Investment Rating - The report maintains an "Overweight" rating for the consumer discretionary sector [7] Core Insights - The "Work Plan" issued by the State Council aims to stimulate domestic demand by fostering new growth points in service consumption, focusing on six key areas including transportation, housekeeping, and online audiovisual services, as well as three potential areas: performance services, sports events, and emotional experience services [1][2] - The report emphasizes that service consumption is a natural direction for consumption upgrading and the pursuit of a better life by residents, with significant long-term potential in China as service consumption typically increases with GDP growth [1] - The report suggests that the recovery of service consumption will help shift traffic from online to offline, benefiting related industries such as dining, tourism, and retail [1] Summary by Sections Service Consumption Growth - The "Work Plan" includes twelve specific measures to enhance service consumption, with a focus on optimizing supply and encouraging innovative consumption scenarios [2][4] - The report highlights the importance of developing high-quality supply and encourages proactive exploration of new business models in the service sector [4] Transportation and Tourism Integration - The "Work Plan" proposes initiatives such as developing senior tourism trains and enhancing the quality of cruise and night tour services, which are expected to benefit related sectors [3] - The report notes that the integration of transportation and tourism, along with the emergence of quality tourism supply, will lead to an upturn in specific tourism segments [3] Investment Recommendations - The report recommends focusing on leading companies in the consumer sector, including: - Travel Chain: Recommended companies include Atour, Huazhu Group, Shoulv Hotel, and China Duty Free [5] - Ready-to-Drink Beverages and Dining: Recommended companies include Guming, Yum China, Yihai International, Dashihua, Chabaidao, Xiaocaiyuan, and Haidilao [5] - Emotional Consumption: Recommended companies include Pop Mart, Laopu Gold, Blukoo, Miniso, Shangmei, Maogeping, and Juzibio [5] - Scenario Chains: Recommended companies include Guoquan, Wancheng Group, Wanwu Xingsheng, and Shengbeila [5] - Sports Apparel: Recommended companies include Anta, Amer Sports, and Li Ning [5] Key Company Insights - Pop Mart has initiated share buybacks, reflecting confidence in growth prospects, and is expected to accelerate the diversification of its IP structure [12] - Laopu Gold is anticipated to perform well during the upcoming Spring Festival, with expectations of exceeding sales forecasts due to ongoing brand expansion and strong market demand [12] - Miniso's recent performance has exceeded guidance, driven by a successful large store strategy and improved operational efficiency [12]

本文源自：金融界AI电报 新东方涨5.22%，海天网络涨5.14%，万物新生涨4.99%，贝壳涨4.20%，复朗集团涨4.12%。 ...

Summary of the Conference Call for 万物新生 Company Overview - **Company**: 万物新生 - **Industry**: E-commerce and second-hand electronics Key Points Financial Performance - Total revenue for Q3 2026 reached 5.15 billion RMB, a year-on-year increase of 27% [3] - EP business product revenue grew over 28%, contributing significantly to overall revenue [3] - Non-GAAP operating profit margin improved to 2.7% [3] - The company plans to allocate 60% or more of non-GAAP net profit for dividends or buybacks from 2025 to 2027 [3] Business Model and Revenue Structure - ET to C (direct-to-consumer) business increased to 36%, with a target of 50% [2][4] - The gross margin for retailing quality second-hand goods is approximately 6% higher than TOB models [2] - Platform business maintained double-digit growth, with significant increases in 拍拍堂 and 拍拍交易 [2][4] - The commission rate for platform services has been reduced to around 6% [2][4] Market Trends and Policies - The old-for-new subsidy policy indirectly benefits the company by promoting new device sales, leading to more quality recycling sources [6][7] - The rise in storage costs has led to price increases for new Android devices, making second-hand Apple and Huawei phones more competitively priced [8][9] Competitive Advantages - The company's core competitive advantage lies in its 1P model, providing a convenient transaction experience across C-end recycling, B2B platform transactions, and B2C retail [2][13] - The company differentiates itself from C2C models like 闲鱼 by offering a closed-loop industry chain [13] Future Growth Targets - The company aims for a revenue growth of 25% in 2026, with a non-GAAP operating profit margin target of 3.1% [2][14] - Net profit is expected to grow by over 50% [14] - Plans to open 5,000 stores by 2027, focusing on both self-operated and franchise models [16] Product and Service Innovations - Exploring new business models, including exporting unique iPhone versions and enhancing recycling penetration [15] - Plans to improve the efficiency of quality inspection through automation, potentially reducing fulfillment costs by 1.5% [20][19] Marketing and Sales Strategy - Marketing expenses are expected to be flexible, with a focus on brand promotion through new media channels [21] - A budget of 250 million RMB is allocated for new media marketing in 2025 [21] Industry Dynamics - The gold recovery service has seen significant growth, with over 80% of transactions involving gold [5][24] - The platform's user base is expected to grow from 1.37 million to around 1.6 million by year-end [25] Revenue Channels - 京东 accounts for approximately 45% of EP business revenue, benefiting from government subsidies and user engagement [23] - The take rate for platform services remains stable at around 6% [26] Conclusion - The company is well-positioned for growth with a clear strategy to enhance its business model, improve operational efficiency, and capitalize on market trends in the second-hand electronics industry.

Market Overview - U.S. stock futures showed mixed results, with Dow futures declining by 0.2% [1] Company-Specific Movements - Jefferson Capital Inc (NASDAQ:JCAP) experienced a significant drop of 4.4%, trading at $22.00, following the announcement of a secondary offering of 10 million shares [1] - MOBIX LABS, INC. (NASDAQ:MOBX) fell sharply by 25.4% to $0.24 due to plans for a common stock offering [2] - Datavault AI Inc (NASDAQ:DVLT) shares decreased by 12.4% to $1.26 after a previous surge of 43% on Monday, linked to a nationwide deployment announcement [2] - BitVentures Ltd – ADR (NASDAQ:BVC) saw a decline of 9.7% to $13.33 after a 5% gain on Monday [2] - Zenas Biopharma Inc (NASDAQ:ZBIO) tumbled by 6.6% to $15.50 following a 52% drop on Monday due to Phase 3 trial results [2] - Theravance Biopharma Inc (NASDAQ:TBPH) dipped 6% to $17.07 after a 3% decline on Friday [2] - Graphic Packaging Holding Co (NYSE:GPK) fell 4.9% to $14.70 ahead of its fourth quarter financial results announcement [2] - ATRenew Inc (NYSE:RERE) declined by 4.1% to $5.65 after a 9% gain on Monday [2] - Rezolve AI PLC (NASDAQ:RZLV) fell 3.7% to $3.07 in pre-market trading [2] - NovaBay Pharmaceuticals Inc (NYSE:NBY) slipped 3.4% to $6.52 after a 15% jump on Monday [2] - Starfighters Space Inc (NYSE:FJET) decreased by 3.3% to $9.08 after a 10% dip on Monday [2]

Investment Rating - The report initiates coverage on the company with a "Buy" rating and sets a target price of $7.64, based on an 18x adjusted PE for 2026 [1][7]. Core Insights - The company is a leader in China's second-hand circular economy, integrating the entire 3C second-hand recycling industry chain through four main business lines: Aihuiqiu, Pai Jitang, Paipai, and AHS Device, achieving a closed-loop system of C2B recycling, B2B circulation, and B2C retail [1][19]. - The company is expected to evolve from a fulfillment service provider to a brand owner, enhancing profit margins through retail and compliant refurbishment while expanding into multiple categories for growth [1][21]. Industry Overview - The second-hand electronics market is characterized by low penetration rates and high growth potential, with a projected transaction volume of approximately 702 billion yuan in 2024, reflecting a CAGR of 28.7% from 2020 to 2024 [24][27]. - The recycling penetration rate for 3C products in China is only 4.4% as of 2024, indicating significant room for growth compared to developed countries [2][24]. Company Advantages - The company’s competitive edge lies in its vertical integration of the entire industry chain, creating cost and efficiency barriers through resource collaboration [3][20]. - The company has established a strong partnership with JD.com, which significantly reduces customer acquisition costs, with nearly 40% of its recycling sources coming from JD.com [23][19]. Future Growth Prospects - The company plans to expand its store count from approximately 2,000 to over 5,000, which is expected to enhance fulfillment capabilities and drive revenue growth [4][21]. - The company is diversifying its recovery categories, including luxury goods and gold, which could open a second growth curve, with a total market gross profit potential of around 60 billion yuan [4][21]. Financial Projections - The company’s revenue is projected to reach 20.97 billion yuan in 2025 and 26.29 billion yuan in 2026, with a compound annual growth rate of 25.2% from 2025 to 2027 [6][11]. - The adjusted net profit is expected to be 4.06 billion yuan in 2025 and 6.76 billion yuan in 2026, with corresponding adjusted EPS of 1.82 yuan and 3.03 yuan [6][11].

International News - Significant fluctuations in international financial markets were observed, with precious metals and energy sectors showing active performance influenced by geopolitical and macroeconomic policies. Gold futures in New York surpassed $4,470 per ounce, with an intraday increase of 0.43%, previously touching $4,460 per ounce, where the intraday increase exceeded 3%. Spot gold also rose, breaking $4,450 per ounce, with an intraday increase of 2.71% [1][11] - The silver market exhibited even stronger performance, with New York silver futures surging 9% to $77.41 per ounce, while spot silver broke $77 per ounce, with an intraday increase of 5.8%. Domestic silver futures also rose by 4%, reaching 18,898 yuan [1][11] - The Azerbaijan State Oil Fund announced profits exceeding $10 billion from gold investments, reflecting an increasing demand for precious metal asset allocation [2] - In the energy market, crude oil futures rose over $1 per barrel due to the situation in Venezuela [3] - The U.S. Department of Energy announced a $2.7 billion investment to enhance uranium enrichment capabilities to ensure domestic energy security. All three major U.S. stock indices closed higher, with the Dow Jones rising 1.23% to reach a historical high, the Nasdaq increasing by 0.69%, and the S&P 500 up by 0.64%. Oil and gas stocks led the gains, with Halliburton, Schlumberger, and Chevron rising by 8.8%, 8.2%, and 6.9%, respectively [4][14] - Goldman Sachs shares rose nearly 5%, marking the largest increase since May of the previous year [5] - Large tech stocks showed mixed performance, with Tesla rising over 3% and Amazon increasing over 2%, while Apple and Micron fell over 1% [6][16] - The Nasdaq Golden Dragon China Index closed up 0.53%, with companies like Canaan Inc., Wanwu Xingsheng, and Kandi Technologies seeing gains exceeding 8% [7][17] Domestic News - The domestic bulk commodity market followed international trends with significant fluctuations, particularly in silver and nickel. Silver futures rose by 4% to 18,898 yuan, while nickel futures increased by 1% to 135,610 yuan [9][19] - In the Hong Kong stock market, the total number of property sale contracts reached 80,702 in 2025, an increase of 18.7% year-on-year, marking a four-year high, with a total value of 614.277 billion HKD, up 15% year-on-year. Residential property sales accounted for 62,832 contracts, valued at 519.83 billion HKD [9][20] - In the A-share market, 17 listed companies disclosed share reduction plans on January 5, including Hongmian Co., Changgao Electric, and Xianfeng Precision, with no increase cases reported on that day [9][20] - The Nasdaq Golden Dragon China Index initially fell over 1%, with Xpeng Motors and Baidu dropping 4.5% and 3.89%, respectively, but rebounded to close up 0.53% [9][20] - In international capital flows, TSMC shares surged 3.4% to $330 per share, with a total market capitalization of $1.7 trillion, reflecting market confidence in the long-term prospects of the semiconductor industry [10][20]

Investment Rating - The report gives an "Outperform" rating for the company, with a target market value of 10.23 billion RMB and a target price of 6.61 USD based on a 15x PE for 2026 [4][17]. Core Insights - The second-hand trading platform is in a rapid growth phase, with significant competitive advantages in sourcing quality supply and pricing power. The company is exploring category expansion and steadily advancing its international business [1][4]. - The company is a leader in the domestic circular economy for second-hand goods, transitioning from a single recycling platform to a full industry chain service provider [21][22]. - The company benefits from the rational consumption trend and the increasing availability of quality social inventory, particularly in the 3C category, driven by policies encouraging trade-ins and product replacement cycles [4][25]. Financial Summary - Total revenue is projected to grow from 12,966 million RMB in 2023 to 32,253 million RMB in 2027, with year-on-year growth rates of 31.4%, 25.9%, 28.1%, 25.0%, and 23.3% respectively [3][16]. - Adjusted net profit is expected to increase from 225 million RMB in 2023 to 1,028 million RMB in 2027, with significant year-on-year growth rates of 342.9%, 39.5%, 27.7%, 70.1%, and 50.8% [3][15]. - The adjusted operating profit margin is projected to improve from 1.9% in 2023 to 3.7% in 2027 [3][15]. Business Model and Strategy - The company has established a comprehensive service system covering the entire supply chain from recycling to sales, utilizing a digital and supply chain-centric approach to enhance efficiency and transparency [31][32]. - The company operates through multiple platforms, including C2B, B2B, and B2C models, to facilitate standardized recycling and efficient circulation of idle consumer electronics [32][37]. - Strategic partnerships, particularly with JD.com, provide significant advantages in sourcing quality supply and enhancing market reach [43][4]. Market Dynamics - The second-hand electronic product trading market in China is expected to reach 858 billion RMB by 2025, with a growth rate of 21% [9]. - The company is well-positioned to benefit from the increasing trade-in rates and the elongation of replacement cycles for smartphones, which are critical for driving demand in the second-hand market [4][25].

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of $6.61 based on a projected market capitalization of 10.23 billion RMB for 2026, using a 15x PE ratio for adjusted net profit [1][8][20]. Core Insights - The second-hand trading platform is in a rapid growth phase, with the company demonstrating significant competitive advantages in sourcing quality supply and pricing power. It is also exploring category expansion and steadily advancing its international business [2][8]. - The company is positioned as a leader in the domestic circular economy for second-hand goods, evolving from a single recycling platform to a full industry chain service provider [23][29]. - The company benefits from the rational consumption trend and the increasing availability of quality social inventory, with the second-hand goods market in China experiencing rapid growth driven by policies like trade-in programs and product replacement cycles [8][19]. Financial Summary - The company’s total revenue is projected to grow from 12,966 million RMB in 2023 to 32,253 million RMB in 2027, with year-on-year growth rates of 31.4%, 25.9%, 28.1%, 25.0%, and 23.3% respectively [4][19]. - Adjusted net profit is expected to increase from 225 million RMB in 2023 to 1,028 million RMB in 2027, with significant year-on-year growth rates of 342.9%, 39.5%, 27.7%, 70.1%, and 50.8% [4][19]. - The adjusted operating profit margin is projected to improve from 1.9% in 2023 to 3.7% in 2027, indicating enhanced profitability as the company scales [4][19]. Business Model and Strategy - The company has established a comprehensive service system covering the entire recycling chain, including collection, processing, and resale, primarily focusing on 3C consumer electronics [31][39]. - The strategic partnership with JD.com provides a significant advantage in sourcing quality supply and enhances the company's market position [44]. - The company is actively expanding into new categories such as luxury goods and gold, leveraging its established brand and operational capabilities [16][29]. Market Position and Growth Drivers - The company is expected to benefit from the increasing penetration of trade-in programs and the growing consumer acceptance of second-hand goods, particularly in the electronics sector [19][26]. - The market for second-hand consumer electronics in China is projected to reach significant growth, with the company poised to capture a substantial share due to its established infrastructure and brand recognition [8][19].

Core Insights - The second-hand market is entering a development opportunity period driven by both policy and market factors, with increasing public recognition of resource reuse and strong market demand [1] - Digital technology is accelerating industry transformation, enabling a robust online-offline integration model and improving trust in non-standard product transactions [1] - The concept of a circular economy is seen as a key path to solving resource and environmental issues, with second-hand consumption becoming a green lifestyle choice for more users [3][5] Industry Trends - The second-hand industry is experiencing significant growth, supported by government policies such as the "old-for-new" exchange program, marking a golden development period [3][4] - There is a continuous increase in the penetration rate of second-hand product recycling, indicating a shift in consumer attitudes towards sustainable consumption [4] - The industry is expanding its recovery categories beyond electronics to include bags, watches, gold, and fashion items, catering to diverse consumer needs [4] Company Developments - The company has optimized its quality inspection processes for second-hand devices through technological iterations, enhancing efficiency and expanding the range of recoverable items [3] - The company has been recognized as an industry benchmark, receiving the "Earthshot Prize," highlighting its innovative practices in the second-hand product recycling sector [4] - The company aims to support a green lifestyle by improving service quality and user experience, encouraging more users to participate in sustainable consumption [6]

Market Performance - The three major US stock indices closed lower, with the Dow Jones down 0.47% at 47,885.97 points, the S&P 500 down 1.16% at 6,721.43 points, and the Nasdaq down 1.81% at 22,693.32 points [1] - Major tech stocks collectively declined, with Tesla down over 4%, Nvidia down nearly 4%, Google down over 3%, Apple and Facebook down over 1%, Amazon down 0.58%, and Microsoft down 0.06% [1] - Most Chinese concept stocks fell, with Century Internet down over 3%, NIO down over 3%, Li Auto down over 3%, Pony.ai down nearly 3%, and Global Data down over 3%. However, Wanwu Xingsheng rose nearly 3%, Zai Ding Pharmaceutical rose over 1%, and Yum China rose nearly 1% [1] - European stock indices had mixed results, with Germany's DAX down 0.02% at 24,072.25 points, France's CAC40 down 0.25% at 8,086.05 points, and the UK's FTSE 100 up 0.92% at 9,774.32 points [1] Commodity Prices - US oil futures rose by 2.92% to $56.74 per barrel, while Brent crude oil futures increased by 2.85% to $60.60 per barrel [1] - International precious metal futures generally rose, with COMEX gold futures up 0.90% at $4,371.40 per ounce and COMEX silver futures up 4.92% at $66.44 per ounce [1] - London base metals saw an overall increase, with LME tin up 3.05% at $42,275.00 per ton, LME copper up 1.30% at $11,742.50 per ton, LME aluminum up 1.03% at $2,906.00 per ton, LME zinc up 0.99% at $3,071.50 per ton, LME lead up 0.98% at $1,961.00 per ton, and LME nickel up 0.72% at $14,365.00 per ton [1] Bond Yields - US Treasury yields were mixed, with the 2-year yield up 0.43 basis points at 3.483%, the 3-year yield unchanged at 3.528%, the 5-year yield up 0.36 basis points at 3.698%, the 10-year yield up 1.36 basis points at 4.153%, and the 30-year yield up 1.72 basis points at 4.827% [1] - European bond yields mostly increased, with the UK 10-year yield down 4.4 basis points at 4.473%, France's 10-year yield up 2.4 basis points at 3.570%, Germany's 10-year yield up 1.9 basis points at 2.861%, Italy's 10-year yield up 2.4 basis points at 3.566%, and Spain's 10-year yield up 1.8 basis points at 3.296% [1]