Gelonghui, May 20, 丨 Wanwu Xinsheng (RERERE.US) announced financial results for the first quarter of 2024. The financial report shows that in the first quarter, Wanwu Xinsheng Group's total revenue was RMB 3651.1 billion, up 27.1% year on year; the number of consumer goods traded was 8.4 million, compared to 7.9 million in the first quarter of 2023; achieved adjusted operating revenue of RMB 80.2 million. As of March 31, 2024, cash and cash equivalents, restricted cash, short-term investments and payments receivable from third party payment service providers amounted to RMB 2,599.9 billion.
Looking at the revenue structure, net product revenue was RMB 3,309.8 billion, an increase of 28.5% over the previous year. The increase was mainly due to increased sales of used consumer electronics products through the company's online and offline channels; net service revenue increased 15.1% to RMB 341.3 million. This increase is mainly due to increased service revenue from the PJT market and multi-category recycling businesses.
Chen Xuefeng, founder, chairman and CEO of Wanwusheng, commented: “We are pleased to see that our total net revenue for the first quarter of 2024 once again reached our guidance limit, up 27.1% year over year. The size of our own retail business and the total transaction value of our multi-category recycling services business are growing strongly year by year. Driven by China's national and city-level action plans, large-scale trade-in of consumer goods has become an important way to boost domestic demand. We have observed a growing enthusiasm for second-hand consumer goods transactions, and users are more trusting in our ability to recycle and fulfill contracts. We remain committed to continuously enhancing the user experience of recycling and trade-in of used products by capturing service scenarios and utilizing our supply chain capabilities. At the same time, we will seize the emerging market opportunities brought by the steady development of the circular economy.”
For the second quarter of 2024, the company currently expects its total revenue to be RMB 3.67 billion to RMB 3,770 billion, an increase of 23.8% to 27.2% over the previous year. This forecast only reflects the company's current and preliminary views on the market and operating conditions, which are subject to change.