万物新生 20260109 摘要 万物新生 ET to C 业务占比提升至 36%，目标 50%，通过严选专区和 新媒体渠道提高优质二手商品零售毛利率，较 TOB 模式高约 6%。 平台业务保持双位数增长，拍拍堂和拍拍交易规模增长显著，但收费率 下调至 6%左右，未来将提升寄卖模式占比，多品类回收服务（如黄 金）交易规模翻倍增长，黄金占比超 80%。 以旧换新补贴政策间接利好，厂商和电商平台补贴推动新机销售，带来 更多优质回收货源，预计 2026 年延续此趋势，提升行业回收渗透率。 存储涨价导致安卓新机提价，苹果和华为二手手机更具价格竞争力，新 机价格上涨使二手零售价格有弹性空间，以旧换新促进新机销售。 公司核心竞争优势在于 1P 模式提供便捷交易体验，涵盖 C 端回收、 B2B 平台交易及 B2C 零售的产业链闭环，与闲鱼等 C2C 模式存在差异。 2026 年目标收入增长 25%，non-GAAP 经营利润率提升至 3.1%，通 过收入增长、费用率优化和 B2C 占比提升实现，净利润目标增长 50% 以上。 公司探索新商业模式，如出口国航特有双实体卡 iPhone 版本，加强货 源端建设，提高回收渗透率， ...

离开的想法成形后，物品处理便被提上日程，她将家中"没必要带走"的东西挂上二手平台。姜敏并未购 置过大型家具，但那些不便携带的小物件，林林总总也超过百件。 "我没那么缺钱，在二手平台出物是因为确实不方便带走，扔了又觉得可惜。"姜敏说，她把物品的价格 定得很低，"后来再看，很多东西的价格都比普遍的成交价要低。不知道是价格太实惠，还是我真的特 别会选东西，大部分都卖得很快"。 "感觉像在出售自己的过去。"28岁的姜敏说。 姜敏在北京生活了10年。产生离开的念头后，她将100余件物品陆续挂上二手平台。在搬离出租屋时， 这些物品大部分已被卖出。 和姜敏类似，不少年轻人在离开一座城市时，会选择将不便携带或不常使用的物品在二手平台出售。这 些物品承载着一段生活的记忆与情感，而它们的流转，也牵连起人与人之间微妙的连接。 离开前，他们选择"出售自己的过去" "去北京上大学时，我没想到自己会在这里待整整10年。"姜敏说。 姜敏告诉记者，从小就很想去北京上学。高考后，她的成绩本可以报考省内最好的985大学，但为了实 现小时候的心愿，姜敏最终选择了北京的一所211大学。"爸妈都劝我慎重考虑，还给我分析了很多好处 坏处，但我当时的想法 ...

Core Insights - The second-hand trading market in China is experiencing unprecedented growth driven by green consumption and circular economy practices [1] - Two leading platforms, Xianyu (backed by Alibaba) and Zhuanzhuan (backed by Tencent), are diverging in their strategies, with Xianyu focusing on a C2C community ecosystem and Zhuanzhuan shifting to a C2B2C model [1][2] Group 1: Zhuanzhuan's Strategy Shift - Zhuanzhuan has closed its C2C "free market" business and transitioned to a C2B2C model, emphasizing deep inspection and guaranteed transactions [4][7] - The decision to abandon the C2C model stems from Zhuanzhuan's inability to compete with Xianyu's user engagement and community atmosphere [5][6] - Zhuanzhuan's C2C business now accounts for less than 3% of its total transaction volume, indicating a significant decline [5] Group 2: Challenges Faced by Zhuanzhuan - Zhuanzhuan faces high costs associated with its new model, including maintaining quality inspection centers and a large workforce, which creates a financial burden [8] - The shift to a more controlled model has not resolved trust issues, as evidenced by complaints regarding product discrepancies and quality control failures [8][9] - Zhuanzhuan is also competing against established players like Aihuishou, which has a more integrated supply chain and greater market presence [9] Group 3: Xianyu's Competitive Edge - Xianyu benefits from a vast user base of over 200 million monthly active users and a diverse community that extends beyond mere transactions [2][11] - The platform is leveraging AI technology to enhance user experience and address challenges related to non-standard products and user trust [12][13] - Despite its advantages, Xianyu also grapples with issues of trust and the prevalence of gray market activities, which it aims to mitigate through technological advancements [14][15] Group 4: Industry Implications - The contrasting strategies of Zhuanzhuan and Xianyu highlight a critical juncture in the second-hand market, questioning whether a standardized, controlled approach or a vibrant, open marketplace is preferable [16]

Core Points - The CEO of Zhuanzhuan Group, Huang Wei, announced a welfare upgrade plan during the company's tenth anniversary meeting, which includes social security subsidies for all on-site recycling engineers and additional medical insurance [1][3] - Zhuanzhuan will establish a "Care Fund" to provide special financial support for employees and partners facing major illnesses, accidents, or other special difficulties [1][3] - Zhuanzhuan is the first company in the circular economy sector to implement social security subsidies for on-site recycling engineers [1][3] - Huang Wei emphasized the company's commitment to providing secure second-hand trading services and building a sustainable organization that creates broader value for the industry and society [1][3]

三湘都市报全媒体记者 仝若楠 近日，《疯狂动物城2》电影周边成为"抢手货"，不少联名店铺物料早早售罄，有未抢到物料的消费者 纷纷求购。在社交媒体平台，还有网友发帖调侃，"一代人有一代人的破烂要捡，把攒了三年的'嫁 妆'纸袋子都卖掉了，一共180元"。 12月2日，记者调查发现，这些曾随奶茶附赠、常被随手丢弃的纸袋、杯套，如今因与热门IP联名，竟 成二手市场的"香饽饽"，不仅被明码标价售卖，经二次加工后更能以上百元的价格卖出。 业内人士指出，这类奶茶周边凭借稀缺属性与颜值优势，催生出收藏、交易、创意改造的消费热潮，成 为年轻人追捧的新潮流。 "变废为宝"，奶茶袋加工后卖到上百元 在闲鱼二手交易平台上，多款IP联名物料持续热销。部分收藏者将各类IP联名包装袋、被套和杯子整理 成册，并分门别类和明码标价售卖。这些物料涵盖的餐饮品牌丰富，且多以热门动漫IP联名系列为主。 从定价来看，联名双杯包装袋单款售价1至5元，杯套单价1至3元，一次性联名杯子则在5至10元区间， 其中绝版款式及区域限定款因稀缺性，定价明显更高，价格在10至20元不等。 广东一个人卖家趁热推出了《疯狂动物城2》整套联名系列套餐，其中，全套5款不同样 ...

Core Insights - The article discusses the rising trend of selling used milk tea bags on second-hand trading platforms, where prices for ordinary bags range from 0.5 to 2 yuan, while limited edition bags can sell for 15 to 50 yuan, indicating a significant market for these items [1][5][9] Group 1: Market Dynamics - Ordinary milk tea bags are priced between 0.5 and 2 yuan, with actual costs including shipping reaching approximately 8 to 12 yuan per bag when purchased individually [5] - Limited edition and branded bags are highly sought after, with some selling for as much as 50 yuan due to their perceived rarity and brand association [1][7] - The demand for these bags is driven by young consumers, particularly those from Generation Z, who are sensitive to trends and seek unique items for personal expression [9][10] Group 2: Consumer Behavior - The primary buyers of second-hand milk tea bags include trend-sensitive young consumers, practical users who appreciate the design, and collectors who view these bags as trendy collectibles [9][10] - The emotional value, practicality, and speculative nature of these purchases contribute to the rising prices and demand for milk tea bags in the second-hand market [9][10] Group 3: Legal and Ethical Considerations - Selling personal used milk tea bags is legal, but bulk sales by individuals without brand authorization may infringe on intellectual property rights [8] - Brands like Heytea and Nayuki have not authorized the sale of their bags, raising concerns about potential infringement in the second-hand market [7][8] Group 4: Future Outlook - The sustainability of this trend depends on brands continuing to release attractive designs and the vitality of supply and demand in the second-hand market [10][11] - The current phase of this market is characterized as early diffusion, but it may face challenges due to limited supply and shifting consumer interests [11]

Core Insights - Xiaohongshu has introduced a personal selling feature for second-hand goods, but the entry point is not prominently displayed [1][3] - The feature allows users to publish their products and link them to Xiaohongshu notes, facilitating product display and transactions [3][6] - The transaction process involves Xiaohongshu acting as an intermediary, holding payments until the transaction is completed [3] Company Strategy - The personal selling feature is currently in a limited testing phase, with various new functionalities being trialed [1][3] - Xiaohongshu's approach to second-hand trading differs significantly from Xianyu, as users typically browse Xiaohongshu for exploration rather than specific purchasing intentions [11][12] - The requirement for both buyers and sellers to activate the personal selling feature limits the potential for transactions [12][13] Market Positioning - Xiaohongshu's model of "post + product" is fundamentally different from Xianyu's, which allows for a more extensive range of products and content [14] - The limited product variety and quantity on Xiaohongshu may hinder its ability to compete effectively with Xianyu [13][16] - Both platforms are exploring ways to enhance their community and content features, indicating an ongoing competitive landscape [18][19]

Group 1 - A significant jewelry theft occurred at the Louvre on October 19, with eight valuable 19th-century pieces stolen by thieves using a lift and tools to break in [1] - Some French officials have called for the return of the stolen items, arguing that even if the thieves are not caught, they cannot sell the stolen goods [1] - The stolen jewelry was soon listed on the Chinese second-hand trading platform Xianyu, although these listings are likely not genuine and are seen as a form of online humor [3][4] Group 2 - Xianyu's platform has a more relaxed review process compared to other trading platforms, as it is positioned more as a community rather than just a second-hand trading site [5] - The founder of Xianyu, Chen Weiye, emphasizes community engagement and traffic over transaction efficiency, which influences the platform's operational strategies [5][6] - Xianyu's primary role is to drive traffic to Taobao, rather than focusing on direct monetization from second-hand sales [6][27] Group 3 - The platform's community-oriented approach allows for a wide range of user-generated content, including absurd listings that may not lead to actual transactions [12][13] - Despite the presence of controversial posts like the "Louvre jewelry" listings, Xianyu has not implemented strict measures to prevent such content from appearing [19][24] - The platform's relaxed regulatory environment has led to a proliferation of gray market activities, as users test the boundaries of what is permissible [18][19] Group 4 - Xianyu's monthly active users surpassed 200 million in March, reflecting a nearly 20% year-on-year growth [26] - The platform is increasingly important to Alibaba, serving as a crucial source of traffic amid growing concerns about user engagement on Taobao [27][28] - The focus on traffic rather than direct sales metrics indicates that Xianyu's operational model remains centered on community engagement rather than traditional e-commerce metrics [28][30]

Core Insights - The second-hand trading platform Zhuanzhuan has strategically retreated from the C2C market, closing its personal trading business and "free market" product listing, shifting to a C2B2C model that offers quality inspection and guarantees for second-hand goods [1][3] - Xiaohongshu has begun internal testing of a "Quick Sale" feature, allowing users to link idle goods for sale in their posts and chat, indicating a direct competition with Zhuanzhuan and a shift in the second-hand trading landscape [1][3][4] Market Overview - According to iiMedia Consulting, the domestic second-hand e-commerce transaction scale is expected to reach 614.49 billion yuan in 2024, with a year-on-year growth of 12.0%, and a user base of 286 million, growing by 9.8% [3] - By 2030, the transaction scale is projected to reach 911.43 billion yuan, with a user base of 389 million [3] Competitive Landscape - Xiaohongshu's entry into the second-hand trading market is seen as a natural progression, with significant user engagement in second-hand categories, but most transactions have historically occurred on platforms like Xianyu [4][9] - Xianyu remains dominant in the C2C segment, benefiting from Alibaba's ecosystem and a robust personal credit system, while Xiaohongshu must address how to build consumer trust in its new trading feature [3][11] Business Model Shift - Zhuanzhuan's exit from the C2C business highlights the challenges of sustaining profitability in this segment, as it struggled to compete with Xianyu, which has a much larger user base and transaction volume [12][14] - The transition to a C2B2C model signifies a shift towards a more structured and trust-based trading environment, which requires higher operational costs for quality assurance and customer service [17][15] User Experience and Trust - Xiaohongshu's "Quick Sale" feature aims to enhance community engagement and streamline the trading process, but it faces challenges in ensuring a secure and trustworthy trading environment [11][17] - The platform's current requirements for sellers, such as account age and professional certification, may not be sufficient to establish the necessary trust for effective second-hand transactions [17][12]

Core Viewpoint - The emergence of "Louvre genuine" jewelry for sale on second-hand trading platforms has attracted significant attention, raising concerns about authenticity and potential false advertising [3][5]. Summary by Sections Sale Listings - Multiple listings for "Louvre genuine" jewelry have been found on the Xianyu platform, including a crown priced at 999.9999 million yuan, with claims of being "9.9 new" and "urgent sale" [5]. - The highest price for the crown listed is 9999.99 million yuan, indicating a wide range of pricing for these items [5]. Authenticity Concerns - There is currently no confirmation that these items are genuine, and analysts suggest that until official verification is provided, it should be assumed that these listings may be misleading [7]. - A report to Xianyu regarding the "Louvre jewelry" sales resulted in a response from customer service indicating that the platform is monitoring such listings and encourages users to report suspicious items for further review [7].