中国二手消费，困在想象力？

Core Insights - The second-hand consumption market in China is undergoing significant changes, with major players like Zhuanzhuan Group exiting the C2C business, indicating a defensive contraction in response to fierce competition [1][3] - The current market landscape is dominated by platforms like Xianyu, which benefits from Alibaba's ecosystem, and Aihuishou, which has recently gone public and reported its first quarterly profit [3][4] - Aihuishou's profitability is closely tied to government policies that encourage recycling and upgrading, leading to a temporary surge in consumer willingness to trade in old items [4] Company Developments - Zhuanzhuan Group announced the closure of its C2C business, marking the end of a decade-long operation, with a timeline for shutting down services from September to October [1] - Aihuishou's parent company, Wanwu Xingsheng, reported a record revenue of 4.99 billion yuan for Q2 2025, achieving its first quarterly profit since going public [3][4] Market Challenges - Aihuishou faces significant user complaints regarding valuation discrepancies, where initial high estimates are drastically reduced after physical inspections, leading to a loss of consumer trust [6][7] - The traditional second-hand platforms are challenged by social media platforms like Xiaohongshu, Douyin, and Kuaishou, which are changing consumer decision-making processes and creating new trading dynamics [9] Strategic Insights - The current model of online high estimates followed by offline price reductions may not be sustainable, as it risks alienating consumers who prefer more transparent pricing [11] - Aihuishou's heavy reliance on a standardized valuation and offline stores may limit its growth potential, while competitors are exploring new market segments and innovative approaches [13][15] - The industry is moving towards content-driven second-hand consumption, which may become the mainstream model, contrasting with Aihuishou's traditional approach [9][13] Future Considerations - The sustainability of relying on government subsidies for growth is questioned, as past experiences in other sectors suggest that this strategy may not be viable long-term [16][17] - Aihuishou is encouraged to focus on improving local recycling efficiency and ensuring accurate online valuations to enhance consumer trust and engagement [15]