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]

Core Viewpoint - The company Tongdao Liepin (06100.HK) has subscribed to a structured deposit product worth RMB 160 million through its wholly-owned subsidiary, indicating a strategic financial move to manage liquidity and potentially enhance returns [1] Group 1 - The subscription amount for the structured deposit product is RMB 160 million [1] - The product is linked to a three-tier exchange rate, suggesting a focus on currency management [1] - The subscription is set to mature on May 30, 2025, indicating a medium-term investment horizon [1]

Group 1 - CGL Group announced the passing of its founder, Zhuang Hua, who died from a sudden cardiovascular disease at the age of 62 [1] - Zhuang Hua was recognized as a significant figure in the recruitment industry, receiving multiple accolades including "Most Influential Person in China's Recruitment Industry" for 2018-2019 [1] - CGL was co-founded by Zhuang Hua and has become synonymous with high-end professional recruitment in China, gaining recognition from clients and candidates alike [3] Group 2 - CGL was established in January 2018 and has expanded globally with offices in major Chinese cities and Silicon Valley, employing 770 staff including 97 partners and over 600 professional consultants [5] - The company specializes in various sectors such as healthcare, internet, new retail, finance, advanced technology, smart manufacturing, semiconductor, and automotive [5] - The ownership structure of CGL includes significant stakes held by Tongdao Elite (Tianjin) Information Technology Co., Ltd., which owns 51%, and Zhuang Hua himself, who held a 15% stake [6] Group 3 - The headhunting industry has faced challenges, with a report indicating that the average team size in recruitment firms has decreased by 40%-50% from 2023 to 2024, suggesting a significant exit of professionals from the industry [7] - The compensation structure for headhunters typically includes a base salary plus commission, which can lead to income uncertainty due to performance-based metrics [7]