Core Viewpoint - The fast-moving consumer goods (FMCG) industry is trapped in a "low labor efficiency" dilemma due to its deep distribution model, which requires extensive manpower and repetitive tasks to manage sales across various channels and markets [1][2][20]. Group 1: Characteristics of Deep Distribution Model - The deep distribution model is characterized by multi-level coverage from urban to rural markets, necessitating a large sales force [1]. - Collaboration between manufacturers and distributors is essential for effective sales operations, requiring significant communication and coordination [1]. - The FMCG sector has a dense network of sales points, leading to high product turnover and frequent restocking needs [1]. - Impulse buying behavior in FMCG necessitates substantial investment in point-of-sale marketing to drive product sales [1]. Group 2: Challenges in Labor Efficiency - The complexity and repetitiveness of tasks faced by sales personnel contribute to low labor efficiency, with performance often measured solely by sales outcomes [2][3]. - The phrase "thousands of lines above, one needle below" illustrates the overwhelming nature of tasks assigned to sales staff, leading to confusion and inefficiency [2]. - Despite numerous tasks completed, the lack of effective performance metrics results in a persistent issue of low labor productivity in the industry [2]. Group 3: Digital Transformation for Efficiency Improvement - The formula for labor efficiency is defined as output per individual, highlighting the need for improved conversion of labor costs into business benefits [3]. - Digital transformation initiatives focus on enhancing collaboration efficiency and individual task efficiency through the implementation of digital systems like SFA and DMS [4][5][6]. - The digital transformation aims to streamline processes and reduce the time spent on individual tasks, thereby improving overall productivity [5][6]. Group 4: Industry Development Stages - The FMCG industry can be divided into three stages: rapid growth, slowing growth, and intensified competition, each with distinct challenges and technological advancements [11][13][14][16]. - In the rapid growth phase, digital management processes were established to enhance efficiency and reduce paperwork [13]. - The slowing growth phase saw the introduction of AI technologies to improve sales personnel efficiency and motivation through refined performance management [14]. - The current phase of intensified competition emphasizes the need for data-driven management and the application of generative AI to enhance labor efficiency [16][17][19]. Group 5: Future Directions - Future labor efficiency management will likely focus on quality terminal operations and data-driven task management, reducing reliance on subjective experience [19]. - The role of AI in task assignment and management is expected to increase, leading to a more streamlined and efficient sales process [19].

Core Viewpoint - The article emphasizes that Beike has successfully navigated the challenges of the real estate market through a long-term survival philosophy, focusing on building foundational capabilities and restoring industry trust, even during market adjustments [3][4]. Group 1: Market Dynamics - The Chinese real estate market is undergoing a "K-shaped recovery," characterized by significant differentiation between cities and even within the same city, marking the end of the previous era of uniform price increases [5]. - Beike's performance in Q2 2025 was notable, with a total transaction volume (GTV) of 878.7 billion yuan, a year-on-year increase of 4.7%, and net revenue of 26 billion yuan, up 11.3% [6][8]. Group 2: Business Model and Strategy - Beike's stock business has become a stable anchor, with Q2 GTV for existing homes reaching 583.5 billion yuan and net revenue of 6.7 billion yuan, showcasing its resilience during market fluctuations [10]. - The company has adopted a light-asset platform model, with 58,664 active stores and nearly 500,000 active agents by mid-2025, emphasizing efficiency through scientific management and AI tools [11][12]. - Beike's "One Body, Three Wings" strategy aims to create a comprehensive ecosystem covering the entire housing lifecycle, with significant contributions from home decoration, rental, and quality development services [13][15]. Group 3: Financial Performance and Capital Allocation - Beike has executed a stock buyback plan, repurchasing 2.5 billion USD worth of shares in Q2 2025, with a total buyback amount reaching 2.02 billion USD since the plan's initiation in September 2022, representing 10.3% of the total share capital [22][23]. - The increase in buyback authorization from 3 billion to 5 billion USD indicates a long-term capital allocation strategy, reflecting management's confidence in the company's value [25][26]. Group 4: Long-term Vision and Market Position - Beike's approach to transforming low-frequency real estate transactions into high-frequency interactions through a comprehensive service ecosystem has established a strong platform barrier, enhancing matching efficiency and user engagement [30]. - The company's long-termism philosophy is seen as a key factor in its ability to withstand market fluctuations and achieve sustained growth, providing valuable insights for other low-frequency industries [31].

编辑丨管艺雯 抢夺市场份额仍然是电商目前的竞争重点。 文丨沈方伟 拼多多是公认人效最高的互联网公司之一，但这家公司的核心管理层近期在内部强调，国内业务仍需进一 步提高人效。 我们了解到，拼多多在今年二季度调整了业务重点，从追求商业化、提升利润，转向将 GMV 放回第一目 标。面对激烈的竞争，拼多多需要巩固国内业务基本盘，维持自身优势。 自 2022 年，拼多多从早期追求 GMV 和用户规模，逐渐转向商业化、提高货币化率。2023 年四季度，拼 多多股价超越阿里，并在今年一季度创下历史利润新高，经营利润率甚至超过奢侈品巨头 LVMH。 今年上半年，阿里、京东、抖音电商都转向低价竞争，它们投入大量补贴、 牺牲利润，在已经不怎 么增长的 市场里抢夺份额。 拼多多国内业务的增长不及预期，我们了解到，其主站电商上半年每个季度的 GMV 增速都在 30% 以下， 618 等大促期间竞争对手们强势投入，拼多多二季度的 GMV 增速低于一季度，而此前，拼多多长期保持了 40% 以上的 GMV 增速。 拼多多在国内的另一业务 —— 多多买菜，此前重点是减少亏损和提升经营效率，目前已实现全国盈利。我们 了解到，今年 6 月以来， ...