54 岁“通信老兵”卖旧手机年入 13 亿，被雷军投资，即将 IPO

Core Viewpoint - The article discusses the financial performance and business model of Flashback Technology, a company involved in the second-hand mobile phone recycling market, highlighting its rapid revenue growth but ongoing losses and challenges in achieving profitability [3][5][15]. Financial Performance - Flashback Technology's revenue is projected to grow from 750 million RMB in 2021 to approximately 1.297 billion RMB in 2024, with a significant year-on-year growth rate of over 40% in the first half of 2025 [3][4]. - Despite revenue growth, the company has reported losses from 48.71 million RMB in 2021 to 66.44 million RMB in 2024, indicating a persistent lack of profitability [4][5]. - The gross margin has declined from 8.2% in 2021 to 4.8% in 2024, with a slight recovery to 6.3% in the first half of 2025 [5][15]. Business Model - Flashback Technology operates primarily in a B2B model, partnering with mobile brands and telecom operators rather than directly engaging with consumers [8][9]. - The company has a unique inventory turnover rate of 6.5 days, significantly lower than the industry average of 10-15 days, indicating operational efficiency [9][14]. - The majority of the company's revenue is spent on purchasing second-hand electronic products, with over 85% of sales costs attributed to procurement [14][15]. Market Position - In the second-hand mobile phone recycling market, Flashback Technology holds approximately 1.3% market share, ranking third behind competitors [18][21]. - The overall market for second-hand mobile phones in China is growing, with a compound annual growth rate of 28.2% from 2020 to 2024, indicating potential for future expansion [16][18]. Competitive Landscape - Flashback Technology faces significant competition from larger players like Aihuishou and Zhuanzhuan, which have established brand recognition and user bases [23][24]. - The company is under pressure to innovate and expand its offerings, including plans to enhance its online platform and enter the consumer market [22][23]. Future Strategies - To address profitability challenges, Flashback Technology is exploring international markets and leveraging AI to improve operational efficiency [22][24]. - The company aims to transition from a B2B service provider to a brand retailer with direct consumer engagement, which may involve significant competition with established players [23][24].