SHANGHAI, June 26,
2024 /PRNewswire/ -- ATRenew Inc. ("ATRenew" or the
"Company") (NYSE: RERE), a leading technology-driven pre-owned
consumer electronics transactions and services platform in
China, today released its 2023
environmental, social, and governance ("ESG") report (the
"Report"). This marks the fourth consecutive year of disclosing the
Company's steadfast commitment to advancing the circular economy
and promoting sustainable consumption. The Report addresses the
concerns of key stakeholders, including users, employees,
investors, regulatory agencies, and communities, regarding
sustainable development.
To view the report in full, please visit ir.atrenew.com.
Highlights of the Company's ESG efforts include:
Green Operations and Environmental Protection through Energy
Conservation and Emissions Reduction:
- Continuing to Optimize Energy Management and Greenhouse Gas
Emissions Performance: During the reporting period, ATRenew's
greenhouse gas emissions intensity (scope 1 + scope 2) was recorded
at 0.28 tons of CO2 equivalent per million RMB, a decrease of
approximately 6.67% compared to 2022. This marks the fourth
consecutive year of reduced carbon emissions, demonstrating the
Company's effective energy conservation and emissions reduction
initiatives.
- Systematically Identifying and Assessing Climate Risks and
Opportunities: Following the recommendations of the Task Force
on Climate-related Financial Disclosures (TCFD), the Company
established an "identify-assess-manage-monitor" climate risk
management process, and conducted Central Banks and Supervisors
Network for Greening the Financial System (NGFS) 1.5°C and 3°C
scenario analyses. This was the first systematic identification of
climate risks and opportunities, significantly enhancing climate
risk management.
- Expanding Reuse of Packaging Materials: ATRenew procured
more environmentally friendly and durable packaging materials,
promoting circularity and reducing the usage of packaging
materials. The Company's B2B business reused 24 tons of packaging
filler materials during 2023, while the B2C business reused 192,000
packaging units during the same period.
- Responsibly Disposing of Electronic Waste: ATRenew
collaborated with third-party recyclers qualified in the recovery
of renewable resources. In total, through ATRenew, qualified
recycler partners dismantled 111,700 electronic devices in an
eco-friendly way, reducing electronic waste pollution by 17.83
tons. Additionally, the Company's suppliers were required to
categorize, recycle, and reuse metal materials during the
dismantling process to reduce the environmental impact of heavy
metals.
Developing Policies and Practices to Give Back to Customers,
Employees, and Society:
- Enhancing Information Security and Privacy Protection:
ATRenew understands the importance of protecting its users'
privacy, and continuously addresses concerns from consumers,
governments, and regulatory bodies regarding information security
and privacy protection. The Company is constantly taking steps to
strengthen its internal controls and technical capabilities.
- Improving Customer Experience and Accessibility: ATRenew
expanded its door-to-door service coverage based on the frequency
of delivery orders, enhancing its face-to-face transaction and
service capabilities. The coverage rate of cities with access to
door-to-door trade-in service via JD.com increased to 94%. This has
improved customers' access to safe and convenient recycling
services.
- Emphasizing Talent Development and Diversity: By the end
of 2023, ATRenew had a talent headcount of 6,288 people, including
full-time employees, outsourced staff, and part-time personnel. The
Company maintained sustainable talent development by exercising
compliant hiring practices, adopting diverse training approaches,
holding specialized training programs, and embracing projects to
promote employee health and wellness. The proportion of women in
senior management increased from 22.58% at the end of 2022 to
28.13% at the end of 2023. ATRenew has also been active in
providing employment opportunities for people with
disabilities.
- Boosting Employee Satisfaction Through Effective
Communication: ATRenew implements various initiatives to foster
open communication, including weekly "Listener Program" surveys and
"Treasure Box" activities. ATRenew
aims to create a more open and inclusive work environment.
ATRenew's 2023 employee satisfaction survey showed an overall
satisfaction score of 4.64 out of 5, a 4.5% increase from
2022.
- Engaging in Social Welfare and Volunteer Activities: In
2023, ATRenew donated approximately RMB100,000 worth of educational devices through
its ongoing public welfare project, "AHS Charity and Love • Digital
Education Aid Program for Rural Children." 2023 marked the sixth
year the program had been active. By the end of 2023, the project
had supported 60 schools in building digital teaching platforms,
completed 3,032 lessons, and provided enriched educational
resources to 11,770 rural children. ATRenew's employees also
participated in the Company's "AHS Clean Trails" initiative,
cleaning 9.64 kgs of plastic waste during a 12-kilometer hike and
demonstrating their commitment to protecting the environment.
Strengthening Governance to Support Sustainable
Development:
- Building Robust Ethical Standards: ATRenew adheres to
high ethical standards, complies with all relevant laws and
regulations, and conducts anti-corruption and anti-bribery
compliance management. The Company has strengthened its operational
standards and institutions to ensure healthy and compliant
development. Throughout 2023, 342 anti-corruption training sessions
were held, with 3,491 total participants, and no corruption
lawsuits occurred during the reporting period.
- Maintaining a Diverse Board Structure: The Company's
board of directors consists of eight members, including two female
directors and three independent directors. The directors bring
extensive experience from industries such as AI, big data analysis,
the circular economy, the Internet and retail, capital markets,
strategic management, and sustainable development. This diversity
provides an array of insights for the benefit of the Company's
governance.
- Enhancing Internal Control and Audit Systems: ATRenew
has continuously improved its internal control systems in
accordance with the Sarbanes-Oxley Act ("SOX"). During the
reporting period, 23 internal control processes and nearly 600
control points were identified, with a 100% correction rate for SOX
internal control project deficiencies. Four special audit projects
were also conducted.
- Fortifying Intellectual Property Protections: ATRenew
obtained 46 new intellectual property authorizations and 36 patents
during 2023. The Company used its industry influence to enhance
intellectual property protection education in line with regulatory
standards, and raised awareness of these requirements among its
platform merchants.
- Strengthening International ESG Governance: ATRenew
joined the United Nations Global Compact (UNGC), committing to
corporate responsibility initiatives. As the first company in the
Chinese second-hand industry to join the UNGC, ATRenew is deeply
committed to implementing international ESG standards.
Driving Innovation for High-quality Development of the
Circular Economy:
- Expanding Recycling Services Through Multi-Category
Recycling: ATRenew advanced its multi-category recycling
strategy during 2023. Beyond its core second-hand smartphone and
other consumer electronics business, the Company introduced
recycling services for bags, watches, gold, fine wines, and
clothing in certain offline stores to 252 stores in 27 cities as of
the end of 2023. ATRenew delivers enhanced service capabilities for
users' green, circular consumption.
- Expanding Brand Collaborations and User Scenarios:
During 2023, ATRenew partnered with Apple to provide official
recycling and trade-in services in mainland China, catering to user needs for trade-ins on
Apple's website and its offline official stores. In addition, the
Company entered into a repair authorization agreement with Huawei.
Bolstered by these partnerships, ATRenew has systematically
enhanced its capacity for compliant refurbishment of second-hand
electronic products, refurbishing 496,035 units in 2023.
- Upgrading Automated Quality Inspection Standards:
ATRenew has been at the forefront of introducing automated systems,
consistently upgrading and elevating the standards of automated
quality inspection technology. The Company's proprietary Matrix 3.0
automated quality inspection system improved inspection accuracy by
10% and boosted efficiency by 50%, further enhancing digitalization
of the quality inspection system.
About ATRenew Inc.
Headquartered in Shanghai,
ATRenew Inc. operates a leading technology-driven pre-owned
consumer electronics transactions and services platform in
China under the brand ATRenew.
Since its inception in 2011, ATRenew has been on a mission to give
a second life to all idle goods, addressing the environmental
impact of pre-owned consumer electronics by facilitating recycling
and trade-in services, and distributing the devices to prolong
their lifecycle. ATRenew's open platform integrates C2B, B2B, and
B2C capabilities to empower its online and offline services.
Through its end-to-end coverage of the entire value chain and its
proprietary inspection, grading, and pricing technologies, ATRenew
sets the standard for China's
pre-owned consumer electronics industry.
Safe Harbor Statement
This press release contains statements that may constitute
"forward-looking" statements pursuant to the "safe harbor"
provisions of the U.S. Private Securities Litigation Reform Act of
1995. These forward-looking statements can be identified by
terminology such as "will," "expects," "anticipates," "aims,"
"future," "intends," "plans," "believes," "estimates," "likely to"
and similar statements. Among other things, quotations in this
announcement, contain forward-looking statements. ATRenew may also
make written or oral forward-looking statements in its periodic
reports to the U.S. Securities and Exchange Commission (the "SEC"),
in its annual report to shareholders, in press releases and other
written materials and in oral statements made by its officers,
directors or employees to third parties. Statements that are not
historical facts, including statements about ATRenew's beliefs,
plans and expectations, are forward-looking statements.
Forward-looking statements involve inherent risks and
uncertainties. A number of factors could cause actual results to
differ materially from those contained in any forward-looking
statement, including but not limited to the following: ATRenew's
strategies; ATRenew's future business development, financial
condition and results of operations; ATRenew's ability to maintain
its relationship with major strategic investors; its ability to
facilitate pre-owned consumer electronics transactions and provide
relevant services; its ability to maintain and enhance the
recognition and reputation of its brand; general economic and
business conditions globally and in China and assumptions underlying or related to
any of the foregoing. Further information regarding these and other
risks is included in ATRenew's filings with the SEC. All
information provided in this press release is as of the date of
this press release, and ATRenew does not undertake any obligation
to update any forward-looking statement, except as required under
applicable law.
Investor Relations Contact
In China:
ATRenew Inc.
Investor Relations
Email: ir@atrenew.com
In the United States:
ICR LLC.
Email: atrenew@icrinc.com
Tel: +1-212-537-0461
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SOURCE ATRenew Inc.