纵览近年实践，"统筹"二字成为发展的题眼。"世界超市"义乌，既开拓海外新兴市场，又推动"出口转 内销"，统筹出坚韧的"双循环"；具身智能、DeepSeek等产品上新，数智化、绿色化等转型潮涌，创新 链、产业链相融合，统筹出经济质量的提升；海南自贸港全岛封关运作，高质量共建"一带一路"走深走 实，统筹"两个大局"扩大高水平对外开放，传递出更多确定性。 从个人的闲置换新到万亿级市场的蓬勃生长，闲置物品的循环促进"增值"既是消费观念转变的体现，也 是质量变革、效率变革、动力变革的缩影。这些"变"都是高质量发展的驱动因子。以新发展理念为引 领，善于识变、勇于应变、敢于求变，就能不断催生出更多推动高质量发展的新增量。 据《人民日报》 价值"增值"。一件九成新的家电，若被弃置便会"无用"，若经二手买卖，便会继续投入使用；一款绝版 潮玩，在辗转的交易中，不仅实现价值流通，还为爱好者增添情绪价值；一个屏幕损坏、主板完好的手 机，经历闲置流转平台修理之后，可能成为技术"发烧友"的研究对象……从评估维修到物流仓储，闲置 物品的流转链是一条延展的价值链，拓宽了市场的成长空间。 效益"增值"。比如某企业打通线上、线下，集合各种二手商 ...

转转集团在深圳建成了4500平方米智能质检中心，日最高可处理1.7万件商品。2025年3月，其深圳新总 部落地福田，并与福田区达成战略合作。 作为全国二手商品流通试点城市，深圳循环经济提速 深圳商报记者 肖晗 从闲鱼华南首家循环商店8月落地梅林，到岁末全国首家城市旗舰店进驻，闲鱼对于深圳线下市场的重 视可见一斑。平台更明确表示，将以现有旗舰店为标杆，后续在南山等核心区域布局更多门店，推动绿 色循环消费理念渗透城市生活。 2025年4月，商务部等四部门正式公布全国首批二手商品流通试点城市和企业名单，深圳为广东省唯一 入选城市。在引领中国循环经济发展的进程中，深圳从政策叠加赋能到制度创新再到标准体系建设，产 业蓬勃发展，龙头企业在此重点布局，模式创新在这里变成现实。 在华强北中国二手电子交易中心，二手3C交易平台拍机堂全国首家线下形象店在2025年3月揭幕。数据 显示，拍机堂平台注册商户超85.5万，年交易规模突破200亿元，共同推动深圳向循环经济枢纽转型。 深圳循环经济领头企业间的战略合作，更形成了强大的协同效应。中国资源循环集团电子电器公司在深 圳揭牌成立后，与转转集团等循环经济头部企业达成战略合作。中国二手 ...

2025年4月，商务部等四部门正式公布全国首批二手商品流通试点城市和企业名单，深圳为广东省唯一 入选城市。在引领中国循环经济发展的进程中，深圳从政策叠加赋能到制度创新再到标准体系建设，产 业蓬勃发展，龙头企业在此重点布局，模式创新在这里变成现实。 "数据显示，城市闲置二手电商交易额每增加1%，社会消费品零售总额增加0.1%。"中国社科院财经战 略研究院研究员李勇坚表示，线上线下联动的循环经济新模式，对促进本地消费也具有很强的作用。许 多二手商品具有独特性、唯一性，二手交易平台在线下设置网点，不仅对解决二手闲置交易的非标准化 等问题具有重要意义，还有助于推动更多消费者基于自身兴趣到线下来逛循环商店，将循环商店打造成 为新的消费场景。 转转集团在深圳建成了4500平方米智能质检中心，日最高可处理1.7万件商品。2025年3月，其深圳新总 部落地福田，并与福田区达成战略合作。 （文章来源：深圳商报） 在华强北中国二手电子交易中心，二手3C交易平台拍机堂全国首家线下形象店在2025年3月揭幕。数据 显示，拍机堂平台注册商户超85.5万，年交易规模突破200亿元，共同推动深圳向循环经济枢纽转型。 从闲鱼华南首家循环商店 ...

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 ...

股票研究 /[Table_Date] 2026.01.03 二手经济龙头，飞轮驱动高增 万物新生(RERE.N) 万物新生（RERE.N）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | [当前价格 Table_CurPrice] (美元)： | 5.30 | 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 | | --- | --- | --- | --- ...

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].

来源：子弹财经 上个月，大二学生小林用自己兼职赚的钱买了手机、平板、笔记本"三件套"。她是趁着"双十一"入手的，只不过，不是在某东、某猫上买的，而是在转转 上买的二手。她说，比新的省了四千多块钱，感觉很值。 让她下定决心的是转转承诺的"官方验"。 "自己现在没有收入，买二手很划算，而且有平台提供的质检担保、七天无理由退货等服务，买起来也很放心。"像小林这样的年轻人，正在创造由二手商 品引领的新消费。 今年12月2日，转转迎来十周年。十年间，这家公司做了许多事，但在黄炜看来，都是围绕信任这一件事。一件事，做十年，究竟给这家公司和行业带来 何种改变？ 1 无信任 不生意 信任之于商业，如同健康之于人，没有前面的1，后面再多的0都没用。尤其是二手行业。 二手行业是典型的柠檬市场。这是经济学家乔治·阿克尔罗夫提出的理论，核心是因质量不确定，买方仅愿支付平均价格，进而导致高质量商品退出市 场，形成劣质品主导的市场低效。他举例二手车市场，论证卖方隐藏质量信息，导致买方压价，从而引发市场萎缩。 破解柠檬市场的困境的关键在于解决信任，实现质量的确定性。具体到二手行业，商品折旧程度，是否有功能缺陷，如何精准描述等等，都涉及到质 ...

Group 1: Company Performance - The company, 万物新生 (RERE), reported Q3 2025 revenue of 5.149 billion RMB, a year-on-year increase of 27.1%, reaching the high end of previous guidance [3][4] - The breakdown of revenue shows that 1P product revenue was 4.726 billion RMB, up 28.7% year-on-year, driven by increased sales of second-hand consumer electronics [4] - The company expects Q4 2025 total revenue to be between 6.08 billion and 6.18 billion RMB, representing a year-on-year growth of 25.4% to 27.4% [3] Group 2: Profitability and Margins - The gross margin for Q3 2025 was 20.5%, an increase of 0.5 percentage points year-on-year, with 1P business gross margin at 13.4%, up 1.7 percentage points [5] - Non-GAAP operating profit was 140 million RMB, a year-on-year increase of 34.9%, with a Non-GAAP operating profit margin of 2.7% [5] - GAAP net profit reached 91 million RMB, up 407.3% year-on-year, while Non-GAAP net profit was 110 million RMB, a 22.3% increase [5] Group 3: Business Expansion and Strategy - The company is actively expanding its offline store presence, with a total of 2,195 stores by the end of Q3 2025, an increase of 558 stores year-on-year [4] - The 3P service revenue was 423 million RMB, up 11.6% year-on-year, driven by growth in multi-category recycling services [4] - The company is expected to benefit from the expansion of second-hand product acquisition channels and multi-category business growth, maintaining a "buy" rating [6] Group 4: Industry Insights - The bond market sentiment is currently divided, with seller sentiment rising and buyer sentiment declining, indicating a cautious market environment [7][9] - The macro liquidity remains loose, with significant improvements in equity fund issuance, while leverage funds have seen a slowdown [10] - The automotive sector underperformed the Shanghai Composite Index, with significant declines in stock prices for major players during the recent week [12][13]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company reported Q3 2025 results that met expectations, with revenue of 5.15 billion yuan, a year-on-year increase of 27.1%. GAAP operating profit was 120 million yuan, up 385.1% year-on-year, while non-GAAP operating profit was 140 million yuan, an increase of 34.9% year-on-year [7] - The company is expected to strengthen its market position through continuous scenario-based marketing and policy collaboration, with projected GAAP net profits of 380 million yuan, 710 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 16.9x, 9.1x, and 6.4x [7] Financial Performance Summary - Revenue forecast for 2025 is 21,032.63 million yuan, with a growth rate of 28.8%. The net profit for 2025 is projected to be 380.52 million yuan, reflecting a significant increase of 4724.2% compared to the previous year [6][8] - The company's gross margin for Q3 2025 was 20.5%, a year-on-year increase of 0.5 percentage points. Non-GAAP operating profit margin was 2.7%, up 0.1 percentage points, while GAAP operating profit margin was 2.3%, an increase of 1.7 percentage points [7] Revenue Breakdown - The company's 1P (self-operated) revenue reached 4.73 billion yuan, a year-on-year increase of 28.7%. Excluding Apple's official and overseas product revenue, the growth was 31.9%. The acceptance of second-hand products by users has significantly increased, with 1PtoC revenue growing over 70% [7] - The 3P (platform) revenue was 420 million yuan, a year-on-year increase of 11.6%, with multi-category revenue growing by 55.1% [7]

Summary of ThredUp Inc. Conference Call Company Overview - **Company**: ThredUp Inc. - **Industry**: Online resale and secondhand retail Key Points and Arguments Business Transformation - ThredUp underwent a significant transformation in the U.S. business, moving away from a struggling European segment, which was dragging down consolidated results. The decision to focus solely on the U.S. market was made in August of the previous year, leading to improved performance in subsequent quarters [2][3]. Revenue Growth - The company reported a revenue growth of 10% in Q4 of the previous year and projected a 25% growth for Q3 of the current year [4][5]. - New customer growth was remarkable, with a 95% increase year-over-year in Q1 and a 75% increase in Q2 [43]. AI and Product Investments - ThredUp has made significant investments in AI, which has improved product cataloging and customer experience. The company transitioned from tagging 6-7 attributes per item to over 100 attributes using AI, resulting in an 18% year-over-year increase in new customer conversion rates [25][26]. - AI-driven features include improved search capabilities, similar search options, and social commerce initiatives that integrate with platforms like Pinterest and Instagram [28][29]. Seller Experience Enhancements - The introduction of a premium selling kit priced at $34.99 has been successful, accounting for over 10% of seller expenses. This kit offers enhanced services such as longer consignment windows and better price control [10][11]. - The psychology of pricing has been leveraged to encourage sellers to submit higher-quality items, as they are more likely to include valuable items when paying a premium fee [16]. Customer Acquisition Costs (CAC) and Payback Period - Customer acquisition costs have decreased, leading to a payback period of well under a year. This allows for increased marketing spend to further accelerate growth [55]. - The marketing budget has remained stable at 18-20% of sales, with expectations to maintain this level while focusing on organic growth opportunities in the long term [56]. Supply Chain and Processing Efficiency - The processing backlog for regular bags is currently 4-5 weeks, with premium kits processed within a week. This efficiency has improved customer satisfaction regarding processing times [62]. - The existing distribution network can support approximately $500 million in revenue, with plans for future expansions based on growth [65]. Financial Discipline and Margin Management - ThredUp aims to balance growth with margin expansion, committing to EBITDA guidance while reinvesting incremental revenue into growth initiatives [83][84]. - The company anticipates steady industry growth in the low double digits, which aligns with its growth strategy and free cash flow generation [87]. Market Trends and Customer Behavior - The current customer base is increasingly composed of resale natives who are familiar with secondhand shopping, leading to better lifetime values and retention rates [43][44]. - The normalization of secondhand shopping is seen as a potential tailwind for the industry, with a shift in consumer perception similar to the acceptance of electric vehicles [46]. Additional Important Insights - The company is focused on leveraging technology and innovation to enhance operational efficiency and customer experience, with ongoing discussions about future capital expenditures to support growth [81]. - ThredUp's strategy includes a commitment to maintaining a positive free cash flow while investing in new technologies and infrastructure to stay ahead in the competitive landscape [76][84].