Core Viewpoint - The company, Zhuanzhuan, is transitioning from a C2C model to a C2B2C model, marking the closure of its original C2C marketplace business as a strategic decision to focus on quality and trust in second-hand transactions [5][10][14]. Group 1: Business Transition - Zhuanzhuan officially announced the gradual shutdown of its C2C marketplace business starting September 22, 2025, as part of a broader business adjustment towards an "official verification" model [4][5]. - CEO Huang Wei described the decision to close the C2C business as a difficult yet necessary choice, emphasizing the need to focus on consumer trust and service quality [5][10]. - The C2C business had become marginal, contributing less than 3% to Zhuanzhuan's overall GMV, indicating that the shutdown would not significantly impact the company's operations [9]. Group 2: Quality and Trust - The shift to a C2B2C model aims to standardize non-standardized second-hand transactions, enhancing trust between buyers and sellers [6][12]. - Zhuanzhuan has invested heavily in quality assurance, establishing three quality inspection centers and training over 2,500 quality inspectors to ensure product authenticity and reliability [11][14]. - The company has expanded its service network, with nearly 3,000 on-site recovery engineers covering over 1,300 districts and cities, and more than 1,000 offline stores across over 300 cities [11][12]. Group 3: Market Positioning - The closure of the C2C model is seen as a strategic move to address industry challenges such as fraud and poor after-sales service, which have deterred users from engaging in second-hand transactions [10][11]. - Zhuanzhuan's ambition extends beyond electronics, aiming to establish a comprehensive second-hand marketplace that includes luxury goods and various consumer categories [13][14]. - The company is positioning itself to define the standards for "quality second-hand" goods, contributing to the development of a circular economy [14][15].

Core Insights - The second-hand consumption market in China is undergoing significant changes, with major players like Zhuanzhuan Group exiting the C2C business, indicating a defensive contraction in response to fierce competition [1][3] - The current market landscape is dominated by platforms like Xianyu, which benefits from Alibaba's ecosystem, and Aihuishou, which has recently gone public and reported its first quarterly profit [3][4] - Aihuishou's profitability is closely tied to government policies that encourage recycling and upgrading, leading to a temporary surge in consumer willingness to trade in old items [4] Company Developments - Zhuanzhuan Group announced the closure of its C2C business, marking the end of a decade-long operation, with a timeline for shutting down services from September to October [1] - Aihuishou's parent company, Wanwu Xingsheng, reported a record revenue of 4.99 billion yuan for Q2 2025, achieving its first quarterly profit since going public [3][4] Market Challenges - Aihuishou faces significant user complaints regarding valuation discrepancies, where initial high estimates are drastically reduced after physical inspections, leading to a loss of consumer trust [6][7] - The traditional second-hand platforms are challenged by social media platforms like Xiaohongshu, Douyin, and Kuaishou, which are changing consumer decision-making processes and creating new trading dynamics [9] Strategic Insights - The current model of online high estimates followed by offline price reductions may not be sustainable, as it risks alienating consumers who prefer more transparent pricing [11] - Aihuishou's heavy reliance on a standardized valuation and offline stores may limit its growth potential, while competitors are exploring new market segments and innovative approaches [13][15] - The industry is moving towards content-driven second-hand consumption, which may become the mainstream model, contrasting with Aihuishou's traditional approach [9][13] Future Considerations - The sustainability of relying on government subsidies for growth is questioned, as past experiences in other sectors suggest that this strategy may not be viable long-term [16][17] - Aihuishou is encouraged to focus on improving local recycling efficiency and ensuring accurate online valuations to enhance consumer trust and engagement [15]

Core Viewpoint - Zhuanzhuan, a well-known second-hand trading platform in China, is shifting its business model from C2C to C2B2C, closing its "free market" operations that have been running for ten years, in response to competitive pressures and trust issues in the C2C model [1][2][11]. Summary by Sections Business Model Transition - Zhuanzhuan will gradually shut down its core C2C "free market" business, starting with the closure of personal product posting on September 24, followed by the removal of browsing and purchasing options by September 29, and the final closure of customer service by October 31 [4][5]. - The platform will now focus on C2B2C, where sellers can sell items through recycling, consignment, and listing, with the platform providing official quality inspection services [5][6]. User Impact - The closure of the free market will significantly impact specific user groups, particularly those trading niche items like collectible cards and dolls, who may find it difficult to adapt to the new model [9][11]. - Users have expressed concerns over the higher prices of officially inspected items and the platform's shift towards self-operated sales, making it harder for ordinary sellers to complete transactions [7][11]. Trust and Quality Issues - The C2C model has faced trust challenges, including online fraud and gray market transactions, which the platform struggled to manage effectively [11][12]. - Quality issues in second-hand goods, such as undisclosed defects and counterfeit products, have led to a poor shopping experience for consumers [12][14]. Operational Challenges - The new C2B2C model requires Zhuanzhuan to invest more resources in quality inspection and after-sales service, as the platform will now be directly responsible for these aspects [15][16]. - While the official inspection model aims to enhance trust in transactions, it may also increase operational costs, which could be passed on to consumers, necessitating a balance between cost control and user experience [16].

Core Viewpoint - The second-hand business has significant potential, but the second-hand e-commerce platform faces challenges, leading to strategic shifts in companies like Zhuanzhuan, which is transitioning from C2C to C2B2C models [2][11]. Group 1: Zhuanzhuan's Strategic Shift - Zhuanzhuan has decided to strategically withdraw from its C2C trading business, closing the "Free Market" feature and focusing on "Official Recycling" and "Consignment" services [2]. - The CEO of Zhuanzhuan, Huang Wei, acknowledged that the "Free Market" has facilitated online fraud and disputes, making it difficult to manage [2][11]. - Zhuanzhuan's C2C business now accounts for less than 3% of its total operations, indicating a significant decline in this segment [2]. Group 2: Competitive Landscape - Zhuanzhuan faces stiff competition from Xianyu, which has over 600 million registered users and daily GMV exceeding 1 billion yuan, making it a formidable rival in the second-hand market [4]. - Despite initial backing from 58.com and Tencent, Zhuanzhuan has struggled to maintain user engagement, with active users dropping significantly after aggressive marketing ceased [6][8]. - The competitive dynamics are shifting as Zhuanzhuan pivots to a model that emphasizes quality assurance, but it still needs to build a reliable "traffic pool" to sustain its operations [11][14]. Group 3: Financial Backing and Investments - Zhuanzhuan has received substantial investments, including $200 million from Tencent in 2017 and an additional $300 million in 2019, followed by $390 million in subsequent rounds [6][8]. - The influx of capital allowed Zhuanzhuan to invest heavily in marketing, but user retention has been a challenge once spending decreased [6][8]. Group 4: Quality Assurance and Trust Issues - Following a trust crisis related to inconsistent quality reports, Zhuanzhuan has implemented a "7-day no-reason return" policy and expanded its quality inspection team significantly [12][14]. - The company has established three major quality inspection centers across the country, aiming to enhance consumer trust in its services [12]. Group 5: Future Competition - Zhuanzhuan's shift to a C2B2C model may lead to direct competition with Aihuishou, which has a strong offline presence and has expanded its business model to include various categories of second-hand goods [15][17]. - The offline market is becoming increasingly competitive, with Aihuishou leading in store coverage, while Zhuanzhuan is also expanding its physical store presence [17].

Core Viewpoint - The company "Zhuanzhuan" is officially shutting down its C2C business model, which has been operational since 2015, and is shifting its focus entirely to a C2B2C model, indicating a significant strategic pivot in its business operations [1][9]. Group 1: Business Model Transition - Zhuanzhuan will gradually close its C2C business in three steps: stopping the posting feature on September 24, halting transactions on September 29, and providing after-sales support until October 31 [1]. - The C2C model, which operates on a "person-to-person" basis, has been deemed unsustainable, requiring nearly 200 million yuan in annual subsidies while only contributing 30% to the company's revenue [6][9]. - The new C2B2C model, which involves a "person-platform-person" structure, will allow Zhuanzhuan to offer services such as recycling, quality inspection, and after-sales support [4]. Group 2: Market Position and Competition - Zhuanzhuan's monthly active users (MAU) are significantly lower than its competitor, Xianyu, which boasts over 200 million MAU and a strong user community [8]. - The company has struggled to retain users due to its transactional nature, lacking the community engagement that Xianyu has built through interest-based groups [8]. - Previous attempts to pivot towards a C2B2C model, including the launch of verification services and the merger with another platform, have not yielded positive results, leading to a decline in user engagement [9]. Group 3: User Sentiment and Challenges - User reactions to the closure of the C2C model have been mixed, with some expressing strong attachment to the platform and concerns over increased fees on competing platforms [6]. - The company faces significant challenges in building trust within the C2C space, as issues such as fraud and disputes have been prevalent, leading to a loss of confidence among users [6].

Core Viewpoint - The decision by Zhuanzhuan Group to gradually shut down its C2C "free market" business marks a significant shift in the second-hand e-commerce landscape, leading to two distinct operational models that diverge in their approach to building consumer trust [1][11]. Group 1: Zhuanzhuan's Approach - Zhuanzhuan aims to industrialize trust by standardizing and streamlining the process of second-hand transactions, treating trust as a product that can be manufactured [1][5]. - The company has invested heavily in establishing three intelligent quality inspection centers in Shenzhen, Chengdu, and Qingdao, employing over 2,500 quality inspection engineers to ensure rigorous product checks [3][5]. - The transformation from non-standardized products to standardized ones with detailed quality inspection reports enhances transparency and builds consumer trust [5][9]. - Zhuanzhuan has implemented a comprehensive delivery network with over a thousand offline brand stores across more than 300 cities and a team of nearly 3,000 engineers for on-site recycling [5][7]. - The introduction of a seven-day no-reason return policy and a 365-day warranty for certain product categories is a groundbreaking move in the second-hand industry [7][9]. - By the end of 2024, Zhuanzhuan plans to have participated in the formulation of 30 national and industry standards, further legitimizing its trust-building efforts [9]. Group 2: Comparison with Xianyu - Xianyu adopts a decentralized trust-building model, creating an ecosystem where trust can self-generate and self-repair, supported by a vast user base of over 500 million [13][18]. - The platform positions itself as a community for young people, where transactions are often driven by shared interests rather than mere buying and selling [15][16]. - Xianyu provides a "light governance" approach, relying on Alibaba's robust e-commerce infrastructure to facilitate transactions while allowing community-driven trust development [18][20]. - Despite their differing models, both Zhuanzhuan and Xianyu aim to elevate second-hand consumption to a mainstream lifestyle choice, moving away from the stigma associated with second-hand goods [22][24]. - The two companies are not in direct competition but rather complement each other in a large second-hand market, with Zhuanzhuan focusing on reliability and Xianyu emphasizing the enjoyment of discovery [26][28]. Group 3: Industry Implications - The contrasting approaches of Zhuanzhuan and Xianyu represent a broader industry evolution, with Zhuanzhuan's industrialized certainty versus Xianyu's ecological possibility [29]. - Both companies are contributing to the maturation of the second-hand market, with Zhuanzhuan establishing formal standards and Xianyu fostering community norms through user interactions [26][31]. - The exploration of these models is significant as it enhances the core value of the second-hand industry, transforming it from simple information matching to a more complex value reconstruction process [31].

来源：子弹财经 2025年9月22日，转转集团CEO黄炜通过一封致用户的公开信，宣布了一个深刻影响公司未来的决定：转转将逐步关停自创立之初便存在的C2C"自由市 场"业务，转而将凝心聚力，全面转向以平台深度介入为特征的C2B2C"官方验"业务模式。 这是一次业务上的"断舍离"，更标志着在中国二手电商赛道上，转转与闲鱼在近十年并行竞逐后，正式走向了截然不同的方向。 转转毅然选择了一条更"重"更"深"的道路。它放弃了海量的长尾商品和纯粹的信息撮合模式，决心通过构建质检、回收、门店和服务体系，将自身从一个 互联网信息平台，彻底转变为一家"新消费企业"。 这一转变的背后，是对消费者诉求变化的深刻洞察。人们对二手商品的需求，正从充满不确定性的"淘货"惊喜，转向追求品质与保障的"购物"安心。 而在天平的另一端，是坚定向右转的闲鱼。它持续深耕"轻"而"广"的C2C社区生态，依托阿里巴巴庞大的流量和成熟的电商基础设施，已然成为一个拥有 超5亿用户、月活1.6亿的"年轻人兴趣交易社区"。 对于这一战略抉择，转转集团CEO黄炜在公开信中表达了坚定的决心： "选择只做「官方验二手」、选择用户长期需要我们的方向、选择自己最认可和擅长 ...

Core Viewpoint - The company, Zhuanzhuan Group, announced the gradual shutdown of its "Free Market" business, marking a strategic retreat from direct competition with Xianyu in the second-hand e-commerce sector [1][2]. Group 1: Business Transition - Zhuanzhuan's CEO, Huang Wei, described the shutdown as a "strategic retreat," indicating a shift towards a C2B2C model that has been in motion since 2019 [2]. - The C2C business, which was the foundation of Zhuanzhuan, now accounts for less than 3% of the company's total share, highlighting the need for transformation [3]. Group 2: Financial Performance and User Engagement - Zhuanzhuan has invested heavily in advertising, particularly on platforms like Bilibili and Douyin, but the effectiveness of this investment appears limited, with monthly active users only increasing from 24.73 million to 35.88 million, a year-on-year decrease of 5.3% [3]. - The company has generated over 25 billion yuan in revenue since its establishment, with registered users exceeding 400 million by the end of 2024 [3]. Group 3: Quality Assurance and Trust Issues - The shutdown allows Zhuanzhuan to focus on its "Official Verification" business, which has seen significant investment, including 1.5 billion yuan for quality inspection centers and over 2 billion yuan planned for 2024 [4]. - Despite these efforts, trust issues persist, with over 110,000 complaints on the Black Cat Complaint platform, primarily related to discrepancies in product descriptions and quality verification [5]. Group 4: Competitive Landscape - Xianyu, as the leading player in the second-hand market, has surpassed 200 million monthly active users, growing nearly 20% year-on-year, and has established a unique ecosystem combining transactions and community engagement [6][8]. - The market is expected to polarize, with Xianyu dominating the C2C segment while Zhuanzhuan and competitors like Wanwu Xingsheng compete in the B2C quality market [9].

Core Viewpoint - The second-hand e-commerce platform Zhuanzhuan is shifting from a C2C model to a C2B2C model, focusing on "official verification" of second-hand goods to enhance trust and standardization in transactions [3]. Group 1: Business Model Transition - Zhuanzhuan announced the closure of its C2C "free market" business, with the personal goods publishing entry closing on September 24 and the trading service shutting down on September 29 [3]. - The CEO of Zhuanzhuan, Huang Wei, stated that the decision to close the "free market" was difficult but necessary due to issues like online fraud and disputes that arose from the C2C model [3]. - Since 2019, Zhuanzhuan has been gradually shifting its focus to the C2B2C model, with the "free market" business now accounting for less than 3% of the platform's overall GMV [3]. Group 2: Market Context and Challenges - The second-hand e-commerce market is projected to reach a transaction scale of 645.02 billion yuan in 2024, reflecting a year-on-year growth of 17.56% [6]. - The C2C model faces challenges such as insufficient trust, limited supply, and low conversion efficiency, leading to a small profit margin [4]. - Zhuanzhuan's C2B2C model aims to improve trust and supply by implementing quality inspection teams and providing after-sales guarantees, which are seen as essential for enhancing user experience [4][7]. Group 3: Competitive Landscape - Zhuanzhuan and Xianyu are both classified as comprehensive second-hand trading platforms, but they differ significantly in their attributes; Zhuanzhuan focuses on transactions while Xianyu emphasizes community engagement [6]. - Both platforms generate revenue through commissions, advertising, and value-added services, but they face common issues in the C2C market, including trust deficits and inefficient dispute resolution [7].

Core Viewpoint - The second-hand trading platform Zhuanzhuan has decided to shut down its C-end business and shift focus to an "official verification" business model, indicating challenges in converting traffic into transactions despite backing from Tencent [4][6][33]. Summary by Sections Business Transition - Zhuanzhuan announced the closure of its C-end business on September 22, 2023, and will gradually shut down its "free market" operations while maintaining other business lines [6]. - The company has shifted its focus to the second-hand luxury goods sector after struggling to compete in the C-end market against rivals like Xianyu and Aihuishou [6][40]. Market Context - The Chinese second-hand market has surpassed 3 trillion yuan, with intense competition from platforms like Douyin and Kuaishou, in addition to established players [6]. - Zhuanzhuan, founded in 2015, has not achieved the same level of success as Xianyu, which boasts over 200 million monthly active users, and Aihuishou, which has surpassed 10 billion yuan in revenue [6][26]. Financial Performance - Zhuanzhuan reported cumulative revenue exceeding 25 billion yuan from 2021 to 2025, with over 4 million registered users [9][40]. - However, the company has not disclosed its profitability, raising concerns about its financial health [10][11]. User Engagement and Conversion - The platform's user engagement metrics, such as active users and transaction volumes, are critical for assessing its viability, yet Zhuanzhuan has not provided these figures [12][13]. - The lack of effective conversion from registered users to actual transactions has been a significant issue, leading to a pivot away from C2C operations [24][33]. Competitive Landscape - Zhuanzhuan has faced significant challenges from larger competitors like Alibaba and JD.com, which have more robust ecosystems and user engagement strategies [30][32]. - The company has struggled to maintain a competitive edge, with its C2C business accounting for less than 3% of total revenue [24]. Strategic Shift - In response to competitive pressures, Zhuanzhuan transitioned to a C2B2C model in 2019, but this has not reversed the decline in its C2C business [23][26]. - The company is now focusing on offline second-hand transactions, leveraging Tencent's traffic support, but recognizes that traffic alone is insufficient for success in the e-commerce sector [38][37]. Industry Reflection - Zhuanzhuan's experience reflects broader trends in the internet startup landscape, where many companies have struggled to survive against dominant players [25][41]. - Despite its challenges, Zhuanzhuan has managed to retain its brand and presence in the market, unlike many other startups that have disappeared [41].