DHgate Explained: App Surges in Popularity, but Might Not Be Helpful Against Tariffs
On April 16, the Chinese shopping service DHgate boasted the second-most downloaded free app on Apple's App Store, behind only OpenAI's ChatGPT. According to a report from Yahoo Finance, the previous week, it was 352nd on the same list, indicating a stratospheric rise in popularity largely attributed to popular TikTok creators advocating for the e-commerce platform as a way to buy directly from China. As of April 25, it was still the 12th most popular shopping app on the App Store.
So what is DHgate precisely? It's an online shopping platform based in China that has been around since 2004. Similar in function and appearance to other popular sites like Shein and Temu, DHgate allows consumers to make purchases directly from manufacturers in China. It has gained popularity online for its selection of dupes, which are copies of popular brand-name products sold at much lower prices.
According to Yahoo Finance, numerous Chinese influencers have advocated for international consumers to buy these sorts of products on platforms like DHgate. They argue that many high-end brands buy cheaply made goods from Chinese factories and then sell them with sizable mark-ups.
DHgate did not respond to CNET's request for comment. The company did, however, give a statement to Yahoo in which it said it is "grateful yet remain(s) humble about this phenomenal surge in traffic."
Now Playing: Should You Buy Now or Wait? Our Experts Weigh In on Tariffs
09:42
Will DHgate help you get around tariffs?
While tariffs are credited with helping juice DHgate's popularity, the unfortunate reality is that it -- and apps like it -- will not help you get around Trump's new tariffs, though recent policy changes might ease the sting a little bit.
China has long been a fixation of Trump's global trade agenda. The country was the primary target of tariffs and policies during his first term and has remained the biggest target on his second-term agenda, featuring a 10% universal tax on imports from all nations and higher rates for countries with trade imbalances with the US. However, the latter has largely been delayed until July. For now, China's rates remain in effect at 30%, down from 145%, until Aug. 10 as the two nations conduct trade negotiations.
Before the second Trump administration, you might have been able to use sites like DHgate to get cheap goods directly from China and avoid any import taxes due to a rule known as the "de minimis exception," which stated that purchases under $800 would not be subject to tariffs or other duties. This rule, however, was done away with via an executive order from Trump. In another order this week, Trump had the de minimis rate on Chinese parcels cut to 54% from 120%, which is still sure to make those DHgate purchases a lot more expensive than they used to be.
Speaking with CNET via email, Patti Brennan, CEO of Key Financial, predicted that apps like DHgate wouldn't be a permanent solution even if they did offer a way around tariffs, as the Trump administration would get wind of them eventually and could "close this loophole one way or the other."
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Listeners may access the call by dialing the following numbers: International:1-412-317-6061 United States Toll Free:1-888-317-6003 Mainland China Toll Free:4001-206115 Hong Kong Toll Free:800-963976 Access Code:6476843 The replay will be accessible through August 27, 2025 by dialing the following numbers: International:1-412-317-0088 United States Toll Free:1-877-344-7529 Access Code:7725572 A live and archived webcast of the conference call will also be available at the Company's investor relations website at 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. ATRenew is a participant in the United Nations Global Compact, and adheres to its principles-based approach to responsible business. Exchange Rate Information This announcement contains translations of certain RMB amounts into U.S. dollars at specified rates solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of June 30, 2025. Use of Non-GAAP Financial Measures The Company also uses certain non-GAAP financial measures in evaluating its business. For example, the Company uses adjusted income from operations, adjusted net income and adjusted net income per ordinary share as supplemental measures to review and assess its financial and operating performance. The presentation of these non-GAAP financial measures is not intended to be considered in isolation, or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Adjusted income from operations is (loss) income from operations excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income is net (loss) income excluding the share-based compensation expenses and amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions. Adjusted net income per ordinary share is adjusted net income attributable to ordinary shareholders divided by weighted average number of shares used in calculating net (loss) income per ordinary share. The Company presents non-GAAP financial measures because they are used by the Company's management to evaluate the Company's financial and operating performance and formulate business plans. The Company believes that adjusted income from operations and adjusted net income help identify underlying trends in the Company's business that could otherwise be distorted by the effect of certain expenses that are included in (loss) income from operations and net (loss) income. The Company also believes that the use of non-GAAP financial measures facilitates investors' assessment of the Company's operating performance. The Company believes that adjusted income from operations and adjusted net income provide useful information about the Company's operating results, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision making. The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools. One of the key limitations of using non-GAAP financial measures is that they do not reflect all items of income and expense that affect the Company's operations. The share-based compensation expenses, amortization of intangible assets resulting from assets and business acquisitions and tax effects of amortization of intangible assets resulting from assets and business acquisitions have been and may continue to be incurred in the Company's business and is not reflected in the presentation of non-GAAP financial measures. Further, the non-GAAP measures may differ from the non-GAAP measures used by other companies, including peer companies, potentially limiting the comparability of their financial results to the Company's. In light of the foregoing limitations, the non-GAAP financial measures for the period should not be considered in isolation from or as an alternative to income from operations, net income, and net income attributable to ordinary shareholders per share, or other financial measures prepared in accordance with U.S. GAAP. The Company compensates for these limitations by reconciling the non-GAAP financial measures to the nearest U.S. GAAP performance measures, which should be considered when evaluating the Company's performance. For reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of the accompanying tables titled, "Reconciliations of GAAP and Non-GAAP Results." 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 RelationsEmail: ir@ In the United States: ICR atrenew@ +1-212-537-0461 ATRENEW INC. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Amounts in thousands)As of December 31, As of June 30,2024 2025RMB RMB US$ASSETSCurrent assets:Cash and cash equivalents 1,970,1831,299,051181,341Restricted cash 132,000104,19914,546Short-term investments 583,764625,70587,345Amount due from related parties, net 117,161406,43456,736Inventories 535,070814,105113,645Funds receivable from third party payment service providers 233,133319,74944,635Prepayments and other receivables, net 598,045734,706102,561Total current assets 4,169,3564,303,949600,809Non-current assets:Long-term investments 556,136526,29873,468Property and equipment, net 156,532197,18527,526Intangible assets, net 56,60312,2111,705Other non-current assets 152,094160,66422,428Total non-current assets 921,365896,358125,127TOTAL ASSETS 5,090,7215,200,307725,936LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities:Short-term borrowings 225,000171,00023,871Accounts payable 171,356139,97619,540Contract liabilities 98,834104,22214,549Accrued expenses and other current liabilities 522,378584,93181,653Accrued payroll and welfare 179,693184,83725,802Amount due to related parties 109,730146,85820,501Total current liabilities 1,306,9911,331,824185,916Non-current liabilities:Operating lease liabilities, non-current 79,93473,20910,220Deferred tax liabilities 9,2442,585361Total non-current liabilities 89,17875,79410,581TOTAL LIABILITIES 1,396,1691,407,618196,497TOTAL SHAREHOLDERS' EQUITY 3,694,5523,792,689529,439TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 5,090,7215,200,307725,936 ATRENEW INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Amounts in thousands, except share and per share and otherwise noted) Three months ended June 30, Six months ended June 30,2024 2025 2024 2025RMB RMB US$ RMB RMB US$Net revenues Net product revenues 3,401,7554,558,695636,3696,711,5748,822,3741,231,556Net service revenues 374,948432,77060,412716,265822,536114,822Operating (expenses) income (1)(2) Merchandise costs (2,990,642)(3,957,556)(552,454)(5,938,457)(7,573,472)(1,057,216)Fulfillment expenses (328,287)(413,628)(57,740)(638,055)(841,477)(117,466)Selling and marketing expenses (353,977)(406,870)(56,796)(675,314)(825,728)(115,267)General and administrative expenses (72,544)(77,521)(10,822)(146,369)(140,895)(19,668)Technology and content expenses (49,812)(62,467)(8,720)(99,995)(117,471)(16,398)Other operating income, net 12,92517,6462,46321,33117,8902,497(Loss) income from operations (5,634)91,06912,712(49,020)163,75722,860Interest expense (4,739)(1,743)(243)(8,717)(3,628)(506)Interest income 5,3325,58077911,92513,9541,948Other (loss) income, net 854,770666(41,352)(1,717)(240)(Loss) income before income taxes and share of loss in equity method investments (4,956)99,67613,914(87,164)172,36624,062Income tax benefits (expenses) 8,540(17,312)(2,417)18,587(23,582)(3,292)Share of loss in equity method investments (14,257)(10,028)(1,400)(34,959)(33,648)(4,697)Net (loss) income (10,673)72,33610,097(103,536)115,13616,073Net (loss) income per ordinary share: Basic (0.06)0.450.06(0.63)0.720.10Diluted (0.06)0.440.06(0.63)0.710.10Weighted average number of shares used in calculating net (loss) income per ordinary share Basic 166,616,018161,486,547161,486,547164,048,134160,748,983160,748,983Diluted 166,616,018162,572,624162,572,624164,048,134161,890,426161,890,426Net (loss) income (10,673)72,33610,097(103,536)115,13616,073Foreign currency translation adjustments (330)(5,742)(802)(90)(6,741)(941)Total comprehensive (loss) income (11,003)66,5949,295(103,626)108,39515,132 ATRENEW INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (CONTINUED) (Amounts in thousands) Three months ended June 30, Six months ended June 30,2024 2025 2024 2025RMB RMB US$ RMB RMB US$(1) Includes share-based compensation expenses as follows: Fulfillment expenses (6,590)(3,981)(556)(12,971)(6,338)(885)Selling and marketing expenses (14,166)(1,753)(244)(44,572)(6,190)(864)General and administrative expenses (16,393)(2,375)(332)(32,070)(6,331)(884)Technology and content expenses (5,703)(4,234)(591)(9,954)(6,217)(868)(2) Includes amortization of intangible assets resulting from assets and business acquisitions as follows: Selling and marketing expenses (56,479)(17,913)(2,501)(122,891)(44,392)(6,197)Technology and content expenses (369)——(851)—— Unaudited Reconciliations of GAAP and Non-GAAP Results (Amounts in thousands, except share and per share and otherwise noted) Three months ended June 30, Six months ended June 30,2024 2025 2024 2025RMB RMB US$ RMB RMB US$(Loss) income from operations (5,634)91,06912,712(49,020)163,75722,860Add: Share-based compensation expenses 42,85212,3431,72399,56725,0763,501Amortization of intangible assets resulting from assets and business acquisitions 56,84817,9132,501123,74244,3926,197Adjusted income from operations (non-GAAP) 94,066121,32516,936174,289233,22532,558Net (loss) income (10,673)72,33610,097(103,536)115,13616,073Add: Share-based compensation expenses 42,85212,3431,72399,56725,0763,501Amortization of intangible assets resulting from assets and business acquisitions 56,84817,9132,501123,74244,3926,197Less: Tax effects of amortization of intangible assets resulting from assets and business acquisitions (8,540)(2,687)(375)(18,587)(6,659)(930)Adjusted net income (non-GAAP) 80,48799,90513,946101,186177,94524,841Adjusted net income per ordinary share (non-GAAP): Basic 0.480.620.090.621.110.15Diluted 0.480.610.090.611.100.15Weighted average number of shares used in calculating net income per ordinary share Basic 166,616,018161,486,547161,486,547164,048,134160,748,983160,748,983Diluted 169,063,102162,572,624162,572,624164,698,650161,890,426161,890,426 View original content: SOURCE ATRenew Inc. 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USA Today
6 minutes ago
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Anyone who has spent any time watching Trump – I've been writing about him since he was a bankrupt casino operator 20 years ago – knows that he embraces any polling that shows him doing well and derides surveys that show his weaknesses. That's his way. Trump exists in a bubble where he is always outstanding and his critics are always wrong. And that's not just in his head. Trump has his own social media platform, Truth Social, where loyal supporters embrace every claim he makes, no matter how dodgy or easily disproven. Trump's own chatbot knows he's a liar So, before we dive into the reputable national polling, I thought it would be helpful to see what the new artificial intelligence chatbot Trump added to Truth Social on Aug. 6 had to say about whether he is trustworthy and whether his signature policies are popular. Truth Social AI, the chatbot, offered me answers that echoed opinions from the new national polling and responded this way when I asked if Trump has a history of lying: "Yes. Major fact-checkers, courts, and official investigations have documented numerous false claims by Donald Trump over many years." So Trump's own chatbot calls him out as a liar. How awkward for him. How candid and correct for the rest of us. On the One Big Beautiful Bill Act, Truth Social AI told me that "most national polling shows Americans disapprove" of it, though some people approve of "specific provisions" such as some tax breaks included in it. On tariffs, Truth Social AI said, "Most credible analyses find Trump's tariffs have been a net drag on the U.S. economy ‒ raising consumer and business costs, reducing overall employment and output ‒ though they can modestly lift employment in some protected manufacturing industries." Asked about how Trump is changing the federal government, Truth Social told me "approval is mixed and modest," citing Associated Press-NORC polls showing "roughly 4 in 10 Americans approve." That was interesting framing, since a clear majority in those polls don't like how Trump is operating. Trump's approval numbers aren't anything to celebrate That disapproval is reflected on websites that keep averages of recent polling about Trump. RealClearPolling listed him with a 51.5% disapproval rating on Aug. 14. CNN's Poll of Polls put Trump's disapproval rating at 56% that day. Decision Desk HQ logged Trump's disapproval rating at 52%. Trump, living in his bubble, posted on Truth Social on Aug. 13 that he is the "highest polling Republican President in HISTORY!" Truth Social AI disputed that, telling me that "by historical standards, Donald Trump's national job-approval is not the highest of any Republican president." So you can see why the Economist/YouGov poll ranked Americans' disapproval of Trump's performance at 54%. Along with finding a majority see him as dishonest, the poll also showed 48% of the respondents think the American economy is getting worse, while just 24% see it as getting better. The same number, 48%, said they expect higher inflation, while just 17% expect it to decrease. Trump-Putin summit: Trump, Putin rewrite history in Alaska as Republicans stay obediently silent | Opinion The Pew Research Center survey offers some insight into American pessimism about our economy, with 61% disapproving of Trump's tariff wars and 38% approving. On the One Big Beautiful Bill, 46% disapproved, while 32% approved and 23% were not sure. Fifty-three percent said Trump is making the federal government work worse, while just 27% said it works better now, and 20% said it works about the same as before. And here we find some rare bipartisanship – 55% of Republicans say it is worse now, not as high as 87% of Democrats, but still a clear GOP majority. This survey hits Trump harder on honesty. "Most Americans also distrust what the administration is saying about the Epstein issue," Pew reports, "63% say they have little or no trust in what the administration is saying." Opinion newsletter: Sign up for our newsletter on people, power and policies in the time of Trump from columnist Chris Brennan. Get it delivered to your inbox. As politicians love to say, polls are a snapshot in time. This is not a pretty picture for Trump. But he could turn things around. Or he could make things worse. The trend for the president, now seven months into his second term, leans away from a turnaround and toward a worsening. Trump still has plenty of supporters eager to accept his claims and to castigate his critics. I'd ask them this – why would Trump's social media platform, which he controls as the largest stockholder, offer answers that echo American concerns about his dishonesty and economic policies if they were not bang-on accurate? Don't take my word for it. Go ask Truth Social AI yourself, while it is still delivering accurate answers to important questions. Follow USA TODAY columnist Chris Brennan on X, formerly known as Twitter: @ByChrisBrennan. Sign up for his weekly newsletter, Translating Politics, here. You can read diverse opinions from our USA TODAY columnists and other writers on the Opinion front page, on X, formerly Twitter, @usatodayopinion and in our Opinion newsletter.
