Core Insights - The company reported a revenue of 22.691 billion yuan for the first half of 2025, representing a year-on-year increase of 3.77% [1] - The net profit attributable to shareholders reached 813 million yuan, showing a significant year-on-year growth of 87.43% [1] - The net profit after deducting non-recurring gains and losses was 296 million yuan, reflecting a year-on-year increase of 6.89% [1] Financial Performance - The net cash flow from operating activities turned positive, amounting to 475 million yuan [1] - The company completed the transfer of 100% equity in its wholly-owned subsidiary, Beijing Urban Rural Huangsi Commercial Co., Ltd., generating an investment income of 358 million yuan, which significantly contributed to the profit growth [1] Shareholding Structure - Beijing State-owned Capital Operation Management Co., Ltd. remains the largest shareholder of the company, holding a 49.23% stake [1]

Core Insights - Beijing Human Capital Group reported a revenue of 22.691 billion yuan for the first half of 2025, representing a year-on-year growth of 3.77% [1] - The net profit attributable to shareholders reached 813 million yuan, showing a significant increase of 87.43% year-on-year [1] - The basic earnings per share (EPS) for the reporting period was 1.44 yuan [1] Financial Performance - The company's gross margin for the first half of 2025 was 5.34%, a decrease of 0.31 percentage points year-on-year [1] - The net profit margin improved to 4.51%, an increase of 1.76 percentage points compared to the same period last year [1] - In Q2 2025, the gross margin was 5.08%, up 0.07 percentage points year-on-year but down 0.55 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the first half of 2025 were 627 million yuan, a decrease of 56.059 million yuan from the previous year [2] - The expense ratio was 2.76%, down 0.36 percentage points year-on-year [2] - Sales expenses decreased by 9.54%, management expenses decreased by 7.50%, and R&D expenses saw a significant reduction of 37.32% [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 15,300, an increase of 1,757 or 13.00% from the previous quarter [2] - The average market value per shareholder decreased from 899,000 yuan to 715,500 yuan, a decline of 20.41% [2] Business Overview - Beijing Human Capital Group specializes in human resource services, including personnel management, compensation and benefits, business outsourcing, recruitment, and flexible employment services [2] - The revenue composition of the main business includes 83.77% from business outsourcing, 10.08% from recruitment and flexible employment services, 2.79% from compensation and benefits, and 2.30% from personnel management services [2] - The company is categorized under the social services - professional services - human resources services sector [2]

Core Viewpoint - The supervisory board of Beijing International Human Capital Group Co., Ltd. has approved the 2025 semi-annual report and related financial documents, confirming their compliance with regulatory requirements and reflecting the company's actual operational and financial status [1][2]. Group 1 - The supervisory board meeting was held on August 27, 2025, with all three supervisors present, ensuring the meeting's legality and effectiveness [1]. - The 2025 semi-annual report was deemed to accurately reflect the company's management and financial condition, with no violations of confidentiality found during its preparation [1][2]. - The voting results for the approval of the semi-annual report were unanimous, with 3 votes in favor and no votes against or abstentions [2]. Group 2 - The special report on the storage and actual use of raised funds for the first half of 2025 was also approved, confirming its accuracy and compliance with relevant regulations [2]. - The voting results for the approval of the fundraising report were unanimous, with 3 votes in favor and no votes against or abstentions [2]. - The supervisory board approved the addition of implementation subjects for fundraising investment projects, ensuring that this decision does not harm shareholder interests [2].

Summary of Key Points Core Viewpoint - The independent financial advisor, CITIC Construction Investment Securities Co., Ltd., conducted a special review regarding the increase of implementation entities for the fundraising investment projects of Beijing International Human Capital Group Co., Ltd. The review concluded that the addition of entities does not change the investment purpose or scale, ensuring the protection of shareholder interests [1][9]. Group 1: Fundraising Overview - The actual amount of funds raised by the company was RMB 1,581,962,589.68, with the funds fully received by April 25, 2023 [2][3]. - The company received approval from the China Securities Regulatory Commission on July 27, 2022, to issue shares and raise funds not exceeding RMB 1,596,696,900 [1]. Group 2: Fundraising Investment Project Status - As of June 30, 2025, the cumulative investment progress for the fundraising projects is as follows: total committed investment of RMB 159,669.69 million, adjusted total investment of RMB 158,196.26 million, and cumulative investment amount of RMB 79,084.84 million, representing 49.99% completion [3]. Group 3: Increase of Implementation Entities - The company plans to add Beijing International Human Capital Group Co., Ltd. and Beijing Foreign Enterprise Digital Technology Co., Ltd. as implementation entities for the fundraising projects to enhance efficiency and align with the company's digital construction needs [4][5]. - The new implementation entities will not alter the investment purpose, scale, or methods of the fundraising projects [9]. Group 4: Fund Management and Oversight - A special account for the raised funds will be established by the newly added entity, which will sign a regulatory agreement with the company and the bank holding the funds to ensure proper management and usage [8]. - The board of directors has authorized the management to handle the opening of the special account and related agreements, ensuring compliance with disclosure obligations [8]. Group 5: Impact on Company Operations - The decision to add implementation entities is seen as a prudent move to optimize internal resource allocation and aligns with the company's long-term development strategy [8][9]. - The addition of entities does not pose any significant adverse effects on the company's operational or financial status [9].

公司于 2025 年第一季度对外转让了北京城乡黄寺商厦 有限公司 100%股权。本次股权转让，一方面将进一步推动 公司专注主营业务，提升公司管理效能和专业化业务水平； 另一方面优化公司的资产负债表结构，补充公司经营现金流， 为公司的持续健康发展奠定基础。 （二）增加投资者回报方面 《北京国际人力资本集团股份有限公司 2025 年度"提质增效重回报"行动方案》 的半年度评估报告 为深入贯彻党的二十大和中央金融工作会议精神，落实 国务院《关于进一步提高上市公司质量的意见》要求，积极 响应上海证券交易所关于开展沪市公司"提质增效重回报" 专项行动的倡议，践行"以投资者为本"的理念，推动上市 公司持续优化经营、规范治理、积极回报投资者，北京国际 人力资本集团股份有限公司（以下简称"公司"）于 2025 年 4 月 26 日发布《北京人力 2024 年度"提质增效重回报" 行动落实情况及 2025 年度"提质增效重回报"行动方案》。 公司根据行动方案，积极开展和落实各项工作，现将 2025 年上半年的主要工作成果报告如下： 一、行动方案相关措施的实施情况及效果 （一）提升经营质量方面 报告期内，公司积极应对复杂多变的市 ...

监事会认为，《公司 2025 年半年度报告》的内容和格式符合监管机构的规定，能 够真实、准确、完整地反映公司 2025 年上半年经营管理和财务状况的实际情况；《公 司 2025 年半年度报告》编制和审议程序符合相关法律、法规及《公司章程》和公司内 部管理制度的规定；未发现参与《公司 2025 年半年度报告》编制和审议的人员有违反 保密规定的行为。 会议审议通过《北京人力 2025 年半年度报告》。 证券代码：600861 证券简称：北京人力 公告编号：临 2025-026 号 北京国际人力资本集团股份有限公司 第十届监事会第十三次决议公告 本公司监事会及全体监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。 北京国际人力资本集团股份有限公司（以下简称"公司"）第十届监事会第十三次 会议通知于 2025 年 8 月 21 日以电子邮件方式发出，会议于 2025 年 8 月 27 日以现场 结合通讯方式召开。会议应到监事 3 名，实到监事 3 名。会议的召集召开符合《中华 人民共和国公司法》和《北京国际人力资本集团股份有限公司章程》（以下简称《公司 章 ...

证券代码：600861 证券简称：北京人力 公告编号：临 2025-025 号 北京国际人力资本集团股份有限公司 第十届董事会第二十次会议决议公告 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。 北京国际人力资本集团股份有限公司（以下简称"公司"）第十届董事会第二十 次会议通知于 2025 年 8 月 21 日以电子邮件方式发出，会议于 2025 年 8 月 27 日在公 司以现场结合通讯方式召开。本次会议应到董事 8 名，实到董事 8 名。会议的召集召 开符合《中华人民共和国公司法》《北京国际人力资本集团股份有限公司章程》以及 《北京国际人力资本集团股份有限公司董事会议事规则》的有关规定，会议合法有效。 本次会议由董事长王一谔先生主持，公司监事及高级管理人员列席会议。会议审议通 过如下事项： 一、审议《关于<公司 2025 年半年度报告>的议案》 会议审议通过《北京人力 2025 年半年度报告》，授权董事长在《北京人力 2025 年半年度报告》及摘要上签字确认。 具体内容详见公司同日在上海证券交易所网站（www.sse.co ...

中信建投证券股份有限公司 关于北京国际人力资本集团股份有限公司 募集资金投资项目增加实施主体的专项核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"独立财务顾问"） 作为北京国际人力资本集团股份有限公司（原"北京城乡商业（集团）股份有限 公司"，以下简称"北京人力"或"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的独立财务顾问，根据《上市公司重大资产重组管理办 法》（以下简称"《重组管理办法》"）、《上市公司并购重组财务顾问业务管理办法》 等有关法律法规和规范性文件的要求，对北京人力募集资金投资项目增加实施主 体事项进行了专项核查，核查情况及核查意见如下： 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 北京人力于 2022 年 7 月 27 日收到中国证券监督管理委员会《关于核准北京 城乡商业（集团）股份有限公司重大资产置换及向北京国有资本运营管理有限公 司等发行股份购买资产并募集配套资金的批复》（证监许可〔2022〕1590 号）， 核准公司发行股份募集配套资金不超过 1,596,696,900 元。 公司本次实际向特定对象发行人民币普通股 95,041,48 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines specific terms used in the report to ensure clarity and consistency of information disclosure - This section primarily defines specific terms used in the report, ensuring clarity and consistency in information disclosure[16](index=16&type=chunk) [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides the company's basic information and key financial data and performance indicators [Basic Company Information](index=4&type=section&id=I.%20Company%20Information) Beijing International Human Capital Group Co., Ltd. (Beijing Human, 600861) is a state-owned HR service provider - The company's Chinese name is Beijing International Human Capital Group Co., Ltd., abbreviated as Beijing Human, with the foreign name FESCO Group Co., Ltd. and abbreviation FESCO[14](index=14&type=chunk) - The company's legal representative is Wang Yi'e[14](index=14&type=chunk) - The company's registered address changed to Room 101, 3rd Floor, Building 1, Zone 1, No. 81 Beiqing Road, Haidian District, Beijing on August 7, 2023[18](index=18&type=chunk) - The company's stock abbreviation is "Beijing Human," stock code "600861," listed on the Shanghai Stock Exchange[20](index=20&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved **3.77%** revenue growth, with total profit and net profit attributable to shareholders increasing significantly by **67.55%** and **87.43%** Key Accounting Data (January-June 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) (RMB) | Prior Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 22,690,641,948.17 | 21,866,296,507.63 | 3.77 | | Total Profit | 1,344,983,218.99 | 802,753,023.60 | 67.55 | | Net Profit Attributable to Shareholders of Listed Company | 813,198,379.53 | 433,868,367.46 | 87.43 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 295,556,861.40 | 276,508,951.67 | 6.89 | | Net Cash Flow from Operating Activities | 474,610,826.68 | -359,591,369.80 | 231.99 | | **Period-End Data** | **Current Period-End (RMB)** | **Prior Year-End (RMB)** | **Change from Prior Year-End (%)** | | Net Assets Attributable to Shareholders of Listed Company | 6,950,045,791.62 | 6,532,560,203.43 | 6.39 | | Total Assets | 16,789,432,363.75 | 16,424,091,192.37 | 2.22 | Key Financial Indicators (January-June 2025 vs. Prior Period) | Indicator | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/share) | 1.4365 | 0.7664 | 87.43 | | Diluted Earnings Per Share (RMB/share) | 1.4365 | 0.7664 | 87.43 | | Basic EPS (Excluding Non-Recurring Gains/Losses) (RMB/share) | 0.5221 | 0.4884 | 6.90 | | Weighted Average Return on Net Assets (%) | 11.83 | 7.01 | Increased by 4.82 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 4.30 | 4.47 | Decreased by 0.17 percentage points | - Total profit and net profit attributable to parent company shareholders significantly increased, primarily due to investment income from the disposal of 100% equity in wholly-owned subsidiary Beijing Chengxiang Huangsi Commercial Building Co., Ltd., and timing differences in industrial support funds[24](index=24&type=chunk) - Net cash flow from operating activities turned positive, mainly due to timing differences in business execution and the receipt of industrial support funds[25](index=25&type=chunk) [Non-Recurring Gains and Losses and Amounts](index=6&type=section&id=IX.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 518 million**, primarily from disposal of non-current assets and government subsidies Non-Recurring Gains and Losses and Amounts | Non-Recurring Gains and Losses Item | Amount (RMB) | Notes (if applicable) | | :--- | :--- | :--- | | Gains or losses from disposal of non-current assets | 357,513,136.24 | Primarily from the transfer of equity in Beijing Chengxiang Huangsi Commercial Building Co., Ltd. | | Government subsidies recognized in current profit or loss | 518,197,680.42 | / | | Gains or losses from changes in fair value of financial assets and liabilities held by non-financial enterprises, and gains or losses from disposal of financial assets and liabilities, except for effective hedging activities related to normal business operations | 7,021,599.24 | / | | Reversal of impairment provisions for accounts receivable subject to separate impairment testing | 79,481.80 | / | | Other non-operating income and expenses apart from the above | -1,556,349.76 | / | | Less: Income tax impact | 222,342,291.14 | / | | Minority interest impact (after tax) | 141,271,738.67 | / | | Total | 517,641,518.13 | / | [Management Discussion and Analysis](index=7&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides an in-depth analysis of the company's industry, business operations, financial performance, core competencies, and key risks during the reporting period [Industry and Main Business Overview](index=7&type=section&id=I.%20Description%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20During%20the%20Reporting%20Period) In H1 2025, the human resource services industry benefited from a stable domestic economy and supportive policies, while the company expanded its one-stop HR services, digital and international presence, driven by strategic leadership and new quality productive forces - In H1 2025, global economic growth is projected at **3.0%**, while China's GDP grew by **5.3%** year-on-year, with accelerated service sector growth and overall stable employment, laying a solid foundation for the human resource services industry[29](index=29&type=chunk) - National policies highly prioritize the development of the human resource services industry, issuing notices such as "Further Strengthening Financial Support for Enterprise Stability and Employment Expansion," "Pilot Program for Integrated Development of Human Resource Services and Manufacturing," and "Further Strengthening Employment Stabilization Policies" to support stable and expanded employment[29](index=29&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - In H1 2025, **6.95 million** new urban jobs were created nationwide, with the urban surveyed unemployment rate at **5.0%** in June, indicating overall stable employment and increased support for key demographic groups[31](index=31&type=chunk) - The company provides one-stop, comprehensive human resource service solutions including personnel management, payroll and benefits, business outsourcing, recruitment, and flexible staffing[34](index=34&type=chunk) - The company's operating model is customer-centric, expanding markets through diversified channels and precise strategies, with operations focused on specialization, intensification, and digitalization, and management centered on group-level control[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) - Key performance drivers include strategic leadership (market-oriented, specialized, digital, international development), the growth of new quality productive forces (increased talent demand), and favorable policies (employment support, industry integration)[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) - During the reporting period, the company and its subsidiaries received multiple awards and honors, including "Top 100 HR Service Providers 2025," "Shanghai Model Collective," and "No. 1 in Huangpu District High-Quality Economic Development Top 100 Award 2024"[44](index=44&type=chunk)[45](index=45&type=chunk) [Industry Development Environment](index=7&type=section&id=(I)%20Industry%20Situation%20of%20the%20Company%20During%20the%20Reporting%20Period) In H1 2025, the human resource services industry benefited from a stable domestic economy, supportive national policies, and increased demand for specialized services, despite complex global economic conditions - Global economic growth remains complex, but China's economy is steadily improving, with GDP growing by **5.3%** year-on-year in the first half, accelerated service sector growth, and overall stable employment[29](index=29&type=chunk) - The state highly values the development of the human resource services industry, issuing "Notice on Further Strengthening Financial Support for Enterprise Stability and Employment Expansion" (increasing credit limits for small and micro enterprises and individuals), "Pilot Program for Integrated Development of Human Resource Services and Manufacturing" (promoting

北京人力公告，2025年上半年营业收入226.91亿元，同比增长3.77%。净利润8.13亿元，同比增长 87.43%。 ...