出品|搜狐财经 作者|刘相君 第三次递表港交所的闪回科技，正与时间赛跑。 近日，闪回科技有限公司（以下简称"闪回科技"）再次向港交所递交主板上市申请，清科资本为其独家 保荐人 这已是这家专注于二手手机回收的公司第三次冲击港股上市——此前，它曾于2024年2月和9月分别递 表，但均告失效。与以往不同的是，闪回科技此次上市申请带着极强的紧迫感:公司必须在 2025年12月31 日前成功上市，否则将面临近8亿元的股份赎回压力。 市场份额仅1.3%，行业头部企业碾压 闪回科技是一家从事提供消费电子产品回收服务的公司，专注于二手手机，公司致力于提供一体化的综 合解决方案，从以旧换新的方式启动回收并促成新机的销售，对采购的二手手机进行标准化转售。 闪回科技自2016年成立以来，建立了"闪回收"和"闪回有品"两个核心品牌。 "闪回收"的个人消费者（即最终供应商）通过将其二手消费电子产品进行以旧换新作为付款的一部分， 以折价购买新消费电子产品，并通过在线平台"闪回有品"以及在多个第三方电子商务平台上运营的自有 网店，对二手消费电子产品进行转售。 值得一提的是，虽然闪回科技市场排名第三，但与行业排名第一、第二的公司相比，仍存在 ...

iPhone 17系列新机发布的热度尚未消散，二手苹果手机市场已迅速迎来连锁反应。转转平台数据显 示，发布会后首日，二手苹果手机相关搜索量环比激增150%，回收询价量更是飙涨210%。新机迭代催 生的换机需求，正为消费电子领域带来阶段性上行周期，也直接促成二手手机回收行业的活跃态势。同 时，各头部回收玩家的路径出现分化，行业老二转转凭借密集的C端投流刷足存在感，位居第三的闪回 科技，却将目光锁定港交所，这已是其两年内第三次向资本市场发起冲击。 只是与行业上行周期相悖的是，这家企业背负着四年半累计超3亿元的亏损，还面临着2025年底前未完 成IPO需偿还近8亿元对赌负债的压力。二度折戟后第三次冲刺港交所，闪回科技面临的态势比起决胜 局，更像一场关乎命运的生死局。 小米系资本 作为中国第三大手机回收服务提供商，2024年闪回科技以回收及售出交易额计的市场份额均为1.3%， 不同于同行高强度C端投流的模式，闪回科技的业务高度绑定ToB。但从招股书披露的信息来看，模式 依赖下暴露出的问题和关系复杂性都十分突出，直接限制了业务的独立性和抗风险能力。 2024年全渠道采购中，前五大供应商合计占比57.6%，其中第一大供应 ...

Core Viewpoint - The release of the iPhone 17 series has significantly boosted the second-hand Apple phone market, with a 150% increase in search volume and a 210% surge in recycling inquiries on the Zhuanzhuan platform, indicating a temporary uptrend in the consumer electronics sector [1] Company Overview - Shanhui Technology, as the third-largest mobile phone recycling service provider in China, holds a 1.3% market share in both recycling and sales transaction volume for 2024, heavily relying on ToB business models [2][5] - The company has accumulated over 300 million yuan in losses over four and a half years and faces nearly 800 million yuan in redemption liabilities if it fails to complete its IPO by the end of 2025 [1][9] Market Dynamics - The second-hand recycling industry is characterized by a "large but weak" market structure, with over 80% of market share held by other players, indicating a fragmented competitive landscape [5] - Major competitors like Zhuanzhuan and Aihuishou are diversifying their business models beyond single-channel recycling, with Aihuishou operating 2,092 stores and expanding into multi-category recycling services [6][7] Competitive Challenges - Shanhui Technology's business model is constrained by its dependence on major suppliers, particularly Xiaomi, which accounts for over 41% of its procurement, leading to increased costs and reduced independence [2][3][7] - The competitive landscape is further complicated by overlapping interests among shareholders, as Zhuanzhuan holds a stake in Shanhui Technology while also competing directly in the same market [3][4] Financial Pressures - Shanhui Technology's financial health is under pressure, with cumulative net losses exceeding 337 million yuan from 2021 to mid-2025, and a low gross margin that hampers profitability [8][9] - The company faces a critical deadline to complete its IPO, as failure to do so could trigger significant liquidity issues due to its high redemption liabilities [9][10]

Core Insights - The release of the iPhone 17 series has significantly boosted the second-hand Apple phone market, with a 150% increase in search volume and a 210% surge in recycling inquiries on the Zhuanzhuan platform [1] - The second-hand mobile phone recycling industry is experiencing a growth cycle, with the trade volume for old-for-new exchanges in China projected to rise from 6.1 billion to 19.4 billion yuan from 2020 to 2024, reflecting a compound annual growth rate of approximately 33.5% [1] - The competitive landscape is intensifying, with leading players like Zhuanzhuan and Flashback Technology adopting different strategies to capture market share [1][6] Industry Overview - The second-hand mobile phone recycling market is characterized by a fragmented structure, with over 80% of market share held by various players, indicating low entry barriers and a surge in the number of small players [8] - Major competitors are diversifying their offerings beyond just mobile phone recycling, with Zhuanzhuan launching a multi-category second-hand store and Aihui Recycling expanding its offline presence and multi-category services [9][10] Company Analysis - Flashback Technology, as the third-largest mobile recycling service provider in China, holds a market share of 1.3% in both recycling and sales transactions, significantly trailing behind competitors [6][8] - The company has accumulated over 300 million yuan in losses over four and a half years and faces a pressure of nearly 800 million yuan in redemption liabilities if it fails to complete its IPO by the end of 2025 [2][11] - Flashback's business model is heavily reliant on B2B partnerships, particularly with Xiaomi, which poses risks due to the potential for increased costs and reduced bargaining power [6][7][10] Financial Situation - Despite a compound annual growth rate of approximately 20% in revenue from 2021 to 2024, Flashback has faced continuous net losses, totaling over 337 million yuan [11] - The company's gross margin remains low, with procurement costs rising due to the need to maintain recycling volumes, leading to a cycle of increased costs without corresponding revenue growth [11][12] - The impending IPO is critical for Flashback, as failure to list could trigger significant liquidity issues and operational challenges due to the redemption liabilities [12][13]

Core Viewpoint - The article discusses the financial performance and business model of Flashback Technology, a company involved in the second-hand mobile phone recycling market, highlighting its rapid revenue growth but ongoing losses and challenges in achieving profitability [3][5][15]. Financial Performance - Flashback Technology's revenue is projected to grow from 750 million RMB in 2021 to approximately 1.297 billion RMB in 2024, with a significant year-on-year growth rate of over 40% in the first half of 2025 [3][4]. - Despite revenue growth, the company has reported losses from 48.71 million RMB in 2021 to 66.44 million RMB in 2024, indicating a persistent lack of profitability [4][5]. - The gross margin has declined from 8.2% in 2021 to 4.8% in 2024, with a slight recovery to 6.3% in the first half of 2025 [5][15]. Business Model - Flashback Technology operates primarily in a B2B model, partnering with mobile brands and telecom operators rather than directly engaging with consumers [8][9]. - The company has a unique inventory turnover rate of 6.5 days, significantly lower than the industry average of 10-15 days, indicating operational efficiency [9][14]. - The majority of the company's revenue is spent on purchasing second-hand electronic products, with over 85% of sales costs attributed to procurement [14][15]. Market Position - In the second-hand mobile phone recycling market, Flashback Technology holds approximately 1.3% market share, ranking third behind competitors [18][21]. - The overall market for second-hand mobile phones in China is growing, with a compound annual growth rate of 28.2% from 2020 to 2024, indicating potential for future expansion [16][18]. Competitive Landscape - Flashback Technology faces significant competition from larger players like Aihuishou and Zhuanzhuan, which have established brand recognition and user bases [23][24]. - The company is under pressure to innovate and expand its offerings, including plans to enhance its online platform and enter the consumer market [22][23]. Future Strategies - To address profitability challenges, Flashback Technology is exploring international markets and leveraging AI to improve operational efficiency [22][24]. - The company aims to transition from a B2B service provider to a brand retailer with direct consumer engagement, which may involve significant competition with established players [23][24].

Core Viewpoint - The article discusses the financial performance and business model of Flashback Technology, a company involved in the second-hand mobile phone recycling market, highlighting its rapid revenue growth but ongoing losses and challenges in achieving profitability [2][4][26]. Financial Performance - Flashback Technology's revenue is projected to grow from 750 million RMB in 2021 to 1.297 billion RMB in 2024, with a significant increase of over 40% year-on-year in the first half of 2025, reaching 809 million RMB [2][3]. - Despite revenue growth, the company has reported losses from 48.7 million RMB in 2021 to 66.4 million RMB in 2024, indicating a failure to achieve profitability [2][3]. - The gross margin has declined from 8.2% in 2021 to 4.8% in 2024, with a slight recovery to 6.3% in the first half of 2025 [4]. Business Model - Flashback Technology operates primarily in a B2B model, partnering with over 75,000 offline retail stores of mobile brands and telecom operators for its recycling services [6][7]. - The company utilizes a SaaS system for the assessment, pricing, and recycling of old phones, selling the recycled devices through its online platform "Flashback Youpin" via real-time auctions to small and medium-sized mobile merchants [8][9]. - The average inventory turnover days for Flashback Technology is 6.5 days, significantly lower than the industry average of 10-15 days, indicating operational efficiency [9]. Market Position - In the second-hand mobile phone recycling market, Flashback Technology holds approximately 1.3% market share, ranking third behind competitors with 8.2% and 8.1% market shares [21][24]. - The overall market for second-hand electronic products in China is growing, with a compound annual growth rate of 28.2% from 2020 to 2024, suggesting potential for further expansion [19]. Challenges and Strategic Direction - Flashback Technology faces pressure from a redemption agreement with investors, requiring an IPO by the end of 2025 to avoid a repayment obligation of nearly 800 million RMB [5]. - The company has been pressured to increase recycling prices due to competition from brands launching their own recycling platforms, which has negatively impacted its gross margin [13][16]. - To address profitability challenges, Flashback Technology plans to enhance its online platform, increase marketing efforts, and explore international markets, particularly in Southeast Asia [24][26].

Core Viewpoint - The company Flashback Technology is attempting its third IPO in Hong Kong, highlighting its significant role in the second-hand mobile phone recycling market despite facing financial challenges and pressure from investors [1][3][4]. Company Overview - Flashback Technology specializes in second-hand mobile phone recycling and sales, achieving an annual revenue of nearly 1.2 billion yuan [1]. - Founded in 2016 by Liu Jianyi and Gao Zibin, the company received initial funding of 4 million yuan and later secured investments from Xiaomi and Shunwei Capital in 2018, which helped expand its market reach [1]. Business Model - The company connects brands, platforms, and channels on one end while directly engaging consumers on the other, offering "trade-in" services that streamline the recycling process [1]. - Collaborations with major brands like Xiaomi, Huawei, OPPO, vivo, and JD.com allow Flashback Technology to provide recycling services at their retail stores and e-commerce platforms [1]. Market Position - According to Frost & Sullivan, Flashback Technology has become the largest offline trade-in mobile phone recycling service provider in China as of 2023 [3]. - The company's growth trajectory is evident, with revenue increasing from 750 million yuan in 2021 to 1.297 billion yuan in 2024 [3]. Financial Challenges - Despite rapid expansion, the company has accumulated losses exceeding 300 million yuan, with a gross margin of only 4.8% in 2024, significantly lower than its peers [3]. - The company faces mounting pressures from inventory turnover, standardization costs, and promotional expenses, which are eroding profits [3]. Funding and Investment Risks - Flashback Technology has been entangled in capital betting since its inception, with each funding round tied to specific timelines that link the company's survival to market conditions [3]. - Previous failed IPO attempts have intensified pressure, and another failure could trigger redemption clauses, leading to significant financial strain given the company's limited cash reserves against nearly 800 million yuan in redemption liabilities [3][4]. Future Outlook - The upcoming IPO is critical for the company's survival, as successful listing could provide necessary funds to alleviate debt and facilitate business transformation [4]. - The outcome of this IPO attempt will be pivotal in determining the company's future trajectory and financial stability [4].

Core Viewpoint - The company, Flashback Technology, has submitted its main board listing application again after two previous unsuccessful attempts in 2024, indicating ongoing efforts to secure funding and expand its operations in the mobile phone recycling industry [1]. Company Overview - Flashback Technology was established in 2016 and focuses on providing integrated solutions for mobile phone recycling and resale, leveraging proprietary technology and strategic partnerships [4]. - The company 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 in 2024 [4]. Financial Performance - From 2021 to 2024, the company's revenue increased from 919.1 million RMB to 1.297 billion RMB, representing a compound annual growth rate (CAGR) of 20%. In the first half of 2025, revenue reached 809 million RMB, showing a year-on-year growth rate of 40.3% [5]. - Despite revenue growth, the company has faced significant losses, totaling 337 million RMB over four and a half years, with losses of 48.7 million RMB, 99.1 million RMB, 98.3 million RMB, and 66.4 million RMB recorded in the respective years [6][7]. Cost Structure - The company's sales costs have risen sharply, from 688.3 million RMB in 2021 to 1.235 billion RMB in 2024, nearly doubling during this period. This has resulted in a gross profit margin decline from 8.2% in 2021 to 4.8% in 2024 [7][8]. - The primary reasons for the increasing sales costs include procurement costs for second-hand products, promotional service fees, and logistics costs [7]. Dependency on Suppliers - Flashback Technology relies heavily on upstream procurement partners for a stable supply of second-hand electronic products, which poses a risk to its business operations if relationships with these partners deteriorate [10]. - The company has recorded increasing current liabilities, which rose from 237 million RMB in 2021 to 722 million RMB in 2024, primarily due to an increase in redemption liabilities [10].

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].