连年亏损负债7亿 闪回上市融资补血

Core Viewpoint - The company, Flashback Technology Limited, is attempting to go public for the third time in Hong Kong, hoping to capitalize on the current hot IPO market after two previous failed attempts [3]. Group 1: Business Overview - Flashback primarily engages in the recycling of second-hand consumer electronics, focusing mainly on mobile phones. The company operates a "Flashback Recycling" system through partner retail stores and online platforms for trade-ins [3]. - Recycled products are tested, graded, repaired, and priced before being sold on the "Flashback Premium" platform or various third-party e-commerce platforms [3]. Group 2: Financial Performance - The company has seen a steady increase in revenue over the past four years, rising from 750 million yuan in 2021 to 1.297 billion yuan last year, with revenue reaching 809 million yuan in the first half of this year, a 40% year-on-year increase [6]. - Despite revenue growth, the company has consistently reported losses, with losses of 48.7 million yuan, 99.08 million yuan, 98.27 million yuan, and 65.87 million yuan over the past four years. In the first half of this year, the loss narrowed to 24.81 million yuan [6]. Group 3: Profitability Challenges - The low gross margin is a significant reason for the ongoing losses, with the gross margin from product sales never exceeding 8% over the past four years. It peaked at 7.5% in 2021 but fell to 4.4% last year, recovering to 6% in the first half of this year, which remains low [7]. - The company ranks third in the mobile phone recycling market in China, with a market share of only 1.3%, significantly trailing behind the top two competitors, which hold market shares of 7.9% and 7.4% respectively [7]. Group 4: Debt and Cash Flow Issues - The company's net debt has increased from 235 million yuan in 2021 to 688 million yuan last year, reaching 713 million yuan in the first half of this year, marking a 200% increase in just four and a half years [8]. - Operating cash flow has been disappointing, with negative cash flows recorded in previous years, although a positive cash flow of 43.7 million yuan was reported in the first half of this year [8].