北森是本土人力资源软件即服务领域的领导者，提供基于云的一体化人力资本管理解决方案，涵盖核心 人力资源、招聘、绩效、继任、评估等模块。公司正在第三方人工智能基础模型的支持下扩展人工智能 人力资源应用，包括人工智能学习、人工智能面试、人工智能招聘等功能。 新推出的人工智能学习平台：2025 年 5 月，北森推出了人工智能学习平台，该平台配备了五个人工智 能代理，包括人工智能教师、人工智能学习助手、人工智能导师、人工智能测试助手等。公司将其积累 的人才科学知识与多个人工智能基础模型（深度求索 / 豆包 / 通义千问 / 智谱）相结合，提供人工智能 应用。管理层强调，北森的人工智能代理提高了学习效率。例如，人工智能教师帮助生成教学材料，使 效率提高 4-5 倍；人工智能学习助手为员工生成学习计划，并提供人工智能陪伴，使学习效率提高 300%。 5 月 21 日，高盛在上海举办的 2025 年中国科技网络会议上接待了北森控股（9669.HK，未覆盖）董事 长。主要讨论内容围绕北森的人工智能战略、新的人工智能学习平台 / 人工智能面试以及人工智能货币 化。总体而言，管理层对今年人工智能人力资源应用的加速发展持积极态度，并 ...

北森控股始终坚持长期主义,高度重视公司在环境、社会及治理(ESG)方面的管理和履责表现,持续将ESG 理念融入企业运营和发展的各个环节。公司积极推进ESG 治理架构的建设和运行,加强对ESG 实践的监 督和管理,提升ESG 风险评估和应对能力,不断筑牢公司可持续发展坚实底座。 公司不断精进面向未来的产品研发创新,以"业人一体,为员工而设计"为产品理念,以AI等先进科技力量为 助推器,支持各行各业建立有韧性的人才管理体系和多元平等的人才文化,助力客户实现商业价值与社会 价值的双赢,赋能客户可持续发展能力建设。 关于北森 北森是中国最大的云端人力资本管理(HCM)解决方案提供商,也是中国唯一一家已构建统一开放的PaaS 基础设施的云端HCM解决方案提供商。公司的平台iTalentX为企业提供云原生SaaS产品(即云端HCM解 决方案),以帮助企业高效地招聘、测评、管理、发展及留用人才。iTalentX是业内首个也是唯一一个提 供全套云端应用的平台,涵盖企业在员工全生命周期的HCM需求。凭借选择广泛且不断增长的、具有适 配性和强可及性的HCM解决方案,公司始终在引领企业智能化及优化人力资源管理方面处于领先地位。 5 ...

预计集团于2025年财年的经营现金流将转为正数，达到约6560万元至约8490万元，而2024财年为经营现 金净流出约8250万元。 公司拥有人应占亏损减少乃主要由于公司可赎回可转换优先股公允价值变动产生的亏损及以股份为基础 的付款较2024财年减少约29.56亿元至约30.15亿元。 智通财经APP讯，北森控股(09669)发布公告，集团预期将取得截至2025年3月31日止年度的收入约9.23 亿元(人民币，下同)至约9.66亿元，较截至2024年3月31日止年度的收入约8.55亿元，增幅约为8.0%至 13.0%;2025财年的年度经常性收约8.90亿元至约9.27亿元，较2024财年的年度经常性收入约7.57亿元， 增幅约为17.7%至22.5%;2025财年的订阅收入留存率预计达至约105.0%至107.0%;及2025财年的公司拥有 人应占亏损约1.31亿元至约1.96亿元，而2024财年的公司拥有人应占亏损则约32.09亿元。 在剔除可赎回可转换优先股的公允价值变动、以股份为基础的付款、收购相关无形资产摊销及相关税项 影响后，预计集团将取得2025财年的经调整亏损净额(非国际财务报告准则计量)约2 ...

Core HCM 稳健增长，关注 AI+人力商业化前景 ——北森控股（9669.HK）FY25 业绩前瞻 2025 年 5 月 7 日 公司研究 | 指标 | FY2023 | FY2024 | FY2025E | FY2026E | FY2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 751 | 855 | 943 | 1,043 | 1,150 | | 营业收入增长率 | 10.5% | 13.8% | 10.3% | 10.7% | 10.2% | | 经调整归母净利润（百万元） | -301 | -105 | -60 | 20 | 104 | | SPS（元） | 1.0 | 1.2 | 1.3 | 1.4 | 1.6 | | PS | 5.5 | 4.8 | 4.4 | 3.9 | 3.6 | 资料来源：公司公告，光大证券研究所预测 注：股价时间为 2025-5-6，汇率为 1 港币=0.9290 人民币。注：北森控股财 年时间为上年 4 月 1 日至该年 3 月 31 日，FY2025 为 2024-4-1 至 2025-3- ...

Summary of Beisen Holdings Conference Call Company Overview - Beisen Holdings is the first and only provider of integrated cloud applications in the HCM (Human Capital Management) sector, holding a market share of 15% and focusing on medium to large enterprises. It is expected to exceed 5,800 clients by FY2025, with over 70% being Fortune 500 companies, indicating high customer stickiness [2][4][9]. Financial Performance - For the period from April to September 2024, Beisen reported revenues of 440 million RMB, a year-on-year increase of 9%. The full-year revenue for FY2025 is projected to be between 923 million and 950 million RMB, achieving double-digit growth. The adjusted gross margin for the first half was 66%, with an expected range of 66%-67% for the full year. The adjusted net loss is anticipated to be between -5% and -7%, with a subscription revenue retention rate of 108% [2][7][36]. AI Integration and Product Development - Beisen has fully integrated AI technology, forming seven AI scenarios and serving over 150 AI product users, with an annual recurring revenue (ARR) of approximately 3 to 4 million RMB. This is expected to reach several million by the end of March 2025. AI products enhance customer unit price and strengthen product competitiveness [2][10][14]. E-Learning Market Position - Following the acquisition of Ku Academy, Beisen has risen to the second position in the e-learning sector, with Ku Academy expected to contribute around 80 million RMB in revenue. The integration aims to optimize cost structures, with expectations of positive cash flow and double-digit revenue growth in FY2025, while controlling losses between -5% and -7% [2][8][12]. HCM Product Performance - The integrated HCM module has shown significant growth, with an ARR increase of 28% year-on-year as of September 2024, and a retention rate of 114% in terms of revenue. The performance cloud grew by 17% in the first half of the year, and the learning module is expected to reach an ARR of 30 million RMB by the end of March [3][11]. Competitive Advantages - Beisen holds a 15% market share in the HCM sector, significantly ahead of competitors like Gongxin and Dongsen, which hold 6% and 3% respectively. The company offers comprehensive HR products and modules that are difficult for competitors to replicate, supported by a unique PaaS platform that allows for rapid customization to meet the needs of medium to large clients [4][13][6]. Future Growth and Strategy - Beisen anticipates an ARPU (Average Revenue Per User) of several million RMB by FY2025, with revenue expected to reach 30 to 40 million RMB by FY2026. The company plans to deepen AI applications, enhance product forms, expand its customer base, and optimize cost structures for higher efficiency and growth [5][28][29]. M&A Strategy - The acquisition of Ku Academy and Yunxuetang has positioned Beisen as a strong player in the e-learning market. The company aims to increase its market share from 15% to 22% over the next three years through organic growth and strategic acquisitions [12][44]. Customer Base and Retention - Beisen primarily serves medium to large enterprises, with over 5,800 clients expected by March 2025. The company has a high retention rate, with a renewal rate of 94%-95% for its core HR products [9][34]. AI Product Effectiveness - The AI interviewer significantly enhances recruitment efficiency by replacing traditional interview steps, reducing the time taken from 60 minutes to just 1 minute per interview. The cost per initial interview is reduced from approximately 200 RMB to around 25 RMB, demonstrating substantial cost savings [18][19]. Conclusion - Beisen Holdings is well-positioned for future growth with its innovative AI applications, strong market presence in HCM, and strategic acquisitions. The company is focused on maintaining its competitive edge while expanding its customer base and optimizing its financial performance [36][37][38].

Summary of the Conference Call for 北森控股 Company Overview - 北森控股 is the largest cloud-based human resource solutions provider in China, holding a market share of 15% according to IDC reports. The company offers an integrated cloud application platform covering all HR modules from onboarding to payroll calculation, personnel management, performance evaluation, and online learning [3][5]. Financial Performance - For the fiscal year 2024, 北森控股 reported total revenue of 440 million RMB, with expectations to reach 920 million RMB in fiscal year 2025, representing a year-on-year growth of approximately 10%. The recurring revenue from core products accounts for 77.6% of total revenue [5][6]. Customer Base and Growth - The number of customers has steadily increased, reaching 5,623 by the end of September 2024, with 70% being Fortune 500 companies in China. Following the acquisition of 酷学院, overall revenue is expected to grow by over 10%, positioning 北森 as the second-largest supplier in the learning cloud product module market [3][6]. Business Module Development - The core human resource module's annual recurring revenue (ARR) grew by 28%, with a net retention rate of 114% and a customer retention rate of 95%. The learning module, post-acquisition, aims to become the market leader within three years [7][8]. Competitive Landscape - In the context of software localization trends, 北森 has been replacing parts of SAP SCM scenarios, maintaining steady growth. The company has improved its net revenue retention rate to approximately 108% by enhancing existing customer spending and developing new features [8][9]. PaaS Platform Utilization - 北森's PaaS platform is highly configurable and flexible, allowing customers to develop required functionalities independently. Approximately 100 customers are currently utilizing the platform for self-development, which enhances product revenue share and customer acquisition efficiency [11][12]. AI Applications and Innovations - The company has developed seven HR Family scenarios, including AI recruitment assistants and AI interviewers, which significantly improve internal management efficiency and reduce labor costs. The AI interviewers have been adopted by 136 clients, generating a total contract value close to 4 million RMB [3][13][25]. Market Potential for AI Interviewers - The AI interviewers have shown remarkable market performance, with expectations of reaching millions in ARR by fiscal year 2025. The technology has improved recruitment efficiency by 60 times and reduced costs to less than one-tenth of traditional methods [24][32]. Investment Highlights - Key investment highlights for 北森 include: - Stable revenue growth even in adverse economic conditions - Strategic acquisitions to solidify market leadership - Rapid growth in core HRMS business, with ARR exceeding 50% - Positive financial indicators, including improving gross margins and cash flow - Advanced positioning in AI, particularly with the AI interviewer product - Attractive valuation, with projected PS levels around three times by 2025 and significant cash reserves [34][35]. Conclusion - 北森控股 demonstrates strong growth potential and competitive advantages in the cloud-based HR solutions market, driven by innovative AI applications and strategic business developments. The company's financial stability and market positioning make it a compelling investment opportunity.

Financial Performance - Revenue for the six months ended September 30, 2024, was RMB 436,581,000, representing a 9.0% increase from RMB 400,533,000 in the same period of 2023[11]. - Gross profit for the same period was RMB 281,753,000, an increase of 18.9% compared to RMB 237,010,000 in 2023[11]. - Adjusted net loss for the period was RMB (34,157,000), a 60.2% improvement from RMB (85,920,000) in the previous year[11]. - The company reported a loss for the period of RMB (99,040,000), significantly reduced from RMB (3,058,067,000) in the previous year[11]. - Total revenue reached RMB 436.6 million for the Reporting Period, representing an increase of 9.0% compared to the same period last year[19]. - Revenue from cloud-based HCM solutions was RMB 338.8 million, reflecting a growth of 14.3% year-over-year[19]. - Revenue from professional services was RMB 97.8 million, a year-on-year decrease of 6.0%, accounting for 22.4% of total revenue[67]. - The gross profit margin for the six months ended September 30, 2024, was 65.7%, up by 2.0 percentage points year-on-year[30]. - The company incurred net losses of RMB 99.0 million, a significant reduction from RMB 3,058.1 million in the same period of 2023[68]. - Adjusted net loss decreased from RMB 86.0 million to RMB 34.2 million, representing a year-on-year decrease of 60.2%[68]. Operational Efficiency - Net cash used in operating activities decreased by 44.2% to RMB 97,041,000 from RMB 173,990,000 in the prior period[11]. - The company is committed to improving operational efficiency and reducing net losses in the upcoming periods[11]. - Selling and marketing expenses were RMB 192.0 million, a year-on-year decrease of 17.3%, with expenses as a percentage of revenue decreasing from 44.5% to 39.5%[87]. - General and administrative expenses were RMB 82.7 million, representing a year-on-year decrease of 17.5%[87]. - Research and development expenses were RMB 154.8 million, a year-on-year decrease of 17.2% from RMB 187.0 million in the same period of 2023[89]. Market Position and Growth - Beisen maintained the largest market share in China's HCM SaaS market for eight consecutive years since 2016, with a market share of 15% in 2023[15]. - Beisen is the only integrated cloud-based HCM solutions provider in China with a unified and open PaaS infrastructure[15]. - The digital economy and digital talent industry are expected to continue flourishing, leading to continuous growth for Beisen[15]. - The company has consistently maintained its market dominance in the assessment business for many years[15]. - Beisen is a top-ranking participant in China's Core HCM, recruitment management, and performance management markets in terms of market share[15]. Product Development and Innovation - Beisen launched seven major AI assistants based on large models, leading the HCM industry towards a new era of intelligence and efficiency[19]. - The digital transformation of human resources management is being enhanced through AI, creating a personalized and intelligent employee experience[19]. - New products introduced include Mr. Sen, AI Interviewer, and AI Interview Assistant, expanding Beisen's AI Family product range[19]. - The AI Interviewer has been commercialized, with sales exceeding 50 clients, significantly improving recruitment efficiency for various leading companies[34]. - The company aims to assist enterprises in improving management effectiveness and optimizing talent allocation through innovative products[19]. Customer Metrics - As of September 30, 2024, the Annual Recurring Revenue (ARR) from the core HCM integration business accounted for 55%, representing a 28% increase compared to the ARR as of September 30, 2023, with a cumulative customer count nearing 2,100[32]. - The total number of customers as of September 30, 2024, was 5,623, with a subscription revenue retention rate of 107%[30]. - The number of customers for cloud-based HCM solutions grew from over 5,300 to over 5,600 during the reporting period[75]. Investment and Future Outlook - Future outlook includes ongoing investments in technology and product development to drive further growth[11]. - The company continues to invest in the manufacturing and retail chain sectors to improve product capabilities and widen the competitive gap[30]. - The company plans to utilize 15% of the proceeds (approximately HK$23.3 million) to further upgrade integrated cloud-based HCM solutions by December 31, 2028[130]. Shareholder Information - The Company repurchased a total of 20,075,200 shares at an aggregate consideration of HK$89,591,860 during the Reporting Period[121]. - The Company received net proceeds of approximately HK$155.0 million from the Global Offering, which was listed on 13 April 2023[128]. - The total number of shares issued is 720,745,587 as of September 30, 2024[142]. - Major shareholder Zhaosen Holding Limited is deemed to be interested in 81,054,370 shares, representing approximately 11.25% of total shares[167]. Corporate Governance - The Company complied with all corporate governance code provisions during the Reporting Period[117]. - The Audit Committee reviewed the unaudited Interim Financial Information for the six months ended September 30, 2024 and found it compliant with applicable accounting standards[119]. - The public float of the Company complies with the requirements of Rule 8.08 of the Listing Rules[124].

Financial Performance - For the six months ending September 30, 2024, the company reported revenue of RMB 436,581,000, an increase of 9.0% compared to RMB 400,533,000 for the same period in 2023[2]. - Gross profit for the same period was RMB 281,753,000, reflecting an 18.9% increase from RMB 237,010,000 year-over-year[2]. - The adjusted net loss (non-IFRS) for the six months was RMB (34,157,000), a 60.2% improvement compared to RMB (85,920,000) in the previous year[2]. - The company's total revenue for the reporting period was RMB 436.6 million, representing a year-on-year growth of 9.0%[16]. - Revenue from cloud HCM solutions reached RMB 338.8 million, an increase of 14.3% compared to the same period last year, accounting for 77.6% of total revenue, up 3.6 percentage points year-on-year[16]. - The gross margin (non-IFRS) for the company was 65.7%, improving by 2.0 percentage points year-on-year, while the gross margin for cloud HCM solutions was 81.1%, up 3.0 percentage points year-on-year[24]. - The company reported a significant increase in trade receivables, which rose to RMB 43,892 thousand from RMB 31,161 thousand, representing an increase of about 40.9%[59]. - The company reported government subsidies of RMB 24,984 thousand for the six months ended September 30, 2024, compared to RMB 11,482 thousand in the previous year, reflecting a significant increase of 118.5%[89]. - The total expenses for the six months ended September 30, 2024, amounted to RMB 584,337 thousand, a decrease of 14.5% from RMB 682,963 thousand in the previous year[91]. - The company reported a net loss of RMB 99.0 million, a significant improvement compared to a net loss of RMB 3,058.1 million in the same period last year[149]. Market Position and Strategy - The company maintained a leading market share of 15% in the HCM SaaS market in China for the year 2023, further widening the gap with the second competitor[11]. - The company is positioned to benefit from the ongoing digital transformation in human resource management, driven by advancements in AI and cloud computing technologies[9]. - The company has established itself as the only integrated cloud HCM solution provider in China with a unified open PaaS infrastructure[9]. - The company aims to enhance its global service capabilities and data analytics to better manage overseas talent and optimize global human resource allocation[8]. - The company aims to deepen its focus on integrated HCM SaaS opportunities targeting large clients, particularly in manufacturing and retail sectors[24]. - The strategic focus on large clients includes partnerships with major enterprises in sectors like new energy, retail, and biopharmaceuticals[26]. - The company is focusing on international product capabilities development based on its PaaS platform, supporting multiple languages, currencies, and time zones[15]. - The company will focus on supporting Chinese enterprises going global, enhancing its HCM SaaS capabilities in multilingual, multi-time zone, and multi-currency environments[47]. Product Development and Innovation - The company launched several new AI-based products, including Mr. Sen, AI Interviewer, and AI Interview Assistant, enhancing its AI Family product lineup[15]. - The AI Interviewer has successfully commercialized, with over 50 clients, and has reduced the traditional three-round interview process to one round, shortening candidate response time by 83%[28]. - The introduction of AI-based products, such as the AI Course Assistant and AI Practice Assistant, aims to automate course creation and enhance training effectiveness[34]. - The company upgraded four AI products during the reporting period, including the second-generation AI interviewer based on large language models, enhancing assessment capabilities through AIGC technology[35]. - The company is leveraging its 20 years of experience in talent management to enhance its AI capabilities and develop vertical industry models[23]. Customer Metrics and Retention - As of September 30, 2024, the annual recurring revenue from customers using at least two modules accounted for 75.0%[23]. - The company has 5,623 customers, with a subscription revenue retention rate of 107% as of September 30, 2024[24]. - The number of customers for cloud HCM solutions increased from over 5,300 to over 5,600 during the reporting period[152]. - The subscription revenue retention rate for cloud HCM solutions reached 107% during the reporting period[152]. - Core HCM integrated solution's annual recurring revenue increased by 27.6% from RMB 339.2 million to RMB 432.9 million, accounting for 55% of total revenue as of September 30, 2024[153]. - The number of Core HCM integrated solution customers grew by 272, reaching nearly 2,100, with a subscription revenue retention rate of 114%[153]. Financial Position and Assets - As of September 30, 2024, total assets amounted to RMB 1,698,326 thousand, a decrease from RMB 1,906,390 thousand as of March 31, 2024, representing a decline of approximately 10.9%[59]. - The company's equity attributable to owners was RMB 1,035,610 thousand, down from RMB 1,154,868 thousand, representing a decrease of about 10.3%[61]. - Total liabilities were RMB 662,716 thousand, a reduction from RMB 751,522 thousand, indicating a decrease of approximately 11.8%[61]. - Cash and cash equivalents increased significantly to RMB 516,636 thousand from RMB 234,101 thousand, marking an increase of approximately 120.5%[59]. - The company's debt-to-asset ratio as of September 30, 2024, was 39.0%, a slight decrease from 39.4% as of March 31, 2024[188]. Cost Management and Efficiency - The company incurred a net loss of RMB 2,777 thousand from foreign exchange for the six months ended September 30, 2024, compared to a loss of RMB 2,159 thousand in the same period of 2023[89]. - Employee benefit expenses decreased to RMB 485,901 thousand for the six months ended September 30, 2024, down 16.5% from RMB 582,254 thousand in 2023[91]. - Total sales cost reduced by 5.3% from RMB 163.5 million to RMB 154.8 million, with adjusted sales cost (excluding stock-based compensation) increasing by 3.0%[158]. - Sales and marketing expenses decreased by 17.3% from RMB 232.3 million to RMB 192.0 million, with adjusted expenses (excluding stock-based compensation) down by 3.3%[165]. - Research and development expenses decreased by 17.2% from RMB 187.0 million to RMB 154.8 million, with adjusted expenses (excluding stock-based compensation) down by 1.4%[168]. Risk Management - The company faces various financial risks, including foreign exchange risk, credit risk, and liquidity risk, and has implemented risk management procedures to mitigate potential adverse impacts on financial performance[191]. - The company ensures that foreign currency transactions are managed to maintain net risk at acceptable levels, particularly concerning HKD and RMB[192]. - Credit risk is primarily associated with cash and cash equivalents, restricted cash, and trade receivables, with a focus on transactions with reputable banks and financial institutions[194]. - The company maintains sufficient cash and cash equivalents to meet liquidity needs, regularly monitoring liquidity risk[197].

Financial Performance - Revenue for the year ended 31 March 2024 was RMB 854.7 million, representing a year-on-year increase of 13.8%[15] - Loss for the year was RMB 3,208.6 million, reflecting a year-on-year increase of 23.5%[15] - Adjusted net loss was RMB 105.4 million, showing a year-on-year decrease of 64.9%[15] - Operating cash flow for the year was RMB 82.5 million, representing a year-on-year decrease of 44.6%[23] - The company reported a net loss of RMB 3,208.6 million for the year, which is a year-on-year increase of 23.5%[20] - Adjusted net loss for the year was RMB 105.4 million, reflecting a year-on-year decrease of 64.9%[20] - The company reported a loss for the year of RMB 3,208.6 million, an increase from RMB 2,599.0 million in FY2023[181] Revenue Breakdown - Revenue from cloud-based HCM solutions was RMB 632.2 million, accounting for 74.0% of total revenue, with a year-on-year increase of 17.7%[16] - Revenue from professional services was RMB 222.5 million, representing 26.0% of total revenue, with a year-on-year increase of 4.1%[17] - Revenue from cloud-based HCM solutions accounted for 74% of total revenue, with a year-on-year increase of 17.7%, amounting to RMB 632.2 million[21][26] - Revenue from cloud-based HCM solutions increased by 17.7% from RMB 537.3 million in FY2023 to RMB 632.2 million in the Reporting Period[132] Customer Metrics - The company had over 5,500 cloud-based HCM solutions customers, achieving a subscription revenue retention rate of 106%[27] - The total number of Core HCM Integration customers reached approximately 1,900, with an ARR growth rate of 30.7%[27] - The total number of customers reached 5,532 as of March 31, 2024, showcasing the company's growth in client acquisition[75] - The number of customers for cloud-based HCM solutions grew by 8.1%, from over 5,110 as of March 31, 2023, to over 5,530 as of March 31, 2024[132] Assets and Liabilities - Total assets as of 31 March 2024 were RMB 1,906.4 million, compared to RMB 1,870.8 million in 2023[13] - Total liabilities as of 31 March 2024 were RMB 751.5 million, a decrease from RMB 10,227.4 million in 2023[13] - Equity attributable to owners of the Company was RMB 1,154.9 million as of 31 March 2024, compared to a deficit of RMB 8,356.6 million in 2023[13] - Cash and cash equivalents decreased to RMB 234.1 million as of March 31, 2024, down from RMB 408.7 million as of March 31, 2023[193] Research and Development - Beisen has invested in nearly 1,000 new functional features in its integrated HCM SaaS, focusing on customer value creation and successful commercialization of new products[36] - The company aims to maintain stable investment in R&D to enhance integrated product advantages and meet customer needs[42] - R&D expenses for the reporting period amounted to RMB 350.9 million, a year-on-year increase of 15.7% compared to RMB 303.3 million in FY2023[163] - The proportion of R&D expenses to revenue decreased from 37.9% in FY2023 to 30.2% in the reporting period[163] Market Position and Strategy - Beisen maintained its position as the top-ranking company in the IDC China HCM SaaS market for the eighth consecutive year[28] - Beisen's new three-year strategy aims to expand market share and enhance its position in the market[40] - Beisen holds a 15.3% market share in China's HCM SaaS market for the first half of 2023, maintaining its leading position for eight consecutive years[48] - The company is intensifying its focus on strategically significant sectors, particularly targeting state-owned enterprises and large-scale clients to drive growth in HCM SaaS[112] Product Development and Innovation - An explicit "AI-first" product strategy has been defined, focusing on AI recruitment, training, employee services, and leadership development[42] - The integrated HCM SaaS is advancing towards a more intelligent and data-driven direction, leveraging AI-generated content[46] - Beisen's AI Interviewer, an AI-powered solution, aims to accurately identify and nurture talent, creating a dual-driven talent innovation system[111] - The introduction of the People Analytics 3.0 product helped organizations identify areas for improving workforce performance[88] Financial Ratios and Metrics - The gross profit margin for the reporting period was 64.0%, up by 7.6 percentage points from FY2023, with cloud-based HCM solutions gross margin increasing by 3.8 percentage points to 78.8%[74] - Overall gross profit increased from RMB 415.6 million in FY2023 to RMB 514.9 million in the Reporting Period, with gross margin improving from 55.3% to 60.2%[148] - The company's gearing ratio improved to 39.4% as of March 31, 2024, compared to 546.7% as of March 31, 2023, due to the reduction of redeemable convertible preferred shares in total liabilities[194] Government Grants and Other Income - Other income totaled RMB 70.7 million, an increase of 88.9% from RMB 37.4 million in FY2023, driven by a significant rise in government grants[167] - Government grants increased from RMB 3.7 million in FY2023 to RMB 27.5 million in the reporting period, reflecting a growth of 641.9%[167]

Financial Performance - The company's revenue for the fiscal year ending March 31, 2024, was RMB 854,741,000, representing a 13.8% increase from RMB 750,914,000 in the previous year[3]. - Gross profit increased by 23.9% to RMB 514,927,000, up from RMB 415,564,000 year-over-year[3]. - Adjusted net loss (non-IFRS) improved significantly to RMB (105,366,000), a 64.9% reduction from RMB (300,555,000) in the prior year[3]. - Operating cash flow decreased by 44.6% to RMB 82,469,000 from RMB 148,795,000 in the previous year[3]. - The company reported a net loss of RMB 3,208.587 million for the year ended March 31, 2024, compared to a net loss of RMB 2,598.992 million in the previous year, reflecting an increase in losses of approximately 23.5%[30]. - The company's total assets as of March 31, 2024, amounted to RMB 1,906.390 million, a slight increase from RMB 1,870.778 million in the previous year[31]. - The company’s cash and cash equivalents decreased to RMB 234.101 million as of March 31, 2024, down from RMB 408.709 million in the previous year, indicating a decline of approximately 42.6%[31]. - The company reported a total equity of RMB 1,154,868,000, recovering from a loss of RMB 8,356,629,000 in 2023[32]. - The company recorded a loss before income tax of RMB 3,194.1 million for the reporting period, compared to RMB 2,604.9 million in FY2023[85]. Market Position and Strategy - The company maintained a market share of 15.3% in the Chinese HCM SaaS market during the first half of 2023, continuing its leadership position for eight consecutive years[6]. - The company is adjusting its target industries to capture emerging business opportunities in sectors such as retail, consumer goods, manufacturing, new energy, and infrastructure[8]. - The company is focusing on expanding its product development speed and applying generative AI models to complex HR scenarios, aiming to enhance digital talent development[8]. - The company aims to expand its market presence in China, focusing on enhancing its cloud HCM solutions and professional services[33]. - The business strategy will focus on deepening industry penetration, particularly in sectors like "Internet," "Healthcare," "Manufacturing," "Retail," and "New Energy" to drive high growth in HCM SaaS[26]. Product Development and Innovation - The company is the only integrated cloud HCM solution provider in China with a unified open PaaS infrastructure, positioning it uniquely in the market[5]. - The company launched a new comprehensive compensation 2.0 product, enhancing budget control capabilities for large enterprises[13]. - The company introduced new products focused on job qualification and talent assessment, promoting employee growth and long-term organizational development[13]. - The launch of the "Beisen AI Interviewer" represents a significant advancement in candidate evaluation, utilizing generative AI models for comprehensive assessments[14]. - The introduction of the People Analytics 3.0 product enhances organizational understanding and identifies efficiency improvement points[17]. - The company has secured 15 national invention patents, emphasizing its commitment to technological innovation in HR solutions[19]. Customer Metrics and Retention - As of March 31, 2024, the number of customers reached 5,532, with a subscription revenue retention rate of 106%[12]. - Core HCM solutions accounted for 51% of ARR, which grew by 31% compared to fiscal year 2023, with nearly 1,900 customers[13]. - The integrated recruitment and assessment product achieved an ARR contribution of 22% as of March 31, 2024[13]. - The retention rate for subscription revenue reached 106% during the reporting period[70]. - The number of cloud HCM solution customers grew by 8.1% from over 5,110 as of March 31, 2023, to over 5,530 as of March 31, 2024[70]. Financial Management and Costs - Employee costs for the year ended March 31, 2024, reached RMB 1,108,384,000, compared to RMB 940,074,000 in 2023, showing an increase of 17.9%[49]. - Sales and marketing expenses increased by 13.2% to RMB 437.8 million in FY2024, but decreased by 6.2% when excluding share-based compensation[75]. - Research and development expenses rose by 15.7% to RMB 350.9 million in FY2024, while R&D expenses excluding share-based compensation decreased by 9.5%[77]. - The company has implemented a series of service strategies to enhance overall service efficiency and provide a richer service experience for customers[11]. Corporate Governance and Compliance - The company has adopted corporate governance standards to ensure transparency and accountability since its listing on April 13, 2023[120]. - The audit committee consists of three independent non-executive directors, with Mr. Zhao Hongqiang serving as the chairman, possessing financial management expertise as per listing rules[124]. - The auditor, KPMG, confirmed that the financial statements for the year ending March 31, 2024, are consistent with the group's audited consolidated financial statements[125]. Future Outlook - The company plans to support Chinese enterprises going global by enhancing its products for multi-language, multi-time zone, and multi-currency capabilities by September 2024[23]. - The company aims to implement an all-in AI strategy, integrating generative AI with HCM SaaS to enhance talent management across various scenarios[25]. - Future outlook includes a strategic emphasis on enhancing Core HCM functionalities to meet evolving customer needs[132]. - The company plans to leverage PaaS and SaaS models to improve service delivery and customer engagement[132].