手机回收是“捧着金饭碗要饭”？闪回科技港股IPO：毛利率仅个位数，7.5亿对赌回购压顶

Core Insights - The mobile phone recycling industry in China is characterized by a significant supply-demand imbalance, with a large number of discarded phones (600-700 million annually) and only about 5% entering professional recycling channels [1][2][3] - The leading mobile phone recycling service provider, "Aihui Shou," has faced declining stock prices and profitability issues since its IPO, with cumulative losses reaching 4.9 billion RMB by mid-2024 [2][3] - The report focuses on "Shanhui Technology," which aims to become the second listed mobile phone recycling service provider in China, following "Aihui Shou" [3] Industry Overview - The average lifespan of a mobile phone is approximately 1.9 years, leading to a substantial accumulation of waste [1] - The market for idle phone recycling has grown from 18.8 billion RMB in 2019 to 48.7 billion RMB in 2023, with a CAGR of 27% [5] - The "old-for-new" recycling market has also expanded, increasing from 4 billion RMB in 2019 to 14.2 billion RMB in 2023, with a CAGR of 37% [5][6] Company Profile - "Shanhui Technology" is the third-largest mobile phone recycling service provider in China, holding a 1.4% market share as of 2023 [4] - The company primarily focuses on the "old-for-new" recycling model, ranking first in this segment with a market share of 7.4% [7] - The company's revenue has grown from 750 million RMB in 2021 to 1.16 billion RMB in 2023, with a CAGR of 24% [9] Financial Performance - The company's gross margin has declined from 8.2% in 2021 to 4.5% in the first half of 2024, indicating challenges in maintaining profitability [24][28] - In the first half of 2024, the company reported a net loss of 40.1 million RMB, with a net profit margin of -7.0% [28][29] - The company heavily relies on a few suppliers, with Xiaomi Group being the largest, accounting for 32% of procurement in the first half of 2024 [21][20] Supply Chain Dynamics - The company's supply chain strategy involves partnerships with upstream procurement partners, primarily mobile phone brands and large retailers, to facilitate the "old-for-new" service [18][19] - The company has limited physical retail presence, with only two stores compared to competitors with extensive networks [18][15] - The reliance on upstream partners for supply has resulted in a significant portion of the company's procurement coming from a small number of suppliers [20][21] Market Challenges - The mobile phone recycling market faces challenges such as low gross margins and ongoing net losses, raising concerns about the sustainability of the business model [24][28] - The company's operational cash flow has been negative for several years, with a cumulative cash outflow of 97.91 million RMB [32][33] - The company has a bank loan of 150 million RMB due within a year, indicating potential liquidity issues [36]