ATRenew Inc. has reported its financial results for the first quarter of 2025, showcasing a robust trade-in supply chain capability that enhances consumption. The company achieved quarterly revenue of over RMB 4.65 billion, marking a 27.5% increase compared to the previous year and exceeding the high end of its projected guidance. The product revenue from its first-party (1P) business saw a 28.8% year-over-year growth, fueled by industry-leading fulfillment capabilities and a rapid rise in retail revenue. A major contributor to this success was AHS Recycle's partnership with JD.com, which provided a superior trade-in user experience and supported the national subsidy policy to encourage consumption. Service revenue experienced a 14.2% increase year-over-year, with a significant rise in multi-category recycling service revenue, nearly doubling in performance. These results underscore the diversified service capabilities of the AHS Recycle brand and its offline stores. In addition, AHS Recycle expanded its service coverage by opening 25 self-operated stores in major cities such as Shanghai, Beijing, Guangzhou, and Jinan, and launched 28 franchised stores across several provinces, enhancing its service accessibility nationwide.