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VinFast and BNI sign comprehensive strategic partnership to accelerate green transition and sustainable growth


JAKARTA, INDONESIA – Media OutReach Newswire – 11 March 2025 VinFast and PT Bank Negara Indonesia (Persero) Tbk (BNI), signed a Memorandum of Understanding (MOU) during the Vietnam-Indonesia High-Level Business Dialogue, themed “Vietnam-Indonesia: Partnership for Progress and Prosperity.” The signing ceremony took place in the presence of To Lam, General Secretary of the Communist Party of Vietnam, along with ministers from both Vietnam and Indonesia. This MOU not only marks both institutions’ significant progress in financial solutions and advancing green transportation across Southeast Asia but also strengthens the comprehensive strategic partnership between Vietnam and Indonesia.

General Secretary of the Communist Party of Vietnam To Lam (second row, fourth from the left) witnessed the signing of the MOU between VinFast and BNI in Indonesia.
General Secretary of the Communist Party of Vietnam To Lam (second row, fourth from the left) witnessed the signing of the MOU between VinFast and BNI in Indonesia.


Under the MOU, VinFast and BNI will actively work together to accelerate Indonesia’s green transition and sustainable growth. The partnership will focus on investments into and the development of financial solutions supporting VinFast’s “For a Green Future” ecosystem and facilitating Indonesian consumers’ shift to electric mobility.

As a comprehensive strategic partner, BNI will provide advisory support, local experience and knowledge, and facilitate access to financing products and resources for VinFast and other related companies in the Vingroup ecosystem, as well as their business partners and customers.

Meanwhile, VinFast and other companies in the Vingroup ecosystem will offer exclusive privileges and special policies for BNI employees and partners, such as preferential pricing for VinFast EVs and related products/services; flexible financing schemes in collaboration with BNI to facilitate EV adoption and green mobility transition for BNI.

Together, VinFast and BNI will collaborate on awareness campaigns, events, and strategic partnerships to encourage EV adoption and enhance EV accessibility in Indonesia. These efforts will contribute strongly to the country’s Net Zero goals and long-term prosperity, while reinforcing the “Vietnam-Indonesia: Partnership for Progress and Prosperity”.

Mr. Agung Prabowo, Director Wholesale and International Banking BNI stated: “BNI is strongly committed to promoting green initiatives, eco-friendly solutions, and social responsibility. We are highly impressed by VinFast’s pioneering ‘For a Green Future’ ecosystem in Indonesia. With our shared goal of driving sustainable development, we believe this collaboration will not only unlock strategic business opportunities but also strengthen the long-term partnership between Indonesia and Vietnam, contributing to economic and social prosperity.”

Ms. Pham Thuy Linh, Deputy CEO of VinFast Global, commented: “We are honored to partner with BNI, a leading financial institution in Indonesia. VinFast is committed to making the transition to electric vehicles as convenient and worry-free as possible for Indonesian consumers. Through this collaboration, we aim to create meaningful value for society and drive Indonesia’s green and sustainable development.”

Since entering the Indonesian market just over a year ago, VinFast has made remarkable progress, including breaking ground on its assembly plant, introducing a diverse range of products, launching pioneering sales and after-sales policies, and rapidly expanding its dealership and service network across the country.

Notably, VinFast has partnered with GSM and V-GREEN to establish a complete and comprehensive “For a Green Future” ecosystem in Indonesia. This initiative is helping to build a cleaner, greener, and more prosperous future for the country while further strengthening the Vietnam-Indonesia partnership in pursuit of progress and shared prosperity.

Hashtag: #vinfast

The issuer is solely responsible for the content of this announcement.

About VinFast

VinFast (NASDAQ: VFS), a subsidiary of Vingroup JSC, one of Vietnam’s largest conglomerates, is a pure-play electric vehicle (“EV”) manufacturer with the mission of making EVs accessible to everyone. VinFast’s product lineup today includes a wide range of electric SUVs, e-scooters, and e-buses.

VinFast is currently embarking on its next growth phase through rapid expansion of its distribution and dealership network globally and increasing its manufacturing capacities with a focus on key markets across North America, Europe and Asia. Learn more at:

About BNI

PT Bank Negara Indonesia (Persero) Tbk (BNI), one of Indonesia’s leading banks, is committed to providing various financial solutions for individuals and supporting business growth and success domestically and globally. With a dedication to building long-term partnerships, BNI offers a comprehensive suite of financial services, including capital loans, trade finance, cash management, project financing, and treasury.

BNI also supports Indonesian companies in expanding their global reach while assisting multinational corporations in entering the Indonesian market.

Learn more at:

Customer Intelligence Summit Singapore, 8 April 2025 at Marina Bay Sands

Empowering Intelligence: Data-Driven, Customer-Centric, Future-Ready

SINGAPORE, March 11, 2025 /PRNewswire/ — We are thrilled to announce the inaugural Customer Intelligence Summit in Singapore. This groundbreaking event will bring together the region’s foremost experts in customer intelligence, data analytics, and experience management.

Customer Intelligence Summit Singapore, 8 April 2025 at Marina Bay Sands
Customer Intelligence Summit Singapore, 8 April 2025 at Marina Bay Sands

On 8 April 2025, join us at the prestigious Marina Bay Sands for Singapore’s first-ever Customer Intelligence Summit, an exclusive English-speaking event designed for senior leaders driving customer-centric transformation through data and analytics. This premier in-person summit promises an unparalleled platform to explore cutting-edge strategies, address critical challenges, and forge meaningful connections in the customer intelligence ecosystem.

Tickets

The summit agenda has been meticulously crafted to guide attendees through the complete customer intelligence journey, from foundational data collection to advanced real-time decision-making. Through dynamic formats, including Panel Discussions, Fireside Chats, Keynote Presentations, Interactive Roundtables, and Networking Sessions, participants will gain practical insights into transforming data into exceptional customer experiences.

What Will We Talk About?

As businesses compete in an increasingly data-driven world, the ability to harness customer intelligence (CI) is critical to delivering exceptional experiences and driving growth. The Customer Intelligence Summit 2025 will focus on the most relevant topics shaping the future of CI.

AI & Data-Driven Personalisation

  • Predictive Analytics: Anticipate customer needs and behaviours to stay one step ahead.
  • AI-Powered Personalisation: Transform data into meaningful, tailored customer experiences.

Omnichannel Experience & Customer Engagement

  • Seamless Customer Journeys: Create frictionless experiences across every touchpoint.
  • Customer Lifetime Value (CLV): Focus on maximising the long-term profitability of customer relationships.

 

Why Attend the Customer Intelligence Summit?

This summit is tailored for marketing professionals, data strategists, customer experience leaders, and technology innovators eager to unlock the potential of customer intelligence in their organisations.

The Customer Intelligence Summit 2025 will feature:

  • Panel discussions addressing the challenges and opportunities in customer intelligence from global CI leaders.
  • Interactive Roundtable offering hands-on learning and actionable takeaways.
  • Unparalleled networking opportunities to connect with peers and industry experts.
  • An 80:20 Ratio of Industry Participants ensures a perfectly balanced crowd for learning and networking.
  • To ensure inclusivity and accessibility, all sessions will be conducted in English, catering to a diverse global audience.
  • Hosted at Marina Bay Sands. A perfect environment for high-level networking, innovative learning, and engaging conversations

Don’t miss this opportunity to be part of Singapore’s customer intelligence event. Join us as we unlock the full potential of customer intelligence to drive business growth in an increasingly data-driven world!

Media Contact: 

Tiffany Nguyen
tnguyen@themartechsummit.com

Hong Kong Lawyers Can Expect Saving 11 Hours Weekly with Asia’s First Launch of Lexis+ AI in July 2025

Lexis+ AI delivers secure generative AI tools that fuel efficiency, effectiveness, and reliable results for the modern Hong Kong lawyer

HONG KONG, March 10, 2025 /PRNewswire/ — LexisNexis® Legal & Professional, a leading global provider of AI-powered analytics and decision tools, today announced that Hong Kong would be the first in Asia to launch Lexis+ AI™, a generative AI solution designed to transform legal work, in July 2025. Grounded in one of the largest repositories of accurate and exclusive legal content, Lexis+ AI combines the power of generative AI with proprietary LexisNexis search technology and authoritative content.

LexisNexis’ first-to-market generative AI solution collaborates like a trusted colleague that can span millions of documents in seconds. Based on customer testimonials following successful launches in Australia, Austria, Canada, France, the US, and the UK, Lexis+ AI is anticipated to save Hong Kong lawyers an average of 11 hours per week across research, drafting, client communications, and case summarisation activity.

Lexis+ AI is an AI-powered assistant that features conversational search, insightful summarisation, and intelligent legal drafting and document upload capabilities, all supported by state-of-the-art encryption and privacy technology to keep sensitive data secure. All results are backed by verifiable, citable authorities or sources.

  • Conversational Search: simplifies the complex and time-consuming legal research journey, providing a search experience for diverse legal questions with citations, facilitating lawyers’ ability to complete research effectively and efficiently.
  • Enhanced Summarisation: provides a custom summary of legal documents to speed up and guide insightful analysis.
  • Generative Document Drafting: guides customers throughout the legal drafting process, generating a first draft of a legal document, and allowing users to change the language and tone from a simple prompt.
  • Document Upload Capabilities: enable users to rapidly analyse, summarise, and extract key insights from legal documents.

Michael Sit, Managing Director at LexisNexis Greater China, said: “We are thrilled to bring this transformative technology to Hong Kong, and indeed to be the first in Asia to do so. Lexis+ AI is a first-of-its-kind platform that will dramatically improve the speed, quality, and effectiveness of every lawyer regardless of how they practice law. As always, we have taken a customer-first approach to our innovation, research, and product development, to ensure that the unique needs of Hong Kong legal professionals are met, and expectations surpassed.”

Lexis+ AI is the latest offering in LexisNexis’ long history of AI innovation. According to LexisNexis Legal & Professional Chief AI Officer Min Chen: “The LexisNexis evolution from extractive to generative to agentic AI makes our legal AI solutions easier than ever to use, helping customers accomplish a remarkable amount of work without needing to be an expert in prompting. By integrating the latest AI technology, we are enabling legal professionals to focus on the strategic work that only they can do and reducing the repetitive work that AI handles proficiently.”  

LexisNexis is responsibly developing legal AI solutions with human oversight. LexisNexis, part of RELX, follows the RELX Responsible AI Principles, considering the real-world impact of its solutions on people and taking action to prevent the creation or reinforcement of unfair bias. The company’s commitment to data security and privacy in the legal industry spans more than 50 years. LexisNexis employs over 2,000 technologists, data scientists, and subject matter experts to develop, test, and validate its solutions and deliver comprehensive, accurate information.

To promote wider understanding of AI and the opportunities it will present to the legal profession in Hong Kong, LexisNexis also offers a Lexis+ AI Insider program providing exclusive educational content in the form of thought leadership articles, webinars, and the latest AI developments in the region.

To join the Lexis+ AI Insider program, and be among the first to experience Lexis+ AI in Hong Kong, visit the program here.

For more information on Lexis+ AI, visit the official website here.

About LexisNexis Legal & Professional 

LexisNexis® Legal & Professional provides legal, regulatory, and business information and analytics that help customers increase their productivity, improve decision-making, achieve better outcomes, and advance the rule of law around the world. As a digital pioneer, the company was the first to bring legal and business information online with its Lexis® and Nexis® services. LexisNexis Legal & Professional, which serves customers in more than 150 countries with 11,800 employees worldwide, is part of RELX, a global provider of information-based analytics and decision tools for professional and business customers.

About RELX 

RELX is a global provider of information-based analytics and decision tools for professional and business customers. RELX serves customers in more than 180 countries and has offices in about 40 countries. It employs more than 36,000 people over 40% of whom are in North America. The shares of RELX PLC, the parent company, are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX. The market capitalisation is approximately £72.5bn | €87.4bn | $91.6bn

MiTAC Computing Showcases Cutting-Edge AI and HPC Servers at Supercomputing Asia 2025

G4520G6 and TN85-B8261 Servers Deliver Unparalleled Performance for AI, ML, and HPC Workloads.

SINGAPORE, March 11, 2025 /PRNewswire/ — MiTAC Computing Technology Corp., a subsidiary of MiTAC Holdings Corp. (TSE:3706) and a global leader in server design and manufacturing, will showcase its latest AI and HPC innovations at Supercomputing Asia 2025, taking place from March 11 at Booth #B10. The event highlights MiTAC’s commitment to delivering cutting-edge technology with the introduction of the G4520G6 AI server and the TN85-B8261 HPC server—both engineered to meet the growing demands of artificial intelligence, machine learning, and high-performance computing (HPC) applications.

Join MiTAC Computing in SCA25 to Empower the Future of AI and HPC
Join MiTAC Computing in SCA25 to Empower the Future of AI and HPC

G4520G6 AI Server: Performance, Scalability, and Efficiency Redefined

The G4520G6 AI server redefines computing performance with an advanced architecture tailored for intensive workloads. Key features include:

  • Exceptional Compute Power – Supports dual Intel® Xeon® 6 Processors with TDP up to 350W, delivering high-performance multi-core processing for AI-driven applications.
  • Enhanced Memory Performance – Equipped with 32 DDR5 DIMM slots (16 per CPU) and 8 memory channels, supporting up to 8,192GB DDR5 RDIMM/3DS RDIMM at 6400 MT/s for superior memory bandwidth.
  • Unmatched GPU Support – Supports up to eight full-height, dual-slot NVIDIA H200 NVL, NVIDIA H100 NVL, or NVIDIA L40S for scale-out AI training, ML, and rendering applications. Featuring the NVIDIA H200 GPU with 141GB of HBM3e memory and nearly 27 petaflops of FP8 deep learning compute, it accelerates AI and HPC workloads with exceptional speed and efficiency.
  • Superior Connectivity – Equipped with three standard PCIe 5.0 x 16 expansion slots and three OCP v3.0 mezzanine slots, the MiTAC G4520G6 platform enables high-performance network connectivity, such as NVIDIA ConnectX NICs, BlueField-3 SuperNICs and DPUs, for clustered computing.
  • Advanced Cooling & Power Efficiency – Engineered for superior thermal management, it includes eight hot-swap system fans and four external hot-swap fan modules. Four hot-swap CRPS power supplies provide (3+1) redundancy, delivering up to 9,600W with 80+ Titanium efficiency.

TN85-B8261: Versatile 2U Server for HPC and AI Workloads

The TN85-B8261 is a versatile 2U server designed to deliver exceptional performance for high-performance computing and AI applications. Key highlights include:

  • Powerful Dual-Socket Performance – Supports AMD EPYC 9005 / 9004 processors, delivering exceptional computing power for AI and HPC workloads.
  • Scalable Memory Architecture – Features (12+12) DDR5 DIMM slots, supporting up to 6,144GB DDR5-6000 RDIMM/LRDIMM for high-speed data processing.
  • Flexible Expansion Capabilities – Supports up to four full-height, dual-slot enterprise H100 NVL and L40S GPUs for scalable AI training, machine learning, and rendering applications. Additionally, two half-height, half-length PCIe 5.0 x16 slots enable high-performance cluster networking deployment.
  • Optimized Connectivity & Management – Dual 10GBase-T LAN ports for high-bandwidth networking and an AST2600 BMC with IPMI 2.0 & Redfish support for remote server management.
  • Reliable Power Efficiency – (1+1) redundant 2,700W hot-swap CRPS power supplies with 80+ Titanium efficiency, delivering sustainable energy and operational reliability.

Driving Innovation in AI and HPC

MiTAC Computing is dedicated to pushing the boundaries of AI and HPC technology. The G4520G6 and TN85-B8261 servers are designed to empower enterprises and research institutions with exceptional compute power, scalability, and energy efficiency, ensuring optimal performance for next-generation workloads.

Visit MiTAC Computing at Supercomputing Asia 2025

MiTAC Computing invites attendees to experience the power of the G4520G6 AI Server and TN85-B8261 HPC Server firsthand at Supercomputing Asia 2025. Visit our booth #B10 to explore how our latest innovations can accelerate AI and HPC applications.

For more information, please visit the links below:

About MiTAC Computing Technology Corporation

MiTAC Computing Technology Corp., a subsidiary of MiTAC Holdings, delivers comprehensive, energy-efficient server solutions backed by industry expertise dating back to the 1990s. Specializing in AI, HPC, cloud, and edge computing, MiTAC Computing employs rigorous methods to ensure uncompromising quality not just at the barebone level but, more importantly, at the system and rack levels—where true performance and integration matter most. This commitment to quality at every level sets MiTAC Computing apart from others in the industry. The company provides tailored platforms for hyperscale data centers, HPC, and AI applications, guaranteeing optimal performance and scalability.

With a global presence and end-to-end capabilities—from R&D and manufacturing to global support—MiTAC Computing offers flexible, high-quality solutions designed to meet unique business needs. Leveraging the latest advancements in AI and liquid cooling, along with the recent integration of Intel DSG and TYAN server products, MiTAC Computing stands out for its innovation, efficiency, and reliability, empowering businesses to tackle future challenges.

YouBiz and TikTok for Business Launch Partnership to Fuel E-commerce Growth in Singapore with Enhanced Financial and Marketing Solutions


SINGAPORE – Media OutReach Newswire – 11 March 2025 – YouBiz, the leading multi-currency corporate card and spend management platform for businesses by YouTrip, and TikTok for Business, world’s leading destination for short-form mobile videos, announced a strategic partnership to empower Singapore e-commerce businesses by providing enhanced support for their advertising and financial operations.

Singapore’s e-commerce sector is experiencing significant growth, with gross merchandise value (GMV) increasing from US$8 billion in 2023 to US$9 billion in 2024 according to Google, Temasek and Bain & Company’s e-Conomy SEA 2024. The rise of video commerce, now accounting for 20% of e-commerce GMV (up from less than 5% in 2022), further underscores the dynamic nature of online retail.

Recognising the increasing demands of this market, YouBiz and TikTok for Business are joining forces to offer targeted support, helping local businesses maximise their marketing and advertising ROI, and streamline financial operations.

“Singapore’s e-commerce landscape presents immense growth potential, yet businesses need more than just access to the market—they need the right strategic tools and comprehensive support to truly unlock their success,” said Benedict Khong, General Manager of YouBiz. “This partnership with TikTok for Business is designed to bridge that gap. By seamlessly integrating YouBiz’s innovative financial solutions—such as multi-currency accounts, unlimited 1% cashback on all expenditures, and cost-effective remittance services—with TikTok’s dynamic advertising platform, we are empowering businesses to not only survive but thrive in the fast-evolving digital economy, providing them with a distinct competitive advantage.”

Exclusive Cashback Scheme to Boost Ad Performance
A key element to this partnership is an exclusive cashback scheme designed to provide e-commerce businesses with additional financial resources to optimise their TikTok advertising strategies. Under the joint scheme, new TikTok advertisers can receive up to US$100 in ad credits to facilitate campaign development, testing, and refinement.

On top of that, businesses can enjoy up to 3% upsized cashback on TikTok ad spend with YouBiz, directly improving ROI and freeing up capital for strategic reinvestment and expansion. Businesses can also enjoy unlimited 1% cashback perpetually on all spending, beyond TikTok and digital advertising. Full partnership perks can be found at https://www.you.co/biz/tiktok-youbiz-partnership/.

Panel Discussion to Unlock Growth on TikTok: Content, Ad and Financial Strategies for Success
The partnership was unveiled at a joint event featuring a panel discussion, “Unlocking Growth on TikTok: Content, Ad and Financial Strategies for Success.” Speakers shared insights on leveraging digital platforms for effective marketing campaigns and how financial solutions can provide a competitive advantage for sustainable growth.

During the panel, Genecia Alluora, co-founder of local skincare brand Alluora, shared her experience in navigating TikTok advertising and the importance of financial tools in mitigating FX fees and earning cashback—savings that were previously unattainable with traditional financial solutions.

With YouBiz’s expense management platform, e-commerce can simplify their finance processes by enabling efficient payment processing, expense tracking, and reporting. With 0% FX fees and competitive remittance rates, YouBiz empowers e-commerce, and all businesses, to facilitate seamless international transactions by eliminating unnecessary hefty costs for cross-border operations.

TikTok for Business allows marketers to manage and access advertising, creators, commerce and other marketing solutions in one place for quick collaboration and maximum flexibility.

Through this partnership, YouBiz and TikTok for Business are committed to empowering e-commerce businesses in today’s competitive market. By integrating financial and marketing solutions that return savings directly to businesses, they are driving growth, innovation, and long-term success in the digital economy.
Hashtag: #YouBiz #TikTok


The issuer is solely responsible for the content of this announcement.

About YouBiz

YouBiz is the leading multi-currency corporate card and spend management platform for businesses. Built by YouTrip, a first-mover in the Southeast Asian fintech and digital payments space, YouBiz provides SMEs and startups with an intuitive, convenient and affordable spend management platform to power their cross-border payment needs and global expansion plans.

Today, YouBiz is one of the fastest growing spend management fintechs and a reliable partner for thousands of businesses in Singapore as they accelerate their business growth with the best in market exchange rates, at zero FX fees. For more information, please visit .

Clarios Honored as One of the World’s Most Ethical Companies for the Third Consecutive Year

GLENDALE, Wis., March 11, 2025 /PRNewswire/ — Clarios, a global leader in advanced energy storage solutions, has once again been recognized by Ethisphere as one of the World’s Most Ethical Companies. This marks the third consecutive year that Clarios has received this prestigious award, highlighting the company’s unwavering commitment to ethical business practices, sustainability, and corporate governance. This recognition is particularly significant as only 136 companies globally have received this award, with just 7 being from the automotive industry.

Clarios Honored as One of the World's Most Ethical Companies for the Third Consecutive Year.
Clarios Honored as One of the World’s Most Ethical Companies for the Third Consecutive Year.

Ethisphere uses a comprehensive set of evaluation criteria to identify the World’s Most Ethical Companies.

“We are thrilled to be recognized as one of the World’s Most Ethical Companies for the third year in a row,” said Mark Wallace, President and CEO of Clarios. “This honor is a testament to the dedication and integrity of our nearly 18,000 team members worldwide. Their commitment to our core values and ethical standards drives our mission to create sustainable and innovative energy solutions.”

The evaluation process conducted by Ethisphere is both rigorous and extensive, encompassing over 240 proof points that cover practices that support robust ethics and compliance; governance; a culture of ethics; environmental and social impact; and initiatives that support a strong value chain. That data undergoes further qualitative analysis by Ethisphere’s panel of experts who spend thousands of hours vetting and evaluating each year’s group of applicants.  

Ethisphere’s recognition underscores Clarios’ efforts to foster a culture of ethics and integrity. The company’s initiatives in sustainability, compliance, and governance have set a benchmark for the industry. “Clarios continues to demonstrate that strong ethics and business success go hand in hand,” said Erica Salmon Byrne, Executive Chair & Chief Strategy Officer of Ethisphere. “Their commitment to ethical excellence serves as an inspiration to other companies.”

“Being named one of the World’s Most Ethical Companies is not only a recognition of past achievements but also a commitment to continuous improvement and adherence to the highest ethical standards. This prestigious award underscores our dedication to fostering a culture of integrity and ethical excellence,” continues Mark Wallace.

About Clarios
Clarios is the global leader in advanced, low-voltage battery technologies for mobility. Our batteries and smart solutions power nearly every type of vehicle and are found in 1 of 3 cars on the road today. With around 18,000 employees in over 100 countries, we bring deep expertise to our Aftermarket and OEM partners, and reliability, safety and comfort to everyday lives. We answer to the planet with a rigorous sustainability focus – advancing best-in-class sustainability practices and advocating for them across our industry. We work to ensure 100% of our products sold are recyclable, and we recycle 8,000 batteries an hour in our network. Clarios is a Brookfield portfolio company.

About Ethisphere
Ethisphere is the global authority on defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust, and business success. Ethisphere’s World’s Most Ethical Companies® program honors outstanding achievements, provides a community of industry experts through the Business Ethics Leadership Alliance (BELA), and highlights trends and best practices in business integrity. Ethisphere also offers data-driven assessments, guidance, and benchmarking against the practices of the World’s Most Ethical Companies. For more information, visit https://ethisphere.com.

 

PUBLICIS SAPIENT ANNOUNCES GLOBAL STRATEGIC COLLABORATION AGREEMENT WITH AMAZON WEB SERVICES TO ACCELERATE ENTERPRISE IT MODERNIZATION

Publicis Sapient will leverage AWS’s advanced generative AI services to help enterprises accelerate their digital business transformation journeys and more easily build personalized campaigns and experiences to reduce churn and enhance customer loyalty

NEW YORK, March 11, 2025 /PRNewswire/ — Publicis Sapient, a digital business transformation company, today announced a five-year global strategic collaboration agreement (SCA) with Amazon Web Services (AWS) where they will use AWS’s artificial intelligence (AI) and machine learning (ML) technologies to accelerate how enterprises modernize and migrate their IT workloads and build personalized customer experiences that deliver business impact at scale.

Through this collaboration, the two companies will build solutions that combine Publicis Sapient’s deep delivery capability across its Strategy, Product, Experience, Engineering and Data and AI (SPEED) methodology – Publicis Sapient’s approach to digital business transformation success – and AWS’s advanced cloud services to help customers across industries accelerate migration of legacy workloads to the cloud. Publicis Sapient will create new use cases that help enterprises leverage their data with generative AI tools to create and scale personalized digital assets that support end-customer conversion, acquisition, and retention. Additionally, the effort will help enterprises optimize and automate the software development lifecycle (SDLC) to support more efficient software development and faster speed to market.

Joint customers will also benefit from access to Publicis Sapient’s comprehensive ecosystem of tools, including Bodhi, an enterprise-ready AI/ML platform built on AWS, which helps customers deploy and scale generative AI use cases. Bodhi leverages Amazon SageMaker and Amazon Bedrock to offer customers vast model selection and enterprise-grade capabilities, as well as safeguards, data protections, and responsible AI principles to give customers confidence, flexibility, and control when building and deploying production-ready use cases. Additionally, customers can leverage Publicis Sapient’s Slingshot, an AI-powered platform built off Bodhi that helps accelerate legacy modernization and the SDLC.

“Publicis Sapient has been a proud partner of AWS for many years, and we’re excited to deepen our commitment by combining the world’s most broadly adopted cloud with our extensive experience in driving digital business transformation. Our collaboration puts the power of AWS’s advanced generative AI services at the fingertips of our shared C-suite customers globally, from CEOs to CIOs and CMOs, to deliver transformative value with AWS security, reliability, and scalability. Together, we will create solutions that transform how businesses operate IT and deliver innovative products, services, and experiences,” said Nigel Vaz, CEO of Publicis Sapient.

“In today’s business landscape, personalization at scale is key. Our collaboration with Publicis Sapient merges AWS’s advanced AI services and industry-leading security with their digital transformation prowess. Together, we’re accelerating cloud adoption and deploying production-ready AI solutions. By combining our enterprise-grade capabilities with Publicis Sapient’s SPEED methodology, we’re helping businesses across industries harness data to forge deeper customer connections and drive significant business outcomes,” said Matt Garman, CEO of AWS.

Publicis Sapient Creates AWS Business Unit
As part of the collaboration, Publicis Sapient launched an AWS business unit, investing in teams and capabilities in business development, sales, marketing, and operations, as well as business analysts, and data and AI scientists. The two companies will also invest in developing scalable, up-to-date capabilities, including:

  • Transformational journeys for customers: Publicis Sapient and AWS will combine resources and expertise to help customers accelerate their cloud adoption and migration, including through new solutions available in AWS Marketplace.
  • A roadmap of future technologies: Publicis Sapient and AWS will build and bring to market new generative AI solutions to meet industry-specific use cases for digital business transformation, AI for marketing, and more.
  • Talent growth and development: Publicis Sapient is also investing in additional training and certifications to upskill its workforce to become experts in AWS technology, including its leading AI and ML services.

This collaboration builds on the work that the two companies have already been engaged in to help enterprises across industries realize greater business impact for their end-customers. For example:

  • Publicis Sapient engaged with one of the world’s largest automakers to build a digital showroom that consolidates its online car shopping data from 190 markets and 105 countries into a single platform that turns data into actionable insights. Built on AWS using Publicis Sapient’s SPEED capabilities and leveraging AWS’s AI and ML services, the digital showroom analyzes online car shopping data to help the automaker prioritize offers and incentives to customers with the highest likely return on investment. The platform helped the automaker increase test drives by over 900% and improved conversion rates.
  • One of the leading global pharmaceutical companies utilized Publicis Sapient’s AskBodhi running on AWS to deploy a scalable generative AI solution for personalized marketing content generation. The solution automated the creation of localized marketing collateral, including images for banner ads and translations, and dramatically reduced time to market. The company estimates the solution reduced project content creation costs by 35%-45%.
  • A leading wealth management firm worked with Publicis Sapient to build a contextual search experience within its existing platform that ingests real-time financial data from a variety of sources and improves the user experience for its advisors to provide guidance to their clients. Initially built on-premises, Publicis Sapient migrated the solution to AWS to allow the firm to scale the platform and enroll more than 20,000 advisors and meet security requirements. The new experience reduced search response time by 80%, and more than 90% of advisors rated the contextual search as their favorite feature.

“The AWS and Publicis Sapient collaboration showcases the power of generative AI in driving IT modernization and delivering personalized customer experiences at scale. As Saudi Arabia’s national carrier, Saudia is dedicated to harnessing its data to create exceptional guest experiences, while ensuring the highest standards of security. The combination of AWS’s cutting-edge generative AI services, featuring robust data safeguards, and Publicis Sapient’s expertise, empowers us to innovate rapidly and contribute meaningfully to Saudi Arabia’s ambitious tourism objectives, a cornerstone of Vision 2030,” stated Abdulgader Attiah, Chief Data and Technology Officer of Saudia Group.

“Publicis Sapient, who was a Leader in the IDC MarketScape: Worldwide Cloud Professional Services 2024 Vendor Assessment, is positioned as a forward-thinking partner of AWS, offering industry-specific expertise and solutions for complex IT challenges, such as mainframe modernization. And its capabilities are further enhanced by offerings available in AWS Marketplace. It’s great to see Publicis Sapient and AWS collaborating to drive greater value to enterprises’ digital business transformation initiatives powered by AI,” said Gard Little, Research VP with IDC’s Global Services Markets and Trends research team.

Customers can access AskBodhi, Wealth Management Accelerator (WMX), and AI-powered Application and Mainframe Modernization – Slingshot by PS in AWS Marketplace, a digital catalog – with thousands of software listings from independent software vendors – that makes it easy to find, test, buy, and deploy software that runs on AWS.

To learn more about how Publicis Sapient and AWS work together, visit publicissapient.com/partnerships/aws

About Publicis Sapient
Publicis Sapient is a digital business transformation company. We partner with global organizations to help them create and sustain competitive advantage in a world that is increasingly digital. We operate through our expert SPEED capabilities: Strategy, Product, Experience, Engineering, and Data and AI, which combined with our culture of curiosity and deep industry knowledge, enables us to deliver meaningful impact to our clients’ businesses through reimagining the products and experiences their customers truly value. Our agile, data-driven approach equips our clients’ businesses for change, making digital the core of how they think and what they do. Publicis Sapient is the digital business transformation hub of Publicis Groupe with 20,000 people and over 50 offices worldwide. For more information, visit publicissapient.com.

Media Relations Contact
Publicis Sapient Mia Carbonell, mia.carbonell@publicissapient.com

ATRenew Inc. Reports Unaudited Fourth Quarter and Full Year 2024 Financial Results

SHANGHAI, March 11, 2025 /PRNewswire/ — ATRenew Inc. (“ATRenew” or the “Company”) (NYSE: RERE), a leading technology-driven pre-owned consumer electronics transactions and services platform in China, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. 

Fourth Quarter 2024 Highlights

  • Total net revenues grew by 25.2% to RMB4,849.3 million (US$664.4 million) from RMB3,873.6 million in the fourth quarter of 2023.
  • Income from operations was RMB53.1 million (US$7.3 million), compared to a loss from operations of RMB16.7 million in the fourth quarter of 2023. Adjusted income from operations (non-GAAP)[1] was RMB131.4 million (US$18.0 million), compared to RMB81.6 million in the fourth quarter of 2023.
  • Number of consumer products transacted[2] was 9.4 million compared to 8.5 million in the fourth quarter of 2023.

Full Year 2024 Highlights

  • Total net revenues grew by 25.9% to RMB16,328.4 million (US$2,237.0 million) from RMB12,965.8 million in the full year of 2023.
  • Income from operations was RMB29.0 million (US$4.0 million), compared to a loss from operations of RMB173.3 million in the full year of 2023. Adjusted income from operations (non-GAAP)[1] was RMB409.7 million (US$56.1 million) compared to RMB251.7 million in the full year of 2023.
  • Number of consumer products transacted[2] was 35.3 million, compared to 32.3 million in the full year of 2023.

[1]. See “Reconciliations of GAAP and Non-GAAP Results” for more information.

[2]. “Number of consumer products transacted” represents the number of consumer products distributed to merchants and consumers through transactions on the Company’s PJT Marketplace, Paipai Marketplace and other channels the Company operates in a given period, prior to returns and cancellations, excluding the number of consumer products collected through AHS Recycle; a single consumer product may be counted more than once according to the number of times it is transacted on PJT Marketplace, Paipai Marketplace and other channels the Company operates through the distribution process to end consumer.

Mr. Kerry Xuefeng Chen, Founder, Chairman, and Chief Executive Officer of ATRenew, commented, “Our strong fourth-quarter performance, marked by a 25.2% year-over-year revenue increase to RMB4,849.3 million, exceeded the upper end of our guidance and capped a record year. By expanding our network to 1,861 AHS stores, we have enhanced our ability to meet the growing consumer demand for trade-in and recycling services. As trade-ins gain popularity, our expertise in capturing recycling scenarios and advanced supply chain capabilities enable us to efficiently source, refurbish, and distribute pre-owned mobile devices at scale. This enhances end-to-end value creation throughout the industry chain. As we look ahead to 2025, we are optimistic about the expanding trend of trade-ins for smartphones and other electronic devices. Building on this momentum, we will continue to enhance our service capabilities and advance hassle-free trade-in experience, positioning ourselves to deliver long-term value as consumer behaviors evolve.”

Mr. Rex Chen, Chief Financial Officer of ATRenew, added, “Our fourth-quarter results demonstrate sustained momentum in profitability, with adjusted income from operations increasing 61.0% year-over-year to RMB131.4 million. Our retail channels, including Paipai Selection, AHS Selection and new media platforms, rapidly grew with an expanded product offering. This contributed to the healthy development of our profitability. As we look ahead to 2025, we are committed to seizing emerging opportunities in the circular economy by enhancing our fulfillment capabilities and strengthening brand awareness. In addition, we remain dedicated to strategically executing our share repurchase program, with a steadfast commitment to creating long-term value for our users and shareholders.”

Fourth Quarter 2024 Financial Results

REVENUE

Total net revenues increased by 25.2% to RMB4,849.3 million (US$664.4 million) from RMB3,873.6 million in the same period of 2023.

  • Net product revenues increased by 26.6% to RMB4,460.6 million (US$611.1 million) from RMB3,522.5 million in the same period of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company’s online channels.
  • Net service revenues increased by 10.7% to RMB388.7 million (US$53.3 million), compared to RMB351.1 million in the same period of 2023. This increase was primarily due to an increase in the service revenue generated from multi-category recycling business and PJT Marketplace.

OPERATING COSTS AND EXPENSES

Operating costs and expenses were RMB4,826.6 million (US$661.2 million), compared to RMB3,894.0 million in the same period of 2023, representing an increase of 23.9%.

  • Merchandise costs were RMB3,905.1 million (US$535.0 million), compared to RMB3,150.0 million in the same period of 2023, representing an increase of 24.0%. This was primarily due to the growth in product sales.
  • Fulfillment expenses were RMB396.9 million (US$54.4 million), compared to RMB301.1 million in the same period of 2023, representing an increase of 31.8%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with the same period of 2023, and (ii) an increase in operation related expenses as the Company expanded its store networks and operation center capacity in the fourth quarter of 2024.
  • Selling and marketing expenses were RMB376.4 million (US$51.6 million), compared to RMB317.0 million in the same period of 2023, representing an increase of 18.7%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, (ii) an increase in commission expenses in relation to channel service fees, and (iii) an increase in share-based compensation expenses. The increase was partially offset by a decrease in amortization of intangible assets resulting from assets and business acquisitions as well as the maturity of some intangible assets in the second quarter of 2024.
  • General and administrative expenses were RMB91.1 million (US$12.5 million), compared to RMB62.2 million in the same period of 2023, representing an increase of 46.5%, primarily due to (i) an increase in personnel cost, and (ii) an increase in expected credit loss.
  • Technology and content expenses were RMB57.0 million (US$7.8 million), compared to RMB63.8 million in the same period of 2023, representing a decrease of 10.7%. The decrease was primarily due to a decrease in personnel costs.

INCOME (LOSS) FROM OPERATIONS

Income from operations was RMB53.1 million (US$7.3 million), compared to a loss from operations of RMB16.7 million in the same period of 2023.

Adjusted income from operations (non-GAAP) was RMB131.4 million (US$18.0 million), representing an increase of 61.0% from RMB81.6 million in the same period of 2023.

NET INCOME

Net income was RMB77.4 million (US$10.6 million), representing an increase of 2,664.3% from RMB2.8 million in the same period of 2023.

Adjusted net income (non-GAAP) was RMB122.9 million (US$16.8 million), representing an increase of 35.1% from RMB91.0 million in the same period of 2023.

BASIC AND DILUTED NET INCOME PER ORDINARY SHARE

Basic and diluted net income per ordinary share were RMB0.48 (US$0.07), compared to RMB0.02 in the same period of 2023.

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB0.77 (US$0.10) and RMB0.76 (US$0.10), compared to RMB0.57 and RMB0.57 in the same period of 2023.

Full Year 2024 Financial Results

REVENUE

Total net revenues increased by 25.9% to RMB16,328.4 million (US$2,237.0 million) from RMB12,965.8 million in the full year of 2023.

  • Net product revenues increased by 27.3% to RMB14,844.4 million (US$2,033.7 million) from RMB11,658.3 million in the full year of 2023. The increase was primarily attributable to an increase in the sales of pre-owned consumer electronics through the Company’s online channels.
  • Net service revenues increased by 13.5% to RMB1,484.0 million (US$203.3 million) from RMB1,307.5 million in the full year of 2023. The increase was primarily due to an increase in the service revenue generated from PJT Marketplace and multi-category recycling business.

OPERATING COSTS AND EXPENSES

Operating costs and expenses increased by 24.1% to RMB16,352.9 million (US$2,240.3 million) from RMB13,175.4 million in the full year of 2023.

  • Merchandise costs were RMB13,086.4 million (US$1,792.8 million), compared to RMB10,338.9 million in the full year of 2023, representing an increase of 26.6%. The increase was primarily due to the growth in product sales.
  • Fulfillment expenses were RMB1,382.3 million (US$189.4 million), compared to RMB1,124.0 million in the full year of 2023, representing an increase of 23.0%. The increase was primarily due to (i) an increase in personnel costs and logistics expenses as the Company conducted more recycling and transaction activities compared with 2023, and (ii) an increase in operation center related expenses as the Company expanded its store networks and operation center capacity in 2024.
  • Selling and marketing expenses were RMB1,367.0 million (US$187.3 million), compared to RMB1,250.9 million in the full year of 2023, representing an increase of 9.3%. The increase was primarily due to (i) an increase in advertising expenses and promotional campaign related expenses, (ii) an increase in share-based compensation expenses, and (iii) an increase in commission expenses in relation to channel service fees. The increase was partially offset by a decrease in amortization of intangible assets and deferred cost resulting from assets and business acquisitions as well as the maturity of some intangible assets and deferred cost since the second quarter of 2023.
  • General and administrative expenses were RMB306.8 million (US$42.0 million), compared to RMB266.0 million in the full year of 2023, representing an increase of 15.3%. The increase was primarily due to (i) an increase in personnel cost, and (ii) an increase in office related expenses. The increase was partially offset by a decrease in share-based compensation expense.
  • Technology and content expenses were RMB210.4 million (US$28.8 million), compared to RMB195.7 million in the full year of 2023, representing an increase of 7.5%. The increase was primarily due to an increase in personnel costs in connection with the ongoing upgrade of the Company’s operation centers and system.

INCOME (LOSS) FROM OPERATIONS

Income from operations was RMB29.0 million (US$4.0 million), compared to a loss from operations of RMB173.3 million in the full year of 2023.

Adjusted income from operations (non-GAAP) was RMB409.7 million (US$56.1 million), compared to RMB251.7 million in the full year of 2023, representing an increase of 62.8%.

NET LOSS

Net loss was RMB8.2 million (US$1.1 million), compared to RMB156.3 million in the full year of 2023.

Adjusted net income (non-GAAP) was RMB314.1 million (US$43.0 million), compared to RMB225.2 million in the full year of 2023, representing an increase of 39.5%.

BASIC AND DILUTED NET INCOME (LOSS) PER ORDINARY SHARE

Basic and diluted net loss per ordinary share were RMB0.05 (US$0.01), compared to RMB0.96 in the same period of 2023.

Adjusted basic and diluted net income per ordinary share (non-GAAP) were RMB1.94 (US$0.27) and RMB1.91 (US$0.26), compared to RMB1.39 and RMB1.39 in the same period of 2023.

CASH AND CASH EQUIVALENTS, RESTRICTED CASH, SHORT-TERM INVESTMENTS AND FUNDS RECEIVABLE FROM THIRD PARTY PAYMENT SERVICE PROVIDERS

Cash and cash equivalents, restricted cash, short-term investments and funds receivable from third party payment service providers were RMB2,919.6 million (US$400.0 million) as of December 31, 2024, as compared to RMB2,854.4 million as of December 31, 2023.

Business Outlook

For the first quarter of 2025, the Company currently expects its total revenues to be between RMB4,550.0 million and RMB4,650.0 million, representing an increase of 24.6% to 27.4% year-over-year. This forecast only reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.

Recent Development

On December 3, 2024, ATRenew announced its recognition by the United Nations Global Compact’s “Forward Faster: 20 Examples of Private Sector’s Sustainable Development in China” campaign. This acknowledgment underscores ATRenew’s commitment to environmental, social, and governance practices, and reaffirms the Company’s role as a transformative force in the development of China’s circular economy.

During the fourth quarter of 2024, ATRenew repurchased a total of approximately 2.1 million ADSs for approximately US$5.8 million under its current share repurchase program which authorizes the Company to repurchase up to US$50 million worth of its shares (including ADSs) through June 27, 2025. As of December 31, 2024, the Company had repurchased a total of approximately 10.3 million ADSs for approximately US$25.9 million under this share repurchase program.

Conference Call Information

The Company’s management will hold a conference call on Tuesday, March 11, 2025 at 08:00 A.M. Eastern Time (or 08:00 P.M. Beijing Time on the same day) to discuss the financial results. Listeners may access the call by dialing the following numbers:

International:

1-412-317-6061

United States Toll Free:

1-888-317-6003

Mainland China Toll Free:

4001-206115

Hong Kong Toll Free:

800-963976

Access Code:

9144093

The replay will be accessible through March 18, 2025 by dialing the following numbers:

International:

1-412-317-0088

United States Toll Free:

1-877-344-7529

Access Code:                    

8983077

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at ir.atrenew.com. 

About ATRenew Inc.

Headquartered in Shanghai, ATRenew Inc. operates a leading technology-driven pre-owned consumer electronics transactions and services platform in China under the brand ATRenew. Since its inception in 2011, ATRenew has been on a mission to give a second life to all idle goods, addressing the environmental impact of pre-owned consumer electronics by facilitating recycling and trade-in services, and distributing the devices to prolong their lifecycle. ATRenew’s open platform integrates C2B, B2B, and B2C capabilities to empower its online and offline services. Through its end-to-end coverage of the entire value chain and its proprietary inspection, grading, and pricing technologies, ATRenew sets the standard for China’s pre-owned consumer electronics industry. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.2993 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of December 31, 2024.

Use of Non-GAAP Financial Measures

The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is loss from operations excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income is net loss excluding the share-based compensation expenses and amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net loss per ordinary share.

The Company presents non-GAAP financial measures because they are used by the Company’s management to evaluate the Company’s financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company’s business that could otherwise be distorted by the effect of certain expenses that are included in loss from operations and net loss. The Company also believes that the use of non-GAAP financial measures facilitates investors’ assessment of the Company’s operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company’s operations. The share-based compensation expenses, amortization of intangible assets and deferred cost resulting from assets and business acquisitions and tax effects of amortization of intangible assets and deferred cost resulting from assets and business acquisitions have been and may continue to be incurred in the Company’s business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company’s. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP.

The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company’s performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, “Reconciliations of GAAP and Non-GAAP Results.”

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Among other things, quotations in this announcement, contain forward-looking statements. ATRenew may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about ATRenew’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: ATRenew’s strategies; ATRenew’s future business development, financial condition and results of operations; ATRenew’s ability to maintain its relationship with major strategic investors; its ability to facilitate pre-owned consumer electronics transactions and provide relevant services; its ability to maintain and enhance the recognition and reputation of its brand; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in ATRenew’s filings with the SEC. All information provided in this press release is as of the date of this press release, and ATRenew does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Investor Relations Contact

In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com 

In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share and per share and otherwise noted)

As of December 31,

As of December 31,

2023

2024

RMB

RMB

US$

ASSETS

Current assets:

Cash and cash equivalents

1,978,696

1,970,183

269,914

Restricted cash

210,000

132,000

18,084

Short-term investments

410,547

583,764

79,975

Amount due from related parties, net

89,592

117,161

16,051

Inventories

1,017,155

535,070

73,304

Funds receivable from third party payment service providers

253,107

233,133

31,939

Prepayments and other receivables, net

567,622

598,045

81,932

Total current assets

4,526,719

4,169,356

571,199

Non-current assets:

Long-term investments

467,095

556,136

76,190

Property and equipment, net

148,223

156,532

21,445

Intangible assets, net

270,631

56,603

7,755

Other non-current assets

80,411

152,094

20,837

Total non-current assets

966,360

921,365

126,227

TOTAL ASSETS

5,493,079

5,090,721

697,426

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current liabilities:

Short-term borrowings

349,931

225,000

30,825

Accounts payable

532,293

171,356

23,476

Contract liabilities

119,715

98,834

13,540

Accrued expenses and other current liabilities

465,123

522,378

71,565

Accrued payroll and welfare

146,371

179,693

24,618

Amount due to related parties

78,032

109,730

15,033

Total current liabilities

1,691,465

1,306,991

179,057

Non-current liabilities:

Operating lease liabilities, non-current

22,495

79,934

10,951

Deferred tax liabilities

67,658

9,244

1,266

Total non-current liabilities

90,153

89,178

12,217

TOTAL LIABILITIES

1,781,618

1,396,169

191,274

TOTAL SHAREHOLDERS’ EQUITY

3,711,461

3,694,552

506,152

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

5,493,079

5,090,721

697,426

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS)

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended December 31,

Years ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

Net revenues

Net product revenues

3,522,474

4,460,603

611,100

11,658,298

14,844,416

2,033,677

Net service revenues

351,098

388,720

53,254

1,307,484

1,483,984

203,305

Operating (expenses) income (1)(2)

Merchandise costs

(3,149,968)

(3,905,118)

(534,999)

(10,338,870)

(13,086,418)

(1,792,832)

Fulfillment expenses

(301,081)

(396,948)

(54,382)

(1,123,994)

(1,382,273)

(189,371)

Selling and marketing expenses

(317,025)

(376,421)

(51,569)

(1,250,860)

(1,367,028)

(187,282)

General and administrative expenses

(62,187)

(91,111)

(12,482)

(265,981)

(306,782)

(42,029)

Technology and content expenses

(63,774)

(56,973)

(7,805)

(195,679)

(210,364)

(28,820)

Other operating income, net

3,752

30,352

4,158

36,264

53,434

7,320

Income (loss) from operations

(16,711)

53,104

7,275

(173,338)

28,969

3,968

Interest expense

(1,558)

(2,684)

(368)

(7,056)

(15,016)

(2,057)

Interest income

13,217

6,250

856

37,875

26,861

3,680

Other income (loss), net

832

49

7

(5,887)

(41,256)

(5,652)

Income (loss) before income taxes and share
of loss in equity method investments

(4,220)

56,719

7,770

(148,406)

(442)

(61)

Income tax benefits

8,923

32,341

4,431

42,530

56,877

7,792

Share of loss in equity method investments

(1,925)

(11,636)

(1,594)

(50,374)

(64,664)

(8,859)

Net income (loss)

2,778

77,424

10,607

(156,250)

(8,229)

(1,128)

Net income (loss) per ordinary share:

Basic

0.02

0.48

0.07

(0.96)

(0.05)

(0.01)

Diluted

0.02

0.48

0.07

(0.96)

(0.05)

(0.01)

Weighted average number of shares used in
calculating net income (loss) per ordinary share

Basic

160,765,588

160,450,396

160,450,396

162,160,835

161,618,799

161,618,799

Diluted

160,765,588

162,384,444

162,384,444

162,160,835

161,618,799

161,618,799

Net income (loss)

2,778

77,424

10,607

(156,250)

(8,229)

(1,128)

Foreign currency translation adjustments

(7,014)

14,539

1,992

8,883

7,356

1,008

Total comprehensive (loss) income

(4,236)

91,963

12,599

(147,367)

(873)

(120)

 

ATRENEW INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME (LOSS) (CONTINUED)

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended December 31,

Years ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

(1) Includes share-based compensation
expenses as follows:

Fulfillment expenses

(5,480)

(4,657)

(638)

(23,390)

(20,649)

(2,829)

Selling and marketing expenses

(3,974)

(12,066)

(1,653)

(17,240)

(68,858)

(9,434)

General and administrative expenses

(16,974)

(13,706)

(1,878)

(73,156)

(59,630)

(8,169)

Technology and content expenses

(4,967)

(3,993)

(547)

(20,616)

(17,604)

(2,412)

(2) Includes amortization of intangible assets
and deferred cost resulting from assets and
business acquisitions as follows:

Selling and marketing expenses

(66,412)

(43,850)

(6,007)

(288,749)

(213,004)

(29,181)

Technology and content expenses

(482)

(43)

(6)

(1,928)

(1,024)

(140)

 

Reconciliations of GAAP and Non-GAAP Results

(Amounts in thousands, except share and per share and otherwise noted)

Three months ended December 31,

Years ended December 31,

2023

2024

2023

2024

RMB

RMB

US$

RMB

RMB

US$

Income (loss) from operations

(16,711)

53,104

7,275

(173,338)

28,969

3,968

Add:

Share-based compensation expenses

31,395

34,422

4,716

134,402

166,741

22,844

Amortization of intangible assets
and deferred cost resulting from
assets and business acquisitions

66,894

43,893

6,013

290,677

214,028

29,321

Adjusted income from operations
(non-GAAP)

81,578

131,419

18,004

251,741

409,738

56,133

Net income (loss)

2,778

77,424

10,607

(156,250)

(8,229)

(1,128)

Add:

Share-based compensation expenses

31,395

34,422

4,716

134,402

166,741

22,844

Amortization of intangible assets
and deferred cost resulting from
assets and business acquisitions

66,894

43,893

6,013

290,677

214,028

29,321

Less:

Tax effects of amortization of
intangible assets and deferred cost
resulting from assets and business
acquisitions

(10,047)

(32,855)

(4,501)

(43,654)

(58,414)

(8,003)

Adjusted net income (non-
GAAP)

91,020

122,884

16,835

225,175

314,126

43,034

Adjusted net income per
ordinary share (non-GAAP):

Basic

0.57

0.77

0.10

1.39

1.94

0.27

Diluted

0.57

0.76

0.10

1.39

1.91

0.26

Weighted average number of
shares used in calculating net
income per ordinary share

Basic

160,765,588

160,450,396

160,450,396

162,160,835

161,618,799

161,618,799

Diluted

160,765,588

162,384,444

162,384,444

162,160,835

164,374,271

164,374,271