Core Insights - The live stream event featuring Xiang Changfeng, Vice President of Zhuanzhuan Group and CEO of Caihuoxia, alongside Luo Yonghao, generated significant sales, with nearly 10 million GMV in just 20 minutes and a total viewership of 864,400 [1] - The trend in consumer behavior is shifting towards practicality and cost-effectiveness, particularly in the context of rising flagship smartphone prices and slow product performance iterations, making second-hand products more appealing [1] - Resource machines, a type of non-new second-hand phone, are gaining traction, with an annual transaction volume of 100 million units for second-hand phones, but only 1 million for resource machines [1] Company Overview - Caihuoxia, a subsidiary of Zhuanzhuan Group, is responsible for the overall management of resource machines, ensuring that all phones sold through their platform undergo official verification and come with a public quality inspection report [2] - Zhuanzhuan has established a unique "official verification" system to address trust issues in the second-hand market, training over 2,000 quality inspectors and setting up three major quality inspection centers across China [2] - The company has over 900 offline stores that integrate second-hand recycling and retail, supported by nearly 2,000 professional on-site quality inspection engineers, achieving full coverage in first- and second-tier cities [2]