上 市 公 司 互联网电商 2026 年 03 月 22 日 万物新生 (RERE) ——业绩超预期，盈利能力持续改善 报告原因：有业绩公布需要点评 投资要点： 财务数据及盈利预测 | | FY24 | FY25 | FY26E | FY27E | FY28E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 16,328 | 21,048 | 26,323 | 32,091 | 38,186 | | 同比增长率（%） | 25.9 | 28.9 | 25.1 | 21.9 | 19.0 | | Non-GAAP 归普净利润（百万元） 314 | | 428 | 655 | 858 | 1,088 | | 同比增长率（%） | 39.5 | 36.3 | 53.0 | 31.0 | 26.8 | | 调整后每股收益（元） | 1.30 | 1.78 | 2.72 | 3.56 | 4.52 | | ROE (%) | 8.5 | 11.3 | 15.9 | 18.4 | 20.0 | | 市盈率（倍） | 23.4 | 17.1 | 11.2 | 8. ...

渗透率提升高增长，规模经济释放利润 万物新生(RERE.N) 万物新生 25Q4 业绩点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | [当前价格 Table_CurPrice] (美元)： | 5.65 | 本报告导读： 收入及业绩超预期，将继续受益苹产品需求高增长和以旧换新渗透率提升，维持高 增长。 投资要点： | 财务摘要(百万人民币) | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 16,328 | 21,048 | 26,321 | 32,46 ...

公司 25Q4 收入为 62.5 亿/+29.0%，Non-GAAP OP1.8 亿/+38.1%，对应 OPM 2.9%/+0.2pct，Non-GAAP 净利 1.4 亿/+13.9%。产品收入 58.3 亿/+30.7%， 服务收入为 4.2 亿/+8.8%。循环经济大势所趋，公司作为行业龙头预计在赛道 成长的同时有望持续提升市占。维持 "强烈推荐"投资评级。 ❑ 风险提示：行业竞争加剧、行业政策变动、新业务进展不及预期等。 财务数据与估值 证券研究报告 | 公司点评报告 2026 年 03 月 12 日 万物新生（RERE.N） Q4 表现超预期，OPM 持续提升 消费品/商业 | 会计年度 | | 2024 | 2025 | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | --- | | 主营收入(百万元) | | 16328 | 21048 | 26321 | 32062 | 38003 | | 同比增长 | | 26% | 29% | 25% | 22% | 19% | | Non-GAAP 营业利润 | | 410 | ...

过去几年，科技行业的投资叙事几乎全部围绕"新技术"展开：AI、算力、机器人。但随着一轮 存储芯片与消费电子 涨价潮到来，资本市场 出现了 一个 被 忽视的 潜在机会 。 硬件变贵 背后，是曾经习以为常的 产业 链价值发生变化，高端制造创新固然想象力十足，但 下游产品流通渠道的含金量也在提升。 闲鱼的月活已经悄然突破2亿，万物新生（爱回收）首次交出了全面盈利的年度答卷，连内存 条都登上了转转2025年度的"最保值"品类榜单。 这些掌握着设备流动能力的平台，在以旧换新政策的暖风和新品涨价的热潮下，不知不觉站到 了产业价值链更核心的位置。 数据从不说谎。根据万物新生刚发布的2025年Q4及全年财报，集团全年营收达到210.5亿 元，同比增长28.9%；第四季度的表现甚至超出了此前的业绩指引上限。更值得留意的是盈利 能力的跃升：全年non-GAAP经营利润5.6亿元，同比增长35.5%，并且首次在GAAP准则下 实现全面盈利，经营利润和净利润分别为4.6亿元和3.4亿元。 在2026年这个时间点，这份财报是一个信号灯。 新机价格不断抬升时，一个 过去非焦点 的市场开始快速膨胀：二手市场。在这一轮周期里， 二手电商正在 ...

证券研究报告 Q4 超市场预期，看好 26 年盈利向上 华泰研究 年报点评 投资评级(维持): 买入 2026 年 3 月 12 日│美国 零售 目标价(美元): 7.80 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 万物新生 (RERE US) 曾珺 研究员 zengjun@htsc.com +(86) 21 2897 2228 石狄 研究员 SAC No. S0570524090003 SFC No. BVO045 +(86) 755 8249 2388 夏路路 研究员 xialulu@htsc.com 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 收盘价 (美元 截至 3 月 10 日) 6.21 市值 (美元百万) 1,387 6 个月平均日成交额 (美元百万) 7.01 52 周价格范围 (美元) 2.00-6.47 股价走势图 4Q25 1P 产品收入 58.31 亿元/yoy+30.7%，占收入比 93.2%/yoy+1.2pct； 2025 全年 ...

证券研究报告 万物新生 (RERE US) Q4 超市场预期，看好 26 年盈利向上 华泰研究 年报点评 投资评级(维持): 买入 2026 年 3 月 12 日│美国 零售 目标价(美元): 7.80 樊俊豪 研究员 SAC No. S0570524050001 SFC No. BDO986 曾珺 研究员 zengjun@htsc.com +(86) 21 2897 2228 石狄 研究员 SAC No. S0570524090003 SFC No. BVO045 +(86) 755 8249 2388 夏路路 研究员 xialulu@htsc.com 洪洋* 联系人 SAC No. S0570125070021 hongyang@htsc.com +(86) 21 2897 2228 基本数据 收盘价 (美元 截至 3 月 10 日) 6.21 市值 (美元百万) 1,387 6 个月平均日成交额 (美元百万) 7.01 52 周价格范围 (美元) 2.00-6.47 股价走势图 (40) (7) 26 58 91 Mar-25 Jul-25 Nov-25 Mar-26 (%) 万物新生 标普500 资料 ...

Core Viewpoint - The article highlights the strong performance and growth of Wanwu Xinxing (Aihuishou) Group in the fourth quarter of fiscal year 2025, showcasing its ability to exceed revenue expectations and achieve profitability for the first time under GAAP standards [2][9][10]. Financial Performance - In Q4 2025, Wanwu Xinxing Group reported total revenue of 6.25 billion yuan, exceeding guidance and representing a year-on-year growth of 29% [5][10]. - The revenue from 1P (self-operated) product sales grew by 30.7% to 5.83 billion yuan, while 3P (platform) service revenue reached 420 million yuan, up 8.8% year-on-year [5][6]. - For the full year 2025, total revenue was 21.05 billion yuan, a 28.9% increase, with 1P business revenue at 19.38 billion yuan (up 30.6%) and 3P business revenue at 1.67 billion yuan (up 12.4%) [9]. - The company achieved a non-GAAP operating profit of 560 million yuan for the year, a 35.5% increase, with a non-GAAP net profit of 430 million yuan, up 36.3% [9]. Business Expansion and Strategy - Wanwu Xinxing has expanded its offline store count to 2,195, covering 298 cities, and increased its on-site team to an average of 2,154 daily orders [12]. - The company has diversified its business, with a 125.7% year-on-year growth in multi-category recycling, including imaging equipment, bags, watches, gold, fine wine, and apparel [12]. - The revenue from compliant refurbished products grew by 90.8% in Q4, with 1P to C product revenue increasing by 88%, reaching a historical high of 41.7% of total sales [14][15]. Industry Impact and Sustainability - Wanwu Xinxing participated in the formulation of national standards for electronic product information clearance, promoting standardization and compliance in the second-hand industry [17]. - The company facilitated 41.7 million transactions of second-hand goods in 2025, contributing to reduced carbon emissions and environmental pollution through the circular economy [17]. - The "Return to Life" project, initiated in 2024, expanded to 245 consumer brands, promoting green consumption and community engagement through over 50,000 smart recycling machines [17]. Social Responsibility - Wanwu Xinxing has been actively involved in social responsibility initiatives, including the "Recycling Love: Digital Education Support Plan," which has supported 69 schools and provided educational resources to over 13,000 rural children [18].

ATRenew (NYSE:RERE) Q4 2025 Earnings call March 11, 2026 08:00 AM ET Company ParticipantsJeremy Ji - Head of Corporate DevelopmentJiao Wan - Vice PresidentKerry Xuefeng Chen - Founder, Chairman, and CEORaphael Tse - Equity Research AssociateRex Chen - CFOConference Call ParticipantsBrian Lantier - Senior Research AnalystOperatorGood morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to ATRenew Inc.'s fourth quarter and full year 2025 earnings conference call. At this time, ...

ATRenew (NYSE:RERE) Q4 2025 Earnings call March 11, 2026 08:00 AM ET Speaker4Good morning and good evening, ladies and gentlemen. Thank you for standing by and welcome to ATRenew Inc.'s fourth quarter and full year 2025 earnings conference call. At this time, all participants are in listen-only mode. We will be hosting a question and answer session after management's prepared remarks. Please note today's event is being recorded. I will now turn the call over to the first speaker today, Ms. Jeremy Ji, Head o ...

4Q25 INVESTOR PRESENTATION March 2026 Guyu_Cover.ai \\firmwide.corp.gs.com\ibdro \\firmwide.corp.gs.com\ibdro ot\projects\IBD- HK\soundman2020\664232 _1\Graphics\Ai\01_Project Guyu_Cover.ai \\firmwide.corp.gs.com\ibdro ot\projects\IBD- HK\soundman2020\664232 _1\Graphics\JPEG\01_Proj ect Guyu_Cover-01.jpg \\firmwide.corp.gs.com\ibdro ot\projects\IBD- HK\soundman2020\664232 _1\Graphics\Ai\01_Project ot\projects\IBD- HK\soundman2020\664232 _1\Graphics\JPEG\01_Proj ect Guyu_Cover-01.jpg 02 June 2021 Safe Harbor ...