Core Insights - The current real estate market is experiencing a fundamental shift, with second-hand housing transactions dominating the market, accounting for 70% in first and second-tier cities and 80% nationwide, indicating a need for better understanding of consumer demands and pricing dynamics [2][3] - The traditional linear development process in real estate is leading to mismatches between products and customer needs, highlighting the importance of a customer-centric approach in housing development [2][3] Group 1: Market Dynamics - The ratio of new effective customer rooms (new customers viewing properties to new listings) has dropped significantly below 1 since 2021, indicating a challenging market environment where buyers are less urgent [2] - The average number of viewings before a purchase has increased from 10 to 16.8, reflecting a longer decision-making cycle for customers [2] Group 2: C2M Development Model - The C2M (Customer to Manufacturer) model aims to create homes that meet customer needs by utilizing data-driven insights and customer participation throughout the development process [3][4] - The ideal development scenario involves initial product positioning based on customer data before land acquisition, followed by continuous customer involvement in design and iteration [3] Group 3: Core Capabilities of Beihome - Beihome is focusing on three core capabilities: C2M product positioning, deep customer insights, and online customer engagement [4][5] - The C2M product positioning involves scientific pricing and matching of housing types to customer demographics, preventing mismatches from the outset [5] - Deep customer insights are derived from the Beike platform, allowing for detailed profiling of potential customers and their preferences [5] Group 4: Company Positioning - Beihome does not aim to be a traditional developer but rather a data-driven residential development service platform, providing comprehensive C2M solutions to partners [6] - As of October 2025, Beihome has launched 17 projects across major cities in China, with two projects serving as test cases for validating their C2M capabilities [6]