（文章来源：证券日报） 证券日报网讯天创时尚11月18日在互动平台回答投资者提问时表示，公司主营业务为时尚鞋履服饰类业 务，业务模式涉及研发、生产、供应配送、销售、服务等全产业链一体化运营，目前的模式暂不涉及 C2M范畴。 ...

Core Insights - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, marking a year-on-year growth of 14.9% [1] - The service revenue of JD grew by 30.8%, reaching a historical high of 24.4% of total revenue [1] - The core retail business strengthened its market position, with daily necessities revenue increasing by 18.8%, and apparel revenue growing at approximately eight times the industry average [1] Revenue Growth - JD's new business segments, including food delivery, saw a staggering revenue increase of 214% year-on-year [1] - During the "Double 11" shopping festival, JD achieved record transaction volume, with a 40% increase in the number of orders and nearly 60% growth in order volume [1] Supply Chain Development - JD's "super supply chain" capabilities are extending into local life and service sectors, creating a "goods + services" collaborative ecosystem [2] - The logistics infrastructure has reached an asset scale of 174.3 billion yuan, supported by long-term strategic investments [3] - JD plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance logistics efficiency [3] Technological Innovation - Since 2017, JD has invested nearly 160 billion yuan in research and development, with plans to further invest in AI to create a trillion-yuan industry ecosystem [3] - The "smart wolf" delivery system has been successfully tested during peak shopping events and is being rolled out nationwide [3] Market Positioning - JD is shifting from a low-price competition model to a high-quality development path, focusing on efficiency, quality assurance, and service innovation [2] - The company aims to enhance supply-demand matching efficiency through digital tools, establishing itself as a digital infrastructure for various industries [4] - As of October, JD's annual active user count surpassed 700 million, indicating strong growth in user engagement and shopping frequency [4]

Group 1 - During the Double 11 shopping festival, JD's 3C (information and home appliances) digital AI products saw a transaction value growth of over 100% year-on-year [1] - AI tablets and AI large-screen smartphones ranked among the top five in terms of growth rate within the overall 3C digital category [1] - The C2M (Customer to Manufacturer) customization ratio for large-screen AI smartphones and gaming laptops exceeded 30% and 50%, respectively [1] Group 2 - In the live streaming segment, the order volume from JD's live streaming rooms increased by over 150% year-on-year during Double 11 [2] - The total user viewing time for live streams grew threefold compared to the previous year, with the number of merchants broadcasting live streams tripling [2] - The user viewing time for merchant live streams increased by 2.5 times year-on-year [2] Group 3 - In the dining sector, the "Seven Fresh Kitchen" initiative boosted the order volume from quality restaurants within a 3-kilometer radius by over 12% [2] - The online transaction orders for JD's first dining entity brand, "Seven Fresh Food Mall," increased by over 150% compared to the previous period [2] - The search volume for JD's private label "Seven Fresh Kitchen" surged by over 350%, with order volume increasing by over 400% [2]

极目新闻记者 刘闪 近日，贝好家武汉首个项目正式落地，其与湖北天创房地产开发集团有限公司（以下简称：天创地产）就武汉市武昌区西城壕B地块达成深度合作，这意 味着贝好家C2M（Customer to Manufacturer，即"从消费者到生产者"）模式首次落地江城武汉。 此次元萃项目，标志着贝好家武汉首个项目落地。贝好家将充分发挥在大数据与AI算法方面的优势，为项目提供C2M产品定位、设计等服务。天创则依 托其成熟的本土开发运营经验，负责项目整体开发。 贝好家武汉区域总经理房新宇表示，武汉市是中部地区首个GDP突破2万亿元的超大城市，在科技创新、商贸物流、文化旅游等领域蓬勃发展，贝好家非 常看好武汉房地产市场的长期发展前景，本次合作中将发挥C2M理念下的精准产品定位、产品设计等优势，与天创携手打造满足江城人民美好居住需求 的"好房子"。 据悉，项目案名已正式确定为"天创贝好家·元萃"，定位为纯改善型住宅。整体规划涵盖4栋10-13层的小高层建筑，主力户型为建筑面积约127、142、170 平方米的"四代住宅"。目前，项目展厅已正式对外开放。 （来源：极目新闻） 值得关注的是，今年9月，该项目公司发布公告称，贝 ...

8月21日，贝好家与金基集团、怡康控股就南京市鼓楼区小市街道郭家山路以南、幕府南路以东NO.2025G41地块 达成合作，贝好家C2M（Customer to Manufacturer，从消费者到制造者）模式首次落子南京。 地块位于南京市鼓楼区这一城市核心区，由金基集团于8月8日以总价3.4亿元摘得。鼓楼区是南京的行政、教育、 商务和人文中心，坐拥成熟完善的全维资源。地块是位于鼓北片区的稀缺低密住宅用地，临近地铁3号线小市站、 7号线幕府西路，拥揽艺术生活街区喜年花生唐、泛悦城市广场、南京商厦等商业配套，南京市第二医院等三甲医 疗资源。 此次合作中，金基集团将依托深耕南京33年的开发运营优势，负责项目综合开发运营；贝好家主要负责以C2M理 念，通过大数据和AI算法洞察和挖掘出客户需求，为项目提供精准产品定位方案。 金基集团南京城市公司总经理李昀表示，近期"好房子"建设成为行业探索方向，聚焦客户需求、提升居住体验成 为住宅产品发力点。金基集团深耕南京多年，已成功打造金基瞻月府、金基山和月、金基唐城、金基尚书里、望 樾府等众多项目，G41地块的获取也是金基时隔20年重回鼓北片区，此次与贝好家的合作，期待在C2M产 ...

Group 1: Event Highlights - The 35th Qingdao International Beer Festival has set multiple records, featuring over 2,300 beer varieties from more than 400 brands across 40 countries and regions, with the event duration extended to one month [2] - The festival attracted an average of nearly 340,000 participants daily at the old city venue, with over 300 cultural and sports activities held in the first ten days [2] - New events such as the HOCH Hamburger Festival and various coffee festivals have been organized, contributing to the city's cultural tourism and enhancing consumer engagement [3] Group 2: Consumer Trends - Recent consumer trends indicate a shift towards deeper experiences, with a focus on emotional satisfaction and quality enjoyment, leading to the rise of integrated experiences like "food + culture + entertainment" [5] - The demand for personalized and diverse consumption is increasing, with consumers prioritizing quality over mere availability [6] Group 3: Company Innovations - Qingdao Beer (600600) has expanded its business model by introducing new formats like craft beer gardens and bars, with over 200 stores nationwide [4] - The company utilizes consumer big data to identify demand changes, allowing for rapid product development and a focus on experiential consumption [4] Group 4: Policy Support - The Qingdao government has implemented various policies to stimulate consumption, including the "Qingdao City Consumption Promotion Implementation Plan," which aims to enhance consumer confidence and engagement [6][7] - Policies promoting night economy development and the integration of various business sectors are being encouraged to create vibrant consumer environments [6][7]

Financial Data and Key Metrics Changes - In Q1 2025, the company's total transaction value (TTV) was RMB 844.2 billion, representing a year-over-year increase of 34% [29] - Net revenue reached RMB 23.3 billion, up 42.4% year-over-year [29] - GAAP net income was RMB 855 million, increasing 97.9% year-over-year [41] - Gross margin declined by 4.5 percentage points year-over-year to 28.7% [29] Business Line Data and Key Metrics Changes - Revenue from existing home transactions reached RMB 6.9 billion, up 20% year-over-year [30] - GTV for new home transactions increased by 53% year-over-year, outperforming the market [32] - Revenue from home renovation and furniture business grew by 22.3% year-over-year, with a contribution margin of 32.6% [34][72] - Home rental services revenue reached RMB 5.1 billion, up 93.8% year-over-year [35] Market Data and Key Metrics Changes - The national GTV for in-home transactions grew by approximately 16% year-over-year in Q1 [28] - New home sales remained relatively flat year-over-year, down 0.4% [49] - The existing home market saw a 28% increase in transaction clients year-over-year [28] Company Strategy and Development Direction - The company is focused on driving both scale and efficiency as part of its growth strategy [13] - Emphasis on optimizing collaboration with developers and improving agent efficiency in the new home transaction business [14] - The introduction of AI tools aims to enhance service quality and operational efficiency [18][20] Management's Comments on Operating Environment and Future Outlook - The management expressed cautious optimism regarding the property market, influenced by government policies and macroeconomic factors [25][52] - The company is closely monitoring the impact of international trade frictions on housing transactions [56] - Future market outlook will depend on domestic supportive measures and international trade dynamics [56] Other Important Information - The company has implemented a fund custody system in its home renovation business to enhance customer control and trust [24] - AI deployment is being tested in various segments, including housing transactions and home renovation, to improve service delivery [18][22] Q&A Session Summary Question: Outlook for the property market going forward - Management noted a strong recovery in the property market post-Chinese New Year, with stable performance expected [47][48] Question: Expansion plan for housing agents and agency stores - Management confirmed a focus on healthy growth of the agent network and improving efficiency of existing and new agents [59][60] Question: Home renovation and furniture business performance and AI strategy - Management highlighted a 22.3% revenue growth in the home renovation segment and detailed AI applications to enhance service quality [72]

Financial Data and Key Metrics Changes - In Q1 2025, total TTV reached RMB 844.2 billion, a year-over-year increase of 34% [28] - Net revenue was RMB 23.3 billion, up 42.4% year-over-year [28] - GAAP net income increased by 97.9% year-over-year to RMB 855 million [40] - Gross margin declined by 4.5 percentage points year-over-year to 28.7% [28][37] Business Line Data and Key Metrics Changes - Revenue from existing home transactions reached RMB 6.9 billion, up 20% year-over-year [29] - GTV for new home transactions increased by 53% year-over-year to RMB 232.2 billion [31] - Revenue from home renovation and furniture business grew by 22.3% year-over-year to RMB 2.9 billion [33] - Home rental services revenue reached RMB 5.1 billion, up 93.8% year-over-year [34] Market Data and Key Metrics Changes - National GTV for in-home transactions grew by approximately 16% year-over-year [26] - GTV for new home transactions nationwide declined by 0.4% year-over-year [10] - The existing home market saw a 28% increase in transaction volume year-over-year [26] Company Strategy and Development Direction - The company is focusing on driving both scale and efficiency as priorities for growth [12] - Emphasis on optimizing collaboration with developers and improving agent efficiency in new home transactions [13] - Continued investment in AI technology to enhance service quality and operational efficiency [17][66] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the property market, influenced by government policies and macroeconomic factors [52] - The company anticipates a typical seasonal slowdown in Q2 but expects slight year-over-year growth in transaction volume [52] - Monitoring the impact of international trade frictions on housing transactions and overall market stability [56] Other Important Information - The company has implemented a fund custody system in home renovation, enhancing customer control over renovation funds [22] - AI tools are being deployed to improve service efficiency and customer experience across various business lines [17][71] Q&A Session Summary Question: Outlook for the property market going forward - Management noted a strong recovery in the property market post-Chinese New Year, with stable performance expected [47][48] Question: Expansion plan for housing agents and agency stores - The company plans to continue promoting healthy growth in its agent network, with a focus on efficiency and income stability [59][60] Question: Specifics on home renovation and furniture segment operations - The segment achieved 22.3% year-over-year growth, with a contribution margin of 32.6% [70]

Group 1 - Guangzhou successfully auctioned three residential land parcels with a total construction area of 341,200 square meters and a total sale amount of 2.545 billion yuan, all acquired by Yuexiu Property [1] - The two parcels in Baiyun District, located in the core area of the Jiahe Wanggang area and near the Jiahe Wanggang subway station, attracted significant interest from multiple real estate companies prior to the auction [1] - Beike Group's data-driven residential development service platform, Beihome, participated in the bidding for the Jiahe Wanggang parcels, indicating its intention to expand project layouts in Guangzhou [1] Group 2 - Beihome operates a "1+2" model providing comprehensive solutions for developers, owners, and construction parties, focusing on product solutions and flexible funding services [2] - The "1+2" model has been implemented in cities such as Xi'an, Beijing, Hangzhou, and Changsha, with recent collaborations including a partnership with Chengdu Zhongxing Yihua Real Estate for a residential land parcel [3] - Beihome plans to expand its business in over ten cities, including Beijing, Shanghai, Guangzhou, Chengdu, Xi'an, Hangzhou, Nanjing, and Wuhan, promoting a new real estate development model based on the C2M concept [3]

作者：猫哥 来源：大猫财经Pro(ID:caimao_shuangquan) 01 最近，最大的房地产中介贝壳公布了2024年的业绩，行业老大的地位很稳，但喜忧参半。 营收935亿，涨了20%多，但是净利润40.78亿，下滑了30%多。 虽然利润下滑，但是两位联合创始人的收入却相当可观。 2021年的时候，董事长兼CEO彭永东的年薪不到850万，执行董事单一刚在680万左右。 后来，房地 产的大环境越来越不行，但这两位联合创始人的收入却越来越高。 彭永东2022年的薪酬到了4.75亿，2023年是7.13亿，三年下来差不多合计12亿，单一刚少一 点，但是3年下来，也接近9亿。 2024年的年薪还没公布，但是根据披露出来的金额估算， 彭永东还能拿6亿，单一刚能拿到4 亿，俩人合计10亿，能占到净利润的25%。 贝壳的中介，一年到头苦哈哈卖房，平均年薪差不多是卖5套房的提成，而这俩高管的收入，相 当于一年卖了1万套。 这些高薪是哪儿来的呢？ 贝壳的老板叫左晖，他管公司的时候，贝壳搞了好几次股权激励政策，那时候主要激励对象是员 工，后来左晖去世了，到了2022年5月份，贝壳在香港上市的前几天，又做了一次股权激励。 ...