香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Tongdao Liepin Group 同道獵聘集團 （於開曼群島註冊成立的有限公司） – 1 – （股票代號：6100） 公告 董事名單與其角色和職能 C 董事委員會主席 M 董事委員會成員 承董事會命 同道獵聘集團 主席 戴科彬 中國，2025年8月29日 自2025年8月29日起，同道獵聘集團董事會（「董事會」）成員及其各自於董事會 及董事委員會的角色及職能載列如下： | 董事 | 董事委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | --- | | 執行董事 | | | | | | 戴科彬（首席執行官） | | — | C | — | | 田歌（首席財務官） | | — | — | — | | 獨立非執行董事 | | | | | | 葉亞明 | | M | M | M | | 張溪夢 | | M | — | C | | 范新鵬 | ...

Financial Performance - For the six months ended June 30, 2025, the company's revenue was RMB 937.2 million, a decrease of 7.6% compared to RMB 1,014.6 million for the same period in 2024[4] - The gross profit for the same period was RMB 727.6 million, down 8.1% from RMB 791.9 million in 2024[4] - Net profit increased by 55.8% to RMB 102.8 million, compared to RMB 66.0 million in the previous year[4] - Operating profit increased to RMB 108,148,000, compared to RMB 72,673,000 in the previous year, indicating a growth of 48.8%[18] - The net profit attributable to equity shareholders for the six months ended June 30, 2025, was RMB 80.3 million, compared to RMB 45.3 million for the same period in 2024[44] - Total comprehensive income for the period in 2025 was RMB 97,277 thousand, up 32.6% from RMB 73,354 thousand in 2024[20] - Basic earnings per share for the six months ended June 30, 2025, were RMB 16.82, compared to RMB 9.52 in the same period of 2024, reflecting a significant increase[18] User Growth - The number of registered individual users reached 111.4 million, reflecting a growth of 10.52% from 100.8 million in 2024[9] - The number of verified corporate users increased by 4.84% to 1,434,168, up from 1,367,938 in 2024[9] - The average monthly active users increased by 18.5% year-on-year, reaching a new high for the same period in 2024[15] Product Development - The company launched new AI recruitment products, significantly enhancing recruitment efficiency and covering over 70% of paid clients[11] - The AI recruitment product "Doris" achieved a consistency rate of 95% with senior interview experts, enhancing user experience[11] - The company plans to launch the "Agent" product in Q3 2025, which will enhance the delivery process for headhunting businesses[12] Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2025, were RMB 887,435 thousand, an increase from RMB 810,235 thousand at the beginning of the year[26] - Net cash used in operating activities for the first half of 2025 was RMB (38,399) thousand, an improvement from RMB (119,529) thousand in the same period of 2024[24] - The company generated net cash from investing activities of RMB 381,365 thousand in the first half of 2025, compared to RMB 58,434 thousand in 2024[24] - The net cash used in financing activities for the six months ended June 30, 2025, was RMB 262.7 million, up from RMB 91.7 million in 2024, primarily due to increased special dividend payments to shareholders[66] Expenses and Costs - Research and development expenses decreased by 21.7% to RMB 125.7 million for the six months ended June 30, 2025, from RMB 160.5 million in 2024, representing 13.4% of revenue[53] - Selling and marketing expenses were RMB 420.5 million for the six months ended June 30, 2025, a decrease of 12.9% from RMB 482.7 million in 2024, accounting for 44.9% of revenue[51] - The company's general and administrative expenses were RMB 135.7 million for the six months ended June 30, 2025, a decrease of 4.8% from RMB 142.5 million in 2024[52] Dividends and Shareholder Returns - The company did not recommend any interim dividend for the six months ended June 30, 2025[6] - The company paid a special dividend of HKD 0.42 per share, marking its first dividend payment since going public[17] Corporate Governance - The audit committee reviewed the unaudited consolidated interim financial results for the six months ended June 30, 2025, and confirmed compliance with relevant accounting standards[86] - The company has adopted the standard code for securities trading by directors, and all directors confirmed compliance for the six months ended June 30, 2025[87] - The board consists of experienced independent non-executive directors, ensuring a balance of power and responsibilities[83] - The company will continue to review the effectiveness of its corporate governance structure regarding the roles of the chairman and CEO[83] Miscellaneous - The company has no significant investments or capital asset plans other than those disclosed in the announcement as of June 30, 2025[81] - There were no major acquisitions or disposals involving subsidiaries or associates during the six months ended June 30, 2025[79] - The company has no significant contingent liabilities as of June 30, 2025[71] - The company expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[92]

Investment Rating - The report maintains a "Positive" outlook for the media industry [4] Core Insights - The recent policy document from the State Council emphasizes the implementation of "Artificial Intelligence +" actions, which is expected to significantly boost the AI industry chain, similar to the "Internet +" policy in 2015 [7] - The report anticipates a fourfold increase in AI penetration rate within three years, aiming for 70% by 2027 and 90% by 2030, indicating substantial growth potential in AI user base [7][8] - The demand for AI computing power is projected to surge, with major players like Alibaba, Baidu, Tencent, and Huawei expected to benefit from this trend [7] - The report highlights the strategic importance of AI applications, suggesting that new "killer apps" may emerge as AI penetration increases [7] Summary by Sections Investment Recommendations and Targets - Focus on AI applications in two key areas: AI + video/image (Kuaishou-W, Meitu) and AI + recruitment (BOSS Zhipin-W, Tongdao Liepin, Beisen Holdings) [2] - Major companies to watch include Alibaba-W, Tencent Holdings, Kuaishou-W, Baidu Group-SW, and ByteDance [2] - Companies involved in data and copyright in the industry include People’s Daily, Zhejiang Shuzhi Culture, Vision China, and Zhongwen Online [2] Policy and Market Dynamics - The policy document outlines a three-step strategy for AI penetration, with specific targets for 2027 and 2030 [8] - Key areas of focus include AI integration in science and technology, industrial development, and consumer quality enhancement [8][9] - The report emphasizes the need for a supportive environment for AI applications, including the establishment of national AI application pilot bases [7][8] AI Ecosystem Development - The report discusses the importance of fostering an open-source ecosystem for AI, which is seen as crucial for rapid advancements in domestic AI models [7] - It highlights the need for enhanced data supply, intelligent computing power coordination, and talent development to support AI growth [12]

Core Viewpoint - The company, Tongdao Liepin (06100.HK), has scheduled a board meeting on August 29, 2025, to consider and approve its interim results for the six months ending June 30, 2025, along with any proposed interim dividend and other matters [1] Group 1 - The board meeting is set for August 29, 2025 [1] - The meeting will address the interim results for the six months ending June 30, 2025 [1] - The company will also consider any proposed interim dividend during the meeting [1]

同 道 獵 聘 集 團（「本公司」）董 事 會（「董事會」）茲 通 告 謹 定 於 二 零 二 五 年 八 月 二十九日（星期五）舉行董事會會議，以考慮及通過本公司及其附屬公司截至 二零二五年六月三十日止六個月的中期業績及建議之中期股息（如有），以及 處理其他事項。 承董事會命 同道獵聘集團 主席 戴科彬 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） Tongdao Liepin Group 同道獵聘集團 （股票代號：6100） 董事會召開日期 中國，二零二五年八月十九日 於本公告日期，本公司的執行董事為戴科彬先生及田歌先生；以及本公司的獨立非執行董事 為葉亞明先生、張溪夢先生及范新鵬女士。 ...

Core Insights - The application of AI in recruitment is no longer a distant concept but is creating actual value in the industry [1] - AI is revolutionizing efficiency in resume screening and initial interviews, indicating significant potential for future business models in recruitment platforms [1] - Leading Chinese recruitment platforms are rapidly integrating AI into their products to seize technological advancements [1][4] Group 1: AI's Impact on Recruitment - AI is particularly effective in recruitment due to the language-intensive, structured, and high-throughput nature of the industry [1][2] - The most significant impacts of AI are observed in early recruitment stages, such as job definition, resume screening, candidate search, and first-round interviews [3] - AI's penetration in later stages, like final interviews and hiring decisions, remains challenging due to the reliance on human judgment [3] Group 2: Competitive Landscape - Leading platforms like Boss Zhipin, Liepin, and Zhilian are actively deploying AI tools, including AI assistants and structured interview products [4] - Boss Zhipin is testing an AI assistant for pre-interview stages, while Liepin has launched AI tools for candidate screening and communication [4] - Zhilian is implementing AI assistants in candidate interaction and has introduced AI interviewers for mass initial screenings [4] Group 3: Advantages of AI Interviewers - AI interviewers are seen as a cutting-edge application with a near-perfect product-market fit, focusing on language processing and structured workflows [4] - The automation of initial screenings reduces manual workload and shortens recruitment cycles, especially in high-volume scenarios like campus and blue-collar recruitment [5] - AI enhances objectivity and consistency in evaluations by processing multimodal information, thus minimizing human bias [5] Group 4: Future Outlook - AI-enabled recruitment platforms are expected to expand beyond current business boundaries into broader human resource service markets as technology matures and data accumulates [6]

Investment Rating - The industry investment rating is maintained as "Positive" [5] Core Viewpoints - The report emphasizes the importance of AI applications and the Meta logic, highlighting the potential for revenue growth and valuation restructuring in the AI sector [8] - Domestic companies are expected to excel in multimodal development, particularly in B-end scenarios like AI image editing and video generation, with significant commercial performance [2] - The report anticipates a resonance in AI product commercialization between China and the US, especially in strong application areas in China [3] Summary by Sections Investment Logic - Focus on multimodal companies, especially those with overseas expansion [2] - Domestic products are competitive with international counterparts, achieving earlier commercialization [2] - Notable growth in AI video generation revenue, with a specific example of a company achieving over 100 million yuan monthly revenue [2] Investment Recommendations and Targets - Emphasis on AI application investment opportunities in the second half of the year and the trend of AI expansion overseas [3] - Recommended stocks include Kuaishou-W (01024, Buy), Meitu Inc. (01357, Not Rated), BOSS Zhipin-W (02076, Buy), and Alibaba-W (09988, Buy) [3] - Attention to Meta logic developments and their impact on revenue and valuation, with recommendations for Alibaba-W and Tencent Holdings (00700, Buy) [3] Industry Trends - Continuous acceleration in cloud revenue and capital expenditure (CAPEX) among major overseas cloud service providers [8] - Significant growth in annual recurring revenue (ARR) for AI applications, with OpenAI's ARR reaching 12 billion USD, marking a 20% increase [8] - The implementation of "Artificial Intelligence+" policies in China is expected to enhance AI application commercialization [8]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） Tongdao Liepin Group 同道獵聘集團 （股票代號：6100） 須予披露交易 認購理財產品 廈門國際銀行理財產品 茲提述本公司於2025年6月30日的公告，內容有關向廈門國際銀行認購結構 性存款產品。 | ： | | --- | | 下 | | 如 | | 列 | | 載 | | 款 | | 條 | | 要 | | 主 | | 的 | | 項 | | 事 | | 購 | | 認 | | 等 | | 該 | | 稱： 產品名 | | | 款產品 構性存 結 公司 | 結 公司 | 款產品 構性存 | | 構 結 寶 添利 | 構 結 寶 添利 | 添利 | 構 結 寶 | 添利 | 構 結 寶 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - Emphasis on AI application commercialization in the second half of the year, with a focus on vertical AI application investment opportunities, particularly in strong application areas in China [2][7] - The report suggests that the META logic will be important next year, where improvements in click-through rates (CTR) driven by AI model capabilities will enhance revenue and lead to valuation restructuring [2][7] Summary by Sections Investment Recommendations and Targets - Focus on vertical AI application investment opportunities in the second half of the year, with potential for rapid commercialization in companies with overseas AI application layouts. Recommended stocks include Kuaishou-W (01024, Buy), Meitu (01357, Not Rated), and AI recruitment sector companies such as BOSS Zhipin-W (02076, Buy) [2] - For the end of this year and next year, the report highlights the importance of META logic, suggesting to follow the actual testing results from major companies. Recommended stocks include Alibaba-W (09988, Buy) and Tencent Holdings (00700, Buy) [2] Industry Overview - Globally, AI application products have achieved a certain level of commercialization, with products generating annual recurring revenue (ARR) exceeding $50 million categorized into three types: general model service subscription products, AI native products for specific scenarios, and AI-enhanced existing business scenarios [7] - The report emphasizes that domestic companies have achieved earlier commercialization in multi-modal scenarios compared to overseas counterparts, particularly in B-end applications like AI image editing and video generation [7] - The report notes significant revenue growth in AI video generation products, with monthly revenue exceeding 100 million yuan by April and May 2025, showcasing a rapid increase [7] Financial Metrics - The report provides specific ARR figures for various AI companies, such as OpenAI with $10 billion and Anthropic with $4 billion, highlighting their market valuations and revenue generation capabilities [8]

Group 1 - The core viewpoint of the articles highlights the rapid integration of AI technology in the human resources service sector, leading to a new wave of intelligent upgrades [1][2][3] - The company Tongdao Liepin (06100) has seen a significant increase in stock price, rising by 11.9% to HKD 4.23, due to its deep application of AI technology in recruitment [1] - Tongdao Liepin's AI products, particularly the AI interview system Doris, have undergone significant upgrades, enhancing user experience and assessment accuracy since its launch in Q1 2024 [1][2] Group 2 - The company is transitioning from an online tool to an AI Agent model, with the B-end enterprise version set to upgrade to an AI version by March 2025, introducing new AI account products [2] - The innovative "intended candidates" product significantly reduces the time for job matching and initial feedback from days to as little as 4 minutes, improving efficiency [2] - As of December 31, 2024, the company reported a total of 1.428 million verified enterprise users, a 10.4% year-on-year increase, and 106 million registered personal users, an 11.1% increase [2] Group 3 - The current price-to-book ratio (PB) of Tongdao Liepin is below 1, indicating a low market valuation that does not reflect its intrinsic value and growth potential [3] - The low PB offers a high margin of safety for investors and suggests significant upside potential during future market valuation corrections [3] - The company is expected to strengthen its leading position in the intelligent human resources service sector, setting a new benchmark for intelligent development in the industry [3]