随着经济的集中效应和城市化进程的加速，中国的流动人口数量持续增多，大量的流动人口衍生出了对住房租赁市场的庞大需求，长租公寓这一新型行业应运而生。2015年前后，在资本加持下，大量企业涌入这一赛道。随后几年，整个长租领域风生水起。但好景不长，自2018年以来，长租公寓品牌商陆续“爆雷”已逾百家。而在过去两年，疫情反复影响下，本就长期亏损经营的长租公寓行业“雪上加霜”。在传统的分散式长租盈利模式下，“租金差+服务费”成为了主流盈利模式，但是这种方式往往需要前期的海量成本投入，待形成规模化甚至是某一地域的垄断之后才能实现盈利，这样的盈利模式无异是每家初窥行业门径的长租企业的一大痛点。

Z公寓作为分散式长租领域的龙头企业，尽管在全国十座一二线城市中房源近百万，但是在分散式长租产品大转型的变革中同样面临较大的盈利压力。本文将首先对Z公寓盈利模式优化的内外部原因进行分析，运用PEST分析法和核心竞争力分析，指出了Z公寓分散式长租业务从“包租”模式到“增益”模式的必要性。其次，将对分散式长租业务现有的两类产品“包租”和“增益”进行盈利现状的分析，横向、纵向的将其产品服务、销售模式和收入来源进行对比分析，并且对Z公寓的客户价值进行系统性的分析，得出了部分房源收入成本严重不匹配、获客成本偏高、产品转型不彻底、房源供给单一的结论。针对以上问题，本文也针对性的提出了解决方案：一、优化业务结构，进一步的推广“增益”模式。二、丰富业务收入来源，构建全周期的家庭服务业务。三、紧跟国家政策贯彻政企合作，通过政策优惠获取各项补贴。四、进行系统的税务筹划。

最后，为了Z公寓盈利模式优化的顺利实施，本文也针对性的提出了四条保障措施：一、构建财务共享中心，保障业财一体化的顺利实施。二、加强营运资金管理力度，保障资金安全。三、拓宽融资渠道，丰富资金来源。四、进行供应链的升级改造。

With the concentration effect of the economy and the acceleration of urbanization, the number of floating population in China continues to increase. A large number of floating population has derived a huge demand for the housing rental market, and the new industry of long-term rental apartments has emerged. Around 2015, with the support of capital, a large number of enterprises poured into this track. In the following years, the whole long-term rental field flourished. However, the good times are not long. Since 2018, there have been more than 100 long-term rental apartment brands. In the past two years, under the repeated impact of the epidemic, the long-term loss-making long-term rental apartment industry has worsened. Under the traditional decentralized long-term rent profit model, ' rent difference + service fee ' has become the mainstream profit model, but this method often requires massive cost investment in the early stage, and can only achieve profit after forming a large-scale or even a regional monopoly. Such a profit model is nothing more than a major pain point for each long-term rent enterprise that has a glimpse of the industry.

As a leading enterprise in the field of decentralized long-term rental, although Z apartment has nearly one million houses in ten first-tier and second-tier cities across the country, it also faces greater profit pressure in the transformation of decentralized long-term rental products. This paper will first analyze the internal and external reasons for the optimization of the profit model of Z apartments, and use PEST analysis and core competitiveness analysis to point out the necessity of Z apartments ' decentralized long-term rental business from ' charter ' mode to ' gain ' mode. Secondly, it will analyze the profit status of the two types of products ' charter ' and ' gain ' existing in the decentralized long-term rental business. Horizontally and vertically, it will compare and analyze its product services, sales models and income sources, and systematically analyze the customer value of Z apartments. The conclusion is that the income cost of some housing sources is seriously mismatched, the cost of obtaining customers is high, the product transformation is not complete, and the supply of housing sources is single. In view of the above problems, this paper also proposes solutions : First, optimize the business structure and further promote the ' gain ' mode. 2.Enrich the source of business income and build a full-cycle home service business. 3.follow the national policy to implement government-enterprise cooperation, through preferential policies to obtain various subsidies. 4.Systematic tax planning.

Finally, in order to optimize the profit model of Z apartment, this paper also puts forward four safeguard measures : First, build a financial sharing center to ensure the smooth implementation of financial integration. 2.Strengthen the management of working capital and ensure the safety of funds. 3.Broaden the financing channels and enrich the sources of funds. 4.Upgrade the supply chain.