行 业 及 产 业 社会服务 行 业 研 究 / 行 业 点 评 相关研究 《苏超体育赛事带来靓眼经济支出，南京 商旅资产注入进度跟踪——社会服务行业 周报（6.30-7.4）》 2025/07/06 证券分析师 赵令伊 A0230518100003 zhaoly2@swsresearch.com 研究支持 2025 年 07 月 18 日 上半年出行需求受天气影响，酒店 行业预计分化加速 看好 ——社会服务半年报业绩前瞻 本期投资提示： 证 券 研 究 报 告 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 杨光 A0230524100004 yangguang@swsresearch.com 联系人 杨光 (8621)23297818× yangguang@swsresearch.com ⚫ 旅游景区：我们预计九华旅游 25H1 营业收入实现 22%增长，归母净利润增长 28%。预计黄山旅 游 25H1 实现营收 9.11 亿元，同比增长 9%，实现归母净利润 1.49 亿元，同比增长 13%。根据长 白山发布的业绩预告，25H1 实现营收 2.35 亿元，同比 ...

Core Viewpoint - Beijing International Human Capital Group Co., Ltd. expects a significant increase in net profit for the first half of 2025, projecting a rise of over 50% compared to the same period last year [2][4]. Financial Performance Summary - The company anticipates a net profit attributable to shareholders ranging from 690 million to 880 million yuan, an increase of 256.13 million to 446.13 million yuan compared to the previous year [2][4]. - The projected net profit after deducting non-recurring gains is expected to be between 280 million and 330 million yuan, with an increase of 3.49 million to 53.49 million yuan compared to the previous year [2][4]. Previous Year Performance Comparison - In the same period last year, the total profit was 802.75 million yuan, with a net profit attributable to shareholders of 433.87 million yuan, and a net profit after deducting non-recurring gains of 276.51 million yuan [6]. Reasons for Performance Increase - The growth in performance is attributed to the company's focus on major clients, enhancement of product specialization and service capabilities, and improved cost management leading to increased operational efficiency [8]. - Additionally, the sale of a wholly-owned subsidiary in the first quarter of 2025 contributed significantly to the net profit through non-recurring gains [8].

[Current Period Performance Forecast](index=1&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%91%8A%E6%83%85%E5%86%B5) The company forecasts a substantial increase in its 2025 first-half performance, with net profit attributable to shareholders projected between 690 million and 880 million yuan, and non-recurring adjusted net profit between 280 million and 330 million yuan 2025 Semi-Annual Performance Forecast | Indicator | Estimated Amount (RMB in millions) | Increase Compared to Prior Period (RMB in millions) | | :--- | :--- | :--- | | Net Profit Attributable to Shareholders of Listed Company | 690.00 - 880.00 | 256.13 - 446.13 | | Net Profit After Deducting Non-recurring Gains and Losses | 280.00 - 330.00 | 3.49 - 53.49 | - The forecast period for this performance pre-announcement is from January 1, 2025, to June 30, 2025[2](index=2&type=chunk) - These performance forecast figures are unaudited by a certified public accountant[5](index=5&type=chunk) [Prior Period Performance Review](index=2&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%8A%E5%B9%B4%E5%90%8C%E6%9C%9F%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5) The announcement provides prior period financial data for comparison, including net profit attributable to shareholders of 433.87 million yuan, non-recurring adjusted net profit of 276.51 million yuan, and earnings per share of 0.7664 yuan 2024 Semi-Annual Key Financial Data | Indicator | Amount (RMB) | | :--- | :--- | | Total Profit | 802.75 million yuan | | Net Profit Attributable to Shareholders of Listed Company | 433.87 million yuan | | Net Profit After Deducting Non-recurring Gains and Losses | 276.51 million yuan | | Earnings Per Share | 0.7664 yuan/share | [Main Reasons for Performance Increase](index=2&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%9C%9F%E4%B8%9A%E7%BB%A9%E9%A2%84%E5%A2%9E%E7%9A%84%E4%B8%BB%E8%A6%81%E5%8E%9F%E5%9B%A0) The current period's performance growth is primarily driven by two factors: robust growth in core businesses through key client expansion, enhanced service capabilities, and cost reduction, alongside significant non-recurring investment income from the sale of a wholly-owned subsidiary - Core business growth drivers include the company's focus on expanding **key client relationships**, enhancing **product specialization and service capabilities**, and implementing comprehensive **cost reduction and efficiency improvement measures** to boost operational efficiency[8](index=8&type=chunk) - Non-recurring gains resulted from the company's sale of its 100% equity in wholly-owned subsidiary 'Beijing Chengxiang Huangsi Commercial Building Co., Ltd.' in the first quarter of 2025, which recognized investment income with a **significant positive impact on net profit**[8](index=8&type=chunk) [Risk Warning and Other Notes](index=2&type=section&id=%E5%9B%9B%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA%E5%8F%8A%E5%85%B6%E4%BB%96%E8%AF%B4%E6%98%8E%E4%BA%8B%E9%A1%B9) The company states there are no significant uncertainties affecting the accuracy of this performance forecast, while reminding investors that these preliminary, unaudited figures will be superseded by the officially disclosed 2025 semi-annual report - The company confirms the absence of significant uncertainties that could impact the accuracy of this performance forecast[9](index=9&type=chunk) - Investors are advised that the forecast data represents preliminary calculations and is unaudited, with the final accurate financial figures to be based on the company's officially disclosed 2025 semi-annual report[9](index=9&type=chunk)[10](index=10&type=chunk)

北京人力（600861）公告，2025年半年度公司预计实现归属于上市公司股东的净利润为6.9亿元到8.8亿 元，预计增加2.56亿元到4.46亿元，同比上升50%以上。预计2025年半年度归属于上市公司股东的扣除 非经常性损益后的净利润为2.8亿元到3.3亿元，预计增加349.1万元到5349.1万元。 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The human resources service industry demonstrates full-cycle growth capabilities, with steady growth during downturns and potential for rapid expansion during upturns. The industry is still in its early stages, with significant growth potential and currently low valuation levels for many listed companies [2][4]. Summary by Sections 1. Industry Overview - The human resources service industry encompasses a wide range of services aimed at balancing the supply and demand of human capital, including recruitment, career guidance, outsourcing, and consulting [11][12]. 2. Current Development Status - The market concentration is low, with a significant presence of flexible employment models indicating a blue ocean market. The industry has shown a compound annual growth rate (CAGR) of 12.91% from 2016 to 2023, with revenues expected to exceed 3 trillion RMB by 2025 [26][38]. 3. Future Industry Outlook - The industry is expected to benefit from economic, social, and technological changes, with a notable increase in demand for labor in the tertiary sector. The labor supply is projected to decrease, leading to higher employment costs, which will enhance the penetration of flexible employment and digital human resources solutions [59][66].

Group 1 - The report emphasizes that service consumption has become a core strategy for expanding domestic demand in 2025, with significant potential for growth in China compared to developed economies like the US and Japan [4][8][28] - The report highlights that China's per capita GDP has surpassed $10,000, marking a critical window for the rapid development of service consumption, particularly in entertainment and leisure sectors [4][30][32] - Key measures to boost service consumption include increasing residents' income, enhancing leisure time, and encouraging high-quality service supply [4][8][28] Group 2 - The tea beverage industry is identified as having substantial growth potential, with a rational increase in store numbers and a shift towards emotional value for consumers, particularly among younger demographics [9] - The restaurant industry is expected to see steady growth, with a focus on government subsidies and an increase in chain operations, indicating a structural differentiation between mass and high-end markets [10] - Meituan is noted for its strategic investments in ecosystem development, maintaining a competitive edge despite short-term market fluctuations [11] Group 3 - The education sector is experiencing a concentration of market share among high-quality institutions, driven by regulatory changes and a persistent demand for K12 education [12] - The human resources industry is undergoing structural recovery, with a focus on AI applications to enhance efficiency and reduce costs [13] - The tourism sector is benefiting from policy-driven support and accelerated industry consolidation, with a notable increase in domestic travel demand [14] Group 4 - The hotel industry is facing a slowdown in supply growth, with leading hotel groups adjusting their operations to maintain competitive performance [14] - The duty-free sector is showing signs of recovery, with a stabilization in average transaction values and a narrowing decline in sales, supported by product diversification and new channel expansions [15]

Core Viewpoint - The current job market is active due to the graduation season, prompting various associations and organizations to issue a joint initiative aimed at regulating the recruitment market and combating "black intermediaries" to ensure a fair and trustworthy environment for both job seekers and employers [1] Group 1 - Various associations, including Beijing Human Resources Service Industry Association and Shanghai Talent Service Industry Association, have released a joint initiative [1] - The initiative aims to strengthen industry self-discipline and promote a healthy and orderly development of the human resources service industry [1] - The focus is on protecting the legitimate rights and interests of workers and employers [1]

Core Insights - The talent management training industry aims to enhance professional skills, management capabilities, and overall quality through systematic education and training, focusing on optimizing human resource efficiency [1][2][4] - The demand for talent management training in China has been steadily increasing, with the market size projected to reach 609 billion yuan in 2024 and 662 billion yuan in 2025, representing 2.04% and 2.06% of the human resource service market respectively [6][4] Industry Definition - The talent management training industry encompasses professional services that assist enterprises and individuals in improving their skills and management abilities, targeting enterprise, individual, and technical aspects [2] Current Development Status - The skills talent market in China faces supply-demand contradictions and management challenges, with the human resource service industry playing a crucial role in providing comprehensive and personalized services [4][6] - The human resource service market in China is expected to grow from 11,850 billion yuan in 2016 to 29,830 billion yuan in 2024, with further growth anticipated to 32,145 billion yuan in 2025 [4] Industry Chain - The upstream of the talent management training industry includes venue, hardware, content development, and technology providers, while the midstream focuses on training services, and the downstream serves enterprise clients, individual users, and government units [8] Competitive Landscape - The talent management training industry features various participants, including business schools, multinational training companies, consulting firms, and dedicated training companies, with significant differences in scale, business model, and market positioning [10][11] - Major players in the industry include China International Technology Cooperation Group, Frontline Network Technology, Beijing International Human Capital Group, and others, each with unique service offerings and market strategies [11][12] Industry Development Trends - The complexity of modern management and the outdated management practices of many enterprises create a significant demand for talent management training, indicating substantial growth potential for the industry [18]

Core Viewpoint - Beijing International Human Capital Group Co., Ltd. announced a cash dividend distribution of 0.6990 RMB per share (before tax) for its A-shares, totaling approximately 395.71 million RMB [1][2]. Dividend Distribution Details - The cash dividend distribution is based on a total share capital of 566,112,718 shares, resulting in a total cash dividend payout of 395,712,789.88 RMB (before tax) [1][2]. - The key dates for the dividend distribution are as follows: - Record date: June 26, 2025 - Last trading day: June 27, 2025 - Ex-dividend date: June 27, 2025 - Cash dividend payment date: June 27, 2025 [2]. Implementation Method - The cash dividends will be distributed through China Securities Depository and Clearing Corporation Limited Shanghai Branch to shareholders registered by the record date [2]. - Shareholders who have completed designated transactions can receive their cash dividends on the payment date, while those who have not will have their dividends held by the clearing company until the designated transaction is completed [2]. Taxation Information - For individual shareholders and securities investment funds holding unrestricted circulating shares, no personal income tax will be withheld at the time of cash dividend distribution. The actual cash dividend received will be 0.6990 RMB per share, with tax calculated based on the holding period upon actual stock transfer [3]. - For Qualified Foreign Institutional Investors (QFIIs), a 10% corporate income tax will be withheld, resulting in a net cash dividend of 0.6291 RMB per share [5]. - For Hong Kong investors, a similar 10% withholding tax applies, with the net cash dividend also being 0.6291 RMB per share [5]. Contact Information - For inquiries regarding the annual equity distribution, shareholders can contact the Board Office at 010-67771218 [5].

证券代码：600861 证券简称：北京人力 公告编号：临 2025-022 号 北京国际人力资本集团股份有限公司 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： 每股分配比例 A 股每股现金红利0.6990元（含税） 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | A 股 | 2025/6/26 | － | 2025/6/27 | 2025/6/27 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 2024年年度权益分派实施公告 二、 分配方案 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本566,112,718股为基数，每股派发现 金红利0.6990元（含税），共计派发现金红利 ...