万物新生20260109

Summary of the Conference Call for 万物新生 Company Overview - Company: 万物新生 - Industry: E-commerce and second-hand electronics Key Points Financial Performance - Total revenue for Q3 2026 reached 5.15 billion RMB, a year-on-year increase of 27% [3] - EP business product revenue grew over 28%, contributing significantly to overall revenue [3] - Non-GAAP operating profit margin improved to 2.7% [3] - The company plans to allocate 60% or more of non-GAAP net profit for dividends or buybacks from 2025 to 2027 [3] Business Model and Revenue Structure - ET to C (direct-to-consumer) business increased to 36%, with a target of 50% [2][4] - The gross margin for retailing quality second-hand goods is approximately 6% higher than TOB models [2] - Platform business maintained double-digit growth, with significant increases in 拍拍堂 and 拍拍交易 [2][4] - The commission rate for platform services has been reduced to around 6% [2][4] Market Trends and Policies - The old-for-new subsidy policy indirectly benefits the company by promoting new device sales, leading to more quality recycling sources [6][7] - The rise in storage costs has led to price increases for new Android devices, making second-hand Apple and Huawei phones more competitively priced [8][9] Competitive Advantages - The company's core competitive advantage lies in its 1P model, providing a convenient transaction experience across C-end recycling, B2B platform transactions, and B2C retail [2][13] - The company differentiates itself from C2C models like 闲鱼 by offering a closed-loop industry chain [13] Future Growth Targets - The company aims for a revenue growth of 25% in 2026, with a non-GAAP operating profit margin target of 3.1% [2][14] - Net profit is expected to grow by over 50% [14] - Plans to open 5,000 stores by 2027, focusing on both self-operated and franchise models [16] Product and Service Innovations - Exploring new business models, including exporting unique iPhone versions and enhancing recycling penetration [15] - Plans to improve the efficiency of quality inspection through automation, potentially reducing fulfillment costs by 1.5% [20][19] Marketing and Sales Strategy - Marketing expenses are expected to be flexible, with a focus on brand promotion through new media channels [21] - A budget of 250 million RMB is allocated for new media marketing in 2025 [21] Industry Dynamics - The gold recovery service has seen significant growth, with over 80% of transactions involving gold [5][24] - The platform's user base is expected to grow from 1.37 million to around 1.6 million by year-end [25] Revenue Channels - 京东 accounts for approximately 45% of EP business revenue, benefiting from government subsidies and user engagement [23] - The take rate for platform services remains stable at around 6% [26] Conclusion - The company is well-positioned for growth with a clear strategy to enhance its business model, improve operational efficiency, and capitalize on market trends in the second-hand electronics industry.