Core Insights - The opening of "Super Turn" marks a significant step in the second-hand luxury goods market, showcasing a multi-category approach to second-hand retail [1][3] - The store features a wide range of nearly 30,000 second-hand items across over 200 categories, emphasizing a shift from traditional luxury retail experiences to a more casual and exploratory shopping environment [2][4] - The strategy reflects a broader industry trend where second-hand e-commerce platforms are increasingly integrating offline experiences to build consumer trust [3][12] Company Strategy - "Super Turn" is the first major project following the acquisition of the second-hand luxury brand Hongbulin, indicating a strategic shift towards a multi-category retail model [3][6] - The store's design and product offerings aim to challenge consumer perceptions by excluding mobile phones, which were previously a core product for the company, to promote a broader understanding of second-hand goods [8][12] - The company is focused on creating a "trust delivery" model that integrates online and offline sales, enhancing consumer confidence in second-hand purchases [13][15] Market Positioning - The launch of "Super Turn" comes at a time when competitors like Xianyu are also expanding their offline presence, but "Super Turn" distinguishes itself with its large-scale, multi-category format [3][17] - The company aims to position itself as the go-to choice for high-value second-hand goods, contrasting with competitors that focus on fragmented transactions [17] - The initial success of the store has exceeded expectations, with a significant portion of foot traffic generated through organic word-of-mouth rather than formal advertising [12][13] Operational Insights - The store operates under a "trial operation + word-of-mouth" strategy, with a focus on refining the business model before expanding to additional locations [12][17] - The company has reported a significantly lower return rate in-store compared to online, indicating that the physical shopping experience enhances consumer decision-making [15] - The management acknowledges the need for continuous improvement in product selection and store offerings to better meet consumer preferences [12][13]

Core Viewpoint - The launch of the "Super Turn" second-hand store in Beijing marks a significant transformation for the company, aiming to enhance consumer trust and broaden the perception of second-hand goods beyond just mobile phones to a diverse range of categories [1][5][9] Group 1: Store Launch and Concept - The "Super Turn" store features 30,000 officially inspected second-hand items across over 200 categories, including luxury goods, gaming devices, and photography equipment, in a 3,000 square meter space [1][5] - The store's design emphasizes a hands-on experience, allowing consumers to physically interact with products, which is seen as more effective than viewing items online [4][5] Group 2: Strategic Transformation - The transition to "Super Turn" began with a strategic investment of $100 million in the second-hand luxury goods platform Hongbulin in November 2022, culminating in a full acquisition in early 2024 [5][7] - This integration provides a mature luxury goods supply chain and authentication capabilities, essential for the company's strategy to diversify its product offerings [5][7] Group 3: Market Potential and Operations - The domestic luxury goods market is valued at 4 trillion yuan, with only 5% of transactions occurring in the second-hand market, significantly lower than the 20%-30% seen in developed countries [7] - The operational model combines online and offline inventory, allowing real-time synchronization between a million online verified products and 30,000 in-store items, enhancing customer engagement [7] Group 4: Challenges and Future Directions - The company faces challenges in inventory management and brand perception, needing to convince consumers that it can reliably offer luxury items despite its origins in mobile phone sales [8] - Cost control is a significant concern, as the store is located in a historical area rather than a high-end shopping district, focusing on product quality and pricing rather than luxury decor [8] - The company is still exploring profitable business models for the physical store, acknowledging that the costs associated with offline operations are higher than online [8]