Group 1 - The core viewpoint of the report is that Haitong International initiates coverage of Beisen Holdings (09669) with an "Outperform" rating, projecting revenue growth and profitability improvements in the coming years [1] - The company is expected to achieve revenues of 1.135 billion, 1.335 billion, and 1.563 billion yuan for the fiscal years 2026-2028, representing year-on-year growth rates of 20.1%, 17.6%, and 17.1% respectively [1] - The projected net profit for the parent company is expected to be -61 million, 55 million, and 200 million yuan for the same fiscal years, with earnings per share (EPS) of -0.08, 0.08, and 0.27 yuan [1] Group 2 - Beisen adheres to an "integrated HCM SaaS" strategy, having served over 6,000 medium to large enterprises, and is the only Chinese provider with a unified open PaaS platform for cloud HCM solutions [2] - The company’s iTalentX platform covers the entire lifecycle of human resource management, from recruitment to resignation, which is expected to enhance its competitive advantage and accelerate AI transformation [2] - Beisen's AI initiatives have shown significant progress, with the launch of AI product development in early 2024 and successful commercialization by August of the same year, achieving an annual recurring revenue (ARR) of over 6 million yuan by the end of the 2025 fiscal year [2]

Investment Rating - The report initiates coverage with an "Outperform" rating for the company [4]. Core Insights - The company is a leader in integrated HCM SaaS, with a robust business performance and a potential profitability inflection point under the SaaS model. The company is expected to benefit from successful mergers and AI product commercialization in 2025, presenting new growth opportunities [1][4]. Financial Summary - Total revenue is projected to grow from 9.45 billion RMB in 2025 to 15.63 billion RMB by 2028, with year-on-year growth rates of 10.6%, 20.1%, 17.6%, and 17.1% respectively [3][10]. - Gross profit is expected to increase from 614 million RMB in 2025 to 1.168 billion RMB in 2028 [3]. - The company anticipates a return to profitability with a net profit of 200 million RMB by 2028, after losses of 3209 million RMB in 2024 and 147 million RMB in 2025 [3][10]. Revenue Growth Drivers - The cloud HCM solutions are the main growth driver, with revenue from this segment expected to reach 7.22 billion RMB in 2025, a 14.2% increase year-on-year, accounting for 76.4% of total revenue [24]. - The company has maintained a high customer retention rate, with expectations for continued improvement in customer acquisition and retention metrics [8][9]. AI and M&A Expansion - The company has embraced AI applications, with its AI Family product line achieving commercialization and generating over 6 million RMB in annual recurring revenue (ARR) by 2025 [4][8]. - The acquisition of Ku Academy is expected to drive the expansion of its learning business, enhancing its digital training and talent development solutions [8][9]. Valuation - The report employs both relative (PS) and absolute (FCFF) valuation methods, arriving at a target price of 11.86 HKD, reflecting a cautious approach to valuation [12][14].

（原标题：北森控股(09669.HK)9月8日回购40.50万股，耗资323.24万港元） | 日期 | 回购股数 | 回购最高价 | 回购最低价 | 回购金额 | | --- | --- | --- | --- | --- | | | （万股） | （港元） | （港元） | （万港元） | | 2025.09.08 | 40.50 | 8.000 | 7.930 | 323.24 | | 2025.09.04 | 42.46 | 7.950 | 7.810 | 335.90 | | 2025.08.29 | 19.92 | 8.110 | 7.940 | 161.36 | | 2025.08.28 | 20.00 | 8.050 | 7.900 | 159.73 | | 2025.08.27 | 4.20 | 8.010 | 7.950 | 33.56 | | 2025.08.26 | 4.26 | 8.000 | 7.900 | 34.05 | | 2025.08.25 | 20.00 | 8.090 | 7.860 | 159.88 | | 2025.08.22 | 14.56 | 8.180 | 7 ...

Core Viewpoint - Beisen Holdings (09669) announced a share buyback plan, indicating confidence in its stock value and future prospects [1] Group 1 - The company will spend HKD 3.2324 million to repurchase 405,000 shares [1] - The buyback price per share ranges from HKD 7.93 to HKD 8 [1]

Group 1 - The company, Beisen Holdings (09669.HK), announced a share buyback on September 8, 2023, spending HKD 3.2324 million to repurchase 405,000 shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 北森控股有限公司 呈交日期： 2025年9月8日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) | 09669 | 說明 | 股份 | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | 事件 | | 已發行股份（不包括 ...

Summary of Key Points Core Viewpoint - Beisen Holdings has been actively repurchasing its shares, indicating a strategy to enhance shareholder value and confidence in its stock performance [2][3]. Share Buyback Details - On September 4, Beisen Holdings repurchased 424,600 shares at prices ranging from HKD 7.810 to HKD 7.950, totaling HKD 3.359 million [2]. - The stock closed at HKD 7.890 on the same day, reflecting a decline of 1.13% with a total trading volume of HKD 6.189 million [2]. - Year-to-date, the company has conducted 30 buyback transactions, acquiring a total of 5.7132 million shares for a cumulative amount of HKD 41.5018 million [2]. Historical Buyback Data - A detailed table of buyback activities shows various dates, number of shares repurchased, highest and lowest prices, and total amounts spent [3]. - Notable buyback transactions include: - August 21: 450,000 shares at a maximum price of HKD 7.980, totaling HKD 3.5653 million [3]. - August 15: 300,000 shares at a maximum price of HKD 8.360, totaling HKD 2.4672 million [3]. - April 9: 200,000 shares at a maximum price of HKD 4.700, totaling HKD 0.9298 million [3].

Group 1 - The company, Beisen Holdings (09669), announced a share buyback on September 4, 2025, for a total expenditure of HKD 3.359 million [1] - A total of 424,600 shares will be repurchased at a price range of HKD 7.81 to HKD 7.95 per share [1]

Group 1 - The company, Beisen Holdings (09669), announced a share buyback plan on September 4, 2025, with an expenditure of HKD 3.359 million to repurchase 424,600 shares [1] - The buyback price per share ranges from HKD 7.81 to HKD 7.95 [1]

Group 1 - The company, Beisen Holdings (09669.HK), announced a share buyback on September 4, 2023, spending HKD 3.359 million to repurchase 425,000 shares [1]