出品|搜狐财经 作者|刘相君 第三次递表港交所的闪回科技，正与时间赛跑。 近日，闪回科技有限公司（以下简称"闪回科技"）再次向港交所递交主板上市申请，清科资本为其独家 保荐人 这已是这家专注于二手手机回收的公司第三次冲击港股上市——此前，它曾于2024年2月和9月分别递 表，但均告失效。与以往不同的是，闪回科技此次上市申请带着极强的紧迫感:公司必须在 2025年12月31 日前成功上市，否则将面临近8亿元的股份赎回压力。 市场份额仅1.3%，行业头部企业碾压 闪回科技是一家从事提供消费电子产品回收服务的公司，专注于二手手机，公司致力于提供一体化的综 合解决方案，从以旧换新的方式启动回收并促成新机的销售，对采购的二手手机进行标准化转售。 闪回科技自2016年成立以来，建立了"闪回收"和"闪回有品"两个核心品牌。 "闪回收"的个人消费者（即最终供应商）通过将其二手消费电子产品进行以旧换新作为付款的一部分， 以折价购买新消费电子产品，并通过在线平台"闪回有品"以及在多个第三方电子商务平台上运营的自有 网店，对二手消费电子产品进行转售。 值得一提的是，虽然闪回科技市场排名第三，但与行业排名第一、第二的公司相比，仍存在 ...

Core Viewpoint - The company, Flashback Technology Limited, is attempting to go public for the third time in Hong Kong, hoping to capitalize on the current hot IPO market after two previous failed attempts [3]. Group 1: Business Overview - Flashback primarily engages in the recycling of second-hand consumer electronics, focusing mainly on mobile phones. The company operates a "Flashback Recycling" system through partner retail stores and online platforms for trade-ins [3]. - Recycled products are tested, graded, repaired, and priced before being sold on the "Flashback Premium" platform or various third-party e-commerce platforms [3]. Group 2: Financial Performance - The company has seen a steady increase in revenue over the past four years, rising from 750 million yuan in 2021 to 1.297 billion yuan last year, with revenue reaching 809 million yuan in the first half of this year, a 40% year-on-year increase [6]. - Despite revenue growth, the company has consistently reported losses, with losses of 48.7 million yuan, 99.08 million yuan, 98.27 million yuan, and 65.87 million yuan over the past four years. In the first half of this year, the loss narrowed to 24.81 million yuan [6]. Group 3: Profitability Challenges - The low gross margin is a significant reason for the ongoing losses, with the gross margin from product sales never exceeding 8% over the past four years. It peaked at 7.5% in 2021 but fell to 4.4% last year, recovering to 6% in the first half of this year, which remains low [7]. - The company ranks third in the mobile phone recycling market in China, with a market share of only 1.3%, significantly trailing behind the top two competitors, which hold market shares of 7.9% and 7.4% respectively [7]. Group 4: Debt and Cash Flow Issues - The company's net debt has increased from 235 million yuan in 2021 to 688 million yuan last year, reaching 713 million yuan in the first half of this year, marking a 200% increase in just four and a half years [8]. - Operating cash flow has been disappointing, with negative cash flows recorded in previous years, although a positive cash flow of 43.7 million yuan was reported in the first half of this year [8].