二手经济龙头，飞轮驱动高增 万物新生（RERE.US）首次覆盖报告 本报告导读： 二手交易平台仍处快速成长期，万物新生在优质供给获取和定价权方面竞争优势明 显，且通过渠道和品牌能力正探索品类拓展与稳步推进业务国际化。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 12,966 | 16,328 | 20,913 | 26,149 | 32,253 | | (+/-)% | 31.4% | 25.9% | 28.1% | 25.0% | 23.3% | | 经调整营业利润 | 252 | 410 | 517 | 803 | 1,197 | | 经调整营业利润率（%） | 1.9% | 2.5% | 2.5% | 3.1% | 3.7% | | 经调整净利润 | 225 | 314 | 401 | 682 | 1,028 | | (+/-)% | 342.9% | 39.5% | 27.7% | 70.1% | 50.8% | | 经调整净利 ...

以下文章来源于派代 ，作者知秋 派代 . 派代深耕电商行业18年，是一家关注电商和消费增长的自媒体，为创业者提供有增长的渠道、新玩法等 信息。商务合作加v：18027262980 作者：知秋 来源：派代 直播间里违规销售"二手翻新衣"的商家，正迎来平台的集中封杀 。 ------------------------------- 12月21日，央视曝光了一条旧衣回收产业链的黑幕：大量来自社区回收箱、甚至垃圾站的二手衣 物，在未经清洗消毒的情况下，被简单分拣、翻新，伪装成"外贸尾货""工厂清仓"等名义，通过电 商直播间重新流入市场。 该调查迅速引发舆论震动，相关话题登上微博热搜榜， 阅读量超4000万，270余家媒体跟进报 道。 "旧衣翻新""直播洗白"等讨论持续发酵，不仅动摇消费者对直播电商的信任，更挤压了合规中小商 家的生存空间，加剧了行业"劣币驱逐良币"的风险。 01 直播销售"翻新衣"曝光 当电商直播间里充斥着"微瑕孤品"、"工厂尾货"时，一套系统化的旧衣翻新产业链早已悄然运转。 央视调查揭示，这些被重新包装售卖的衣物，大多直接源于社区回收箱与垃圾站，普遍存在泛黄、 褶皱、污渍等明显使用痕迹。 其价格低 ...

新华社北京12月25日电旧商品带动新消费，二手商品流通已成为万亿级大市场。 2024年12月，商务部等5部门印发关于组织开展二手商品流通试点工作的通知，此后，10个城市、28家 企业成为全国首批试点单位。试点启动满一年，记者近日走访重庆、湖北、江苏等多地，探寻"二手经 济"的新变化。 二手商品流通试点成效初显 冬深岁晚，重庆市两江新区董家溪跳蚤市场内暖意融融。店主张秋玲感受到了市场变化，"来消费的年 轻人逐年增多，近年来还有不少国外游客"。今年4月，该市场管理方入选二手商品流通试点企业，市场 发展进一步活跃，单日最高人流量超2万人次。 在江苏省南京市熙南里街区闲鱼循环商店，市民王女士正带着8岁女儿漫步"淘宝"。在她看来，这里 是"第二课堂"，能培养孩子绿色消费观念。据了解，该商店2025年初开业以来，月均寄卖量达到5000 件，其中70%可在当月售出。 转自：北京日报客户端 重庆董家 溪跳蚤市场的周末集市上，不少年轻人专程赶来"淘宝"。新华社记者 李晓婷 摄 近年来，我国二手商品市场规模持续扩大。商务部最新发布的数据显示，2024年我国二手商品交易额达 1.69万亿元，同比增长28%，近6年平均复合增长率达1 ...

新华财经北京12月25日电 （记者李杰、张璇、李晓婷）旧商品带动新消费，二手商品流通已成为万亿 级大市场。 2024年12月，商务部等5部门印发关于组织开展二手商品流通试点工作的通知，此后，10个城市、28家 企业成为全国首批试点单位。试点启动满一年，记者近日走访重庆、湖北、江苏等多地，探寻"二手经 济"的新变化。 在江苏省南京市熙南里街区闲鱼循环商店，市民王女士正带着8岁女儿漫步"淘宝"。在她看来，这里 是"第二课堂"，能培养孩子绿色消费观念。据了解，该商店2025年初开业以来，月均寄卖量达到5000 件，其中70%可在当月售出。 近年来，我国二手商品市场规模持续扩大。商务部最新发布的数据显示，2024年我国二手商品交易额达 1.69万亿元，同比增长28%，近6年平均复合增长率达12%。 二手商品流通试点成效初显 冬深岁晚，重庆市两江新区董家溪跳蚤市场内暖意融融。店主张秋玲感受到了市场变化，"来消费的年 轻人逐年增多，近年来还有不少国外游客"。今年4月，该市场管理方入选二手商品流通试点企业，市场 发展进一步活跃，单日最高人流量超2万人次。 按照通知要求，一些试点城市按照"因地制宜、各有侧重"的原则，结合人民 ...

Core Insights - The second-hand goods market in China has become a trillion-yuan industry, with the Ministry of Commerce launching pilot programs in 10 cities and 28 enterprises to promote second-hand goods circulation [1][3]. Group 1: Market Growth and Trends - The second-hand goods market in China reached a transaction volume of 1.69 trillion yuan in 2024, marking a 28% year-on-year increase and a compound annual growth rate of 12% over the past six years [3]. - Pilot cities are focusing on second-hand items such as mobile phones, clothing, and furniture, with initial positive outcomes observed [3]. - The Wuhan market for second-hand kitchen equipment is expected to exceed 100 million yuan in sales, while a new second-hand car market has become the largest in Central China [3]. Group 2: Consumer Behavior and Demographics - The consumer demographic for second-hand goods is diverse, with a notable increase in young consumers and even international visitors at markets [2][4]. - The average monthly consignment volume at a second-hand store in Nanjing has reached 5,000 items, with 70% sold within the same month [2]. - The age range of consumers spans from middle-aged individuals focusing on home goods to younger consumers interested in collectibles and digital products [7]. Group 3: Innovations and Future Directions - The second-hand market is experiencing innovative transformations, with new business models such as rental, auction, and after-sales buyback being developed [11]. - Technologies like AI, big data, and cloud computing are being integrated into the second-hand goods sector, with AI-driven transactions exceeding 10 billion yuan [11]. - The industry is moving towards a more regulated and quality-focused phase, supported by government policies and standards [10][11].

Core Insights - The second-hand economy has emerged as a trillion-yuan market, driven by the circulation of used goods and new consumption patterns [1][4] - The Ministry of Commerce and other departments initiated pilot programs for second-hand goods circulation in 2024, with 10 cities and 28 enterprises participating [1][4] Market Growth - The second-hand goods market in China reached a transaction volume of 1.69 trillion yuan in 2024, marking a 28% year-on-year increase, with a six-year average compound growth rate of 12% [4][5] - Pilot cities are focusing on second-hand mobile phones, clothing, and furniture, adapting to local consumer needs [4][5] Consumer Trends - The demographic of consumers is broad, with both young and older individuals participating in the market, showing varied preferences for different product categories [8][10] - The market is witnessing a shift from mere practicality to a new consumption model that integrates green, personalized, and intelligent aspects [11] Innovations and New Business Models - The second-hand market is experiencing significant innovation, with new business models such as rental, auction, and after-sales buyback emerging [12][13] - Technologies like AI, big data, and cloud computing are being integrated into the second-hand goods circulation, enhancing transaction efficiency and consumer experience [12][13] Regulatory and Structural Developments - The Ministry of Commerce is working on establishing a robust policy framework and industry standards to support the growth of the second-hand economy [5][12] - Efforts are being made to create a transparent and trustworthy trading environment, addressing issues like online transaction irregularities and trust costs [12][13]

Core Insights - Xiaohongshu is testing a new feature called "Quick Sale" that allows users to sell personal items directly within their notes, simplifying the selling process compared to previous methods [1][3][4] - The introduction of this feature indicates Xiaohongshu's strategic move to enter the second-hand market, competing with established platforms like Xianyu [3][24] - The second-hand market is experiencing significant growth, with projections indicating a transaction scale of 645 billion yuan in 2024, reflecting a 17.56% year-on-year increase [41][44] Group 1: Xiaohongshu's New Feature - The "Quick Sale" feature allows users to list items for sale directly in their notes without the need for a complicated store setup or deposit [1][4][7] - Users can set item details such as name, price, quantity, delivery method, and shipping costs, streamlining the selling process [7][12] - The platform charges a 0.6% service fee per transaction, similar to Xianyu's model [12] Group 2: Market Dynamics - Xiaohongshu's entry into the second-hand market is seen as a strategic move to target areas where Xianyu is less dominant, particularly in content-driven e-commerce [24][48] - The second-hand market is projected to grow significantly, with user numbers increasing from 252 million in 2020 to 660 million [41][44] - Xianyu is also evolving, introducing community features and charging transaction fees, indicating a shift in its operational model [25][39] Group 3: Competitive Landscape - Xiaohongshu's unique community-driven approach may allow it to thrive in niche markets, focusing on higher-value items like designer bags and limited-edition products [48][49] - Xianyu remains the dominant player in broader categories like electronics and household goods, maintaining its competitive edge [48][49] - The market may see a diversification where Xiaohongshu, Xianyu, and other platforms like Zhuanzhuan cater to different segments of the second-hand economy [49]

Core Insights - Xiaohongshu is expanding into the second-hand e-commerce market with a new feature called "Quick Sale" that allows users to sell idle items directly through the platform [1][3][5] - The platform aims to retain transactions within its ecosystem, moving away from merely being an information hub for second-hand goods [3][5][9] Group 1: Market Opportunity - The second-hand e-commerce market in China is projected to reach a transaction scale of 645.02 billion yuan in 2024, with a year-on-year growth of 17.56% [5] - The user base for second-hand e-commerce has grown from 252 million in 2020 to 660 million in 2024, indicating a significant market opportunity [5][12] Group 2: Competitive Landscape - Xiaohongshu's entry into the second-hand market comes as a response to competitors like Xianyu, which has seen increased user engagement and transaction volume [9][10] - The closure of the personal goods publishing feature by another competitor, Zhuanzhuan, opens up a space for Xiaohongshu to capture market share [9] Group 3: User Engagement and Functionality - The "Quick Sale" feature lowers the barrier for users to sell items, allowing them to list products without the need for a formal store setup [3][5] - Despite the new feature, there are challenges in user experience, such as limitations in displaying multiple products and delays in transaction confirmations [6][12] Group 4: Community and Commercialization Balance - Xiaohongshu is navigating the challenge of balancing community engagement with commercialization, as it seeks to monetize its platform while maintaining a positive user experience [12][13] - The platform's community-driven nature may face risks if professional sellers dominate, potentially disrupting the existing user ecosystem [13]

Core Insights - The article highlights eight sectors that are thriving despite the economic downturn, suggesting that wealth opportunities can be found in unexpected areas. Group 1: Second-Hand Economy - The second-hand economy is rapidly growing, with sales of items like light bottles reaching 150 billion yuan. Some individuals are successfully refurbishing old furniture and selling it at a 30% premium, while others are specializing in cleaning and reselling baby and digital products at an 80% markup [1]. Group 2: Emotional Value and Affordable Entertainment - Under pressure, consumers are willing to spend on affordable entertainment, with the 2025 Spring Festival box office expected to reach 7 billion yuan. The game "Black Myth: Wukong" sold 4.5 million copies in three months, generating over 1.5 billion yuan in revenue. Short dramas and gaming services are also seeing increased demand [3]. Group 3: Value of Affordable Consumption - The trend of affordable consumption is on the rise, with sales of low-cost food items like pickled vegetables and instant noodles soaring, and pickled vegetables seeing a price increase of 40%. Community group buying has surpassed 30 million daily orders, and discount snack stores are proliferating, with brands like Haitegou reporting annual revenue growth of 200% [5]. Group 4: Skills Exchange and Vocational Education - In tough economic times, there is a growing demand for skill enhancement, with orders for courses in Python programming and CAD design increasing by 230%. A former delivery worker has successfully launched a course on optimizing delivery routes, selling over 5,000 units at 298 yuan each [7]. Group 5: Silver Economy - The silver economy is emerging as a significant market, with over 300 million people aged 60 and above in China. New professions such as bathing assistants and elderly capability assessors are developing, with service fees ranging from 200 to 800 yuan per session [5]. Group 6: Repair Services - The demand for repair services has surged during the economic downturn, with a growth rate of up to 82%. High-margin repair projects, such as mobile phone screen repairs, can yield profit margins exceeding 60% [8]. Group 7: Domestic Substitution - The trend of domestic substitution is becoming essential, with companies like SMIC increasing production capacity and WPS software gaining 500 million users, growing at 30% annually. There are opportunities for service providers to teach users about domestic software [10]. Group 8: Green Economy - The green economy is witnessing new opportunities under the dual carbon goals, with significant growth in sectors like photovoltaics and energy storage. The number of buyers for new energy charging piles has increased by 2.5 times, with transaction volumes rising by 184% [13].

Group 1: Market Overview - Amazon's second-hand sales in the UK and Europe are projected to exceed €2 billion in 2024, with over 740 million items circulating in the European second-hand market [2] - The European second-hand e-commerce market has reached €21.6 billion, with over two-thirds of consumers having purchased second-hand goods, expected to grow to €23.8 billion by the end of 2025 [2] - Germany shows the highest willingness to purchase second-hand goods, with a transaction volume of €6.5 billion in the past year, while the UK's online second-hand market reached £4.3 billion [2] Group 2: Development Stages - The development of the European second-hand e-commerce platform can be divided into three phases: the inception around 2010, expansion from 2015 to 2020, and peak growth from 2021 to 2024 [3] - The first phase saw the emergence of key platforms like Vinted, Vestiaire Collective, and Depop, focusing on fashion, luxury goods, and vintage clothing [4][5][6] - The second phase was characterized by the expansion of established platforms and the rise of new entrants, with significant financing activity [9][10] Group 3: Key Players - Vinted, founded in 2008, has become a leading platform with a valuation of €5 billion in 2024, achieving a GMV of $12.5 billion and over 65 million registered users [15][18] - Vestiaire Collective, established in 2009, has a valuation of €1.1 billion as of 2023 and has expanded into multiple markets [16][18] - Depop, launched in 2011, was acquired by Etsy for $1.63 billion in 2021 and has over 35 million users [16][18] Group 4: Market Trends - The second-hand clothing market in Europe is projected to grow from approximately $17.425 billion in 2023 to $43.12 billion by 2032, with a CAGR of 10.52% [14] - The second-hand electronics market is also expanding, with platforms like Back Market and Swappie gaining traction [17][18] - Major players like Amazon, eBay, and TikTok Shop are increasingly entering the second-hand market, indicating a competitive landscape [24][25][26] Group 5: Amazon's Strategy - Amazon has launched initiatives like Amazon Warehouse and Amazon Renewed to facilitate the sale of second-hand goods, with sales in the UK exceeding 4 million items in 2022 [19][22] - In 2024, Amazon's second-hand sales in Europe and the UK surpassed €2 billion, reflecting a growing demand for refurbished and second-hand products [23] - Amazon's entry into the second-hand car market is planned for 2025, further diversifying its offerings [21]