AiHuiShou (万物新生) 2025 Financial Report: Revenue Breaks Through 2 Billion Yuan, GAAP-Wide Profitability Opens New Chapter in Circular Economy

Written by | Planet

Source | Beiduo Business & Beiduo Finance

On March 11, Secondhand Consumer Electronics Trading and Service Platform Wanwu Xinsheng (Aihuishou) Group (NYSE:RERE, hereafter “Wanwu Xinsheng”) released its fiscal year 2025 Q4 and full-year earnings report.

Looking back over the year, under the dual opportunities of continuous expansion in the secondhand consumer electronics market and deepening circular economy development, Wanwu Xinsheng delivered a high-quality report with multiple core performance indicators exceeding market expectations. Revenue first surpassed 20 billion yuan, and the company achieved full-year profitability under GAAP standards.

This also means Wanwu Xinsheng has moved beyond the growth stage centered on scale expansion, gradually entering a new cycle where profit realization and value growth advance hand in hand, with a clearer development path ahead.

1. Revenue Reaches New Highs, Achieving Historic Profit Breakthrough

The financial report shows that Wanwu Xinsheng’s total revenue for 2025 increased by 28.9% year-over-year to 21.05 billion yuan, reaching a new milestone of over 20 billion yuan; among them, sales of 1P (self-operated) products totaled 19.38 billion yuan, up 30.6%, continuing to serve as a growth engine; 3P (platform) service revenue also grew 12.4% to 1.67 billion yuan.

As revenue reached new heights, Wanwu Xinsheng’s profitability also further improved. Under non-GAAP measures, operating profit for 2025 was 560 million yuan, up 35.5% year-over-year; non-GAAP net profit reached 430 million yuan, a 36.3% increase, which is noteworthy.

More importantly, Wanwu Xinsheng achieved full-year profitability under GAAP standards for the first time in 2025, with annual operating profit and net profit reaching 460 million yuan and 340 million yuan, respectively. The scale effect and operational efficiency improvements driven by refined management have laid a solid foundation for future growth.

Focusing on Q4 alone, driven by multi-category recycling business, PJT market services, and online secondhand consumer electronics sales, both 1P and 3P businesses achieved double-digit growth. Total revenue increased 29.0% year-over-year to 6.25 billion yuan, surpassing the high end of performance guidance.

Under non-GAAP measures, Wanwu Xinsheng’s Q4 operating profit and net profit were 180 million yuan and 140 million yuan, respectively, up 38.1% and 14.0% year-over-year; on a GAAP basis, net profit grew 68.3% to 130 million yuan, with operating profit soaring 223.2% to 170 million yuan, indicating continuous optimization of quarterly profitability quality.

As of the end of 2025, Wanwu Xinsheng held a total of 2.19 billion yuan in cash and cash equivalents, restricted funds, short-term investments, and balances in third-party payment platform accounts. The ample cash reserves provide a strong backing for its continued deep cultivation in the secondhand consumer sector.

2. Deepening Category Expansion, Highlighting Renovation Business Value

Public information shows that Wanwu Xinsheng, founded in 2011, positions itself as an “Internet + Environmental Protection” type of circular economy enterprise. It pioneered online secondhand 3C recycling models, focusing on mobile phones, laptops, and other electronic digital products, aiming to standardize pricing and make secondhand market prices transparent.

As its operational radius and user recycling demand expanded, Wanwu Xinsheng has recently prioritized a “multi-category” recycling strategy. By continuously improving user engagement and service in recycling scenarios, it accelerates the secondary circulation value of various idle goods.

Today, Wanwu Xinsheng’s multi-category recycling business covers imaging equipment, bags, watches, gold, fine wine, shoes and apparel, and other consumer goods. In Q4 2025, the overall recycling GMV for this segment grew 125.7% year-over-year, with each category expanding rapidly. Notably, gold recycling performed exceptionally well, with GMV increasing 136.3% YoY.

Supported by a solid supply chain foundation and enhanced sourcing capabilities, Wanwu Xinsheng continues to strengthen its “compliant renovation” strategy. Through standardized testing and professional refurbishment of secondhand goods, it explores greater value-added profit margins within the “recycling-renovation-retail” closed loop.

In Q4, revenue from compliant renovated products increased 90.8% year-over-year; driven by a prioritized retail strategy, the company’s 1P-to-C product revenue also grew 88%, with the 1P-to-C proportion rising 12.7 percentage points to 41.7%. The value chain extension has achieved significant results.

Wanwu Xinsheng’s founder, Chairman, and CEO Chen Xuefeng stated that in response to the seasonal upgrade wave following product launches in autumn, the company leverages seamless recycling and trade-in services to lock in first-hand supply. Relying on its compliant renovation capabilities, it accelerates retail conversion and provides consumers with high-quality, cost-effective products.

3. Platform Development Continues to Improve, Green Ecosystem Creates Win-Win

Turning to the other side of its ecosystem, Wanwu Xinsheng’s platform business also shows vigorous vitality. The B2B platform “Pai Ji Tang” continues to deepen merchant services and innovation capabilities, helping merchants reduce costs and improve efficiency through preferential measures. By the end of 2025, the platform had over 1.66 million registered users.

For the B2C side, Wanwu Xinsheng launched a new consignment model, “Pai Pai Consignment,” creating a convenient bridge for small and medium-sized merchants engaged in secondhand premium goods retail to directly reach consumers. In Q4 2025, GMV for this business grew 253% YoY, accounting for 24% of the total GMV on the Pai Pai platform.

By the end of 2025, Wanwu Xinsheng’s offline store count increased approximately 18% year-over-year to 2,195 stores, covering 298 cities nationwide. Its on-site team handles an average of 2,154 transactions daily, supporting a robust service network that drove the platform’s secondhand goods transaction volume to a new high of 41.7 million orders, with scale effects continuing to unfold.

In addition, Wanwu Xinsheng actively develops overseas business centered on self-operated exports, expanding sourcing channels and connecting global demand. As its export system matures, the overseas business has grown sequentially for four quarters in 2025, with recent peak monthly performance reaching 50 million yuan.

From empowering merchants to reaching global markets, Wanwu Xinsheng is committed to spreading the circular concept of “idle items, make full use of everything” to a broader audience. Its platform “Aihuishou” partnered with numerous consumer brands in 2024 to launch the “Return to New Life” environmental initiative, promoting green lifestyles.

In 2025, the “Return to New Life” plan accelerated community scene penetration, deploying over 50,000 smart recycling machines within communities through Aihuishou’s ecosystem. Throughout the year, it expanded partnerships with 245 consumer brands, continuously enlarging its green consumption ecosystem.

Looking ahead to 2026, Wanwu Xinsheng plans to further expand its potential market and fulfillment scope, boosting the growth space of the secondhand mobile phone and 3C business. By innovating platform models to serve diverse recycling and trading needs, it aims to continue setting industry standards and improving operational efficiency.