重要内容提示： 证券代码：600861 证券简称：北京人力 公告编号：临 2025-040 号 北京国际人力资本集团股份有限公司 关于召开 2025 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。 （二） 会议召开地点：上海证券交易所上证路演中心 （网址：http://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心视频直播和网络互动 投资者可于 2025 年 11 月 7 日(星期五)至 11 月 13 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 2025 年 10 月 29 日披露公司《2025 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 2025 年第三季度经营成果、财务状况，公司计划于 ...

Summary of Beijing Human Resources Conference Call Company Overview - **Company**: Beijing Human Resources - **Industry**: Human Resources Services Key Financial Metrics - Revenue for the first three quarters reached nearly 750 million, a year-on-year increase of 15% [2][4] - Non-GAAP net profit was 434 million, up 8% year-on-year [2][4] - Asset-liability ratio decreased due to improved accounts receivable management [2][4] - Average return on equity and basic earnings per share increased [2][4] - Non-GAAP performance commitment completion rate was close to 75%, with the parent company exceeding 116% [2][4] Revenue Structure and Performance - Outsourcing remains the primary revenue source, accounting for nearly 85% of total revenue [2][4] - Outsourcing and personnel management contributed approximately 80% of the company's gross profit [2][4] - The gross margin remained stable compared to the same period last year, with a slight increase in outsourcing gross margin due to enhanced specialization [5][9] Business Segments and Market Trends - Strong resilience in outsourcing business, benefiting from new clients in emerging industries such as new energy vehicles, smart devices, and biomedicine [2][7] - Overall market stability with slight growth trends observed [5][7] - International business performed well, with profitability expected from operations in Hong Kong and Australia [5][19] Strategic Focus and Future Outlook - Future development directions include digitalization, specialization, and internationalization [4][19] - Digitalization aims to reduce costs and improve efficiency [4][19] - Specialization focuses on forming unique brands and influence in specific fields, such as IT engineering and new energy vehicles [9][19] - Internationalization efforts are ongoing in regions like Hong Kong, Singapore, and Australia [19] Regulatory Impact - The new social security regulations effective from September 2025 are expected to enhance labor rights protection and benefit compliant leading firms like Beijing Human Resources [4][10] - Long-term positive impact on industry sustainability and compliance [10] Challenges and Opportunities - The labor market has shown some improvement in blue-collar employment, but the company primarily focuses on white-collar and high-end positions [11] - Compliance risks and industry entry barriers in blue-collar sectors pose challenges [11] - Increased labor costs due to new regulations may drive overall industry progress and create opportunities for human resource service providers [11] Government Support - Local government subsidies have exceeded expectations, providing essential support for business development amid economic challenges [13][14] - Stability in subsidies for outsourcing businesses, particularly in core regions, is noted [15] AI and Technology Integration - The company views AI as a critical tool for enhancing efficiency and reducing costs, with ongoing applications in recruitment and personnel management [17][18] Conclusion - The company maintains a stable outlook for the future, focusing on achieving its commitments and preparing for next year's development [20]

Investment Rating - The report maintains a "Buy" rating for the company [2][8]. Core Insights - In Q3 2025, the company reported revenue of 11.116 billion yuan, a year-on-year decrease of 1.74%, and a net profit attributable to shareholders of 1.94 billion yuan, down 6.58% year-on-year. However, the net profit after deducting non-recurring items increased by 10.25% year-on-year to 1.39 billion yuan. For the first three quarters, revenue reached 33.807 billion yuan, up 1.89% year-on-year, with a net profit of 1.007 billion yuan, a significant increase of 57.02% year-on-year, and a 7.94% increase in net profit after deducting non-recurring items to 4.34 billion yuan [2][6][8]. Summary by Sections Financial Performance - The company demonstrated stable operational performance with a slight decline in Q3 revenue but a modest increase in the first three quarters. The company has maintained a solid business rhythm in its outsourcing, personnel management, and compensation management services, showcasing its advantages in expanding new clients and maintaining relationships with existing major clients [2][11]. Profitability - In Q3, the overall gross margin remained stable with a slight decrease, while the sales and management expense ratios improved significantly, leading to a year-on-year increase in net profit after deducting non-recurring items. The gross margin was 5.71%, down 0.17 percentage points year-on-year. The sales, management, R&D, and financial expense ratios changed by -0.13, -0.35, +0.04, and +0.05 percentage points year-on-year, respectively. The reduction in sales and management expense ratios is attributed to the company's continuous improvement in internal digitalization and optimization of expense management [2][11]. Strategic Outlook - The company is committed to a strategic direction of "market-oriented, professional, digital, and international," leveraging its strong professional service capabilities, unique ecological resource advantages, and rich data asset value. The company aims to align with "world-class and top domestic" development principles, focusing on stability while actively promoting refined operations to enhance operational efficiency and reduce operational costs, thereby achieving continuous and steady revenue growth [2][11]. Earnings Forecast - The company is expected to achieve net profits attributable to shareholders of 1.097 billion yuan, 1.054 billion yuan, and 1.142 billion yuan for 2025, 2026, and 2027, respectively, corresponding to price-to-earnings ratios of 9.68, 10.07, and 9.30 times [2][11].

Core Viewpoint - The company reported a mixed performance in its Q3 2025 financial results, with a slight decline in revenue but significant growth in net profit, indicating resilience in core profitability despite short-term fluctuations [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 33.807 billion yuan, a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 1.007 billion yuan, a substantial increase of 57.02% [1][2]. - In Q3 2025, the company recorded revenue of 11.116 billion yuan, a year-on-year decrease of 1.74%, and a net profit attributable to shareholders of 194 million yuan, down 6.58% year-on-year [1][2]. - The company's net profit excluding non-recurring items for Q3 was 139 million yuan, reflecting a year-on-year increase of 10.25% [1][2]. Profitability and Cost Management - The gross margin for the first three quarters was 5.46%, a slight decrease of 0.27 percentage points year-on-year, while Q3 gross margin was 5.71%, down 0.17 percentage points year-on-year [2]. - The company improved its expense ratio, with Q3 operating expense ratio decreasing to 3.02%, down 0.4 percentage points year-on-year, driven by reductions in sales and management expense ratios [2]. Strategic Advantages - The implementation of new social security regulations is expected to benefit the company as a leading human resources service provider, allowing it to capture increased demand due to compliance requirements [3]. - The company's global expansion strategy, including a partnership with the Adecco Group, enhances its competitive edge by providing human resource support for Chinese companies expanding internationally [3]. Valuation and Investment Outlook - Projections for net profit attributable to shareholders from 2025 to 2027 are 1.14 billion yuan, 1.082 billion yuan, and 1.172 billion yuan, with year-on-year growth rates of 44.05%, -5.05%, and 8.31% respectively [3]. - Expected EPS for 2025 to 2027 are 2.01 yuan, 1.91 yuan, and 2.07 yuan, with corresponding PE ratios of 9X, 10X, and 9X [3].

Macro and Strategy - The macroeconomic analysis indicates a significant deviation between traditional GDP calculations and official figures, suggesting a structural transformation in the economy, moving away from traditional infrastructure and real estate investments [9][10] - The focus of future policies is expected to shift from "investment in objects" to "investment in people," emphasizing urban renewal and service industry development [10] Industry and Company Analysis - New Hope Liuhe (002001.SZ) reported a resilient performance with a 5.45% year-on-year increase in revenue to 16.642 billion yuan and a 33.37% increase in net profit to 5.321 billion yuan for the first three quarters of 2025 [20] - Cloud Map Holdings (002539.SZ) experienced a slight revenue decline of 4.73% in Q3, but the core business remains stable with a net profit of 1.64 billion yuan [23] - Kingfa Sci. & Tech. (600143.SH) achieved a 22.62% increase in revenue to 49.616 billion yuan and a 55.86% increase in net profit to 10.65 billion yuan for the first three quarters of 2025, driven by product structure optimization [26] - Aiwai Electronics (688798.SH) reported a 55% increase in net profit for the first three quarters, with a revenue of 2.176 billion yuan, reflecting strong performance in the consumer electronics sector [30] - The overall performance of the food industry, including companies like Sanquan Foods (002216.SZ) and Haitian Flavoring (603288.SH), shows a trend of revenue stabilization and cost control despite market challenges [8][30] Fixed Income Strategy - The convertible bond market is experiencing a significant increase in public fund holdings, with a total of 316.6 billion yuan, despite a decrease in overall market size [12][13] - The strategy suggests a focus on sectors like lithium batteries, semiconductors, and pharmaceuticals for potential high returns, while advising caution in financial and consumer sectors [11][12] Commodity Market Insights - The gold market is witnessing a pivotal moment as prices approach 4400 USD/oz, indicating a challenge to the dollar's dominance and a potential shift in global reserve currency dynamics [18][19] - The fertilizer market, particularly for compound fertilizers, remains stable, although sales have been impacted by extreme weather conditions [24][25]

Core Viewpoint - The recent quarterly reports from listed companies reveal a significant shift in investment strategies among prominent private equity managers, with an increased focus on cyclical industries and a need to monitor fundamental developments, policy benefits, and industrial upgrades as core themes [1][4]. Private Equity Holdings - Gao Yi Asset's Feng Liu significantly reduced holdings in Hikvision by 58 million shares, retaining 280 million shares valued at 8.826 billion yuan, making it the fourth-largest shareholder [1]. - Renqiao Asset's Xia Junjie maintained positions in several stocks while slightly reducing holdings in Xingfu Electronics and increasing stakes in Beijing Renli [1]. - Ningquan Asset's Yang Dong entered as the eighth-largest shareholder in Fuanna with 6.0512 million shares valued at 4.2 million yuan [2]. - Ruijun Asset's funds became top shareholders in Dinglong Co., while also increasing stakes in other companies [2]. Increased Focus on Cyclical Industries - Gao Yi Asset's Deng Xiaofeng reduced holdings in Zijin Mining by approximately 18.6 million shares, still holding 180 million shares valued at 5.3 billion yuan, with a significant gain of about 1.5 billion yuan from the position [3]. - The same fund also reduced its stake in Yun Aluminum, holding 28.5 million shares valued at 1.164 billion yuan [3]. Policy Benefits and Industrial Upgrades - The Shanghai Composite Index surpassed 4,000 points, reflecting improved market sentiment and recognition of the value reassessment cycle in Chinese equity assets [4]. - Fengjing Capital noted that economic data remains resilient, with expectations for moderate improvement in fixed investment growth due to policy initiatives [4]. - Ning Shui Capital emphasized the importance of policy benefits and industrial upgrades as core investment themes while advising caution regarding high valuations [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in the third quarter met expectations, with total revenue of 33.807 billion yuan, a year-on-year increase of 1.89%, and a net profit attributable to shareholders of 1.007 billion yuan, a year-on-year increase of 57.02% [6] - The company is actively embracing AI technology to transform its human resources services, enhancing recruitment efficiency and reducing costs [6] - The company has shown significant improvement in operational efficiency and cost reduction, with a decrease in sales, management, and R&D expense ratios compared to the previous year [6] Financial Data and Profit Forecast - Total revenue for 2025 is estimated at 44.263 billion yuan, with a year-on-year growth rate of 2.9% [5] - The net profit attributable to shareholders for 2025 is projected to be 1.146 billion yuan, reflecting a year-on-year growth of 44.8% [5] - The company expects to maintain a gross profit margin of 5.7% in 2025, with a return on equity (ROE) of 14.9% [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable profit margins and is expected to meet its performance commitments. The revenue for Q3 2025 was 11.12 billion yuan, a year-on-year decrease of 1.7%, while the net profit attributable to shareholders was 194 million yuan, down 6.6% year-on-year. However, the net profit excluding non-recurring items increased by 10.3% year-on-year [8] - The gross profit margin for Q3 2025 was 5.7%, a slight decrease of 0.2 percentage points year-on-year, while the operating profit margin remained stable at 2.9%. The net profit margin was 1.7%, down 0.1 percentage points year-on-year. Cost reduction and efficiency improvement measures have led to a slight decrease in management and sales expenses, maintaining stable profitability [8] - The company is deepening its joint venture cooperation with the DeKe Group, which will support Chinese enterprises in expanding globally by providing human resource services and consulting [8] - The company is a leader in China's human resource service industry, with significant scale advantages and rich customer resources. The partnership with DeKe has established a good reputation in the flexible employment sector. The profit forecasts for 2025-2027 have been revised upward due to better-than-expected cost reduction and efficiency improvements, with net profits projected at 1.16 billion, 1.03 billion, and 1.10 billion yuan respectively [8] Financial Summary - Total revenue is projected to grow from 38.31 billion yuan in 2023 to 50.64 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 4.67% [1] - The net profit attributable to shareholders is expected to increase from 547.98 million yuan in 2023 to 1.10 billion yuan in 2027, with a peak growth rate of 46.67% in 2025 [1] - The latest diluted earnings per share (EPS) are forecasted to rise from 0.97 yuan in 2023 to 1.94 yuan in 2027, reflecting a strong growth trajectory [1]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][12][13] Core Views - The company's operational efficiency is improving as expected, with a steady pace of subsidy realization. The forecast for net profit attributable to the parent company for 2025-2027 is 1.16 billion, 1.01 billion, and 1.12 billion yuan respectively, corresponding to PE valuations of 9.2, 10.6, and 9.6 times. Excluding the impact of property disposal, the main business net profit is estimated at 0.90 billion, 1.01 billion, and 1.12 billion yuan, with a CAGR of approximately 12% [3][12][14] Financial Performance Summary - In the first three quarters of 2025, the company achieved revenue of 33.807 billion yuan, a year-on-year increase of 1.9%. The net profit attributable to the parent company was 1.007 billion yuan, up 57.0% year-on-year, while the net profit after deducting non-recurring gains was 434 million yuan, an increase of 7.9% year-on-year. The significant growth in net profit is attributed to a one-time investment gain of 360 million yuan from the disposal of a wholly-owned subsidiary and steady growth in government subsidies [1][8][12] - In Q3 2025, the company reported revenue of 11.116 billion yuan, a decrease of 1.7% year-on-year. The net profit attributable to the parent company was 194 million yuan, down 6.6% year-on-year, while the net profit after deducting non-recurring gains was 139 million yuan, an increase of 10.3% year-on-year. The decline in net profit is primarily due to differences in the timing of government subsidy recognition [1][8][12] Business Segment Performance - The core subsidiary, Beijing Foreign Enterprise (FESCO), achieved revenue of 33.81 billion yuan in the first three quarters of 2025, a year-on-year increase of 3.8%. The net profit attributable to the parent company was 756 million yuan, up 16.0% year-on-year, and the net profit after deducting non-recurring gains was 461 million yuan, an increase of 11.6% year-on-year. The performance targets for the year are expected to be met, with the completion rate for net profit after deducting non-recurring gains estimated at 73% [1][8][12] Profitability Metrics - In Q3 2025, the gross profit margin was 2.1%, an increase of 0.2 percentage points year-on-year. The expense ratio was 3.0%, a decrease of 0.4 percentage points year-on-year. The net profit margin attributable to the parent company was 1.7%, down 0.1 percentage points, mainly due to the timing of subsidy recognition [2][9][12] Regulatory Environment - The new social insurance regulations that came into effect on September 1, 2025, require employers to pay "five insurances" for employees, which is expected to benefit the leading human resources company amid a wave of compliance in labor relations [11][12]

Core Insights - The company reported a revenue of 11.116 billion yuan in Q3 2025, a year-over-year decrease of 1.74%, and a net profit attributable to shareholders of 194 million yuan, down 6.58% year-over-year [1] - For the first three quarters of 2025, the company achieved a revenue of 33.807 billion yuan, an increase of 1.89% year-over-year, and a net profit attributable to shareholders of 1.007 billion yuan, up 57.02% year-over-year [1] Financial Performance - In Q3 2025, the company's gross margin was 5.71%, a decrease of 0.17 percentage points year-over-year [1] - The expense ratios for sales, management, and R&D were 1.09%, 1.89%, and 0.14% respectively, with year-over-year changes of -0.13, -0.35, and +0.04 percentage points [1] - The net profit margin for Q3 2025 was 1.74%, down 0.09 percentage points year-over-year [1] Year-to-Date Performance - For the first three quarters of 2025, the gross margin was 5.46%, a decrease of 0.27 percentage points year-over-year [1] - The expense ratios for sales, management, and R&D were 1.07%, 1.83%, and 0.08% respectively, with year-over-year changes of -0.15, -0.27, and -0.01 percentage points [1] - The net profit margin for the first three quarters of 2025 was 2.98%, an increase of 1.05 percentage points year-over-year [1] Investment Outlook - The company is expected to achieve net profits attributable to shareholders of 1.163 billion yuan, 993 million yuan, and 1.124 billion yuan for the years 2025, 2026, and 2027 respectively [2] - The current market capitalization corresponds to a price-to-earnings ratio of 9X, 11X, and 9X for the years 2025, 2026, and 2027 [2] - The investment rating is maintained at "Accumulate" [2]