Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company demonstrated robust performance with a revenue of 43.03 billion yuan in 2024, reflecting a year-on-year increase of 12%, and a net profit attributable to shareholders of 791 million yuan, up 44% [1] - The company is focusing on professional development in outsourcing services, having added 30 large clients in 2024, with 14 being private enterprises [2] - The company is expected to benefit from close cooperation with leading technology firms, with optimistic trends in subsidies and strong performance certainty for 2025 [3] Revenue Breakdown - In 2024, the revenue from various services was as follows: outsourcing services 36.05 billion yuan (+14%), personnel management services 990 million yuan (-9%), compensation and benefits services 1.2 billion yuan (+5%), and recruitment and flexible employment 4.34 billion yuan (+13%) [2] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 1.154 billion yuan, 983 million yuan, and 1.086 billion yuan respectively, with corresponding P/E ratios of 10.2X, 11.9X, and 10.8X [4] - Adjusted net profits excluding one-time gains from asset disposals are projected to be 870 million yuan, 980 million yuan, and 1.09 billion yuan for 2025-2027, indicating growth rates of 10.4%, 12.5%, and 10.5% respectively [4]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated robust performance with a revenue of 43.03 billion yuan in 2024, reflecting a year-on-year increase of 12%, and a net profit attributable to shareholders of 791 million yuan, up 44% [1] - The company is focusing on the professional development of its outsourcing business, having added 30 large clients in 2024, with 14 being private enterprises [2] - The company is expected to benefit from close cooperation with leading technology firms, with optimistic trends in subsidies and strong performance certainty for the year [3] Revenue Overview - In 2024, the revenue breakdown by business segment shows outsourcing services at 36.05 billion yuan (up 14%), personnel management services at 990 million yuan (down 9%), compensation and benefits services at 1.2 billion yuan (up 5%), and recruitment and flexible employment at 4.34 billion yuan (up 13%) [2] Earnings Forecast and Valuation - The forecasted net profit attributable to shareholders for 2025-2027 is expected to be 1.15 billion yuan, 983 million yuan, and 1.09 billion yuan respectively, with corresponding year-on-year growth rates of 45.8%, -14.8%, and +10.5% [4] - The adjusted net profit excluding one-time gains from asset disposals is projected to be 870 million yuan, 980 million yuan, and 1.09 billion yuan for the same period, indicating a steady growth trajectory [4]

Group 1 - The core viewpoint of the articles highlights Beijing International Human Capital Group's strong performance in the human resources service industry, with a notable increase in net profit and a competitive position in terms of PE ratio compared to industry averages [1][2] - As of the first quarter of 2025, the company reported a revenue of 108.37 billion yuan, representing a year-on-year increase of 2.72%, and a net profit of 5.91 billion yuan, showing a significant year-on-year growth of 180.41% [2] - The company's current PE ratio stands at 10.16, significantly lower than the industry average of 55.72 and the median of 35.65, indicating potential undervaluation [1][2] Group 2 - The company operates in the comprehensive human resources service sector, offering products such as business outsourcing, personnel management, compensation and benefits services, recruitment, and flexible employment services [1] - Beijing International Human Capital has received multiple accolades, including recognition as a "National Employment Advanced Enterprise" and a "5A-level Human Resource Service Institution" by the Beijing Human Resources and Social Security Bureau [1] - As of the first quarter of 2025, 33 institutions hold shares in the company, with a total holding of 39,761.32 million shares valued at 85.33 billion yuan [1]

北京国际人力资本集团股份有限公司 北京国际人力资本集团股份有限公司 为维护全体股东的合法权益，确保北京国际人力资本集团 股份有限公司（以下简称"公司"）股东大会的正常秩序和议 事效率，保证股东大会的顺利进行，根据公司《股东大会议事 规则》的规定，特制定本次股东大会须知如下： 一、公司根据《中华人民共和国公司法》《中华人民共和 国证券法》《上海证券交易所股票上市规则》《公司章程》及 《股东大会议事规则》的规定，认真做好股东大会的各项工作。 二、本次股东大会以现场会议与网络投票相结合的方式召 开。 三、股东参加股东大会依法享有知情权、发言权、质询权、 表决权等权利，同时股东应认真履行法定义务，自觉遵守大会 纪律，不得侵犯其他股东的权益，以确保股东大会的正常秩序。 四、股东及股东代理人由会议主持人安排依次进行发言， 临时需要发言的股东及股东代理人，经会议主持人同意后方可 进行发言。每位股东及股东代理人发言时间一般不超过五分钟， 发言主题应与会议提案相关。 七、股东大会表决采用现场投票与网络投票相结合的方式。 股东以其所持有的有效表决权的股份数额行使表决权，每一股 份享有一票表决权。出席现场会议的股东在投票表决时，应 ...

北京国际人力资本集团股份有限公司 2024 年年度股东大会会议材料 2025 年 5 月 19 日 北京国际人力资本集团股份有限公司 2024 年年度股东大会会议须知 为维护全体股东的合法权益，确保北京国际人力资本集团 股份有限公司（以下简称"公司"）股东大会的正常秩序和议 事效率，保证股东大会的顺利进行，根据公司《股东大会议事 规则》的规定，特制定本次股东大会须知如下： 一、公司根据《中华人民共和国公司法》《中华人民共和 国证券法》《上海证券交易所股票上市规则》《公司章程》及 《股东大会议事规则》的规定，认真做好股东大会的各项工作。 二、本次股东大会以现场会议与网络投票相结合的方式召 开。 三、股东参加股东大会依法享有知情权、发言权、质询权、 表决权等权利，同时股东应认真履行法定义务，自觉遵守大会 纪律，不得侵犯其他股东的权益，以确保股东大会的正常秩序。 1 四、股东及股东代理人由会议主持人安排依次进行发言， 临时需要发言的股东及股东代理人，经会议主持人同意后方可 进行发言。每位股东及股东代理人发言时间一般不超过五分钟， 发言主题应与会议提案相关。 五、股东及股东代理人要求发言时，不得打断会议报告人 的报告 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumer services and retail sectors are under pressure, with notable performance in emotional consumption and tourism consumption [1][2] - In 2024, CITIC consumer services revenue and net profit attributable to shareholders are expected to grow by 2% and decline by 24% respectively, while the retail sector is projected to see an 8% drop in revenue but a 6% increase in net profit [1][2] - The report highlights the divergence in performance among sub-sectors, with tourism services (+56%), human resources (+15%), and scenic areas (+3%) showing relative strength [1][2] Summary by Relevant Sections Consumer Services - In 2024, revenue for CITIC consumer services is projected to grow by 2%, while net profit is expected to decline by 24%. The tourism services sector shows a significant revenue increase of 56% [1] - For Q1 2025, the consumer services sector continues to face pressure, with revenues down by 0.1% and net profits down by 8% [2] Retail Sector - The retail sector is expected to see an 8% decline in revenue for 2024, but net profit is projected to increase by 6% [1] - Notable performances include supermarkets and convenience stores, which saw a 156% increase in net profit due to non-operating factors [1] OTA (Online Travel Agency) - The online booking rate for travel continues to rise, with OTA transaction volume expected to grow by 17.8% in 2024 [3] - Major players like Ctrip and Tongcheng are experiencing significant revenue growth, with Ctrip's international business revenue reaching 10% of total revenue [3][6] Scenic Areas - The scenic area sector is expected to see a 3% increase in revenue and a 30% increase in net profit for 2024, driven by strong performances from key players [7] - In Q1 2025, revenue is projected to grow by 2%, but net profit is expected to decline by 18% [7] Hotel Sector - The hotel sector is facing pressure with a decline in RevPAR (Revenue per Available Room), but major hotel groups are maintaining aggressive expansion plans [8][9] - For Q1 2025, major hotel groups are experiencing varying impacts on net profit, with some showing significant declines [9] Human Resources - The outsourcing business remains strong, with companies like Core International and Beijing Human Resources seeing revenue growth of 22% and 14% respectively [10] - Government subsidies are contributing to significant net profit increases for these companies [12] E-commerce and Services - The report highlights the growth of self-owned brands, with companies like Ruoyu Chen achieving a 29.26% increase in total revenue for 2024 [13] - The demand for agency operations is declining, but self-owned brands are driving high growth [13] Dining Sector - The dining sector is under pressure due to intense price competition, but some brands are showing resilience [14] - In Q1 2025, the dining sector shows signs of marginal improvement as price competition eases [14] Jewelry Sector - The jewelry sector is experiencing performance divergence, with strong brands outperforming the market amid rising gold prices [15] - In Q1 2025, brands like Chaohongji and Mankalon are showing significant revenue and profit growth [15] Investment Recommendations - The report suggests focusing on high-demand consumer products and travel services, as well as companies benefiting from overseas expansion [17]

证券代码：600861 证券简称：北京人力 公告编号：临2025-018号 北京国际人力资本集团股份有限公司 关于董事辞职暨补选董事的公告 北京国际人力资本集团股份有限公司（以下简称"公司"）董事会于 2025 年 5 月 7 日收到焦瑞芳女士的书面辞职报告。焦瑞芳女士因工作安排调整，申请辞去公司第 十届董事会董事职务。公司于 2025 年 5 月 8 日召开第十届董事会第十九次会议，审 议通过《关于公司拟补选第十届董事会非独立董事的议案》，同意提名杨临明先生为 公司非独立董事候选人，上述议案尚需提交股东大会审议。 一、董事离任情况 | 姓名 | 离任 | 离任时间 | 原定任期 | 离任原因 | 是否继续在公 司及其控股子 | 具体职务 | 是否存在未 履行完毕的 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 职务 | | 到期日 | | | | | | | | | | | 公司任职 | | 公开承诺 | | 焦瑞芳 | 董事 | 2025年5月 | 2025年11 | 工作安排 | 否 | 不适用 | 否 | | | | 7日 | 月29日 ...

证券代码：600861 证券简称：北京人力 公告编号：临 2025-019 号 北京国际人力资本集团股份有限公司 关于2024年年度股东大会增加临时提案的公告 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。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2024年年度股东大会 2. 股东大会召开日期：2025 年 5 月 19 日 3. 股权登记日 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600861 | 北京人力 | 2025/5/12 | 2. 提案程序说明 公司已于2025 年 4 月 26 日公告了股东大会召开通知，持有49.23%股份的股 东北京国有资本运营管理有限公司，在2025 年 5 月 7 日提出临时提案并书面提 交股东大会召集人。股东大会召集人按照《上市公司股东大会规则》有关规定， 现予以公告。 3. 临时提案的具体内容 2025 年 5 月 7 日公司收到北京国有资本运营管理有限公司提交的《关于推 荐北京国际人 ...

特此公告。 北京国际人力资本集团股份有限公司 证券代码：600861 证券简称：北京人力 公告编号：临2025-020号 北京国际人力资本集团股份有限公司 关于股东大会开设网络投票提示服务的公告 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。 北京国际人力资本集团股份有限公司（以下简称"公司"）拟于 2025 年 5 月 19 日 15:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合的表 决方式。详见公司于 2025 年 4 月 26 日披露的《北京人力关于召开 2024 年年度股东 大会的通知》（公告编号：临 2025-017 号）。 为了更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会并 投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的股东大 会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股东名册主动提 醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议案情况等信息。投 资者在收到智能短信后，可根据《上市公司股东会网络投票一键通服务用户使 ...

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [2] Core Viewpoints - The tourism volume is increasing while prices remain stable, with an extended travel radius. The focus is on policy support and advancements in AI applications [3] Summary by Sections Market Review - In April, the social service sector outperformed the benchmark by 1.42 percentage points, with strong performance from tourism and education stocks. The A-share scenic spots and leading education stocks led the gains, while Hong Kong stocks in the supply chain and tea beverage sectors also performed well [3][4][6] May Day Holiday Summary - Domestic spending during the holiday increased by 8.0%, with travel willingness remaining high and an extended travel radius. A total of 314 million domestic trips were made, a year-on-year increase of 6.4%. The average spending per person increased by 1.5%, recovering to 90% of the 2019 level [3][9] Sub-Industries - **Inbound and Outbound Travel**: Inbound travel increased by 28.7% during the holiday, with significant growth in travelers from Hong Kong, Macau, Taiwan, and foreign visitors. The number of inbound foreign visitors under visa-free policies grew by 72.7% [3][21] - **Hotel Industry**: The hotel industry saw a REVPAR of 192 yuan, up 11.5% year-on-year, with occupancy rates and average daily rates also increasing. High-star hotels in county areas outperformed the overall industry [24][22] - **Scenic Spots**: Many scenic spots experienced significant visitor growth, aided by favorable weather and local government promotional activities. For example, Xiangyuan Cultural Tourism received 51.79% more visitors compared to last year [25][28] - **Dining**: Key monitored dining enterprises saw sales increase by 8.7% year-on-year, indicating a recovery in consumer spending [29][30] - **Duty-Free Sales**: Duty-free shopping during the holiday saw a decline of 7% in sales, but the average spending per person remained stable [41][35] Investment Recommendations - The report suggests focusing on leading companies benefiting from policy support and marginal improvements, including Tongcheng Travel, Xueda Education, Jiuhua Tourism, and others. Mid-term recommendations include China Duty Free, Meituan, Huazhu Group, and others [3][42]