来源：瑞恩资本RyanbenCapital 2024年9月17日，来自浙江湖州安吉县的闪回科技有限公司 ShanH Technology Limited(简称"闪回科技") 在港交所递交招股书，拟在香港IPO上市。这是继其于2024年2月26日、2024年9月17日先后两次递表失 效后的再一次申请。 闪回科技招股书链接： https://www1.hkexnews.hk/app/sehk/2025/107630/documents/sehk25081401644_c.pdf 主要业务 闪回科技，作为一家从事提供消费电子产品回收服务的中国公司，主要专注于通过在线及线下以旧换新 提供二手手机及其他消费电子产品(主要包括笔记本计算机、平板计算机、手机配件及其他数字产品)的 回收服务。 根据弗若斯特沙利文的资料，于2024年按回收的二手手机交易总额及售出的二手手机交易总额计，闪回 科技是中国第三大手机回收服务提供商，市场份额分别约为1.3%及1.3%。 闪回科技凭借专有检测、分级及定价技术以及回收及销售在线平台，以及与上游采购合作伙伴(包括主 流消费电子品牌及其指定分销商、中国消费电子产品的大型商户及主要移动网络运营 ...

Economic Growth - Shanghai's GDP grew by 5.1% year-on-year in the first half of 2023, reaching 26,222.15 billion yuan, surpassing the annual growth target of 5% [1] - The information services sector was the largest contributor to Shanghai's economic growth, with an increase of 14.6% year-on-year, accounting for nearly one-seventh of the GDP [1][2] Service Industry Performance - The service sector's contribution to Shanghai's GDP has been increasing, with its share rising from 74.1% in 2022 to 78.2% in 2024 [2] - The third industry saw a value-added growth of 5.4% in the first half of the year, reaching a record share of 79.1% of GDP [2] - The financial sector also performed well, with a value-added increase of 8.8%, totaling 4,500.81 billion yuan [2] Information Services Sector - The information services sector's revenue grew by 20.4% year-on-year, outpacing the national average by 6.1 percentage points [3] - The sector contributed 1.7 percentage points to GDP growth, marking it as the largest contributor among all industries [2][3] - The rise of platform economies and advancements in artificial intelligence are driving rapid growth in the information services sector [3] Industrial Growth - Shanghai's industrial output value increased by 5.6% year-on-year, reaching its highest level in nearly two years [4][5] - Strategic emerging industries, including integrated circuits and artificial intelligence, saw growth rates of 11.7% and 12.3%, respectively [4] - New-generation information technology industries grew by 13.9%, while new energy and high-end equipment industries grew by 12.5% and 10.7%, respectively [5] Foreign Trade - Shanghai's foreign trade showed resilience, with total imports and exports reaching 21,500 billion yuan, a year-on-year increase of 2.4% [7] - The second quarter saw a significant rebound in foreign trade, achieving a record high of 11,400 billion yuan, with a growth rate of 7.2% [7][8] - High-tech product exports accounted for about one-fourth of the total exports, with notable growth in sectors like biomedicine and electric vehicles [8]

Core Viewpoint - Shanghai's economy demonstrates strong resilience and stable growth despite increasing international economic uncertainties, with a GDP growth of 5.1% year-on-year in the first half of the year, achieving the goal of "half the time, half the task" [1] Group 1: Economic Performance - Shanghai's industrial added value increased by 5.0% year-on-year in the first half of the year, with total industrial output value growing by 5.6%, accelerating by 2.1 percentage points compared to the first quarter [2] - The manufacturing output of key industries such as computer, communication, and other electronic equipment grew by 21.7%, while the aerospace and other transportation equipment manufacturing increased by 18.1% [2] - High-tech manufacturing output rose by 16.0%, significantly outpacing the overall industrial growth, with integrated circuits and artificial intelligence sectors growing by 11.7% and 12.3% respectively [2][3] Group 2: Service Sector Growth - The tertiary industry in Shanghai saw a 5.4% year-on-year increase in added value, with the information transmission, software, and IT services sector growing by 14.6% [5] - The financial sector also performed well, with an 8.8% increase in added value, contributing over 60% to the city's GDP growth [5] - The software and IT services industry reported a 27.1% increase in revenue from January to May, with AI-related IT consulting services revenue growing by 130% [5] Group 3: Consumer Market Recovery - Shanghai's retail sales of consumer goods showed signs of recovery, with a 1.7% year-on-year growth in the first half of the year, marking a 2.8 percentage point increase from the first quarter [7] - Specific categories such as furniture and home appliances saw significant growth, with retail sales increasing by 18.8% and 18.7% respectively [7] - The fixed asset investment in Shanghai rose by 6.2% year-on-year, with industrial investment increasing by 19.8% [7] Group 4: Foreign Trade and Investment - Shanghai's total import and export volume grew by 2.4% in the first half of the year, with exports increasing by 11.1% and imports decreasing by 3.6% [8] - The export of intermediate goods surged by 20.5%, contributing significantly to overall export growth [8] - The city saw a notable increase in foreign investment, with 30 new multinational company regional headquarters and 19 foreign R&D centers recognized in the first half of the year [9] Group 5: Innovation and Development - The number of valid invention patents in Shanghai reached 293,700, a year-on-year increase of 12.2%, indicating a strong focus on technological innovation [4] - The logistics and transportation sectors also showed improvement, with cargo transport turnover and international container throughput increasing by 7.5% and 6.1% respectively [9] - Overall, Shanghai's economy is characterized by enhanced innovation momentum and resilience, with ongoing efforts to stimulate market vitality and foster new growth engines [9]

Economic Performance - Shanghai achieved a GDP growth of 5.1% year-on-year in the first half of the year, maintaining the same growth rate as the first quarter [1] - The city's economy demonstrates strong resilience despite increasing instability and uncertainty in international trade [1] Industrial Development - The industrial added value in Shanghai grew by 5.0% year-on-year, with the total industrial output value increasing by 5.6% [2] - Key sectors such as computer, communication, and electronic equipment manufacturing saw a significant increase in output, with growth rates of 21.7% and 18.1% for transportation equipment manufacturing [2] - High-tech manufacturing output rose by 16.0%, outpacing overall industrial growth [2] New Energy and Innovation - The new energy industry experienced a 12.5% increase in output, with lithium batteries and carbon fiber production skyrocketing by 37.6 times and 3.5 times, respectively [3] - The number of valid invention patents in Shanghai reached 293,700, marking a 12.2% increase year-on-year [3] Tertiary Sector Growth - The tertiary sector's added value grew by 5.4%, with information transmission and software services increasing by 14.6% [4] - The financial sector also showed robust growth, with an 8.8% increase in added value [4] Consumer Market Recovery - Shanghai's retail sales of consumer goods increased by 1.7% year-on-year in the first half of the year, marking a recovery in consumer spending [5] - Categories such as furniture and home appliances saw significant growth, with retail sales increasing by 18.8% and 18.7%, respectively [5] Investment Trends - Fixed asset investment in Shanghai rose by 6.2%, with industrial investment surging by 19.8% [6] - Investment in electronic information products manufacturing grew by 43.0% [6] Foreign Trade and Investment - Shanghai's total import and export volume increased by 2.4%, with exports growing by 11.1% [6] - The city saw a notable increase in foreign investment, with 30 new multinational company headquarters and 19 foreign R&D centers established in the first half of the year [7] Transportation and Tourism - Key transportation metrics showed growth, with cargo transport volume increasing by 7.5% and international container throughput rising by 6.1% [7] - International tourist arrivals exceeded 4.1 million, reflecting a 37.6% year-on-year increase [7]

Economic Overview - The city's GDP reached 26,222.15 billion yuan in the first half of the year, with a year-on-year growth of 5.1% [1] - The first industry added value was 36.54 billion yuan, growing by 1.9%; the second industry added value was 5,445.91 billion yuan, growing by 3.9%; and the third industry added value was 20,739.70 billion yuan, growing by 5.4% [1] Industrial Production - Industrial added value increased by 5.0% year-on-year, with total industrial output value growing by 5.6%, accelerating by 2.1 percentage points compared to the first quarter [2] - Key industries such as computer, communication, and other electronic equipment manufacturing saw a 21.7% increase, while railway, shipbuilding, and aerospace manufacturing grew by 18.1% [2] - The three leading industries in manufacturing achieved a 9.1% growth, outpacing the overall industrial output [2] Tertiary Sector Growth - The tertiary sector's added value grew by 5.4%, with information transmission, software, and IT services increasing by 14.6% [3] - The financial sector's added value reached 4,500.81 billion yuan, growing by 8.8% [3] Investment Trends - Fixed asset investment rose by 6.2%, with industrial investment increasing by 19.8% and urban infrastructure investment growing by 17.9% [4] - New residential property sales area reached 7.9564 million square meters, a 1.6% increase [4] Consumer Market - The total retail sales of consumer goods amounted to 8,260.41 billion yuan, with a year-on-year growth of 1.7% [5] - The sales of energy-efficient home appliances surged by 63.9% due to the trade-in policy [6] Financial Market Performance - Major financial markets saw a transaction volume increase of 6.6%, with the Shanghai Stock Exchange's securities transaction volume growing by 28.6% [7] - By the end of June, the balance of deposits in financial institutions reached 22.90 trillion yuan, a 7.5% increase [7] Price Stability and Income Growth - The consumer price index (CPI) rose by 0.1% year-on-year, while the industrial producer price index decreased by 2.8% [8] - The per capita disposable income reached 46,805 yuan, growing by 4.6% [8] Innovation and New Drivers - The number of valid invention patents reached 293,700, increasing by 12.2% [12] - High-tech manufacturing output grew by 16.0%, with significant increases in the production of smart devices [12] Policy Effects - Retail sales showed signs of recovery, with a 1.7% year-on-year increase [13] - Industrial investment continued to expand, particularly in electronic information products, which saw a 43.0% increase [13] Market Dynamics - The volume of goods transported and international container throughput increased by 7.5% and 6.1%, respectively [14] - The industrial output of private enterprises grew by 8.8%, outperforming the overall industrial output growth [14]

Economic Overview - Zhejiang's GDP for the first half of the year reached 45,004 billion yuan, with a year-on-year growth of 5.8%, surpassing the national average [1] - The growth rates for the primary, secondary, and tertiary industries were 3.5%, 5.6%, and 6.0% respectively [1] - Industrial added value increased by 7.6%, while the service sector grew by 6.0% and agriculture by 3.6% [1] Export Performance - Zhejiang contributed 19.8% to the national export growth, the highest in the country [3] - Total import and export volume reached 2.73 trillion yuan, a 6.6% increase year-on-year, with exports at 2.07 trillion yuan, growing by 9.1% [3] - The export of mechanical and electrical products was 970.54 billion yuan, up 10.7%, accounting for 46.8% of total exports [4] Consumption Trends - Social retail sales in Zhejiang totaled 18,979 billion yuan, with a growth of 5.3%, accelerating by 0.8 percentage points from the first quarter [6] - E-commerce played a significant role, with online retail sales increasing by 27.4%, outpacing overall retail growth by 22.1 percentage points [7] - New retail formats, such as instant retail and flash sales, have emerged as key growth drivers [7] Industrial Development - The added value of industrial enterprises above designated size grew by 7.6%, with private enterprises contributing 77.9% to this growth [9] - Key manufacturing sectors, including computer communication electronics and automotive, saw growth rates of 18.0% and 17.6% respectively [9] - High-tech manufacturing and digital economy sectors also demonstrated robust growth, with increases of 12.7% and 12.0% respectively [10] Price Trends and Income Distribution - Consumer prices in Zhejiang saw a slight decline, with a year-on-year decrease of 0.2% [11] - The per capita disposable income for urban residents was 43,293 yuan, growing by 4.7%, while rural residents saw a 5.7% increase to 25,986 yuan [11] - The income gap between urban and rural residents has narrowed, indicating improved income distribution [11]