FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06100 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 同道獵聘集團(於開曼群島註冊成立的有限公司) 呈交日期: 2025年 ...

須予披露交易 認購理財產品 廈門國際銀行理財產品 (i) 於2025年9月5日，本公司透過其非全資附屬公司長沙冉星信息科技有限 公司，向廈門國際銀行認購本金為人民幣30.0百萬元的公司結構性存款產品 （掛鈎匯率三層區間A款）2025528160905期（「廈門國際銀行認購事項1」）； 於 2025年9月29日，本公司透過其全資附屬公司同道精英（天津）信息技術有限 公司，向廈門國際銀行認購本金為人民幣20.0百萬元的公司結構性存款產品 （掛鈎匯率三層區間A款）2025530290929期（「廈門國際銀行認購事項2」）；及(ii) 於2025年9月30日，本公司透過其全資附屬公司同道精英（天津）信息技術有 限公司，向廈門國際銀行認購本金為人民幣30.0百萬元的公司結構性存款產 品（掛鈎匯率三層區間A款）2025530500930期（「廈門國際銀行認購事項3」）， 及透過其非全資附屬公司北京賽優職教育科技有限公司，向廈門國際銀行 認購本金為人民幣10.0百萬元的公司結構性存款產品（掛鈎匯率三層區間A款） 2025530180930期（「廈門國際銀行認購事項4」，連同廈門國際銀行認購事項1、 廈門國際銀行認購事項2及 ...

Tongdao Liepin Group 同道獵聘集團 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：6100） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders: Tongdao Liepin Group (the "Company") - Notification of publication of 2025 Interim Report (the "Current Corporate Communications") 各位登記股東： 同道獵聘集團（「本公司」） — 刊發2025中期報告（「本次公司通訊」）之發布通知 本公司的本次公司通訊之中、英文版本已分別上載於本公司網站(ir.liepin.com)及香港聯合交易所有限公司（「聯交所」）之網站(www.hkexnews.hk) （「網站版本」）。我們建 議 閣下閱覽本公司本次及日後公司通訊 （附註） 的網站版本。如 閣下已選擇收取公司通訊的印刷本，隨函附上 ...

Tongdao Liepin Group 同道獵聘集團 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：6100） NOTIFICATION LETTER 通知信函 25 September 2025 Dear Non-registered Shareholder(s)(Note 1) , Notes: 各位非登記股東 （附註 1 ） ： 同道獵聘集團（「本公司」） — 刊發2025年中期報告（「本次公司通訊」）之發布通知 本公司的本次公司通訊之中、英文版本已分別上載於本公司網站(ir.liepin.com)及香港聯合交易所有限公司(「聯交所」)之網站(www.hkexnews.hk) (「網站版本」)。本公司建議 閣下閱覽本公司本次公司通訊的網站版本。 Tongdao Liepin Group (the "Company") - Notification of publication of 2025 Interim Report (the "Current Corpor ...

[Definitions](index=3&type=section&id=Definitions) This chapter defines key terms used in the report, such as corporate clients, individual paying users, verified headhunters, SaaS, and talent services, ensuring clear understanding of the content - This section defines key terms used in the report, including **"corporate clients," "individual paying users," "verified headhunters," "SaaS,"** and **"talent services,"** ensuring clear understanding of the report's content[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) This chapter provides the company's basic information, including board members, registered office, principal place of business, share registrar, stock code (6100), and auditor - This section lists the company's basic information, including **board members, registered office, principal place of business, share registrar, stock code (6100), and auditor**[10](index=10&type=chunk)[11](index=11&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) This chapter summarizes key financial data for the six months ended June 30, 2025, including revenue, gross profit, net profit, and non-GAAP operating profit Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 937,247 | 1,014,571 | -7.6% | | Gross Profit | 727,618 | 791,879 | -8.1% | | Net Profit | 102,842 | 66,025 | +55.8% | | Net Profit Attributable to Equity Holders of the Company | 80,300 | 45,333 | +77.1% | | Non-GAAP Operating Profit | 124,655 | 93,953 | +32.7% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[14](index=14&type=chunk) [Chairman's Report](index=7&type=section&id=Chairman's%20Report) This chapter describes the company's growth in specific market segments and enhanced user experience and customer stickiness through its AI+Recruitment strategy upgrade amidst macroeconomic pressures - Despite macroeconomic and industry cyclical pressures in the mid-to-high-end recruitment market, the company observed strong growth momentum in segments such as **home appliances, warehousing and logistics, new retail, artificial intelligence, energy and chemicals, and education and training**[15](index=15&type=chunk) - The company is firmly advancing its **"AI+Recruitment" strategic upgrade**, focusing on expanding the market coverage of **"Liepin AI Enterprise Edition,"** accelerating the development of innovative products like **AI interviews**, and utilizing AI tools to enhance sales efficiency and talent development[16](index=16&type=chunk) - The application of AI products significantly improved **corporate user experience and customer stickiness**, positively impacting individual user activation, with **average monthly active users growing substantially to a new historical high**, reinforcing the positive cycle of the BHC business model[17](index=17&type=chunk) - The company is actively developing **AI products for individual users**, expected to be fully launched in the second half of the year, to address job-seeking pain points and optimize user experience[17](index=17&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides an in-depth analysis of the market environment, business performance, talent development strategies, future outlook, and financial position, detailing the company's operational achievements and financial health under its AI strategy [Market Review](index=9&type=section&id=Market%20Review) In H1 2025, China's economy grew steadily by 5.3% year-on-year, with stable employment, yet corporate recruitment demand remained in a bottoming-out phase due to international uncertainties, alongside persistent structural mismatches in the labor market and evolving corporate hiring practices favoring AI for efficiency - In H1 2025, China's **GDP grew by 5.3% year-on-year**, with overall stable employment, but corporate recruitment demand remained in a bottoming-out phase, and structural mismatches persisted in labor supply and demand[21](index=21&type=chunk) - **Mid-sized enterprises showed significant growth in hiring demand**, while large enterprises focused on core technology and front-end business positions, with companies demanding higher recruitment efficiency and cost-effectiveness[22](index=22&type=chunk) - **High-end talent in AI, hard tech, and semiconductors** remained a key focus for corporate competition[22](index=22&type=chunk) [Business Review](index=10&type=section&id=Business%20Review) In H1 2025, the Group saw growth in cumulative registered individual users and verified corporate users, despite slight declines in individual paying users and corporate clients, with a significant increase in registered individual users reached by verified headhunters, indicating enhanced platform activity Key Business Data for H1 2025 | Metric | June 30, 2025 | June 30, 2024 | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Cumulative Registered Individual Users (millions) | 111.4 | 100.8 | +10.52% | | Individual Paying Users during the Period | 47,581 | 54,073 | -12.01% | | Cumulative Verified Corporate Users | 1,434,168 | 1,367,938 | +4.84% | | Number of Corporate Clients | 62,916 | 63,472 | -0.88% | | Number of Active Job Postings during the Period (millions) | 5.8 | 6.0 | -3.33% | | Number of Verified Headhunters | 218,170 | 219,006 | -0.38% | | Times Registered Individual Users Reached by Verified Headhunters (millions) | 669.5 | 529.4 | +26.46% | [Talent Acquisition and Other HR Services](index=10&type=section&id=Talent%20Acquisition%20and%20Other%20HR%20Services) The company focused on its AI+Recruitment strategy in H1, launching AI products like 'Liepin AI Enterprise Edition' and Doris AI Interview System, enhancing sales efficiency and client penetration, with AI products covering over 70% of paying clients and significantly improving AI matching capabilities - The company focused on **"AI+Recruitment" strategy** in H1, launching **"Liepin AI Enterprise Edition"** and **Doris AI Interview System**, and utilizing **AI tools** to enhance sales efficiency and client penetration[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - **AI recruitment products** have cumulatively covered over **70% of Liepin's paying clients**, with the recommended candidate product's two-hour recommendation rate increasing to **64%**, and monthly repeat initiation rate stabilizing above **60%**[25](index=25&type=chunk) - **Doris AI Interview System** consistently maintained **AI assessment results above 95% consistency with experts** in white-collar, blue-collar, and grey-collar job interviews, and expanded to internal talent inventory scenarios[26](index=26&type=chunk) - The **Multi-Headhunter RCN business** operated **159,000 job postings**, with **AI functions** assisting headhunters in talent sourcing, matching assessment, and communication, and the **Agent waybill assistant** to be launched in Q3[27](index=27&type=chunk) - The company deeply utilizes mainstream large language models in **AI algorithms**, training its proprietary vertical model **"Tongdaohuicai,"** enhancing person-job matching accuracy through **search augmentation (RAG)**, and reducing negative feedback on corporate user AI products by **50% year-on-year**[28](index=28&type=chunk) - In subsidiary businesses, **online survey SaaS business** maintained good growth, and **flexible employment sub-business** achieved strong growth in industries such as catering, consumer goods, and property management[29](index=29&type=chunk) [Talent Development](index=12&type=section&id=Talent%20Development) The Group has established a unique brand in mid-to-high-end online recruitment, with AI products and platform strategies effectively attracting quality talent, resulting in over 110 million registered talents and a significant 18.5% increase in average monthly active users by June 30, 2025 - As of **June 30, 2025**, the platform has attracted over **110 million registered talents**, with **average monthly active users increasing significantly by 18.5% year-on-year**, reaching a new high for the same period in 2024[30](index=30&type=chunk) - The **online vocational qualification training sub-business** saw growth flatten, but the company continues to deepen its focus on the **psychology-related certification training market**, improving sales conversion and retention[31](index=31&type=chunk) [Future Outlook and Strategies](index=13&type=section&id=Future%20Outlook%20and%20Strategies) The company will continue its 'focus strategy,' promoting 'Liepin AI Enterprise Edition' and AI interview products, leveraging AI tools for precise sales lead identification and efficiency, while investing in AI R&D to optimize proprietary models and expand AI applications for both corporate and individual users - The company will continue to execute its **"focus strategy,"** strengthening the promotion of **"Liepin AI Enterprise Edition"** and **AI interview products**, utilizing **AI tools** to precisely identify quality sales leads and improve human efficiency[32](index=32&type=chunk) - Continuous investment in **AI technology R&D** will optimize proprietary vertical models, with an upgrade to **corporate-side recruitment assistant (Agent) products** and the provision of **personalized AI assistants** for individual users throughout the entire process in the second half of the year[33](index=33&type=chunk) - The company will solidify its diversified service capabilities, including the **Multi-Headhunter RCN platform, online surveys, flexible employment, and online vocational qualification training**, while prudently evaluating overseas market expansion opportunities[33](index=33&type=chunk) - The company made its **first dividend payment since listing** in H1 (**a special dividend of

Core Viewpoint - Dongwu Securities International expresses optimism about Tongdao Liepin (06100) due to its unique positioning in the mid-to-high-end recruitment market and its AI-driven service premium capability, anticipating significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved revenue of 940 million yuan, gross profit of 730 million yuan, and net profit attributable to shareholders of 80 million yuan, representing a year-on-year growth of 77.1%; adjusted operating profit increased by 32.7% to 120 million yuan [2] Group 2: User Base Expansion - The company’s C-end cumulative users reached 111 million, a year-on-year increase of 10.5%, solidifying its user base; however, due to statistical adjustments, the number of C-end paying users decreased by 12% to 47,600 [3] - On the B-end, the company verified over 1.43 million enterprises, a year-on-year growth of 4.8%, confirming its scarce position in the mid-to-high-end recruitment sector, with stable paying clients around 63,000 [3] Group 3: Cost Reduction and Profit Growth - In the first half of the year, the company’s marketing expenses were 420 million yuan, down 12.9% year-on-year, due to precise spending and reduced sales and marketing personnel costs; R&D expenses decreased by 21.7% to 130 million yuan, primarily due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - Management expenses fell by 4.8% to 140 million yuan, mainly due to personnel cost reductions; the operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year [4] Group 4: AI-Driven Product Innovation - In the first half of the year, the "Liepin Enterprise Version" implemented AI account upgrades, adding features like "Resume Quick Read" and "Intelligent Invitation," covering over 70% of paying clients [5] - The "Intended Candidates" product achieved a two-hour recommendation rate of 64% and a monthly re-initiation rate exceeding 60%, indicating strong customer recognition; the AI interview system Doris demonstrated over 95% consistency with expert evaluations [5]

Core Viewpoint - Dongwu Securities International is optimistic about Tongdao Liepin's unique positioning in the mid-to-high-end recruitment market and its service premium driven by AI technology, expecting significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved operating revenue of 940 million yuan, gross profit of 730 million yuan, and net profit attributable to shareholders of 80 million yuan, representing a year-on-year increase of 77.1%; adjusted operating profit was 120 million yuan, up 32.7% [2] Group 2: User Base and Market Position - The company’s C-end cumulative users reached 111 million, a year-on-year increase of 10.5%, solidifying its user base; however, due to statistical adjustments, C-end paying users decreased by 12% to 47,600 [3] - On the B-end, the company verified over 1.43 million enterprises, a year-on-year increase of 4.8%, confirming its scarce position in the mid-to-high-end recruitment sector, with stable paying clients around 63,000 [3] Group 3: Cost Reduction and Profit Growth - In the first half of the year, the company's marketing expenses were 420 million yuan, down 12.9% year-on-year, due to precise targeting and reduced sales and marketing personnel costs; R&D expenses were 130 million yuan, down 21.7%, mainly due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - The company's operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year, with expectations for continued internal operational optimization to promote healthy profit growth [4] Group 4: AI-Driven Product Innovation - In the first half of the year, the "Liepin Enterprise Version" implemented AI account upgrades, adding features like "Resume Quick Read" and "Intelligent Invitation," covering over 70% of paying clients [5] - The "Intended Candidates" product achieved a two-hour recommendation rate of 64% and a monthly re-initiation rate exceeding 60%, indicating strong customer recognition [5] - The AI interview system Doris, leveraging recruitment field expertise and technological iteration, achieved over 95% consistency with senior expert evaluations, focusing on scenario expansion and breakthrough with leading clients to establish a reputation [5]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06100 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 514,483,774 | | 0 | | 514,483,774 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 514,483,774 | | 0 | | 514,483,774 | 第 2 頁 共 11 頁 v 1.1.1 公司名稱: 同道獵聘集團(於開曼群島註冊成立的有限公司) 呈交日期: 2025年9月3日 I. 法定/註冊 ...

Core Viewpoint - The company's performance in the first half of 2025 fell short of expectations, with a revenue decline and a stable gross margin, but improvements in net profit margins were noted due to cost control and efficiency enhancements [1][2]. Financial Performance - 1H25 revenue was 937 million yuan, a year-on-year decrease of 7.6% - 1H25 gross margin remained stable at 77.6% - 1H25 Non-IFRS net profit was 96.81 million yuan, corresponding to a Non-IFRS net profit margin of 10.3%, an increase of 3.7 percentage points year-on-year [1][2]. Development Trends - Recruitment has not significantly recovered, but cash income is expected to stabilize in the second half of 2025 - B-end enterprise user revenue was 768 million yuan in 1H25, down 9.9% year-on-year - The number of verified enterprise users reached 1.434 million, a year-on-year increase of 4.8%, while the number of enterprise clients decreased by 1% to 63,000 - The average revenue per user (ARPU) for paid users declined by 9.1% due to weak demand from large enterprise clients [1][2]. AI Strategy - The company's B segment AI product coverage among paying enterprises increased from 30% to 70% year-on-year - The "intended candidates" feature in the recruitment model improved its recommendation rate from 50% to 64% - The AI intelligent interviewer, Doris, has successfully covered 15 primary industries, with a consistency score above 95% [2]. Profitability and Dividend Progress - 1H25 sales and R&D expense ratios decreased by 2.7 percentage points and 2.4 percentage points, respectively, due to personnel optimization and internal cost reduction - 2H25 Non-IFRS operating profit and net profit are projected to be 125 million yuan and 97 million yuan, respectively, with corresponding margins of approximately 13.3% and 10.3%, reflecting year-on-year improvements [2]. - The company announced a special dividend of 0.42 HKD per share in May, indicating a commitment to shareholder returns [2]. Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 2.2% and 1.6% to 1.985 billion yuan and 1.999 billion yuan, respectively, while profit forecasts remain unchanged due to cost control measures - The target price is maintained at 6.2 HKD, corresponding to 15.3x and 13.5x 2025/2026e Non-IFRS P/E, indicating a 47% upside potential [3].

Summary of the Conference Call for Tongdao Liepin Company Overview - **Company**: Tongdao Liepin - **Industry**: Online Recruitment Key Points and Arguments Financial Performance - **Revenue**: Company reported a revenue decline of 7.6% due to decreased collections from the previous year and macroeconomic fluctuations affecting mid-to-high-end recruitment demand [2][3][4] - **Net Profit**: The net profit attributable to the parent company increased by 77%, reaching nearly 100 million RMB [2][4][7] - **Cash Reserves**: The company holds cash reserves of 2.5 billion RMB [2][4] - **Dividends**: Plans to distribute dividends of no less than 50% of adjusted net profit over the next three years [2][4] User Metrics - **Monthly Active Users (MAU)**: MAU grew by 18% year-on-year, reaching 111 million [2][3] - **Paid Users**: The number of personal paid users decreased by 12%, primarily due to impacts from sub-businesses [2][3] - **Enterprise Users**: Verified enterprise users increased by approximately 5%, with paid enterprise users remaining stable at 63,000 [2][3] AI Product Development - **AI Product Adoption**: The coverage of paid AI product clients increased from 30% at the beginning of the year to 70% [2][5] - **AI Interview Product**: The AI interview product is expected to surpass one million interviews this year, with over 95% consistency with expert interview results [2][5] - **Efficiency Metrics**: The recommendation rate for the candidate selection product improved from 50% to 64% [5] Cost Management - **Operational Expenses**: Total operational expenses decreased by 13.2% to 682 million RMB, with specific reductions in R&D (22%), sales and marketing (13%), and management (5%) [2][4][6][7] - **Profitability**: Adjusted operating profit increased by 33% year-on-year [7] Market Trends and Outlook - **Recruitment Market Stability**: The overall recruitment market remained stable in the first half of 2025, with signs of improvement noted in August [3][8] - **Revenue Forecast**: The company anticipates a revenue decline of approximately 5% for the year, contingent on maintaining collection levels [3][8][17] - **Future Expectations**: If collections stabilize, the company expects to see a turning point in revenue in the following year [20] Competitive Landscape - **Impact of AI**: The introduction of AI technology is expected to significantly alter the competitive landscape in the online recruitment industry, enhancing user experience and operational efficiency [11][12] - **Market Position**: Despite challenges in the mid-to-high-end white-collar market, the company has seen new client acquisition stabilize and improve due to AI product advantages [13][15] Additional Insights - **User Experience**: The feedback on AI recruitment products has improved, with a 50% reduction in negative feedback compared to the end of last year [22][23] - **Cash Management**: The company maintains a cash structure of approximately 50% in USD and 50% in RMB, primarily due to IPO financing [24] This summary encapsulates the essential insights from the conference call, highlighting the company's financial performance, user metrics, AI product developments, cost management strategies, market trends, and competitive positioning.