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二手机做到行业第三的闪回科技IPO:年销10亿为何仍然难盈利?
Hua Er Jie Jian Wen·2025-08-20 01:36

Core Viewpoint - The second-hand mobile phone market in China is rapidly evolving, with significant potential for growth driven by the increasing number of idle phones and the emergence of companies like Flashback Technology, which is seeking to capitalize on this opportunity through innovative business models and partnerships [1][2]. Market Overview - Over the past five years, China has generated more than 400 million discarded mobile phones annually, with approximately 54.2% remaining idle and only about 5% entering professional recycling channels [1]. - Flashback Technology holds a 1.3% market share in the mobile phone recycling market, ranking third behind major players like Aihuishou and Zhuanzhuan [1]. Business Model - Flashback Technology primarily operates a B2B model, sourcing used devices through partnerships with retail stores and telecom operators rather than directly from consumers [4][6]. - The company has implemented a real-time auction mechanism to enhance operational efficiency, with around 80% of its sales completed through this method in 2024 [8]. Financial Performance - Flashback Technology reported a revenue of 1.3 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.1% over three years [8]. - Despite revenue growth, the company's gross margin has declined from 8.2% in 2021 to 4.8% in 2024, leading to a net loss of 31.22 million yuan [12][13]. Strategic Partnerships - The company has established partnerships with major brands like Xiaomi and Samsung, which are crucial for sourcing used devices [9][10]. - Flashback Technology's reliance on Xiaomi is significant, with 41.5% of its procurement coming from this partner, highlighting the competitive dynamics in the market [10][11]. Future Plans - Flashback Technology plans to expand its operations in regions like Liaoning, Hebei, and Guangdong to enhance its market presence [14]. - The company aims to improve its profitability by increasing its sales of mid-to-high-end products, having recently established partnerships with Apple distributors [19][20]. Operational Efficiency - The company has streamlined its procurement process, reducing the number of active partners and improving cash flow, achieving a net inflow of 44 million yuan [17]. - Flashback Technology is also focusing on enhancing its online presence and marketing efforts to reach consumers directly, which could improve profit margins [23].