Core Viewpoint - Flashback Technology has submitted an application for listing on the Hong Kong Stock Exchange, positioning itself as a leading player in the second-hand mobile phone recycling market in China, holding the third-largest market share [1] Company Overview - Flashback Technology operates the "Flashback Recycling" platform, collaborating with offline retail stores and online marketplaces to acquire second-hand mobile phones from individual consumers through trade-in programs [1] - The company processes the acquired second-hand phones through inspection, grading, and pricing technology, subsequently reselling them via the "Flashback Quality" online platform and third-party e-commerce platforms [1] - In addition to individual consumer services, Flashback Technology also engages in corporate recycling and offline bulk sales, providing value-added and after-sales services to participants in the value chain [1] Industry Insights - The mobile phone recycling rate in China has significant growth potential, indicating a gap compared to developed countries [1] - In the first half of 2025, Flashback Technology reported revenue of 809 million RMB and a loss of 24.63 million RMB [1]

Core Viewpoint - Flashback Technology Limited has submitted a listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading player in the Chinese mobile phone recycling market [1][2]. Company Overview - Flashback Technology is a Chinese company specializing in the recycling of consumer electronics, particularly second-hand mobile phones, and is the third-largest mobile phone recycling service provider in China with a market share of approximately 1.3% for both the total transaction value of recycled and sold second-hand mobile phones [1]. - The company operates through its recycling system, Flashback Recycling, which sources second-hand consumer electronics from upstream partners' retail stores or online marketplaces via trade-in transactions [1][2]. Market Position and Growth Potential - Flashback Technology has established two core brands: Flashback Recycling for offline collection and Flashback Youpin for online sales of second-hand consumer electronics [2]. - Despite facing intense competition in China, the company anticipates significant growth potential in the mobile phone recycling industry, with the recycling rate in China expected to continue increasing from approximately 17.1% in 2024, compared to 55% to 75% in developed countries like the US and Japan [2]. Financial Performance - The company reported revenues of approximately RMB 750 million, RMB 919 million, RMB 1.158 billion, RMB 1.297 billion, and RMB 809 million for the six months ending June 30 in 2021, 2022, 2023, 2024, and 2025, respectively [3]. - During the same periods, the company incurred losses of RMB 48.7 million, RMB 99.1 million, RMB 98.3 million, RMB 66.4 million, and RMB 24.6 million [3].