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].

Group 1: Zhuangzhuang Group - Zhuangzhuang Group announced the gradual shutdown of its "Free Market" business to focus on the high-growth "Official Verification" model, which has become the mainstream choice for users on the platform since 2019 [1] - The "Free Market" business currently accounts for less than 3% of the platform's overall GMV (Gross Merchandise Volume) [1] - This strategic decision aims to optimize resource allocation and enhance platform credibility [1] Group 2: Bona Film Group - Bona Film Group reported that CITIC Securities Investment Co., Ltd. and its concerted parties reduced their shareholding to 8.90% after selling a total of 15.17 million shares, representing 1.10% of the company's total equity [2] - The film industry is still in an adjustment period, prompting investors to monitor shareholder movements and improvements in the company's fundamentals [3] Group 3: Changbai Mountain - Changbai Mountain's subsidiary, Yiyou Company, plans to pre-purchase 3.15 million yuan worth of ski tickets from a related party, securing exclusive agency rights for the 2025-2026 winter season [4] - After selling all purchased ski tickets, Yiyou Company expects to achieve a net profit of approximately 330,000 yuan [4] - The company will also pre-purchase 15 million yuan worth of scenic area tickets at a 15% discount, which is expected to enhance profit margins and support long-term profit growth [4]

Core Viewpoint - 转转 Group is transitioning from a C2C model to a C2B2C model, focusing on quality inspection and service capabilities, marking a significant shift in its business strategy [1][3][4] Business Model Changes - The "Free Market" C2C model, which accounted for less than 3% of the overall GMV, will be gradually shut down, with the transition ensuring a smooth user experience [3][4] - The company aims to enhance its C2B2C business, which has shown rapid growth and profitability over the years [3][4] Strategic Focus - CEO Huang Wei emphasized the need for the company to reassess its business focus, stating that the shift to a "new consumption enterprise" is essential for future competitiveness [3][4] - The C2B2C model will prioritize official quality inspections, addressing consumer trust issues in second-hand transactions [4][5] Quality Assurance Initiatives - Since 2019, the company has been developing its C2B2C model, introducing services like "official inspection" to standardize quality control in second-hand goods [4][5] - The introduction of a quality inspection team and standardized processes aims to mitigate trust issues and improve transaction efficiency [5][6] Competitive Landscape - Other platforms like Xianyu are also expanding their B-end merchant offerings and enhancing quality inspection processes, indicating a broader industry trend towards service and efficiency [6][7] - Both Xianyu and 转转 are navigating the challenges of balancing C2C and C2B2C models while addressing consumer trust and transaction efficiency [7][8] Operational Expansion - 转转 has established quality inspection centers in major cities and has a significant number of on-site recovery engineers, indicating a heavy investment in physical assets [9][10] - The company has opened large retail stores to better understand consumer needs and enhance trust through in-person interactions [9][10] Financial Health - 转转 has achieved a positive cash flow since July 2022, indicating a healthy financial status and the ability to invest in service optimization [10]

Core Viewpoint - The company is transitioning from a C2C model to a C2B2C model, focusing on quality inspection and service, marking a significant shift in its business strategy [1][4][10]. Business Model Transition - On September 22, the company announced the gradual shutdown of its C2C "Free Market" business, which currently accounts for less than 3% of its overall GMV [4][9]. - The C2B2C model, which has been growing rapidly and achieving scalable profitability for several years, will become the core focus moving forward [4][5][11]. - The CEO emphasized the need for the company to reassess its capabilities and the user experience in the C2C space, leading to the decision to discontinue the "Free Market" service [4][7]. Quality Inspection and Service Focus - The company aims to establish itself as a reliable intermediary in the second-hand market, with a strong emphasis on quality inspection through its "Official Inspection" service [5][6]. - A dedicated quality inspection team and standardized processes have been implemented to address issues of trust and information asymmetry in second-hand transactions [6][7]. Competitive Landscape - The shift in focus is partly a response to competitors like Xianyu, which have begun integrating more B-end merchants and enhancing their quality inspection processes [8][9]. - The company recognizes the importance of building trust in second-hand transactions, particularly given the non-standard nature of second-hand goods [7][9]. Heavy Asset Investment - The company is increasingly investing in heavy assets, including quality inspection centers and physical stores, to enhance its service offerings [10][11]. - As of now, the company has established three quality inspection centers and employs over 2,500 quality inspectors, with a nationwide presence for its collection services [10][11]. Financial Health and Strategy - The company has entered a phase of positive financial development since July 2022, achieving profitability and maintaining a positive cash flow [11]. - The CEO stated that the company will continue to invest strategically in key areas while ensuring financial health and sustainability [11].

Core Viewpoint - The company has announced a strategic shift from the "free market" model to the "official verification" business model, aiming to enhance consumer trust and experience in the second-hand trading market [1][3][4]. Group 1: Business Model Transition - The transition from C2C "free market" to C2B2C "official verification" is seen as a necessary evolution for second-hand e-commerce platforms, focusing on user experience and industry growth [3][4]. - The "free market" will be phased out by September 2025, with the closure of personal product listings and trading services, extending customer service for existing orders [4][6]. - The decision to close the "free market" is driven by inherent flaws in the C2C model, which struggles with standardization and scalability, and has led to issues like fraud and disputes [4][5]. Group 2: Consumer Trust and Market Dynamics - Consumer trust in the second-hand market is low due to the lack of a clear value assessment system and concerns over privacy during transactions [6][7]. - The "official verification" model aims to provide a standardized experience, addressing the high trust costs and frequent disputes that have hindered the C2C model's success [5][6]. Group 3: Financial Performance and Growth - The "official verification" business has seen rapid growth since 2019, now representing less than 3% of the platform's overall GMV, indicating a shift in user preference [7][8]. - The company achieved its first profitable year in 2022 and has maintained profitability in subsequent years, reflecting a successful transition to the new business model [8]. Group 4: Infrastructure and Innovation - The company has established a robust service network with three quality inspection centers and nearly 3,000 on-site recovery engineers across over 300 cities [10][12]. - Continuous investment in R&D has led to over 200 patent applications, focusing on quality inspection technology, which includes a comprehensive standard for second-hand mobile phone assessments [12]. Group 5: Industry Standards and Future Outlook - The company is actively participating in the development of national and industry standards, including the first carbon reduction accounting standard for second-hand trading platforms [12]. - The shift to "official verification" represents a significant change in the company's focus from scale and traffic to trust and user experience, paving the way for a more regulated second-hand market [12].

Core Insights - The company, Zhuanzhuan Group, announced the gradual shutdown of its "Free Market" business to focus on its "Official Verification" model for second-hand transactions [1] - CEO Huang Wei acknowledged the difficult decision to close "Free Market," citing issues with online fraud and disputes between users as key reasons [1] - The "Official Verification" business has seen significant growth since 2019, now representing the mainstream choice for users on the platform, while "Free Market" accounts for less than 3% of the overall GMV [1] Company Strategy - Zhuanzhuan will concentrate efforts on enhancing the "Official Verification" business model, which offers more secure options for second-hand transactions beyond "person-to-person" exchanges [1] - The decision to close "Free Market" reflects a strategic shift towards improving user experience and reducing risks associated with fraudulent activities [1] Business Performance - Since 2019, the "Official Verification" business has experienced rapid growth, becoming the primary transaction method on the Zhuanzhuan platform [1] - The diminishing role of the "Free Market" segment is highlighted by its contribution of less than 3% to the platform's total GMV [1]

Core Insights - The company announced the gradual shutdown of its "Free Market" business to focus on its "Official Verification" model for second-hand transactions, which offers users a more secure alternative to peer-to-peer trading [1] - The CEO acknowledged the difficult decision to close "Free Market," citing issues with online fraud and disputes between users as significant challenges [1] - Since 2019, the "Official Verification" business has seen rapid growth and now represents less than 3% of the platform's overall GMV (Gross Merchandise Volume) [1]

Core Insights - The future of Zhuanzhuan remains within the second-hand industry, shifting focus from an e-commerce platform to a broader C2B2C model [3][21][22] - Zhuanzhuan's CEO Huang Wei emphasizes a strategic retreat from C2C business, which is dominated by competitors like Xianyu [3][4][9] - The company has undergone significant transformation since its inception in 2015, adapting to market pressures and evolving consumer needs [12][14][18] Company Strategy - Zhuanzhuan will gradually close its C2C business line, marking a strategic shift to a 100% C2B2C model, allowing sellers to utilize various methods for transactions [3][4] - The company aims to enhance trust in the second-hand market through official verification services and a focus on user experience [6][18][19] - Zhuanzhuan has invested over 200 million yuan to expand its quality inspection department, establishing three major quality inspection centers across China [19][20] Market Context - The second-hand market in China has surpassed 3 trillion yuan, with intense competition from platforms like Xianyu and Aihuishou [5][14] - Zhuanzhuan's market share in C2C has dwindled to less than 3%, prompting the need for a strategic pivot [6][12] - The global second-hand luxury goods market is projected to grow from $37.2 billion in 2024 to $77.8 billion by 2033, indicating significant potential for Zhuanzhuan's new focus [24] Operational Developments - Zhuanzhuan opened its first large-scale second-hand multi-category circular warehouse store, "Super Zhuanzhuan," in Beijing, aiming to create more consumer engagement [7][23] - The company has acquired Hongbulin, a leading second-hand luxury goods company, to strengthen its supply chain and authentication capabilities [24][26] - Zhuanzhuan's approach includes a blend of online and offline strategies, with plans to explore further opportunities in retail environments [26]

Core Insights - The article highlights the successful case of Zhu Hai High-tech Zone attracting a second-hand e-commerce company, which has become a significant taxpayer in the region, similar to the case of Zhu Hai, Qingdao has also seen the successful establishment of the second-hand e-commerce platform, Zhuan Zhuan, which has generated over 25 billion RMB in revenue since its establishment in 2021 [3][4][10]. Group 1: Company Overview - Zhuan Zhuan, a second-hand trading platform, was incubated by 58 Group in 2015 and has received significant investments from Tencent, with a current valuation of 21 billion RMB [4][6]. - The platform operates under a unique model characterized by full-category offerings, standardization, and a C2B2C approach, which has attracted various investors, including state-owned funds [6][8]. - Zhuan Zhuan's revenue growth has been remarkable, achieving 25 billion RMB in just four years, positioning it as a new business card for Qingdao's investment attraction [10][12]. Group 2: Market Context and Policy Support - The second-hand e-commerce market in China has been activated by favorable policies promoting circular economy and green consumption, with the market size surpassing 400 billion RMB and user base reaching 223 million [7][9]. - In 2021, the Chinese government included "Internet + second-hand" in its national planning, further supporting the growth of the second-hand market [7][9]. - The establishment of Zhuan Zhuan in Qingdao aligns with the city's strategy to attract leading enterprises that can drive industrial chains and create jobs [8][18]. Group 3: Strategic Importance for Qingdao - Qingdao's decision to attract Zhuan Zhuan reflects a strategic choice to invest in a high-potential sector that complements its existing industrial strengths, particularly in high-end manufacturing and marine economy [3][23]. - The city has seen a rising trend in enterprise migration, with Zhuan Zhuan being part of a broader strategy to enhance its industrial ecosystem [19][20]. - The partnership with Zhuan Zhuan has not only brought a project but has also initiated the formation of a circular economy industrial chain in Qingdao, enhancing local employment and tax revenue [9][10].