AHS (Aihuishou) 2025 Q4 and full-year earnings report: Annual revenue exceeds 21 billion yuan, a year-on-year increase of 28.9%

AHS 2025 Q4 and Full-Year Earnings Report

Beijing time, March 11, AHS Device Recycling $ATRenew (RERE.US)$ released its Q4 and full-year financial report for the fiscal year 2025.

Q4 revenue reached 6.25 billion yuan

In Q4 2025, AHS Revenue reached a historical high of RMB 6.25 billion, representing a year-on-year increase of 29%. In terms of revenue categories, 1P (self-operated) product sales revenue grew by 30.7% year-on-year to RMB 5.83 billion. 3P (platform) service revenue was RMB 420 million, up 8.8% year-on-year.

In terms of profit, the group's non-GAAP operating profit in Q4 was RMB 180 million, up 38.1% year-on-year. The non-GAAP operating profit margin increased from 2.7% in the same period of 2024 to 2.9%. Quarterly non-GAAP net profit was RMB 140 million, up 14% year-on-year. On a GAAP basis, quarterly operating profit was RMB 170 million, an increase of 223.2% year-on-year; net profit was RMB 130 million, up 68.3% year-on-year.

Total revenue in 2025 was 21.05 billion yuan

The earnings report shows that in terms of revenue, AHS Device Recycling’s total income for 2025 was 21.05 billion yuan, a year-on-year increase of 28.9%. Of this, 1P business revenue was 19.38 billion yuan, up 30.6% year-on-year; 3P business revenue was 1.67 billion yuan, up 12.4% year-on-year.

In 2025, the group achieved rapid performance growth while further expanding its profit scale, realizing full-year profitability under GAAP for the first time. Non-GAAP operating profit for 2025 was RMB 560 million, up 35.5% year-on-year, with a non-GAAP operating profit margin of 2.6%. Annual non-GAAP net profit was RMB 430 million, up 36.3% year-on-year. On a GAAP basis, annual operating profit was RMB 460 million, and net profit was RMB 340 million, achieving high-quality and sustainable profitability.

As of the end of 2025, the group’s cash and cash equivalents, restricted cash, short-term investments, and third-party payment platform account balances totaled RMB 2.19 billion, providing capital assurance for stable operations.

Chen Chen, Chief Financial Officer of AHS, stated: 'AHS Group concluded 2025 on a high note with its Q4 performance. Non-GAAP operating profit in Q4 grew by 38.1% year-on-year to RMB 180 million, and quarterly profit performance continued to improve, reflecting efficiency gains driven by economies of scale and refined operations. Looking ahead to 2026, we anticipate further expanding the growth potential of our second-hand mobile 3C business by broadening our addressable market and fulfillment delivery scope. Through innovative platform models, we aim to meet users' diverse recycling and transaction needs, continuously setting operational benchmarks in the second-hand industry while solidly enhancing operational efficiency.'

Strong momentum in multi-category and compliant refurbishment

In terms of delivery capability building, as of the end of 2025, AHS had 2,195 offline stores covering 298 cities nationwide. The number of daily orders generated by the door-to-door team reached 2,154 people, further expanding the coverage of face-to-face deliveries.

While solidifying its core second-hand 3C business foundation, AHS recycled multi-category business has accelerated across the board, covering diverse consumer categories such as imaging equipment, bags, watches, gold, premium liquor, shoes, and clothing. In Q4, the overall GMV of multi-category recycling business increased by 125.7% year-on-year, with all categories showing accelerated growth in scale. Among them, the gold recycling business achieved a 136.3% year-on-year increase in GMV due to its transparent pricing system and accessible services.

AHS Device Recycling's multi-category business

In terms of sales capability development, based on stronger front-end sourcing capabilities and a robust supply chain, AHS provides end-users with more compliant refurbished products. In Q4, revenue from compliant refurbished products grew by 90.8% year-on-year. With the prioritization of retail strategy, 1PtoC product revenue increased by 88% year-on-year, with the share of 1PtoC rising by 12.7 percentage points year-on-year to 41.7%, reaching a historical high.

Furthermore, Paijitang, the B2B platform, continues to enhance merchant services, provide discounts, and build innovative service capabilities, helping merchants improve sales efficiency. By the end of 2025, the number of registered users on Paijitang exceeded 1.66 million.

In terms of B2C platform operations, the consignment model has developed rapidly as a new model. The consignment service provides small and medium-sized businesses engaged in premium second-hand retail with convenient and user-friendly direct-to-consumer capabilities. In Q4, GMV from consignment services increased by 253% year-on-year.

For overseas operations, AHS Device Recycling mainly adopts a self-operated model, expanding export channels to connect primary suppliers with global purchasing demand. With the self-operated export channel gradually maturing, overseas operations achieved quarter-on-quarter growth throughout all four quarters of 2025, with recent peak monthly performance reaching 50 million yuan.

Full-year secondary goods trading volume hit 41.7 million orders

In December 2025, the mandatory national standard 'Data Security Technology - Technical Requirements for Information Erasure in Electronic Products' was released and will officially come into effect on January 1, 2027. For the first time, the standard imposes unified requirements on information erasure technologies and processes for products such as mobile phones, tablets, laptops, desktop computers, smart wearable devices, and office equipment in a mandatory format. As one of the main drafting entities, AHS deeply participated in the formulation of relevant rules, further promoting the standardization and compliance development of the second-hand industry.

As a circular economy enterprise combining 'technology and environmental protection,' AHS continues to explore value creation models under the circular economy. In 2025, the total volume of second-hand goods transactions across all platforms of AHS reached 41.7 million orders. By promoting the circulation of second-hand products and extending their lifecycle, AHS effectively reduced carbon emissions and environmental pollution in the consumer sector.

To advocate for circular consumption concepts, AIRecycle launched the environmental project 'Return to New Life' initiative in 2024 in collaboration with numerous consumer brands. In 2025, this initiative was further extended nationwide through AIRecycle’s eco-enterprise 'AIRecycle·Return to New Life,' leveraging over 50,000 intelligent recycling machines operated in community settings. Throughout the year, the program expanded to include 245 consumer brands, jointly building a green consumption cooperation ecosystem.

Moreover, AHS actively engages in public welfare activities and assumes corporate social responsibility. Since initiating the public welfare project 'Recycling Love - Digital Education Support Program for Mountain Village Children' in 2018, AHS has continuously run this program for eight years. By the end of 2025, the program had cumulatively supported 69 schools in establishing digital teaching platforms, completed 3,212 teaching sessions, and provided enriched educational resources to 13,070 children in mountain villages.

Chairman of the Board and Chief Executive Officer of AHS, Chen Xuefeng, stated: 'We are pleased to announce that AHS Group has exceeded expectations for its financial results in the fourth quarter of 2025, achieving another significant milestone. Quarterly total revenue surpassed the high end of guidance, increasing by 29% year-over-year to reach 6.25 billion yuan. By leveraging the integrated fulfillment capabilities of our offline stores and door-to-door teams, we actively provided users with an exceptional recycling and trade-in experience during the wave of device upgrades following the autumn product launches. Based on robust access to first-hand supply sources and compliant refurbishment value-added capabilities, we continue to strengthen our B2C retail operations, offering end consumers a broader selection of premium pre-owned products. Looking ahead, AHS will deepen its presence in the circular economy industry, comprehensively enhancing the trading efficiency of second-hand goods and creating more value for end users.'

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