智通财经APP获悉，万物新生(RERE.US)公布了2025年第三季度业绩。财报显示，该公司Q3营收为 7.233亿美元，同比增长27.1%，较市场预期高1185万美元;调整后每股收益为0.10美元，较市场预期高 0.02美元。消费品交易数量为1090万件，上年同期为910万件。展望未来，万物新生预计，第四季度营 收将在60.8亿元至61.8亿元人民币之间，即同比增长25.4%至27.4%。 ...

Core Insights - The second-hand consumption market in China is undergoing significant changes, with major players like Zhuanzhuan Group exiting the C2C business, indicating a defensive contraction in response to fierce competition [1][3] - The current market landscape is dominated by platforms like Xianyu, which benefits from Alibaba's ecosystem, and Aihuishou, which has recently gone public and reported its first quarterly profit [3][4] - Aihuishou's profitability is closely tied to government policies that encourage recycling and upgrading, leading to a temporary surge in consumer willingness to trade in old items [4] Company Developments - Zhuanzhuan Group announced the closure of its C2C business, marking the end of a decade-long operation, with a timeline for shutting down services from September to October [1] - Aihuishou's parent company, Wanwu Xingsheng, reported a record revenue of 4.99 billion yuan for Q2 2025, achieving its first quarterly profit since going public [3][4] Market Challenges - Aihuishou faces significant user complaints regarding valuation discrepancies, where initial high estimates are drastically reduced after physical inspections, leading to a loss of consumer trust [6][7] - The traditional second-hand platforms are challenged by social media platforms like Xiaohongshu, Douyin, and Kuaishou, which are changing consumer decision-making processes and creating new trading dynamics [9] Strategic Insights - The current model of online high estimates followed by offline price reductions may not be sustainable, as it risks alienating consumers who prefer more transparent pricing [11] - Aihuishou's heavy reliance on a standardized valuation and offline stores may limit its growth potential, while competitors are exploring new market segments and innovative approaches [13][15] - The industry is moving towards content-driven second-hand consumption, which may become the mainstream model, contrasting with Aihuishou's traditional approach [9][13] Future Considerations - The sustainability of relying on government subsidies for growth is questioned, as past experiences in other sectors suggest that this strategy may not be viable long-term [16][17] - Aihuishou is encouraged to focus on improving local recycling efficiency and ensuring accurate online valuations to enhance consumer trust and engagement [15]

Core Insights - The second-hand market in China has seen significant growth, with the transaction scale surpassing 1 trillion yuan in 2020 and expected to exceed 3 trillion yuan by 2025 [5][6] - Young consumers, particularly those aged 18 to 34, are driving the popularity of second-hand goods, with a notable 70% of users on a major platform falling within this age range [6][19] - The perception of second-hand shopping has shifted from a niche choice to a mainstream option, with a growing number of well-organized stores offering diverse product categories [5][8] Market Trends - The browsing volume for "second-hand" topics on social media has reached 680 million, indicating a high level of interest and engagement among consumers [6] - The demand for unique and scarce second-hand items is becoming a significant factor in purchasing decisions, alongside cost-effectiveness [8][10] - The trend of sustainability and recycling is influencing consumer behavior, with many young people viewing second-hand purchases as a smarter lifestyle choice [3][19] Consumer Behavior - Many young consumers, like Guan Yafei, are increasingly relying on second-hand markets for a significant portion of their household items, citing economic benefits and a desire for better quality at lower prices [3][5] - The appeal of second-hand luxury goods is growing, with consumers willing to spend substantial amounts on nearly new items, reflecting a shift in attitudes towards luxury consumption [8][12] - The experience of shopping in second-hand stores is often described as enjoyable and fulfilling, with consumers finding joy in discovering unique items with history [14][19] Business Operations - Second-hand stores are adapting to consumer preferences by enhancing their online presence and providing detailed product visuals to attract a broader customer base [19] - Some second-hand furniture stores are exploring new business models, such as offering customized interior design solutions using their inventory, to differentiate themselves in a competitive market [19] - The operational dynamics of second-hand furniture sales are characterized by slower turnover rates, necessitating careful pricing strategies to maintain profitability [19]

Core Insights - The second-hand goods market in China has surpassed 1 trillion yuan in 2020 and is projected to exceed 3 trillion yuan by 2025, indicating significant growth potential in this sector [5][6]. - The popularity of second-hand items among young consumers is driven by economic benefits, with many perceiving it as a smarter lifestyle choice [3][8]. - A large portion of users on second-hand platforms are young adults aged 18 to 34, with 40% being between 18 and 24 years old, highlighting the demographic trend towards second-hand consumption [6][18]. Market Trends - The second-hand market has transitioned from a niche option to a mainstream choice, with more organized and diverse second-hand stores emerging [5][20]. - The browsing volume for "second-hand" topics on social media has reached 680 million, with discussions totaling 8.618 million, showcasing the growing interest and engagement in this market [6][8]. - Young consumers are increasingly valuing the uniqueness and scarcity of second-hand items, alongside their cost-effectiveness [8][10]. Consumer Behavior - Many young individuals, like Guan Yafei, have integrated second-hand items into their daily lives, with a significant portion of their possessions sourced from second-hand markets [3][5]. - The trend of purchasing second-hand goods is not only about saving money but also about achieving a better quality of life at lower costs, as expressed by consumers [3][20]. - The second-hand market is also seen as a sustainable option, with consumers appreciating the recycling aspect of buying used goods [10][20]. Business Operations - A major second-hand trading platform has reported over 400 million registered users, indicating a robust user base [5][6]. - Second-hand furniture stores are exploring new operational models, such as customizing interior design solutions using second-hand items, to attract a broader customer base [20]. - The market for second-hand luxury goods is expanding, with young consumers willing to spend on high-quality items at reduced prices [8][12].

Core Viewpoint - The partnership between Zhu Zhu and Zhuanzhu Group aims to promote a new trend in second-hand consumption, enhancing brand awareness and accelerating the implementation of the "Hundred Categories, Thousand Products" strategy [1][3]. Group 1: Brand Collaboration - Zhu Zhu has been appointed as the brand ambassador for Zhuanzhu Group, aligning her public image of elegance, wisdom, and responsibility with the company's mission of sustainable resource circulation [2]. - Zhu Zhu advocates for low-carbon living and frequently shares creative ideas for repurposing second-hand items on her social media, establishing a strong ideological connection with Zhuanzhu's principles [2]. Group 2: Market Growth and Strategy - The second-hand consumption market is experiencing rapid growth due to the promotion of "dual carbon" goals and evolving consumer attitudes [3]. - Zhuanzhu Group has developed a marketplace ecosystem covering over a hundred categories, including second-hand mobile phones, 3C digital products, bags, watches, outdoor sports equipment, books, musical instruments, games, and photography equipment [2][3]. Group 3: Trust System and Quality Assurance - Zhuanzhu Group is focused on building a trust system for second-hand transactions, addressing key trust issues to ensure safe and efficient circulation [4]. - The company has established a proprietary quality inspection system, with nearly ten years of experience and over 200 patented technologies, enhancing its multi-category quality inspection capabilities [4]. - Zhuanzhu Group operates three quality inspection centers in Shenzhen, Chengdu, and Qingdao, employing over 2,000 quality inspectors and luxury goods appraisers to ensure thorough inspections of various product categories [4].

Group 1 - The core viewpoint of the articles is that Zhu Zhu has been appointed as the brand ambassador for Zhuanzhuan Group, aiming to promote a new trend in second-hand consumption under the "Hundred Categories and Thousand Products" strategy [1][2] - Zhuanzhuan Group's CEO Huang Wei emphasized that Zhu Zhu's public image aligns with the company's mission of sustainability, as she advocates for environmental consciousness [1] - Zhu Zhu expressed her support for circular consumption, stating that good items deserve multiple lives, which resonates with Zhuanzhuan's corporate philosophy [1] Group 2 - The collaboration with Zhu Zhu is expected to enhance the implementation of the "Hundred Categories and Thousand Products" strategy, attracting more young users and female consumers to second-hand trading [2] - The partnership aims to break traditional perceptions of idle goods, accelerating the circulation and reuse of quality idle resources [2] - Zhuanzhuan Group has established a marketplace ecosystem covering over a hundred categories, including second-hand mobile phones, 3C digital products, bags, watches, outdoor sports, books, musical instruments, games, and photography equipment [1]