出品|搜狐财经 作者|刘相君 第三次递表港交所的闪回科技，正与时间赛跑。 近日，闪回科技有限公司（以下简称"闪回科技"）再次向港交所递交主板上市申请，清科资本为其独家 保荐人 这已是这家专注于二手手机回收的公司第三次冲击港股上市——此前，它曾于2024年2月和9月分别递 表，但均告失效。与以往不同的是，闪回科技此次上市申请带着极强的紧迫感:公司必须在 2025年12月31 日前成功上市，否则将面临近8亿元的股份赎回压力。 市场份额仅1.3%，行业头部企业碾压 闪回科技是一家从事提供消费电子产品回收服务的公司，专注于二手手机，公司致力于提供一体化的综 合解决方案，从以旧换新的方式启动回收并促成新机的销售，对采购的二手手机进行标准化转售。 闪回科技自2016年成立以来，建立了"闪回收"和"闪回有品"两个核心品牌。 "闪回收"的个人消费者（即最终供应商）通过将其二手消费电子产品进行以旧换新作为付款的一部分， 以折价购买新消费电子产品，并通过在线平台"闪回有品"以及在多个第三方电子商务平台上运营的自有 网店，对二手消费电子产品进行转售。 值得一提的是，虽然闪回科技市场排名第三，但与行业排名第一、第二的公司相比，仍存在 ...

Core Viewpoint - The article discusses the financial performance and business model of Flashback Technology, a company involved in the second-hand mobile phone recycling market, highlighting its rapid revenue growth but ongoing losses and challenges in achieving profitability [3][5][15]. Financial Performance - Flashback Technology's revenue is projected to grow from 750 million RMB in 2021 to approximately 1.297 billion RMB in 2024, with a significant year-on-year growth rate of over 40% in the first half of 2025 [3][4]. - Despite revenue growth, the company has reported losses from 48.71 million RMB in 2021 to 66.44 million RMB in 2024, indicating a persistent lack of profitability [4][5]. - The gross margin has declined from 8.2% in 2021 to 4.8% in 2024, with a slight recovery to 6.3% in the first half of 2025 [5][15]. Business Model - Flashback Technology operates primarily in a B2B model, partnering with mobile brands and telecom operators rather than directly engaging with consumers [8][9]. - The company has a unique inventory turnover rate of 6.5 days, significantly lower than the industry average of 10-15 days, indicating operational efficiency [9][14]. - The majority of the company's revenue is spent on purchasing second-hand electronic products, with over 85% of sales costs attributed to procurement [14][15]. Market Position - In the second-hand mobile phone recycling market, Flashback Technology holds approximately 1.3% market share, ranking third behind competitors [18][21]. - The overall market for second-hand mobile phones in China is growing, with a compound annual growth rate of 28.2% from 2020 to 2024, indicating potential for future expansion [16][18]. Competitive Landscape - Flashback Technology faces significant competition from larger players like Aihuishou and Zhuanzhuan, which have established brand recognition and user bases [23][24]. - The company is under pressure to innovate and expand its offerings, including plans to enhance its online platform and enter the consumer market [22][23]. Future Strategies - To address profitability challenges, Flashback Technology is exploring international markets and leveraging AI to improve operational efficiency [22][24]. - The company aims to transition from a B2B service provider to a brand retailer with direct consumer engagement, which may involve significant competition with established players [23][24].

Core Viewpoint - The article discusses the financial performance and business model of Flashback Technology, a company involved in the second-hand mobile phone recycling market, highlighting its rapid revenue growth but ongoing losses and challenges in achieving profitability [2][4][26]. Financial Performance - Flashback Technology's revenue is projected to grow from 750 million RMB in 2021 to 1.297 billion RMB in 2024, with a significant increase of over 40% year-on-year in the first half of 2025, reaching 809 million RMB [2][3]. - Despite revenue growth, the company has reported losses from 48.7 million RMB in 2021 to 66.4 million RMB in 2024, indicating a failure to achieve profitability [2][3]. - The gross margin has declined from 8.2% in 2021 to 4.8% in 2024, with a slight recovery to 6.3% in the first half of 2025 [4]. Business Model - Flashback Technology operates primarily in a B2B model, partnering with over 75,000 offline retail stores of mobile brands and telecom operators for its recycling services [6][7]. - The company utilizes a SaaS system for the assessment, pricing, and recycling of old phones, selling the recycled devices through its online platform "Flashback Youpin" via real-time auctions to small and medium-sized mobile merchants [8][9]. - The average inventory turnover days for Flashback Technology is 6.5 days, significantly lower than the industry average of 10-15 days, indicating operational efficiency [9]. Market Position - In the second-hand mobile phone recycling market, Flashback Technology holds approximately 1.3% market share, ranking third behind competitors with 8.2% and 8.1% market shares [21][24]. - The overall market for second-hand electronic products in China is growing, with a compound annual growth rate of 28.2% from 2020 to 2024, suggesting potential for further expansion [19]. Challenges and Strategic Direction - Flashback Technology faces pressure from a redemption agreement with investors, requiring an IPO by the end of 2025 to avoid a repayment obligation of nearly 800 million RMB [5]. - The company has been pressured to increase recycling prices due to competition from brands launching their own recycling platforms, which has negatively impacted its gross margin [13][16]. - To address profitability challenges, Flashback Technology plans to enhance its online platform, increase marketing efforts, and explore international markets, particularly in Southeast Asia [24][26].

Core Viewpoint - Shenzhen Flashback Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, focusing on the second-hand mobile phone recycling market, where it holds a 1.3% market share, ranking third in China [2][6]. Company Overview - Flashback Technology operates a closed-loop platform model involving upstream brand partners, its own recycling and refurbishment processes, and downstream wholesale sales [2]. - The company's revenue primarily comes from the price difference of second-hand devices, with a heavy reliance on mobile phone categories [2]. Financial Performance - Revenue has grown from 750 million yuan in 2021 to 1.297 billion yuan in 2024, with a 40.33% year-on-year increase in the first half of 2025 [4]. - Despite revenue growth, the company has faced continuous net losses over four years, totaling over 300 million yuan, with losses of 48.71 million yuan, 99.08 million yuan, 98.27 million yuan, and 66.44 million yuan from 2021 to 2024, and 24.63 million yuan in the first half of 2025 [4][5]. - Sales costs have risen significantly, from 688 million yuan in 2021 to 1.235 billion yuan in 2024, accounting for over 90% of revenue, primarily due to the cost of procuring second-hand electronic products [4]. Cash Flow and Dependency - Operating cash flow has been negative from 2021 to 2024, with a cumulative outflow of 116 million yuan, relying on external financing [5]. - The company has a strong dependency on Xiaomi, both in terms of financing and business operations, which poses risks if Xiaomi alters its strategy [4][6]. Market Context - The second-hand mobile phone recycling market in China is projected to grow from 192.9 billion yuan in 2024 to 360 billion yuan by 2028, with a compound annual growth rate exceeding 16% [6]. - Despite being the third-largest player, Flashback Technology's market share is only 1.3%, significantly lower than the leading competitor [6]. Strategic Challenges - The company plans to use the funds from its listing to strengthen its supply chain and upgrade its AI quality inspection platform, but there are concerns that this may be more of a "lifeline" than a genuine strategic upgrade [7]. - The sustainability of its profit model is questioned, as it heavily relies on the price difference of second-hand mobile phones, with low gross margins [7]. - Brand reputation and trust risks are significant, as issues related to data privacy and after-sales service could severely impact the company's image [7].

Core Viewpoint - Flashback Technology Limited has submitted its listing application to the Hong Kong Stock Exchange, marking its third attempt since 2024 to go public in the Hong Kong market [1] Company Overview - Flashback Technology focuses on after-market trading services for consumer electronics, particularly in the mobile phone recycling sector, aiming to extend the lifespan of electronic products and create a win-win situation for consumers, upstream procurement partners, and downstream second-hand mobile phone sellers [1][3] - The company operates under its own brand "Flashback Recycling" for offline trade-in services and "Flashback Quality" for selling second-hand consumer electronics on its own and third-party e-commerce platforms [3] Market Position - In 2024, Flashback Technology ranked third among mobile phone recycling service providers in China, with a transaction volume of 1 billion yuan, significantly trailing behind competitors like Aihuishou and Zhuanzhuan, which had transaction volumes of 6.2 billion yuan and 5.8 billion yuan, respectively [3] - The market shares of Aihuishou and Zhuanzhuan were 7.9% and 7.4%, while Flashback's market share was only 1.3% [3] Financial Performance - The company reported cumulative losses of approximately 337 million yuan and has yet to achieve profitability [5] - The gross profit margin has declined from 8.2% in 2021 to 4.8% in 2024, although there was a slight recovery in the first half of 2025, remaining below the industry average [5] - High sales costs, particularly from second-hand mobile phone procurement, have been identified as a major factor contributing to the declining gross profit margin [5] Strategic Partnerships - Flashback Technology has a close partnership with Xiaomi Group, which is both a significant supplier and a shareholder of the company [5] - A substantial portion of the procurement value comes from second-hand consumer electronics purchased from Xiaomi through trade-in programs [5] Challenges and Risks - The company has signed multiple performance guarantee agreements with external investors, which have triggered redemption conditions due to previous unsuccessful IPO attempts, leading to a surge in current liabilities [7] - The expected completion date for the IPO has been extended to December 31, 2025, but the company faces increasing pressure to succeed in this attempt to avoid severe liquidity and asset health issues [7]

Core Viewpoint - Shenzhen Flashback Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange for the third time, focusing on the second-hand mobile phone recycling market, where it ranks as the third largest player in China with a market share of approximately 1.3% [2][10]. Company Overview - Flashback Technology operates a closed-loop platform model involving upstream brand partners, its own recycling and refurbishment processes, and downstream wholesale sales [2]. - The company's primary revenue comes from the price difference of second-hand devices, with a heavy reliance on mobile phone categories [2]. Financial Performance - Despite being in a rapidly growing market, Flashback Technology has struggled with profitability, showing continuous net losses from 2021 to 2025, with cumulative losses exceeding 300 million yuan [8][9]. - Revenue increased from 750 million yuan in 2021 to 1.297 billion yuan in 2024, but the gross profit margin remained low at 4.8% in 2024, significantly below industry averages [8][10]. - Sales costs rose from 688 million yuan in 2021 to 1.235 billion yuan in 2024, accounting for over 90% of revenue, primarily due to the high costs of procuring second-hand electronic products [8][9]. Market Position and Competition - The second-hand mobile phone recycling market in China is projected to grow from 192.9 billion yuan in 2024 to 360 billion yuan by 2028, with a compound annual growth rate exceeding 16% [10]. - Flashback Technology's market share is limited, with the top two companies holding only 15.3% of the market, and its transaction volume is less than one-sixth of the leading competitor [10]. - Competitors are building barriers to entry, with established players diversifying their services, while Flashback Technology's business model remains overly dependent on B2B partnerships and the Xiaomi ecosystem [10][11]. Strategic Challenges - The company plans to use the funds from its listing to strengthen its supply chain, upgrade its AI quality inspection platform, and repay some debts, but there are concerns that this may be more of a "lifeline" than a genuine strategic upgrade [11]. - The sustainability of its profit model is questioned, as it relies heavily on the price difference of second-hand mobile phones, with limited long-term profitability prospects [11]. - Brand reputation and trust risks are significant, as issues related to data privacy and after-sales service could severely impact the company's image [11].

Core Viewpoint - The second-hand mobile phone market in China is rapidly evolving, with significant potential for growth driven by the increasing number of idle phones and the emergence of companies like Flashback Technology, which is seeking to capitalize on this opportunity through innovative business models and partnerships [1][2]. Market Overview - Over the past five years, China has generated more than 400 million discarded mobile phones annually, with approximately 54.2% remaining idle and only about 5% entering professional recycling channels [1]. - Flashback Technology holds a 1.3% market share in the mobile phone recycling market, ranking third behind major players like Aihuishou and Zhuanzhuan [1]. Business Model - Flashback Technology primarily operates a B2B model, sourcing used devices through partnerships with retail stores and telecom operators rather than directly from consumers [4][6]. - The company has implemented a real-time auction mechanism to enhance operational efficiency, with around 80% of its sales completed through this method in 2024 [8]. Financial Performance - Flashback Technology reported a revenue of 1.3 billion yuan in 2024, with a compound annual growth rate (CAGR) of 20.1% over three years [8]. - Despite revenue growth, the company's gross margin has declined from 8.2% in 2021 to 4.8% in 2024, leading to a net loss of 31.22 million yuan [12][13]. Strategic Partnerships - The company has established partnerships with major brands like Xiaomi and Samsung, which are crucial for sourcing used devices [9][10]. - Flashback Technology's reliance on Xiaomi is significant, with 41.5% of its procurement coming from this partner, highlighting the competitive dynamics in the market [10][11]. Future Plans - Flashback Technology plans to expand its operations in regions like Liaoning, Hebei, and Guangdong to enhance its market presence [14]. - The company aims to improve its profitability by increasing its sales of mid-to-high-end products, having recently established partnerships with Apple distributors [19][20]. Operational Efficiency - The company has streamlined its procurement process, reducing the number of active partners and improving cash flow, achieving a net inflow of 44 million yuan [17]. - Flashback Technology is also focusing on enhancing its online presence and marketing efforts to reach consumers directly, which could improve profit margins [23].

Group 1: Company Overview - Flashback Technology Limited has submitted its listing application to the Hong Kong Stock Exchange for the third time, with Qiancheng Capital as its exclusive sponsor [1] - The company is the third largest mobile phone recycling service provider in China, holding approximately 1.3% market share in both total transaction volume and sales of second-hand mobile phones as of 2024 [1][8] - Established in 2016, Flashback Technology primarily operates through its recycling system, "Flashback Recycling," sourcing second-hand consumer electronics from upstream retail partners [3][6] Group 2: Financial Performance - Flashback Technology's revenue for the years 2021 to 2025 (up to June 30) is reported as approximately 750 million, 919 million, 1.16 billion, 1.3 billion, and 809 million RMB respectively, with losses recorded in the same periods [6][11] - The company has experienced a consistent increase in revenue, with a notable rise from 750 million RMB in 2021 to 1.3 billion RMB in 2024 [6][11] - Despite revenue growth, the company has faced significant losses, with the loss for 2024 reaching approximately 66.44 million RMB [11] Group 3: Market Environment - The second-hand e-commerce market in China is rapidly growing, with a projected transaction scale of 645 billion RMB in 2024, reflecting a year-on-year growth of 17.56% [8] - The second-hand mobile phone market accounts for 75% of the total second-hand e-commerce market, indicating a strong demand for recycling services [8] - The market penetration rate for second-hand e-commerce in China reached 38.9% in 2024, up by 9.02% from the previous year, with user numbers growing from 252 million in 2020 to 660 million in 2024 [8] Group 4: Strategic Challenges - Flashback Technology relies heavily on upstream procurement partners for a stable supply of second-hand consumer electronics, which poses a risk to its business operations [9][10] - The company faces significant pressure from a high concentration of revenue, with 24.5% of its income in the first half of 2024 coming from Xiaomi-related sources [10] - Flashback Technology is under pressure from redemption agreements tied to its financing rounds, requiring it to complete an IPO by specific deadlines to avoid financial penalties [10] Group 5: Future Directions - The company plans to enhance its strategic partnerships with upstream procurement partners and expand its presence in the Southeast Asian market, particularly in countries like Indonesia and Thailand [15] - Flashback Technology aims to leverage AI technology to improve operational efficiency and product quality, having filed for 53 patents related to its recycling processes [17] - The company is exploring new sales channels and brand enhancement strategies to increase sales and profitability [15][18]

Core Viewpoint - Flashback Technology is attempting its third IPO on the Hong Kong Stock Exchange despite consecutive years of losses, with a cumulative loss of 337 million RMB over four and a half years [1][2]. Financial Performance - Flashback Technology's revenue from 2021 to 2025 is projected to grow from 750 million RMB to 1.3 billion RMB, but the company has not achieved profitability, with losses ranging from 24.6 million RMB to 99.1 million RMB during the same period [3][4]. - The company's gross margin has decreased significantly from 8.2% in 2021 to 4.8% in 2024, although it slightly improved to 6.3% in the first half of 2025 [5][6]. Market Position - Flashback Technology is the third-largest mobile phone recycling service provider in China, holding a market share of approximately 1.3%, which is significantly lower than its competitors, Aihuishou and Zhuanzhuan, with market shares of 9.1% and 8.4% respectively [3][4]. Business Model and Challenges - The company's business model relies heavily on partnerships with upstream suppliers for low-cost procurement of used phones, which poses risks if relationships deteriorate [8]. - Flashback Technology faces high sales costs, which have nearly doubled from 688 million RMB in 2021 to 1.235 billion RMB in 2024, leading to a situation where sales costs are almost equal to revenue [5][6]. Cash Flow and Liabilities - The company has reported negative cash flow from operating activities for four consecutive years, with net cash outflows ranging from 6.4 million RMB to 47.8 million RMB [13]. - Flashback Technology's current liabilities have increased significantly, reaching 722 million RMB, primarily due to obligations arising from special agreements with investors [12][13]. Future Plans - The proceeds from the IPO are intended to enhance the company's technology and research capabilities, strengthen strategic partnerships with suppliers, and expand marketing efforts to increase sales and profit margins [14].

Core Viewpoint - Flashback Technology is attempting its third IPO on the Hong Kong Stock Exchange despite consecutive years of losses, with a cumulative loss of 337 million RMB over four and a half years [1][3]. Company Overview - Flashback Technology, established in 2016, focuses on the recycling of consumer electronics, particularly in the second-hand mobile phone market, operating under two main brands: "Flashback Recycling" for offline services and "Flashback Youpin" for online sales [2]. - The company is the third-largest mobile phone recycling service provider in China, holding approximately 1.3% market share in both the total transaction volume of recycled phones and sold second-hand phones [3]. Financial Performance - Revenue figures from 2021 to 2025 show a growth trend: 750 million RMB in 2021, 919 million RMB in 2022, 1.16 billion RMB in 2023, and projected 1.3 billion RMB in 2024, with 809 million RMB for the first half of 2025 [3][4]. - Despite revenue growth, the company has not achieved profitability, with losses of 48.7 million RMB in 2021, 99.1 million RMB in 2022, 98.3 million RMB in 2023, 66.4 million RMB in 2024, and 24.6 million RMB in the first half of 2025, totaling 337 million RMB in losses [3][4]. Cost Structure - The sales costs have significantly increased from 688 million RMB in 2021 to 1.24 billion RMB in 2024, nearly doubling, with a 37.74% year-on-year increase in the first half of 2025 [5]. - The gross margin has decreased from 8.2% in 2021 to 4.8% in 2024, although it slightly improved to 6.3% in the first half of 2025 [5]. Market Position and Competition - Flashback Technology's market share is significantly lower than its competitors, with the leading companies, Aihuishou and Zhuanzhuan, holding 9.1% and 8.4% market shares respectively [3]. - The company faces challenges in pricing and inventory, as it cannot fully pass on procurement cost pressures to customers, leading to lower sales prices compared to competitors [8][10]. Operational Challenges - The business model heavily relies on partnerships with upstream suppliers, which poses risks if relationships deteriorate [7]. - The company has experienced negative cash flow from operating activities for four consecutive years, with net cash outflows of 6.4 million RMB in 2021, 43.7 million RMB in 2022, 47.8 million RMB in 2023, and 18.4 million RMB in 2024 [10]. Debt and Financing - As of mid-2024, Flashback Technology's current liabilities reached 722 million RMB, with total liabilities of 713 million RMB, primarily due to obligations arising from special agreements with investors [10]. - The company has completed multiple rounds of equity financing, attracting investments from various firms, including Xiaomi Group and Shunwei Capital [11]. Future Plans - The proceeds from the IPO are intended to enhance technology and R&D capabilities, upgrade infrastructure, strengthen strategic partnerships, and increase marketing efforts to expand into higher-potential sales channels [11].