三顾港交所，闪回科技只为续命

Core Insights - The release of the iPhone 17 series has significantly boosted the second-hand Apple phone market, with a 150% increase in search volume and a 210% surge in recycling inquiries on the Zhuanzhuan platform [1] - The second-hand mobile phone recycling industry is experiencing a growth cycle, with the trade volume for old-for-new exchanges in China projected to rise from 6.1 billion to 19.4 billion yuan from 2020 to 2024, reflecting a compound annual growth rate of approximately 33.5% [1] - The competitive landscape is intensifying, with leading players like Zhuanzhuan and Flashback Technology adopting different strategies to capture market share [1][6] Industry Overview - The second-hand mobile phone recycling market is characterized by a fragmented structure, with over 80% of market share held by various players, indicating low entry barriers and a surge in the number of small players [8] - Major competitors are diversifying their offerings beyond just mobile phone recycling, with Zhuanzhuan launching a multi-category second-hand store and Aihui Recycling expanding its offline presence and multi-category services [9][10] Company Analysis - Flashback Technology, as the third-largest mobile recycling service provider in China, holds a market share of 1.3% in both recycling and sales transactions, significantly trailing behind competitors [6][8] - The company has accumulated over 300 million yuan in losses over four and a half years and faces a pressure of nearly 800 million yuan in redemption liabilities if it fails to complete its IPO by the end of 2025 [2][11] - Flashback's business model is heavily reliant on B2B partnerships, particularly with Xiaomi, which poses risks due to the potential for increased costs and reduced bargaining power [6][7][10] Financial Situation - Despite a compound annual growth rate of approximately 20% in revenue from 2021 to 2024, Flashback has faced continuous net losses, totaling over 337 million yuan [11] - The company's gross margin remains low, with procurement costs rising due to the need to maintain recycling volumes, leading to a cycle of increased costs without corresponding revenue growth [11][12] - The impending IPO is critical for Flashback, as failure to list could trigger significant liquidity issues and operational challenges due to the redemption liabilities [12][13]