File photo/Li Zhuo (NBD)

ATRenew, an e-commerce platform for used consumer electronics and services, released its fourth quarter and annual financial performance for the 2022 fiscal year.

According to the data, the company's total revenuein the fourth quarter was 2.98 billion yuan, up 22.4% year-on-year. Non-GAAP operating profit was34.57 million yuan, up 257.6% year-on-year, and it was the third consecutive quarter of operating profit.

Before the US stocks opened on Monday, ATRenew shares rose more than 5%. At the close of the day, ATRenew closed at $3, up 3.81%.

It is understood that ATRenew continued to expand its offline service network in the fourth quarter. As of December 31, 2021, the offline stores had covered 266 cities nationwide, an increase of 10 over the end of the third quarter; 116 new stores were opened in the fourth quarter, and the total number of stores reached 1,920.

At the same time, ATRenew was more stringent in store management, which also improved the quality and stability of the recovered sources.

In addition to the original 3C market, ATRenew's "multi-category" strategy is also a booster for its growth. It is reported that ATRenew has added recycling of image equipment, bags, watches, gold, famous wine, shoes and clothing in the store, and provides value-added services such as old for new.

By the end of 2022, multi-category business had opened 63 stores in 14 cities nationwide. Data show that after adding multi-category business, the average monthly transaction amount of single store in the pilot store increased by 300,000 yuan.