Core Insights - The article highlights the successful launch of the "Financial City·Beicheng S1" project in Chengdu, which achieved 20 signed contracts within a month, ranking second in the city's annual cumulative signing volume for residential properties priced over 20 million [1] - The project utilizes a C2M (Customer to Manufacturer) model, leveraging big data and AI technology to enhance the development process and better meet customer needs [1][2] - The C2M model emphasizes customer involvement throughout the development process, transforming them from passive recipients to active participants in product design and iteration [5][6] Group 1: C2M Model Implementation - The C2M solution has been successfully implemented in multiple projects, with the Chengdu Beicheng S1 serving as a comprehensive example of this approach [3] - The model integrates various data sources to create algorithms that inform product decisions, allowing for precise targeting of customer preferences and pricing expectations [2][3] - The approach aims to break traditional zero-sum competition by fostering value creation among customers, service providers, and developers [1][3] Group 2: Customer-Centric Development - The C2M model places customer needs at the forefront, with a focus on identifying and addressing these needs throughout the development chain [5][6] - The introduction of interactive online communities allows customers to engage in the design process, providing feedback that can directly influence project outcomes [5][6] - This shift towards a customer-centric approach is seen as a significant evolution in the real estate development paradigm, moving away from traditional experience-based methods [6][7] Group 3: Strategic Positioning and Partnerships - The company positions itself as a "good partner" rather than a traditional developer, focusing on leveraging its data and customer insights to assist other developers [7][8] - The C2M model is designed for scalability, allowing for collaboration with various developers to create homes that better meet customer demands [7][8] - The company plans to expand its C2M solutions to more cities and partners, potentially including local investment companies and financial institutions, to further explore specialized roles within the industry [10]

2025年岁末，房地产市场"乍暖还寒"。 这些都是"行活"，是沉淀了几十年的经验，大概率不会出错。 但贝宸S1将之通通打破：四座楼栋打破"正南正北"而是朝向西北向，会所不配游泳池而是放乒乓球 桌和棋牌室，园林几乎"搬运"川西九寨风景，户型将动静分区做到极致，多种高性能材料和先进工艺 应用，全屋300多个智能受控设备…… 这些极致反差的背后，藏着一个完全不同的思路—— 中国商品房市场化30多年来，第一次真正用互 联网C2M逻辑，把一块土地从供给端的经验堆砌，反向拆解成需求端的细节重构。 所以，仍以传统房地产开发视角来看，看不懂、看错并不奇怪。 颠覆性重构：从"开发想给"到"用 户需要" 走进贝宸S1的375户型样板间，除了豪宅该有的尺度和奢华感，给人印象最深的一定是无处不在的智 能化体验。 这是贝宸S1依托华为鸿蒙智家系统为底座打造的"六感®智能系统"：从人体 "眼、耳、鼻、舌、身、 意"六感体验出发，光影、声音、空气、水、温湿度等影响舒适体验的要素都能被精准感知，也能在 AI调度下自由调节，让房子像人体般具备自我调节能力。 但在成都，一个新楼盘吸引了全国房地产行业的目光。业内争相讨论，社交媒体话题度居高不下， ...

2025年岁末，房地产市场"乍暖还寒"。 但在成都，一个新楼盘吸引了全国房地产行业的目光。业内争相讨论，社交媒体话题度居高不下，更在三周内吸引50多家开发商与地产服务商的董事长、总 经理以及设计、工程、营销等各专业人士现场参观，更多预约排到一个月后。 这就是近期全国楼市最热门、也最"不一样"的楼盘之一：贝宸S1。 位于最繁华的金融城三期、23亩方正小地块，还是楼面价27300元/m²的"前地王"，如果是传统房地产开发商，几乎可以闭着眼决策： 楼栋必须"坐北朝南"；外立面必须赶超5A写字楼；配上数千平米的奢华会所，壁球馆、雪茄吧、游泳池通通配置；园林必须大面积造景且移栽一些昂贵树 王；户内装修堆满奢石等等。 这些都是"行活"，是沉淀了几十年的经验，大概率不会出错。 但贝宸S1将之通通打破：四座楼栋打破"正南正北"而是朝向西北向，会所不配游泳池而是放乒乓球桌和棋牌室，园林几乎"搬运"川西九寨风景，户型将动静 分区做到极致，多种高性能材料和先进工艺应用，全屋300多个智能受控设备…… 这些极致反差的背后，藏着一个完全不同的思路——中国商品房市场化30多年来，第一次真正用互联网C2M逻辑，把一块土地从供给端的经验堆砌 ...

Core Viewpoint - Temu has rapidly achieved in three years what Pinduoduo accomplished in ten years, positioning itself as a new engine for global e-commerce growth, with plans to create a dual growth model alongside Pinduoduo in the next three years [1][5]. Group 1: Temu's Growth and Market Position - Temu's global downloads surpassed 1.2 billion, with monthly active users reaching 530 million, making it the top e-commerce app in terms of downloads and user growth [3][4]. - The platform has effectively integrated resources from millions of small and medium-sized factories in China, enabling a rapid response to market demands and achieving significant efficiency in inventory turnover [12][14]. - Temu's business model leverages extreme cost performance, full-service management, algorithmic recommendations, and social sharing to replicate the successful domestic e-commerce ecosystem in international markets [2][5]. Group 2: Supply Chain and Strategic Focus - Pinduoduo's strategy emphasizes deep integration with the Chinese supply chain, aiming to leverage its unique industrial efficiency to create a new global commercial system [11][14]. - The company is transitioning from a focus on traffic to enhancing supply chain capabilities, which is seen as essential for future growth and competitiveness in the e-commerce sector [16][20]. - Pinduoduo's initiatives, such as "hundred billion subsidies" and "new quality supply," aim to promote the transformation of traditional manufacturing into a more innovative and quality-focused model [20]. Group 3: Impact on Chinese Manufacturing - Temu represents a new driving force for Chinese exports, shifting from merely exporting goods to exporting business models, thus marking a significant upgrade in foreign trade [5][14]. - The platform's success has accelerated the development of local industries, such as the eyelash manufacturing sector in Shandong, demonstrating the potential for rapid growth through e-commerce [19]. - By utilizing digital integration capabilities, Pinduoduo is enhancing traditional manufacturing to meet new quality supply standards, thereby fostering innovation and responsiveness to consumer demands [19][20].

大多数消费者仅留意到酒水饮料可以订制，比如王老吉搭配多元使用场景推出丰富的订制种类，百威支持啤酒瓶 刻字订制，锐澳鸡尾酒可做易拉罐订制。实际上，越来越多的制造业企业都在拥抱"订制"，不再仅以规模化生产 为核心，因为按预估销量批量生产，很容易让企业最终陷入库存积压或供不应求的尴尬境地。智能消费的兴起， 让"用户直达车间"模式成为主流，不仅减少了资源浪费，更让制造业从粗放的规模制造向精准化制造升级，为产 业发展注入动能。前不久，耐克订制鞋火了一把，让每个消费者都能体验一把当设计师的瘾。耐克依托服务落地 C2M模式，消费者在平台上自主挑选鞋子基础款，自定义鞋面颜色、材质，还能在鞋舌添加名字等专属标记。订 单提交后，智能工厂通过自动化设备精准生产，既能满足个性化需求，还能保障订单快速交付。 智能消费激活了经济新蓝海，催生了多元新业态，催生了智能家居运维师、智能穿戴设备调试员、AI生活顾问等 一系列新职业。小区王师傅原是家电维修师傅，去年转型后兼职智能家电调试服务，成为一名AI家居服务顾问。 他上门教老人用AI音箱，帮装修家庭设置"回家自动开灯"等全屋智能场景，还为商家做智能家电使用培训，服务 收费80—150元/次， ...

如今，智能消费场景已从科幻片走进寻常生活，它像一条无形纽带，串联起衣食住行的每个环节。除提 升生活便捷度外，智能消费带来的更多的是生产方式、产业结构乃至社会关系变革，影响力已远超生活 方式范畴。 大多数消费者仅留意到酒水饮料可以订制，比如王老吉搭配多元使用场景推出丰富的订制种类，百威支 持啤酒瓶刻字订制，锐澳鸡尾酒可做易拉罐订制。实际上，越来越多的制造业企业都在拥抱"订制"，不 再仅以规模化生产为核心，因为按预估销量批量生产，很容易让企业最终陷入库存积压或供不应求的尴 尬境地。智能消费的兴起，让"用户直达车间"模式成为主流，不仅减少了资源浪费，更让制造业从粗放 的规模制造向精准化制造升级，为产业发展注入动能。前不久，耐克订制鞋火了一把，让每个消费者都 能体验一把当设计师的瘾。耐克依托服务落地C2M模式，消费者在平台上自主挑选鞋子基础款，自定 义鞋面颜色、材质，还能在鞋舌添加名字等专属标记。订单提交后，智能工厂通过自动化设备精准生 产，既能满足个性化需求，还能保障订单快速交付。 智能消费激活了经济新蓝海，催生了多元新业态，催生了智能家居运维师、智能穿戴设备调试员、AI 生活顾问等一系列新职业。小区王师傅原是家电 ...

证券研究报告 | 公司深度 | 文娱用品 康耐特光学(02276) 报告日期：2025 年 12 月 21 日 全球光学树脂镜片龙头，XR 眼镜赛道卡位稀缺 ——康耐特光学深度报告 投资要点 ❑ 盈利预测与估值 我们预计公司 2025~2027 年收入分别为 23.01、26.16、29.79 亿元（同比 +11.3%、+13.7%、+13.8%），归母净利润 5.5、6.8、8.2 亿元（同比+29%、 +23%、+20%），对应 PE 分别为 42x、34x、29x，若考虑 2026 年智能眼镜业务贡 献利润增量（若贡献 2 亿增量对应约 9 亿利润，27x），估值仍具性价比。首次覆 盖，给予"买入"评级。 ❑ 风险提示 关税波动超出预期，下游需求不及预期，智能眼镜合作推进不及预期。 | 财务摘要 | | | | | | --- | --- | --- | --- | --- | | [单位Table_Forcast] /百万 | 2024A | 2025E | 2026E | 2027E | | 营业收入 | 2061 | 2301 | 2616 | 2979 | | (+/-) (%) | 17% | ...

Core Insights - Beike's subsidiary, Beihome, is innovating in the real estate sector by adopting a C2M (Customer to Manufacturer) model, positioning itself as a partner to developers rather than a traditional developer [2][10] - The launch of the "Financial City · Beichen S1" project in Chengdu marks Beihome's first self-operated project, showcasing its commitment to high-quality residential development [3][7] Group 1: Project Overview - Beihome acquired a land parcel in Chengdu for 1.076 billion, with a floor price of 27,300 per square meter, establishing a new benchmark for land prices [3] - The Beichen S1 project features luxury units ranging from 275 to 560 square meters, priced between 15.9 million and 54 million, with 108 total units [3] - Within a month of opening, Beichen S1 achieved 20 signed contracts, ranking second in the city for residential sales above 20 million [3] Group 2: Investment and Cost Structure - The construction cost of Beichen S1 exceeds 30,000 per square meter, with total costs surpassing 57,300 per square meter when including land costs [4] - Beihome has invested significantly in the project, with management deciding to allocate several hundred million from land price differences to enhance product quality [4][5] - The project features high-end materials and technology, with construction costs for luxury facades exceeding 4,000 per square meter, significantly higher than the industry average [4] Group 3: Innovative Features and Design - Beichen S1 incorporates a "Six Senses® Smart System," integrating over 310 smart devices, which is four times the average for high-end residences in China [5] - Unique design elements address common residential pain points, such as air conditioning in garbage rooms and specialized features for elderly residents [5][7] - The project has been recognized for its thoughtful design and high-quality materials, setting a new standard for luxury housing in Chengdu [6][8] Group 4: Strategic Vision and Market Positioning - Beihome aims to redefine real estate development by prioritizing customer needs over traditional development practices, as exemplified by the Beichen S1 project [7][11] - The company has garnered interest from over 50 developers, indicating strong industry recognition and potential for collaboration [8] - Beihome's C2M model is expected to drive innovation in the housing sector, similar to the impact of Huawei's technology in the automotive industry [10][11]

Core Insights - Beike is restructuring real estate development through its new business unit "Beihome," which focuses on early-stage development services such as land acquisition, design, and positioning, diverging from its traditional transaction-based services [3][4] - The establishment of Beihome is driven by the need to leverage data and technology to transform the real estate development process, especially in the context of the rise of AI [3][4][17] - Beihome's first independent project, "Beichen S1," aims to validate its C2M (Customer to Manufacturer) model and enhance its understanding of real estate development [5][6] Project Overview - Beichen S1 was acquired for 1.076 billion yuan, located in a prime area of Chengdu, with a planned construction area of 39,443.68 square meters [6][8] - The project is designed to be a benchmark rather than a profit-driven venture, emphasizing innovative design and high construction costs exceeding 30,000 yuan per square meter [8][9] - Beihome has implemented advanced technology and design elements, including over 310 smart system points and a diverse range of over 200 plant species to create a unique living environment [9][11] Development Philosophy - Beihome's approach contrasts with traditional real estate development by focusing on user experience and customer needs rather than solely on profitability [13][20] - The company aims to create a new model where the quality of living is prioritized over sales performance, emphasizing the importance of understanding customer demands [13][20] - The development process incorporates extensive data collection and user feedback, ensuring that customer needs are central to the design and execution of projects [19][20] Strategic Positioning - Beihome does not aim to become a traditional developer but rather a partner that enhances developers' capabilities through customer insights and data-driven solutions [21][23] - The company recognizes the limitations of traditional developers in understanding customer needs and aims to fill this gap by leveraging its extensive data network [21][23] - By adopting a collaborative model, Beihome seeks to scale its impact significantly beyond what could be achieved through self-operated projects alone [23]

Core Viewpoint - Beike is restructuring real estate development through its new business model "Beihome," which focuses on data-driven and technology-enhanced approaches to transform traditional real estate practices [5][41]. Group 1: Introduction of Beihome - In July 2023, Beike launched "Beihome," which differs from its previous services by extending into land acquisition, design, and positioning, starting from vacant land to provide services to developers [5][6]. - The traditional development model has been in place for nearly 40 years, with the industry reaching a scale of nearly 20 trillion yuan, raising questions about Beihome's potential impact [5][6]. Group 2: Project Implementation - Beihome has launched over ten projects in key cities across China, collaborating with major developers like China Power Construction Real Estate and China Merchants Shekou [5][6]. - The first independent project, "Beichen S1," was acquired in Chengdu for 1.076 billion yuan, marking a significant step for Beihome to validate its C2M model [6][11]. Group 3: Innovative Development Approach - Beichen S1 is designed to be a benchmark project, focusing on innovation rather than immediate profitability, with construction costs exceeding 30,000 yuan per square meter [12][14]. - The project incorporates advanced technology, including over 310 smart system points and a diverse range of over 200 plant species, aiming for a unique living experience [15][17]. Group 4: Design and User-Centric Focus - Beihome emphasizes a user-centric design process, involving extensive testing and modeling to ensure optimal functionality and aesthetics [18][22]. - The development philosophy prioritizes "living well" over "selling well," aiming to create homes that meet user needs rather than just market trends [23][32]. Group 5: Data-Driven Model - Beike leverages extensive data on both property products and buyer behavior to connect people with homes, forming the basis of Beihome's C2M model [29][30]. - The C2M model is continuously iterated, combining data analysis with human insights to refine customer needs and preferences [30][31]. Group 6: Collaboration with Developers - Beihome does not aim to become a traditional developer but seeks to partner with existing developers to enhance customer understanding and market reach [37][38]. - By adopting a collaborative approach, Beihome can scale its impact significantly compared to operating solely as a developer [40][41].