万物新生借政策东风获强力增长

Core Viewpoint - The company, 万物新生, achieved its strongest growth in over a year in Q1, driven by a national trade-in policy and increased transactions across various categories, resulting in the second-highest quarterly net profit in its history [2][4]. Financial Performance - Q1 revenue increased by 27.5% year-on-year, reaching 46.5 billion yuan (approximately 6.41 billion USD), marking the fastest growth since Q4 2023 [4]. - The retail business saw a remarkable growth of 73.5% year-on-year, with non-electronic products, particularly second-hand gold, contributing significantly to revenue [4][5]. - The company's gross profit margin improved by 4.3 percentage points to 15.2%, leading to a net profit of 42.8 million yuan, the second-highest quarterly profit recorded [5]. Business Strategy - The company is expanding its offline store network, with 25 new stores opened in Q1 and a target of 800 new stores for the year to enhance its retail presence [1][6]. - A strategic partnership with JD.com is being deepened to boost retail growth, alongside increased marketing efforts on social media platforms like Douyin and Xiaohongshu [2][6]. - The launch of the "返航新生" initiative aims to strengthen collaborations with brand partners while enhancing brand awareness [6]. Operational Developments - The company has expanded its fulfillment team by 360 people over the past year, bringing the total to over 1,000, to support its rapid store expansion [6]. - A new warehouse-style store was opened in Shenzhen, showcasing nearly 10,000 inspected second-hand phones, aimed at reducing inventory costs for buyers [6].