Investment Rating - The report maintains a "Buy" rating for the company with a target price of $22.15 [1][5][29] Core Insights - The real estate industry is experiencing a slowdown in growth, with the company expected to see a 12% year-on-year revenue increase in Q2 2025, reaching 26.3 billion RMB [5] - The adjusted net profit is projected to decline by 33% year-on-year to 1.79 billion RMB in Q2 2025, primarily due to the overall slowdown in the real estate sector [5][10] - Despite the challenges, the company is expected to improve its operating profit margin sequentially, driven by enhanced efficiency in stores and agents, as well as the continued advantages in its home decoration business [5][10] Revenue and Profit Forecast - Revenue projections for the company are adjusted downwards for 2025-2027, with expected revenues of 102.59 billion RMB, 115.78 billion RMB, and 128.57 billion RMB respectively, reflecting a decrease of 10.8%, 12.5%, and 14.1% from previous estimates [4][25][27] - The adjusted net profit for 2025 is revised to 7.02 billion RMB, down 14.6% from earlier forecasts, with further adjustments for 2026 and 2027 [25][27] Business Segment Performance - The company anticipates a 14% year-on-year growth in its home decoration business in Q2 2025, with a potential for breakeven in quarterly earnings due to increased order volumes and cost efficiencies [8][9] - The real estate transaction services are expected to show mixed results, with existing home transaction services projected to decline by 3%, while new home transaction services are expected to grow by 13% [5][10] Market Conditions - The report highlights a weakening in the real estate market, with inventory pressures and a prolonged de-stocking cycle affecting sales [6][14] - Recent policy changes in Beijing aimed at easing purchase restrictions are expected to temporarily boost transaction activity, particularly in the outer districts [7][23]

Core Viewpoint - The article discusses the emergence of AMD's new Arm-based Sound Wave APU, which is expected to compete in the Windows on Arm market alongside major players like Qualcomm, Intel, and NVIDIA, driven by the success of Apple's M-series chips [1][6]. Summary by Sections AMD's Sound Wave APU - AMD's upcoming Sound Wave APU will be based on Arm architecture, featuring 2 performance cores and 4 efficiency cores, with a total of 6 cores and 4MB of L3 cache [3][4]. - The APU is designed for low power consumption, targeting a TDP of 5-10W, and will include 4 RDNA 3.5 GPU cores optimized for AI workloads [3][5]. - The chip will also feature a 16MB MALL cache, which is uncommon for APU in this power range, indicating a focus on AI performance rather than gaming [4][5]. AMD's Market Position - AMD has shown strong growth in the x86 CPU market, particularly in the consumer and server segments, with a projected increase in revenue share to 24.6% by the end of 2024, up 4.5% year-over-year [8][11]. - In the desktop processor market, AMD's shipment share has risen to 27.1%, reflecting a 7.4% year-over-year increase, driven by the popularity of its Ryzen 9000 series CPUs [9][10]. - AMD's server market share has also reached a historic high of 25.1%, with revenue share increasing to 35.5%, indicating a strong foothold in high-performance server markets [11]. Rise of Arm PCs - The success of Apple's M-series chips has sparked interest in Arm-based PCs, prompting companies like Qualcomm and NVIDIA to develop their own Arm chips [14][16]. - Current market share for x86/Arm in the laptop segment is approximately 82/18, with predictions that Arm's share could reach over 40% by 2029 [14][16]. - The transition to Arm PCs faces challenges, particularly in software compatibility and ecosystem development, which are critical for widespread adoption [17][18]. Challenges Ahead - The article highlights that while Arm architecture has potential benefits, the success of Windows on Arm is contingent on resolving software compatibility issues and building a robust ecosystem [17][18]. - AMD's previous attempts in the Arm space have faced delays and challenges, but the current momentum suggests a more favorable outlook for its entry into the Arm PC market [19][20].