Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a stable revenue growth of 20.2% year-on-year for 2024, achieving total revenue of 93.46 billion yuan, while adjusted net profit decreased by 26.4% to 7.21 billion yuan [7] - The company's GTV (Gross Transaction Value) for 2024 reached 3.35 trillion yuan, reflecting a year-on-year increase of 6.6%, with revenue contributions from various business segments including existing homes, new homes, home decoration, rental housing, and emerging businesses [7] - The company is expected to benefit from structural adjustments in the market, particularly in the second-hand housing market, which is anticipated to recover first in 2025 [7] Summary by Sections Financial Performance - Total revenue for 2023 was 77.78 billion yuan, projected to grow to 93.46 billion yuan in 2024, with a year-on-year growth rate of 20.16% [1] - Adjusted net profit for 2024 is forecasted at 7.21 billion yuan, down from 9.80 billion yuan in 2023, reflecting a decrease of 26.41% [1] - The company's EPS (Earnings Per Share) is expected to be 1.12 yuan in 2024, with projections of 1.82 yuan, 2.35 yuan, and 2.90 yuan for 2025, 2026, and 2027 respectively [1] Business Segments - Revenue from existing homes reached 282 billion yuan in 2024, a slight increase of 0.7% year-on-year, while new homes generated 337 billion yuan, up 10.1% [7] - Home decoration business saw a significant growth of 36.1%, contributing 148 billion yuan, and rental housing business surged by 135% to 143 billion yuan [7] - The company expanded its active store count to 49,700, an increase of 18.3%, and the number of active agents reached 445,000, up 12.1% [7] Market Position - The company increased its market share in the new home sector by 1.7 percentage points to 11.4%, despite a 3.3% decline in GTV for new homes [7] - The commission rate for new homes improved by 0.4 percentage points to 3.47% [7] - The home decoration and rental businesses are expected to continue their rapid growth, with the number of managed rental units increasing from 210,000 to 430,000 [7] Future Outlook - The company is positioned as a leader in the domestic brokerage industry, with potential for performance improvement driven by increased turnover rates in the second-hand housing market and enhanced penetration in new home brokerage [7] - Adjusted net profit forecasts for 2025 and 2026 have been revised down to 9.70 billion yuan and 11.62 billion yuan respectively, with a 2027 forecast of 13.62 billion yuan [7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total revenue of 93.46 billion yuan in 2024, representing a year-on-year growth of 20.2%. However, the adjusted net profit decreased by 26.4% to 7.21 billion yuan [7][8] - The company's gross transaction value (GTV) reached 3.35 trillion yuan, showing a positive growth of 6.6% year-on-year, which supported stable revenue growth [7] - The report highlights a decline in gross margin by 3.3 percentage points to 24.6%, primarily due to a decrease in the revenue share from the higher-margin existing home business [7] - The company expanded its market share in the new home sector, with a GTV decline of 3.3% but an increase in market share by 1.7 percentage points to 11.4% [7] - The home decoration and rental businesses experienced significant growth, with the home decoration GTV increasing by 27.3% to 16.9 billion yuan and the rental business expanding its managed properties from 210,000 to 430,000 units [7] Financial Summary - The company's total revenue forecast for 2024 is 93.46 billion yuan, with projected revenues of 109.63 billion yuan in 2025 and 127.49 billion yuan in 2026 [1][8] - The adjusted net profit is expected to be 6.59 billion yuan in 2025 and 8.50 billion yuan in 2026, with a forecasted EPS of 1.82 yuan and 2.35 yuan respectively [1][8] - The report projects a decrease in the adjusted net profit for 2025 and 2026 due to market fluctuations, with revised estimates of 9.70 billion yuan and 11.62 billion yuan respectively [7]

中国境内第一家通过De-SPAC模式在港上市的企业。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，找钢产业互联集团（以下简称"找钢集团"）于2025年3月10日正式以"6676"为 股票代码在港交所主板挂牌上市，这也是中国境内第一家通过De-SPAC模式在港上市的企业。 在本次De-SPAC上市过程中，找钢集团通过PIPE投资者募集资金约5.326亿港元，PIPE投资者包 括徐州臻心、东英资管、东方资产管理、托克香港、宁海真为、许昌产业投资、Spring Prosper Pte. Ltd.及郑州诚信等。 截至10:05，找钢集团报于每股10.6港元，市值125.41亿港元。 已成功完成从"重"到"轻"的转型 找钢集团创始人、董事长兼CEO王东在上市致辞中表示："多年前，我们带着革新钢铁行业交易模式 的初心，搭建了行业级数字化平台——找钢网，率先在中国提供涵盖了全价值链的线上交易、物流、 SaaS产品等一站式B2B综合服务。 今天，找钢产业互联集团在香港交易所主板挂牌，这是找钢集团迈向新征程的重要里程碑，更是中国 钢铁产业互联网平台迈向新阶段的标志 ...

事实上， 在 2012年 那个时间点 ，VC行业还没有产业互联网的概念，大部分投资人还不相信B2B 模式能够跑通，但险峰创始合伙人陈科屹深信互联网能够提升传统产业的效率，尤其认可王东 险峰长青管理合伙人赵阳（左）与找钢集团创始人、董事长兼CEO王东（右）在上市仪式 现场。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，找钢产业互联集团（以下简称"找钢"）于2025年3月10日正式以"6676"为股票 代码在港交所主板挂牌上市，这是中国境内第一家通过De-SPAC在港上市的企业。 在过去13年的发展历程中，找钢获得了险峰、真格基金、经纬创投、红杉中国、和玉资本、华兴新 经济基金、IDG资本、东方富海、普华资本、云启资本等一众知名机构的投资。 其中， 险峰在2 012 年就完成了对找钢的天使轮投资，并在之后持续加码，是找钢IPO前最大的单 一机构投资方 。 @C叔 扫码添加C叔微信 （注：找钢创始人、董事长兼 CEO ） 对钢铁行业变化的敏锐洞察和他在行业里深厚积累，双方只 谈了一次就敲定了投资意向 。 王东回忆称，"找钢第一次跟险峰的投资人见面是在上 ...

Core Viewpoint - The article emphasizes the importance of reading as a pathway to growth and understanding, aligning with the belief that knowledge acquisition is essential for wisdom [2][3][6]. Summary by Sections Book Recommendation - The featured book is "China's Economy 2025: Stabilizing Expectations, Promoting Consumption, and Expanding Domestic Demand," authored by Liu Shijin, Huang Qifan, and Huang Hanquan, published by CITIC Press Group [8]. Economic Structure and Development - The article discusses the evolution of industrial organization from the agricultural era to modern industrialization, highlighting the shift from small-scale workshops to complex corporate structures that enhance production efficiency [9][10]. Five Types of Productive Service Enterprises - The article outlines five distinct operational models for productive service enterprises: 1. Numerous specialized and innovative service enterprises across cities [10]. 2. Large enterprise groups that manage both productive services and manufacturing [11]. 3. Fortune 500 companies focused on specific service sectors [11]. 4. Chain enterprises that provide services related to advanced industrial products while outsourcing manufacturing [11]. 5. Industrial internet enterprises that leverage digital technologies for efficient production and sales [12]. Industrial Internet as a New Frontier - The industrial internet is identified as a significant growth area, contrasting with the declining growth of consumer internet, and emphasizes the need for a focus on industrial internet to maintain global competitiveness [12][14]. Three Models of Industrial Internet - The article describes three models of industrial internet: 1. Industrial internet platforms within large enterprises that digitize their entire supply chain [15]. 2. Industry-specific platforms that connect numerous service and manufacturing enterprises [15]. 3. Regional platforms that integrate local industry clusters through digital networks [16]. Characteristics of Industrial Internet - The industrial internet is characterized by: 1. Value-added effects, where the production and sales values can significantly exceed traditional metrics [18]. 2. The ability to revitalize traditional industries and create jobs through digital empowerment [19]. 3. Accelerated development of regional productive services, transforming areas into manufacturing, trade, and logistics centers [20]. Financial Technology Integration - The industrial internet facilitates comprehensive financial technology solutions, addressing the financing challenges faced by small and medium enterprises by providing transparent data for banks [21]. Strategic Importance of Industrial Internet - The article concludes that regions fostering industry-specific internet platforms can attract manufacturing, logistics, trade, and financial services, positioning themselves as competitive centers in the global economy [22].