战略赋能：助力区域人才高地建设 钟晓龙表示，此次合作是天保控股践行国企"产业协同"战略的重要实践，通过整合天保控股的区域资源优势与科锐国际的全球化服务能力，持续推动产业 与人才深度融合。高勇指出，依托天保控股的本土深耕能力，科锐国际将自身专业化、数智化、全球化、生态化的服务优势赋能至区域市场，共同推动人 力资源服务模式创新升级。 未来，天保控股将与科锐国际进一步加强统筹联动，深化资源共享与优势互补，持续推动区域人才集聚和产业转型发展，助力区域人才高地建设，为区域 高质量发展提供强有力的人才智力支撑。 强强联合：构建互利共赢合作伙伴关系 作为天津市大型国有企业，天保控股多年来深耕区域发展，旗下拥有天保基建、天保能源、天保人力3家上市子公司，位列中国服务业500强第336位。所 属天保人力深耕新三板市场，在区域人才配置、产业用工保障等领域积累了深厚资源。科锐国际作为A股首家人力资源上市公司，服务超6000家客户，在 中国、英国、美国等多个国家设立了100余家分支机构，以"技术+平台+服务"模式提供中高端人才访寻、招聘流程外包、灵活用工等全链条人力资源解决 方案。此次战略合作协议签署前，双方已通过天津智锐股权合作奠 ...

Core Insights - The Human Capital Management (HCM) industry focuses on solutions and services for recruiting, managing, developing, retaining, and optimizing talent, covering various segments such as recruitment, assessment, core HR, performance, succession, and online learning [1][2] - The HCM software market is divided into on-premise and cloud-based solutions, with cloud solutions offering flexibility, scalability, and cost-effectiveness, making them increasingly popular among businesses [4][5] - The Chinese HCM SaaS market is projected to grow from CNY 2.43 billion in 2020 to CNY 5.13 billion by 2024, achieving a compound annual growth rate (CAGR) of 20.5% [7][8] Market Overview - The HCM SaaS market consists of six sub-markets: employee performance management, recruitment/talent acquisition, core HR, workforce management, learning management, and compensation management [8] - By 2024, the core HR segment is expected to hold approximately 26% of the market share, followed by recruitment management at 19% and learning management at around 14% [8][9] - The global HCM application market is anticipated to grow by 14.8% in 2024, reaching USD 41 billion, with the Americas accounting for nearly 65% of total market revenue [7] Competitive Landscape - The Chinese HCM SaaS industry features a diverse range of competitors, with the top five companies holding about 49% of the market share in 2024 [9] - Beisen Holdings leads the market with an estimated 15% share in 2024, followed by companies like Kenna and Inspur [9][10] - Major players in the market include international firms like SAP, Oracle, and Workday, as well as domestic companies such as Yonyou, Kingdee, and emerging firms like Beisen and CDP [9] Future Trends - The HCM SaaS market is expected to exceed CNY 10 billion by 2029 and reach CNY 14 billion by 2031, driven by deepening digital transformation and breakthroughs in AI technology [10][12] - AI integration is anticipated to innovate the HCM SaaS industry, transforming traditional HR tools into intelligent systems capable of autonomous decision-making [11][12] - The dual-driven capability of "platform + intelligent agents" is expected to become a core engine for market growth, facilitating a shift from functional modules to intelligent capital management [12][13]

Main Points - The report highlights three main investment themes: market recovery and supply-demand balance favoring leading companies, the role of AI in enhancing efficiency and generating secondary revenue, and the complexity of tourism investment driven by resource endowment and product refinement [5][6][17]. Group 1: Market Recovery and Supply-Demand Balance - The hotel market is expected to see a slight recovery, with average daily rates (ADR) showing positive trends [18][25]. - Luxury, mid-range, and economy hotels are experiencing a rebound after supply adjustments, with an increase in chain hotel ratios and mid-range hotel market share [7][26]. - The construction of the Hainan Free Trade Port is anticipated to significantly reduce import costs for businesses, enhancing the attractiveness of the region for tourism and hospitality investments [7]. Group 2: AI Applications in Recruitment - AI applications in recruitment are not solely focused on cost reduction but are increasingly aimed at generating additional revenue through enhanced efficiency [5][45]. - AI technologies are transforming recruitment processes, including job description generation, resume screening, and video interview analysis, leading to improved matching and efficiency [46][50]. - The recruitment service market is expanding rapidly, with high growth potential in the mid-to-high-end online recruitment sector [50]. Group 3: Tourism Investment Dynamics - The tourism investment landscape is complex, requiring a combination of resource endowment and product refinement to navigate economic cycles successfully [6][17]. - The luxury cruise market is gaining traction among older demographics, with high-quality experiences driving demand despite higher pricing [8]. - Policy changes promoting school holidays and flexible work arrangements are expected to boost service consumption, particularly in the tourism sector [8][11]. Group 4: Consumer Trends and Market Potential - The service consumption market is showing structural vitality, with service retail sales growing by 5.3% year-on-year, outpacing goods consumption [11]. - The "new silver-haired" demographic is emerging as a significant consumer group, with a growing focus on travel and leisure spending [68]. - The domestic tourism market is recovering steadily, with a projected 56.2 billion domestic trips in 2024, reflecting a 14.8% year-on-year increase [62].

证券日报网讯科锐国际（300662）11月14日在互动平台回答投资者提问时表示，截至2025年11月10日， 公司股东总户数14646户。 ...

Investment Rating - The report maintains a "Positive" investment rating for the social services industry [10] Core Insights - In the first three quarters of 2025, the overall revenue of the social services industry increased by 1.8% year-on-year, with positive growth in all sub-sectors except for duty-free and hotel sectors [2][19] - The overall net profit excluding non-recurring items decreased by 6.51% year-on-year, with significant variations across sectors; hotels and human resources sectors showed increases of 13.51% and 5.41% respectively, while sectors like tourism, education, dining, duty-free, and outbound tourism experienced declines [2][19] - The third quarter showed a marginal improvement with a revenue increase of 3.64% year-on-year and a net profit decrease of 4.28% [2][19] Summary by Relevant Sections Revenue Overview - The overall revenue growth for the social services industry was 1.8% year-on-year in the first three quarters of 2025, with a notable increase of 3.64% in the third quarter [19] - Sub-sectors such as outbound tourism, human resources, education, and scenic spots saw revenue growth rates of 10.53%, 9.57%, 4.41%, and 1.41% respectively, while dining and duty-free sectors faced declines [20][22] Profitability Analysis - The overall net profit excluding non-recurring items for the industry decreased by 6.51% year-on-year, with hotels and human resources sectors showing positive growth [23][24] - The hotel sector benefited from effective cost control, while other sectors like scenic spots, education, dining, and duty-free faced significant profit declines [23][24] Cash Flow Insights - The cash flow situation showed signs of improvement, with human resources, dining, and scenic spots experiencing increases in net cash flow [34] - The overall cash flow performance remained weak, with several sectors showing declines in cash flow relative to revenue [34] Sector-Specific Opportunities - In the education sector, high-quality institutions are expected to see stable growth, particularly with the integration of AI technologies [7][41] - The human resources sector is experiencing structural recovery, supported by employment policies and AI technology [7][41] - The hotel sector is witnessing a recovery in RevPAR, with leading hotel groups resuming rapid expansion [7][41] - The duty-free sector is seeing a narrowing of sales declines, with expectations for new policies to stimulate growth [8][41] - The dining sector is currently facing challenges due to regulatory impacts, but some companies are managing to maintain stable growth [7][41] - The scenic spots sector is benefiting from increased domestic tourism, particularly among rural residents [7][41]

丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨科锐国际（300662.SZ） [Table_Title] 2025 年三季报点评：海外市场恢复，利润增长 提速 报告要点 [Table_Summary] 单三季度，营业收入 36.80 亿元，同比+23.70%，归母净利润 9322.72 万元，同比+89.62%， 扣非后归母净利润 6059.50 万元，同比+26.90%。前三季度，营业收入 107.55 亿元，同比 +26.29%，归母净利润 2.20 亿元，同比+62.46%，扣非后归母净利润 1.57 亿元，同比+40.20%。 预计 2025-2027 年归母净利润分别为 2.90/3.42/4.13 亿元，对应 PE 分别为 19/16/13X，维持 "买入"评级。 分析师及联系人 [Table_Author] 赵刚 杨会强 马健轩 SAC：S0490517020001 SAC：S0490520080013 SFC：BUX176 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 科锐国际（3 ...

Investment Rating - The industry is rated as "Outperforming the Market" with an expected increase of over 10% relative to the market index in the next six months [5][40]. Core Insights - The social service industry has seen a significant reduction in heavy positions, with a total market value of 4.595 billion yuan, down by 1.630 billion yuan from the previous quarter [2][10]. - The heavy position ratio for the social service industry is currently at 0.05%, which is significantly lower than the five-year average of 0.44%, indicating potential for rebound [2][10]. - The report highlights a general decline in the overweight ratios across various sub-sectors, with the hotel and catering sector maintaining a low position ratio of 0.02% [3][19]. - The report suggests that service consumption is accelerating towards becoming the mainstay of household consumption, driven by policies aimed at expanding service consumption [4][39]. Summary by Sections Heavy Position Analysis - The number of funds holding heavy positions in the social service industry decreased from 177 to 10, with a total market value of 4.595 billion yuan [2][10]. - The heavy position ratio ranks 30th among 31 first-level industries, indicating a low allocation compared to historical levels [2][10]. Sub-sector Performance - The hotel and catering sector's heavy position ratio has remained stable at 0.02%, while the tourism and scenic area sector has seen a slight decline to 0.01% [3][19]. - The professional services sector experienced a minor decrease, with a heavy position ratio of 0.02% [3][19]. Individual Stock Performance - The top ten stocks in the social service sector saw a combined heavy position ratio of 0.045%, down from the previous quarter [3][28]. - Notable stocks include Shoulu Hotel, which maintains the highest heavy position ratio, and Tongqing Tower, which has entered the top ten for the first time this year [3][28]. Investment Recommendations - The report recommends focusing on sectors benefiting from policy support, including cultural tourism, sports, and education, as these areas are expected to see growth due to favorable policies [4][39].

Core Viewpoint - The company emphasizes the importance of market value management and investor relations, establishing a diversified and normalized communication mechanism to enhance investor engagement [2] Group 1: Company Communication Strategy - The company has implemented various communication channels including performance briefings, institutional research, reverse roadshows, strategy meetings, interactive Q&A, and investor hotlines [2] - The company acknowledges that short-term stock price fluctuations are influenced by macroeconomic factors, market sentiment, and capital preferences, which may differ from the company's fundamentals [2] Group 2: Future Plans and Value Realization - The company aims to continuously enhance its operational performance, optimize corporate governance, improve information disclosure, and strengthen investor communication to drive value realization [2]

Core Insights - The professional services sector saw a rise of 0.75% on November 10, with Shijian Testing leading the gains [1] - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] Professional Services Sector Performance - Shijian Testing (301228) closed at 28.14, up 7.24% with a trading volume of 64,700 shares and a transaction value of 181 million [1] - Xince Standard (300938) closed at 29.25, up 2.81% with a trading volume of 114,400 shares and a transaction value of 334 million [1] - Keri International (300662) closed at 29.04, up 2.54% with a trading volume of 62,900 shares and a transaction value of 181 million [1] - Other notable performers include Miao Exhibition (300795) up 1.56%, Beijing Human Resources (600861) up 1.54%, and Lihua Science and Technology (002243) up 1.43% [1] Capital Flow Analysis - The professional services sector experienced a net outflow of 60.56 million from institutional investors, while retail investors saw a net inflow of 20.84 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Lihua Science and Technology (002243) had a net outflow of 20.49 million from institutional investors, while retail investors contributed a net inflow of 2.09 million [3] - Xince Standard (300938) saw a net inflow of 17.06 million from retail investors, despite a net outflow of 4.12 million from institutional investors [3] - Other stocks like Xigao Institute (688334) and Shijian Testing (301228) also showed varied capital flows, reflecting differing investor sentiments [3]

Group 1 - The company emphasizes the importance of communication with core institutional investors and maintains regular interaction through various channels [2] - The company is implementing a work plan focused on improving service quality, enhancing industry collaboration, and optimizing internal management [2] - The company strengthens communication with investors through regular reports, investor meetings, and performance briefings to attract long-term capital holdings [2]