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Everything New Life (Love Recycling) achieved a revenue of 2.87 billion yuan in the first quarter, an increase of 30.2% year-on-year

internet 2023-05-23 15:25:41 Source: NetEase Technology Report Beijing

On May 23rd, it was announced that All Things New Life (Love Recycling) Group released its performance report for the first quarter of 2023. According to the financial report, in the first quarter of 2023, the total revenue of Everything New Group was 2

On May 23rd, it was announced that All Things New Life (Love Recycling) Group released its performance report for the first quarter of 2023. According to the financial report, in the first quarter of 2023, the total revenue of Everything New Group was 2.87 billion yuan, a year-on-year increase of 30.2%. This quarter's non GAAP operating profit was 44.38 million yuan (adjusted to exclude employee equity incentive expenses, intangible asset amortization, and deferred costs arising from acquisitions, the same below), achieving operating profit for three consecutive quarters.

In the first quarter of 2023, All Things New Life surpassed the off-season expectations of the second-hand industry, with a significant increase in revenue growth and maintaining operational profitability under non GAAP.


According to financial report data, in terms of revenue, the group's total revenue in the first quarter was 2.87 billion yuan, a year-on-year increase of 30.2%. From the perspective of revenue composition, the sales revenue of 1P (self operated) products reached 2.58 billion yuan, a year-on-year increase of 34.9%. The official said that this is mainly due to the rapid recovery of C2B's love recycling business during offline consumption recovery, locking in more high-quality C-end recycling sources, providing impetus for the growth of 1P business. After optimizing the platform's business efficiency, the revenue from 3P (platform) services was 300 million yuan, and the platform's fee rate significantly increased to 5.46%.

In the first quarter, the non GAAP operating profit increased by 1050.4% year-on-year to 44.38 million yuan, and the non GAAP operating profit margin increased from 0.2% in the same period last year to 1.5%, achieving operating profit for three consecutive quarters. The net profit of non GAAP is 50.11 million yuan, and the net profit margin of non GAAP is 1.7%.

In addition, as of the end of the first quarter of 2023, the group's cash and cash equivalents, short-term investments, and third-party payment platform account balances amounted to RMB 2.5 billion.

In terms of store expansion, as of March 31, 2023, the offline stores of Everything New have covered 269 cities, with a total of 1935 stores.

As of the end of the first quarter, the number of new multi category recycling main stores for all things exceeded 100, mainly distributed in cities such as Shanghai, Beijing, Guangzhou, Hangzhou, and Chongqing. With the improvement of multi category operation and user service capabilities, the performance of multi category recycling has grown rapidly, with new product categories other than mobile 3C exceeding 70 million yuan in monthly GMV.

This quarter, the Everything New Group continued to invest in the construction of automation capabilities, and the cost reduction and efficiency increase effect of the automation operation system was significant. In the first quarter, the non GAAP performance fee rate decreased from 12.8% in the same period last year to 9.1%.

This quarter, the overall sales of "Huanxin Machine" increased to 145 million yuan month on month, with ToC sales increasing to 140 million yuan. (Quiet)

Tag: of Everything New Life Love Recycling achieved revenue 2.87


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