRenew Inc.’s second quarter 2026 earnings conference call. At this time, all participants are in listen only mode. We will be hosting a question and answer session after management’s prepared remarks. Please note today’s event is being recorded. I will now turn the call over to the first speaker today, Ms. Jessie Jin, Head of Investor Relations. Please go ahead, ma’am.

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Thank you. Hello, everyone, and welcome to ATRenew’s second quarter 2026 earnings conference call. Speaking first today is Kerry Chen, our Founder, Chairman, and CEO, and he will be followed by Rex Chen, our CFO. After that, we will open the call to questions from the analysts. The second quarter 2026 financial results were released earlier today. The earnings press release and investor slides accompanying this call are now available at our IR website, ir.atrenew.com. There will also be a transcript following this call for your convenience. For today’s agenda, Kerry will share his thoughts of our quarterly performance and business strategy, followed by Rex who will address the financial highlights. Both Kerry and Rex will participate during the Q&A session. Please note our safe harbor statements.

Some of the information you will hear during our discussion today will consist of forward-looking statements, and I refer you to our safe harbor statements in the earnings press release. Any forward-looking statements that management makes on this call are based on assumptions as of today, and that ATRenew does not take any obligations to operate our assumptions on the statements. Also, this call includes discussions of certain non-GAAP financial measures. Please refer to our earnings press release, which contains a reconciliation of non-GAAP measures to GAAP measures. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in CNY and all comparisons are on a year-over-year basis. I’d now like to turn the call over to Kerry for business and strategy updates. Hello everyone and thank you for joining ATRenew’s second quarter 2026 earnings conference call.

We are pleased to review our operating results for the quarter and share our views on industry trends and our strategy. Hello everyone, and thank you for joining ATRenew’s second quarter 2026 earnings conference call. We are pleased to review our operating results for the quarter and share our views on industry trends and our strategy. In the second quarter, total net revenues exceeded the high end of our guidance, increasing 32.4% year-over-year to CNY 6.61 billion. Our continued focus on 1P has strengthened our end-to-end capabilities and driven rapid growth in product revenue of 35.9% year-over-year to CNY 6.19 billion. Non-GAAP operating profit grew 70.1% year-over-year to CNY 210 million. While non-GAAP operating profit margin expanded by 69 basis points year-over-year to 3.1%. First of all, I’d like to share four key external shifts and trends.

The first dynamic is the year-over-year decline in new device sales. The intuitive thinking is that this could drag our recycling business. But counterintuitively, when new devices are selling well, recycling and trade-in programs are just supplementary value-added services and are not a top priority. Conversely, when new device sales soften, trade-in programs become the most critical and effective promotional tool. Major manufacturers and platforms place greater emphasis on and allocate more resources to trade-in initiatives. We have seen this clearly in our business trends over the past few years. Second is microeconomic headwinds in consumption, and significant growth in demand for high-quality, affordable pre-owned smartphones and other secondhand products. This is clearly reflected in the sustained, robust growth of our curated B2C business.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 第三个变化是行业合规越来越严格，包括税务合规、翻新合规。爱回收长期秉承合规经营。行业合规对于行业的分散的小商家或不合规商家影响较大，但是有利于爱回收的1P自营业务发展。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: The third shift is increasingly strengthened regulation, including taxation and device refurbishment. AHS has always been committed to compliant operations, while tighter regulations disproportionately impact fragmented small-scale and non-compliant operators. They benefit our 1P business.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 第四个变化是国内的货源出口趋势明显。随着国内以旧换新和回收的渗透率的提升，国内的货源越来越多。中国已经从过去的二手手机的进口国逐步成为了出口国，出口的趋势越来越明显，已经形成了高端机型内销，次高端和低端机型出口的行业趋势。接下来我们来讲一下我们业务的各项进展。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: The fourth shift is the accelerating trend of exporting domestic pre-owned devices. As the penetration rate of trade-in and recycling programs continues to rise in China, domestic supply is expanding rapidly. China has shifted from a net importer to a net exporter of pre-owned smartphones, establishing a clear industry trend where high-end models are sold domestically, while mid-to-high-end and low-end modules are exported. With that, let us now move to our business update.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 近年来，基于二手手机3C行业对于信任与效率要求高的特质，我们坚定优先发展一批业务，以C2B一手货源为基础，通过合规翻新增加产业链的厚度，加强B2C严选的零售，并反哺回收端的价格和用户体验，以此深耕产业链端到端。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: In recent years, we have firmly prioritized 1P business because trust and efficiency are critical in the secondhand consumer electronics industry. Our 1P model starts with first-hand supply from C2B channels. We add depth to the value chain through compliant refurbishment, strengthen B2C retail for premium curated products, and leverage B2C retail pricing capabilities to offer better pricing and user experience on the recycling side. Together, those efforts enhance our end-to-end capabilities across the value chain.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 在回收端，我们抓住品牌方、电商平台和线下渠道重视和加大以旧换新的行业机会，通过更加密集的爱回收的履约交付网络，力争做好用户体验。结合618大促期间用户旺盛的以旧换新和回收的需求，截止6月末，全国包含弹性运力在内的上门交付总人数近3,000名，较3月末大幅增长。此外，叠加2,117间爱回收门店，让我们实现远超行业的货源获取能力和用户服务能力。在5月13日到6月18日的主流大促期间，爱回收手机3C品类的回收额同比增长57%，上门和到店的回收订单量均实现了45%的同比增长。全渠道回收的面对面订单量占比达到80%以上，多项用户体验指标持续优化。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: On recycling, we capitalize on opportunities as brand e-commerce platforms and offline retailers prioritize and invest in trading programs. Leveraging AHS Recycle’s increasingly extensive fulfillment network to enhance the user experience. Trade-in and recycling demand was strong during the June 18th Shopping Festival. In response, we expanded our nationwide to-door fulfillment team, including flexible capacity to nearly 3,000 by the end of June, up sharply from the end of March. Together with our 2,117 AHS stores, this gave us strong advantages in sourcing and customer service over industry peers. During the major promotional period from May 13th through June 18th, the recycling value of mobile phones and consumer electronics at AHS Recycle increased 57% year-over-year. Both to-door and in-store recycling orders grew 45% year-over-year, while face-to-face orders accounted for 80% of recycling orders across all channels. Multiple user experience metrics also continued to improve.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 在供应链和用户增值方面，合规翻新业绩加速发展，1P的翻新收入同比增长87.8%。结合新机价格上涨、二手行业稳定、标盘定价精细度提高等因素，二季度1P2C零售收入同比增长92.4%。1P2C占比环比增加3.6%至48.8%，进一步满足用户对于严选二手手机、电脑、智能设备等产品的购买需求。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Our compliant refurbishment business also continued to accelerate. Revenue from 1P refurbished products increased 87.8% year-over-year. With higher new device prices, stable pre-owned market sentiments and more refined pricing strategies and operations, 1P2C retail revenue grew 92.4% year-over-year in the second quarter. As a percentage of product revenue, 1P2C retail revenue increased 3.6 percentage points sequentially to 48.8%, allowing us to meet user demand better for curated for owned phones, computers, smart devices and other products.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 在平台业务方面，二季度的服务收入同比下降4.2%。其中我们在B2B领域继续保持行业的龙头优势。在B2C的3P业务方面，确实面临一些平台商家侧的挑战。在多品类业务上抵抗金价的逆风，继续做好服务能力提升和精细化运营。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Turning to our 3C businesses. Service revenue decreased 4.2% year-over-year in the second quarter. Within 3C business, we maintained our industry leading position in B2B, while B2C 3C services faced pressure from merchant activity. In multi-category recycling, we navigated the headwinds from gold price fluctuations and continued to focus on more refined operations.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 具体来看，拍即到的平台继续推进分散下沉，向区域市场的小B夫妻老婆店、带淘达人等用户拓展。截止6月末，拍即到的注册商家总数超过227万人。在拓展平台卖家的过程中，我们采用了前三单免邮和前置标准对齐等方式，降低了新手消费的卖货成本与试错门槛。在买家拓展方面，我们在抖音等平台发起拍即到带淘姬等话题，视频播放量陡峭增长，带淘业务得以快速发展。结合一键起批服务，拍即到通过多种方式降低小B买家的入行门槛。首单成交后，我们看到用户循序渐进地向复购、VIP会员、量起赏等进行成熟化迁移，交易粘性稳步提升。在以上的用户拓展和扶持过程中，拍即到3P的入仓自检比例本季度达到84.4%，同比提升约11.5%，业务规模快速增长，平台服务收入扎实增长。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Specifically, PJT Marketplace continued to expand into fragmented markets, reaching more small size merchants, mom-and-pop shops, and specialty buyers. By the end of June, total registered merchants on the platform exceeded 20.27 million. For sellers, we offered free shipping on the first three orders and aligned inspection standards upfront, lowering selling costs and barriers to trial and error for new small sized merchants. For buyers, we launched the PJT themed campaign on Douyin and other platforms. Video views rose sharply, driving rapid growth in our specialty buyer model. Together with one piece minimum quantity ordering, these initiatives made it easier for small merchants to start buying on the platform. After their first transaction, buyers gradually become more engaged on the platform through repeat purchases, VIP membership, and participation in the like new device marketplace, showing consistent improvement in transaction stickiness.

Throughout this process of user expansion and support, PJT’s 3P warehousing inspection penetration rate reached 84.4% this quarter, up around 11.5% year-over-year, delivering rapid scale expansion with solid growth in service revenue.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 对于拍拍的平台业务，二季度平台服务收入同比下降，主要是因为我们对于POP商家进行了活动期间的促活补贴，策略性地降低了服务收费。同时，我们对于寄卖模式进行打磨，上线了三方商家货源入仓模式，提升了价格的竞争力，改善通销和优化了财务模型。拍拍寄卖的规模环比增长22.4%。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: For Paipai, platform service revenue decreased year-over-year in the second quarter, mainly due to subsidies provided to POP merchants to boost activity during the promotional campaign and our strategic reduction of service fees. Meanwhile, we continue to refine the consignment model by introducing warehousing capabilities for third-party merchants, improving price competitiveness and sell-through, and optimizing financial economics. Paipai’s consignment business grew 22.4% sequentially.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 在多品类回收方面，服务收入保持30%以上的同比增长。二季度黄金的价格震荡下行，叠加让利用户的策略，黄金服务收入同比下降35%。同期，我们优选少量的爱回收门店，在门店形象和功能分区上改造，升级为奢侈品的主题门店，并结合品类精细化、分层定价和专项服务能力提升。二季度奢侈品的回收服务收入同比增长77.3%。基于成功的数据和经验，我们计划在今年会开出更多的多品类主题门店，包括奢侈品主题门店、运动主题门店等，为更多用户提供体验更好、更有趣味性的回收和购买体验。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: In multi-category recycling services, service revenue maintained a year-over-year growth of over 30%. Gold prices were volatile and trended lower in the second quarter. We also chose to give more back to users. Together, these factors led to a 35% year-over-year decline gold service revenue. During the quarter, we upgraded a select number of AHS stores to luxury themed stores with improvements to store design and functional areas. Together with more refined tiered pricing and enhanced category-specific service capabilities, luxury recycling service revenue grew 77.3% year-over-year. Building on those positive results and experience, we plan to open more themed multi-category stores this year, including luxury themed stores and sports themed stores. This will give more users a better and more engaging experience when recycling and buying pre-owned products.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 爱回收的战略专注且长期保持一致。在此我们继续重申集团的三级发展战略。第一级，继续夯实二手手机3C业务基本盘的健康增长。2026年的智能手机消费电子市场迎来了上游供应链大幅涨价的挑战。品牌厂商积极调整产品矩阵，重视以旧换新。电商平台也积极采取补贴方案支持以旧换新。在此背景下，我们以自营模式，通过大前端的履约交付能力和精准的以旧换新场景抓住机遇，二手手机3C业务基本盘快速增长。同时，我们以下沉分散的策略加强商家能力，以AI自动化质检能力，巩固我们为行业打造的基础设施能力。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Our long-term strategy has remained focused and consistent. Here, we would like to reiterate our three-stage development strategy. Stage 1, we continue to solidify the healthy growth of our core second-hand consumer electronics business. In 2026, the smartphone and consumer electronics market has faced substantial price hikes across the upstream supply chain. Brand manufacturers are actively adjusting their product portfolios and placing greater emphasis on trade-in programs. At the same time, e-commerce platforms are also introducing subsidy programs to support device upgrades. Against this backdrop, we have captured these opportunities through our 1P model, leveraging our front-end fulfillment capabilities and targeted trade-in scenarios. We drove rapid growth in our core second-hand consumer electronics business. At the same time, we are strengthening merchant capabilities with a decentralized strategy to penetrate fragmented markets, while leveraging AI-powered automated inspection to reinforce the infrastructure we have built for the industry.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 第二级，持续加强爱回收国民第一回收品牌的定位。在二手行业里，耳熟能详、值得信赖的品牌依然是稀缺的。爱回收保持对品牌建设审慎的投入。结合成立15周年的契机，我们邀请了吴磊作为爱回收全球代言人，以青春活力、时尚环保的形象，倡导用户一起参与减法新生活与二手优品的购买，得到了用户的广泛好评与互动。从二手手机3C回收到多品的回收，到更多的C端零售，我们期待以爱回收品牌为用户打造更好的回收和购买体验。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Stage 2, we are strengthening AHS Recycle’s position as China’s leading recycling brand. In the pre-owned industry, word-of-mouth brand names remain scarce. We continue to make a prudent investment in building the AHS Recycle brand. As ATRenew marks its 15th anniversary, we invited Wu Lei to serve as the AHS Recycle’s global brand ambassador. Through his youthful, energetic, stylish, and environmentally conscious image, we encourage users to embrace a simpler lifestyle and choose high-quality pre-owned products. This initiative has generated broad positive feedback and engagement from users. From second-hand consumer electronics recycling to multi-category recycling and further into consumer retail, we aim to leverage the AHS Recycle brand name to provide users with better recycling and purchasing experiences.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 第三级，推进海外业务发展，做出有中国特色的循环经济模式。过去一年，海外业务高速健康增长，今年6月实现了单月HK$1.2亿的外销业绩突破。基于一些扎实的进展，7月28日我们在香港首次举办了海外战略发布会，更新了我们的海外发展战略。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Stage 3, we continue to advance breakthroughs in our overseas strategy. Over the past year, our overseas export business has grown rapidly. in June this year, we hit a milestone with HK$120 million in monthly sales. Building on our solid progress, on July 28th, we held our overseas strategy launch event in Hong Kong and updated our global expansion strategy.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 首先，我们看到在全球范围内，以香港、迪拜、迈阿密为关键节点，长期存在一个千亿美金规模的二手手机大市场。中国正在从需求方转型为输出方。在此机会下，基于国内拍即挡平台的成功经验，我们看到一个更大的海外版拍即挡的机会。因此，我们发布了海外版B2B的交易平台FoneSquare。这个平台的发展基于两个核心能力，一个是日益增长的1P货源出口的能力，另一个是自动化质检技术能力。基于国内的经验，我们会逐步从1P货源到3P货源，构建全球标准，并通过自动化质检大幅优化成本效率，提升交易透明度，搭建起一个区别于现有传统的贸易形式的更加高效的B2B交易平台，致力于实现让二手商品流通全球的目标。当然，FoneSquare平台还需要更多的时间打磨和发展，也希望得到大家的耐心支持。同时，我们也发布了海外的C端品牌ReRe，以科技重估消费者手中旧物的价值，用严选二手更新用户在购买时的选项。以ReRe手机自助回收机、ReRe门店的形式，少量资源投入，谨慎探索海外C端业务的模式。海外业务的进展我们后面会再逐步同步。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: First, we see a huge pre-owned phone market globally with a scale of over $100 billion in Hong Kong, Dubai, and Miami as key hubs. As China is changing from a consumer to a supplier of pre-owned phones globally, we see a chance to build an international B2B marketplace leveraging PJT’s success domestically. As such, we launched FoneSquare. It relies on two core strengths of ours: growing 1P export supply and automated quality inspection technology. We will follow our domestic experience and gradually expand from 1P to 3P supply while establishing global standards. We will also optimize cost and efficiency through automated quality inspections and improve transaction transparency, building a more efficient B2B marketplace and traditional trading platforms. Aiming to give pre-owned goods a second life globally. While exports are growing fast, FoneSquare still needs time to improve, and we appreciate your patience and support.

We also launched our overseas consumer brand, named ReRe, that is, we value what you own, renew the way you choose. We will cautiously explore the 2C business model through recycling kiosks and physical stores with a small amount of investment. We will share more updates on our overseas business as appropriate. Looking at 2026 as a whole, we will continue to enhance supply sourcing, customer mindshare, merchant services and operating efficiency. We look forward to giving users a better experience, more choices and more value in pre-owned transactions. Now I’d like to turn the call over to our CFO, Rex Chen, for financial updates. Good day, everyone. I’m pleased to share our outstanding financial performance for the second quarter of 2026. Both revenues and profits reached record highs.

During the quarter, the ongoing rollout of China’s trade-in programs for consumer electronics, together with the 618 Shopping Festival, further boosted consumer demand for device upgrades and expanded the supply of first-hand devices available for recycling. We actively captured these market opportunities, continued to support recycling and trading scenarios, and fully leveraged the synergies between our supply chain and retail capabilities. As a result, we sustained solid growth momentum over the quarter. In the second quarter, total revenue exceeded the high end of our guidance, increasing by 32.4% year-over-year to CNY 6.61 billion, while non-GAAP operating income surged by 70.1% to over CNY 200 million. Before we review the financials in detail, please note that all figures are in CNY and all comparisons are on a year-over-year basis unless otherwise stated.

In the second quarter, total revenue growth was primarily driven by continued growth in net product revenue. Net product revenues increased by 35.9% to CNY 6.19 billion, largely attributable to the growth in online sales of pre-owned consumer electronics. Net service revenues were CNY 410 million in the second quarter, representing a decrease of 4.2%. The decrease was primarily due to the discretionary discounts on service fees provided to merchants during the extended 618 Grand Promotion event period. Now let’s discuss operating expenses. To provide greater clarity on the trends of our actual operating base expenses, we will mainly discuss our non-GAAP operating expenses, which better reflect how management views our operating results. The reconciliations of GAAP to non-GAAP results are available in our earnings release and the corresponding Form 6-K furnished with the U.S. SEC.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 提升毛利较高的To C零售的占比。第二季度1P to C占比，即产品收入中的零售收入占比达到了48.8%，去年同期为34.4%。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Merchandise costs increased by 31.9% to CNY 5.22 billion, in line with the growth in product sales. Gross profit margin for our 1P business was 15.7%, compared with 13.2% in the same period last year. The gross margin improvement in our 1P business was primarily driven by high efficiency C2B recycling scenarios, combined with fulfillment capabilities incorporated in our supply chains and an increasingly diversified retail channel mix. This allowed us to increase the proportion of higher margin retail sales, with 1P2C revenue accounting for 48.8% of product revenue in the second quarter of 2026, up from 34.4% in the same period last year.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 履约费用增长31.1%至5.4亿元。Non-GAAP履约费用增长30.5%至5.3亿元。Non-GAAP履约费用增长主要原因有：一，与2025年同期相比，回收和交易量的增加导致人力费用增加。第二点，物流费伴随业务量增长而增长。第三，2026年运营中心相关费用随回收与交易业务量增加而增长。Non-GAAP履约费用率从8.2%下降至8.1%。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Fulfillment expenses increased by 31.1% to CNY 514 million. Non-GAAP fulfillment expenses increased by 30.5% to CNY 530 million. Under the Non-GAAP measures, its increase was primarily driven by higher personnel costs resulting from the growth of our business compared to the same period in 2025, as well as higher logistics expenses in line with the increased product sales. Additionally, operating center related expenses rose along with the increasing volumes of recycling and transactions. Non-GAAP fulfillment expenses as a percentage of total revenues decreased to 8.1% from 8.2%.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 销售费用增加24.8%至5.1亿元。Non-GAAP销售费用增加29.9%至5亿元，主要由于与渠道服务相关的佣金费用增加。Non-GAAP销售费用率从7.8%下降至7.6%。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Selling and marketing expenses increased by 24.8% to CNY 510 million. Non-GAAP selling and marketing expenses increased by 29.9% to CNY 500 million, primarily driven by an increase in commission expenses in relation to channel service fees. Non-GAAP selling and marketing expenses as a percentage of total revenues decreased to 7.6% from 7.8%.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 管理费用增加23.5%至9,570万元。Non-GAAP管理费用增加13.6%至8,530万元，主要由于人力费用的增加。Non-GAAP管理费用率从1.5%下降至1.3%。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: General and administrative expenses increased by 23.5% to CNY 95.7 million. Non-GAAP G&A expenses also increased by 13.6% to CNY 85.3 million, primarily due to an increase in personnel costs. Non-GAAP G&A expenses as a percentage of total revenues decreased to 1.3% from 1.5%.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 研发费用上升23.5%至7,720万元。Non-GAAP研发费用上升24.2%至7,230万元，主要由于人员成本增加。Non-GAAP的研发费用率从1.2%下降至1.1%。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Research and development expenses increased by 23.5% to CNY 77.2 million. Non-GAAP R&D expenses increased by 24.2% to CNY 72.3 million, primarily due to an increase in personnel costs. Non-GAAP R&D expenses as a percentage of total revenues decreased to 1.1% from 1.2%.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 利润层面，第二季度的Non-GAAP净利润超2亿元。去年同期Non-GAAP净利润为1.2亿元，同比增长70.1%。本季度Non-GAAP净利润率为3.1%，去年同期为2.4%，较上年同期增长69个基点。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: As a result, our Non-GAAP operating income exceeded CNY 200 million in the second quarter of 2026, compared to Non-GAAP operating income of CNY 120 million in the second quarter of 2025, representing an increase of 70.1% year-over-year increase. Non-GAAP operating profit margin was 3.1% for the quarter compared to 2.4% in the second quarter of 2025, representing an increase of 69 basis points.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 截至2026年6月30日，现金及现金等价物、受限资金、短期投资以及第三方平台应收账款合计21.6亿元。公司的资金储备充足，能够支持对业务发展的再投入和股东回报。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: As of June 30th, 2026, cash and cash equivalents, restricted cash, short-term investments and funds receivable from third-party payment service providers totaled CNY 2.16 billion. Our financial reserves are sufficient to support reinvestment in business development and shareholder returns.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 第二季度我们使用了约420万美元，回购了近100万股ADS。自2025年6月30日经董事会批准，我们启动了至多为期12个月的回购计划，可以至多回购5000万美元的股票。该计划已在董事会的批准下延长12个月有效期，总额度及条款保持不变。截至今年6月30日，我们在该计划下一共回购了近1480万美元的股票。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: During the second quarter of 2026, we repurchased a total of approximately 1 million ADSs for approximately US$4.2 million. On June 30th, 2025, the board has authorized a share repurchase program under which the company may repurchase up to $50 million USD of our shares over 12 months. The board has authorized the extension of this share repurchase program for 12 months from June 30th, 2026, with key terms unchanged. As of June 30th, 2026, we repurchased approximately $14.8 million USD under this program.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 关于2026年第三季度的指引，我们预计总收入将在63.4亿元至64.4亿元，对应同比增长23.1%至25.1%。以上指引仅反映当前我们对市场和运营状况的初步看法，预期有可能有变化。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Now turning to the business outlook for the third quarter of 2026. We anticipate total revenues to be between CNY 6.34 billion to CNY 6.44 billion, representing an increase of 23.1%-25.1% year-over-year. Please note that this forecast may only reflect our current and preliminary views on the market and operational conditions, which are subject to change.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 以上是我们业绩重点分享，欢迎各位提问交流。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: This concludes our prepared remarks. Operator, we are now ready to take questions.

Conference Operator: Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the keys. If at any time your question has been addressed and you would like to withdraw your question, please press star then two. When asking a question, please state your question in Chinese first, then repeat your question in English for the convenience of everyone on the call. at this time, we will pause momentarily to assemble our roster. The first question today comes from Mandy Lu with UBS. Please go ahead.

Mandy Lu, Analyst, UBS: 各位管理层好，非常感谢这个提问的机会。首先恭喜公司二季度在收入和利润的层面都延续了非常亮眼的表现。想借此机会请教一下，公司目前对于下半年iPhone 18系列新机发售，对于公司的业绩影响如何判断？以及在当下这个时点，对于全年收入和利润的预期是否有做调整？Thank you very much for the opportunity to raise questions, and congrats on another strong quarter in terms of both revenue and profits.

Well, my question is that as the launch of Apple’s iPhone 18 is around the corner, how would you expect the impact towards our financial performance ahead? Also, is there any updates on your full year revenue and margin guidance? Thank you very much.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 好的，非常感谢提问。回答问题之前，我们这里还是重申一个反共识的观点。当新机好卖的时候，回收和以旧换新只是一个锦上添花的增值服务。反而是当新机不好卖的时候，以旧换新就是最重要且最有效的促销方式。各大厂商、各大品牌会更加重视以旧换新，并加大投入。今年在新机销售承压的大环境之下，以旧换新场景获得了电商平台、品牌厂商、回收方的多方联合投入。C2B二手电子产品的回收效率得以显著提升。受益于高效的货源场景、便捷的回收履约优势，我们聚集了行业领先的货源储备，进一步巩固了二手产业链中的供给侧优势。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Thank you for the question. Here, I’d like to reiterate a counterintuitive view. When new devices are selling well, recycling and trading programs are just supplementary value-added services. When new devices sell soft in trading programs, they become the most critical and effective promotional tool. Major manufacturers and platforms place greater emphasis on and allocate more resources to trade-ins. This year, against new device sales headwinds, e-commerce platforms, brand manufacturers, and recyclers have all increased their investments in trade-in scenarios, making C2B recycling for pre-owned consumer electronics more efficient. With strong sourcing channels and convenient recycling fulfillment, we have built an industry-leading supply base and further strengthened our supply side advantage in the pre-owned value chain.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 结合今年主流旗舰手机的新机发布，看Q3的业绩指引，以iPhone 18系列为例，目前市场普遍预计Apple将有更加高端的型号发布，且部分常规型号可能切换到明年春季进行发布。那么18系列新品的批量化出货的周期会拉长，可能会递延至Q4和明年的Q1。对此我们将保持关注。目前的Q3的业绩指引，已经考虑了该情况和影响。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: For the third quarter guidance, we take into account this year’s major flagship smartphone launches. Take the iPhone 18 lineup as an example. Current market expectations are that Apple may introduce more premium models, and some standard modules could shift to next spring. This could extend iPhone 18’s volume shipment cycle into the fourth quarter and the first quarter of next year. We monitor this closely. Our third quarter guidance has already factored in all potential impacts.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 如果新品因为上游存储涨价而提高了发售价格，那么以旧换新的二手回收可以为用户创造更大的价值，且二手优品的整体价格走势也将有上行的空间。二季度我们已经看到了1P业务的平均客单价出现了一定的同比增长。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Should new device prices rise due to higher upstream memory costs, trade-ins and recycling could be more valuable for users, and prices for high quality pre-owned products will have room for upside. The second quarter already saw a year-over-year increase in the average order volume of our 1P business.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 在利润方面，今年二季度我们对履约能力和C端品牌营销持续进行有节制的投入，并通过规模效应和精细化的运营，如期实现了Non-GAAP经营利润率的同比提升。综合以上战略、市场环境、运营策略等因素，预计集团今年将保持较快的收入与利润增长。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: On profitability, we continue to make disciplined investments in fulfillment capabilities and consumer brand marketing in the second quarter. Benefiting from economies of scale and more refined operations, we delivered the expected year-over-year improvement in Non-GAAP operating profit margin. Overall, we expect to maintain strong growth in both revenue and profit this year.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 好，谢谢。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Thank you for the question.

Conference Operator: The next question comes from Wang Zhao with CICC. Please go ahead.

Wang Zhao, Analyst, CICC: 嗨，管理层晚上好，感谢接受我的提问。首先也是恭喜咱们亮眼的业绩。然后我的问题是我们有观察到咱们二季度这个平台收入是有所下滑的，想请问能不能具体分享一下背后的一些原因，包括后续的趋势咱们如何展望？那我自己翻译一下。Good evening. Thanks for taking my question. Could you please elaborate on the reasons for the decline in service revenue and share your outlook? Thank you.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 好的，谢谢。从战略角度出发，我们看到1P自营模式将继续在二手手机、3C品类中发挥更重要的作用。一方面保证终端用户的交易体验，加强对品牌的认知。另一方面，行业合规必然趋势更有利于1P自营业务的发展。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Strategically, our 1P model will play an increasingly vital role in the pre-owned smartphones and consumer electronics categories. First, it ensures a premium transaction experience for end users and strengthens brand awareness. In addition, the industry’s inevitable shift towards greater compliance will further support the development of our 1P business.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 二季度3P服务收入下降了4.2%，一部分原因来自于第二季度我们对商家加大了补贴的力度，包括拍拍档平台的分散下沉过程中，新用户物流服务费优惠。另一部分来自在大促季度对拍拍好商家减免服务费，以促进商家在电商平台上交易的活跃度。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: In the second quarter, net service revenue decreased by 4.2% year-over-year, mainly due to two factors. First, we increased subsidies for merchants, including logistics fees, incentives for new users as PJT Marketplace expanded into more fragmented markets. Second, during the promotional campaign, we provided discounts or waivers on services to Paipai POP merchants to boost their transactions.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 未来我们预计，随着拍击堂的持续分散下沉，更多小B可以更轻松地加入全国二手交易的大市场，使用我们的自检技术与平台服务，通过差异化的会员方案，实现经营效率的提升。拍击堂的平台服务收入可以与中国二手手机3C行业共同健康增长。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Looking ahead, we expect that as PJT continues to penetrate lower-tier markets, more small-sized merchants will gain easier access to the national pre-owned trading market. By leveraging our quality inspection technology, platform services, and differentiated membership programs, we expect to both PJT’s operational efficiency and grow its platform service revenue in line with the healthy expansion of China’s pre-owned consumer electronics and smartphone industry.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 拍拍B2C业务向1P严选零售和3P寄卖倾斜，过程中会有一定的收入规模调整。1P模式下，我们与京东共建能力，共同服务用户对严选二手的购买需求，让又好又便宜的严选商品帮助用户实现产品升级。在寄卖模式下，拍拍持续探索对小B的业务支持，扩大招商，提升商家活力，并为商家的店铺运营、流量管理和售后的需求做好支撑。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: For our Paipai B2C business, we are shifting towards 1P curated retail and 3P consignment models, which will affect revenue in the short term. Under the 1P model, we are co-building capabilities with JD.com to meet consumer demand for curated pre-owned products, helping users upgrade their devices with high quality, affordable options. Under the consignment model, Paipai is continuously exploring ways to support small merchants. We are expanding merchant recruitment, boosting merchant vitality, and providing robust support for their store operations, traffic management, and after-sales services.

Rex Chen, Chief Financial Officer (CFO), ATRenew Inc.: 在多品类回收服务方面，我们推进多品类业务的精细化运营，通过主题店和差异化用户体验，巩固用户的爱回收的品牌认知。我们有信心保持优于行业的多品类收入业绩增长。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: In our multi-category recycling services, we are advancing refined operations to reinforce consumer mindshare of the AHS brand through theme stores and differentiated user experiences. We are confident to continue growing faster than broader industry. That is it for the questions. Thank you.

Conference Operator: The next question comes from Brian Lantier with Zacks Small-Cap Research. Please go ahead.

Brian Lantier, Analyst, Zacks Small-Cap Research: Good evening, and congratulations on navigating what is turned into a challenging year for the smartphone market. I wonder if you could talk a little bit about your development plans and your performance goals for the international business.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 我们的海外战略包含了B2B的主路径和C端业务的辅助路径，两条路径。从收入贡献的角度来看，B2B保持核心的收入贡献，占比约90%以上。从货和全球买家网络的构建，到自动化技术的出海，再到开放式平台的迭代，海外B2B平台的目标是用三年时间将FoneSquare打造成国际版的拍即堂。我们已经在香港拥有了成熟的本地的B2B的自建运营销售体系，预计今年下半年在迪拜将其启动新的区域能力建设。FoneSquare目前在香港应用市场已经正式上线，未来可以逐步进入迪拜等中东市场和马来西亚等东南亚市场。近期我们将持续优化FoneSquare产品的功能和用户体验，将于近期启动下一阶段的用户推广。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: The main path of our overseas strategy is B2B, which is complemented by our To C business. B2B remains the core revenue contributor, accounting for around 90% of our overseas revenue. Our goal is to build FoneSquare into a global version of PJT Marketplace in 3 years. We will expand our supply and buyers network, bring our automation technologies overseas, and improve our open platform. We already have a mature B2B system in Hong Kong covering inspection, operations and sales. We plan to start building new regional capabilities in Dubai, in the second half of this year. FoneSquare is now officially available in Hong Kong App Stores. We plan to gradually expand into Middle Eastern markets like Dubai and Southeast Asian markets like Malaysia. We continue to optimize FoneSquare’s functionality and user experience, and expect to launch the next phase of our user growth initiative soon.

Brian Lantier, Analyst, Zacks Small-Cap Research: Great. Thank you.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 另外，我们以ReRe的品牌谨慎探索了海外的C端业务，无论是已经在欧洲布局的ReRe的自助回收机，还是刚刚开业的香港首家ReRe门店，我们的海外C端业务处于早期的探索阶段，后面有进展会逐步同步。谢谢。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: In addition, we are cautiously exploring overseas to see opportunities under the ReRe brand. Whether through ReRe kiosks already deployed in Europe or our first ReRe store recently opened in Hong Kong, our overseas to C business is still at an early stage of exploration. We will share further updates as we make progress. Thank you.

Brian Lantier, Analyst, Zacks Small-Cap Research: Thanks again.

Conference Operator: The next question comes from Raphael Tse with DBS. Please go ahead.

Raphael Tse, Analyst, DBS: [Foreign language] Carrie Zong, Rex Zong, good evening, leaders. I am Raphael, an analyst from DBS. Congratulations again to the company for achieving brilliant results. I have a question here. I see that the group’s number of stores declined quarter-over-quarter in the second quarter of 2026, while the number of in-store visitors increased significantly. How can we estimate or forecast the change in store numbers for this year? Thank you. I will recap in English. Good evening, management, and congratulations for the record-breaking quarter. One question on my side. The group’s number of stores declined quarter-over-quarter in the second quarter of 2026, while the number of in-store visitors increased significantly. How can we estimate or forecast the change in store numbers for this year?

Thank you.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 好，谢谢提问。首先我想说，在门店的经营上，爱回收的团队是有比较好的业务创新能力和节奏的把握能力的。门店数量的阶段性节奏调整有两个原因和考虑。第一个原因是，高速发展之后，需要一个阶段性的方式经营。因此我们调整了部分位置不好的点位，关闭了部分业绩落后的门店，这是很正常的动作。另一个原因，也在为我们新的门店策略做筹备和积累。我们的奢侈品主题门店和球拍运动主题门店都取得了很不错的数据验证。对门店进行分层，部分门店将升级为特色品类的主题门店。接下去大家会陆续看到爱回收更多的不同品类的主题门店的推出。这里要强调一点，门店端的履约交付能力建设预算仍然是克制的，没有额外的投入，是在已有的预算内进行能力建设的资源调配。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: To begin with, I would like to note that AHS team has solid capabilities in innovation and pacing for store operations. There are two factors to consider in making phase store count adjustments. First is the need to solidify our operations after rapid expansion. Accordingly, we have repositioned some poorly located stores and closed some underperforming ones. This is standard business practice. Secondly, we are preparing and accumulating experience for our new store strategy. Our luxury themed and sports themed stores have already seen good data validation. Moving forward, we will adopt a tiered store strategy, upgrading select locations into specialized category themed stores. You will soon see us rolling out more of these themed stores across different categories. I also want to emphasize that our budget to build store-based fulfillment capabilities remains disciplined. With no incremental investment, we are strengthening these capabilities by reallocating resources within our existing budget.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 此外，今年回收和以旧换新的业绩需求旺盛，我们积极配置了上门业务团队，以承接更多高线城市的回收交付需求。结合5月中旬开启的618电商大促，我们灵活运用机动的弹性运力，短期内将上门人数快速提升到接近3,000人。业务高峰期结束后，上门的运力弹性回落，有效控制前端业务的运营费用。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Demand for recycling and trading services has been strong this year. We expanded our to-door team to meet higher fulfillment demand in top-tier cities. During the 618 Shopping Festival, we used flexible workforce solutions to quickly expand the team to nearly 3,000 people. After the peak period, the two doors happily adjusted back down, helping us control front-end operating expenses.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 我们会保持结合门店加上上门的综合线下履约能力的建设，确保用户在信任和便捷这两方面的优质体验。好，谢谢。

Jessie Jin, Head of Investor Relations, ATRenew Inc.: We will continue to strengthen our in-store and to-door fulfillment capabilities to provide users with a trusted and convenient experience. Thank you.

Kerry Chen, Founder, Chairman, and CEO, ATRenew Inc.: 好，谢谢。

Conference Operator: As there are no further questions at this time, I’d like to turn the conference back to management for closing remarks.

Jessie Jin, Head of Investor Relations, ATRenew Inc.: Thank you again for joining us. A replay of today’s call will be available on our IR website shortly, followed by a transcript when ready. If you have any additional questions, please feel free to email us at ir@atrenew.com. Have a good day. Thank you.

Conference Operator: This conference is now concluded. Thank you for attending today’s presentation. You may now disconnect.