8月21日，万物新生(RERE)盘中上涨5.15%，截至22:44，报4.795美元/股，成交504.5万美元，总市值 10.54亿美元。 财务数据显示，截至2025年06月30日，万物新生收入总额96.45亿人民币，同比增长29.85%；归母净利 润1.15亿人民币，同比增长211.2%。 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。 本文源自：金融界 作者：行情君 大事提醒： 8月20日，万物新生(美东)盘前披露2025财年中报（数据来源于纳斯达克官网，预计披露日期为美国当 地时间，实际披露日期以公司公告为准）。 ...

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].

Group 1 - The core viewpoint of the article highlights the positive financial performance of Wanwu Xingsheng (RERE), with a significant increase in revenue and net profit year-on-year [1] - As of August 8, the stock price of Wanwu Xingsheng opened at $3.565 per share, reflecting a 2.15% increase, with a total market capitalization of $784 million [1] - Financial data shows that by March 31, 2025, Wanwu Xingsheng's total revenue reached 4.653 billion RMB, representing a year-on-year growth of 27.45%, while the net profit attributable to shareholders was 42.8 million RMB, up 146.09% year-on-year [1] Group 2 - Wanwu Xingsheng 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] - The company, established in 2011 and registered in the Cayman Islands, operates primarily through its domestic subsidiary, Shanghai Wanwu Xingsheng Environmental Technology Group Co., Ltd. [1] - Wanwu Xingsheng positions itself as a "Internet + Environmental Protection" circular economy enterprise, with four main business lines: Aihui Shou, Pajitang, Paipai, and overseas business AHS Device [1] - The company aims to integrate social responsibility into its business practices, adhering to the mission of maximizing the use of idle resources and striving to become a model enterprise in ESG (Environmental, Social, and Governance) [1]