爱回收欲赴美上市：to C业务较弱或成短板影响估值

新浪财经2021-06-05

国内to B类二手3C电商，在经历了迅猛发展后，开始进军资本市场。5月29日，二手消费电子产品交易和服务平台万物新生集团（爱回收）正式向美国证券交易委员会递交IPO招股书，拟于纽交所上市，股票代码RERE。从其招股书披露的信息可以看出，虽然自称是二手消费品第一平台，但其实爱回收的业绩仍然主要由to B业务来支撑。爱回收是做C2B模式起家的。招股书显示，爱回收回收过来的机器绝大部分通过B2B平台...

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飞天幻影
2021-06-06
飞天幻影
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anieny
2021-06-06
anieny
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Stephen90
2021-06-05
Stephen90
hi
- Jerry6666:
  [呆住]
东方波澜
2021-06-05
东方波澜
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dkpoh
2021-06-05
dkpoh
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href=https://finance.sina.com.cn/chanjing/gsnews/2021-06-05/doc-ikqciyzi7830062.shtml><strong>新浪财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>国内to B类二手3C电商，在经历了迅猛发展后，开始进军资本市场。5月29日，二手消费电子产品交易和服务平台万物新生集团（爱回收）正式向美国证券交易委员会递交IPO招股书，拟于纽交所上市，股票代码RERE。从其招股书披露的信息可以看出，虽然自称是二手消费品第一平台，但其实爱回收的业绩仍然主要由to B业务来支撑。\n爱回收是做C2B模式起家的。招股书显示，爱回收回收过来的机器绝大部分通过B2B平台...</p>\n\n<a 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B收入的占比是88%，2021年Q1的占比为81%。\n\n根据该公司对外发布的信息显示，2020年爱回收的196亿GMV中，国内加海外to B业务的GMV达到113亿；此外爱回收2020年的营收中，自营商品收入和平台收入里to B销售带来的收入占比分别为88%和50%，to B销售带来的收入占比为83%。\n\n从现有资料看，爱回收没有披露to C和to B的各业务GMV，但是披露的收入中可以看到，B2B的收入超过了50%。\n从以上数据可以看出，爱回收其实本质上是家to B公司，业绩都是靠to B来支撑的。\n从其他各类二手平台的情况看，to C优势突出的，相对影响力更大。作为有望成为二手3C电商第一股的爱回收，其to C业务究竟如何？\n从招股书中发现，爱回收没有披露任何to C相关的核心用户信息，比如MAU、支付用户数等。但在风险部分提到，过于依赖京东，自身用户资源方面存在一定风险。\n在招股书中不披露C端用户数据，爱回收或许有难言之隐。比达咨询发布的2021年3月二手电商App的Top10监测数据显示，在用户规模方面，闲鱼和转转优势明显，月活用户达到千万以上。而在二手3C电商排名中，爱回收、拍拍MAU以51万、32万仅排名第4、第5。\n2019年6月，爱回收与京东拍拍合并，结合B端优势，开始在控货端、处理端以及销售端这三个端口“补课”。爱回收方面也在合并后表示，将以B2C作为火车头，努力跟进优质二手零售业务，加速各条业务线的融合，努力构建一体化平台。\n爱回收创始人兼CEO陈雪峰也直言，未来仍聚焦三个方面：B2C业务的发展、一体化平台的构建以及海外战略的持续投入。\n不过，单从判断C端业务的MAU数据来看，爱回收强化C端属性的进展并不明显。\n\n目前爱回收C端业务仍处于与拍拍加速融合阶段，在C端存在感较低。\n沙利文用研结果显示，爱回收的无提示提及率仅5.4%；仅13%的人通过爱回收交易过，均远低于闲鱼和转转。\n\n总体来看，资本市场对to B类企业的估值和to C企业会有比较明显的差距。二手车类公司就是个明显的例子。\n比如在美国市场，to C的carvana市值为470多亿美金，CarMax接近190亿美金；而to B的KAR和ACV也已在美股上市，市值分别为23亿美金和40亿美金左右。资本市场给to C 和 to B平台的估值存在较大差异。\n去年，爱回收创始人兼CEO陈雪峰在接受媒体采访时表示，公司不会“流血上市”，40亿美元到50亿美元的估值将是公司进行IPO的基本线。","kind":null,"is_publish_news":false,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":115051355,"gmtCreate":1622942928577,"gmtModify":1634096796915,"author":{"id":"3583650751565850","authorId":"3583650751565850","name":"飞天幻影","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"赞","listText":"赞","text":"赞","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/115051355","repostId":2141400426,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":112757204,"gmtCreate":1622936661008,"gmtModify":1622936661008,"author":{"id":"3557345951598078","authorId":"3557345951598078","name":"anieny","avatar":"https://static.tigerbbs.com/8dbb7884f0d6993fbf75ffead97f09c1","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"关注了","listText":"关注了","text":"关注了","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112757204","repostId":2141400426,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":112416459,"gmtCreate":1622901101271,"gmtModify":1634096991394,"author":{"id":"3585920406397260","authorId":"3585920406397260","name":"Stephen90","avatar":"https://static.tigerbbs.com/b73f0d52866615875c9673d36be1459f","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/112416459","repostId":2141400426,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4594217,"gmtCreate":1622905589751,"gmtModify":1635335831218,"authorId":3582603564454110,"author":{"id":3582603564454110,"authorId":3582603564454110,"name":"Jerry6666","avatar":"https://static.tigerbbs.com/341ac0d8c7e78a01f49f688b745e56f4","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112416459,"type":1,"supId":0,"prevId":0,"content":"[呆住]","text":"[呆住]","html":"[呆住]"}],"langContent":"EN"},{"id":112491026,"gmtCreate":1622897579565,"gmtModify":1634097007169,"author":{"id":"3570426589852260","authorId":"3570426589852260","name":"东方波澜","avatar":"https://static.tigerbbs.com/1401dd1537f16a11750719f2334a1ea1","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"hi","listText":"hi","text":"hi","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/112491026","repostId":2141400426,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":4593385,"gmtCreate":1622897600436,"gmtModify":1635335907252,"authorId":3570426589852260,"author":{"id":3570426589852260,"authorId":3570426589852260,"name":"东方波澜","avatar":"https://static.tigerbbs.com/1401dd1537f16a11750719f2334a1ea1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112491026,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"},{"id":4593387,"gmtCreate":1622897610879,"gmtModify":1635335907024,"authorId":3570426589852260,"author":{"id":3570426589852260,"authorId":3570426589852260,"name":"东方波澜","avatar":"https://static.tigerbbs.com/1401dd1537f16a11750719f2334a1ea1","vip":1,"crmLevel":2,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":112491026,"type":1,"supId":0,"prevId":0,"content":"Hi","text":"Hi","html":"Hi"}],"langContent":"EN"},{"id":112524987,"gmtCreate":1622890327649,"gmtModify":1634097041458,"author":{"id":"3569639956293909","authorId":"3569639956293909","name":"dkpoh","avatar":"https://static.tigerbbs.com/c363fe0c37055ba864124087c92ab292","vip":1,"crmLevel":8,"crmLevelSwitch":0},"htmlText":"这篇文章不错，转发给大家看","listText":"这篇文章不错，转发给大家看","text":"这篇文章不错，转发给大家看","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/112524987","repostId":2141400426,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":65,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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