ATRenew releases transcript of Q1 2026 earnings conference call

• ATRenew published a transcript of its Q1 2026 earnings call attended by Founder, Chairman and CEO Kerry Chen, CFO Rex Chen, Head of Investor Relations Jessie Jin, analysts from DBS, CICC, Zacks.
• Revenue rose 32.4% to RMB 6.16 billion; non-GAAP operating profit increased 70.2% to RMB 190 million; non-GAAP operating margin expanded 69 bps to 3.1%.
• Management highlighted a sharper shift to 1P direct-to-consumer, with 1PtoC reaching 45.1% of product revenue; 1P gross margin improved to 15.9% from 15.2%.
• Q2 revenue guidance set at RMB 6.24 billion to RMB 6.34 billion, implying 25% to 27% growth; management flagged faster-than-initial internal expectations for 2026 scale growth with “meaningful” margin improvement.
• Executives pointed to trade-in momentum with JD.com, where trade-in orders reached about 70% of volume; the board extended a US$ 50 million share repurchase program for 12 months from June 30, 2026, with US$ 2.7 million spent in Q1 to buy back 500,000 ADS and about US$ 11 million repurchased under the plan to date.

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