Core Insights - The bathroom industry is experiencing a shift towards scene-based marketing and product offerings, moving away from single product focus [2][3] - Companies like Jomoo are leveraging AI technology to enhance user experience and redefine market strategies [2][3] - The industry faces significant challenges, including declining sales and profitability, particularly in the context of a sluggish real estate market [3][4] Industry Trends - The 29th China International Kitchen and Bathroom Facilities Exhibition (KBC) saw reduced attendance, indicating a cooling market environment [2] - Major brands like Jomoo and Hansgrohe are adopting proactive marketing strategies, launching new products ahead of the exhibition [2] - The shift from product-centric to scene-centric marketing is seen as a future trend in the bathroom industry [2] Company Challenges - Jomoo aims to achieve over 70 billion yuan in revenue by 2024, with a long-term goal of reaching 100 billion yuan by 2030, amidst a challenging market environment [3] - The company is facing pressure from declining sales in the broader bathroom industry, with competitors like Arrow Home and Huida experiencing significant revenue drops [3][4] - The low penetration rate of smart bathroom products in China, currently below 10%, presents a barrier to growth [4][6] Technological Transformation - Jomoo is focusing on smart bathroom solutions as a key transformation strategy, aiming to simplify user experience and reduce costs [5][6] - The company is investing heavily in technology and infrastructure, including a 5G smart industrial park, to enhance its product offerings [4][6] - The industry is witnessing a push towards integrating technology into products to meet evolving consumer demands [8] Market Opportunities - The "Good House" initiative introduced in the government work report highlights the need for upgrading old residential facilities, presenting an opportunity for the bathroom industry [7] - The shift towards a scene-based approach in product development is seen as a way to address consumer needs for high-quality bathroom experiences [7][8] - The increasing consumer acceptance of innovation and the demand for aesthetic and emotional value in bathroom spaces are driving changes in the industry [8]

房地产 房地产 2025 年 06 月 04 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 2024-06 2024-10 2025-02 房地产 沪深300 相关研究报告 《新房成交面积环比增长，杭州土拍 市场火热—行业周报》-2025.6.2 《新房二手房成交面积环比增长，持 续推进城市更新 — 行 业 周 报 》 -2025.5.25 《新房上海同环比领涨，一线新房价 格环比持平 — 行 业 点 评 报 告 》 -2025.5.19 "好房子"系列专题一：四代宅崛起，政策红利与产 品创新驱动居住升级 ——行业深度报告 | 齐东（分析师） | 杜致远（联系人） | 胡耀文（分析师） | | --- | --- | --- | | qidong@kysec.cn | duzhiyuan@kysec.cn | huyaowen@kysec.cn | | 证书编号：S0790522010002 | 证书编号：S0790124070064 | 证书编号：S0790524070001 | 四代宅政策频出，整体居住体验优化 第四代住宅主要特征是把地面的庭院置 ...

房地产一头连着群众民生，一头连着经济发展。去年以来，我国多地从消化存量、优化增量两方面着 手，推出一揽子政策组合拳，推动房地产市场持续回稳向好。 政策持续优化 作为中国房地产市场的风向标，上海楼市的一举一动牵动着无数人的心。2024年，上海市先后印发《关 于优化本市房地产市场平稳健康发展政策措施的通知》《关于进一步优化本市房地产市场政策措施的通 知》，提出调整优化住房限购政策、支持多子女家庭合理住房需求、优化住房信贷政策等"沪九条"，以 及优化住房信贷、调整住房税收等"沪七条"。 随后，上海持续落实各项政策措施，"沪九条""沪七条"政策效应持续显现，总体呈现回稳向好态势。数 据显示，上海3月新开盘项目保持较高热度，16个项目完成认购；在售项目销售提速，3月以来日均成交 比去年同期增加34%。 杭州市安居集团是一家以保障性住房投资建设运营为主的国有企业。日前，该集团正征集已建成存量商 品房用于保障性住房，其中，保障性租赁住房面积以不超过70平方米为主，配售型保障房面积以不超过 125平方米为主。安居集团相关负责人介绍，完成收购后，将全面整修房屋，配备基本设施设备。 太平洋房屋副总经理廖峰表示，上海楼市在"沪九条 ...

Core Viewpoint - The real estate market in China has shown signs of stabilization and improvement since 2025, driven by financial policies and the implementation of special bonds, leading to better indicators in land auctions, housing prices, and inventory reduction [3][14]. Group 1: Market Trends - The overall real estate market has transitioned from merely addressing the availability of housing to focusing on the quality of housing, emphasizing the importance of building "good houses" to meet the needs of the public [14]. - The introduction of the "good house" concept in government reports marks a significant shift towards high-quality residential projects, which are expected to dominate new supply [3][14]. - The 2025 first half product evaluation revealed a total of 60 projects that met the criteria for high-end, light luxury, and quality categories, indicating a competitive landscape focused on product quality [13][14]. Group 2: Evaluation Process - The evaluation process for residential projects includes criteria such as design, living experience, interior decoration, community space, and project awards, ensuring a comprehensive assessment of product quality [13][14]. - The evaluation will culminate in the announcement of the "Top Ten High-end/Light Luxury/Quality Works" and the "Good House Comprehensive Award/Individual Awards" in late June [13][14]. - The evaluation process involves expert reviews and public voting, enhancing the credibility and transparency of the assessment [13][14]. Group 3: Industry Response - Real estate companies are actively responding to the "good house" strategy by enhancing housing quality and increasing configurations in similar product categories to boost competitiveness [14]. - The rise of AI technology is opening new possibilities for smart housing, aligning with the industry's goal to meet diverse living needs and improve the quality of life for buyers [14]. - The ongoing "Good House Tour" initiative aims to showcase award-winning projects and benchmark developments, fostering a platform for product quality exchange and collaboration within the industry [14].

龙泉山城市之眼 ▫️《求是》杂志发表习近平总书记重要文章《加快建设教育强国》。 ▫️ 5月29日至30日，四川省党政代表团前往浙江省考察学习。29日上午，浙川深化东西部协作和交流合作座谈会在杭州市举行。浙江省委书 记、省人大常委会主任王浩主持会议并讲话，四川省委书记、省人大常委会主任王晓晖出席会议并讲话。浙江省委副书记、省长刘捷，四川省 委副书记、省长施小琳分别介绍两省经济社会发展情况。 ▫️西南财经大学建校100周年庆祝大会举行。施小琳出席、徐青森致辞。 ▫️住房城乡建设部、财政部、中国人民银行联合发布《全国住房公积金2024年年度报告》，全面披露了2024年全国住房公积金管理运行情况。 ▫️ 5月29日至30日，第二届联合国人居大会续会在肯尼亚内罗毕联合国人居署总部召开。大会审议并通过《联合国人居署2026-2029年战略规 划》，并选举了联合国人居署治理机构成员。中国当选执行局成员、执行局副主席、常驻代表委员会副主席职位。 ▫️福建印发《福建省推进"好房子"建设行动方案》，明确将提高建筑设计品质、使用好建材好设备、提高工程建设质量等9大主要任务，推动建 设安全、舒适、绿色、智慧的"好房子"。 ▫️全省城 ...

今年以来，房地产市场整体延续止跌回稳态势。 5月30日—31日，中指研究院、克而瑞、亿翰智库等机构陆续发布2025年前5月百强房企销售业绩及拿地金额榜单。中指研究院数据显示，前5月，百强房企 销售总额14436.4亿元，同比下降10.8%。另据克而瑞数据，百强房企5月销售操盘金额2945.8亿元，环比增长3.5%。 头部企业表现依然稳健。亿翰智库统计显示，前5月，TOP10房企和TOP30房企的销售门槛值分别同比增长8%和2%。保利发展前5月以1161亿元领跑百强房 企，并成为今年首个销售额破千亿元的房企。 在土地端，百强房企的拿地金额增长明显。据中指研究院数据，前5月，百强企业拿地总额4051.9亿元，同比增长28.8%，增幅较4月扩大2.2个百分点。央国 企仍是拿地主力，部分民营房企也积极拿地，如滨江集团、邦泰集团、兴耀房产等均进入拿地金额前二十。 58安居客研究院院长张波6月1日下午通过微信向《每日经济新闻》记者分析指出，从百强房企销售来看，市场总体表现呈现"弱复苏基调下的区域性向好"趋 势，虽未整体回暖，但部分企业表现向好，市场的总体表现好于预期。 今年首个"千亿房企"诞生 房企整体销售业绩仍然处于下 ...

Core Viewpoint - The real estate market is undergoing significant changes, with the concept of "good housing" transitioning from policy advocacy to a binding national standard, effective May 1, 2025 [2][3] Group 1: National Standards and Industry Response - The Ministry of Housing and Urban-Rural Development has introduced the "Residential Project Standards," which impose comprehensive quality requirements for residential properties, including minimum ceiling heights of 3 meters and mandatory elevators for buildings with four or more floors [2] - The "Good Housing" policy emphasizes not only physical space metrics but also the overall enhancement of living experiences [2][3] - China Merchants Shekou has proactively responded to national calls by launching the "Zhongshan Good Housing" technical system, aiming to set a benchmark for quality residential properties in the new era [2][3] Group 2: Value Dimensions of "Good Housing" - The "Residential Project Standards" define seven value dimensions for "good housing," focusing on safety, comfort, sustainability, and intelligence, among others, to promote high-quality development in the industry [3] - The "Zhongshan Good Housing" technical system is built around the core philosophy of "Home is where the heart is," encompassing three main value propositions: a smart and enduring quality home, a naturally harmonious aesthetic home, and a long-lasting home with friendly neighbors [3] Group 3: Project Examples and Innovations - The recently launched "Zhongshan Sequence" project in Beijing's Yizhuang core area exemplifies the application of the "Good Housing" concept, featuring innovative designs that maximize space efficiency and enhance living quality [4] - The project includes a nearly 1,000 square meter elevated area that integrates various amenities, such as a fitness area and a children's playground, catering to diverse lifestyle needs [4] - The "Zhongshan Sequence" project boasts a green coverage rate of 30% and is adjacent to the Nanhaizi Wetland Park, significantly exceeding the average green space per capita in Beijing [4] Group 4: Future Directions and Strategic Focus - China Merchants Shekou aims to continue its leadership in green living and enhance product offerings through a new "3+1 product system" to meet evolving customer needs [5][6] - The company emphasizes seamless integration of services and living experiences, providing high-standard property management services to ensure quality living [7] - The strategic acquisition of prime land in the Tongzhou sub-center positions the company to leverage urban development opportunities, enhancing asset value for homeowners [9] Group 5: Long-term Vision and Market Positioning - The "Zhongshan Sequence" project is positioned as a benchmark for quality living in the Tongzhou sub-center, benefiting from proximity to educational institutions and healthcare facilities [9] - The company is committed to exploring a path of product innovation and high-quality development, aligning with the ongoing policy and market-driven quality revolution [9][10]

Core Insights - The total sales revenue of the top 100 real estate companies in China for January to May 2025 was 1,443.64 billion yuan, representing a year-on-year decline of 10.8%, with the decline rate remaining stable compared to the previous months [16][18] - The average sales revenue for the top 10 companies was 70.75 billion yuan, down 9.5% year-on-year, while the average for companies ranked 11-30 was 17.5 billion yuan, down 13.5% [18][21] - The number of companies with sales exceeding 10 billion yuan remained stable at 33, while the number of companies with sales between 5 billion and 10 billion decreased by 6 [16][20] Sales Performance - The top-performing company, Poly Developments, achieved sales of 116.1 billion yuan, followed by Greentown China with 96.44 billion yuan and China Overseas Land & Investment with 90.4 billion yuan [1][2] - The sales area for the top company was 5.706 million square meters, with the second and third companies selling 4.245 million and 6.391 million square meters, respectively [1][2] - The sales performance of the top 100 companies showed a significant decline in May, with a year-on-year decrease of 17.3%, indicating a worsening trend compared to April [16][18] Market Segmentation - The first tier of companies (sales over 50 billion yuan) included 8 firms, with an average sales revenue of 77.61 billion yuan, while the second tier (100-500 billion) had 25 firms, averaging 19.04 billion yuan [21][22] - The third tier (below 10 billion) maintained a stable count of 67 companies, with an average sales revenue of 5.38 billion yuan [21][22] - The market is characterized by a clear segmentation, with varying performance across different tiers, indicating a competitive landscape [21][22] Product Strategy - Real estate companies are responding to policy calls by launching "good house" product systems, focusing on quality and location to enhance competitiveness [23][24] - The introduction of new product standards aims to improve the quality of residential offerings, with companies like China Overseas Land & Investment and China Resources Land leading the way in product innovation [23][24] - Popular products in key cities are primarily improvement-type offerings, emphasizing location and comprehensive amenities [24][25] Market Outlook - The core city markets are expected to maintain recovery, supported by recent financial policies aimed at stabilizing the market [26] - The easing of monetary policy, including a reduction in the reserve requirement ratio and interest rates, is anticipated to boost market activity [26] - Despite the overall recovery, a differentiated market trend is expected to persist among various cities and projects [26]

Core Viewpoint - The 9th CRS Summit "C9·2025 China Industry Resource Strategy Summit" was held on May 28, focusing on the transformation paths and development opportunities in the real estate industry under the dual-track system, with the release of significant research reports including the "2025 China Real Estate Company Brand Value TOP 50" [1] Industry Overview - The summit gathered experts and industry leaders from real estate, property management, and rental housing sectors to discuss the industry's transformation and opportunities [1] - The new "Good House" regulations will be implemented from May 1, 2025, setting higher standards for residential projects, which is expected to positively impact the real estate market [31] - Major cities like Hangzhou, Shenzhen, and Shanghai are witnessing a rise in high-end residential sales, indicating a market recovery [31] Brand Value Rankings - The "2025 China Real Estate Company Brand Value TOP 50" report highlighted leading companies such as China Overseas Development, Poly Developments, and China Resources Land [4][5][8][11][13][16] - In Beijing, the top-ranked companies include China Overseas, China Merchants Shekou, and Poly Developments [10][11] - In Guangzhou, Poly Developments and Yuexiu Property lead the rankings [13] Research Methodology - The core data for the brand value assessment is primarily based on 2024 performance, with consideration for data up to April 30, 2025 [7][10][20] - The research includes data from annual reports, statistical data from national and local statistics bureaus, and a database built by Yihan Think Tank [7][10][20] Market Dynamics - Major state-owned enterprises like China Overseas, Poly, China Resources, and China Merchants dominate the market in key cities, with sales exceeding 100 billion [32][33] - Local companies have also achieved significant success by focusing on their local markets, such as Hangzhou's Binjiang Group and Shenzhen's Hongrongyuan [33] Product Development - Real estate companies are constructing differentiated "Good House" product systems based on four core standards: safety, comfort, green, and smart [35] - Companies like Yuexiu and Greenland are implementing comprehensive standards to enhance product quality and brand image [35] Brand Ecosystem - Companies are diversifying their business models to create a brand ecosystem that integrates development, operation, and service [39] - The focus is on building a community ecosystem that encourages user co-creation and enhances customer engagement [48] Marketing Strategies - Real estate firms are adopting youth-oriented marketing strategies to engage younger demographics through social media and immersive experiences [44] - AI tools are being utilized for promotional activities, enhancing brand visibility and engagement [47]

Group 1 - The "Good House" strategy is accelerating urban renewal in China, focusing on upgrading old residential areas and improving living conditions [1][4] - The new national standard for residential projects, effective from May 1, emphasizes energy efficiency, accessibility, and modern design, marking a shift towards higher quality housing [2][4] - The housing industry is undergoing a transformation from large-scale expansion to high-quality development, with "Good House" becoming a key theme in the real estate market [4][5] Group 2 - The home improvement market is expected to see significant investment, with over 1.2 trillion yuan projected due to the renovation of old housing built before 2000, which accounts for 9% of total housing stock [5][6] - The introduction of the "Existing Residential Kitchen and Bathroom Renovation Technical Regulations" by the Jiumu brand aims to standardize and improve the renovation process, addressing quality and service issues in the home improvement sector [6] - Jiumu has launched a nationwide initiative to provide a one-stop service for bathroom renovations, addressing common consumer pain points such as long renovation times and lack of transparency [6]