2026年春节期间，昆明市商务系统紧扣省商务厅"我在云南过大年·乐购新春"部署要求，全面启动"购在 中国·乐购春城"2026新春消费季活动，以政策为引、以文化为魂、以民生为本，推动消费市场持续升 温，迎来丙午马年新春消费强劲"开门红"，用实实在在的消费热度彰显春城经济的韧性与活力。 据了解，本次昆明市有奖发票试点覆盖零售、餐饮、住宿、文化艺术、娱乐、旅游、体育、居民服务业 八大民生领域，与百姓"衣食住行"紧密相关，消费者单笔消费满100元并上传数字化电子普通发票，即 有机会获得最高800元现金奖励，试点实施时间持续至2026年7月31日。 据介绍，截至2月18日（大年初二），全市有奖发票试点活动已为超过2.5万名市民游客，累计发放奖金 超340万元，直接撬动消费3500万元以上，目前，每日开奖金额仍在持续增长。不少市民在消费后主动 索要发票、参与抽奖。 春节前四天的火热开局，彰显了昆明消费市场的强大韧性与澎湃活力。下一步，昆明市商务局将持续做 好节日期间市场监测与调度引导工作，紧盯元宵节等后续消费节点，持续深化有奖发票试点成效，推动 各项促消费政策落地见效，进一步推动商文旅深度融合，着力把"假日流量"转化为" ...

Blackstone is in advanced talks to acquire residential services provider Champions Group for about $2.5 billion, according to people familiar with the matter https://t.co/OZNmpXJdKm ...

Financial Data and Key Metrics Changes - In Q3 2025, the total GTV was RMB 736.7 billion, remaining flat year over year. Total revenues reached RMB 23.1 billion, up 2.1% year over year [5] - Gross margin declined by 1.3 percentage points year over year to 21.4%. GAAP net income was RMB 747 million, down 36.1% year over year, while non-GAAP net income was RMB 1.29 billion, down 27.8% year over year [6][15] - The company generated net operating cash inflow of RMB 851 million in Q3, with total cash liquidity around RMB 70 billion [15][16] Business Line Data and Key Metrics Changes - Revenue from in-home transactions reached RMB 6 billion in Q3, down 3.6% year over year. GTV was RMB 505.6 billion, up 5.8% year over year [7] - Revenue from new home transactions was RMB 6.6 billion in Q3, decreasing by 14.1% year over year. The contribution margin from new home transaction services was 24.1%, down by 0.7 percentage points year over year [9] - Revenue from home renovation and furniture business was RMB 4.3 billion, remaining relatively flat year over year, with a contribution margin of 32%, up 0.8 percentage points year over year [10] - Revenue from home rental services reached a record high of RMB 5.7 billion in Q3, up 45.3% year over year, with a contribution margin of 8.7%, up 4.3 percentage points year over year [11][12] Market Data and Key Metrics Changes - The company reported a significant increase in the number of rental units under management, exceeding 660,000 by the end of Q3, compared to over 370,000 in the same period of 2023 [11] - The average market coverage in Shanghai hit a record high in Q3, increasing 1.2 percentage points year over year and 2.6 percentage points quarter over quarter [23] Company Strategy and Development Direction - The company is strategically shifting its growth engine from scale to efficiency, focusing on enhancing operational efficiency through AI technology and optimizing business structure [5][18] - The company aims to build a residential services ecosystem, leveraging technological innovation and a well-structured operating system to deliver value to customers and investors [18] - The company is piloting lighter product offerings to tap into lower-tier cities and plans to expand its B+ business to over 30 cities by the end of the year [37][39] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term growth potential of the new home business despite recent market volatility, citing a shift to a more growth-driven strategy [35] - The company highlighted the importance of operational efficiency and AI integration in driving future growth and improving service capabilities [32][60] - Management noted that the home renovation market in second and third-tier cities represents a critical long-term growth driver, with plans to expand once operational capabilities are matured [51][52] Other Important Information - The company spent approximately $281 million on share repurchase during Q3, with a cumulative amount of approximately $675 million in 2025, up 15.7% year over year [16][17] - The company has achieved significant cost reductions across various business lines, with fixed labor costs decreasing by more than 20% in existing home transaction services [60][62] Q&A Session Summary Question: What is the reason for the diminishing Alpha in the new home business? - Management indicated that the new home construction business has been affected by market volatility but remains confident in its long-term potential, citing a shift in customer preferences towards existing homes and a higher base from the previous year [35][36] Question: How did the leasing service business turn losses into operating profit? - Management attributed the improvement to economies of scale, rapid growth in rental units, and operational efficiency, with revenue from home rental services reaching RMB 5.7 billion in Q3 [42][43] Question: How does the company plan to motivate agents to sell renovation services in lower market share cities? - Management emphasized the importance of a systematic operational framework to engage agents, including innovative incentive programs and leveraging AI to boost contract conversion efficiency [50][53]

A group of private credit firms led by Blue Owl and Oak Hill is providing $1.3 billion of debt to Wrench to replace the residential services company’s bank financing, according to people with knowledge of the matter https://t.co/BI1C8Sx4hv ...