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- **Rental Business Surge**: Revenue +45.3% YoY to RMB 5.7 billion, contribution margin 8.7% (up 4.3ppt), 660,000 units under management (+75% YoY). 
- **AI-Driven Efficiency**: Rental AI tools boost lease-out of 350,000 units, 30,000 agents promoted via short videos, property manager efficiency up 44% YoY. 
- **Share Repurchase Intensity**: Q3 repurchased RMB 281 million (highest in 2 years), cumulative 2025 repurchases +15.7% YoY. 
- **Strategic Shifts**: Agent specialization pilot in Shanghai, Carefree rent model expansion, R&D investment doubling in AI. 
- **Cost Optimization**: Fixed labor costs down 20% YoY, store count reduced 8%, centralized procurement savings 20%.

**【CFO Financial Commentary】**
- **Q3 Financial Highlights**: Total GTV of RMB 736.7 billion (flat YoY), revenue RMB 23.1 billion (+2.1% YoY), GAAP net income RMB 747 million (-36.1% YoY), Non-GAAP net income RMB 1.29 billion (-27.8% YoY). Gross margin 21.4% (-1.3ppt YoY). 
- **Existing Home Business**: Revenue RMB 6 billion (-3.6% YoY), GTV RMB 505.6 billion (+5.8% YoY). Contribution margin 39% (-2ppt YoY). 
- **New Home Business**: GTV RMB 196.3 billion (-13.7% YoY), revenue RMB 6.6 billion (-14.1% YoY). Contribution margin 24.1% (-0.7ppt YoY). 
- **Home Renovation**: Revenue RMB 4.3 billion (flat YoY), contribution margin 32% (+0.8ppt YoY). 
- **Rental Services**: Revenue RMB 5.7 billion (+45.3% YoY), GTV RMB 196.3 billion. Contribution margin 8.7% (+4.3ppt YoY). 660,000 units under management (+75% YoY). 
- **Cost Optimization**: Store costs RMB 663 million (-5.8% YoY), G&A expenses RMB 1.9 billion (flat YoY), R&D expenses RMB 648 million (+13.2% YoY). 
- **Share Repurchase**: Q3 repurchase RMB 281 million (highest in 2 years), cumulative 2025 repurchases RMB 675 million (+15.7% YoY). 

**【CEO Strategic Initiatives】**
- **Agent Specialization Pilot**: Shanghai seller/buyer agent specialization with ACN commission split adjustment. High-quality listings account for >75% of transactions. 
- **AI Integration**: Rental services AI tools include listing score system, grid management, and sign-up assistants. 350,000 units leased in Q3 with 90% price adjustment adoption. 
- **Carefree Rent Model**: 25% of units on net revenue basis, contribution margin 8.7%. Property manager efficiency up 44% YoY (130 units/month). 
- **Operational Efficiency**: Store count reduced 8% to 5,200, rent savings 10%. R&D team expanded to 2,300 (600 AI-focused). 

**【Q&A Highlights】**
- **New Home Growth**: Brokerage penetration 50% vs 30% 2023, B+ product pilot in 4 cities. 
- **Rental Profitability**: Carefree rent contribution profit RMB 500 million (+186% YoY), 30,000 agents promoted via short videos. 
- **Renovation Expansion**: 30% conversion in 2nd/3rd tier cities vs 20% in Beijing. AI identifies high-potential homes for renovation. 
- **Cost Control**: Fixed labor costs down 20% YoY, variable costs optimized, centralized procurement savings 20%.

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