证券代码：600861 证券简称：北京人力 公告编号：临 2024-029 号 北京国际人力资本集团股份有限公司 第十届董事会第十五次会议决议公告 一、审议《关于公司聘请会计师事务所的议案》 会议同意聘请立信会计师事务所（特殊普通合伙）为公司 2024 年度审计机构， 聘期 1 年。审计费用拟定为人民币 256 万元（其中年度财务报表审计费用为人民币 224 万元，内控审计费用为人民币 32 万元）。 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《北京 人力关于聘请会计师事务所的公告》（公告编号：临 2024-031 号）。 表决结果：同意 6 票，反对 0 票，弃权 0 票。 本议案已经公司董事会审计委员会一致审议通过，并同意提交董事会审议。 上述议案尚需提交公司股东大会审议。 二、审议《关于公司召开 2024 年第一次临时股东大会的议案》 会议同意公司于 2024 年 12 月 13 日召开 2024 年第一次临时股东大会。 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。 具体内容详见公司 ...

一、拟聘任会计师事务所的基本情况 证券代码：600861 证券简称：北京人力 编号：临2024-031号 北京国际人力资本集团股份有限公司 关于聘请会计师事务所的公告 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： （一）机构信息 1、基本信息 立信由潘序伦博士于1927年在上海创建，1986年复办，2010年成为全国首家完 成改制的特殊普通合伙制会计师事务所，注册地址为上海市，首席合伙人为朱建弟 先生。立信是国际会计网络BDO的成员所，长期从事证券服务业务，新证券法实施前 具有证券、期货业务许可证，具有H股审计资格，并已向美国公众公司会计监督委员 会（PCAOB）注册登记。 拟聘任的会计师事务所名称：立信会计师事务所（特殊普通合伙）（以下简称 "立信"）。 原聘任的会计师事务所名称：天职国际会计师事务所(特殊普通合伙)（以下简 称"天职国际"）。 变更会计师事务所的简要原因及前任会计师的异议情况：根据《国有企业、上 市公司选聘会计师事务所管理办法》等有关规定，综合考虑公司业务发展情况 和整体审计的需要，为保证 ...

证券代码：600861 证券简称：北京人力 公告编号：临 2024-032 号 北京国际人力资本集团股份有限公司 关于召开 2024 年第一次临时股东大会的通知 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： 一、 召开会议的基本情况 股东大会召开日期：2024年12月13日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (一) 股东大会类型和届次 2024 年第一次临时股东大会 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 12 月 13 日 15 点 00 分 召开地点：北京市朝阳区广渠路 18 号院世东国际大厦 B 座 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 13 日 (六) 融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融 ...

Summary of Beijing International Human Capital Group Q3 2024 Earnings Call Company Overview - **Company**: Beijing International Human Capital Group Co., Ltd. - **Event**: Q3 2024 Earnings Call - **Date of Report**: October 29, 2024 Key Points Financial Performance - **Total Revenue**: Achieved 33.179 billion CNY, a year-on-year increase of 15.46% [2][4] - **Net Profit**: Reported at 641 million CNY, a year-on-year increase of 84.75% [2][6] - **Net Profit Excluding Non-recurring Items**: 402 million CNY, a year-on-year increase of 137.92% [2][6] - **Performance Metrics**: - Revenue from outsourcing services accounted for 84% of total revenue [4] - Outsourcing service revenue reached 27.738 billion CNY, up 16% year-on-year [5] - Gross profit from outsourcing services was 774 million CNY, a 6% increase year-on-year [5] - **Cost Management**: Operating expenses decreased from 5.35% in 2022 to 3.22% in Q3 2024, a reduction of 2.13 percentage points [5] Strategic Focus - **Business Strategy**: Emphasis on professional management of outsourcing and overseas business, enhancing service quality, and digital transformation [3][4] - **Client Management**: Strengthening relationships with major clients to improve service efficiency and customer satisfaction [3][8] - **Digital Transformation**: Implementation of AI and big data technologies to enhance service delivery and operational efficiency [12][14] Market Environment - **Economic Context**: The company operates in a complex economic environment but remains committed to steady progress and achieving performance commitments [2][14] - **Government Policy**: Central government policies promoting high-quality employment provide a supportive backdrop for the human resources service industry [3] Future Outlook - **Performance Commitments**: The company aims to meet its performance commitments for 2024, with specific targets for net profit and net profit excluding non-recurring items [7] - **Long-term Goals**: Plans to enhance governance and management capabilities, focusing on digital transformation and risk management [12][13] Additional Insights - **International Expansion**: The establishment of a wholly-owned subsidiary in Singapore and development of a service platform in Southeast Asia [10][11] - **Corporate Governance**: Ongoing improvements in governance structures and compliance systems to enhance operational efficiency [12][13] This summary encapsulates the key financial metrics, strategic initiatives, market context, and future outlook of Beijing International Human Capital Group as discussed in the Q3 2024 earnings call.

Summary of Conference Call Notes Company and Industry Involved - The discussion revolves around the human resources service industry in China, focusing on the competitive landscape and management efficiency of a specific company within this sector. Core Points and Arguments - **Management Personnel Reduction**: The company anticipates a decrease in the total number of management personnel compared to the previous year, which will contribute to a reduction in management expenses [1] - **Government Subsidies**: The company reports that government subsidies have been satisfactory this year, fulfilling previous commitments. It is believed that this year represents the worst-case scenario, and future policies will enhance stability and flexibility [1][2] - **Competitive Environment**: The current economic downturn has led to difficulties for many small human resources service providers, resulting in a higher rate of exits from the industry compared to new entrants. The company perceives that while entry barriers are low, true competitive advantages remain unchanged among established players [2] - **Trends in the Industry**: There is a growing concern regarding the survival of small and micro human resources service institutions, which may lead to an accelerated exit from the market. Larger enterprises are likely to continue seeking services from established, larger institutions [3] Other Important but Possibly Overlooked Content - **Regulatory Environment**: The increasing scrutiny and regulation in the industry may further impact smaller players, potentially leading to a consolidation of the market as compliance pressures mount [2][3] - **Future Outlook**: The company expresses optimism about the future stability of the industry, suggesting that policy changes will support a more robust operational environment moving forward [1][2]

会议召开时间：2024 年 11 月 15 日（星期五）下午 15:00-16:30 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心视频直播和网络互动 证券代码：600861 证券简称：北京人力 公告编号： 临 2024-028 号 北京国际人力资本集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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： 投资者可于 2024 年 11 月 8 日（星期五）至 11 月 14 日（星期四）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 fesco.ir@fesco.com.cn 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 北京国际人力资本集团股份有限公司（以下简称"公司"）已于 2024 年 10 月 29 日发布公司《2024 年第三季度报告》，为便于广大投资者更全面深入地了 解公司 2024 年第三季度经营成果、财 ...

Investment Rating - The report maintains a "Buy" rating for Beijing Renli (600861) with a target price based on the last closing price of 20.75 [1]. Core Insights - The company's outsourcing business continues to show high growth, contributing approximately 85% to overall revenue, which is crucial for sustained growth amid economic challenges [1]. - The company reported a revenue of 33.179 billion yuan for the first three quarters of 2024, a year-on-year increase of 15.46%, and a net profit attributable to shareholders of 641 million yuan, up 84.75% year-on-year [1]. - The report highlights the organizational restructuring aimed at improving efficiency, with a focus on integrating the operations of various subsidiaries [1]. Financial Performance Summary - Revenue projections for the upcoming years are as follows: - 2023: 38.31 billion yuan - 2024E: 43.76 billion yuan - 2025E: 50.10 billion yuan - 2026E: 57.35 billion yuan - The expected revenue growth rates are 18.47% for 2023, 14.21% for 2024, 14.49% for 2025, and 14.48% for 2026 [3][4]. - The net profit attributable to shareholders is projected to be: - 2023: 547.98 million yuan - 2024E: 910.88 million yuan - 2025E: 1,005.61 million yuan - 2026E: 1,137.55 million yuan, with growth rates of 32.24% for 2023 and 66.22% for 2024 [3][4]. Earnings Per Share and Valuation - The diluted earnings per share (EPS) are forecasted as follows: - 2023: 1.08 yuan - 2024E: 1.61 yuan - 2025E: 1.78 yuan - 2026E: 2.01 yuan - The corresponding price-to-earnings (PE) ratios are projected to be 17.38 for 2023, 12.90 for 2024, 11.68 for 2025, and 10.33 for 2026 [3][4]. Organizational Restructuring - The company has undergone a significant internal restructuring, transferring equity stakes in 27 companies from Beijing Foreign Enterprise to enhance operational focus and management consistency across regional subsidiaries [1].

Investment Rating - The report maintains a "Buy" rating for Beijing Human Resources (600861 SH) with projected PE ratios of 14X 13X and 12X for 2024 2025 and 2026 respectively [1][5] Core Views - In Q3 2024 Beijing Human Resources reported revenue of 11 313 billion yuan a YoY increase of 18 39% and net profit attributable to the parent company of 207 million yuan a YoY increase of 52 3% [1][3] - The company's non-GAAP net profit was 126 million yuan a YoY increase of 33% driven by rapid growth in outsourcing services and steady performance in HR management and payroll services [1][3] - The company's profitability was boosted by government subsidies and cost-saving measures with a slight decline in gross margin due to changes in revenue structure [1][7] - The report forecasts net profit attributable to the parent company for 2024-2026 to be 835 million yuan 897 million yuan and 1 005 billion yuan respectively [1][5] Business Performance - For the first three quarters of 2024 the company achieved revenue of 33 179 billion yuan a YoY increase of 15 46% and net profit attributable to the parent company of 641 million yuan a YoY increase of 84 75% [3] - The outsourcing business grew rapidly driven by large client orders while HR management and payroll services remained stable [7] - The company's gross margin decreased by 0 5 percentage points YoY in Q3 2024 primarily due to the faster growth of low-margin outsourcing business [7] Financial Metrics - The company's current stock price is 20 80 yuan with a total market capitalization of 56 611 million shares and a net asset per share of 11 27 yuan [8] - The report provides detailed financial forecasts for 2024-2026 including revenue operating costs and net profit with expected EPS of 1 48 yuan 1 58 yuan and 1 78 yuan respectively [12] Strategic Outlook - The company is expected to continue its strategic focus on marketization specialization digitization and internationalization leveraging its professional service capabilities and data assets to achieve steady performance growth [6] - The company aims to innovate products empower data link ecosystems and enhance nationwide coordination to improve efficiency and reduce costs in a challenging environment [6]

Summary of Conference Call Company and Industry - The conference call pertains to a company operating in the outsourcing and human resources management industry, with notable clients including Huawei, Alibaba, and Meituan. Key Points and Arguments 1. **Stable Business Operations**: The company reported stable business operations in Q3, with no significant customer loss despite a challenging external environment. Major clients like Huawei and Alibaba showed steady growth, contributing to a stable revenue base [2][3][4]. 2. **Cost Reduction and Efficiency Improvement**: The company has intensified efforts to reduce costs and improve efficiency through various measures, including expense management, internal optimization, and talent restructuring. These efforts are expected to yield positive results in Q3 and the full year [2][3][4]. 3. **Revenue Growth Driven by Outsourcing**: The overall revenue growth is primarily driven by the increase in outsourcing services, while basic services have seen a slight decline due to structural issues and economic pressures [4][5]. 4. **Subsidy Expectations**: The company anticipates that government subsidies will align with expectations, although the timing of these subsidies can vary due to government approval processes. There is no fixed schedule for subsidy payments [5][6]. 5. **Future of Subsidies**: The company remains confident in the continuity and stability of subsidies, despite some local governments tightening their subsidy policies. The focus will be on ensuring that subsidies are legally and reasonably obtained [7][8]. 6. **Client Revenue Contribution**: The top five clients, including Huawei and Alibaba, contribute significantly to revenue, with Huawei alone accounting for approximately one-third of total revenue. However, its direct profit contribution is lower [9][10]. 7. **Focus on Major Clients**: The company plans to continue prioritizing major clients while also attempting to grow its small and medium-sized client base. A dedicated team for major clients has been established to enhance service quality and meet higher demands [11][12]. 8. **Digital Transformation and AI Integration**: The company is exploring the integration of AI and digital tools to enhance efficiency in recruitment and other HR processes. Collaborations with tech firms are being pursued to leverage advanced technologies [14][15]. 9. **Organizational Restructuring**: An internal restructuring is underway to streamline management and improve operational efficiency. This includes reducing organizational layers and enhancing resource allocation [19][20]. 10. **M&A Opportunities**: The company is open to mergers and acquisitions, particularly targeting firms that can complement its capabilities, especially in digital and AI sectors [17][18]. 11. **Performance Outlook**: The company expects that the performance in the second half of the year will be better than the first half, following historical trends, although recent years have been atypical due to external factors [21]. Other Important Content - The company acknowledges the challenges posed by the pandemic and economic downturn but emphasizes its resilience and ability to adapt to changing market conditions [3][21]. - There is a focus on maintaining a balance between cost-cutting measures and investment in growth areas, ensuring that the company remains competitive in the outsourcing market [16][17].

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported strong profit growth in the first three quarters of 2024, with a revenue of 33.179 billion yuan, representing a year-on-year increase of 15.46%. The net profit attributable to shareholders reached 641 million yuan, up 84.75% year-on-year, and the net profit after deducting non-recurring items was 402 million yuan, a significant increase of 137.92% [3]. - In Q3 2024, the company achieved a revenue of 11.313 billion yuan, a year-on-year growth of 18.39%, and a net profit of 207 million yuan, up 52.30% year-on-year. The growth in profit for the quarter was primarily driven by overall business growth and timing differences in government subsidies [3]. - The company has been optimizing its cost structure, with sales and management expense ratios decreasing to 1.22% and 2.10%, respectively, down 0.31 and 0.46 percentage points year-on-year [3]. - The company's outsourcing business is experiencing steady growth, with a focus on enhancing its recruitment team and optimizing recruitment processes. Strategic global cooperation agreements have been signed with major clients like Huawei and the Adecco Group [4]. - An internal restructuring plan was approved, which includes the transfer of equity in 27 subsidiaries, aimed at improving group management efficiency [4]. Financial Summary - The company is projected to have earnings per share (EPS) of 1.5, 1.7, and 1.9 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 14, 12, and 11 times [5]. - Revenue forecasts for the next few years are as follows: 44.225 billion yuan in 2024, 50.773 billion yuan in 2025, and 58.152 billion yuan in 2026, with year-on-year growth rates of 15.43%, 14.81%, and 14.53% respectively [6][10]. - The net profit attributable to shareholders is expected to reach 857.66 million yuan in 2024, 964.93 million yuan in 2025, and 1.08365 billion yuan in 2026, with year-on-year growth rates of 56.51%, 12.51%, and 12.30% respectively [6][10]. - The company's return on equity (ROE) is projected to be 13.00% in 2024, 12.76% in 2025, and 12.53% in 2026 [10].