季节交替间，家纺市场也将迎来传统黄金旺季，而依附于存量房交割的"轻改造"，正成为一股不可小觑的流量。新房销售趋缓，存量房主导市场，旧改、 焕新成为驱动家纺乃至大家居行业增长的核心关键词，家纺如何在存量时代探寻新的生存逻辑？ 城市更新政策红利更是带来庞大需求。2025年7月，中央城市工作会议明确将推进城市更新作为城市工作重要抓手。住建部数据显示，上半年全国新开工 改造城镇老旧小区1.65万个，改造提升老化管线1.18万公里，实施适老化改造小区4000多个。2024年全国实施城市更新项目6万余个，完成投资约2.9万亿 元，其中老旧小区改造新开工5.6万个，能够直接带动家居家纺等配套产品消费需求释放。 "以旧换新"政策对家纺更新支持力度加大，上海、四川、新疆等地将窗帘、床上用品等家纺品类纳入以旧换新补贴范围，补贴比例达15%-20%。政府补贴 与市场需求双轮驱动，激活存量房市场家纺二次消费。华经产业研究院测算，我国城镇存量住宅超330亿平方米。仅老旧小区改造就能够为家居家纺市场 带来亿级增量空间。 需求迭代催生新消费逻辑 存量房买家的多元需求，对居住品质提升的本质追求，正改变家纺产品的价值定义。家居新范式观察认为， ...

Summary of Key Points from the Conference Call Industry Overview - The real estate market is under pressure, with a year-on-year decline in real estate development investment of 10.3% from January to April 2025, and 64 cities experiencing a month-on-month decline in April [1][3] - New housing sales area decline has narrowed, with first-tier cities' prices remaining stable, indicating a diverging market [1][3] - The industry is expected to see a gradual recovery as policies are released, with a decrease in new construction area potentially leading to reduced future new housing supply [1][4] Company Performance: Beike Zhaofang - Beike Zhaofang reported a Gross Transaction Value (GTV) of approximately 844 billion yuan in Q1 2025, a year-on-year increase of 34%, with total revenue growing by 37% [1][6] - The core business saw a growth rate of 28%, with the existing home business benefiting from an increase in market share [1][6] - The new home business GTV growth rate reached 53%, with a significant increase in market share [1][6] Home Decoration Business - Beike's home decoration business revenue growth reached 22%, with a gross margin close to 33% [1][7] - The company achieved breakeven in its home decoration business at the city level for the first time in April, attributed to an increase in the proportion of hard decoration sales and improved procurement ratios [1][7] - The collective procurement price decreased by over 20%, enhancing operational efficiency [1][7] Rental Business - The rental business of Beike Zhaofang grew by 90% year-on-year, with the number of managed properties exceeding 500,000 [1][9] - The gross margin for the rental business has further improved, indicating a solid foundation in the brokerage business [1][9] Use of AI Technology - Beike Zhaofang extensively utilizes AI technology to optimize its home decoration service processes, significantly reducing contract signing time from approximately 10 days to about 6 days [1][10] - The implementation of an intelligent construction system allows for online inspections, improving efficiency and customer satisfaction [1][10] Market Trends and Future Outlook - The home decoration industry is shifting focus from new homes to existing homes, with leading companies collaborating with custom soft decoration firms to address consumer pain points [2][13] - The existing home market is expected to grow, with Beike leveraging its traffic advantages to capture a larger market share [2][14] - The company aims to enhance operational efficiency and reduce costs, with management focusing on optimizing business performance in response to external market pressures [1][15][16] Conclusion - The real estate and home decoration industries are undergoing significant transformations, with Beike Zhaofang positioned to capitalize on these changes through strategic partnerships, technological advancements, and a focus on existing home markets [1][2][14][17]