Core Viewpoint - The company, Flashback Technology, has submitted its main board listing application again after two previous unsuccessful attempts in 2024, indicating ongoing efforts to secure funding and expand its operations in the mobile phone recycling industry [1]. Company Overview - Flashback Technology was established in 2016 and focuses on providing integrated solutions for mobile phone recycling and resale, leveraging proprietary technology and strategic partnerships [4]. - The company is the third-largest mobile phone recycling service provider in China, with a market share of approximately 1.3% for both the total transaction value of recycled and sold second-hand mobile phones in 2024 [4]. Financial Performance - From 2021 to 2024, the company's revenue increased from 919.1 million RMB to 1.297 billion RMB, representing a compound annual growth rate (CAGR) of 20%. In the first half of 2025, revenue reached 809 million RMB, showing a year-on-year growth rate of 40.3% [5]. - Despite revenue growth, the company has faced significant losses, totaling 337 million RMB over four and a half years, with losses of 48.7 million RMB, 99.1 million RMB, 98.3 million RMB, and 66.4 million RMB recorded in the respective years [6][7]. Cost Structure - The company's sales costs have risen sharply, from 688.3 million RMB in 2021 to 1.235 billion RMB in 2024, nearly doubling during this period. This has resulted in a gross profit margin decline from 8.2% in 2021 to 4.8% in 2024 [7][8]. - The primary reasons for the increasing sales costs include procurement costs for second-hand products, promotional service fees, and logistics costs [7]. Dependency on Suppliers - Flashback Technology relies heavily on upstream procurement partners for a stable supply of second-hand electronic products, which poses a risk to its business operations if relationships with these partners deteriorate [10]. - The company has recorded increasing current liabilities, which rose from 237 million RMB in 2021 to 722 million RMB in 2024, primarily due to an increase in redemption liabilities [10].