Core Viewpoint - The real estate market in China has shifted from a focus on availability to a focus on quality, with consumers now prioritizing desirable living experiences over mere transactions [2][4]. Financial Performance - In Q3, the company reported a net income of 23.1 billion yuan, a year-on-year increase of 2.1%, with a total transaction volume (GTV) of 736.7 billion yuan [2]. - Adjusted net profit reached 1.286 billion yuan, indicating steady profit quality [2]. - Revenue from home decoration and rental services has risen to 45%, marking a historical high [2]. Market Strategy - The company has transitioned from focusing on new transactions to deepening existing inventory and enhancing service efficiency [4][10]. - The platform has expanded its active stores to 59,000 and active agents to 471,500, enhancing service network depth and breadth [5]. - The GTV for existing homes reached 505.64 billion yuan, a year-on-year increase of 5.8%, outperforming the overall second-hand housing market [5]. Technological Innovation - The AI assistant "Lai Ke" has been implemented across 414,000 agents, improving matching efficiency by quickly identifying client needs and generating detailed reports [6]. - The "Tenant Separation" mechanism trialed in Shanghai has improved the rate of property turnover from 2.6% to over 3% [6]. Service Assurance - The company has established a comprehensive service guarantee matrix with 35 commitments, including a four-layer protection system for transaction security [7]. - The risk of financial loss in transactions is minimized to 0.006%, equivalent to a one in 100,000 chance [7]. Diversified Living Services - The company has adopted a "one body, three wings" strategy, integrating property transactions, home decoration, rental services, and the "Beihome" initiative to meet evolving consumer demands [9][10]. - Home decoration revenue reached 4.3 billion yuan in Q3, with a profit margin of 32%, reflecting a 0.8 percentage point increase year-on-year [11]. - Rental income grew by 45.3% year-on-year to 5.73 billion yuan, with over 660,000 managed properties [11]. Consumer-Centric Approach - The "Beihome" initiative aims to align property development with consumer needs, shifting the focus from developer-led to user-driven design [12]. - By the end of October 2025, 17 projects have been launched in major cities, addressing various consumer segments [13]. Conclusion - The company's transformation from a property transaction firm to a comprehensive living service provider is evident, focusing on long-term value creation rather than quick sales [14][15].