Core Insights - Beihome's first project in Wuhan has officially launched, marking the introduction of its C2M (Customer to Manufacturer) model in the city [1][3] - The project, named "Tian Chuang Beihome·Yuan Cui," is positioned as a pure improvement-type residential development, featuring four 10-13 story buildings with main unit sizes of approximately 127, 142, and 170 square meters [3][4] - Beihome has acquired a 30% stake in Tian Chuang Yuan Cui, participating in the development of the West City Haob B plot, which was purchased for a total price of 341.5 million yuan [1][3] Project Details - The West City Haob B plot was acquired by Tian Chuang Real Estate for 341.5 million yuan, with a floor price of 14,506 yuan per square meter and a plot ratio of 2.0 [1] - The location is strategically situated in the core area of Wuchang's inner ring along the Yangtze River, close to public transport and various amenities, including hospitals and schools [1] - The project aims to leverage Beihome's strengths in big data and AI algorithms for product positioning and design, while Tian Chuang will manage the overall development [4] Market Outlook - Beihome views Wuhan as a promising market, being the first city in Central China to surpass a GDP of 2 trillion yuan, with growth in technology innovation, trade logistics, and cultural tourism [4] - The company has established a presence in multiple cities, with a total of 17 projects launched across major urban areas, indicating a robust expansion strategy [3]

Core Insights - Beihome has established a partnership with Jinjigroup and Yikang Holdings for a project in Nanjing, marking the first implementation of its C2M (Customer to Manufacturer) model in the city [1][5] Group 1: Project Details - The land parcel is located in the core area of Gulou District, Nanjing, acquired by Jinjigroup for a total price of 340 million yuan [5] - The site is a rare low-density residential land in the area, close to Metro Line 3 and Line 7, and surrounded by various commercial and medical resources [5] - Jinjigroup will leverage its 33 years of operational experience in Nanjing for comprehensive project development, while Beihome will utilize big data and AI algorithms to identify customer needs and provide precise product positioning [5][6] Group 2: Market Context - Nanjing's housing market has shown renewed vitality following the release of the "Seven Housing Regulations" earlier this year, leading to a significant increase in residential land transaction amounts in the first half of the year [6] - The collaboration aims to enhance the living experience for residents by focusing on customer needs and quality residential planning [6] Group 3: Company Overview - Beihome, a subsidiary of Beike Group, positions itself as a data-driven residential development service platform rather than a traditional developer [6] - The company has implemented 15 projects across various cities, including Beijing, Shanghai, and Guangzhou, by providing C2M product solutions and integrated marketing services [6]

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。 ...

贝壳是个总比行业多走一步的公司，这一次是往交易的上游走。 文丨龚方毅 2024 年的最后一天，上午 10 点 31 分 17 秒，贝壳在 17 轮竞价后，击败厦门象屿和香港天安联合体，以 6.9715 亿元拍得上海一地块，溢 价率 13.89%。 22 分钟后，贝壳、滨江、兴耀联合体，又经过 19 轮报价，以 6.2318 亿元摘得杭州一处地块，溢价率 16.88%。 贝壳是个总比行业多走一步的公司。它的前身链家在 2001 年成立后不久赶上地产交易爆发，迅速做大规模。2004 年到 2006 年地产遇 冷，链家第一个提出不挣差价、上线三方监管账户。 2008 年起，链家开始在全国一栋栋地数楼，搭建全国楼盘数据库，颗粒度细致到楼层和房间。到十年后贝壳成立的时候，这部楼盘字典内 的真实房屋数也破亿了。 今天的贝好家同样要求贝壳多走一步。但这一次是往交易的上游走。 20 年 "老帅" 再创业 2023 年 7 月 12 日，贝壳宣布新设贝好家事业线，应对 "房屋供给侧升级" 。董事长彭永东说，希望通过对不同购房主体在消费需求、行 为偏好上的大数据分析，设计出契合客户需要的居住产品。 贝壳集团副董事长徐万刚（花名： ...

阿里整合国内外电商业务，蒋凡任负责人。 信息来自我们下午发布的独家： 11 月 21 日傍晚，阿里巴巴集团 CEO 吴泳铭发布全员邮件，宣布阿里成立电商事 业群，整合国内外电商业务，包括淘天集团、国际数字商业集团、以及 1688 和闲 鱼两个战略级创新业务。 自第三季度以来，一系列新发布的宏观政策为我们带来了新的机遇，同时也带来了挑战。 中国国内市场的特点是不断变化、多样化的商业模式和日益激烈的竞争。然而，我们团队 的逐渐老化和能力不足可能会导致我们错失一些宏观机会，特别是在面对新的或不断发展 的情况时。 例如，今年推出的多项宏观政策为行业和消费者需求提供了显著支持。然而，由于我们作 为第三方平台的运营经验有限，我们的团队未能充分利用这一宏观经济变化。因此，为了 在与类似产品的竞争中保持竞争力，我们不得不承担比同行高得多的成本，这不可避免地 影响了我们现在和不久的将来的盈利能力。 蒋凡担任电商事业群 CEO，向吴泳铭汇报。 在邮件中，吴泳铭说电商进入了新时代，阿里要提升全球化的供应链和消费者服务能力。 AI 仍然是他的关注重点，阿里要抓住如今以 AI 为核心的生产力革命。 接下来，原本作为独立子公司的淘天集团 ...