lots of used iPhones

The Latest: Apple (APPL.US) added AHS Recycle, one of the core brands of ATRenew Inc. (RERE.US), as a new third-party partner for its iPhone trade-in program in China, according to an update posted last Friday on Apple’s iPhone trade-in program page for China.

Looking Up: The new partnership could bring significant new recycling volume to ATRenew, whose main business is recycling used consumer electronics. About half of ATRenew’s recycling business currently comes from iPhones trade-ins.

Take Note: ATRenew is the second third-party partner in Apple’s smartphone trade-in program, alongside iFengPai.

Digging Deeper: ATRenew is China’s leading electronics recycler and listed on the New York Stock Exchange in 2021. In addition to smartphones, the company also recycles PCs and other electronic devices and has recently begun diversifying into other product areas such as luxury goods. But smartphones are still its largest revenue source, and Apple products accounted for 60% of its first-party (1P) business and 45% of its total business in this year’s first quarter. ATRenew previously noted that it is preparing for OEM trade-in solutions in its first-quarter financial results announced in May, when it reported its revenue growth accelerated to 30% for the three-month period and forecast similar growth for the second quarter.

Market Reaction: ATRenew shares fell 1.4% on Friday in New York to close at $2.92. The stock now trades towards the upper its price at the beginning of the year.

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Reporting by Doug Young

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