新茶饮卷估值时，农业供应链迎破局者。 新茶饮卷估值时，农业供应链迎破局者。 全文 3428 字，预计用时 3 分钟。 作者｜供小范 编辑｜珀晓 视觉来源｜网络 当新茶饮在港交所"卷"估值时，8000万农民的"卖货难"终于被资本看见。 北京时间2025年8月19日晚，纳斯达克交易所的钟声格外不同——这一次，敲钟的不是新茶饮、不是互联网，而是中国最大的农业B2B平台一亩田。以4.7 亿美元市值登陆美股，这个成立13年的"农业老兵"，用一场资本盛宴，揭开了被新消费热潮掩盖的另一场"硬仗"：中国农产品流通的"世纪难题"——农 民"卖货难"、采购商"找货难"。 当新茶饮品牌们忙着在港交所比拼门店数、毛利率时，一亩田的上市，或许才是中国供应链最需要的"清醒剂"：在"最后一公里"的消费端卷得头破血流 时，农业供应链的"最初一公里"，早已困住了8000万农民的生计。 2011年，河南周口的枣农王大叔蹲在路边摊卖红枣，收购商压价、销路单一、烂在地里的枣堆成山；同一时间，北京新发地的批发商李老板守着摊位等货 源，为找一批优质苹果跑了三个县城。这两个场景，撞出了一亩田的起点——用互联网把"卖货难"的农民和"找货难"的采购商，直接连 ...

Core Viewpoint - Beike is the largest real estate transaction and service platform in China, transitioning from a traditional real estate service provider to a comprehensive living service provider with its "one body, three wings" strategy focusing on real estate brokerage, home decoration, and related services [3]. Group 1: Real Estate Brokerage Business - Beike has a significant advantage with its integrated online and offline platform, featuring 50,000 active stores and 445,000 active agents by the end of 2024. The platform integrates various real estate brokerage brands, enhancing its scale advantage [4]. - The company effectively addresses issues such as fake listings and price discrepancies through its "Building Dictionary" and ACN mechanism, while promoting digital transformation to improve efficiency and customer experience [4]. - The growth of the real estate brokerage business is expected to continue due to increasing turnover rates in the second-hand housing market and the company's leading market share [4]. Group 2: Home Decoration and Furniture Business - The domestic home decoration market is projected to reach approximately 3.9 trillion by 2024, characterized by high fragmentation and consumer dissatisfaction due to issues like price transparency and long delivery times [5]. - Beike leverages its real estate brokerage business to drive traffic and employs a "standardization + digitalization + full-link integration" model to enhance delivery capabilities in home decoration [5]. - Following the acquisition of Saintu Home Decoration in 2022, Beike is in a phase of scaling its operations by combining vertical management with an internet platform model [5]. Group 3: Rental and Residential Development - The "Worry-Free Rental" model focuses on sustainable profitability by improving rental efficiency and reducing vacancy periods, managing over 430,000 rental units by the end of 2024 [6]. - The "Beihome" initiative explores a new C2M residential development model, with plans to expand operations in major cities like Beijing, Shanghai, and Guangzhou in 2025 [6].