证券研究报告 万物新生 (RERE US) 全链布局的循环经济领军者 2026 年 1 月 06 日│美国 首次覆盖万物新生予以"买入"评级，目标价 7.64 美元，基于 18X 26 年调 整后 PE。万物新生是中国二手循环产业龙头。公司纵向整合 3C 二手循环 全产业链，以爱回收、拍机堂、拍拍、AHS Device 四大业务线，实现 C2B 回收+B2B 流通+B2C 零售流量全闭环。从货源到销售渠道，全链路资源协 同构建成本和效率壁垒。展望未来，我们认为公司有望由履约服务商升维为 品牌商，一方面通过 toC 零售、合规翻新提升利润空间，另一方面多品类回 收开辟第二成长曲线，规模和利润率均有望实现快速增长。 二手电子产品：低渗透率高成长赛道，龙头集中趋势确定 1）量价齐升推动行业增长。按保有量计算，2024 年我国 3C 二手回收渗透 率仅为 4.4%（灼识咨询）。按当年新机出货量计算，2024 年我国旧机回收 率为 17.1%，相较发达国家 55%-75%仍有较大提升空间（沙利文）。加之 电子产品销售均价随技术进步连年上升，我们认为行业中期仍有望保持双位 数以上增长中枢。2）回收端货源向电商平台和手机品 ...

据交易所数据显示，12月17日，万物新生(RERE)开盘上涨3.45%，截至22:30，报5.4美元/股，成交51.28 万美元，总市值11.87亿美元。 财务数据显示，截至2025年09月30日，万物新生收入总额147.94亿人民币，同比增长28.88%；归母净利 润2.06亿人民币，同比增长340.45%。 资料显示，万物新生公司是一家在开曼群岛注册成立的境外控股母公司,主要通过其境内实体子公司上 海万物新生环保科技集团有限公司运营。万物新生成立于2011年,定位为"互联网+环保"类型的循环经济 企业。万物新生集团旗下4大业务线包含:爱回收、拍机堂、拍拍、海外业务AHS Device。万物新生集团 秉承"让闲置不用,都物尽其用"的使命,致力于打造ESG (即"环境、社会和治理") 样本企业,将社会责任融 入到商业实践中。 作者：行情君 本文源自：市场资讯 ...

Core Viewpoint - The company Wanwu Xingsheng (RERE) has shown significant financial growth, with a notable increase in revenue and net profit, reflecting its strong position in the "Internet + Environmental Protection" sector [1]. Financial Performance - As of September 30, 2025, Wanwu Xingsheng reported total revenue of 14.794 billion RMB, representing a year-on-year growth of 28.88% [1]. - The company's net profit attributable to shareholders reached 206 million RMB, marking a substantial year-on-year increase of 340.45% [1]. Company Overview - Wanwu Xingsheng is a Cayman Islands-registered holding company, primarily operating through its domestic subsidiary, Shanghai Wanwu Xingsheng Environmental Technology Group Co., Ltd. [1]. - Established in 2011, the company positions itself as a circular economy enterprise focused on "Internet + Environmental Protection" [1]. - The company operates four main business lines: Aihui Recycling, Pai Jitang, Paipai, and overseas business AHS Device [1]. - Wanwu Xingsheng aims to integrate social responsibility into its business practices, striving to become a model enterprise for ESG (Environmental, Social, and Governance) [1].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [1]. Core Insights - The company focuses on the second-hand 3C circular economy, leveraging both offline store expansion and online platforms like JD's "trade-in" to enhance user engagement and channel control. The report anticipates revenue growth of 27.2%, 23.2%, and 20.5% for FY25, FY26, and FY27, respectively, with projected Non-GAAP net profits of 421 million, 649 million, and 834 million RMB for the same years [8][17]. Summary by Sections 1. Circular Economy and Brand Development - The company has been deeply involved in the second-hand 3C electronic product sector for 14 years, becoming China's largest platform for second-hand consumer electronics. It operates four core business lines: recycling, B2B distribution, B2C retail, and overseas operations, creating a complete industry chain [17][18]. 2. Market Potential and Platform Dynamics - The second-hand consumer electronics market is experiencing rapid growth, with a projected CAGR of 12.7% from 2020 to 2024. The report highlights that China's second-hand electronic product penetration is significantly lower than global levels, indicating substantial growth potential [49][57]. 3. Supply Chain and Operational Efficiency - The company has expanded its offline presence to 2,092 stores across 291 cities, becoming a key player in the recycling business. It utilizes automation and digital technologies to enhance operational efficiency, reducing fulfillment costs from 12.9% in 2021 to 8.7% in 2025H1 [7][17][44]. 4. Financial Performance and Projections - The company has shown strong revenue growth, with a 2025H1 revenue of 9.645 billion RMB, reflecting a year-on-year increase of 29.85%. The report projects revenues of 20.769 billion, 25.584 billion, and 30.820 billion RMB for FY25, FY26, and FY27, respectively [40][41]. 5. Valuation and Market Position - The report estimates a target price of $5.3 per share, representing a 32% upside from the current price, based on a comparable company valuation of 14x PE for 2026. The company is positioned as a leader in the fragmented second-hand market, with significant room for consolidation [8][17][57].

Core Viewpoint - The company Wanwu Xinxing (RERE) has shown significant financial growth, with a notable increase in revenue and net profit, reflecting its strong market position in the "Internet + Environmental Protection" sector [1]. Financial Performance - As of June 30, 2025, Wanwu Xinxing reported total revenue of 9.645 billion RMB, representing a year-on-year growth of 29.85% [1]. - The company's net profit attributable to shareholders reached 115 million RMB, marking a substantial increase of 211.2% year-on-year [1]. Stock Market Activity - On August 21, Wanwu Xinxing's stock price increased by 5.15%, closing at $4.795 per share, with a trading volume of $5.045 million and a total market capitalization of $1.054 billion [1]. Company Overview - Wanwu Xinxing is a Cayman Islands-registered holding company that operates primarily through its domestic subsidiary, Shanghai Wanwu Xinxing Environmental Technology Group Co., Ltd. [1]. - Established in 2011, the company focuses on circular economy initiatives and operates under the mission of maximizing the utility of idle resources [1]. - The company has four main business lines: Aihuishou, Pajitang, Paipai, and overseas business AHS Device, emphasizing its commitment to ESG (Environmental, Social, and Governance) principles [1].

Core Insights - The company, 万物新生 (RERE), opened with a 2.69% increase on August 20, trading at $4.765 per share, with a total market capitalization of $1.047 billion [1] - Financial data indicates that as of June 30, 2025, the total revenue reached 9.645 billion RMB, representing a year-on-year growth of 29.85%, while the net profit attributable to shareholders was 115 million RMB, showing a significant increase of 211.2% [1] - The company is set to disclose its fiscal year 2025 mid-term report on August 20, 2023, according to Nasdaq [1] Company Overview - 万物新生 is a Cayman Islands-registered holding company primarily operating through its domestic subsidiary, 上海万物新生环保科技集团有限公司 [1] - Established in 2011, the company positions itself as a "Internet + Environmental Protection" circular economy enterprise [1] - The company operates four main business lines: 爱回收, 拍机堂, 拍拍, and overseas business AHS Device [1] - The mission of 万物新生 is to maximize the utility of idle resources, aiming to become a model enterprise for ESG (Environmental, Social, and Governance) practices by integrating social responsibility into its business operations [1]

Core Insights - The company, 万物新生 (RERE), experienced a stock price increase of 5.06% on August 20, reaching $4.875 per share, with a trading volume of $6.7596 million and a total market capitalization of $1.072 billion [1] Financial Performance - As of June 30, 2025, the total revenue of 万物新生 reached 9.645 billion RMB, representing a year-on-year growth of 29.85% [1] - The net profit attributable to the parent company was 115 million RMB, showing a significant year-on-year increase of 211.2% [1] Company Overview - 万物新生 is a Cayman Islands-registered holding company primarily operating through its domestic subsidiary, 上海万物新生环保科技集团有限公司 [1] - Established in 2011, the company positions itself as a "Internet + Environmental Protection" circular economy enterprise [1] - The company operates four main business lines: 爱回收, 拍机堂, 拍拍, and overseas business AHS Device [1] - 万物新生 aims to integrate social responsibility into its business practices, striving to become a model enterprise for ESG (Environmental, Social, and Governance) [1]

Core Viewpoint - The company, 万物新生 (RERE), has shown a positive financial performance with significant revenue and profit growth, and is set to release its mid-year financial report soon [1]. Financial Performance - As of March 31, 2025, 万物新生 reported total revenue of 4.653 billion RMB, representing a year-on-year increase of 27.45% [1]. - The net profit attributable to the parent company reached 42.8 million RMB, marking a substantial year-on-year growth of 146.09% [1]. Stock Performance - On August 19, the stock price of 万物新生 increased by 2.16%, closing at $4.495 per share, with a trading volume of $2.9886 million and a total market capitalization of $988 million [1]. Company Overview - 万物新生 is a Cayman Islands-registered holding company that operates primarily through its domestic subsidiary, 上海万物新生环保科技集团有限公司 [1]. - Established in 2011, the company positions itself as a "Internet + Environmental Protection" circular economy enterprise, focusing on sustainability and social responsibility [1]. - The company operates four main business lines: 爱回收, 拍机堂, 拍拍, and overseas business AHS Device [1].

Core Insights - The company, 万物新生 (RERE), opened with a 4.28% increase, reaching $4.39 per share, with a total market capitalization of $965 million as of August 18 [1] - Financial data indicates that as of March 31, 2025, the total revenue of 万物新生 is 4.653 billion RMB, reflecting a year-on-year growth of 27.45%, while the net profit attributable to shareholders is 42.8 million RMB, showing a significant increase of 146.09% [1] - The company is set to disclose its fiscal year 2025 mid-term report on August 20, prior to the market opening in the Eastern Time Zone [1] Company Overview - 万物新生 is a Cayman Islands-registered holding company primarily operating through its domestic subsidiary, 上海万物新生环保科技集团有限公司 [1] - Established in 2011, the company positions itself as a "Internet + Environmental Protection" circular economy enterprise [1] - The company operates four main business lines: 爱回收, 拍机堂, 拍拍, and overseas business AHS Device [1] - 万物新生 aims to integrate social responsibility into its business practices, adhering to the mission of maximizing the use of idle resources and striving to be a model enterprise in ESG (Environmental, Social, and Governance) [1]

Core Viewpoint - The company Wanwu Xingsheng (RERE) has shown significant stock performance and financial growth, indicating a positive outlook for its operations and upcoming financial disclosures [1]. Financial Performance - As of March 31, 2025, Wanwu Xingsheng reported total revenue of 4.653 billion RMB, representing a year-on-year growth of 27.45% [1]. - The net profit attributable to the parent company reached 42.8 million RMB, marking a substantial increase of 146.09% year-on-year [1]. Stock Performance - On August 13, the stock price of Wanwu Xingsheng increased by 10.03%, closing at $4.39 per share, with a trading volume of $9.2885 million and a total market capitalization of $965 million [1]. Upcoming Events - Wanwu Xingsheng is scheduled to disclose its fiscal year 2025 mid-term report on August 20, prior to the market opening in the Eastern Time Zone [1]. Company Overview - Wanwu Xingsheng is a Cayman Islands-registered holding company primarily operating through its domestic subsidiary, Shanghai Wanwu Xingsheng Environmental Technology Group Co., Ltd. [1]. - Established in 2011, the company focuses on the "Internet + Environmental Protection" model within the circular economy sector [1]. - The company operates four main business lines: Aihuishou, Pajitang, Paipai, and overseas business AHS Device, with a mission to integrate social responsibility into its business practices [1].