Core Viewpoint - Beike's residential development service platform, Beihome, has officially launched its first project, "Financial City·Beichen S1," marking its entry into real estate development and validating its core C2M (Customer to Manufacturer) model [1][6]. Group 1: Project Launch and Strategy - Beihome was established following Beike's strategic upgrade in July 2023, with the aim of leveraging data advantages to enhance product offerings through the C2M model [2][7]. - The project "Financial City·Beichen S1" was acquired for a total price of 1.076 billion yuan, with a floor price of 27,300 yuan per square meter and a premium rate of 42.19% [2][7]. - The project has seen 25 units signed since its opening, while the second project, "Beilian C1," received 81 family subscriptions on its first day of opening [2][7]. Group 2: C2M Model and Operational Insights - The C2M model focuses on using big data and AI algorithms to analyze customer needs, predicting product types and price expectations to inform project positioning [2][7]. - Beihome's self-operated projects serve to validate and enhance its C2M capabilities, allowing for a complete cycle of land acquisition, design, construction quality control, and marketing [2][8]. - The company plans to shift away from self-operated projects after validating its model, opting for a light-asset approach to maximize value creation [3][8]. Group 3: Data-Driven Decision Making - Beihome has established 17 diverse real estate development projects across major cities, collaborating with various developers [9]. - The effectiveness of the C2M model is evaluated through key performance indicators, including the alignment of target customer profiles with actual buyers and the consistency of pricing models with sales outcomes [10]. - The design process emphasizes customer needs over traditional developer experience, as demonstrated by a shift in architectural orientation based on customer preferences for views rather than traditional layouts [10]. Group 4: Future Collaboration and Expansion - Beihome's future collaborations will extend beyond traditional developers to include city investment companies, construction agents, and asset-holding investors [10].

Core Insights - The real estate market is transitioning from an incremental to a stock era, with a focus on "returning to residential attributes" as a core theme of industry transformation [1] - Beike Group's strategic upgrade in 2023 introduced the Beihome business line, centered on the C2M (Customer to Manufacturer) model, marking a shift from developer-led to consumer-participatory development logic [1][2] - The C2M model aims to address issues of supply-demand mismatch and high inventory by utilizing a data-driven approach to real estate development [2][8] Group 1: C2M Model Implementation - Beihome has established partnerships with major developers like China Merchants Shekou and China Overseas Land to implement C2M projects in Beijing [2] - The C2M model emphasizes a data-driven full-chain system that includes demand insight, product definition, and development execution [2][9] - The successful launch of the Chang'an Huaxi Mansion project demonstrated the effectiveness of the C2M model, achieving sales of 1.6 billion yuan within two and a half hours during its first opening [3][4] Group 2: Data-Driven Decision Making - Beihome has developed a project value matrix and scoring model that utilizes big data and algorithms to predict pricing accurately, with deviations of less than 1% between predicted and actual prices [4][10] - The integration of various data dimensions allows for precise modeling of housing types and configurations, aligning closely with consumer preferences [3][5] - The data-driven approach enhances project turnover speed and ensures long-term value and customer satisfaction [5] Group 3: Redefining "Good Housing" - Beihome's concept of "good housing" transcends mere physical structures, focusing on creating living systems that cater to the entire lifecycle of residents [6] - The introduction of flexible housing designs aims to accommodate diverse family structures and life stages, allowing for adaptability over time [6][7] - The "lazy living" concept promotes efficient space design to reduce household burdens and enhance comfort, addressing modern consumers' needs [7] Group 4: Industry Implications - Beihome's C2M model is prompting a reevaluation of development logic, value distribution, and industry collaboration within the real estate sector [8][9] - The shift from land value reliance to user value extraction signifies a fundamental change in competitive dynamics, with data becoming a new production factor [9] - The model fosters a collaborative ecosystem among various stakeholders, enhancing efficiency and reducing risks through specialized roles [9][10]