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By Doug Young
The latest financial report from recycling specialist ATRenew Inc. shows continued progress on several fronts, including improving margins as it emphasizes more profitable businesses and tweaks a major partnership with global smartphone giant Apple .
At the more macro level, the report’s highlights include the company’s significant deepening of ties with longtime e-commerce partner JD.com through a major new multiyear agreement. That pairing, along with the Apple tie-up launched last year, are rapidly emerging as key partnerships for ATRenew as China aggressively rolls out new policies to achieve its twin goals of boosting consumption and promoting the circular economy.
While other Chinese companies have reported slowing revenue growth as China’s economy slows, ATRenew has bucked that trend by maintaining strong double-digit gains by syncing with government priorities and catering to increasingly value-conscious consumers. It forecast that growth would continue into the third quarter as more Chinese cities roll out new programs aimed at boosting consumption through increasingly popular trade-in programs.
“We have witnessed a significant shift in consumer behavior with trade-ins becoming a more mainstream choice for consumers seeking to upgrade their electronic products,” said ATRenew founder and Chairman Kerry Chen on the company’s earnings call last week. “Looking ahead to the second half of the year, we anticipate that national policies promoting consumer product trade-ins will provide greater certainty for the industry.”
ATRenew reported its revenue grew 27.4% in the second quarter to 3.78 billion yuan ($530 million), slightly topping the high end of its previous guidance range. It predicted the figure would continue growing at a similar rate of between 22% and 25% in the third quarter, potentially topping the 4 billion yuan mark just a year after passing 3 billion yuan.
The big majority of the company’s revenue, about 90%, comes from product sales, which grew 29% during the quarter year-on-year, with the rest coming from services.
The company has been honing its operations in the last two years to focus on the most profitable businesses of product refurbishment and directly selling to consumers. Both of those offer higher margins than simpler trading in smartphones, electronics and other products with middlemen buyers and agents. It announced that revenue from its direct-selling business more than doubled in the second quarter, rising 125% year-on-year to 960 million yuan, accounting for about a quarter of its total.
The company also posted strong gains for its two-year-old non-electronics recycling business, which includes such categories as designer bags, gold and even vintage liquors. Transaction value for that part of the business reached 900 million yuan in the second quarter, ahead of 600 million yuan in the previous quarter and up by nearly 400% year-on-year.
The company’s non-GAAP operating margin improved by 0.7 percentage points to 2.5%, helping to lift its adjusted net profit to a record 80.5 million yuan from 36.4 million yuan year-on-year. It lost money on a net basis, though the loss narrowed to 10.7 million yuan from 64.8 million yuan a year earlier.
Growing JD ties
Despite the broadly upbeat report, ATRenew’s shares fell 11.3% the day it announced its results, though they pared some of those losses in the following days. The bigger story is a broader rally for the company’s shares, which are up about 35% so far this year, outpacing a far smaller 4% gain for the broader iShares MSCI China ETF.
The stock trades at valuations levels comparable with its global recycling peers, though most of those stocks look relatively undervalued. Its price-to-sales (P/S) ratio currently stands at 0.31, which trails the 0.49 for The RealReal but leads the 0.14 for Rent the Runway . All those numbers are well behind the 2.79 P/S for used car trader Carvana , showing the kind of valuations the other companies could someday fetch.
Next, we’ll turn to the new JD.com tie-up, and also look at some of the other developments mentioned earlier. ATRenew is a longtime partner of JD.com, and the latter is a major ATRenew stakeholder with 34% of its shares. ATRenew said the pair signed a new agreement in May running through the end of 2027 that will see them “continue to cooperate in the second-hand business by integrating resources and leveraging their respective strengths.”
That’s quite significant, since JD.com is one of China’s top online electronics sellers and has recently ramped up its drive to promote used electronics in sync with the government’s latest priorities. As that happens, the value of ATRenew’s products traded through JD.com’s various platforms doubled in May from a year earlier, and also grew by a similar amount during the June 18 shopping festival, a major online event.
At the same time, ATRenew has been tweaking its other major partnership for iPhone recycling with Apple, which dates back to last year. The company said the partnership had the potential to add up to 1.5 billion yuan to its annual revenue, but it got off to a shaky start due to low margins. Over the past year, however, ATRenew has been tweaking the program and said it achieved the important milestone of a positive gross margin for the business in the second quarter.
More broadly, ATRenew said a growing number of Chinese cities are rolling out programs to encourage trade-ins of used electronics, following the central government’s release of an action plan in March for such large-scale trade-ins of consumer goods. The southern metropolis of Shenzhen rolled out a program in July to encourage smartphone trade-ins, and Chen said other cities are now crafting their own phone-specific subsidies at the local level.
“In the second half of the year, we expect more cities to introduce similar subsidies, further promoting the effective recycling of items, electronic products within the circular economy,” he said.
As it continued to sharpen its focus on its most profitable business lines, and continued efforts to improve efficiency through more automation of its inspection processes and recycling at the city level, ATRenew’s operating loss narrowed sharply 5.6 million yuan in the second quarter from 61 million yuan a year earlier. While the company operates profitably on a non-GAAP basis, it could soon also operate profitably on a GAAP basis as well if current trends continue, representing another symbolic milestone for its profitability metrics.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
California lawmakers are poised to vote on a bill regulating AI development despite significant opposition from major tech companies.
Read: A Bar Of Pure Gold Is Now Worth $1 Million: What Can It Buy You?
Gaming
Microsoft Corporation is expanding its Xbox Series S/X lineup – white discless Xbox Series X, special-edition 2TB “Galaxy Black” Xbox Series X, and 1TB Xbox Series S. All three models are set to launch in the U.S. on October 15, with other markets, including Europe, to follow on October 29.
Microsoft confirmed that subscribers to the Core and Standard tiers of the service might face extended wait times — up to 12 months or more — before gaining access to first-party titles previously available on the day of release.
Take-Two Interactive Software, Inc. revealed Borderlands 4, the highly anticipated next installment in the iconic looter-shooter franchise, will be released in 2025.
Ubisoft Entertainment SA , known for blockbuster franchises like Assassin’s Creed and Tom Clancy’s series, dismissed 45 employees from its San Francisco studio and Red Storm Entertainment in Cary, North Carolina.
Square Enix Holdings Co Ltd has announced that Final Fantasy 16 will be available for PC starting September 17, 2024. This release comes after the game’s initial launch as a PlayStation 5 exclusive in 2023.
Minecraft Realms, the subscription-based service that allows players to create and join personal servers, has been experiencing significant connectivity issues since August 13, frustrating players who try to access their shared worlds.
Technology
Alphabet Inc.’s internal organization chart has been leaked, unveiling the key figures in the newly merged Pixel, Android, and Google Chrome super unit.
Google-owned YouTube has launched a new AI assistant designed to aid users in recovering hacked accounts.
CrowdStrike Holdings Inc.’s president, Michael Sentonas, has criticized competitors like SentinelOne, Inc. and Trellix for allegedly exploiting global outage situation to promote their products.
Atari SA has announced the upcoming release of the Atari 7800 Plus, a modern recreation of the original Atari 7800 console from the 1980s.
Read: Angel Investor Nikita Bier Once Displayed A Giant Painting Of Tim Cook Overlooking Facebook CEO Mark Zuckerberg’s Desk — And The Latter Wasn’t Too Impressed
Smartphones
The upcoming Apple Inc. iPhone 16 Pro lineup will reportedly feature a new color, “Desert Titanium,” in addition to the existing four color options.
According to a report by an industry insider, Apple expects to launch the highly anticipated iPhone 16 series at an event on September 10.
Apple is preparing to launch its fourth iPhone assembly unit in India. The new plant, set up by Tata Electronics, is located in Hosur, Tamil Nadu, and is expected to begin operations in November.
Read: Why Apple Is Plowing Billions Of Dollars Into A Project That Won’t Have A Payoff Near Term: Gurman Weighs In
Apple is set to bid farewell to its App Store head, Matt Fischer, who has been at the helm of the App Store business since 2010.
Apple has reportedly delayed the mass production of its highly anticipated folding MacBook, according to Ming-Chi Kuo, a well-known analyst.
Artificial Intelligence (AI)
Google and the Amazon-backed AI startup Anthropic, a rival to ChatGPT’s parent company OpenAI, is facing a class-action lawsuit filed by three authors, Andrea Bartz, Charles Graeber, and Kirk Wallace Johnson, alleging copyright infringement in the training of its AI chatbot.
ChatGPT-parent OpenAI announced a multi-year content partnership with media conglomerate Condé Nast.
Amazon Web Services CEO Matt Garman reportedly hinted at the possibility of artificial intelligence taking over a significant portion of coding tasks.
Renowned tech reviewer Marques Brownlee, better known as MKBHD, recently commented on Procreate’s decision to reject generative AI integration, sparking a lively discussion on the future of digital art tools.
Read: Trump Calls Elon Musk A ‘Fantastic Guy’ While Talking About X: ‘Love The Job He Has Done And He Has Bought A Certain Voice Back Into Play’
Image Credits – Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
These eight large-cap stocks were the worst performers in the last week. Are they in your portfolio?
Also Read:
Photo via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
(Corrects to remove reference to China in the description of Hillhouse Investment in the seventh paragaph.)
Hong Kong stocks rebounded on Friday, after remaining in red territory for two days, supported by a rally led by technology firms and amid hopes of the implementation of favorable policy measures by China's central bank.
The Hang Seng Index added 1.88%, or 321.02 points, to finish Friday's trade at 17,430.16. The Hang Seng China Enterprises Index rose 2.1%, or 126.63 points, to 6,161.9.
E-commerce firm JD.com led the rally, rising 8% as it nearly doubled its attributable income in the second quarter of 2024 to 12.6 billion yuan.
Pan Gongsheng, People's Bank of China's governor, said in an interview on Thursday that the bank will intensify efforts to implement all the supportive policy measures announced this year, according to a South China Morning Post report.
The regulator also injected 577.7 billion yuan into the banking system through seven-day reverse repurchase agreements in a bid to maintain ample liquidity.
Positive investor sentiment was also fueled by strong Chinese services sector data, with the country's services production index expanding by 4.8% year over year in July.
On the corporate news front, Alibaba Group Holding closed 5% higher as HHLR Advisors, the public investment arm of Hillhouse Investment, increased its holdings in the internet giant in the second quarter.
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