你能想象吗？一颗直径不到4毫米的小钢球，竟然能难倒一家年产值几亿的轴承厂。 前段时间，我和得到AI学习圈的同学，也是北京凡钢科技的创始人卢无为沟通时，他跟我分享了这么一个案例：他们用AI帮一家山东轴承公司解决了困 扰多年的钢球质检难题。当我听到背后的具体细节后，发现这个案例特别有意思。 一、一颗小钢球的质检难题 你可能想不到，就是这么一颗不起眼的小钢球，撑起了多少设备的正常运转。你家里的窗帘滑轨、橱柜滑轮、洗衣机滚筒里，其实都有它的身影。在工业 领域，钢球更是轴承里的核心零件，广泛应用在电动汽车、人形机器人等热门产业里。可以说，没有高质量的钢球，就没有可靠的设备。 但就是这么一颗看似简单的小钢球，对它做质检的难度和挑战很大。 卢同学告诉我，他们检测的钢球直径最小只有3.969毫米，而钢球表面的缺陷往往是微米级的——擦伤、划伤、裂纹、凹坑、杂质，这些缺陷用肉眼根本 看不清楚。 人工显微镜下看到的钢球 传统的质检方式是人工抽检，比如一批次生产十几万颗钢球，然后按10%左右的比例进行抽检。这个抽检还不是机器直接识别，是通过经验丰富的老师傅 借助检测仪来做。 这种检查方式的局限性，我不说你都能想到。 一是效率低得要命 ...

Core Viewpoint - Shenzhen Flashback Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, focusing on the second-hand mobile phone recycling market, where it holds a 1.3% market share, ranking third in China [2][6]. Company Overview - Flashback Technology operates a closed-loop platform model involving upstream brand partners, its own recycling and refurbishment processes, and downstream wholesale sales [2]. - The company's revenue primarily comes from the price difference of second-hand devices, with a heavy reliance on mobile phone categories [2]. Financial Performance - Revenue has grown from 750 million yuan in 2021 to 1.297 billion yuan in 2024, with a 40.33% year-on-year increase in the first half of 2025 [4]. - Despite revenue growth, the company has faced continuous net losses over four years, totaling over 300 million yuan, with losses of 48.71 million yuan, 99.08 million yuan, 98.27 million yuan, and 66.44 million yuan from 2021 to 2024, and 24.63 million yuan in the first half of 2025 [4][5]. - Sales costs have risen significantly, from 688 million yuan in 2021 to 1.235 billion yuan in 2024, accounting for over 90% of revenue, primarily due to the cost of procuring second-hand electronic products [4]. Cash Flow and Dependency - Operating cash flow has been negative from 2021 to 2024, with a cumulative outflow of 116 million yuan, relying on external financing [5]. - The company has a strong dependency on Xiaomi, both in terms of financing and business operations, which poses risks if Xiaomi alters its strategy [4][6]. Market Context - The second-hand mobile phone recycling market in China is projected to grow from 192.9 billion yuan in 2024 to 360 billion yuan by 2028, with a compound annual growth rate exceeding 16% [6]. - Despite being the third-largest player, Flashback Technology's market share is only 1.3%, significantly lower than the leading competitor [6]. Strategic Challenges - The company plans to use the funds from its listing to strengthen its supply chain and upgrade its AI quality inspection platform, but there are concerns that this may be more of a "lifeline" than a genuine strategic upgrade [7]. - The sustainability of its profit model is questioned, as it heavily relies on the price difference of second-hand mobile phones, with low gross margins [7]. - Brand reputation and trust risks are significant, as issues related to data privacy and after-sales service could severely impact the company's image [7].

Core Viewpoint - Shenzhen Flashback Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, focusing on the second-hand mobile phone recycling market, where it ranks as the third largest player in China with a market share of approximately 1.3% [2][10]. Company Overview - Flashback Technology operates a closed-loop platform model involving upstream brand partners, its own recycling and refurbishment processes, and downstream wholesale sales [2]. - The company's primary revenue comes from the price difference of second-hand devices, with a heavy reliance on mobile phone categories [2]. Financial Performance - Despite being in a rapidly growing market, Flashback Technology has struggled with profitability, showing continuous net losses from 2021 to 2025, with cumulative losses exceeding 300 million yuan [8][9]. - Revenue increased from 750 million yuan in 2021 to 1.297 billion yuan in 2024, but the gross profit margin remained low at 4.8% in 2024, significantly below industry averages [8][10]. - Sales costs rose from 688 million yuan in 2021 to 1.235 billion yuan in 2024, accounting for over 90% of revenue, primarily due to the high costs of procuring second-hand electronic products [8][9]. Market Position and Competition - The second-hand mobile phone recycling market in China is projected to grow from 192.9 billion yuan in 2024 to 360 billion yuan by 2028, with a compound annual growth rate exceeding 16% [10]. - Flashback Technology's market share is limited, with the top two companies holding only 15.3% of the market, and its transaction volume is less than one-sixth of the leading competitor [10]. - Competitors are building barriers to entry, with established players diversifying their services, while Flashback Technology's business model remains overly dependent on B2B partnerships and the Xiaomi ecosystem [10][11]. Strategic Challenges - The company plans to use the funds from its listing to strengthen its supply chain, upgrade its AI quality inspection platform, and repay some debts, but there are concerns that this may be more of a "lifeline" than a genuine strategic upgrade [11]. - The sustainability of its profit model is questioned, as it relies heavily on the price difference of second-hand mobile phones, with limited long-term profitability prospects [11]. - Brand reputation and trust risks are significant, as issues related to data privacy and after-sales service could severely impact the company's image [11].