Financial Performance - In 2024, the company's brokerage business achieved a GTV of approximately 231.5 billion CNY, a year-on-year increase of 4.2%. In Q1 2025, GTV reached about 56.8 billion CNY, up 35.2% year-on-year [2][3] - The company reported a Q1 2025 operating revenue of 2.823 billion CNY, a year-on-year increase of 2.54%, with a gross profit margin of approximately 10.28%, up 1.75 percentage points year-on-year. However, the net profit attributable to shareholders decreased by 75.29% to 6.27 million CNY [2][3] Market Position and Strategy - The company focuses on first-tier and strong second-tier cities, including Beijing, Shanghai, and Hangzhou, where it has maintained a steady market share increase. In Shanghai, the market share rose by 0.8 percentage points year-on-year [2][3] - The average commission rate for buying and selling business slightly decreased in 2024 due to policy adjustments in core cities, but the company continues to provide competitive rates aligned with government guidelines [4] Business Expansion and Innovation - In 2024, the company made progress in business model innovation in areas such as renovation and community e-commerce, with plans for further expansion in 2025 [5] - As of Q1 2025, the company operated approximately 2,636 stores, including 2,134 direct-operated and about 500 franchised stores, with over 30,000 agents [6] Talent Development - The company is enhancing its talent development system, focusing on a tiered training approach and optimizing multi-dimensional incentive systems to improve service quality and market share [7] Digital Transformation - In 2024, the company's app MAU reached 3.47 million, a 10% year-on-year increase, while the mini-program MAU reached 2.13 million, up 1% year-on-year. The website customer entry rate reached 43.3%, an increase of 1.5 percentage points [8][9] Market Outlook - The company anticipates a recovery in the second-hand housing market in 2025, driven by the easing of housing policies and macroeconomic recovery. Key cities like Beijing, Shanghai, and Hangzhou are expected to see increased transaction activity [9][10] - The long-term growth of the housing rental market is expected to continue, with projections indicating that the overall rental market size could exceed 3 trillion CNY by 2030, with an annual compound growth rate of 5-10% [10] Cost Management - The company plans to maintain a downward trend in costs and expenses in 2025 by controlling various operational costs, including rent, renovation, and personnel expenses [9][11]