房互君向抖音房产代理商证实，此前没有 CPS 业务的新代理城市普遍施行 CPT 模式；而 CPS 业务运行中的城市，已经有代理商收到通知，将在继续运营 CPS 业务一段时间后，改为 CPT 模式。 这意味着， 抖音房产按效果付费的 CPS 模式将淡出，在运行两年后逐渐被 CPT 模式取代。 也 印证了此前"抖音房产即将舍弃 CPS 模式"传闻的准确性。 房地产和互联网 . 关于"抖音房产即将舍弃 CPS 模式"的传闻，终于有了定论。 8 月以来，抖音房产已陆续在山东、新疆、安徽、内蒙古等省多个城市陆续上线名为"房来宝"的 CPT商业化 产品。 导语：CPT更便于将二手房也纳入到其中，这将大大拓展抖音房产的业务触角。 CPT ，即 Cost Per Time ，按展示时间计费模式，和 CPS（ Cost Per S al e ） 先使用后付 费的方式不同， CPT 模式需要商家在平台上先付费才能享受服务。在房产行业的线上服务收费 模式中，搜房、 58 安居客等平台的端口模式，都是属于 CPT 模式。 以下文章来源于房地产和互联网 ，作者房互君 有料，有干货，有深度 而 CPT 则完全杜绝了 CPS 的弊端。并且 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The "Tap and Go" business model is expected to drive significant growth for the company by integrating offline traffic with the payment ecosystem, creating a full-loop conversion from advertisement exposure to interaction and conversion [2][15] - The company is positioned to benefit from a recovery in consumer spending, leveraging its high operational leverage and the incremental growth from the "Tap and Go" initiative [2][4] Summary by Sections Revenue and Profit Forecast - Total revenue is projected to grow from 11,904 million in 2023 to 16,775 million in 2027, with a CAGR of approximately 5.95% [1] - Net profit attributable to shareholders is expected to increase from 4,827 million in 2023 to 7,771 million in 2027, reflecting a CAGR of about 10.35% [1] - The EPS is forecasted to rise from 0.33 in 2023 to 0.54 in 2027, with a corresponding decrease in P/E ratio from 24.50 to 15.22 [1] Business Model Innovation - The "Tap and Go" model utilizes NFC technology to simplify the interaction process, enhancing user engagement and conversion rates [3][27] - This model addresses traditional pain points in elevator advertising, such as quantifying effectiveness and lengthy conversion paths, by providing a seamless user experience [25][26] - The introduction of a CPS (Cost Per Sale) model allows advertisers to pay based on actual user conversions, thus improving ROI and attracting more advertisers, especially small and medium enterprises [48][49] Market Position and Competitive Advantage - The company has a strong foothold in the elevator media market, with a high penetration rate in key urban areas, which supports the expansion of the "Tap and Go" initiative [17][18] - The increasing share of daily consumer goods clients, which accounted for 61.90% of revenue in 2024, provides a solid customer base for the new advertising model [18][21] - The strategic partnership with Alipay enhances the company's competitive edge by leveraging Alipay's extensive user base and payment ecosystem [15][16] User Engagement and Interaction - The "Tap and Go" initiative features a tiered reward system to enhance user retention and engagement, offering cash rewards for initial interactions and coupons for subsequent ones [4][37] - The system's ability to target specific user demographics and preferences through data analytics improves the efficiency of marketing efforts [38][40] - The initiative aims to transform passive advertising into active user engagement, thereby increasing the effectiveness of advertising campaigns [42][45]