事项： 科锐国际2025 年公司前三季度实现总营业收入107.55 亿元，同比增长26.29%；实现归母净利润2.2 亿 元，同比增长62.46%。第三季度实现总营业收入36.8亿元，yoy+23.7%，归母净利润0.93 亿元， yoy+89.62%。实现扣非净利润0.61亿元，yoy+26.9%。 评论： 风险提示：人力需求下滑；行业竞争加剧；新技术研发与应用不及预期；平台生态扩张速度不及预期。 技术驱动平台生态突破，运营效率全面提升。公司在技术赋能方面取得显著进展，其推出的具备推理能 力的Embedding 模型CRE-T1 及自主决策型数字分身Mira，初步实现内部数据的无缝链接与工具调用。 同时公司的产业互联平台"禾蛙"的运营效率大幅提升：平台岗位匹配准确率提升5 倍，按单转化率提升 至原来的3 倍，推荐反馈速度缩短至30 秒。运营数据显示，第三季度平台运营岗位数量创新高，达到 4.67 万个，季度内交付侧活跃人选数达13.5 万，Offer 产出量超3,600 个，同比增长73%，Offer 金额同 比增长81%，其中中高端岗位贡献突出。 灵活用工业务稳定增长，中高端人才寻访量质齐升。公司的核心业 ...

Investment Rating - The report maintains a positive outlook on the hotel and duty-free sectors, anticipating a rebound in these industries [4][3]. Core Insights - The social service index has increased by 9.00% year-to-date as of October 31, 2025, ranking 20th among 31 sub-industries in the Shenwan classification [4][40]. - The hotel industry is experiencing growth driven by a booming holiday tourism market, although the business market remains challenging [4][11]. - The duty-free sector is benefiting from policy adjustments aimed at enhancing consumer shopping experiences in Hainan [4][37]. Summary by Sections 1. Hotel Expansion and Market Dynamics - The hotel industry in China continues to expand, with Shoulu Hotel opening 1,051 new stores in the first three quarters of 2025, a 10.4% increase from the previous year [10]. - The overall hotel occupancy rate is recovering but remains under pressure due to ample supply, with a shift towards brand and experience-focused strategies [11][14]. 2. Scenic Area Performance - Scenic areas are seeing stable visitor numbers, particularly in major tourist destinations, while ancient towns face challenges [22]. - Notable revenue growth has been observed in companies like Xiangyuan Cultural Tourism and Jiu Hua Tourism, with the latter seeing a 19.51% increase in visitor numbers [27][28]. 3. Recruitment Services and Market Trends - The recruitment market remains stable, with AI tools helping to reduce costs for human resource companies [33]. - The overall hiring activity has not significantly improved, influenced by corporate profit declines and cost-cutting strategies [33]. 4. Duty-Free Policy Adjustments - Recent adjustments to Hainan's duty-free shopping policies aim to diversify consumer options and enhance the shopping experience [37][38]. - The changes include expanding the range of duty-free goods and allowing more domestic products to be sold in duty-free stores [37]. 5. Social Service Sector Performance - The social service sector has shown positive absolute returns in the first three quarters of 2025, with a 18.08% increase in revenue across selected companies [51]. - The professional services and tourism sectors have experienced significant revenue growth, while the hotel and duty-free sectors have faced declines compared to the previous year [51]. 6. Company Valuation and Stock Performance - The report highlights key companies in the hotel, duty-free, and scenic area sectors, suggesting potential investment opportunities [4][40]. - Notable companies include Shoulu Hotel, China Duty Free Group, and Sanxia Tourism, which have shown varying performance metrics [39][40].

出售子公司带来投资收益增量，经营效率提升带动盈利能力改善。25Q3 归母净利润0.93 亿 元/+89.62%，扣非归母净利润0.61亿元/+26.90%，二者差异主要系25Q3 产生非流动性资产处置收益 6218 万元（主要是天津智锐55%股权转让产生的投资收益，影响非经常性收益约3200 万元）。25 年前 三季度公司毛利率为5.80%/-0.96pct， 25Q3 公司毛利率为6.32%/-0.54pct，预估主要系灵活用工业务占 比提升。费用端25 前三季度公司销售、管理、研发、财务费用率分别为1.28%/-0.26pct、 1.69%/-0.71pct、0.39%/-0.07pct、0.15%/-0.07pct。单季度看，25Q3 销售、管理、研发、财务费用率分别 为1.27%/-0.29pct、1.62%/-0.62pct、0.42%/-0.03pct、0.13%/-0.05pct。25 年前三季度净利率为 2.32%/+0.75pct、25Q3 净利率为2.98%/+1.33pct。 核心观点 25Q3 公司营收同比+23.70%，维持25Q1、Q2 以来的良好增长势头。25Q3 灵活用工业务累 ...

证券之星消息，11月4日专业服务板块较上一交易日下跌0.91%，中纺标领跌。当日上证指数报收于 3960.19，下跌0.41%。深证成指报收于13175.22，下跌1.71%。专业服务板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920122 | 中纺标 | 39.71 | -3.85% | 9075.33 | 3641.72万 | | 002967 | 广电计重 | 20.51 | -3.48% | 12.15万 | 2.51亿 | | 300860 | 锋尚文化 | 27.94 | -3.12% | 5.71万 | 1.59亿 | | 002057 | 中钢天源 | 10.39 | -2.62% | 1 23.14万 | 2.41亿 | | 300662 | 科锐国际 | 28.46 | -2.27% | 5.67万 | 1.62亿 | | 300012 | 华测检测 | 14.43 | -2.10% | 42.52万 | 6.17亿 | | 002243 | 力合科 ...

25Q3 扣非归母净利同增27%超预期 三季度，公司加快推进AI 技术在招聘场景的落地应用，开始研究具备语义与算术推理能力的Embedding 模型CRE-T1，并对内发布数字分身Mira 实验版本，初步实现内部数据无缝链接与多工具协同。禾蛙平 台生态规模持续扩大，平台注册合作伙伴超1.82 万家、交付顾问超18 万人，累计运营中高端岗位逾10 万个，同比增长57.41%，累计交付岗位超2.18 万个，同比增长108.71%。平台offer 数量与金额均创新 高，显示AI 赋能效应正持续释放。 投资建议：公司基本面环比改善积极，AI 赋能人力资源实现精准高效匹配。 三季报收入延续二季度趋势，表观业绩有2489 万的子公司处置收益贡献，扣非业绩环比积极提速。 灵活用工业务保持稳健增长：灵活用工业务持续高景气，截至2025 年三季度末，公司在册灵活用工业 务的岗位外包员工（含独立顾问和兼职专家）50,900 余人，分布在财务、法务、合规、人事、行政、采 购等通用专业类白领岗位；IT 研发、工业研发、医药研发、技术服务等技术研发类岗位；终端销售、 市场营销等通用类岗位。 经营效率提升，盈利改善持续兑现 公司通过降本 ...

公司报告 | 季报点评 科锐国际（300662） 证券研究报告 25Q3 扣非归母净利同增 27%，持续推动 AI 赋能 25Q3 扣非归母净利同增 27%超预期 25 单 Q3：实现营收 36.80 亿元/yoy+23.70%，归母净利润 9323 万元/yoy +89.62%，扣非归母净利润 6060 万元/yoy+26.90%。毛利率 6.3%/yoy-0.5pct， 扣非归 母净 利率 1.6%/yoy+0.04pct。销 售/管 理/ 研发费 用率 分别为 1.3%/1.6%/0.4%，yoy-0.29/-0.62/-0.03pct。 25Q1-3：实现营收 108.00 亿元/yoy+26%，归母净利润 2.20 亿元/yoy+62%。 扣非归母净利润 1.57 亿元/yoy+40%。截至 25Q3 末，公司在册灵活用工业 务岗位外包员工 5.09 万人/yoy+20%/单季净增 1400 人，25Q1-Q3 灵活用工 业务累计派出 4.46 万人次/yoy+23%。 三季报收入延续二季度趋势，表观业绩有 2489 万的子公司处置收益贡献， 扣非业绩环比积极提速。 灵活用工业务保持稳健增长：灵活用 ...

Group 1 - The core viewpoint of the report is that Pacific Securities has given a "buy" rating for Core International (300662.SZ) with a latest price of 29.45 yuan, based on several positive factors [1] Group 2 - Flexible employment solidifies the fundamental base, with the scale of the industrial interconnection platform surpassing expectations [1] - Significant effectiveness in cost control has led to a steady improvement in profit quality [1] - Deep integration of AI is enhancing efficiency [1] - The global network is expanding at an accelerated pace [1]

Core Insights - The professional services sector saw a rise of 1.23% on October 31, with Ancar Detection leading the gains [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Company Performance - Ancar Detection (300572) closed at 35.63, up 8.86% with a trading volume of 163,900 shares and a transaction value of 579 million [1] - Shicun Detection (301228) closed at 25.41, up 5.30% with a trading volume of 51,400 shares and a transaction value of 130 million [1] - Keri International (300662) closed at 29.45, up 4.99% with a trading volume of 102,800 shares and a transaction value of 299 million [1] - Puni Testing (300887) closed at 8.29, up 4.02% with a trading volume of 148,700 shares and a transaction value of 123 million [1] - Zero Point Data (301169) closed at 45.16, up 3.15% with a trading volume of 22,700 shares and a transaction value of 102 million [1] Market Capital Flow - The professional services sector experienced a net inflow of 59.68 million from institutional investors, while retail investors saw a net inflow of 74.99 million [2] - The sector's overall market activity indicated a net outflow of 135 million from speculative funds [2] Detailed Fund Flow - Major net inflows were observed in companies like Zhonggang Tianyuan (002057) with 20.63 million and Lansheng Co. (600826) with 18.61 million [3] - Ancar Detection (300572) had a net inflow of 10.09 million from institutional investors, while it faced a net outflow of 9.43 million from speculative funds [3] - The overall fund flow indicates a mixed sentiment among different investor categories within the professional services sector [3]

评 消费者服务行业 买入（上调） 招聘市场需求回暖，科锐毛利率降幅收窄 科锐国际（300662）2025 年三季报点评 2025 年 10 月 31 日 投资要点： 事件：科锐国际发布2025年三季度报告。 点评： ◼ 上调公司的投资评级至"买入"。国内市场招聘需求回暖，海外市场持 续恢复，叠加近期宏观环境逐渐稳定，看好后续灵活用工需求稳步增长、 猎头及招聘需求改善。预计公司2025/2026年的每股收益分别为 1.43/1.78元，当前股价对应PE分别为19.62/15.75倍，给予公司"买入" 的投资评级。 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 S0340523050001 电话：0769-22119410 邮箱： dengshengliang@dgzq.com .cn 主要数据 | 2025 年 10 月 30 | 日 | | --- | --- | | 收盘价(元) | 28.05 | | 总市值（亿元） | 55.20 | | 总股本(亿股) | 1.97 | | 流通股本(亿股) | 1 ...

10月31日，科锐国际涨5.31%，截至发稿，报29.54元/股，成交2.33亿元，换手率4.11%，总市值58.14亿 元。 资料显示，北京科锐国际人力资源股份有限公司位于北京市朝阳区朝阳门南大街10号楼A座5层，成立 日期2005年12月5日，上市日期2017年6月8日，公司主营业务涉及以技术驱动的人力资源整体解决方案 服务商。主营业务收入构成为：灵活用工95.22%，中高端人才访寻2.77%，其他0.84%，招聘流程外包 承揽0.64%，技术服务0.54%。 从基金十大重仓股角度 数据显示，中信保诚基金旗下1只基金重仓科锐国际。中信保诚至瑞混合A（003432）三季度增持9万 股，持有股数35万股，占基金净值比例为3.86%，位居第九大重仓股。根据测算，今日浮盈赚取约52.15 万元。 中信保诚至瑞混合A（003432）成立日期2016年10月21日，最新规模1.42亿。今年以来收益5.35%，同 类排名6744/8154；近一年收益6.7%，同类排名6626/8046；成立以来收益71.08%。 截至发稿，王睿累计任职时间10年188天，现任基金资产总规模64.38亿元，任职期间最佳基金回报 253. ...