董事会战略与 ESG 委员会工作细则 第一章 总则 第一条 为适应北京国际人力资本集团股份有限公司（以下简称"公司"）战略 发展需要，增强公司核心竞争力，健全投资决策程序，加强决策科学性，提高决策的 质量，提升公司环境、社会及公司治理（ESG）管理水平，完善公司治理结构，根据 《中华人民共和国公司法》《上市公司治理准则》《北京国际人力资本集团股份有限公 司章程》（以下简称《公司章程》）及其他有关规定，制定本工作细则。 第二条 董事会战略与 ESG 委员会是董事会下设的专门委员会，对董事会负责。 主要职责为对公司长期发展战略、重大投资决策和 ESG 相关事宜进行研究并提出建议。 第二章 人员组成 第三条 战略与 ESG 委员会应由不少于（包含）三名董事组成。 第四条 战略与 ESG 委员会成员由董事长、二分之一以上独立董事或者全体董事 的三分之一提名，并由董事会选举产生。 第六条 战略与 ESG 委员会任期与董事会任期一致，委员任期届满，连选可以连 任。期间如有委员不再担任公司董事职务，或因独立董事的独立性丧失等原因造成的 不符合任职的情况，相关委员自动失去委员资格，并由委员会根据上述第三条至第五 条规定补足委 ...

董事会薪酬与考核委员会工作细则 第一章 总则 第一条 为进一步建立健全北京国际人力资本集团股份有限公司（以下简称"公 司"）董事及高级管理人员的考核和激励机制，完善公司治理结构，根据《中华人民 共和国公司法》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》《北京 国际人力资本集团股份有限公司章程》（以下简称《公司章程》）及其他有关规定，制 定本工作细则。 第二条 薪酬与考核委员会是董事会下设的专门委员会，主要负责制定公司董事 及高级管理人员的考核标准并进行考核；负责制定、审查公司董事及高级管理人员的 薪酬政策与方案，对董事会负责。 第三条 本工作细则所称董事是指公司的董事长、董事，高级管理人员是指董事 会聘任的总经理、副总经理、财务负责人、董事会秘书及其他由《公司章程》规定的 高级管理人员。 第二章 人员组成 第四条 薪酬与考核委员会成员由不少于（包含）三名董事组成，其中独立董事 应当过半数。 1 第五条 薪酬与考核委员会委员由董事长、二分之一以上独立董事或者全体董事 的三分之一提名，并由董事会选举产生。 第六条 薪酬与考核委员会设主任委员（召集人）一名，由独立董事委员担任， 经委员会选举产生，负 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5][7]. Core Views - The company reported a revenue of 11.316 billion yuan in Q2 2024, representing a year-on-year increase of 15%. The net profit attributable to shareholders was 0.223 billion yuan, marking a turnaround from losses, while the net profit after deducting non-recurring items was 0.091 billion yuan, down 14% year-on-year [1][4][5]. - For the first half of 2024, the company achieved a total revenue of 21.866 billion yuan, up 14% year-on-year, and a net profit of 0.434 billion yuan, which is a significant increase of 105.71% year-on-year. The net profit after deducting non-recurring items was 0.277 billion yuan, up 270.93% year-on-year [4][5]. - The report expresses optimism about the company's strategic direction, emphasizing its commitment to "market-oriented, professional, digital, and international" development, leveraging its professional service capabilities, unique ecological resource advantages, and rich data asset value [1][5]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 11.316 billion yuan, a 15% increase year-on-year, and a net profit of 0.223 billion yuan, indicating a recovery from previous losses. However, the net profit after deducting non-recurring items fell by 14% to 0.091 billion yuan [1][4]. - For the first half of 2024, the company achieved a revenue of 21.866 billion yuan, a 14% increase year-on-year, and a net profit of 0.434 billion yuan, which is a 105.71% increase year-on-year. The net profit after deducting non-recurring items was 0.277 billion yuan, up 270.93% year-on-year [4][5]. Business Segments - The company’s business segments, including outsourcing, recruitment, flexible employment, personnel management, and salary benefits management, generated revenues of 18.127 billion yuan, 2.350 billion yuan, 0.471 billion yuan, and 0.540 billion yuan respectively, with year-on-year growth rates of 15%, 21%, -12%, and -7% [5]. - The gross margins for these segments were 2.88%, 2.25%, 79.22%, and 17.24% respectively, indicating a significant variation in profitability across different business lines [5]. Future Outlook - The report forecasts the company's net profit attributable to shareholders for 2024-2026 to be 0.835 billion yuan, 0.894 billion yuan, and 1.002 billion yuan respectively, with corresponding price-to-earnings ratios of 9.19, 8.59, and 7.66 [1][5].

社会服务 证 券 研 究 报 告 2024 年 08 月 31 日 北京人力 (600861) ——上半年业绩稳健增长，外包业务保持高速增长 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 08 月 30 日 | | 收盘价（元） | 14.13 | | 一年内最高/最低（元） | 25.79/13.22 | | 市净率 | 1.3 | | 息率（分红 / 股价） | 3.43 | | 流通 A 股市值（百万元） | 5,180 | | 上证指数 / 深证成指 | 2,842.21/8,348.48 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|------------------------| | | | | 基础数据 : 2024 | 年 06 月 30 日 | | 每股净资产（元） | 10.91 | | | | | 资产负债率 % | 57.51 | ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 21.866 billion yuan for H1 2024, representing a year-on-year increase of 14.00%. The net profit attributable to shareholders was 434 million yuan, up 105.71% year-on-year, while the net profit excluding non-recurring items reached 277 million yuan, a significant increase of 270.93% year-on-year [2][3] - The company's outsourcing services continue to grow rapidly, with a revenue structure impacting gross margin performance. The gross margin for H1 2024 was 5.65%, down 1.08 percentage points year-on-year. The revenue from various services includes 18.127 billion yuan from outsourcing services, 471 million yuan from personnel management services, 540 million yuan from compensation and benefits services, and 2.350 billion yuan from recruitment and flexible employment services, with year-on-year growth rates of +14.92%, -11.51%, -6.53%, and +20.85% respectively [2][3] - The company is focusing on professional development in outsourcing services and enhancing its large client service and management mechanisms. It has established strategic partnerships with major clients like Huawei and BOE to leverage industry advantages and expand its business chain [2][3] Financial Performance and Forecast - The company is expected to maintain rapid growth in performance, with projected net profits for 2024, 2025, and 2026 estimated at 871 million yuan, 966 million yuan, and 1.064 billion yuan respectively, corresponding to PE ratios of 9x, 8x, and 7x [3][5] - The revenue forecast for the company shows a growth trajectory from 32.339 billion yuan in 2022 to an estimated 55.569 billion yuan in 2026, with a revenue growth rate of 18.47% in 2023 and 12.80% in 2024 [5]

Investment Rating - The report maintains a "Recommended" rating for the company [1] Core Views - The company reported a revenue of 21.866 billion yuan for H1 2024, representing a year-on-year increase of 14%. The net profit attributable to shareholders was 434 million yuan, up 105.71% year-on-year, while the net profit excluding non-recurring items reached 277 million yuan, a significant increase of 270.93% year-on-year [1] - The growth in the outsourcing business remains steady, while the personnel management segment is under pressure due to the overall macroeconomic environment [1] - The establishment of a wholly-owned subsidiary in Singapore aims to enhance overseas market expansion and global competitiveness [1] - The company has adjusted its annual performance forecast due to pressures in the recruitment industry, projecting net profits of 773 million yuan, 888 million yuan, and 1.018 billion yuan for 2024, 2025, and 2026 respectively [1] Financial Performance Summary - For H1 2024, the company's revenue from various segments was as follows: outsourcing 18.127 billion yuan (up 14.91%), personnel management 471 million yuan (down 11.57%), compensation and benefits 540 million yuan (down 6.59%), and recruitment and flexible employment 2.350 billion yuan (up 20.82%) [1] - The gross profit margin for the outsourcing business was 2.88%, while the personnel management segment had a high gross profit margin of 79.22% [1] - The company expects a revenue growth rate of 18.5% for 2024, with net profit growth rates of 32.2% and 41.1% for 2024 and 2025 respectively [2][4] Future Outlook - The company is focusing on expanding its business footprint through acquisitions, including a 20% stake in Renliwo Network Technology, which will enhance its service offerings in HRSaaS and general outsourcing solutions [1] - The projected earnings per share for the upcoming years are 1.37 yuan for 2024, 1.57 yuan for 2025, and 1.80 yuan for 2026 [2][5]

证券研究报告 非金融公司|公司点评|北京人力（600861） 营收稳健增长，利润阶段性承压 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月29日 证券研究报告 |报告要点 我们预计公司 2024-2026 年营收分别为 440.81/509.04/586.38 亿元，对应增速分别为 15.06%/15.48%/15.19%；2024-2026 年归母净利润分别为 8.55/9.15/10.22 亿元，对应增速分 别为 55.95%/7.07%/11.71%（公司 2023H1 完成重大资产重组），EPS 分别为 1.51/1.62/1.81 元/股。虽然面临宏观经济波动影响，公司作为行业龙头拥有丰富且优质的客户资源群体，业 绩有望维持长期稳健提升，维持"买入"评级。 |分析师及联系人 SAC：S0590522060001 邓文慧 郭家玮 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月29日 北京人力(600861) 营收稳健增长，利润阶段性承压 | --- | --- | |----------------------- ...

证券研究报告·公司点评报告·一般零售 北京人力（600861） 2024 年中报业绩点评：2024 年 Q2 公司收入 同比+15%，业务外包拉动增长 2024 年 08 月 29 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|----------|--------|--------|--------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 32339 | 38312 | 42447 | 47971 | 54305 | | 同比（ % ） | 4,537.88 | 18.47 | 10.79 | 13.01 | 13.20 | | 归母净利润（百万元） | 414.39 | 547.98 | 865.73 | 956.14 | 1,073.33 | | 同比（ % ） | 752.08 | 32.24 | 57.98 | 10.44 | 12.26 | | E ...

监事会认为：公司 2024 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 2024 年上半年经营管理和财务状况的实际情况；公司 2024 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 2024 年半年度报告编制和审议的人员有违反保密规定的行 为。 证券代码：600861 证券简称：北京人力 公告编号：临 2024-022 号 北京国际人力资本集团股份有限公司 第十届监事会第九次会议决议公告 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"）第十届监事会第九次会 议通知于 2024 年 8 月 16 日以电子邮件方式发出，会议于 2024 年 8 月 27 日以通讯方 式召开，会议应到监事 4 名，实到监事 4 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》的有关规定，会议合法有效。 本次会议由监事会主席王禄征先生主持，公司部分高级管理人员列席会议， ...

Financial Performance - The company's operating revenue for the first half of 2024 reached CNY 21.87 billion, representing a 14% increase compared to CNY 19.18 billion in the same period last year[12]. - The net profit attributable to shareholders for the first half of 2024 was CNY 433.87 million, up 105.71% from CNY 210.91 million in the previous year[12]. - The net profit after deducting non-recurring gains and losses was CNY 276.51 million, a significant increase of 270.93% compared to CNY 74.54 million in the same period last year[12]. - Basic earnings per share increased by 54.67% to CNY 0.7664 compared to the same period last year[14]. - The net profit attributable to shareholders increased significantly due to the impact of asset disposal and restructuring, with a land appreciation tax of approximately CNY 196.6 million affecting last year's performance[15]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion in the first half of 2024, representing a 20% year-over-year growth[60]. - The company provided an optimistic outlook for the second half of 2024, projecting a revenue growth of 25%[60]. Assets and Liabilities - The company's total assets as of June 30, 2024, amounted to CNY 16.61 billion, reflecting a 1.51% increase from CNY 16.36 billion at the end of the previous year[13]. - The net assets attributable to shareholders increased to CNY 6.17 billion, marking a 2.66% rise from CNY 6.01 billion at the end of the previous year[13]. - Cash and cash equivalents at the end of the period amounted to 7,270,302,045.72, representing 43.78% of total assets, down 6.69% from 7,791,178,423.86 in the previous year[40]. - Accounts receivable increased by 8.86% to 4,168,642,337.73, accounting for 25.10% of total assets, attributed to growth in outsourcing services[40]. - Short-term borrowings rose by 25.00% to 500,000,000.00, primarily due to increased working capital loans[41]. - Contract liabilities increased by 44.75% to 400,940,785.52, reflecting growth in unfulfilled advance payments[41]. Cash Flow - The net cash flow from operating activities for the first half of 2024 was negative at CNY -359.59 million, compared to a positive CNY 242.55 million in the same period last year, indicating a decline of 248.26%[13]. - Cash flow from operating activities decreased by 248.26% primarily due to timing differences in business execution and tax payments related to major asset restructuring[15]. - The net cash flow from investing activities was -200,200,246.93, a 56.21% improvement compared to -457,143,788.70 in the previous year[39]. - The net cash flow from financing activities was 37,792,876.20, a significant decrease of 97.21% from 1,354,025,375.96 in the previous year[39]. Operational Efficiency and Strategy - The company focuses on providing comprehensive human resource services, including personnel management, payroll benefits, business outsourcing, recruitment, and flexible employment solutions[20]. - The company implemented a unified payroll integration project to streamline personnel management across multiple regions, reducing customer acquisition costs and improving efficiency[22]. - The operational management model has been optimized to enhance efficiency and service quality while reducing operational costs[21]. - The company aims to improve operational efficiency, targeting a 10% reduction in costs through process optimization[60]. - The company is advancing digital transformation through the development of an integrated HR solution platform and the application of RPA technology[33]. Market and Industry Outlook - The human resources service industry is expected to see growth opportunities in technology innovation and market demand recovery in 2024[18]. - The urban unemployment rate in China decreased to an average of 5.1%, down 0.2 percentage points year-on-year[18]. - The company anticipates further development in professional, international, and digital aspects of human resources services[19]. - The company is actively expanding its international business, developing a one-stop overseas service solution covering global personnel outsourcing management and international talent selection[23]. Risk Management - The company has outlined potential risks in its management discussion and analysis section, urging investors to pay attention to these risks[3]. - The company faces risks from macroeconomic fluctuations, which could impact revenue and profit if clients reduce their demand for human resource services[47]. - The company plans to diversify its client base across various industries to mitigate risks associated with client concentration and economic downturns[47]. Corporate Governance and Compliance - The report is unaudited, and the board of directors has confirmed the accuracy and completeness of the financial statements[2]. - There are no reported instances of non-operational fund occupation by controlling shareholders or related parties[3]. - The company has committed to maintaining operational independence from the listed company, ensuring no interference in management decisions[58]. - The company has agreed to avoid or minimize related party transactions with its subsidiaries and will ensure compliance with relevant regulations[58]. Research and Development - The company is investing heavily in R&D, with a budget increase of 30% for new technology development[60]. - Research and development expenses significantly decreased by 64.04%, totaling ¥18,227,329.19 compared to ¥50,681,985.82 in the prior year[38]. Shareholder Information - The total number of shareholders as of the end of the reporting period was 13,845[79]. - The largest shareholder, Beijing State-owned Capital Operation Management Co., Ltd., held 49.23% of the shares, totaling 278,693,093 shares[79]. - The company has not disclosed any significant related party transactions or changes in major contracts during the reporting period[72]. Sustainability Initiatives - The company has implemented measures to reduce carbon emissions, including promoting green transportation and using energy-efficient appliances[54]. - The company is committed to sustainability initiatives, aiming for a 50% reduction in carbon emissions by 2025[60].