| 研究所： | | | | | --- | --- | --- | --- | | 证券分析师： | | 马川琪 | S0350523050001 | | | | | macq@ghzq.com.cn | | 联系人 | ： | 丁婧欣 | S0350124040002 | | | | dingjx@ghzq.com.cn | | 2025 年 08 月 27 日 公司研究 评级：买入(维持) [Table_Title] 2025Q2 收入超指引高段，国补加速以旧换新渗 ——万物新生（RERE）动态点评报告 | 1M | | 3M | 12M | | --- | --- | --- | --- | | 万物新生 | 35.88% | 79.07% | 102.63% | | 标普 500 | 1.21% | 9.81% | 15.12% | | 市场数据 | | | 2025/08/26 | | 当前价格（美元） | | | 4.62 | | 52 周价格区间（美元） | | | 2.00-4.93 | | 总市值（百万美元） | | | 1015.55 | | 流通市值（百万美元） | | | 609.9 ...

Core Viewpoint - The company, Wanwu Xinxing (Aihuishou), reported strong financial performance in Q2 2025, with total revenue reaching 4.99 billion yuan, a year-on-year increase of 32.2%, exceeding the high end of its revenue guidance and setting a historical record [2][11]. Revenue Composition - The revenue from 1P (self-operated) product sales was 4.56 billion yuan, up 34.0% year-on-year [4][6]. - The revenue from 3P (platform) services was 430 million yuan, reflecting a year-on-year growth of 15.4% [4][6]. Transaction Volume and Profitability - The total transaction volume for second-hand goods across all platforms reached 10.3 million orders, marking a year-on-year increase of 22.6% [4][6]. - The non-GAAP operating profit for Q2 was 120 million yuan, a year-on-year increase of 28.9%, with a non-GAAP operating profit margin of 2.4% [4][6]. Cash Position - As of the end of Q2 2025, the company had a total of 2.35 billion yuan in cash and cash equivalents, restricted funds, short-term investments, and third-party payment platform account balances, ensuring stable operations [6]. Infrastructure and Service Expansion - The company has strengthened its offline recycling infrastructure, with 2,092 stores covering 291 cities nationwide by the end of Q2 2025 [6]. - The number of self-operated on-site teams reached 1,160, enhancing delivery efficiency and coverage [6]. Multi-category Recycling Growth - The company has expanded its multi-category recycling services, with 804 stores offering such services, resulting in a GMV of 1.87 billion yuan, a year-on-year increase of over 110% [7]. - Notable growth was observed in gold and luxury goods recycling, with gold recycling GMV increasing by 118% and luxury goods by 63% [7]. C2B Recycling Performance - The C2B recycling segment maintained rapid double-digit growth, supported by national subsidies and e-commerce promotions [9]. - The platform "Paijitang" registered over 1.16 million signed merchants, achieving healthy double-digit growth [9]. ESG Initiatives - The company set carbon reduction targets, aiming to reduce greenhouse gas emissions intensity by 35% for scopes 1 and 2 and 50% for scope 3 by 2030 [10]. - In 2024, the company responsibly disposed of 137,000 old electronic devices, reducing electronic waste pollution by 21.92 tons [10]. Shareholder Return Plan - The company announced a three-year shareholder return plan, committing to return at least 60% of annual non-GAAP net profit to shareholders through dividends or buybacks from 2025 to 2027 [11].

Investment Rating - The report maintains a "Buy" rating for Hesai Technology, indicating strong growth potential in the lidar market and expected revenue increases for 2025-2027 [8][12][32]. Core Insights - Hesai Technology reported a net revenue of RMB 2.077 billion (approximately USD 285 million) for 2024, marking a year-on-year growth of 10.7% and achieving a non-GAAP net profit of RMB 13.7 million, reversing a loss from the previous year [3][4]. - The company experienced a significant increase in gross margin, reaching 42.6% in 2024, up from 35.2% in 2023, primarily due to cost optimization and increased sales volume [4][5]. - Hesai's Q4 2024 performance was particularly strong, with net income of RMB 720 million (approximately USD 98.6 million), a year-on-year increase of 28.3%, and a non-GAAP net profit of RMB 170 million [4][5]. - The company anticipates a revenue of RMB 3-3.5 billion (approximately USD 411-480 million) for 2025, representing a growth of 44%-69% compared to 2024 [6][8]. Summary by Sections Hesai Technology - Hesai Technology is positioned as a leading player in the autonomous driving and advanced driver-assistance systems (ADAS) lidar market, with a projected shipment of 1.5 million units in 2025 [8]. - The company has secured exclusive design contracts with top European OEMs, indicating strong demand for its lidar products [6][7]. - Hesai's new product line, including the JT series of 3D lidar for robotics, is expected to enhance its market presence and revenue streams [7]. Ideal Automotive - Ideal Automotive is transitioning from an electric vehicle manufacturer to an artificial intelligence company, with plans to leverage AI in its product offerings [9][10]. - The company is expected to achieve significant revenue growth, with projected net profits of RMB 13.35 billion and RMB 19.18 billion for 2025 and 2026, respectively [11]. Energy and Aluminum Sector - The report highlights the robust performance of Electric Power Energy and Shenhua Co., with both companies benefiting from rising aluminum prices and stable coal operations [12][13]. - Electric Power Energy is noted for its strong cash flow and stable profit margins, while Shenhua Co. is expected to see enhanced earnings due to its high aluminum production capacity [14][15]. Chemical Industry - Baofeng Energy reported a revenue of RMB 32.983 billion (approximately USD 4.5 billion) for 2024, driven by increased production and sales of polyethylene and polypropylene [24][26]. - The company is expanding its coal-to-olefins project in Xinjiang, which is expected to significantly boost its production capacity and market competitiveness [30][31]. Defense and Alloy Market - The report indicates that increased defense spending in China is likely to drive demand for chromium salts and high-temperature alloys, benefiting companies in the materials sector [38][39].

Core Viewpoint - The article emphasizes the significant growth of the second-hand e-commerce market, driven by consumer demand for sustainable and cost-effective purchasing options, particularly among younger demographics [1][6][19]. Group 1: Market Trends - The second-hand e-commerce platform Wanwu Xingsheng reported a 25.9% year-on-year revenue increase, reaching 16.33 billion yuan, with a non-GAAP operating profit of 410 million yuan, up 62.8% [1][4]. - The trend of "trade-in" has become a mainstream consumer behavior, indicating a shift in consumption patterns where consumers are increasingly looking to recycle and purchase second-hand goods [7][19]. - The number of active users in the second-hand market is growing, with 30 million "post-95" users joining platforms like Xianyu, and Wanwu Xingsheng facilitating over 35.3 million transactions [3][4]. Group 2: Consumer Behavior - Young consumers are driving the demand for second-hand goods, with the 25-35 age group becoming the primary market segment for second-hand transactions [3][4]. - The perception of second-hand goods is shifting from a sign of "consumption downgrade" to a more sustainable and economically savvy choice, reflecting a broader trend towards environmental consciousness [6][12]. Group 3: Business Growth and Strategy - Wanwu Xingsheng's business model has evolved to include a significant B2C self-operated sales segment, achieving a GMV of 5.5 billion yuan, a 90% increase year-on-year [4][5]. - The company is expanding its offline presence, with 673 stores offering multi-category recycling services, leading to a nearly threefold increase in multi-category transaction volume [4][8]. - Partnerships with major tech companies like Apple and JD.com highlight the growing importance of second-hand markets in the broader retail ecosystem [5][19]. Group 4: Future Outlook - The second-hand e-commerce sector is expected to continue its growth trajectory, supported by government policies promoting recycling and sustainable consumption [9][19]. - The integration of AI technologies in operations, such as customer service and quality inspection, is anticipated to enhance efficiency and customer trust in the second-hand market [18][19]. - The article concludes with an optimistic outlook for the second-hand industry, suggesting that it could rival traditional e-commerce platforms in user engagement and market share [19].