万物新生（爱回收）Q3营收51.5亿元，non-GAAP经营利润达1.4亿元

Core Viewpoint - The company, Wanwu Xingsheng (Ai Huishou), reported strong financial performance for Q3 2025, with total revenue reaching 5.15 billion yuan, a year-on-year increase of 27.1%, and a record non-GAAP operating profit of 140 million yuan, up 34.9% year-on-year, indicating sustained profitability and growth potential in the second-hand electronics market [2][3][10]. Financial Performance - Total revenue for Q3 2025 was 5.15 billion yuan, representing a 27.1% year-on-year growth [2][10]. - Non-GAAP operating profit reached 140 million yuan, marking a 34.9% increase year-on-year, while non-GAAP net profit was 110 million yuan, up 22.3% [3]. - GAAP operating profit was 120 million yuan, a significant increase of 385.1%, and net profit was 90.82 million yuan, up 407.3% year-on-year [3]. Business Growth and Operations - The revenue composition showed that 1P (self-operated) product sales generated 4.73 billion yuan, a 28.7% increase, while 3P (platform) service revenue was 420 million yuan, up 11.6% [2]. - The number of offline stores reached 2,195, covering 298 cities, with a delivery team of 1,962 people, enhancing service accessibility [5]. - The volume of 3C recycling orders on the official website grew by 30% year-on-year, indicating strong demand for recycling services [5]. Multi-category Recycling Services - The multi-category recycling service, which includes bags, watches, gold, fine wine, and clothing, saw a transaction volume increase of 95% year-on-year, with 1,009 stores offering these services [6]. - The 1P to C revenue grew over 70%, with its share rising to 36.4%, and compliant refurbished product revenue increased by 102% [8]. Recognition and Future Outlook - Wanwu Xingsheng received the prestigious "Earthshot Prize" for its innovative practices in the circular economy, highlighting its potential for global impact in sustainable consumption [8][10]. - The company aims to leverage its brand strength and operational capabilities to enhance profitability and explore long-term opportunities in the circular economy [10].