Core Viewpoint - The article highlights the significant role of technology, particularly AI, in enhancing the efficiency and evolution of the real estate industry, with Beike (NYSE: BEKE; HKEX: 2423) demonstrating strong performance through data, AI, and internet technologies [2][3]. Financial Performance - In Q1 2025, Beike achieved a total transaction volume (GTV) of 843.7 billion RMB, a year-on-year increase of 34.0%, with net revenue of 23.3 billion RMB, up 42.4%, and a net profit of 855 million RMB, with adjusted net profit reaching 1.393 billion RMB [2]. - Beike's existing home business GTV reached 580.3 billion RMB, growing 28.1%, while new home business GTV was 232.2 billion RMB, up 53.0% [3]. - Non-real estate transaction service revenue grew by 46.2%, accounting for 35.9% of total net revenue, with home decoration and furnishing business revenue at 2.9 billion RMB, a 22.3% increase [5]. Strategic Development - Beike has adopted a "one body, three wings" strategy, focusing on real estate transactions as the core while expanding into home decoration, rental, and related services [4]. - The company emphasizes a technology-driven approach, positioning itself as a digital "infrastructure builder" in the housing industry [3][4]. AI Integration - Beike is leveraging AI to enhance service efficiency and consumer experience, with tools like the "Customer Assistant" and "AI Property Maintenance Assistant" significantly improving agent performance and customer engagement [9][10]. - The company has developed AI models such as ChatHome and Dreamhome to support various applications in the housing sector, enhancing decision-making for consumers [12][14]. Market Adaptation - Despite a general downturn in the real estate market, Beike has shown resilience, benefiting from a structural recovery in the second-hand housing market and maintaining high activity levels [3]. - The shift from a seller's market to a buyer's market has led to increased consumer demand for quality service, prompting Beike to enhance its service offerings [6][10]. Investment in Technology - Beike's R&D expenditure reached 584 million RMB in Q1, a 24.9% increase year-on-year, with total R&D spending exceeding 12 billion RMB since its IPO in 2020 [15]. - The company is committed to continuous investment in AI applications, indicating a sustained focus on technological advancement to drive industry transformation [15].

Core Viewpoint - The real estate brokerage industry in China has undergone significant transformation over the past decade, particularly through the efforts of companies like Lianjia, which have focused on professionalizing the role of real estate agents and improving service quality [3][17][32]. Group 1: Industry Background - The real estate brokerage industry in China faced numerous challenges two decades ago, including rampant issues such as "price gouging," "fake listings," and agents absconding with funds, leading to a negative perception of the profession [2]. - Lianjia emerged with a mission to challenge these malpractices by implementing initiatives like "no price gouging" and "real listings," marking the beginning of a new era for the industry [3][6]. Group 2: Professionalization of Agents - Over the past ten years, Lianjia has successfully cultivated a new generation of professional real estate agents, with over 15,000 agents in Beijing having more than five years of experience and 7,500 with over ten years [4][28]. - The company introduced a performance-based points system to encourage long-term development among agents, linking their performance to career advancement and revenue sharing [7]. Group 3: Supportive Ecosystem - Lianjia has established a cooperative network (ACN) that allows agents to collaborate efficiently, transforming competitive dynamics into a symbiotic relationship [8]. - The company has implemented various mechanisms to ensure fair competition and protect agents, thereby enhancing their respect and recognition among consumers [9][10]. Group 4: Training and Development - Lianjia has developed a comprehensive training system for agents, offering 44 talent development programs and 461 training courses in 2024 alone, with an average of 214 hours of training per agent [19]. - The company also emphasizes mentorship through a "master-apprentice" system, pairing new agents with experienced mentors to enhance their skills in real-world scenarios [20]. Group 5: Work-Life Balance and Employee Welfare - In 2023, Lianjia introduced a "5+7" work-rest system, allowing agents to have more time for family and personal well-being, which includes additional vacation days for those with school-aged children [25]. - The company also offers a mutual assistance program to support employees and their families during difficult times [25]. Group 6: Future Directions - Lianjia is expanding its service capabilities to meet diverse consumer needs, encouraging agents to transition into multifaceted residential consultants [27]. - The ongoing professionalization of agents is reflected in their evolving roles, with many now identifying as community experts, technology enthusiasts, and real estate influencers [32].