Added to YB: 2026-04-30
Pitch date: 2026-04-28
RERE [bullish]
ATRenew Inc.
-2.22%
current return
Author Info
No bio for this author
Company Info
ATRenew Inc., together with its subsidiaries, sell pre-owned consumer electronics through its online platforms and other channels in the People’s Republic of China.
Market Cap
$6.9B
Pitch Price
$4.50
Price Target
23.00 (+413%)
Dividend
2.17%
EV/EBITDA
8.90
P/E
22.74
EV/Sales
0.27
Sector
Specialty Retail
Category
growth
ATRenew (RERE): China's Quiet Compounder of the Circular Economy
RERE: China's largest tech-driven pre-owned electronics platform. FY25 rev +28.9% to RMB21.05B, flipped to RMB336M GAAP profit (+1.6% margin expanding 1pp/yr). Q4 retail rev +88%, now 41.7% of product mix (higher margin). Multi-category GMV +125.7%. Q1'26 guide: +25.9-28.1% growth. JD.com owns 1/3, extended partnership to 2030. 2,195 AHS stores + Matrix AI moat. Inaugural $0.10 div + $50M buyback. Trading ~9x fwd PE vs 22x fair value = $23 PT (58% IRR). Catalysts: MacBook/OpenClaw demand surge, gov't trade-in subsidies, JD takeover optionality. Risk: ADR, thin margins, JD dependence.
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