闪回科技三闯港交所只为“续命”

Core Viewpoint - 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, indicating a temporary uptrend in the consumer electronics sector [1] Company Overview - Shanhui Technology, as the third-largest mobile phone recycling service provider in China, holds a 1.3% market share in both recycling and sales transaction volume for 2024, heavily relying on ToB business models [2][5] - The company has accumulated over 300 million yuan in losses over four and a half years and faces nearly 800 million yuan in redemption liabilities if it fails to complete its IPO by the end of 2025 [1][9] Market Dynamics - The second-hand recycling industry is characterized by a "large but weak" market structure, with over 80% of market share held by other players, indicating a fragmented competitive landscape [5] - Major competitors like Zhuanzhuan and Aihuishou are diversifying their business models beyond single-channel recycling, with Aihuishou operating 2,092 stores and expanding into multi-category recycling services [6][7] Competitive Challenges - Shanhui Technology's business model is constrained by its dependence on major suppliers, particularly Xiaomi, which accounts for over 41% of its procurement, leading to increased costs and reduced independence [2][3][7] - The competitive landscape is further complicated by overlapping interests among shareholders, as Zhuanzhuan holds a stake in Shanhui Technology while also competing directly in the same market [3][4] Financial Pressures - Shanhui Technology's financial health is under pressure, with cumulative net losses exceeding 337 million yuan from 2021 to mid-2025, and a low gross margin that hampers profitability [8][9] - The company faces a critical deadline to complete its IPO, as failure to do so could trigger significant liquidity issues due to its high redemption liabilities [9][10]