Three year loss of nearly 1.4 billion, impact on "the first share of ESG" love recovery can tell a good capital story?

记者：王玉彪编辑：陈建瑞

Reporter: Wang yubiao editor: Chen Jianrui

2021年初，被称为"美国版闲鱼"的poshmark在纳斯达克上市，首日涨幅高达142%。这是继日本二手交易平台mercari于2017年上市4年后，二手电子商务推出的又一次资本嘉年华，这一次，国内二手电子商务企业成为新的主角。

In early 2021, poshmark, known as the "American version of idle fish", was listed on Nasdaq, and rose 142% on the first day. This is another capital Carnival launched by second-hand e-commerce four years after mercari, a Japanese second-hand trading platform, went public in 2017. This time, domestic second-hand e-commerce companies have become the new protagonists.

去年9月，"万物新生命"取代"艾回收"成为一个全新的群体。当时，艾回收创始人兼CEO陈雪峰在接受《每日经济新闻》等媒体采访时表示，公司不会"流血上市"，40亿至50亿美元的估值将是公司IPO的基本路线。

In September last year, "all things new life" replaced "Ai recycle" as a brand new group. At that time, Chen Xuefeng, founder and CEO of AI recycle, said in an interview with the media including the daily economic news that the company would not "bleed to go public", and the valuation of US $4 billion to US $5 billion would be the basic line for the IPO of the company.

但现在，根据爱的回收招股说明书，公司从2018年到2020年三年内将亏损13.8亿元，2021年一季度，爱的回收净亏损9000万元，虽然比去年同期1.2亿元的亏损幅度有所收窄，但仍然敲响了IPO的大门。它会得到美国资本市场的认可吗？

But now, according to the love recovery prospectus, the company will lose 1.38 billion yuan in three years from 2018 to 2020. In the first quarter of 2021, AI recovers a net loss of 90 million yuan, which is narrower than the loss of 120 million yuan in the same period of last year, but it still knocks on the door of IPO. Will it be recognized by the US capital market?

扎根3C冲击"华夏第一股"

Take root in 3C and impact on "the first share of China capital stock ESG"

爱辉在美上市对"中国概念股ESG（环境、社会与治理）"概念股第一股的冲击背后，是近几年市场规模万亿的闲置经济和蓬勃发展的二手电子商务市场。

Behind the impact of Aihui's listing in the United States on the first share of the concept of "China concept stock ESG (environment, society and Governance)" is the idle economy with a trillion market scale and the booming second-hand e-commerce market in recent years.

据mob数据研究院数据显示，2020年，国内二手闲置年交易量达到12540亿，二手电子商务用户超过1.8亿，闲置市场渗透率也提高到36%。《2020年中国二手电子商务市场数据报告》显示，2020年国内二手电子商务市场规模为3754.5亿元，同比增长44.22%。

According to the data of mob Data Research Institute, in 2020, the annual turnover of domestic second-hand idle has reached 1254 billion, the number of second-hand e-commerce users has exceeded 180 million, and the penetration rate in the idle market has also increased to 36%《 According to the data report of China's second-hand e-commerce market in 2020, the scale of domestic second-hand e-commerce market in 2020 was 375.45 billion yuan, up 44.22% year on year.

不过，目前二手商品交易的供需大多产生于C端，这也决定了二手电子商务的C端属性明显较强，国内二手电子商务市场仍以C端业务为主。在这种背景下，虽然市场很大，但绝大多数市场份额被少数企业牢牢掌握，尤其是具有较强C端属性的游鱼和转身者。

However, most of the current supply and demand of second-hand commodity transactions are generated in the C-end, which also determines that the C-end attribute of second-hand e-commerce is significantly stronger, and the domestic second-hand e-commerce market is still dominated by the C-end business. In this context, although the market is large, the vast majority of the market share is firmly grasped by a few enterprises, especially the idle fish and turn with stronger C-end attributes.

总体来看，二手电子商务的商业模式主要是C2C。对于C2C交易模式下的二手电子商务平台而言，供需流量越大，平台中的sku越丰富，越容易形成规模效应。国内C2C模式的二手电子商务主要代表有闲鱼的企业。从其发展路径不难看出，它们首先与综合类有着深刻的联系，然后开始努力细化和垂直类。

On the whole, the business model of second-hand e-commerce is primarily C2C. For the second-hand e-commerce platform under C2C trading mode, the larger the flow between supply and demand, the richer the SKUs in the platform, and the easier the scale effect is to form. Second hand e-commerce of domestic C2C mode mainly represents enterprises with idle fish. From its development path, it is not difficult to see that they are deeply bound with comprehensive categories first, and then start to make efforts to refine and vertical categories.

c2b2c模式的代表企业是转转。作为b端中间商，经常提供估值、质检等服务。不同类别的相关服务流程不同，这也是采用c2b2c模式的二手电子商务平台不能从综合类别入手的原因之一。

The representative enterprise of c2b2c mode is Zhuanzhuan. As a b-end middleman, it often provides valuation, quality inspection and other services. The related service processes of different categories are different, which is one of the reasons why the second-hand e-commerce platform adopting c2b2c mode can not start from comprehensive categories.

toc模式相对"轻"，互联网企业熟悉平台经济的运作规则，更容易与主营业务一起渗透资源和流量，延续相关优势。

The to C mode is relatively "light", and the operation rules of platform economy are familiar to Internet enterprises, which makes it easier for them to infiltrate resources and traffic with their main businesses and continue their relevant advantages.

爱情回收从C2B模式开始，相对来说比较"重"。招股书显示，截至2021年3月底，万盛在中国拥有755家线下门店，其中爱心回收店733家，拍拍店2家。

Love recycling started with C2B mode, which is relatively more "heavy". According to the prospectus, as of the end of March 2021, wanwansheng has 755 offline stores in China, of which 733 are love recycling stores and 2 are patting stores.

从艾回收招股书的主营业务收入不难看出，艾回收业务（C2B，全场回收解决方案平台）和排集堂业务（B2B，商务在线交易平台）占整体业务收入的大部分。

It is not difficult to see from the main business revenue of AI recycle prospectus that AI recycle business (C2B, full scene recycling solution platform) and paijitang business (B2B, business online trading platform) account for the majority of the overall business revenue.

招股书显示，艾瑞循环的收入主要由产品收入和服务收入构成。其中，产品收入是主要收入来源，2018年至2020年收入将分别为32.5亿元、37.3亿元和42.4亿元，占比分别为99.6%、94.9%和87.4%。

According to the prospectus, the revenue of airecycle is mainly composed of product revenue and service revenue. Among them, product revenue is the main source of revenue, and the revenue from 2018 to 2020 will be 3.25 billion yuan, 3.73 billion yuan and 4.24 billion yuan, accounting for 99.6%, 94.9% and 87.4% respectively.

值得注意的是，通过网店或线下网店购买的二手消费电子产品主要在拍厅和拍台销售给买家。截至2020年底和2021年3月31日，从AI recycle购买的所有设备中，88%和81%分别通过Pai Ji Tang市场分销，其余分别通过Pai Pai市场分销。

It is noteworthy that the second-hand consumer electronic products purchased through online or offline stores are mainly sold to the buyers on the racket hall and racket platform. As of the end of 2020 and March 31, 2021, 88% and 81% of all the equipment purchased from AI recycle are distributed through Pai Ji Tang market respectively, and the rest are distributed through Pai Pai market respectively.

《每日经济新闻》记者注意到，2019年6月，艾回收与京东派牌合并，加入了一个面向用户的优质二手零售平台，结合b端的优势，并开始在管制端、加工端和销售端三个口岸"补课"。艾回收在合并后也表示，将以B2C为火车头，努力跟进优质二手零售业务，加快整合各业务条线，努力打造综合平台。

The advantage of C-terminal is insufficient, and AI recycle has accelerated the change《 The reporter of daily economic news noticed that in June 2019, AI recycle and Jingdong paipaipai merged, joined a high-quality second-hand retail platform for users, combined with the advantages of b-end, and began to "make up lessons" in the three ports of control end, processing end and sales end. AI recycling also said after the merger that it would take B2C as the locomotive, strive to follow up the high-quality second-hand retail business, accelerate the integration of various business lines, and strive to build an integrated platform.

去年该品牌升级时，艾回收还宣布由京东集团和国泰君安国际共同投资，E+轮融资超过1亿美元。对于融资和后续投资的重点，陈雪峰也坦言，未来仍将重点关注三个方面：B2C业务的发展、综合平台的建设和海外战略的持续投资。

When the brand was upgraded last year, AI recycle also announced that it was jointly invested by Jingdong group and Guotai Junan international with more than 100 million US dollars in E + round financing. As for the focus of financing and follow-up investment, Chen Xuefeng also said frankly that in the future, he will still focus on three aspects: the development of B2C business, the construction of integrated platform and the continuous investment of overseas strategy.

然而，从C端业务的Mau数据来看，AI回收在强化C端属性方面的进展并不明显。

However, judging from the Mau data of C-terminal business, the progress of AI recycle in strengthening C-terminal attributes is not obvious.

据比达咨询2021年3月发布的二手电子商务应用top10监测数据显示，从用户规模来看，闲鱼和回头客优势明显，是业内唯一月直播用户超过1000万的玩家。在二手3C电子商务排名中，爱力客和拍拍派的毛坯分别以51万和32万排在第四和第五位，而传传和曲良记的毛坯分别以14.61万和33.2万排在第二位。

According to the top10 monitoring data of the second-hand e-commerce app released by Bida consulting in March 2021, in terms of user scale, idle fish and turn have obvious advantages, and they are the only players in the industry with monthly live users of more than 10 million. In the second-hand 3C e-commerce ranking, the Mau of airecycle and paipaipai ranked fourth and fifth with 510000 and 320000, while the Mau of Zhuanzhuan and quliangji ranked second with 14610000 and 3320000.

目前，艾回收的C端业务仍处于与拍拍加速整合的阶段。如招股说明书所述，艾回收依赖京东，必须满足一定条件才能获得京东的支持。如果达不到这些要求，将对艾回收的业务、经营业绩和财务状况产生重大影响。

At present, the C-terminal business of AI recycle is still in the stage of accelerated integration with paipai. As stated in the prospectus, AI recycle is dependent on Jingdong and must meet certain conditions to obtain the support of Jingdong. If it fails to meet these requirements, it will have a significant impact on AI recycle's business, operating results and financial situation.

不过，也值得注意的是，根据卓世咨询提供的信息，在二手3C交易和服务领域，爱辉的交易单元数和Gmv在2020年中国市场排名第一，其交易规模超过了行业第二至第五的总数量。

However, it is also worth noting that according to the information provided by Zhuoshi consulting, in the field of second-hand 3C trading and services, the number of trading units and Gmv of Aihui ranked first in the Chinese market in 2020, and its trading scale exceeded the total number of second to fifth in the industry.

与闲鱼翻身相比，艾瑞更注重3C领域的布局和供应链的深度培育。

Compared with idle fish and turn around, airecycle focuses more on the layout of 3C field and the deep cultivation of supply chain.

在雷雨、转传在C端市场占据较大空间的当下，继续巩固b端业务，在深化供应链的同时向C端市场发力，是一种差异化的方式。不过，无论是与拍拍的深度融合，还是后续战略的进一步聚焦，爱辉仍需尽力而为。

At the moment when LEIYU and Zhuanzhuan have occupied a large space in the C-end market, it is a differentiated way to continue to consolidate the b-end business and make efforts to the C-end market while deepening the supply chain. However, whether it is the deep integration with paipai or the further focus of the follow-up strategy, Aihui still needs to do its best.

三年累计亏损超过13亿

The accumulated loss in three years exceeded 1.3 billion

在去年的品牌升级过程中，《每日经济新闻》记者在现场注意到，陈雪峰提到，目前公司已稳定在30亿美元左右的估值水平上，正向50亿美元迈进。

During the brand upgrade last year, the reporter of daily economic news noticed at the scene that Chen Xuefeng mentioned that at present, the company has steadily stood at the valuation level of about US $3 billion and is marching towards us $5 billion.

当时，陈雪峰在会后谈及公司近期是否有IPO计划时表示，"爱辉不会血拼上市，40亿至50亿美元的估值将是公司进行IPO的基本路线。"，公司有一个非常明确的方向，就是将估值提升到50亿美元，即使C2B和B2B的供应链更加稳固，加快B2C业务的发展和与海外业务的联动。

At that time, when talking about whether the company has IPO plans in the near future after the meeting, Chen Xuefeng said that "Aihui will not be listed in blood, and the valuation of US $4 billion to US $5 billion will be the basic line for the company to carry out IPO." He believes that at present, the company has a very clear direction to raise its valuation to US $5 billion, that is, to make the supply chain of C2B and B2B more solid, and to accelerate the development of B2C business and its linkage with overseas business.

而现在，爱心回收站在IPO前，"当初的愿望实现了吗？"

And now, love recycle bin in front of the IPO, "the original wish to achieve it?"

招股书数据显示，艾回收收入呈逐年上升趋势。2018年至2020年，艾回收实现总收入分别为32.6亿元、39.3亿元和48.6亿元。2021年一季度，人工智能回收实现收入15.14亿元，同比增长118.8%；Gmv为62亿元，同比增长106.7%。

According to the data of the prospectus, the revenue of AI recycle is on the rise year by year. From 2018 to 2020, AI recycling achieved total revenue of 3.26 billion yuan, 3.93 billion yuan and 4.86 billion yuan respectively. In the first quarter of 2021, AI recycling achieved a revenue of 1.514 billion yuan, a year-on-year increase of 118.8%; Gmv was 6.2 billion yuan, a year-on-year increase of 106.7%.

收入和Gmv都很可观，但仍然难以掩盖亏损的尴尬。招股书数据显示，2018年至2020年，艾回收净亏损分别为2.1亿元、7亿元和4.7亿元，三年累计亏损13.8亿元。2021年第一季度，艾未未挽回净亏损9000万元，较去年同期1.2亿元的亏损收窄。

The revenue and Gmv are remarkable, but it is still difficult to cover up the embarrassment of loss. According to the data of the prospectus, from 2018 to 2020, AI recycle had a net loss of 210 million yuan, 700 million yuan and 470 million yuan respectively, and a cumulative loss of 1.38 billion yuan in three years. In the first quarter of 2021, AI recovered a net loss of 90 million yuan, which was narrower than the loss of 120 million yuan in the same period of last year.

以B模式投资的重资产可能仍然爱收回的原因之一，连续三年亏损。招股书显示，截至2021年3月31日，艾瑞单车已在中国172个城市开设755家门店和1500多家自助服务站，主要分布在一、二线市场商场等线下交通中心。以广州为例，艾回收在广州有29家分店，大部分分店都设在大型超市。

To B mode of heavy asset investment may still love to recover one of the reasons for three consecutive years of losses. According to the prospectus, as of March 31, 2021, airecycle has opened 755 stores and more than 1500 self-service stations in 172 cities in China, mainly in offline traffic centers such as shopping malls in the first and second tier markets. Take Guangzhou as an example, AI recycle has 29 branches in Guangzhou, most of which are located in large supermarkets.

然而，与业内其他竞争对手相比，回收利用的供应链基因显而易见。

However, compared with other competitors in the industry, the supply chain gene of recycling is obvious.

陈雪峰表示：爱回收是一家工业互联网公司，拥有强大的供应链能力，并以此为核心竞争力。根据他的想象，AI recycle将从一家专注于手机回收的消费互联网公司逐步转型为一家以供应链能力为驱动力的工业互联网公司。

Chen Xuefeng said: love recycling is an industrial Internet company, which has a strong supply chain capability and takes it as its core competitiveness. According to his imagination, AI recycle will gradually transform from a consumer Internet company focusing on mobile phone recycling to an industrial Internet company driven by supply chain capability.

ecosoc.com资深电子商务分析师莫大青在接受采访时表示，爱心回收和拍拍的早期合并是为了遏制阿里系的闲鱼和同城58的转型。虽然二手商品交易平台的发展还处于探索阶段，但二手电子商务行业已形成寡头垄断，巨人效应明显。

Mo daiqing, a senior e-commerce analyst at ecosoc.com, said in an interview that the early merger of love recycling and patting was to contain the idle fish of Ali department and the transformation of 58 in the same city. Although the development of the second-hand goods trading platform is still in the exploratory stage, the second-hand e-commerce industry has formed an oligopoly with obvious giant effect.

"目前，国内二手电子商务已初步形成了'两寡头四梯队'的市场格局。两位寡头分别是仙游和庄庄，估值超过200亿元；第二梯队是爱心回收，估计价值超过100亿元；第三梯队的价值在10-50亿元之间，包括湘鄂五朔、五里、铁甲儿手机、回收宝、洪步林等。"莫代青补充道。

"At present, the domestic second-hand e-commerce has initially formed a market pattern of" two oligarchs and four echelons ". The two oligarchs are Xianyu and Zhuanzhuan, with an estimated value of more than 20 billion yuan; The second echelon is love recycling, with an estimated value of over 10 billion yuan; The value of the third echelon is between 1-5 billion yuan, including xiangwushuo, 5miles, tiejiaer mobile phone, recycle treasure, hongbulin and so on. " Mo daiqing added.

虽然产业结构已初步形成，但资本金仍在不断增加，试图打破这种局面。

Although the industry structure has been initially formed, capital is still increasing in an attempt to break the situation.

今年4月，手机回收平台flash recycling完成了C轮融资。此前，快闪回收由顺威资本和小米科技投资，融资金额近1亿元。

In April this year, flash recycling, a mobile phone recycling platform, completed round C financing. Previously, flash recycling was invested by Shunwei capital and Xiaomi technology, with a financing amount of nearly 100 million yuan.

在龙头企业方面，2020年，转乘和迅亮将合并，进一步拓展业务。今年4月，二手电子商务转融通集团宣布，春节前收到GBA大湾区基金和清悦基金总投资3.9亿美元，创下中国二手电子商务领域单笔现金融资最大纪录。这也是第一次融资后的战略转移和寻找良好的机会相结合。

In terms of head players, in 2020, Zhuanzhuan and xunliang will be merged to further expand their business. In April this year, the second-hand e-commerce transfer group announced that it had received a total investment of US $390 million from GBA Dawan district fund and Qingyue fund before the Spring Festival, which set the largest single cash financing record in the field of second-hand e-commerce in China. This is also the first financing after the strategic combination of transfer and search for good opportunity.

此外，爱回收的线下门店不同于竞争对手的运营模式也迎来了游鱼发起的"游鱼小店"的"进攻"。在同一条轨道上，巨头之间针锋相对，中小企业也成为受影响的"池鱼"。

In addition, the operation mode of offline stores that love recycling is different from its rivals also ushered in the "attack" of "idle fish small stores" launched by idle fish. In the same track, there is tit for tat between giants, and small and medium-sized enterprises have also become the "pond fish" affected.

无论是"血腥上市"还是"自然成功"，人工智能回收在未来仍面临诸多挑战。

Whether it is a "bloody listing" or a "natural success", AI recycling is still faced with many challenges in the future.

每日经济新闻

Daily economic news

Link：https://new.qq.com/omn/20210601/20210601A02KZD00.html

update time：2021-06-01 09:47:36