来源：读懂财经 在当下的国内消费市场，信任壁垒已成为孕育消费巨头的新路径，山姆、胖东来等过往标杆，以及如今 的转转，都是这一逻辑的典型印证。 为进一步夯实自身的信任壁垒，转转于9月22日宣布，将逐步关停自由市场业务，全面转向战略聚焦透 明度与信任度更高的CBC模式。 关停C2C,全面依托CBC模式，转转正全力解决循环经济中最关键的结构性问题——信息不对称与信任 缺失。 围绕这两个核心痛点，CBC模式为转转构建循环经济领域稀缺的信任壁垒提供了强力支撑：其背后的专 业质检体系、高效履约能力、完善服务保障体系等核心能力，不仅难以被复制，更是循环经济实现规模 化发展不可或缺的基础设施。 具备规模化的基础能力后，转转也有了极大的想象空间。 循环经济正站在爆发点上。根据Statista《2024年二手市场报告》，全球二手市场规模2024年达到1.8万 亿美元，预计到2027年将增长至2.2万亿美元，年复合增长率达14.6%。这不只是一个消费"细分赛道"， 而是一条正在变宽、变深、变重的价值新链路。 所以，转转的故事，不只是"二手"这么简单。若从整个消费市场的视角审视，转转正在复刻港股 "消费 四姐妹" 的故事。 2024 ...

Summary of ThredUp Inc. Conference Call Company Overview - **Company**: ThredUp Inc. - **Industry**: Online resale and secondhand retail Key Points and Arguments Business Transformation - ThredUp underwent a significant transformation in the U.S. business, moving away from a struggling European segment, which was dragging down consolidated results. The decision to focus solely on the U.S. market was made in August of the previous year, leading to improved performance in subsequent quarters [2][3]. Revenue Growth - The company reported a revenue growth of 10% in Q4 of the previous year and projected a 25% growth for Q3 of the current year [4][5]. - New customer growth was remarkable, with a 95% increase year-over-year in Q1 and a 75% increase in Q2 [43]. AI and Product Investments - ThredUp has made significant investments in AI, which has improved product cataloging and customer experience. The company transitioned from tagging 6-7 attributes per item to over 100 attributes using AI, resulting in an 18% year-over-year increase in new customer conversion rates [25][26]. - AI-driven features include improved search capabilities, similar search options, and social commerce initiatives that integrate with platforms like Pinterest and Instagram [28][29]. Seller Experience Enhancements - The introduction of a premium selling kit priced at $34.99 has been successful, accounting for over 10% of seller expenses. This kit offers enhanced services such as longer consignment windows and better price control [10][11]. - The psychology of pricing has been leveraged to encourage sellers to submit higher-quality items, as they are more likely to include valuable items when paying a premium fee [16]. Customer Acquisition Costs (CAC) and Payback Period - Customer acquisition costs have decreased, leading to a payback period of well under a year. This allows for increased marketing spend to further accelerate growth [55]. - The marketing budget has remained stable at 18-20% of sales, with expectations to maintain this level while focusing on organic growth opportunities in the long term [56]. Supply Chain and Processing Efficiency - The processing backlog for regular bags is currently 4-5 weeks, with premium kits processed within a week. This efficiency has improved customer satisfaction regarding processing times [62]. - The existing distribution network can support approximately $500 million in revenue, with plans for future expansions based on growth [65]. Financial Discipline and Margin Management - ThredUp aims to balance growth with margin expansion, committing to EBITDA guidance while reinvesting incremental revenue into growth initiatives [83][84]. - The company anticipates steady industry growth in the low double digits, which aligns with its growth strategy and free cash flow generation [87]. Market Trends and Customer Behavior - The current customer base is increasingly composed of resale natives who are familiar with secondhand shopping, leading to better lifetime values and retention rates [43][44]. - The normalization of secondhand shopping is seen as a potential tailwind for the industry, with a shift in consumer perception similar to the acceptance of electric vehicles [46]. Additional Important Insights - The company is focused on leveraging technology and innovation to enhance operational efficiency and customer experience, with ongoing discussions about future capital expenditures to support growth [81]. - ThredUp's strategy includes a commitment to maintaining a positive free cash flow while investing in new technologies and infrastructure to stay ahead in the competitive landscape [76][84].

Core Insights - In July 2025, Estonia's retail trade turnover reached €929 million, marking a year-on-year growth of 1% [1] - For the first seven months of 2025, the retail trade turnover in Estonia totaled €6.22 billion, reflecting a year-on-year increase of 3% [2] Retail Performance by Category - Specialty stores selling computers and accessories, telecommunications equipment, and sports equipment saw a significant year-on-year sales increase of 27.8% [1] - Retail turnover for automotive fuel increased by 9.7% year-on-year [1] - Sales from second-hand goods and non-store retail (including stalls, markets, and direct sales) grew by 6.4% year-on-year [1] - Automotive maintenance and repair services experienced a year-on-year growth of 3.3% [1] - Pharmacies and cosmetics specialty stores reported a year-on-year increase of 1.9% [1] Declines in Specific Categories - Specialty stores selling food, beverages, and tobacco experienced a significant year-on-year decline of 24.1% [1] - Sales of motor vehicles and motorcycles dropped by 17.2% year-on-year [1] - Other non-store retail categories saw a decrease of 7.6% year-on-year [1] - Non-store sales of food, beverages, and tobacco declined by 4.6% year-on-year [1] - Retail sales through mail order or the internet fell by 3.4% year-on-year [1] - Specialty stores selling textiles, clothing, and footwear remained flat compared to the same period last year [1]

Core Insights - The company reported a record high total revenue of 4.99 billion yuan for Q2 2025, representing a year-on-year growth of 32.2% [1] - Non-GAAP operating profit exceeded 120 million yuan in Q2 2025, with a year-on-year increase of 28.9% [1] - The company plans to return at least 60% of annual non-GAAP net profit to shareholders from 2025 to 2027 through dividends and buybacks [3] Revenue Breakdown - Revenue from self-operated (1P) product sales reached 4.56 billion yuan, up 34% year-on-year, contributing significantly to overall revenue growth [1] - Platform (3P) service revenue was 430 million yuan, reflecting a year-on-year growth of 15.4% [1] - The total transaction volume of second-hand goods on the platform reached 10.3 million orders, a year-on-year increase of 22.6% [1] Profitability - Non-GAAP net profit for Q2 2025 was 99.91 million yuan, marking a year-on-year growth of 24.1% [1] - For the first half of 2025, the company achieved a non-GAAP operating profit of over 230 million yuan, up 33.8% year-on-year [1] - GAAP operating profit and net profit for Q2 were 91.07 million yuan and 72.34 million yuan, respectively [1] Operational Expansion - As of the end of Q2 2025, the company had 2,092 offline stores across 291 cities, enhancing customer convenience for in-store delivery [2] - The self-operated on-site team grew to 1,160 members, improving fulfillment capabilities and efficiency [2] - The multi-category recycling service generated a GMV of 1.87 billion yuan, with a year-on-year growth exceeding 110% [2] Market Trends - The consumer electronics market benefited from trade-in policies, with significant growth in C2B recycling performance driven by national subsidies and e-commerce promotions [2] - The recovery in gold prices led to a 118% year-on-year increase in gold recycling GMV, while luxury goods recycling GMV grew by 63% [2] Strategic Outlook - The company aims to enhance its front-end scenarios and improve delivery experiences to increase recycling penetration rates [3] - The management emphasizes the importance of leveraging unique business models to create innovative benchmarks in the industry [3]

Core Viewpoint - The younger generation, previously labeled as "spending enthusiasts," has transformed into savvy "money-saving masters," utilizing second-hand goods, shared economy, and creative cost-cutting strategies to redefine their consumption habits [1][5]. Group 1: Changes in Consumption Behavior - The user group aged 25-35 has seen a 217% increase in second-hand transaction volume over the past two years [3]. - Young professionals are now more focused on finding high-value second-hand office equipment rather than the latest smartphones, leading to a decline in foot traffic at fast fashion brands while second-hand luxury stores experience long queues [7]. - The consumption of gold among the 18-35 age group in China reached 42% in 2023, marking a historical high, while the value of diamond rings has depreciated by 60% [9]. Group 2: Innovative Money-Saving Techniques - Young individuals are developing various money-saving hacks, such as using a "plate rack" instead of expensive storage boxes and optimizing shopping routes for discounted groceries [5]. - The trend of "spongeing" off older generations has emerged, with young people attending community classes aimed at seniors, resulting in a 240% year-on-year increase in 90s generation tourists for senior travel packages [11]. Group 3: Rise of Sharing Economy - A shared kitchen named "Hour of Time" has become popular among office workers, allowing users to cook for 30 yuan per hour, saving 40% compared to takeout [13]. - The wedding dress rental market is projected to exceed 10 billion yuan in 2023, with 70% of customers being cost-conscious individuals born in the 1990s [14]. Group 4: Social Dynamics and New Value Systems - The "stooping" culture, which involves collecting discarded items, has gained popularity, with over 500,000 posts on Xiaohongshu and a reading volume exceeding 300 million [16]. - Social interactions among young professionals have shifted from showcasing luxury purchases to sharing money-saving strategies, with "help me bargain" becoming a common conversation starter [18]. - Notes tagged with "money-saving challenge" on Xiaohongshu have 3.2 times the interaction of unboxing reviews, indicating a shift in social currency towards frugality [20]. Group 5: Impact on Relationships and Social Perception - Users who mention "financial management skills" in their dating profiles see a 27% increase in matching success, while those showcasing luxury items experience a 43% decrease in private messages received [23].

Core Insights - In June 2025, Estonia's retail trade turnover reached €928 million, marking a year-on-year growth of 5% [1] Retail Performance by Sector - Specialty stores selling computers and accessories, telecommunications equipment, and sports equipment saw a significant turnover increase of 21.8% [1] - Sales of second-hand goods and non-store retail (including stalls, markets, and direct sales) experienced a turnover growth of 13.2% [1] - E-commerce and mail-order retail recorded a turnover increase of 13% [1] - Retail turnover for automotive fuel increased by 12.2% [1] - Stores selling home goods, appliances, hardware, and building materials saw a turnover rise of 10.3% [1] - Pharmacies and cosmetics specialty stores reported an 8.4% increase in turnover [1] - Specialty stores selling textiles, clothing, and footwear experienced a modest turnover growth of 2.6% [1] - Department stores focused on industrial products faced a turnover decline of 2.2% [1] - Grocery stores selling tobacco, alcohol, and beverages saw a turnover decrease of 3.6% [1] Overall Retail Trade Performance - In the first half of 2025, Estonia's retail trade turnover reached €5.22 billion, reflecting a year-on-year growth of 4% [1]

Core Points - The U.S. government has announced the cancellation of the "de minimis" tax exemption for imported goods valued under $800, effective August 29, 2023, nearly two years earlier than previously planned [1][2]. Group 1: Impact on E-commerce Platforms - C2C e-commerce platforms like eBay and Etsy will face significant challenges as international transactions for second-hand, vintage, and handmade goods may incur high tariffs, leading to increased consumer costs and reduced purchasing choices [2][3]. - Sellers on platforms like Etsy anticipate a 30%-50% decrease in order volume due to the new tariffs, which will make their products less competitive [3][5]. - eBay has stated that the policy change will harm consumer interests and reduce market diversity, while Etsy warns that it may force small sellers off the platform [3][4]. Group 2: Consumer Reactions and Concerns - Consumers are expected to face higher costs, with some items potentially doubling in price due to tariffs, taxes, and handling fees, which could lead to a significant reduction in purchases of international goods [2][3]. - Consumer advocacy groups have expressed concerns that the policy will deprive Americans of access to unique, low-cost products and increase the overall cost of living [3][6]. Group 3: Industry and Economic Implications - The International Secondhand Trade Association (IBTA) has warned that the policy could destroy a multi-billion dollar industry and lead to significant job losses [5]. - Delivery companies like FedEx and UPS have cautioned that the new tariff declaration process may cause package backlogs and delays in delivery times [6]. - The U.S. Trade Representative's Office has reiterated that the policy change will not be altered, emphasizing a shift away from being a "dumping ground" for cheap goods [6].

Core Insights - The commercial market in Beijing is experiencing a significant boost with the introduction of major new projects and flagship stores, enhancing the offline consumption landscape [1][29] - The number of new flagship stores opened in Q2 2025 has surged, outperforming the previous two years, indicating a strong recovery in consumer interest [2][29] - The focus on experiential and emotional value in consumer behavior is driving innovation in the restaurant and retail sectors, with brands emphasizing customization and unique experiences [10][29] Group 1: New Store Openings - In Q2 2025, Beijing saw the opening of 80 flagship stores, a substantial increase from 48 in the same period last year and 50 two years ago [2] - The first month of May recorded the highest number of new flagship store openings, with 31 stores launched [3] - The new openings included 13 national flagship stores, 5 North China flagship stores, and 62 Beijing flagship stores, showcasing a diverse range of brands [4] Group 2: Sector Performance - The restaurant sector led the way with 42 new flagship stores, compared to 33 in retail, indicating a strong trend towards dining experiences [7] - Emerging restaurant brands are actively expanding, while retail brands are also eager to enter the Beijing market, reflecting growing confidence [7][24] - Notable new restaurant concepts include unique regional cuisines and innovative dining experiences, appealing to both local and tourist demographics [17][24] Group 3: Consumer Trends - The consumer market is undergoing a transformation, with a shift towards rational spending and a focus on experience and value [10] - Brands are increasingly adopting a multi-faceted approach to create engaging shopping and dining environments, enhancing the overall consumer experience [10][11] - The rise of the "self-indulgence economy" is evident, with brands focusing on personalized and immersive experiences [10] Group 4: Policy Support - Various government initiatives have been introduced to stimulate consumption, including financial support for commercial projects and the promotion of flagship store openings [29][30] - The Beijing government aims to establish the city as a global flagship center, encouraging the introduction of high-quality brands and innovative concepts [29][30] - Upcoming projects and urban renewal initiatives are expected to further enhance the commercial landscape and consumer engagement in the latter half of 2025 [30]

Core Viewpoint - The Chongqing Municipal Government has issued measures to stimulate consumption by encouraging financial institutions and businesses to increase resource investment and jointly conduct trade-in promotional activities [1] Group 1: Government Initiatives - The government aims to promote the green and intelligent upgrade of durable consumer goods, particularly in the home appliance sector [1] - Support is provided for the trade-in of qualified and safe electric bicycles, as well as digital products such as mobile phones and tablets [1] Group 2: Market Development - The measures include promoting the construction of pilot projects for second-hand goods circulation, fostering a diversified second-hand goods circulation主体 [1] - Innovative methods for second-hand goods circulation are encouraged to enhance market efficiency [1]

Group 1 - The core viewpoint emphasizes the rapid growth of the circular economy, particularly in second-hand goods trading and rental services, reshaping economic patterns and lifestyles globally [1][3]. - Since 2020, China's second-hand goods trading market has surpassed 1 trillion yuan, with projections to exceed 3 trillion yuan by 2025, driven by a younger demographic embracing a "buy second-hand, use second-hand" consumption philosophy [1]. - In 2022, the scale of second-hand e-commerce transactions in China reached 480.2 billion yuan, with a user base of 263 million, reflecting year-on-year growth of 20% and 17.9% respectively [1]. Group 2 - The rental services sector is revitalized within the circular economy, offering flexible and environmentally friendly consumption options across various categories, including electronics and furniture [3]. - The Chinese government is increasingly supporting circular economy initiatives through policies like the "14th Five-Year Plan for Circular Economy Development," which has led to a resource recycling industry scale of 4.07744 trillion yuan in 2023, a year-on-year increase of 13.1% [3]. - As consumer awareness of environmental issues grows, the market for second-hand trading and rental services is expected to expand further, with technologies like big data and AI enhancing efficiency and service quality [3][4]. Group 3 - Future developments in the circular economy are anticipated to be driven by technological advancements and ongoing policy support, leading to more intelligent second-hand trading platforms and rental services [4]. - Innovations such as blockchain technology for product traceability and data analytics for precise supply-demand matching are expected to enhance consumer confidence and service efficiency [4].