制图:史明磊(元宝AI) 近日，继2024年2月和9月两次递表后，深圳闪回科技有限公司(简称"闪回科技")再次向港交所递交上市 申请。 这是一家专注于消费电子产品回收服务的企业，主营二手手机。根据弗若斯特沙利文的数据，按2024年 回收及出售二手手机交易总额计算，闪回科技位列中国第三大手机回收服务提供商，市场份额约 1.3%。 闪回科技的商业模式，通过"上游品牌商(以旧换新渠道)→闪回(回收/质检/翻新)→下游商户(批发销 售)"的闭环平台运作，并依托自营平台"闪回有品"及多个第三方电商平台进行销售。其核心收入来自二 手设备的价差，业务高度依赖手机品类。 在招股书中，闪回科技亦披露了风险因素，包括对上游合作伙伴依赖过重、议价能力有限导致毛利波 动、品牌声誉隐患及持续存在的负债问题。南都记者就相关问题向公司发函采访，截至发稿未获回复。 公司发展轨迹 很大程度上依赖小米生态 尽管身处快速增长的二手消费电子赛道，并拥有"小米系"的背景加持，闪回科技仍未能摆脱盈利困境。 公司发展轨迹在很大程度上依赖小米生态，但财务表现与商业模式的可持续性仍充满不确定性。 股权结构方面，公司权力集中在创始团队。董事长兼总经理刘剑逸及董 ...

近日，继2024年2月和9月两次递表后，深圳闪回科技有限公司（简称"闪回科技"）再次向港交所递交上 市申请。 这是一家专注于消费电子产品回收服务的企业，主营二手手机。根据弗若斯特沙利文的数据，按2024年 回收及出售二手手机交易总额计算，闪回科技位列中国第三大手机回收服务提供商，市场份额约 1.3%。 闪回科技的商业模式，通过"上游品牌商（以旧换新渠道）→闪回（回收/质检/翻新）→下游商户（批发 销售）"的闭环平台运作，并依托自营平台"闪回有品"及多个第三方电商平台进行销售。其核心收入来 自二手设备的价差，业务高度依赖手机品类。 在招股书中，闪回科技亦披露了风险因素，包括对上游合作伙伴依赖过重、议价能力有限导致毛利波 动、品牌声誉隐患及持续存在的负债问题。南都湾财社记者就相关问题向公司发函采访，截至发稿未获 回复。 背靠"小米系"，仍难走出亏损的困境 尽管身处快速增长的二手消费电子赛道，并拥有"小米系"的背景加持，闪回科技仍未能摆脱盈利困境。 公司发展轨迹在很大程度上依赖小米生态，但财务表现与商业模式的可持续性仍充满不确定性。 股权结构方面，公司权力集中在创始团队。董事长兼总经理刘剑逸及董事余海容合计持股45 ...

中国循环经济协会估算，近5年来，我国平均每年产生4亿部以上废旧手机。 这些废弃的手机中，约54.2%被消费者闲置留存，只有约5%能够进入专业回收渠道。 海量闲置手机为二手手机循环利用开辟了广阔市场，催生出一个待挖掘的富矿，并推动了专业二手交易 商市场的发展。 日前，二手手机以旧换新服务商"闪回科技"第三次递表港交所。 2024年，闪回科技以10亿元的交易额占据中国手机回收市场1.3%的份额，位列行业第三，排在万物新 生（爱回收）、转转之后。 闪回科技的GMV不足作为头部平台爱回收六分之一，毛利率更只有仅有其三分之一。 闪回科技在实操中向作为合作伙伴的前台销售人员提供监测与定价系统及相应培训，由这些一线人员代 为完成旧手机的质检和操作流程。 盈利能力不足之下，公司2021年至2024年经营现金流持续告负，累计净流出达1.16亿元，运营资金主要 依赖外部融资。 IPO前公司累计完成五轮融资，并分别了签署多份带有赎回权的特殊协议。其中，A轮、A-1轮、C轮约 定的上市最后期限，闪回科技迟迟未能完成并一度延期。 D轮优先股的关键条款，目前延长至2025年12月31日，若在该日期前闪回科技未完成合格的IPO，赎回 压力 ...

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].

来源：瑞恩资本RyanbenCapital 2024年9月17日，来自浙江湖州安吉县的闪回科技有限公司 ShanH Technology Limited(简称"闪回科技") 在港交所递交招股书，拟在香港IPO上市。这是继其于2024年2月26日、2024年9月17日先后两次递表失 效后的再一次申请。 闪回科技招股书链接： https://www1.hkexnews.hk/app/sehk/2025/107630/documents/sehk25081401644_c.pdf 主要业务 闪回科技，作为一家从事提供消费电子产品回收服务的中国公司，主要专注于通过在线及线下以旧换新 提供二手手机及其他消费电子产品(主要包括笔记本计算机、平板计算机、手机配件及其他数字产品)的 回收服务。 根据弗若斯特沙利文的资料，于2024年按回收的二手手机交易总额及售出的二手手机交易总额计，闪回 科技是中国第三大手机回收服务提供商，市场份额分别约为1.3%及1.3%。 闪回科技凭借专有检测、分级及定价技术以及回收及销售在线平台，以及与上游采购合作伙伴(包括主 流消费电子品牌及其指定分销商、中国消费电子产品的大型商户及主要移动网络运营 ...

Group 1 - The core viewpoint of the articles is that Zhu Zhu has been appointed as the brand ambassador for Zhuanzhuan Group, aiming to promote a new trend in second-hand consumption under the "Hundred Categories and Thousand Products" strategy [1][2] - Zhuanzhuan Group's CEO Huang Wei emphasized that Zhu Zhu's public image aligns with the company's mission of sustainability, as she advocates for environmental consciousness [1] - Zhu Zhu expressed her support for circular consumption, stating that good items deserve multiple lives, which resonates with Zhuanzhuan's corporate philosophy [1] Group 2 - The collaboration with Zhu Zhu is expected to enhance the implementation of the "Hundred Categories and Thousand Products" strategy, attracting more young users and female consumers to second-hand trading [2] - The partnership aims to break traditional perceptions of idle goods, accelerating the circulation and reuse of quality idle resources [2] - Zhuanzhuan Group has established a marketplace ecosystem covering over a hundred categories, including second-hand mobile phones, 3C digital products, bags, watches, outdoor sports, books, musical instruments, games, and photography equipment [1]

Core Viewpoint - The decline of mobile phone stores in county-level cities reflects a broader shift in consumer behavior and market dynamics, as online sales channels and brand strategies evolve, leaving traditional brick-and-mortar stores struggling to survive [3][4][6][21]. Summary by Sections Market Dynamics - The mobile phone market in county-level cities has seen a significant decline, with many stores reporting drastically reduced sales and foot traffic compared to previous years [4][6]. - Major brands like Apple and Huawei are shifting their focus towards online sales and upscale shopping environments, which diminishes the relevance of small mobile phone stores [6][10]. Sales Performance - The number of mobile phone stores has decreased sharply, with major chains like Dixin Tong reducing their outlets from over 3,000 in 2015 to around 600 by 2023 [6][10]. - Profit margins for mobile phone sales have plummeted, with one store owner noting that the profit per phone has dropped from over 400 yuan to just over 100 yuan [8]. Consumer Behavior - Consumers, particularly younger generations, are increasingly opting for online purchases due to better pricing and transparency, leading to a decline in foot traffic at county-level mobile stores [10][14]. - Middle-aged and elderly consumers, once a primary customer base for these stores, are also shifting towards online shopping, influenced by negative past experiences with local stores [14][15]. Business Adaptation - Many mobile phone stores are diversifying their services, including mobile repairs and second-hand phone sales, as traditional phone sales decline [21][22]. - The second-hand mobile phone market is growing, with projections indicating it could account for 20% of the total market by 2024, providing some relief to struggling stores [22]. Future Outlook - The future of county-level mobile phone stores remains uncertain, as they face competition from both online platforms and larger retail environments, and their ability to innovate and adapt will be crucial for survival [21][22].

Core Viewpoint - The mobile phone retail market, especially in county-level cities, is experiencing a significant decline, with many stores struggling to survive as consumer preferences shift towards online shopping and larger retail spaces [5][10][37]. Group 1: Market Decline - The once-thriving mobile phone market in Chengdu has seen a drastic reduction in foot traffic and sales, with many stores now empty [1][4]. - A mobile store owner recalls that before 2017, business was flourishing, but now sales have plummeted to just a few units per week [2][3]. - Nationwide, many consumers returning home for the holidays notice a stark decline in the number of mobile phone stores, reminiscent of the rapid decline of internet cafes [4][5]. Group 2: Changing Retail Landscape - The traditional mobile phone retail model is collapsing, with major brands reducing their reliance on small mobile stores in favor of more attractive retail environments in shopping malls [10][12]. - Disixtong, a major mobile retail chain, saw its store count drop from over 3,000 in 2015 to around 600 by 2023, indicating a significant contraction in the sector [7][9]. - The profit margins for mobile phone sales have drastically decreased, with one retailer noting a drop from over 400 yuan to just over 100 yuan per device [9][10]. Group 3: Consumer Behavior Shift - Consumers, particularly younger demographics, are increasingly opting for online purchases, leaving county-level mobile stores at a disadvantage due to lack of price competitiveness [10][14]. - Middle-aged and elderly consumers, once a primary customer base for county mobile stores, are now less frequent visitors, often preferring online shopping to avoid being misled by sales tactics [19][20]. - The market for budget smartphones remains strong, with devices priced below 1,000 yuan accounting for a significant portion of sales, yet the low profit margins make it unappealing for local stores [26][27]. Group 4: Adaptation and Diversification - Many county mobile stores are diversifying their offerings, including mobile repairs and second-hand phone sales, as traditional sales decline [32][34]. - The second-hand mobile phone market is growing, projected to account for 20% of the total market by 2024, providing some relief to struggling retailers [34][36]. - However, the sustainability of this growth is uncertain, as competition from online platforms and other channels intensifies [35][36].

Core Viewpoint - The second-hand mobile phone market in Shandong is experiencing growth due to the implementation of the old-for-new consumption policy, which includes subsidies for mobile phone exchanges, leading to increased transaction volumes and market activity [2][6]. Group 1: Market Dynamics - The second-hand mobile phone market is seeing a rise in the number of devices available for circulation, with a significant increase in recovery orders since the policy's implementation, with over 40% growth in recovery orders for mobile devices in the first five months of the year compared to the previous year [6][11]. - Major sources of second-hand phones include mobile operators and brand stores, accounting for 70% of the supply, while the remaining 30% comes from individual sellers [4][5]. - The demographic purchasing second-hand phones primarily consists of young individuals aged 18 to 34, with a notable presence of delivery workers, students, and young professionals [5][10]. Group 2: Consumer Behavior and Concerns - Consumers express concerns about the potential for price discrepancies during the evaluation of their old phones, as well as worries about data privacy and the effectiveness of data wiping processes [7][10]. - A significant portion of consumers, over 90%, are hesitant to sell their old phones due to fears of privacy breaches, preferring to keep or physically destroy their devices instead [10][11]. Group 3: Industry Recommendations - To enhance market trust and transparency, it is suggested that the government establish third-party evaluation agencies for second-hand phones, implement policies to combat the sale of refurbished devices, and promote internationally certified data wiping technologies [11][12]. - The potential value of idle mobile phones in China is estimated to exceed 600 billion yuan during the 14th Five-Year Plan period, indicating significant untapped market potential [11][12].

Summary of Conference Call Records Industry or Company Involved - The discussion primarily revolves around the A-share market in China and the implications of the US-China trade negotiations on the market dynamics. Core Points and Arguments - The A-share index has returned to pre-Qingming Festival levels, validating the "golden pit" investment opportunity, but the market is expected to enter a volatile phase with potential short-term pullbacks, although a second bottom is unlikely [1][2] - Substantial progress has been made in the first round of US-China tariff negotiations, but historical complexities suggest caution against excessive optimism [3][4] - A shift from high to low stocks was observed in late February, indicating a need for structural rebalancing in the market, with expectations for a second wave in the technology sector in May driven by the end of earnings season and AI industry catalysts [1][6][7] - April export data showed a decline in exports to the US by approximately 21%, highlighting the impact of trade tensions and the need to monitor high-frequency data for future trends [5][8] - Inflation data has been poor, primarily due to falling oil prices, indicating a demand contraction, while structural issues in the economy remain a concern [9] Other Important but Possibly Overlooked Content - The recent negotiations in Switzerland have calmed market sentiments and may lead to a potential interest rate cut by the Federal Reserve, although the sustainability of any rebound in small-cap and tech stocks may be limited [4][11] - The increase in transshipment trade due to tariff pressures has led to rising costs, which could ultimately affect consumer demand [8] - The Federal Reserve has maintained its interest rate range, emphasizing the need for more data to support any future rate cuts, with the first expected cut now pushed to July [13] - The US PMI data indicates a divergence between manufacturing and services, with manufacturing showing signs of contraction, which could contribute to market volatility [14] - Gold prices are influenced by geopolitical factors and central bank purchases, but short-term pricing logic may weaken due to US policy negotiations [15][16]