Core Viewpoint - The company, Wanwu Xingsheng, reported strong financial performance for Q3 2025, with significant revenue growth and improved profitability, indicating a healthy development trajectory in the second-hand consumer electronics market [1][2]. Financial Performance - In Q3 2025, Wanwu Xingsheng achieved revenue of 5.15 billion yuan, representing a year-on-year increase of 27.1% [1]. - The revenue breakdown shows that 1P (self-operated) product sales reached 4.73 billion yuan, up 28.7% year-on-year, while 3P (platform) service revenue was 420 million yuan, growing by 11.6% [1]. - The company's non-GAAP operating profit for the quarter was 140 million yuan, a 34.9% increase year-on-year, marking a historical high; non-GAAP net profit was 110 million yuan, up 22.3% year-on-year [1]. Cash Position - As of the end of Q3 2025, the company had a total of 2.54 billion yuan in cash and cash equivalents, restricted funds, short-term investments, and third-party payment platform account balances, ensuring stable operations [1]. Strategic Initiatives - The CFO of Wanwu Xingsheng highlighted the expectation of enhancing overall profit margins through scale effects as user acceptance of recycling and trade-in services increases [2]. - The company is expanding its multi-category recycling services beyond mobile phones, including bags, watches, gold, fine wine, and apparel, with a 95% year-on-year increase in multi-category recycling transaction volume [2]. - The CEO emphasized a strategic focus on "scenes + supply chain" to secure quality sources, enhance delivery capabilities, and improve transaction efficiency and user experience in the rapidly growing second-hand mobile phone market [2].

北京时间11月20日，二手消费电子产品交易和服务平台万物新生（爱回收）集团发布了2025年第三季度业绩报告。 财报显示，2025年第三季度，万物新生集团总收入51.5亿元，同比增长27.1%。集团non-GAAP经营利润创新高，达1.4亿元（经调整，剔除员工股权激励费 用、无形资产摊销及因收购产生的递延成本，下同），同比增长34.9%，实现持续性的全面盈利。 三季度营收51.5亿元，non-GAAP经营利润创新高 2025年三季度，万物新生营收保持健康发展节奏，盈利能力持续提升。 财报数据显示，从营收来看，本季度集团总收入51.5亿元，同比增长27.1%。从营收构成来看，1P（自营）产品销售收入达47.3亿元，同比增长28.7%，持续 成为营收增长引擎。3P（平台）服务收入为4.2亿元，同比增长11.6%。 同时，万物新生的盈利能力进一步提升。三季度，万物新生non-GAAP经营层面延续亮眼表现，non-GAAP经营利润达1.4亿元，同比增长34.9%，创下历史新 高；non-GAAP净利润为1.1亿元，同比增长22.3%。同时，集团GAAP标准下的利润表现强劲。其中，经营利润为1.2亿元，同比增长385.1 ...

实现GAAP层面全面盈利。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，二手消费电子产品交易和服务平台万物新生（爱回收）集团（纽交所股票代码： RERE）于11月20日美股盘前发布了2024年第三季度业绩报告。 · 1P(自营)产品收入达 36.7 亿元,同比增长 25.6%。 · 3P(平台)服务收入达 3.8亿元,同比增长 13.9%。 ● Q3 non-GAAP ● 同比增长 经营利润 1.04 亿元 40.9% · 连续九个季度实现 non-GAAP 经营利润,单季创 历史新高。 · 03 集团 non-GAAP 经营利润率较去年同期的 2.3% 提升至 2.6%,单季创历史新高。 03 non-GAAP ● 同比增长 净利润 9006 万元 89.3% 值得注意的是，万物新生的盈利能力全面优化—— 三季度，万物新生集团实现经营利润2489万元， 净利润为1788万元，实现单季GAAP标准下的全面盈利。 此外，本季度万物新生Non-GAAP经营利 润超1亿元，同比增长40.9%，创下历史新高；non-GAAP经营利润率由 2 023年同期 ...