Core Viewpoint - The integration of AI technology into the recruitment industry by the Hong Kong-listed company Liepin (06100.HK) signifies a deep restructuring of the human resources sector, indicating a shift in labor market pricing power and operational efficiency despite a slow recovery in the mid-to-high-end recruitment market in 2024 [1][4]. Financial Performance - In the past year, the company reported revenue of 2.081 billion yuan, a decrease of 8.8% year-on-year, and a gross profit of 1.583 billion yuan, down 6.7% year-on-year. However, the net profit attributable to shareholders reached 133 million yuan, a staggering increase of approximately 176.9 times compared to the previous year. The operating cash flow net amount was 92.54 million yuan, more than five times that of the same period last year [1][4]. Dividend Announcement - The company announced a special dividend of 0.42 HKD per share, reflecting a dividend yield of 7.9% based on the current stock price of 5.34 HKD, demonstrating its commitment to shareholder returns and confidence in future growth [1]. Market Dynamics - The employment market is experiencing a dual trend, with traditional industries facing labor surplus while emerging industries, particularly in AI and new energy vehicles, are witnessing a growing talent gap. By 2030, the demand for AI professionals in China is expected to reach 6 million, with a potential shortfall of 4 million [4][5]. Business Strategy - Liepin is strategically focusing on emerging and leading industries, enhancing user coverage and increasing client conversion rates through diversified recruitment products. As of December 31, 2024, the number of registered individual users reached 106 million, an increase of 11.1% year-on-year, with active user engagement also on the rise [4][5]. AI Integration - The company is leveraging AI to reshape the recruitment value chain, transitioning from traditional business models to a data-driven approach. The AI-driven strategies have led to significant operational cost reductions and efficiency improvements, with the AI interview system Doris achieving notable advancements since its launch [7][8]. Competitive Advantage - Liepin's extensive data assets and its ability to match suitable talent with emerging industry needs position it as a key player in addressing structural employment challenges. The company has accumulated valuable data across various sectors, enhancing its competitive edge in the human resources market [5][6]. Future Outlook - The ongoing integration of AI into recruitment processes is expected to catalyze a transformation in the human resources industry, with Liepin's proactive approach to AI positioning it favorably for future growth. The market is anticipated to recognize the company's strategic positioning in "new talent infrastructure," potentially leading to a revaluation of its stock [10].

Core Viewpoint - In a macroeconomic environment characterized by consumer sluggishness and increased uncertainty, the AI wave is transforming various industries, with DeepSeek leading the charge in AI model applications, prompting industry participants to adapt through AI-driven business empowerment and cost reduction [1] Group 1: Company Performance - The company, Tongdao Liepin, reported a revenue of 2.081 billion yuan for 2024, maintaining resilience amid industry structural adjustments, with a net profit of 133 million yuan, marking a year-on-year increase of 176.9 times and a net profit margin of 6.42%, up by 6.39 percentage points [1] - The company plans to distribute a special dividend of 0.42 HKD per share, expected to be paid in cash on May 8, 2025 [1] Group 2: AI Product Applications - The company has implemented AI products across enterprise, talent, and headhunting sectors, achieving steady growth in user numbers, with 105.5 million verified personal users, 1.4282 million verified enterprise users, and 214,700 verified headhunting users by the end of 2024 [2] - The company launched multiple AI recruitment applications, including AI intelligent interview systems, achieving a consistency rate of over 95% in evaluations compared to professional interviewers [3] Group 3: Financial Metrics and Efficiency - The company's gross profit margin was 72% in Q4 2024, up by 0.8 percentage points, with an annual gross profit margin of 76%, while the combined management and sales expense ratios decreased by 10.7 percentage points [4] - The company’s R&D expense ratio was 14.6% in 2024, primarily focused on AI investments, with total cash-like assets exceeding 2.8 billion yuan and a net cash inflow of 93 million yuan for the year [5] Group 4: Industry Outlook - The integration of AI into the human resources industry is viewed positively by several investment banks, with recommendations to focus on Tongdao Liepin as it addresses AI talent shortages and enhances digital and intelligent management [6] - The company’s market value has more than doubled since hitting a low in September last year, with a current price-to-book ratio below 1, indicating potential undervaluation and expected correction based on fundamentals and AI application prospects [6]

Group 1: Financial Performance - The company reported a revenue of approximately 2.081 billion yuan and a net profit of about 175.4 million yuan, representing a year-on-year increase of approximately 960% [1] - The profit attributable to equity shareholders was 133.5 million yuan, showing a year-on-year growth of about 17,690% [1] - The non-GAAP profit attributable to equity shareholders was approximately 170 million yuan, reflecting a year-on-year increase of 61.09% [1] - A special dividend of 0.42 HKD per share is proposed [1] Group 2: Business Challenges and Strategies - The company's enterprise revenue decreased by 12.9% year-on-year to 1.761 billion yuan due to a decline in collections in 2023 and limited recovery in corporate confidence in the mid-to-high-end recruitment market for 2024 [2] - The number of paid enterprise clients reached 68,000, a year-on-year decrease of 5.7% [2] - The company is implementing cost-cutting and efficiency-enhancing measures, including the launch of innovative AI products to improve user experience and retention [2] - Organizational efficiency is emphasized, with a focus on talent assessment and management system upgrades for the R&D and sales teams [2] - Sales teams are breaking regional limitations and managing clients based on classification to enhance service capabilities [2] Group 3: User Growth and Engagement - As of December 31, 2024, the number of registered individual users reached 105.5 million, a year-on-year increase of 11.1% [3] - The average monthly active user count grew by 5.6% year-on-year, indicating sustained user engagement [3] - The company is enhancing user acquisition efficiency through precise budget control, optimized allocation rules, and refined operational strategies [3] - Innovations in product features and upgraded recall strategies are being utilized to activate a quality talent pool, supporting ongoing development and user satisfaction [3]

Financial Performance - For the fiscal year ending December 31, 2024, the company's revenue was RMB 2,080.9 million, a decrease of 8.8% compared to RMB 2,282.2 million in 2023[4] - The gross profit for the fiscal year 2024 was RMB 1,582.7 million, down 6.7% from RMB 1,695.7 million in 2023[4] - The net profit for 2024 was RMB 175.4 million, an increase of approximately 9.6 times compared to RMB 16.6 million in 2023[4] - The company's total revenue for the year ended December 31, 2024, was RMB 2,080,865 thousand, a decrease from RMB 2,282,157 thousand in 2023[25] - Operating profit for the year ended December 31, 2024, was RMB 191.954 million, significantly improved from RMB 33.759 million in 2023[25] - The annual profit attributable to equity shareholders rose to RMB 133,450 thousand in 2024, compared to RMB 750 thousand in 2023, marking a significant increase[76] - Total comprehensive income for 2024 was RMB 195,059 thousand, compared to RMB 36,903 thousand in 2023, reflecting strong overall performance[77] Dividends - The company declared a special dividend of HKD 0.42 per share, expected to be paid on May 8, 2025[4] - The company has not declared or proposed any dividends for the years ended December 31, 2024, and December 31, 2023, but approved a special dividend of HKD 0.42 per share to be paid on May 8, 2025[101] User Growth - As of December 31, 2024, the cumulative registered individual users reached 105.5 million, an increase of 11.1% compared to 95.0 million in 2023[11] - The number of annual paid individual users rose to 123,390, reflecting a growth of 20.2% from 102,673 in the previous year[11] Revenue Breakdown - Revenue from providing talent acquisition and other HR services to corporate clients was RMB 482.5 million, accounting for 85.6% of total revenue, down 11.9% from RMB 547.9 million in the prior year[41] - Revenue from services provided to corporate clients was RMB 1,761,270 thousand, down 12.9% from RMB 2,022,306 thousand in 2023[89] - Revenue from services provided to individual paying users increased to RMB 317,815 thousand, up 23.1% from RMB 258,122 thousand in 2023[89] Operational Efficiency - The company aims to optimize operational efficiency and profitability through innovative product development and strategic focus on emerging industries[22] - The flexible employment business showed significant growth in 2024, benefiting from cost control and operational efficiency improvements[19] - Operating profit for the three months ended December 31, 2024, was RMB 44.5 million, compared to a loss of RMB 27.8 million for the same period in 2023, attributed to improved efficiency in management, R&D, and sales teams[48] AI and Technology Development - The development of AI technology is expected to optimize recruitment processes, enhancing efficiency and reducing costs[9] - The company is actively exploring AI applications in recruitment, achieving a full-chain digital upgrade in talent demand insights and candidate engagement[9] - The company launched several AI recruitment applications, including AI Smart Invitation and AI Smart Reading, enhancing user experience and matching efficiency[15][16] - The AI interview system Doris achieved a 95% consistency rate with professional interviewers, significantly improving assessment accuracy and reliability[17] - The AI-driven recruitment platform is set to launch in March 2025, marking a transition to AI Agent tools for enhanced user experience[23] Cash Flow and Financial Position - The net cash generated from operating activities for 2024 was RMB 92.5 million, a substantial increase from RMB 18.3 million in 2023, primarily due to cost-saving measures and efficiency improvements[58] - The net cash generated from investing activities in 2024 was RMB 179.1 million, down from RMB 514.9 million in 2023, mainly due to investments in financial products[59] - The net cash used in financing activities for 2024 was RMB 129.1 million, a decrease from RMB 343.3 million in 2023, attributed to reduced payments for restricted stock units and share buybacks[60] - As of December 31, 2024, the company's cash and cash equivalents amounted to RMB 810.2 million, an increase from RMB 666.7 million at the end of 2023[56] Expenses - Research and development expenses for the three months ended December 31, 2024, were RMB 73.1 million, a decrease of 28.1% from RMB 101.7 million in the prior year, representing 13.0% of total revenue[46] - Selling and marketing expenses for the three months ended December 31, 2024, were RMB 232.8 million, a decrease of 16.5% from RMB 278.9 million in the same period of 2023, accounting for 41.3% of total revenue[44] - General and administrative expenses for the three months ended December 31, 2024, were RMB 80.2 million, a decrease of 42.0% from RMB 138.3 million in the same period of 2023, representing 14.2% of total revenue[45] Compliance and Governance - The audit committee has reviewed the consolidated performance for the year ending December 31, 2024, and confirmed compliance with relevant accounting standards[108] - The audit firm KPMG has confirmed that the financial figures in the preliminary announcement are consistent with the audited financial statements for the year[109] - The company has adopted the standard code for securities trading by directors as per the listing rules, confirming compliance for the year ending December 31, 2024[104]

Summary of Conference Call Company and Industry - The conference call pertains to a company in the online vocational training and recruitment industry, specifically focusing on its performance in the third quarter. Key Points and Arguments Financial Performance - The company's revenue for Q3 increased by 23.7% year-on-year, reaching 76.78 million yuan, primarily driven by the growth in online vocational qualification training business [1] - Net profit for Q3 was 59.99 million yuan, a 48.5% increase year-on-year, with scaled net profit at 45.96 million yuan, up 43.6% [2] - Total expenses for Q3 were 356 million yuan, a decrease of 14.9% year-on-year, with significant reductions in sales and R&D expenses [2] - Management expenses for Q3 were 92.74 million yuan, up 10.4% year-on-year, mainly due to one-time costs from organizational restructuring [3] User Engagement and Market Trends - As of the end of Q3, the platform had 103 million personal users, with monthly active users showing an 11.5% year-on-year growth [4] - The recruitment market remains weak, particularly in high-end sectors like real estate and finance, while manufacturing sectors such as electronics and new energy vehicles saw job postings increase [5] - The company is focusing on enhancing user engagement through differentiated product offerings and AI-driven solutions [6] Cost Management and Future Outlook - The company is implementing measures to control costs, aiming for a 10% to 15% reduction in total expenses for the year [3][7] - The management expressed confidence in the long-term growth potential of the high-end recruitment market, supported by policy and productivity improvements [7] - For Q4, the company anticipates a continuation of the current revenue and profit trends, despite a projected overall revenue decline of about 10% for the year [9] Product Development and Innovation - The introduction of AI interview products is aimed at reducing hiring costs for companies, with initial screening costs dropping to about one-tenth of traditional methods [11] - The company is focusing on expanding its product offerings to include more comprehensive solutions for enterprise clients, enhancing customer relationships through innovative products [15][37] Challenges and Market Conditions - The company noted that the overall recruitment environment remains cautious, with companies hesitant to expand their workforce until clearer economic signals emerge [39] - The management highlighted the importance of maintaining a strong cash flow and managing contract liabilities, which have been under pressure [21][22] Other Important but Possibly Overlooked Content - The company is optimistic about the potential for its AI-driven products to penetrate the market further, despite current economic challenges [14][15] - The management emphasized the need for a strategic approach to marketing and sales, focusing on maintaining profitability while exploring new customer segments [27][28] - The call concluded with a note on the importance of ongoing engagement with investors and stakeholders regarding future developments and performance [41]

财联社11月29日讯（编辑 冯轶） 财联社为您带来今日港股重要公告 1）公司要闻 美团-W(03690.HK)： 三季度收入935.77亿元，同比增加22.4%；净利润128.65亿元，同比增加258%；经 调整EBITDA为145.29亿元，同比增加134.8%。 名创优品(09896.HK)： 前三季度收入122.81亿元，同比增加22.8%；利润18.26亿元，同比增加11.6%。 主要是由于集团层面的平均门店数量同比增长18.5%及同店销售低个位数增长。其中，三季度收入45.23 亿元，同比增加19.3%；利润6.48亿元，同比增加4.9%。 同道猎聘(06100.HK)： 前9月收入约15.17亿元，净利润9128.8万元，同比增长126.56%。三季度收益约 5.03亿元，净利润4595.5万元，同比增长43.64%。 力劲科技(00558.HK)：发布截至2024年9月30日止六个月的中期业绩，收入25.94亿港元，净利润1.48亿 港元。期内持续进行超万吨双压射压铸机及TPI半固态镁合金压铸机的研发，均为行业首创。 中国燃气(00384.HK)：公布截至2024年9月30日止6个月中期业绩，收 ...

Financial Performance - For the three months ended September 30, 2024, the revenue was RMB 502.7 million, a decrease of 10.0% compared to RMB 558.9 million for the same period in 2023[3] - The gross profit for the three months ended September 30, 2024, was RMB 385.1 million, down 9.3% from RMB 424.5 million in the same period of 2023[3] - The net profit for the three months ended September 30, 2024, increased by 48.5% to RMB 60.0 million, compared to RMB 40.4 million for the same period in 2023[3] - For the nine months ended September 30, 2024, the revenue was RMB 1,517.3 million, a decrease of 8.1% from RMB 1,651.9 million for the same period in 2023[6] - The gross profit for the nine months ended September 30, 2024, was RMB 1,177.0 million, down 5.6% from RMB 1,246.6 million in the same period of 2023[6] - The net profit for the nine months ended September 30, 2024, increased by 136.6% to RMB 126.0 million, compared to RMB 53.3 million for the same period in 2023[6] - The non-GAAP operating profit for the three months ended September 30, 2024, was RMB 85.0 million, an increase of 28.3% from RMB 66.2 million in the same period of 2023[5] - The non-GAAP operating profit for the nine months ended September 30, 2024, was RMB 179.0 million, up 58.1% from RMB 113.2 million in the same period of 2023[6] - The total comprehensive income for the three months ended September 30, 2024, was RMB 10.9 million, compared to RMB 30.6 million for the same period in 2023[15] - The total comprehensive income for the nine months ended September 30, 2024, was RMB 84.3 million, down from RMB 90.3 million for the same period in 2023[11] Assets and Equity - As of September 30, 2024, the total assets minus current liabilities amounted to RMB 3,241,667 thousand, a slight increase from RMB 3,234,744 thousand as of December 31, 2023, reflecting a growth of 0.2%[19] - The net value of current assets increased to RMB 1,838,373 thousand from RMB 1,667,383 thousand, representing a growth of 10.2% year-over-year[19] - The company reported a decrease in non-current assets, with property, plant, and equipment dropping to RMB 142,329 thousand from RMB 154,627 thousand, a decline of 7.9%[19] - Cash and cash equivalents decreased to RMB 413,614 thousand from RMB 666,734 thousand, a decline of 38.0%[19] - The total equity attributable to equity shareholders of the company increased to RMB 2,979,234 thousand from RMB 2,892,787 thousand, reflecting a growth of 3.0%[19] User Growth - The cumulative registered individual users reached 103.4 million, marking a 12.2% increase from 92.2 million in the previous year[26] - The number of verified corporate users increased to 1,400,524, reflecting a growth of 10.9% from 1,262,329 in the previous year[26] - The number of verified headhunters slightly increased to 210,857, a marginal growth of 0.2% from 210,433 in the previous year[26] - As of September 30, 2024, the number of verified enterprise users reached approximately 1.401 million, representing a year-on-year growth of 10.9%[28] Product and Service Development - The company has implemented a refined segmentation of the sales team to enhance efficiency and improve sales lead generation, aiming to increase the sales productivity of the team[28] - The AI-powered interview product Doris has achieved a consistency rate of over 95% with senior experts, improving by nearly 5 percentage points since its launch[32] - The online survey business has published a cumulative total of 286 million questionnaires and collected 20.9 billion responses as of September 30, 2024[33] - Revenue from talent development services for individual users reached RMB 76.8 million and RMB 237.2 million for the third quarter and the first nine months of the year, respectively, with year-on-year growth of 23.7% and 34.7%[35] - The company has launched a new version of its product on the HarmonyOS, achieving high code compatibility across three major operating systems, which is expected to enhance internal resource allocation and accelerate product development[29] - The multi-recruitment network platform, Multi-Recruit RCN, has seen a 5 percentage point increase in the number of participating recruitment firms, reaching 90% as of September 30, 2024[31] Strategic Focus and Market Conditions - The company continues to focus on enhancing its service capabilities in flexible employment across industries such as catering, retail, and technology[34] - The company is actively pursuing product innovation through AI integration, aiming to improve recruitment service delivery efficiency and meet diverse client needs[29] - The demand for mid-to-high-end talent recruitment remains under pressure due to macroeconomic fluctuations, but expectations for the recruitment market are stabilizing with the implementation of fiscal and monetary policies[37] - The company plans to enhance its operational strategy focused on product innovation and professional services, while exploring new development opportunities in emerging industries[37] - AI applications in the recruitment industry will be further explored to improve job matching efficiency and quality, injecting vitality into economic development[37] - The company aims to deepen business innovation by optimizing operational logic and expanding commercialization through the use of SaaS management tools and AI technology[38] - Despite challenges in the current recruitment market, the company will focus on improving product experience and operational efficiency to leverage its differentiated advantages in mid-to-high-end talent recruitment[38]

Financial Performance - For the three months ended June 30, 2024, revenue from talent acquisition and other HR services was RMB 543.8 million, a decrease of 7.8% compared to RMB 589.8 million for the same period in 2023[18]. - Gross profit for the three months ended June 30, 2024, was RMB 426.7 million, down 2.9% from RMB 439.3 million for the same period in 2023[18]. - Net profit for the three months ended June 30, 2024, was RMB 79.2 million, an increase of 29.6% from RMB 61.1 million for the same period in 2023[18]. - For the six months ended June 30, 2024, revenue was RMB 1,014.6 million, a decrease of 7.2% compared to RMB 1,093.0 million for the same period in 2023[19]. - Gross profit for the six months ended June 30, 2024, was RMB 791.9 million, down 3.7% from RMB 822.0 million for the same period in 2023[19]. - Net profit for the six months ended June 30, 2024, was RMB 66.0 million, a significant increase of 412.9% from RMB 12.9 million for the same period in 2023[19]. - Total revenue for the first half of 2024 was RMB 1.02 billion, a year-on-year decrease of 7.2%[21]. - Basic earnings per share for the first half of 2024 were RMB 9.52, compared to RMB 1.71 in the same period of 2023[36]. - The company did not recommend the payment of an interim dividend for the six months ended June 30, 2024[19]. Operating Efficiency - The company reported a non-GAAP operating profit of RMB 95.4 million for the three months ended June 30, 2024, an increase of 51.7% from RMB 62.9 million for the same period in 2023[18]. - The non-GAAP operating profit for the six months ended June 30, 2024, was RMB 94.0 million, up 100.2% from RMB 46.9 million for the same period in 2023[19]. - Operating profit for the first half of 2024 was RMB 72.7 million, significantly up from RMB 12.7 million in the same period of 2023[36]. - Operating profit increased to RMB 85.6 million for the three months ended June 30, 2024, compared to RMB 49.4 million in the same period of 2023, attributed to improved efficiency in management and sales teams[62]. User Growth and Engagement - The number of registered individual users across the group exceeded 100 million, representing an 11% year-on-year growth[23]. - As of June 30, 2024, the total registered individual users reached 100.8 million, a year-on-year increase of 10.9% from 90.9 million in 2023[28]. - The number of paying individual users increased to 56,052, reflecting a 12.4% growth compared to 49,873 in the previous year[28]. - The average monthly active users increased by 10.3% year-on-year in Q2 2024, indicating improved user engagement[33]. Revenue Breakdown - Revenue from talent acquisition and other HR services for corporate clients was RMB 853.2 million, accounting for 84.1% of total revenue, down 12.8% from RMB 978.0 million in the previous year[38]. - Revenue from talent development services for individual users reached RMB 91.3 million in Q2 2024, a year-on-year increase of 44.5%[33]. - Revenue from talent development services for individual users increased by 40.6% to RMB 160.5 million, representing 15.8% of total revenue, compared to RMB 114.1 million in the prior year[38]. Cost Management - Significant reductions in marketing expenses have been implemented while restructuring business lines for better team management[25]. - Sales and marketing expenses for the six months ended June 30, 2024, were RMB 482.7 million, down 13.4% from RMB 557.6 million in the previous year, with the percentage of revenue decreasing from 51.0% to 47.6%[42]. - General and administrative expenses were RMB 62.3 million, a decrease of 18.1% from RMB 76.0 million, with a percentage of revenue reduction from 12.9% to 11.4%[59]. Market Outlook - The company anticipates continued pressure in the mid-to-high-end recruitment market but sees opportunities for internal strength and market share growth[23]. - The company is focusing on cost-effective recruitment channels and expanding services to non-first-tier cities and blue-collar sectors[22]. - The flexible employment business showed continuous growth in Q2 2024, with efforts to strengthen service capabilities in retail, dining, and technology sectors[32]. Research and Development - The company plans to enhance its AI product "Doris" to capture more interview demand during the upcoming campus recruitment season[22]. - The AI interview product Doris was launched in Q1 2024, targeting mass recruitment needs and is expected to expand into diverse market spaces in the second half of the year[32]. - Research and development expenses for the six months ended June 30, 2024, were RMB 160.5 million, a decrease of 5.3% from RMB 169.4 million in the previous year, with R&D expenses as a percentage of revenue increasing from 15.5% to 15.8%[44]. Shareholder Information - The major shareholders include May Flower Information Technology Co., Limited, holding approximately 34.83% of the total issued share capital[95]. - The company’s directors and senior management hold significant interests, with Mr. Dai Kwan Bun owning approximately 34.83% through various entities[89]. - The company has not disclosed any other interests or holdings by directors or senior management in related corporations as of June 30, 2024[93]. Financial Stability - The company's capital debt ratio as of June 30, 2024, was 1.40%, down from 1.73% as of June 30, 2023, indicating improved financial stability[75]. - The company recorded foreign exchange gains of RMB 2.1 million for the six months ended June 30, 2024, compared to RMB 11.6 million for the same period in 2023, primarily due to RMB appreciation against the USD[77]. - The company had no significant contingent liabilities, indicating a low risk profile[79]. Corporate Governance - The company has adopted the corporate governance code and has complied with its provisions, except for the deviation regarding the roles of the chairman and CEO being held by the same individual[131]. - There were changes in the board of directors, with the appointment of Mr. Tian Ge as an executive director and the resignation of Mr. Shao Yibo and Mr. Chen Xingmao on April 3, 2024[129].

证券研究报告 同道猎聘 (6100 HK) 港股通 收入承压下内部持续提效 高端招聘需求承压，内部提效奠定业绩增长 结合近期数据跟踪，行业招聘需求仍处在缓慢修复中，公司 24 上半年收入 为 10.15 亿（yoy-7.2%），仍小幅下滑。内部提效下，利润增长显著达到 0.94 亿元（yoy+100%），我们预计 24-26E 调整后归母净利润为 1.84/2.29/2.76 亿元，选取主要人力资源公司作为可比公司，参考可比公司 24 年平均 PE 15x 给予公司估值，目标市值 31.20 亿港币，对应目标价 5.87 港元，维持 "买入"评级。 招聘需求呈现结构性分化 二季度不同行业延续分化表现。电子通讯和汽车机械制造等行业在猎聘平台 的新发职位数持续增长。文化体育和生活服务等城市服务业恢复性增长。而 吸纳中高端就业量较多的大型行业在今年继续面临招聘需求收缩的压力，房 地产和金融等行业招聘需求依然不景气。互联网行业的新发职位数量虽仍处 于下行通道，但降幅相较去年同期已显著缩窄，招聘需求有望逐步趋于稳定。 B 端需求较为谨慎，内部提效显著 二季度中高端招聘市场仍然承压，项目制产品利润考核下，保证了利润的稳 ...

Financial Performance - For the three months ended June 30, 2024, the revenue was RMB 543.8 million, a decrease of 7.8% compared to RMB 589.8 million for the same period in 2023[3]. - The gross profit for the three months ended June 30, 2024, was RMB 426.7 million, down 2.9% from RMB 439.3 million in the same period of 2023[3]. - The net profit for the three months ended June 30, 2024, increased by 29.6% to RMB 79.2 million, compared to RMB 61.1 million for the same period in 2023[3]. - For the six months ended June 30, 2024, the revenue was RMB 1,014.6 million, a decrease of 7.2% from RMB 1,093.0 million for the same period in 2023[4]. - The gross profit for the six months ended June 30, 2024, was RMB 791.9 million, down 3.7% from RMB 822.0 million in the same period of 2023[4]. - The net profit for the six months ended June 30, 2024, surged by 412.9% to RMB 66.0 million, compared to RMB 12.9 million for the same period in 2023[4]. - The group reported a revenue of RMB 1,014,571 thousand for the six months ended June 30, 2024, a decrease of 7.2% compared to RMB 1,092,965 thousand for the same period in 2023[15]. - Total revenue for the six months ended June 30, 2024, was RMB 1,014,571 thousand, a decrease of 7.1% compared to RMB 1,092,965 thousand for the same period in 2023[26]. - The company's net profit for the period was RMB 66,025 thousand, up from RMB 12,872 thousand, representing a year-on-year increase of 413.5%[16]. - Basic earnings per share rose to RMB 9.52, compared to RMB 1.71 for the same period last year, marking an increase of 457.3%[15]. User Growth - The total number of registered individual users reached 100.8 million, an increase of 10.9% from 90.9 million in the previous year[7]. - The number of paying individual users increased by 12.4% to 56,052 from 49,873 in the previous year[7]. - The number of verified corporate users rose by 12.4% to 1,367,938 from 1,217,417 in the previous year[7]. - As of June 30, 2024, the cumulative number of registered individual users surpassed 100.8 million, with a year-on-year increase of 10.9%[12]. Revenue Breakdown - Revenue from services provided to enterprise customers was RMB 853,218 thousand, while revenue from services provided to individual paying users was RMB 160,465 thousand for the six months ended June 30, 2024[26]. - Revenue from corporate clients for the three months ended June 30, 2024, was RMB 452.0 million, accounting for 83.1% of total revenue, down 14.1% from RMB 526.2 million in the prior year[58]. - Revenue from providing talent acquisition and other human resources services to corporate clients was RMB 853.2 million, accounting for 84.1% of total revenue, down 12.8% from RMB 978.0 million in the previous year[44]. - Revenue from providing talent development services to individual users increased by 40.6% to RMB 160.5 million, representing 15.8% of total revenue, compared to RMB 114.1 million in the same period last year[44]. - Revenue from talent development services for individual users in Q2 2024 was RMB 91.3 million, a year-on-year increase of 44.5%[12]. Cost Management - Selling and marketing expenses decreased by 13.4% to RMB 482.7 million, down from RMB 557.6 million, with the percentage of revenue decreasing from 51.0% to 47.6%[48]. - Selling and marketing expenses for the three months ended June 30, 2024, were RMB 230.4 million, a decrease of 17.6% from RMB 279.5 million in the prior year, with the percentage of revenue decreasing from 47.4% to 42.4%[61]. - General and administrative expenses for the six months ended June 30, 2024, were RMB 142.5 million, a decrease of 9.6% from RMB 157.7 million for the same period in 2023[49]. - General and administrative expenses for the three months ended June 30, 2024, were RMB 62.3 million, a decrease of 18.1% from RMB 76.0 million for the same period in 2023[62]. - Research and development expenses for the six months ended June 30, 2024, were RMB 160.5 million, down 5.3% from RMB 169.4 million in the prior year, with R&D expenses as a percentage of revenue increasing from 15.5% to 15.8%[50]. - Research and development expenses for the three months ended June 30, 2024, were RMB 79.2 million, a decrease of 2.1% from RMB 80.9 million for the same period in 2023, with R&D expenses as a percentage of revenue increasing from 13.7% to 14.6%[63]. Operational Efficiency - The operating profit increased significantly to RMB 72,673 thousand, compared to RMB 12,730 thousand in the previous year, reflecting a growth of 470.5%[15]. - Operating profit for the six months ended June 30, 2024, was RMB 72.7 million, significantly up from RMB 12.7 million in the same period last year[43]. - Operating profit for the three months ended June 30, 2024, was RMB 85.6 million, compared to RMB 49.4 million for the same period in 2023, attributed to improved management and sales team efficiency[65]. - Profit before tax for the six months ended June 30, 2024, was RMB 72.9 million, compared to RMB 19.3 million for the same period in 2023[54]. - Profit before tax for the three months ended June 30, 2024, was RMB 86.3 million, up from RMB 62.8 million for the same period in 2023[67]. - The company recognized a loss of RMB 9,966 thousand for expected credit losses on receivables for the six months ended June 30, 2024, compared to RMB 4,441 thousand in the previous year[31]. Cash Flow and Assets - Cash and cash equivalents decreased to RMB 514,789 thousand from RMB 666,734 thousand, indicating a reduction of 22.8%[18]. - Cash and cash equivalents as of June 30, 2024, were RMB 514.8 million, down from RMB 666.7 million as of December 31, 2023[41]. - The net cash used in financing activities was RMB 91,651 thousand, a decrease from RMB 212,639 thousand in the same period of 2023[23]. - The net cash used in operating activities for the six months ended June 30, 2024, was RMB 119.5 million, an improvement from RMB 198.0 million for the same period in 2023, due to cost-saving measures[72]. - The group’s total assets decreased to RMB 3,154,848 thousand as of June 30, 2024, down from RMB 3,169,521 thousand at the end of 2023[19]. - Accounts receivable increased to RMB 164.3 million as of June 30, 2024, from RMB 146.3 million as of December 31, 2023[37]. Corporate Governance and Compliance - The company has adopted the corporate governance code and has complied with its provisions, except for the deviation regarding the roles of the chairman and CEO being held by the same individual[84]. - The audit committee has reviewed the interim financial performance for the six months ended June 30, 2024, and found it compliant with relevant accounting standards[86]. - The company has no significant contingent liabilities as of June 30, 2024[77]. - The company has no significant credit risk concentration as of June 30, 2024, with no high concentration of debtors[79]. - The company has no liquidity risk issues, with policies in place to monitor cash reserves and ensure sufficient funding from major financial institutions[80]. Strategic Initiatives - The company is focusing on optimizing budget allocation based on channel conversion rates to improve user acquisition efficiency[12]. - The company plans to focus on enhancing operational efficiency and cost reduction strategies throughout the year[13]. - The company aims to expand its market share in the high-end online recruitment sector by improving service efficiency and product offerings[13]. - The company has launched new AI features, including report interpretation and document generation, to enhance its SaaS offerings[11]. - The "Super Chat" AI product saw a record number of client requests in Q2 2024, indicating a growing preference among corporate clients[9]. - The "Doris" AI interview product is set to expand its market presence, particularly in campus recruitment, with a focus on enhancing brand recognition[10]. - The "Multi-Hunt RCN" platform has signed contracts with 2,100 headhunters and 77 firms, with an 8 percentage point increase in participating firms to 85%[10]. - The flexible employment business continued to grow in Q2 2024, with plans to strengthen service capabilities in the restaurant, retail, and technology sectors[11]. Dividend Policy - The company does not recommend the payment of an interim dividend for the six months ended June 30, 2024[4]. - The company does not recommend the distribution of an interim dividend for the six months ended June 30, 2024[88].