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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a revenue of 4.992 billion yuan in Q2 2025, representing a year-on-year growth of 32.2% [7] - The Non-GAAP operating profit was 121 million yuan, with a Non-GAAP operating profit margin of 2.4% [7] - The second-hand recycling business showed stable growth, with product (1P) revenue increasing by 34.0% to 4.56 billion yuan, benefiting from brand influence and enhanced supply chain capabilities [7] - The service (3P) revenue grew by 15.4% to 430 million yuan, with multi-category revenue increasing by 107% [7] - The number of offline stores reached 2,092, with 804 stores offering multi-category recycling services, which is expected to drive further growth [7] - The company effectively controlled overall expense ratios, with a Non-GAAP fulfillment expense ratio of 8.2% and a Non-GAAP sales expense ratio of 7.8% [7] - A three-year shareholder return plan was announced, with a commitment to return at least 60% of annual Non-GAAP net profit to shareholders from 2025 to 2027 [7] - The company is expected to see significant growth in Non-GAAP net profit, projected at 4.8 billion yuan in 2025, 7.1 billion yuan in 2026, and 10.6 billion yuan in 2027, with corresponding PE ratios of 15.0x, 10.2x, and 6.8x [7] Financial Forecasts - Revenue is projected to grow from 12,965.78 million yuan in 2023 to 21,173.14 million yuan in 2025, with a growth rate of 31.4% in 2023 and 29.7% in 2025 [5][8] - The net profit is expected to turn positive in 2025, reaching 349.98 million yuan, with a staggering growth rate of 4,353.0% compared to the previous year [5][8] - Earnings per share (EPS) is projected to be 1.59 yuan in 2025, with a PE ratio of 21.36 [5][8] - The return on equity (ROE) is expected to be 8.7% in 2025, increasing to 16.6% by 2027 [5][8]

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 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].