6月30日，万物新生（爱回收）集团发布《2024环境、社会及管治报告》（简称"ESG报告"）。这 是万物新生连续第五年发布相关报告，披露在ESG领域的举措与成果，并首度公布至2030年的碳减排目 标。 万物新生集团创始人、首席执行官陈雪峰表示："2025年我们将以科技驱动资源循环利用，让每一 件闲置产品成为低碳生活的绿色纽带，与各方携手共筑物尽其用的可持续未来。" 布局服务类别多元化，推动绿色服务普惠化 万物新生2024年持续推进"多品类回收"战略，并进一步优化服务机制，为用户带来更好的回收体 验。截至2024年末，爱回收线下门店达1861家，覆盖全国283个城市。其中，面积更大、多品类回收服 务能力更强的新一代门店占比达62%。此外，集团在2024年优化了奢侈品、鞋服等品类的远端鉴定与当 面放款机制，可实现"远程评估+当场放款"一体化处理，缩短交易时间、降低误差率。 2024年在国家支持消费品以旧换新的大背景下，万物新生与战略伙伴京东携手建设了行业领先的手 机电子产品以旧换新模式，支持用户获得更安全、更便捷和更实惠的消费体验。 与此同时，万物新生积极推动构建产业标准体系。2024年，万物新生参与了中国旧货业 ...

Core Insights - The company reported a total revenue of 4.65 billion yuan for Q1 2025, representing a year-on-year growth of 27.5%, exceeding the high end of the revenue guidance [1][2] - The non-GAAP operating profit reached 110 million yuan, with a year-on-year increase of 39.5%, and the non-GAAP operating profit margin improved to 2.4% [2] - The company has strengthened its offline delivery capabilities, with a total of 1,886 stores across 283 cities and over 1,000 personnel in the delivery team [4] Financial Performance - Total revenue for Q1 2025 was 4.65 billion yuan, with 1P (self-operated) product sales contributing 4.26 billion yuan, a growth of 28.8% year-on-year, while 3P (platform) service revenue was 390 million yuan, up 14.2% [1][2] - Non-GAAP net profit was 78.04 million yuan, with a non-GAAP net profit margin increasing from 0.6% in the same period last year to 1.7% [2] - Cash and cash equivalents, restricted funds, short-term investments, and third-party payment platform account balances totaled 2.78 billion yuan as of the end of Q1 2025, ensuring stable operations [2] Business Development - The company has expanded its multi-category recycling services, with a nearly 200% year-on-year growth in transaction volume and revenue from multi-category recycling [4] - The C2B mobile digital recycling revenue grew over 50% year-on-year, driven by national subsidies and user demand from platforms like JD.com [4] - The company’s拍机堂 (Paimitang) platform has registered over 1 million merchants, with a double-digit year-on-year growth in trading merchants [5] Infrastructure and Service Enhancement - The first offline flagship store of拍机堂 was opened in Shenzhen, featuring a "warehouse-sales integration" model that allows for nearly 10,000 units available for immediate supply [5] - The company has improved its self-operated product retail, with toC revenue from self-operated products increasing by 73.5% year-on-year, and the toC share of 1P revenue rising to 33% [5] - The拍卖 (Pai Pai) consignment business saw a 220% year-on-year increase in sales across all categories, enhancing the experience for small and medium-sized merchants [5]