国泰海通证券股份有限公司 之 2024 年度持续督导意见 暨持续督导总结报告 独立财务顾问 二〇二五年五月 关于 上海外服控股集团股份有限公司 重大资产置换及发行股份购买资产 并募集配套资金暨关联交易 1 独立财务顾问声明 国泰海通证券股份有限公司（以下简称"国泰海通"或"本独立财务顾问"， 曾用名为"国泰海通证券股份有限公司"）作为上海外服控股集团股份有限公司 （以下简称"外服控股"、"公司"或"上市公司"）2021 年重大资产置换及发 行股份购买资产并募集配套资金暨关联交易的独立财务顾问，根据《上市公司重 大资产重组管理办法》《上市公司并购重组财务顾问业务管理办法》等法律法规 的规定和要求，按照证券行业公认的业务标准、道德规范，本着诚实信用、勤勉 尽责的态度，经过审慎核查，出具了本持续督导意见暨持续督导总结报告。 本持续督导意见暨持续督导总结报告所依据的文件、材料由外服控股及其交 易相关方提供。外服控股及本次交易相关方保证其所提供的为出具本持续督导意 见暨持续督导总结报告所依据的文件、材料真实、准确、完整，不存在虚假记载、 误导性陈述或者重大遗漏，并对所提供信息的真实性、准确性、完整性负责。 本持续督导意 ...

Core Viewpoint - The company reported a revenue of 6.3 billion yuan for Q1 2025, reflecting a year-on-year increase of 17%, with a net profit attributable to shareholders of 210 million yuan, up 9% year-on-year, and a non-recurring net profit of 120 million yuan, up 5% year-on-year [1] Group 1: Financial Performance - In Q1 2025, the company's gross profit margin was 8.2%, a decrease of 1.2 percentage points year-on-year but an increase of 0.9 percentage points quarter-on-quarter [1] - The company experienced a significant improvement in profitability due to a recovery in the macro consumption environment and effective cost control [1] - The net profit margin attributable to shareholders was 3.4%, down 0.2 percentage points year-on-year and down 5.8 percentage points quarter-on-quarter, primarily due to substantial non-operating gains from the disposal of a wholly-owned subsidiary in Q4 2024 [1] Group 2: Business Outlook - The company plans to continue focusing on business outsourcing as its core development strategy in 2025, aiming to enhance business penetration among existing clients while expanding its client base [2] - There is potential for growth in the outsourcing business segment, supported by a slight recovery in the employment environment in Q1 2025 and favorable policies promoting domestic demand [2] - The company is actively exploring potential acquisition targets to enrich its business offerings, which may stabilize revenue and improve overall gross margins [2] Group 3: Investment Recommendation - As a leading human resources service provider with abundant client resources, the company has shown steady growth in its outsourcing business and is expected to achieve net profits of 680 million yuan, 720 million yuan, and 760 million yuan for 2025, 2026, and 2027, respectively [2] - The company is currently valued lower than its peers, with projected PE ratios of 18X, 17X, and 16X for the respective years, leading to a "recommended" rating [2]

近期外服控股（600662）发布2025年一季报，证券之星财报模型分析如下： 营收与利润 外服控股在2025年一季度实现了营业总收入62.74亿元，同比增长16.82%。归母净利润达到2.11亿元， 同比增长8.85%；扣非净利润为1.2亿元，同比增长5.21%。这表明公司在报告期内保持了较好的盈利水 平。 盈利能力 尽管营收和利润有所增长，但公司的毛利率和净利率分别下降至8.15%和3.73%，同比下降12.9%和 10.73%。这可能反映出公司在主营业务上的盈利能力有所减弱。 成本控制 公司在成本控制方面表现出色，销售费用、管理费用、财务费用总计2.89亿元，三费占营收比为 4.61%，同比下降14.27%。这表明公司在费用管理上取得了积极成效。 现金流与应收账款 值得注意的是，公司每股经营性现金流为-0.2元，同比下降212.99%，显示出公司在经营活动中现金流 状况不佳。此外，应收账款占最新年报归母净利润的比例高达105.83%，应收账款体量较大，需关注其 回收情况。 资产与负债 公司货币资金为93.99亿元，同比增长4.82%，有息负债为6.49亿元，同比下降15.41%，表明公司现金资 产健康，负 ...

一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0929 | 0.0856 | 8.53 | 0.0807 | | 每股净资产（元） | 2.31 | 1.94 | 19.07 | 1.79 | | 每股公积金(元) | 0.31 | 0.31 | 0 | 0.3 | | 每股未分配利润(元) | 0.93 | 0.59 | 57.63 | 0.46 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 62.74 | 53.71 | 16.81 | 46.39 | | 净利润(亿元) | 2.11 | 1.94 | 8.76 | 1.83 | | 净资产收益率(%) | 4.08 | 4.46 | -8.52 | 4.57 | 前十大流通股东累计持有： 175250.46万股，累计占流通股比： 77.21%，较上期变 化： -580.55万股。 | 名称 | 持有数量(万股) | 占总 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 6,273,988,864.16, representing a year-on-year increase of 16.82% compared to CNY 5,370,854,215.60 in the same period last year[4] - The net profit attributable to shareholders for Q1 2025 was CNY 210,833,162.88, an increase of 8.85% from CNY 193,692,774.05 in the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 119,814,083.04, reflecting a 5.21% increase from CNY 113,882,577.93 year-on-year[4] - The basic earnings per share for Q1 2025 was CNY 0.0929, up 8.53% from CNY 0.0856 in the same period last year[4] - The total comprehensive income for the period was CNY 233,752,260.64, an increase from CNY 224,133,052.69 in the previous year[18] - The net profit attributable to the parent company was CNY 210,833,160.33, compared to CNY 193,662,608.65 in the same period last year, reflecting a growth of approximately 8.5%[18] - Basic earnings per share increased to CNY 0.0929 from CNY 0.0856, representing a rise of about 3.9%[18] Assets and Liabilities - The total assets at the end of Q1 2025 were CNY 16,111,019,875.15, a decrease of 1.35% from CNY 16,330,925,999.86 at the end of the previous year[5] - The company's total assets decreased to ¥16,111,019,875.15 from ¥16,330,925,999.86, a decline of 1.3%[13] - Total liabilities decreased to ¥10,323,040,763.21 from ¥10,778,146,380.81, a reduction of 4.2%[13] - The equity attributable to shareholders increased by 4.19% to CNY 5,277,628,694.12 from CNY 5,065,348,301.54 at the end of the previous year[5] - The company's equity attributable to shareholders increased to ¥5,277,628,694.12 from ¥5,065,348,301.54, an increase of 4.2%[14] Cash Flow - The net cash flow from operating activities was negative at CNY -448,910,171.94, compared to CNY -143,441,944.22 in the same period last year, indicating a significant decline[4] - Cash flow from operating activities showed a net outflow of CNY 448,910,171.94, worsening from a net outflow of CNY 143,441,944.22 in the previous year[21] - Cash inflow from operating activities totaled CNY 6,961,203,638.53, up from CNY 6,150,607,064.83 year-over-year[21] - Cash outflow from operating activities increased to CNY 7,410,113,810.47 from CNY 6,294,049,009.05, indicating a rise of approximately 17.8%[21] - The net cash flow from investing activities was negative at CNY 87,044,873.55, compared to a negative CNY 11,903,059.05 in the previous year[21] - Cash flow from financing activities resulted in a net inflow of CNY 133,853,750.54, a significant improvement from a net outflow of CNY 509,917,367.73 last year[22] - The ending cash and cash equivalents balance was CNY 9,381,828,668.02, down from CNY 8,953,885,492.29 year-over-year[22] - The company reported a cash inflow from financing activities of CNY 597,000,000.00, compared to CNY 511,770,000.00 in the previous year, marking an increase of approximately 16.7%[22] Operating Costs and Expenses - Total operating costs for Q1 2025 were ¥6,117,830,275.21, up from ¥5,215,729,341.96 in Q1 2024, reflecting a growth of 17.3%[16] - Research and development expenses for Q1 2025 were ¥24,978,228.98, compared to ¥22,292,252.37 in Q1 2024, indicating an increase of 7.6%[17] Shareholder Information - The company reported a total of 48,822 common shareholders at the end of the reporting period[8] - The company received government subsidies amounting to CNY 124,771,554.68 during the reporting period, which positively impacted the net profit[6] Return on Equity - The weighted average return on equity for Q1 2025 was 4.08%, down from 4.46% in the previous year, a decrease of 0.38 percentage points[4]

证券代码：600662 证券简称：外服控股 公告编号：临 2025-016 办公地址：上海市黄浦区会馆街 55 号绿地外滩中心 T3 栋 12 楼 变更后： 办公地址：上海市黄浦区董家渡路 200 号董家渡外滩中心 T3 栋 12 楼 上海外服控股集团股份有限公司 关于办公地址信息更新的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 上海外服控股集团股份有限公司（以下简称公司）办公地址门牌号信息更新， 地理位置不变，现将相关事项公告如下： 变更前： 电子邮箱：ir@fsg.com.cn 传真：021-63728566 投资者联系电话：021-65670587 敬请广大投资者关注以上变更。由此给大家带来的不便，敬请谅解。 特此公告。 除上述变更外，邮政编码、公司网址、电子邮箱、传真、投资者联系电话等 均保持不变，具体如下： 邮政编码：200011 公司网址：www.fsg.com.cn 上海外服控股集团股份有限公司董事会 2025 年 4 月 25 日 ...

Core Viewpoint - The company has approved the unlocking of 297,957 shares of restricted stock as part of its equity incentive plan, with the unlocking date set for April 25, 2025 [3][13]. Group 1: Stock Listing and Unlocking Details - The stock listing type is for equity incentive shares, with a total of 297,957 shares to be listed [2]. - The unlocking of the restricted stock is contingent upon the fulfillment of specific conditions outlined in the company's incentive plan [11][12]. - The first unlocking period for the reserved grant of the incentive plan has been achieved, allowing for the release of shares for 16 eligible recipients [3][19]. Group 2: Decision-Making Process and Compliance - The company has followed the necessary decision-making procedures and disclosed information regarding the incentive plan since its initial approval on January 27, 2022 [4][5]. - The plan received approval from the Shanghai State-owned Assets Supervision and Administration Commission, confirming its compliance with regulatory requirements [4][6]. - The company has consistently adhered to disclosure obligations throughout the various stages of the incentive plan [10][19]. Group 3: Shareholder and Management Restrictions - The company has established restrictions on the transfer of shares by directors and senior management, limiting annual transfers to 25% of their total holdings during their tenure [13][14]. - Additional regulations apply to the sale and repurchase of shares, ensuring compliance with relevant laws and regulations [14].

证券代码：600662 证券简称：外服控股 公告编号：2025-015 上海外服控股集团股份有限公司 关于 A 股限制性股票激励计划预留授予部分第一个限 售期解除限售暨上市公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次股票上市类型为股权激励股份；股票认购方式为网下，上市股数为 297,957股。 本次股票上市流通总数为297,957股。 本次股票上市流通日期为2025 年 4 月 25 日。 上海外服控股集团股份有限公司（以下简称公司）于 2025 年 4 月 16 日召开 第十二届董事会第三次会议和第十二届监事会第三次会议，分别审议通过了《关 于 A 股限制性股票激励计划预留授予部分第一个限售期解除限售条件成就的议案》， 根据《上市公司股权激励管理办法》（以下简称《管理办法》）、《公司 A 股限制性 股票激励计划（草案）》（以下简称《激励计划（草案）》）的相关规定，公司 A 股 限制性股票激励计划（以下简称本激励计划）预留授予部分第一个解除限售期解 除限售条件已经成就，同意公司为 16 名符合 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 10、审议通过《公司2025年度"提质增效重回报"行动方案》 表决结果：同意9票，反对0票，弃权0票。 方案全文详见公司同日在上海证券交易所网站披露的公告。 11、审议通过《公司2024年环境、社会和公司治理（ESG）报告》 本报告已经战略与ESG委员会审议通过。 表决结果：同意9票，反对0票，弃权0票。 报告全文详见公司同日在上海证券交易所网站披露的公告。 12、审议通过《公司2024年度内部控制评价报告》 本报告已经审计委员会审议通过，会计师事务所出具了内部控制审计报告。 表决结果：同意9票，反对0票，弃权0票。 报告全文详见公司同日在上海证券交易所网站披露的公告。 本议案已经薪酬与考核委员会审议，全体委员回避表决。 全体董事回避表决，本议案直接提交公司股东大会审议。 15、审议通过《关于公司高级管理人员薪酬方案的议案》 本议案已经薪酬与考核委员会审议通过。 本议案涉及关联事项，关联董事陈伟权、朱海元、归潇蕾回避表决。 表决结果：同意6票，反对0票，弃权0票。 13、审议通过《公司2024年度募集资金存放与使用情况专项报告》 会计师事务所出具了鉴证报告，独 ...

证券代码：600662 证券简称：外服控股 公告编号：临 2025-014 上海外服控股集团股份有限公司 关于 A 股限制性股票激励计划预留授予部 分第一个限售期解除限售条件成就的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 上海外服控股集团股份有限公司（以下简称公司）于 2025 年 4 月 16 日召开 第十二届董事会第三次会议、第十二届监事会第三次会议，审议通过了《关于 A 股限制性股票激励计划预留授予部分第一个限售期解除限售条件成就的议案》。 根据《上市公司股权激励管理办法》（以下简称《管理办法》）、《公司 A 股限制性 股票激励计划（草案）》（以下简称《激励计划（草案）》）的相关规定，公司 A 股 限制性股票激励计划（以下简称本激励计划）预留授予部分第一个解除限售期解 除限售条件已经成就，同意公司为 16 名符合解除限售条件的激励对象办理解除 限售事宜，共计解除限售 297,957 股限制性股票。现就相关事项公告如下： 一、本激励计划已履行的决策程序和信息披露情况 1、2022 年 1 月 2 ...