ATRenew is China's largest platform for pre-owned consumer electronics, primarily smartphones, which account for roughly 70% of transaction volume. The company operates a vertically integrated platform spanning the full value chain: sourcing used devices from consumers, inspecting and grading them at centralized processing centers, and reselling them to merchants or end consumers. On the sourcing side, ATRenew operates through AHS Recycle, its omni-channel trade-in brand, with 2,195 stores across 298 cities, a mobile app, and doorstep pickup. Key partners like JD.com and Apple China embed AHS Recycle's trade-in capabilities into their own channels, driving high-volume supply. Processed devices are sold B2B through PJT Marketplace or B2C through Paipai Marketplace and ATRenew's own retail channels. ATRenew generates roughly 92% of revenue from its 1P business, where it buys devices and resells them at a spread, and the remaining 8% from platform service fees charged to third-party merchants. ATRenew is deliberately shifting its product mix toward direct-to-consumer retail sales, which carry higher margins than B2B wholesale. The company uses a proprietary AI-driven pricing model and automated inspection systems to improve sourcing accuracy and reduce per-unit costs. ATRenew also operates an asset-light multi-category recycling business covering luxury goods and gold, and is expanding internationally by exporting devices to Hong Kong, Southeast Asia, and the Middle East through its AHS Device unit.