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].

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].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company reported a significant increase in profits for Q3, with expectations for a recovery in labor demand [7] - The company achieved a revenue of 33.179 billion yuan in the first three quarters of 2024, representing 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 [2][7] - The company has signed global cooperation agreements with leading firms, which is expected to enhance overseas business growth [7] Financial Performance Summary - For Q3 2024, the company reported revenue of 11.313 billion yuan, a year-on-year increase of 18.39%, and a net profit of 207 million yuan, up 52.30% year-on-year [2][7] - The company's core business, Beijing Foreign Enterprises, achieved a net profit of 652 million yuan in the first three quarters of 2024, with a year-on-year increase of 1.84% [7] - The company expects revenues of 44.081 billion yuan, 50.904 billion yuan, and 58.638 billion yuan for 2024, 2025, and 2026 respectively, with corresponding growth rates of 15.06%, 15.48%, and 15.19% [7][8] Valuation Metrics - The current price of the stock is 20.11 yuan, with a market capitalization of approximately 7.372 billion yuan [5] - The earnings per share (EPS) for 2024 is projected to be 1.54 yuan, with a price-to-earnings (P/E) ratio of 13.0 [8] - The company has a debt-to-asset ratio of 57.48% [5]

Investment Rating - The report assigns a rating of "Buy" for the company [5]. Core Views - The company's revenue performance exceeded expectations, leading to increased certainty in achieving performance commitments. The focus will remain on stable development and efficiency improvements while continuing to expand business boundaries [3][4]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 11.313 billion (+18.39%) and a net profit attributable to shareholders of 207 million (+52.30%). For the first three quarters of 2024, the revenue grew by 15.46%, and the net profit increased by 84.75% [4]. - The EPS estimates for 2024, 2025, and 2026 have been adjusted to 1.44, 1.58, and 1.73 yuan respectively, with corresponding net profits of 813 million, 896 million, and 977 million yuan [4]. Business Strategy - The company is focusing on deepening core customer needs, which has increased the certainty of completing performance commitments. The company has demonstrated sufficient capability to meet its performance targets for 2024 [4]. - The growth in revenue is primarily driven by outsourcing business, with a notable acceleration in revenue recognition linked to major client orders [4]. Market Position - The company is positioned as an industry leader, with a higher certainty of performance completion compared to peers. The target price has been raised to 31.60 yuan, reflecting a valuation of 20x PE for 2025, which is above the industry average [4][5]. Financial Metrics - The total market capitalization is approximately 11.498 billion yuan, with a current price of 20.31 yuan. The stock has a price-to-earnings ratio of 20.98 based on the latest diluted share capital [6][5].