Bekel (02423): Strategic transformation is not about trading.

Amidst the hot discussions in the market about the organizational changes in Beike (02423), the company has provided a strong response: on March 31, a single-day repurchase of about $12 million was made, setting a record high in nearly two years. The repurchase amount for March increased by 115% year-on-year. The total repurchase amount for the first quarter reached $195 million, a 40% increase compared to the same period last year. This substantial investment directly demonstrates the confidence of Beike's management in the strategic upgrade. In response to doubts from some market participants about whether Beike is "de-commercializing," reporters sought confirmation from members of the Beike Reform Management Committee. The individuals indicated that Beike is not de-commercializing, but upgrading its strategy around fundamental changes in consumer demands. The new model will "strengthen transaction certainty services + enter the blue ocean of community residential services," enhancing transaction advantages and embracing new opportunities for growth. Through AI-driven and model reshaping, the company will transform traditional "transaction matching" services into decision support that adds higher value to buying and selling homes, enhancing transaction certainty and helping real estate agents transition from "information intermediaries" to "trustworthy expert service providers" to meet the new needs of both buyers and sellers. At the same time, Beike will also deeply integrate home decoration, leasing, and other businesses to transition from the "single transaction" of real estate buying and selling to "creating the value of the entire residential lifecycle," driving higher-frequency service and transaction connections. In the eyes of some market participants, Beike's current strategic transformation aims to strengthen the foundation of transaction services, further deepening the moat of its business. The company's resilience to economic cycles and operational stability are expected to strengthen as a result.