科锐国际版权所有 科锐国际版权所有 科锐国际版权所有 TALENT TRENDS & SALARY GUIDE 人才市场洞察及薪酬指南 科锐国际版权所有 科锐国际版权所有 科锐国际版权所有 科锐国际版权所有 科锐国际版权所有 科锐国际版权所有 科锐国际版权所有 科锐国际版权所有 科锐国际版权所有 2026 科锐国际版权所有 | 概览 | | | | | | | 3 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 大健康 | | 大健康 所 人工智能 权 | 有 | | | | 10 所 权 25 | 有 | | 科技智能 | 版 际 | 集成电路 数智化 | | | | 版 际 | 29 32 | | | 锐 新能源和新能源汽车 | 国 | 新能源 | | | 国 锐 | | 35 | | | 科 | | 汽车 | | 科 | | | 39 | | | 金融 | | 金融 | | | | | 48 | | | 大民生 | | 消费品 农业与食品 | 有 | | | | 53 57 | 有 | | | | 教育 所 权 人力资源 版 | ...

AI+教育&人资：产业重塑与投资机遇 20260310 摘要 2026 年为 AI 应用爆发拐点，模型由单点功能转向跨环节整合，多模态 与 Agent 能力推动教育、人资等高复杂度场景实现流程闭环。 AI+教育市场规模预计 2027 年达 2000 亿元，K12 阶段 2 亿用户刚需 属性强，产品逻辑从"以教为中心"转向个性化"以学为中心"。 科大讯飞构建 G/B/C 端全流程闭环，凭借海量数据与垂直大模型优势， 其学习机在高端市场份额位居第一，具备软硬件一体化壁垒。 行动教育 2026 年业绩指引上修至 30%，利润预期 4 亿元，对应 PE 15-16 倍；其"百校计划"通过 AI 赋能组织扩张，股息率约 6%。 科锐国际"禾蛙"平台解决猎头长尾需求痛点，2025 年创收超 1 亿美 元，预计 2026 年翻倍；2026 年预期利润 3.6 亿元，估值低于 15 倍。 华图山鼎 2025 年前三季度研发费增 160%，聚焦十大学科 AI 产品；人 力资源数字化市场 2027 年规模将达 484 亿元，复合增速 17%。 Q&A 从模型演进的角度看，当前 AI 技术，特别是 Agent 的发展处于哪个阶段？ ...

Investment Rating - The report rates the industry as "Overweight," indicating a positive outlook for the consumption and modern service sectors, which are expected to outperform the overall market [1]. Core Insights - The government work report from the Two Sessions on March 5, 2026, sets an economic growth target of 4.5%-5.5% and introduces a systematic policy mix to boost domestic demand and improve livelihoods, including significant financial support for consumption and service sectors [1]. - The focus is on enhancing service quality in tourism, accommodation, and dining, while also promoting urbanization to drive the development of lifestyle services [1]. - The report emphasizes the dual empowerment of policies and capital markets, with the introduction of more inclusive listing standards on the ChiNext board to support new consumption and modern service enterprises [1]. Summary by Sections Policy Direction - The report highlights that the policy direction for 2026 will prioritize the expansion and quality enhancement of the cultural tourism and modern service industries, with a notable increase in policy support [2]. - It aims to release the potential of service consumption, focusing on areas such as leisure tourism, sports events, healthcare, and the silver economy, while also addressing maternity and childcare services [2]. Demand and Supply Side - On the demand side, the report outlines measures such as a CNY 250 billion special bond to support the replacement of automobiles and home appliances, and a CNY 100 billion special fund to enhance consumer credit and service financing [2]. - On the supply side, it emphasizes the need for high-quality service supply and market environment optimization, including the establishment of national standards and the promotion of "China Service" brands [2]. Capital Market Support - The report indicates that the capital market will play a crucial role in empowering consumption services, with the ChiNext board reform aimed at facilitating financing for quality innovative enterprises in the service sector [2]. - This dual approach of policy and capital support is expected to drive the expansion and quality improvement of the consumption and service industries [2]. Investment Recommendations - The report suggests specific investment opportunities in various sectors, including: - Cultural tourism: Sanxia Tourism, Santai Cableway, Songcheng Performance, Jiuhua Tourism, Lijiang Co [2]. - Hotel accommodation: Huazhu, Atour, Shoulv Hotel, Junting Hotel [2]. - AI and human resources services: Core International, Beijing Human Resources, Liepin [2]. - Tourism retail and sports industry: China Duty Free, Zhuhai Duty Free Group, Lansheng Co, Lisheng Sports [2]. - Maternity and infant consumption: Shengbeila, Kidswant [2].

科锐国际 20260303 摘要 2025 年灵活用工在职约 5.2 万人（净增 8,200 人），收入增速 >30%；IT 与工业研发岗占比超 35%，高价值岗位周转率提升驱动盈利 修复。 2026 年 Q1-Q2 经营节奏顺利，猎头业务增速约 30%，RPO 保持稳健； 河蛙平台与内部 CC 业务显示市场 offer 量与均价持续走高，行业复苏加 速。 海外业务表现强劲，2025 年 RPO 毛利增速超 300%；2026 年将聚焦 南美、东亚等新市场，通过伴随中企出海策略推动利润持续正增长。 河蛙平台 2026 年目标收入 1 亿元（亏损约 3,000 万），2027 年目标 2-2.6 亿元并实现盈亏平衡；AI 重构使下半年单月 offer 金额稳定在 1,600-1,800 万。 AI 智能体 MIRA 2.0 将于 2026 年面向开放网络发布，优先在海外商用； 公司计划在 2026 年底或 2027 年实现 AI 业务财务独立核算。 AI 对行业影响呈"高端辅助、低端替代"格局，预计 5 年内优先替代简 单岗位；公司定位正由传统人力资源服务商向 AI 信息技术服务商转型。 Q&A 2025 年灵 ...

Investment Rating - The report maintains a "Recommendation" rating for the consumer services industry, indicating an expected increase in the industry index by more than 5% over the next 3-6 months compared to the benchmark index [44][46]. Core Insights - The 2026 Spring Festival saw record-high travel and consumption data, with inter-regional mobility reaching 2.808 billion people, a year-on-year increase of 8.2%. Daily income in consumption-related industries grew by 13.7% compared to the previous year [4][36]. - The tourism sector experienced unprecedented interest, with an average of 1.977 million people entering and exiting the country daily during the Spring Festival, marking a 10.1% increase year-on-year. Macau's daily inbound visitor count reached 173,000, surpassing pre-pandemic levels [4][37]. - Hotel occupancy rates and revenue indicators showed steady recovery, with Huazhu Group reporting a 20% increase in total guests and a peak occupancy rate of 91% during the holiday [4][39]. - The restaurant sector demonstrated growth, with daily sales for monitored retail and restaurant enterprises increasing by 5.7% year-on-year. Notably, Haidilao served over 14 million customers during the holiday period [4][36]. Industry Performance - The consumer services sector's weekly performance was a gain of 1.68%, outperforming the CSI 300 index, which rose by 1.08%. The overall A-share market saw a gain of 2.73% [7][25]. - The hotel and restaurant sectors showed significant gains, with hotel stocks rising by 3.66% and restaurant stocks by 3.87% during the week [12][18]. - The report highlights the strong performance of specific companies, such as Luckin Coffee and Trip.com, which saw notable increases in their stock prices [4][31]. Important Announcements - Green Tea Group expects a profit of approximately 460 million to 508 million RMB for 2025, reflecting a year-on-year increase of 31.4% to 45.1% [31]. - Ctrip anticipates a revenue of 62.4 billion RMB for 2025, with a net profit of 33.3 billion RMB, representing a year-on-year increase of 17% and 95%, respectively [31]. - Excellent Education Group projects a revenue of 1.8 billion to 2.0 billion RMB for 2025, with a net profit of 260 million to 340 million RMB, indicating a growth of approximately 63.3% to 81.5% [31].

Summary of Conference Call for Company and Industry Analysis Company Overview - **Company**: 科锐国际 (Kerry International) - **Industry**: Flexible Employment and AI Applications Key Points Business Growth and Revenue - All business lines are expected to achieve growth in 2026, with flexible employment being the main revenue source, focusing on high-end clients and new customer expansion to alleviate market concerns about growth [2][3] - The target for 河蛙 (He Wa) in 2026 is to double revenue from 2025 and achieve breakeven, with significant growth in various metrics [2][4] - The flexible employment business is projected to grow nearly 30% in revenue for 2025, with an emphasis on profitability and structural optimization [2][7] Financial Performance - The flexible employment segment is expected to maintain a high growth rate, with revenue and gross margin increasing simultaneously, validating the effectiveness of focusing on high-end clients and new customer expansion [3][4] - The company aims for a group revenue growth target of 20%-30% in 2026, with the flexible employment segment accounting for over 90% of total revenue [3][20] AI Development - The AI application has a 1.0 version ready for internal demonstration, with plans to upgrade to a 2.0 version that will be available for external use [2][4] - The AI application is designed to enhance efficiency in recruitment and other HR processes, although it currently does not contribute directly to revenue [6][14] - The company is positioning itself as a provider of AI services rather than a passive participant in the industry changes brought by AI [12][14] Employment Trends - The flexible employment penetration rate in China is still low compared to Western countries, indicating significant growth potential [12] - The company is not overly concerned about the impact of AI on programming jobs, as it believes that while some jobs may be replaced, new opportunities will also arise [12][13] Operational Focus - The company is prioritizing profitability and structural optimization over mere headcount growth, reflecting a shift in focus due to market changes and the impact of AI on job structures [11][12] - The flexible employment business is focusing on increasing the proportion of high-income individuals to improve gross margins, with a target of expanding the base of individuals earning over 3,000 yuan [7][8] Segment Performance - The猎头 (Headhunting) business is expected to maintain stable revenue around 1 billion yuan per quarter, with a gross margin of approximately 30% [16] - The overseas business is projected to continue its growth trajectory, although specific targets for 2026 have not been set [17][18] Market Outlook - The employment market is expected to remain stable, with no significant changes in job supply compared to 2025, indicating a positive outlook for 2026 [19] - The company is confident in achieving its performance targets across various business lines, with each segment showing potential for growth [19] Conclusion - The company is strategically positioned to leverage AI advancements while focusing on high-end flexible employment solutions, aiming for sustainable growth and profitability in a changing market landscape [14][20]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300662 证券简称：科锐国际 公告编号：2026-004 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 2、财务状况 本报告期内，公司经营稳健，财务状况良好。本报告期末，公司总资产为453,340.58万元，较期初增长 12.64%,主要系公司资产随经营规模增长所致；归属于上市公司股东的所有者权益为226,382.33万元，较 期初增长14.79%，主要系本年归母净利润增长所致。 特别提示：本公告所载2025年年度的财务数据仅为初步核算数据，已经公司内部审计部门审计，未经会 计师事务所审计，与年度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 一、2025年年度主要财务数据和指标 单位：人民币万元 注：1、上述数据以合并报表数据填列（未经审计）。 2、归属于上市公司股东的每股净资产是以各年末的股本为依据计算。 二、经营业绩和财务状况情况说明 1、报告期内的经营业绩 2025年我国经济持续向高质量发展迈进，新质生产力加速成为核心驱动力，科技创新与产业创新深度融 合，全球产业链供应链韧性显 ...

2025年年度业绩快报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 特别提示：本公告所载2025年年度的财务数据仅为初步核算数据，已经公司内部审计部门审计，未经会 计师事务所审计，与年度报告中披露的最终数据可能存在差异，请投资者注意投资风险。 一、2025年年度主要财务数据和指标 登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：300662 证券简称：科锐国际 公告编号：2026-004 北京科锐国际人力资源股份有限公司 2、财务状况 本报告期内，公司经营稳健，财务状况良好。本报告期末，公司总资产为453,340.58万元，较期初增长 12.64%,主要系公司资产随经营规模增长所致；归属于上市公司股东的所有者权益为226,382.33万元，较 期初增长14.79%，主要系本年归母净利润增长所致。 三、与前次业绩预计的差异说明 单位：人民币万元 ■ 注：1、上述数据以合并报表数据填列（未经审计）。 2、归属于上市公司股东的每股净资产是以各年末的股本为依据计算。 二、经营业绩和财务状况情况说明 1、报告期内的经营业绩 2025年我国经济持续向高质量 ...

格隆汇2月27日丨科锐国际(300662.SZ)公布2025年年度业绩快报，营业总收入145.4亿元，同比增长 23.38%，归属于上市公司股东的净利润3.04亿元，同比增长48.1%。报告期内，公司构建了以数智科技 为驱动，涵盖中高端人才访寻、招聘流程外包、岗位外包、独立顾问、人力资源咨询等在内的一站式人 才供应链解决方案，为客户提供从诊断、匹配、交付至管理的全周期人才服务支持，助力企业实现组织 能力与业务的协同升级。在国内，公司积极把握科技创新及产业融合所带来的人才需求机遇，通过整合 全球分支机构招聘资源与"禾蛙"平台的生态连接能力，多业务场景协同、线上与线下联动，不断完善大 客户整体解决方案，不断在重点商圈与细分岗位领域取得突破，带来各条业务产品线的同时增长；在海 外，随着市场逐步回暖及业务布局结构的不断完善，出海业务与海外本土化业务收入和利润贡献也逐步 提升。 ...

Major Announcements - Cambrian reported a net profit of 2.059 billion yuan for 2025, turning around from a loss of 450 million yuan in the previous year, with total revenue reaching 6.497 billion yuan, a year-on-year increase of 453.21% [12] - Moer Thread achieved total revenue of 1.506 billion yuan in 2025, marking a year-on-year growth of 243.37%, although it still reported a net loss of 1.024 billion yuan [13] - Zhongji Xuchuang's net profit for 2025 grew by 108.81% year-on-year, reaching 10.799 billion yuan, with total revenue of 38.24 billion yuan, up 60.25% [14] Company Performance Reports - Xirong Environment proposed a cash dividend of approximately 2.35 yuan per 10 shares for 2025, based on a payout ratio of 35% of the net profit attributable to shareholders [2] - Jietu's optical connection business is still in its early stages, contributing less than 5% to total revenue, with growth dependent on various market factors [3] - Zhongying Technology plans to acquire at least 51% of Yingzhong Electric, which specializes in insulation fiber materials [4] - Xibu Superconductor's subsidiary, Juneng Magnet, will be listed on the National Equities Exchange and Quotations starting March 2, 2026 [5] - Ingrity Media announced that some of its bank accounts have had their funds unfrozen, allowing normal operations to resume [6][7] - Dayun Technology plans to establish a joint venture to enhance its semiconductor testing capabilities, with a registered capital of 11 million yuan [7] Financial Highlights - Huazhong Technology reported a net profit of 1.36 billion yuan for 2025, a decrease of 31.19%, despite total revenue increasing by 55.85% to 18.616 billion yuan [36] - Jiangfeng Electronics achieved a net profit of 481 million yuan, up 20.15%, with total revenue of 4.605 billion yuan, a 27.75% increase [20] - Ninebot Company reported a net profit of 1.755 billion yuan, a year-on-year increase of 61.84%, with total revenue of 21.325 billion yuan, up 50.22% [24] - Weicai Technology's net profit reached 300 million yuan, a 134% increase, with total revenue of 1.575 billion yuan, up 46.22% [25] - Dalian Heavy Industry reported a net profit of 588 million yuan, an 18.17% increase, with total revenue of 15.501 billion yuan, up 8.54% [26]