Summary of the Conference Call for 科锐国际 Company and Industry Overview - The conference call discusses the 和蛙 platform developed by 科锐国际, which is a collaborative platform for the headhunting industry aimed at aggregating small headhunting firms to address demand shortages and supply-demand matching issues [3][4]. Key Points and Arguments 1. **和蛙 Platform 1.0 Achievements**: - Over 100,000 headhunting firms registered on the platform [2][3]. - Established a preliminary trust mechanism through a transparent commission system and an AI arbitration system [3]. - Top suppliers achieved annual revenues exceeding 6.5 million, delivering nearly 300 offers [2][3]. 2. **和蛙 Platform 2.0 Features**: - Introduced three main functions: order placement, order acceptance, and screening, significantly reducing order placement time to under 30 seconds [2][5]. - AI clarification feature allows for 24-hour online responses, enhancing efficiency in the order acceptance process [5][6]. - Screening accuracy reached over 90% through AI-generated evaluation reports [5][6]. 3. **Efficiency Improvements**: - The platform's automation features reduced the overall order placement time to 5-10 minutes [5][6]. - Enhanced matching capabilities with 2,000 job positions, allowing for a retention rate of over 50% for order placers using the platform, compared to only 20% in traditional models [4][11]. 4. **Empowerment of Consultants**: - Six major functions, including the 荷蛙情报站 and 开发宝典, were introduced to help consultants access market information and generate research reports quickly, reducing report generation time from one day to three minutes [7][9]. - The platform aids in training new consultants by summarizing conversations into training materials [9][10]. 5. **Identification of Mid-Sized Enterprises**: - 和蛙 platform shows a significant advantage in identifying mid-sized enterprises with an accuracy rate exceeding 80%, far surpassing general AI models [8]. 6. **AI Screening and Trust Mechanisms**: - The platform employs a dynamic evaluation engine and semantic recall functions to ensure precise screening, even with different keywords [12]. - A trust system is in place to secure data and incentivize resource contributions [12]. 7. **Future Expectations**: - The 和蛙 2.0 version is expected to continue improving operational data and become a significant platform for AI resource aggregation in the headhunting industry [13]. Other Important Insights - The 和蛙 platform's ability to streamline processes and enhance consultant capabilities is anticipated to lead to increased activity in the headhunting sector, particularly benefiting new consultants [13].

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market [2][11]. Core Insights - The report highlights a significant differentiation in performance across various sectors within the social services industry, particularly in tourism and hospitality, driven by changing consumer behaviors and economic conditions [3][4]. - The hotel industry is transitioning from a rapid growth phase to a more competitive environment, with a notable increase in the number of hotels and rooms available [3][4]. - The demand for duty-free shopping is anticipated to grow due to global economic recovery and consumption upgrades, despite some companies facing revenue declines [3][4]. Summary by Relevant Sections Tourism Attractions - Jiuhua Tourism is projected to achieve a 22% increase in revenue and a 28% increase in net profit for H1 2025. Huangshan Tourism is expected to generate revenue of 911 million yuan, a 9% increase year-on-year, with a net profit of 149 million yuan, up 13% [3][4]. - Changbai Mountain is forecasted to see a 7.48% decrease in revenue, with a net loss of 2 million yuan, marking a 110% decline [3][4]. - Tianmu Lake is expected to report a 5% revenue increase to 277 million yuan and a 9% rise in net profit to 58 million yuan [3][4]. Hotel Industry - Huazhu is expected to generate 11.66 billion yuan in revenue for H1 2025, a 2% increase, with a net profit of 2.04 billion yuan, up 18% [3][4]. - Shoulv Hotel is projected to see a 4% decline in revenue to 3.59 billion yuan, while net profit is expected to rise by 9% to 391 million yuan [3][4]. - Atour Hotel anticipates a 30% revenue increase to 4.24 billion yuan and a 16% rise in net profit to 653 million yuan [3][4]. Exhibition & Human Resource Services - The report notes increasing competition in the domestic market, with companies like Miao Exhibition expected to achieve a 9% revenue increase to 284 million yuan, despite a significant drop in net profit [3][4]. - Beijing Human Resources is projected to see a 6% revenue increase to 23.29 billion yuan, with a substantial 81% rise in net profit to 785 million yuan [3][4]. Duty-Free Sector - China Duty-Free is expected to report a 9% decline in revenue to 28.58 billion yuan and a 14% decrease in net profit to 2.84 billion yuan [3][4]. - Wangfujing is projected to see an 18% decline in revenue to 4.95 billion yuan, with a 73% drop in net profit to 80 million yuan [3][4]. Investment Recommendations - The report suggests focusing on companies in various sectors: 1. Exhibition and events: Lansheng Co., Lisheng Sports, Miao Exhibition 2. Human resources: Beijing Human Resources, Keri International 3. Tourism: Changbai Mountain, Jiuhua Tourism, Huangshan Tourism, Songcheng Performing Arts, Tianmu Lake 4. Hotels: Shoulv Hotel, Huazhu, Atour 5. Duty-free: China Duty-Free, Wangfujing [3][4].

Group 1 - The core point of the news is the recent stock reduction activities by key executives of Keri International, indicating potential shifts in insider sentiment towards the company's stock [1][2]. - On July 16, 2025, Keri International's supervisor, Sun Manjuan, reduced her holdings by 200 shares at an average price of 35.00 yuan, resulting in a total transaction value of 0.70 thousand yuan, leaving her with 15,600 shares [1][2]. - The company’s main business includes professional intermediary activities, with a significant focus on flexible employment services, which accounted for 94.48% of its revenue as of December 31, 2024, totaling 11.137 billion yuan [1]. Group 2 - The detailed stock reduction activities of Keri International's executives on July 16, 2025, include reductions by other executives such as Zeng Cheng, Duan Lixin, and Chen Song, with varying amounts and average prices, indicating a broader trend of insider selling [2]. - As of the latest closing, Keri International's total market capitalization stands at 6.355 billion yuan [2].

Group 1 - The company plans to hold the AI 2.0 ecosystem anniversary conference on July 17, showcasing its human resources service platform that leverages AI to enhance the entire recruitment process, breaking down industry collaboration barriers and improving delivery efficiency [1] - From a headhunting perspective, AI can replace manual resume screening and improve client acquisition efficiency [1] - The company has updated its Candidate Tracking System (CTS) using AI technology, enabling automatic matching notifications upon receiving new resumes, generating customized recommendation reports, and enhancing the efficiency of candidate tracking [1] - A new Voice Phone Client has been launched, allowing direct candidate calls and automatic summary text generation of contact records, significantly improving efficiency compared to previous methods [1] - The CRM system has been upgraded to allow real-time searches of public recruitment information, assess the likelihood of companies using HR service agencies, and includes AI subscription features for precise client outreach [1] Group 2 - The company is internally testing an Agent prototype system aimed at flexible application and continuous evolution of technology [2] - In recruitment scenarios, the company is developing a CRE T1 model based on reinforcement learning to address complex matching tasks and implicit constraints in job descriptions [2] - The company remains optimistic about the efficiency improvements from technology empowerment and the potential for collaborative effects across various business lines, as well as the increase in demand for human resources due to domestic clients' overseas expansions [2]

Group 1 - The core viewpoint of the article highlights the performance and valuation of Keri International, which closed at 33.76 yuan, up 14.36%, with a rolling PE ratio of 29.86, marking a new low in 54 days, and a total market capitalization of 6.644 billion yuan [1] - Keri International ranks 18th in the professional services industry, which has an average PE ratio of 63.21 and a median of 40.14 [1] - As of the first quarter of 2025, 55 institutions hold shares in Keri International, including 49 funds, with a total shareholding of 110.6528 million shares valued at 3.829 billion yuan [1] Group 2 - Keri International specializes in providing comprehensive human resource service solutions, including high-end talent search, recruitment process outsourcing, flexible employment, and technical services [1] - The company has received several awards, including the 2024 Best Global Human Resource Service Agency and the 2024 Most In Global Human Resource Service Agency [1] - For the first quarter of 2025, Keri International reported revenue of 3.303 billion yuan, a year-on-year increase of 25.13%, and a net profit of 57.7839 million yuan, up 42.15%, with a gross profit margin of 5.52% [1]

Market Overview - The Shanghai Composite Index fell by 0.03% on July 16, with 14 sectors experiencing gains, led by the social services and automotive sectors, which rose by 1.13% and 1.07% respectively. The social services sector topped the gainers list [1] - The steel and banking sectors saw the largest declines, with drops of 1.28% and 0.74% respectively [1] - Overall, there was a net outflow of 14.265 billion yuan in the main funds across the two markets, with 12 sectors seeing net inflows [1] Sector Performance - The social services sector had a net inflow of 390 million yuan, with 60 out of 77 stocks in the sector rising, including one hitting the daily limit [2] - The top three stocks in terms of net inflow within the social services sector were: - Dou Shen Education: 276 million yuan - Ke Rui International: 75.45 million yuan - Lan Sheng Co.: 38.09 million yuan [2] - The sectors with the largest net outflows included telecommunications, which saw a net outflow of 4.019 billion yuan, and electronics, with a net outflow of 3.559 billion yuan [1] Individual Stock Highlights - Dou Shen Education led the social services sector with a daily increase of 4.80% and a turnover rate of 13.71% [2] - Other notable performers included: - Ke Rui International: increased by 14.36% with a turnover rate of 9.75% - Lan Sheng Co.: increased by 10.02% with a turnover rate of 1.24% [2] - Stocks with significant net outflows included: - Zhonggang Tianyuan: net outflow of 22.99 million yuan - ST Zhangjiajie: net outflow of 19.76 million yuan - Songcheng Performing Arts: net outflow of 19.67 million yuan [2][4]

Core Insights - AI is accelerating its implementation across various industries, including the recruitment sector, significantly enhancing candidate screening and client acquisition efficiency [2][5]. Candidate Matching Efficiency - The introduction of AI technology has transformed the candidate tracking process from manual to automated, allowing recruiters to instantly access candidate histories and match new applicants without manual input [3][4]. - The new Candidate Tracking System (CTS) at the company enables real-time updates on candidate activity and generates customized recommendation reports based on job descriptions and candidate profiles [3][4]. Client Acquisition Efficiency - The integration of AI into the company's CRM system has drastically improved client acquisition efficiency, allowing for real-time data retrieval and analysis of job postings across various platforms [5][6]. - The CRM system can now automatically monitor client recruitment needs and send notifications, turning passive client engagement into proactive outreach [6][7]. Technological Advancements - The company is testing an Agent prototype system aimed at enhancing frontline business efficiency rather than merely serving management reporting needs [8]. - Significant improvements have been made in the MatchSystem and CRE model, with the accuracy of job matching increasing by 60% due to the latest updates [8][9]. Future Developments - The company plans to continue advancing Agent technology and reasoning-based embedding models to address complex recruitment tasks, moving beyond traditional semantic embedding [9]. - The ongoing development of the CRE T1 model aims to create a reasoning embedding model that can handle structured reasoning challenges in recruitment scenarios [9].

北京科锐国际人力资源股份有限公司 证券代码：300662 证券简称：科锐国际 公告编号：2025-036 关于控股股东部分股份质押的公告 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。 北京科锐国际人力资源股份有限公司（以下简称"公司"）近日接到公司控 股股东霍尔果斯泰永康达创业投资有限公司（以下简称"泰永康达"）通知，获 悉泰永康达将所持有本公司的部分股份办理了股份质押的业务，具体事项如下： 一、 股东股份质押的基本情况 2、股东股份累计质押情况 截至公告披露日，上述股东及其一致行动人所持质押股份情况如下： | | | | | | | | 已质押股 | | | 未质押股 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | | 份情况 | | 份情况 | | | | | | | | | 已 | | 未 | | | | | | | | | | 质 | | 质 | | | | | | | | | | 押 | 占 | 押 | 占 | | 股 | | ...

Group 1 - The report emphasizes that service consumption has become a core strategy for expanding domestic demand in 2025, with significant potential for growth in China compared to developed economies like the US and Japan [4][8][28] - The report highlights that China's per capita GDP has surpassed $10,000, marking a critical window for the rapid development of service consumption, particularly in entertainment and leisure sectors [4][30][32] - Key measures to boost service consumption include increasing residents' income, enhancing leisure time, and encouraging high-quality service supply [4][8][28] Group 2 - The tea beverage industry is identified as having substantial growth potential, with a rational increase in store numbers and a shift towards emotional value for consumers, particularly among younger demographics [9] - The restaurant industry is expected to see steady growth, with a focus on government subsidies and an increase in chain operations, indicating a structural differentiation between mass and high-end markets [10] - Meituan is noted for its strategic investments in ecosystem development, maintaining a competitive edge despite short-term market fluctuations [11] Group 3 - The education sector is experiencing a concentration of market share among high-quality institutions, driven by regulatory changes and a persistent demand for K12 education [12] - The human resources industry is undergoing structural recovery, with a focus on AI applications to enhance efficiency and reduce costs [13] - The tourism sector is benefiting from policy-driven support and accelerated industry consolidation, with a notable increase in domestic travel demand [14] Group 4 - The hotel industry is facing a slowdown in supply growth, with leading hotel groups adjusting their operations to maintain competitive performance [14] - The duty-free sector is showing signs of recovery, with a stabilization in average transaction values and a narrowing decline in sales, supported by product diversification and new channel expansions [15]

Core Insights - The report titled "2025-2031 China Talent Management Training Industry Market Status Analysis and Development Strategy Research Report" provides a comprehensive analysis of the talent management training market in China, aiming to help industry elites and investors grasp market trends and make informed decisions [1] - The talent management training industry focuses on enhancing professional skills, management capabilities, and overall quality through systematic education and training methods, addressing the needs of both enterprises and individuals [3] Industry Overview - The talent management training market in China is expected to grow from CNY 609 billion in 2024 to CNY 662 billion in 2025, with its share of the human resources service market increasing from 2.04% to 2.06% [4] - The human resources service market in China is projected to expand from CNY 11,850 billion in 2016 to CNY 29,836 billion in 2024, with an anticipated growth to CNY 32,145 billion by 2025 [3] Market Dynamics - The industry is experiencing rapid development and transformation due to technological innovation, changing market demands, and shifts in corporate management models [4] - There is a significant demand for talent management training and consulting services, particularly among small and medium-sized enterprises that lack effective governance and management systems [3][4] Competitive Landscape - Major players in the talent management training sector include China International Technology Cooperation Group, Frontiers Network Information Technology (Shanghai) Co., Ltd., and Beijing International Human Capital Group, among others [11] - Companies with strong brand recognition and content development capabilities are expected to gain a competitive edge as the market consolidates, leading to higher profit margins for these firms [10] Industry Structure - The talent management training industry consists of upstream components such as venue, hardware, content development, and technology providers, with midstream services focusing on talent management training and downstream clients including enterprises, individuals, and government units [7]