PJT Marketplace, Paipai Marketplace Drives AiHuiShou's Q2 Revenue Growth of 56%

AiHuiShou International Co Ltd RERE reported second-quarter FY21 revenue growth of 56.2% year-on-year to $289.3 million (RMB1.87 billion), beating the analyst consensus of $272.9 million.
Segments: Net product revenues increased by 53.1% Y/Y to $248.3 million due to increased sales of pre-owned consumer electronics through PJT Marketplace, Paipai Marketplace, and offline trade-in channels.
Net service revenues rose 77.9% Y/Y to $40.9 million from the growth in transaction volume on PJT Marketplace and Paipai Marketplace and the average commission rate.
Drivers: Gross Merchandise Volume rose 69.6% Y/Y, GMV for product sales increased by 72.7% Y/Y, and GMV for online marketplaces grew 68.6% Y/Y. The number of consumer products transacted increased by 27.9% Y/Y.
Non-GAAP loss per share was $(0.25).
AiHuiShou held $439.2 million in cash and equivalents.
Outlook: AiHuiShou sees Q3 revenue of RMB1.87 billion - RMB1.93 billion against the analyst estimate of $286.1 million.
Price Action: RERE shares closed lower by 16.15% at $11.01 on Monday.