国盛证券研报指出，科锐国际是人服行业领军企业，在"一体两翼"基本战略指引下，形成"技术+服务 +平台"的产品生态模式。2024年，公司实现营收117.9亿元/同比+20.5%，归母净利润2.1亿元/同比 +2.4%，其中，灵活用工单业务营收占比达到94.5%。公司股权稳定，管理层经验丰富，通过限制性股 票激励计划实现核心团队长期激励。公司通过收并购持续拓展招聘、灵活用工等线下业务和国际化布 局，持续注重技术投入，建立自有AI大模型，并赋能产业互联平台禾蛙，现已形成技术+服务+平台的 全产业链生态模式。公司中高端人才访寻、招聘流程外包和灵活用工三大线下业务基础扎实，智能化、 生态化、国际化已具壁垒，预计公司2025-2027年实现营收150.9/189.3/228.2亿元，归母净利润3.0/3.7/4.3 亿元，当前股价对应PE20.1x/16.4x/13.9x。参考A股和港股同类型公司估值及公司上市以来历史估值， 认为公司当前估值仍具提升空间，首次覆盖，给予"买入"评级。 ...

Core Viewpoint - The company, a leading player in the human resources service industry, has established a "technology + service + platform" ecosystem, achieving significant revenue growth and profitability in 2024 [1][4]. Company Overview - Founded in 1996, the company started with headhunting and has since expanded through rapid mergers and acquisitions, evolving through three stages: internationalization, digitization, and ecological development [1]. - In 2024, the company achieved a revenue of 11.79 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 210 million yuan, a year-on-year increase of 2.4% [1]. Industry Insights - The human resources service industry has a broad classification, with the market size exceeding 3 trillion yuan in 2023. The three main segments are recruitment services (13.1%), human resource outsourcing services (77.0%), and HR software and consulting training (9.9%) [2]. - The outsourcing service segment is rapidly growing, reaching 2.13 trillion yuan in 2023, driven by new employment forms, compliance needs, and high-value transformation [2]. - The penetration rate of flexible employment is steadily increasing, with room for improvement compared to international levels [2]. Business Model and Growth - The company has a solid offline business foundation, with over 10 million candidate profiles accumulated since 2018, supporting its recruitment capabilities and subsequent growth [3]. - The company emphasizes technological investment, aiming to create a second growth curve through digitalization and productization, with a revenue CAGR of 49.9% from 2017 to 2024 in flexible employment [3]. - The company has developed its own AI model, achieving a 60% improvement in job matching accuracy by mid-2025, and is currently testing an Agent prototype system [3]. International Expansion - The company has established a significant international presence, with over 10 branches in countries like the UK and the US, and has acquired six major professional brands in the European and American markets [3]. Investment Outlook - As the first human resources service company listed on the A-share market, the company has a robust foundation in high-end talent search, recruitment process outsourcing, and flexible employment [4]. - Revenue projections for 2025-2027 are 15.09 billion yuan, 18.93 billion yuan, and 22.82 billion yuan, with net profits of 300 million yuan, 370 million yuan, and 430 million yuan respectively [4]. - The current stock price corresponds to a PE ratio of 20.1x, 16.4x, and 13.9x for the respective years, indicating potential for valuation improvement [4].

Group 1: Major Projects Review and Outlook - The "14th Five-Year Plan" has established 102 major projects as key measures to stabilize the economy, and the "15th Five-Year Plan" is expected to continue focusing on five categories: livelihood, technology + industry, infrastructure, ecological construction, and safety engineering [3] - New projects during the "15th Five-Year Plan" will particularly emphasize water conservancy infrastructure, technology integration, and urban renewal [3] Group 2: Convertible Bond Market Analysis - As of September 12, 2025, the pricing deviation indicator for the convertible bond market is at 5.27%, which is at the 99.3 percentile level since 2018, indicating high volatility in valuations [4] - The report suggests that investors aiming for absolute returns should consider reducing their positions in equity-linked convertible bonds to mitigate potential market downturns [4] Group 3: Company Analysis - Core International - Core International (300662.SZ) is a leading enterprise in the human services industry, with a focus on AI and international expansion as new growth points [5] - The company has established a comprehensive ecosystem through technology investment, including its own AI model and the industrial interconnection platform "He Wa," covering recruitment, flexible employment, and other services [5] - Revenue projections for Core International are estimated at 15.09 billion, 18.93 billion, and 22.82 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 300 million, 370 million, and 430 million yuan [5]

Group 1 - The core point of the article is that as of September 10, 2025, the total number of shareholders for the company is 12,839 [2]

Group 1 - The core viewpoint of the article highlights that the company, Keri International, is leveraging a "technology + platform + service" business model to enhance its digital and offline service capabilities, aligning with national employment stabilization policies [2] Group 2 - The company is actively collaborating with industry partners to strengthen its service offerings and support the development of a high-quality employment service system [2]

Core Viewpoint - The company is actively responding to national employment stabilization policies by enhancing its digital and offline service capabilities through a "technology + platform + service" business model [1] Group 1 - The Ministry of Human Resources and Social Security is promoting the establishment of "employment service stations" in pilot areas, emphasizing a "big data + foot service" model [1] - The company is collaborating with industry partners to strengthen its digitalization efforts and offline service integration [1] - The company aims to support the construction of a high-quality employment service system in response to national policies [1]

Group 1 - The core challenge for companies in the AI era is not just technology but the alignment of talent strategy with business strategy [3][8] - AI job demand has doubled year-on-year, with only 20% of the required talent being suitable for the roles [2][8] - Companies need to shift from "buying talent" to "creating talent" by focusing on internal training and development [3][10] Group 2 - A successful case was shared where a traditional manufacturing company built a complete talent system by identifying internal potential and providing targeted training [3][10] - AI-native companies may struggle to attract talent if their organizational structure is not well-defined, highlighting the importance of matching talent with company needs [3][12] - The younger generation of AI entrepreneurs values practical skills and hands-on experience over traditional qualifications [4][14] Group 3 - Companies must create an agile talent ecosystem that combines full-time employees, outsourced consultants, and digital workers [15] - The importance of aligning talent with strategic goals is emphasized, as many CEOs are dissatisfied with the pace of AI implementation [13][14] - The future of talent acquisition will require a dynamic approach, continuously tracking and adapting to the needs of the organization [14][15]

Core Insights - The report indicates a divergence in performance within the social services sector, with leading companies outperforming their peers [5][7] - The overall revenue for the service consumption sector increased by 1.4% year-on-year in 1H2025, reaching 134% of 2019 levels, while profits declined by 11.5%, recovering to 79% of 2019 levels [12][15] - Key segments such as K12 education, human resources, and scenic areas showed both revenue and profit growth, while hotels, restaurants, tourism retail, and higher education faced challenges [12][13] Social Services Overview - In 1H2025, K12 training and human resources sectors saw revenue growth of 14.4% and 10.7%, respectively, with net profits increasing by 39.5% and 49.8% [12][15] - Scenic areas also reported growth, with revenues up by 3.9% and net profits by 2.4% [15] - Conversely, the hotel sector experienced a revenue decline of 4.5% and a significant profit drop of 40.6% [13][15] Travel Services - The hotel industry remains under pressure, with leading hotels like Huazhu Group and Shoulv Hotel showing resilience despite a decline in RevPAR [16][19] - In 1H2025, leading hotels continued to expand, with Huazhu adding 990 new hotels [16][18] - OTA companies benefited from overall travel demand, with significant growth in overseas business [7][24] Scenic Areas and OTA - Domestic tourism numbers surpassed pre-pandemic levels, with a 20.6% increase in travel volume in 1H2025 [24] - Scenic area performance varied, with Xiangyuan Cultural Tourism and Jiuhua Tourism showing strong growth, while Changbai Mountain faced challenges due to weather [29] - The average ticket price for domestic travel has not fully recovered, remaining at 95% of 2019 levels [24] Professional Services - The human resources sector is experiencing a mild recovery, with companies like Keri International and BOSS Zhipin performing well [7][16] - The education sector, particularly K12 training, continues to thrive, with a focus on AI applications enhancing efficiency [7][16] - The exhibition industry is awaiting macroeconomic improvements to boost performance [7][16] Restaurant and Tea Beverage Sector - The restaurant industry is under pressure, with same-store sales declining, while budget-friendly dining options are showing resilience [7][12] - The tea beverage sector is expanding, with leading brands like Mixue and Gu Ming performing exceptionally well [7][12]

北京国枫律师事务所 关于北京科锐国际人力资源股份有限公司 2025 年第一次临时股东会的 法律意见书 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 国枫律股字[2025]A0439 号 致：北京科锐国际人力资源股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第一次临时股东会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《律师事务所从事证券法律业务管理 办法》（以下简称"《证券法律业务管理办法》"）、《律师事务所证券法律业务执业 规则（试行）》（以下简称"《证券法律业务执业规则》"）等相关法律、行政法规、 规章、规范性文件及《北京科锐国际人力资源股份有限公司章程》（以下简称"《公司 章程》"）的规定，就本次会议的召集与召开程序、召集人资格、出席会议人员资格、 会议表决程序及表决结果等事宜，出具本法律意见书。 对本法律意见书的出具 ...

证券代码：300662 证券简称：科锐国际 公告编号：2025-050 北京科锐国际人力资源股份有限公司 2025 年第一次临时股东会决议公告 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： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议； 3、本次会议采取现场会议投票与网络投票相结合的方式召开。 一、会议召开和出席情况 会议召开方式：2025 年 8 月 28 日，公司董事会以公告方式向全体股东发出 召开 2025 年第一次临时股东会的会议通知。本次会议以现场投票与网络投票相结 合的方式召开。 现场会议时间：2025 年 9 月 12 日（星期五）下午 14：30。 网络投票时间： ①深圳证券交易所（以下简称"深交所"）交易系统网络投票时间：2025 年 9 月 12 日 9:15 至 9:25，9:30 至 11:30，13:00 至 15:00。 ②深交所互联网投票系统（http://wltp.cninfo.com.cn）投票时间：2025 年 9 月 12 日 9:15 至 15:00 期间的任意时间。 ...