股票研究 /[Table_Date] 2026.01.03 二手经济龙头，飞轮驱动高增 万物新生(RERE.N) 万物新生（RERE.N）首次覆盖报告 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | | 刘越男(分析师) | 021-38677706 | liuyuenan@gtht.com | S0880516030003 | | | | 于清泰(分析师) | 021-38022689 | yuqingtai@gtht.com | S0880519100001 | [当前价格 Table_CurPrice] (美元)： | 5.30 | 本报告导读： 二手交易平台仍处快速成长期，万物新生在优质供给获取和定价权方面竞争优势明 显，且通过渠道和品牌能力正探索品类拓展与稳步推进业务国际化。 投资要点： | 财务摘要(百万人民币) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- ...

Core Viewpoint - The company, Wanwu Xingsheng, reported strong financial performance for Q3 2025, with significant revenue growth and improved profitability, indicating a healthy development trajectory in the second-hand consumer electronics market [1][2]. Financial Performance - In Q3 2025, Wanwu Xingsheng achieved revenue of 5.15 billion yuan, representing a year-on-year increase of 27.1% [1]. - The revenue breakdown shows that 1P (self-operated) product sales reached 4.73 billion yuan, up 28.7% year-on-year, while 3P (platform) service revenue was 420 million yuan, growing by 11.6% [1]. - The company's non-GAAP operating profit for the quarter was 140 million yuan, a 34.9% increase year-on-year, marking a historical high; non-GAAP net profit was 110 million yuan, up 22.3% year-on-year [1]. Cash Position - As of the end of Q3 2025, the company had a total of 2.54 billion yuan in cash and cash equivalents, restricted funds, short-term investments, and third-party payment platform account balances, ensuring stable operations [1]. Strategic Initiatives - The CFO of Wanwu Xingsheng highlighted the expectation of enhancing overall profit margins through scale effects as user acceptance of recycling and trade-in services increases [2]. - The company is expanding its multi-category recycling services beyond mobile phones, including bags, watches, gold, fine wine, and apparel, with a 95% year-on-year increase in multi-category recycling transaction volume [2]. - The CEO emphasized a strategic focus on "scenes + supply chain" to secure quality sources, enhance delivery capabilities, and improve transaction efficiency and user experience in the rapidly growing second-hand mobile phone market [2].