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转转宣布:战略聚焦!创始人透露
Nan Fang Du Shi Bao· 2025-09-25 13:32
Core Viewpoint - The company, Zhuanzhuan Group, announced the gradual shutdown of its "Free Market" business, focusing instead on the "Official Verification" model to provide a more secure second-hand trading experience for users [1][2]. Group 1: Business Strategy - The decision to close the "Free Market" was described as a difficult but necessary choice, aimed at eliminating the space for online fraud and gray market transactions [1]. - The "Free Market" business accounted for less than 3% of the overall GMV (Gross Merchandise Volume) of Zhuanzhuan, indicating that its closure would not significantly impact the company's overall operations [2]. - The company aims to enhance user experience by focusing on the C2B2C model, which has shown rapid growth and profitability in recent years [2][7]. Group 2: Market Positioning - Zhuanzhuan's shift from C2C to C2B2C reflects a broader trend in the second-hand market, where platforms are increasingly differentiating based on user needs, with Zhuanzhuan emphasizing service quality and reliability [4][5]. - The company has established a complete closed-loop service for second-hand transactions, addressing issues such as information asymmetry and trust, which enhances user experience and transaction efficiency [7]. Group 3: Quality Assurance and Standards - Zhuanzhuan has developed its own standards for second-hand product verification, including a comprehensive 367-step inspection process for mobile phones, ensuring quality and reliability [6]. - The company has set up quality inspection centers across the country and employs over 2,500 quality inspectors to maintain high standards in its offerings [6]. - The focus on standardization in the second-hand market is seen as essential for meeting the evolving demands of consumers who prioritize product quality and service experience [7].
100天倒计时!雷军投资的闪回科技三闯港交所,8亿对赌的上市“生死局”
Sou Hu Cai Jing· 2025-09-23 09:14
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 ...
转转终于还是让闲鱼打怕了
Feng Huang Wang· 2025-09-22 13:45
Core Viewpoint - The company, Zhuanzhuan, has announced the gradual shutdown of its C2C marketplace, shifting focus to an "official verification" business model, which raises questions about its competitive strategy and future growth potential in the second-hand market [2][6][10]. Market Context - The Chinese second-hand market is projected to exceed 3 trillion yuan, indicating a vast potential for growth [6]. - Zhuanzhuan has historically operated under the shadow of larger competitors like Xianyu and Aihuishou, lacking strong e-commerce backing [6][10]. Competitive Landscape - Zhuanzhuan's reliance on advertising to maintain its C2C presence has proven costly and ineffective compared to the community-driven approach of Xianyu, which benefits from Alibaba's ecosystem [6][9]. - Xianyu has over 600 million registered users, with a significant portion being active Gen Z users, highlighting its strong market position [9]. Business Model Challenges - The C2C segment has been financially burdensome for Zhuanzhuan, with CEO Huang Wei admitting to nearly 200 million yuan in subsidies to support this business line [7]. - Zhuanzhuan's previous attempts to pivot towards a C2B2C model included quality verification services, but recent controversies have undermined consumer trust [10][11]. Strategic Shifts - Zhuanzhuan has made several strategic pivots, including a recent acquisition of Hongbulin and a focus on the luxury second-hand market, which aims to address consumer demand for quality assurance [12][13]. - The launch of "Super Zhuanzhuan," a multi-category second-hand store, represents a significant shift towards offline retail, catering to consumer preferences for tangible product experiences [13]. Risks and Future Outlook - The decision to exit the C2C market may lead to user attrition as consumers migrate to platforms that still support peer-to-peer transactions [14]. - Zhuanzhuan's approach contrasts with competitors like Xianyu and Dewu, which continue to embrace C2C models, suggesting potential long-term implications for Zhuanzhuan's market relevance [14][15].
做二手生意的转转 为何在北京二环开3千平米大店?
相昌峰:从结果来看,肯定是变好了。 一是现在人们的消费比较偏理性了,更追求性价比;另外,欧美一些国家以及日本都有过这样的一个周 期,也是二手消费的市场变好了。 《21世纪》:现在包括汽车、3C等新品促销、补贴都在变多,对你们的生意会有影响么? 相昌峰:我们一开始也有过担心新品降价带来影响,但实际上影响不大。从2024年到2025年上半年,二 手行业还是在快速增长的。举个例子,如果苹果16降价,会刺激消费者去购买,同时卖出旧手机,二手 平台的货源会增加。当供给增加,二手回收价格也会下降,二手手机的出售价格也会变得很实惠,价格 优势也会吸引一部分人去买二手手机。 尽管商品消费增速放缓,3C等商品补贴大促增加,二手行业还是两位数的增长。 《21世纪》:今年5月份你们在北京友谊商店开了一家大店,在这么贵的地段开这么大的店,坪效怎么 算? 二手循环经济企业转转集团联合创始人、采货侠 CEO相昌峰近日接受了21世纪经济报道记者的专访。 相昌峰:关于实体店的经营效率以及坪效的计算,我们是有一些经验。基于这些经验,我们才在今年5 月份开出第一家超级转转大店。 《21世纪》:对于行业周期,如果消费者收缩开支,会不会连二手都不愿 ...
背靠“小米系” 闪回科技三闯港交所
Nan Fang Du Shi Bao· 2025-08-24 23:12
Core Viewpoint - Shenzhen Flashback Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, focusing on the second-hand mobile phone recycling market, where it holds a 1.3% market share, ranking third in China [2][6]. Company Overview - Flashback Technology operates a closed-loop platform model involving upstream brand partners, its own recycling and refurbishment processes, and downstream wholesale sales [2]. - The company's revenue primarily comes from the price difference of second-hand devices, with a heavy reliance on mobile phone categories [2]. Financial Performance - Revenue has grown from 750 million yuan in 2021 to 1.297 billion yuan in 2024, with a 40.33% year-on-year increase in the first half of 2025 [4]. - Despite revenue growth, the company has faced continuous net losses over four years, totaling over 300 million yuan, with losses of 48.71 million yuan, 99.08 million yuan, 98.27 million yuan, and 66.44 million yuan from 2021 to 2024, and 24.63 million yuan in the first half of 2025 [4][5]. - Sales costs have risen significantly, from 688 million yuan in 2021 to 1.235 billion yuan in 2024, accounting for over 90% of revenue, primarily due to the cost of procuring second-hand electronic products [4]. Cash Flow and Dependency - Operating cash flow has been negative from 2021 to 2024, with a cumulative outflow of 116 million yuan, relying on external financing [5]. - The company has a strong dependency on Xiaomi, both in terms of financing and business operations, which poses risks if Xiaomi alters its strategy [4][6]. Market Context - The second-hand mobile phone recycling market in China is projected to grow from 192.9 billion yuan in 2024 to 360 billion yuan by 2028, with a compound annual growth rate exceeding 16% [6]. - Despite being the third-largest player, Flashback Technology's market share is only 1.3%, significantly lower than the leading competitor [6]. Strategic Challenges - The company plans to use the funds from its listing to strengthen its supply chain and upgrade its AI quality inspection platform, but there are concerns that this may be more of a "lifeline" than a genuine strategic upgrade [7]. - The sustainability of its profit model is questioned, as it heavily relies on the price difference of second-hand mobile phones, with low gross margins [7]. - Brand reputation and trust risks are significant, as issues related to data privacy and after-sales service could severely impact the company's image [7].
闪回科技三闯港交所:背靠“小米系”,仍难走出亏损困境
Nan Fang Du Shi Bao· 2025-08-22 06:21
Core Viewpoint - Shenzhen Flashback Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, focusing on the second-hand mobile phone recycling market, where it ranks as the third largest player in China with a market share of approximately 1.3% [2][10]. Company Overview - Flashback Technology operates a closed-loop platform model involving upstream brand partners, its own recycling and refurbishment processes, and downstream wholesale sales [2]. - The company's primary revenue comes from the price difference of second-hand devices, with a heavy reliance on mobile phone categories [2]. Financial Performance - Despite being in a rapidly growing market, Flashback Technology has struggled with profitability, showing continuous net losses from 2021 to 2025, with cumulative losses exceeding 300 million yuan [8][9]. - Revenue increased from 750 million yuan in 2021 to 1.297 billion yuan in 2024, but the gross profit margin remained low at 4.8% in 2024, significantly below industry averages [8][10]. - Sales costs rose from 688 million yuan in 2021 to 1.235 billion yuan in 2024, accounting for over 90% of revenue, primarily due to the high costs of procuring second-hand electronic products [8][9]. Market Position and Competition - The second-hand mobile phone recycling market in China is projected to grow from 192.9 billion yuan in 2024 to 360 billion yuan by 2028, with a compound annual growth rate exceeding 16% [10]. - Flashback Technology's market share is limited, with the top two companies holding only 15.3% of the market, and its transaction volume is less than one-sixth of the leading competitor [10]. - Competitors are building barriers to entry, with established players diversifying their services, while Flashback Technology's business model remains overly dependent on B2B partnerships and the Xiaomi ecosystem [10][11]. Strategic Challenges - The company plans to use the funds from its listing to strengthen its supply chain, upgrade its AI quality inspection platform, and repay some debts, but there are concerns that this may be more of a "lifeline" than a genuine strategic upgrade [11]. - The sustainability of its profit model is questioned, as it relies heavily on the price difference of second-hand mobile phones, with limited long-term profitability prospects [11]. - Brand reputation and trust risks are significant, as issues related to data privacy and after-sales service could severely impact the company's image [11].
二手机做到行业第三的闪回科技IPO:年销10亿为何仍然难盈利?
Hua Er Jie Jian Wen· 2025-08-20 01:36
Core Viewpoint - The second-hand mobile phone market in China is rapidly evolving, with significant potential for growth driven by the increasing number of idle phones and the emergence of companies like Flashback Technology, which is seeking to capitalize on this opportunity through innovative business models and partnerships [1][2]. Market Overview - Over the past five years, China has generated more than 400 million discarded mobile phones annually, with approximately 54.2% remaining idle and only about 5% entering professional recycling channels [1]. - Flashback Technology holds a 1.3% market share in the mobile phone recycling market, ranking third behind major players like Aihuishou and Zhuanzhuan [1]. Business Model - Flashback Technology primarily operates a B2B model, sourcing used devices through partnerships with retail stores and telecom operators rather than directly from consumers [4][6]. - The company has implemented a real-time auction mechanism to enhance operational efficiency, with around 80% of its sales completed through this method in 2024 [8]. Financial Performance - Flashback Technology reported a revenue of 1.3 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.1% over three years [8]. - Despite revenue growth, the company's gross margin has declined from 8.2% in 2021 to 4.8% in 2024, leading to a net loss of 31.22 million yuan [12][13]. Strategic Partnerships - The company has established partnerships with major brands like Xiaomi and Samsung, which are crucial for sourcing used devices [9][10]. - Flashback Technology's reliance on Xiaomi is significant, with 41.5% of its procurement coming from this partner, highlighting the competitive dynamics in the market [10][11]. Future Plans - Flashback Technology plans to expand its operations in regions like Liaoning, Hebei, and Guangdong to enhance its market presence [14]. - The company aims to improve its profitability by increasing its sales of mid-to-high-end products, having recently established partnerships with Apple distributors [19][20]. Operational Efficiency - The company has streamlined its procurement process, reducing the number of active partners and improving cash flow, achieving a net inflow of 44 million yuan [17]. - Flashback Technology is also focusing on enhancing its online presence and marketing efforts to reach consumers directly, which could improve profit margins [23].
闪回科技第三次申请赴港上市
Core Viewpoint - Flashback Technology Limited has submitted its third application for H-share listing on the Hong Kong Stock Exchange, following two previous failed attempts in 2024, amidst ongoing financial struggles and increasing debt levels [1][2]. Company Overview - Flashback Technology focuses on the recycling and resale of consumer electronics, primarily second-hand mobile phones, with over 90% of its revenue in 2024 coming from this segment, amounting to 1.231 billion RMB [3]. - The company operates under brands such as Flashback Recycling and Flashback Quality [3]. Financial Performance - Since 2021, Flashback Technology has been consistently operating at a loss, with a gross margin significantly lower than its peers. In 2024, the company's gross margin was only 4.8%, compared to over 20% for competitors like Wanwu Xingsheng [5]. - The company reported a loss of 660 million RMB in 2024, which was a 32% reduction from the previous year, but still far behind Wanwu Xingsheng, which reduced its losses by over 90% during the same period [5]. Debt and Financial Obligations - Flashback Technology has faced increasing debt levels due to multiple failed investment agreements, with its current liabilities rising from 351 million RMB in 2021 to 929 million RMB in 2024, an increase of over 160% [9]. - As of the first half of 2025, the company's current liabilities reached 953 million RMB, four times its current assets, with over 80% of these liabilities attributed to redemption obligations from failed agreements [10]. Market Position - According to Frost & Sullivan, Flashback Technology is the third-largest mobile phone recycling service provider in China based on the total transaction value of recycled and sold second-hand phones in 2024 [5]. - The competitive landscape includes other companies like Wanwu Xingsheng and Zhuanzhuan, with Wanwu Xingsheng having successfully listed in the U.S. in 2021 [4]. Challenges and Competition - The company has faced increased competition since a major consumer electronics brand launched its own recycling platform in June 2022, which has negatively impacted Flashback's profit margins [8]. - The rising costs of procuring mid-to-high-end second-hand phones and the inability to fully pass on these costs to customers have further pressured the company's profitability [8].
闪回科技三闯联交所:“以价换量”毛利率仅同行1/4 1元“骨折价”向实控人朋友输送利益 天价赎回迎来倒计时
Xin Lang Zheng Quan· 2025-08-19 03:05
Core Viewpoint - Flashback Technology has submitted its third listing application to the Hong Kong Stock Exchange, aiming to raise funds for technological upgrades, strategic partnerships, marketing efforts, and potential acquisitions, amidst a backdrop of previous failed attempts and significant financial losses [1][19]. Financial Performance - Flashback Technology has reported a cumulative net loss of 337 million yuan over the past four fiscal years, while a competitor, Wanwu Xingsheng, has turned profitable in the first quarter of this year [2][15]. - The company's gross margin has significantly declined, reaching only about 4.8% by 2024, which is approximately one-fourth of Wanwu Xingsheng's gross margin [2][15]. - Revenue figures for Flashback Technology from 2021 to 2025 show a compound annual growth rate of about 20%, with revenues increasing from 750 million yuan in 2021 to 1.297 billion yuan in 2024 [15]. Market Position - Flashback Technology holds a mere 1.3% market share in the highly competitive second-hand consumer electronics market in China, significantly lower than its top competitors [10][13]. - The company ranks as the third-largest mobile phone recycling service provider in China, but its market share has decreased from 1.5% in 2022 to 1.3% in 2024 [10][13]. Shareholder Structure - The major shareholders of Flashback Technology include Liu Jianyi and Yu Hairong, who collectively hold approximately 45.35% of the company's issued shares [5]. - Xiaomi Group holds a 6.83% stake in Flashback Technology, while Lei Jun holds a 10.73% stake [8][9]. Debt and Financial Risks - Flashback Technology faces a redemption liability of nearly 800 million yuan, which poses a significant risk if the current listing application fails [1][17]. - The company's redemption liabilities have surged from 307 million yuan in 2021 to 791 million yuan by mid-2025, indicating a severe financial strain [17][18]. - As of mid-2025, Flashback Technology's net assets were reported at -713 million yuan, highlighting a critical solvency issue [18].
手机回收商「闪回科技」,来自浙江湖州,递交IPO招股书,拟赴香港上市
Xin Lang Cai Jing· 2025-08-15 06:00
Group 1 - ShanH Technology Limited, based in Anji County, Huzhou, Zhejiang, has submitted its IPO application to the Hong Kong Stock Exchange after two previous failed attempts in February and September 2024 [3] - The company specializes in providing recycling services for consumer electronics, focusing on trade-in programs for used mobile phones and other electronic products [5][6] - According to Frost & Sullivan, ShanH Technology is the third-largest mobile phone recycling service provider in China, with a market share of approximately 1.3% in both the total transaction value of recycled and sold used mobile phones [5] Group 2 - The company has developed two core brands: "ShanH Recycling" and "ShanH Quality Products," primarily sourcing used electronics through trade-in transactions at online and offline stores [6] - Revenue is mainly generated from sales of second-hand electronic products through the "ShanH Quality Products" online platform and third-party e-commerce platforms [6] - Financial performance shows revenues of RMB 750 million, RMB 919 million, RMB 1.16 billion, RMB 1.30 billion, and RMB 809 million for the years 2021 to 2025 (first half) respectively, with corresponding net losses [12][13] Group 3 - The shareholder structure prior to the IPO indicates that Liu Jianyi holds 31.71% through ShanHuiShou BVI, with other significant shareholders including MGY Wisdom BVI and Xiaomi [8][9] - The board of directors consists of eight members, including four executive directors and three independent non-executive directors, with Liu Jianyi serving as the chairman and CEO [11] - The IPO's intermediary team includes QianKe Capital as the sole sponsor and KPMG as the auditor [13]