Exceeding Revenue Guidance
Total net revenues for Q1 2025 exceeded the high end of guidance, increasing by 27.5% year-over-year to RMB 4,653.5 million.
Non-GAAP Operating Income Growth
Non-GAAP operating income increased by 39.5% year-over-year to over RMB 110 million, with a non-GAAP operating margin reaching 2.4%.
Strong 1P Business Performance
1P business revenue grew by 28.8% year-over-year, with product revenue increasing by over 50%.
Expansion of AHS Recycle Stores
A net addition of 458 AHS stores year-on-year by the end of March 2025, enhancing offline fulfillment capabilities.
Growth in Recycling Channels
C2B consumer electronics recycling value grew by over 50% year-over-year.
PJT Marketplace Expansion
The number of registered merchants on PJT exceeded one million, with a double-digit year-over-year increase in active trade-in merchants.
Paipai Consignment Business Growth
Sales across all categories in the Paipai consignment business grew by 2.2 times year-over-year in Q1 2025.
Multi-category Recycling Growth
Both transaction value and revenue nearly tripled year-over-year in Q1 2025.