事件描述 2025 年上半年，营业收入70.75 亿元，同比+27.67%。归母净利润1.27 亿元，同比+46.96%。 扣非后归母净利润0.96 亿元，同比+50.08%。单二季度：营业收入37.72 亿元，同比+29.99%。 归母净利润0.69 亿元，同比+51.26%。扣非后归母净利润0.50 亿元，同比+20.98%。 2、行业流动率较高带来的人才流失风险; 3、市场需求改善不及预期，导致公司业务增长不及预期；4、行业竞争加剧，导致定价能力回落，盈利 水平下降。 收入端，2025H1，分区域看，中国大陆业务增长较快，营业收入58.60 亿元，同比+33.62%；中国香港 及海外业务持续复苏，实现收入12.15 亿元，同比+5.10%。分业务看，新技术服务实现高速增长，灵活 用工受人头数增加驱动，增长较快。2025H1，新技术业务收入同比增长 48.23%，得益于产业互联平台 禾蛙在匹配算法、服务流程及生态伙伴合作机制等方面的精细化运营与技术赋能，大幅提升平台项目合 作交付效率； 灵活用工/猎头/招聘流程外包业务分别实现收入67.36/1.96/0.45 亿元，分别同比 +29.31%/-1.18% ...

2）景旺电子 （星石投资参与公司特定对象调研&线上会议） 调研纪要：2025年上半年，公司实现营业收入70.95亿元，同比增长20.93%，归母净利润6.50亿元，同 比降低1.06%，扣除股份支付影响后净利润7.21亿元，同比增长9.55%。汽车电子收入保持高速增长，AI 服务器、800G光模块出货量增加。毛利率受金属材料价格、新厂爬坡等因素影响承压，但逐季改善。 公司新增投资50亿元于珠海金湾基地，用于高阶HDI、HLC、SLP等高端PCB产能建设。泰国基地主体 结构已封顶，将满足海外客户对汽车电子、AI服务器等产品的HLC和HDI需求。 3）科锐国际 （北京市星石投资管理有限公司参与公司特定对象调研&分析师会议&业绩说明会） 调研纪要：今年招聘市场呈现结构化变化，真实需求多，对顾问专业化要求高。公司业绩增长更多由内 因驱动，包括技术投入、多产品布局及深耕垂直领域。兼职专家需求扩大，覆盖短期项目与ERP类岗 位。禾蛙平台offer增速高于收入因转化周期存在，未来转化效率将提升。灵活用工业务依赖大客户策略 与长尾客户拓展，客户结构持续优化。AI Agent应用于寻访、算薪、自动化等场景，提升人效，正内部 测 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In the first half of 2025, the company achieved a revenue of 7.075 billion yuan, representing a year-on-year increase of 27.67%. The net profit attributable to the parent company was 127 million yuan, up 46.96% year-on-year [2][6]. - The company expects net profits attributable to the parent company for 2025-2027 to be 295 million, 368 million, and 460 million yuan, respectively, corresponding to PE ratios of 22, 18, and 14 times [2][6]. Revenue Analysis - In H1 2025, the revenue from mainland China grew significantly, reaching 5.860 billion yuan, a year-on-year increase of 33.62%. Revenue from Hong Kong and overseas markets was 1.215 billion yuan, up 5.10% [12]. - The new technology services segment saw a rapid growth of 48.23% year-on-year, driven by the increase in headcount in flexible employment [12]. Profitability Analysis - The overall gross margin for H1 2025 was 5.52%, a decrease of 1.17 percentage points year-on-year, primarily due to changes in customer structure and business mix [12]. - The gross margins for flexible employment, headhunting, recruitment process outsourcing, and technology services were 4.49%, 29.12%, 38.67%, and 18.47%, respectively [12]. AI and Operational Efficiency - The company is leveraging AI to enhance talent matching efficiency and reduce costs. The AI application on the He Wa platform has shown significant improvements, with operational positions exceeding 37,000 and candidate recommendations surpassing 200,000, marking a 180% increase compared to the second half of 2024 [12]. - In July 2025, the He Wa platform launched nine AI agents covering the entire recruitment process, aiming to improve efficiency across all business scenarios [12].

Company Strategy and Business Highlights - Company adheres to the "Four Transformations" strategy: specialization, internationalization, digitalization, and ecological integration [1] - Focus on offline core business innovation, serving large clients and mid-sized enterprises [1] - Despite short-term global economic fluctuations, international business continues to recover with a focus on overseas operations [1] - Over 100 million yuan invested in digitalization, exploring AI integration in recruitment [1] - The He Wa platform is being developed to promote resource sharing within the industry [1] Operational Performance - Recruitment business focuses on emerging technology sectors, leading to a 6.20% year-on-year increase in revenue [2] - Flexible employment business shows strong growth with a 29.31% increase in revenue for the first half of 2025, employing over 49,500 outsourced staff and independent consultants [2] - Significant client strategy success, with 14 of the top 50 clients seeing revenue growth exceeding 100% and new client revenue up by 77% [2] - Internationally, the company operates over 10 branches in 8 countries, with Hong Kong and overseas revenue reaching 1.215 billion yuan, a 5.10% increase [2] Financial Metrics - For the first half of 2025, company revenue reached 7.075 billion yuan, a 27.67% year-on-year increase, with net profit of 127 million yuan, up 46.96% [3] - Revenue from mainland China was 5.860 billion yuan, a 33.62% increase, while traditional offline business grew by 27.58% and new technology business revenue increased by 48.23% [3] - Basic earnings per share were 0.6428 yuan, a 46.96% increase, with a weighted average return on equity of 6.21%, up 1.54 percentage points [3] - Total assets as of June 30 were 4.197 billion yuan, with net assets of 2.1 billion yuan [3] Digitalization and AI Progress - Significant advancements in digitalization and AI, with improvements in the CRE model score and optimization of the Match System [4] - Development of the CRE-T1 reasoning embedding model initiated in July, showing promising experimental results [4] - Implementation of the WorkFlow Agent and internal testing of the autonomous decision-making agent Mira, capable of handling payroll and attendance tasks [4] Q&A Session Insights - Company addressed trends in the recruitment market, the growth of part-time expert services, and the development of the He Wa platform [5] - Recruitment market is undergoing structural changes, benefiting from the company's core capabilities [5] - Demand for part-time experts is increasing, with a strong accumulation of high-end candidates [5] - The He Wa platform's offer growth rate exceeds revenue growth, indicating potential for improved conversion rates in the future [5] - Flexible employment business continues to thrive through large client and new customer expansion, optimizing client structure [5] - AI Agent applications in recruitment and flexible employment are enhancing efficiency, with the He Wa platform's AI 2.0 version expected to lead to higher job specialization and industry efficiency [5]

证券代码：300662 证券简称：科锐国际 北京科锐国际人力资源股份有限公司 投资者关系活动记录表 编号：2025-003 | | 特定对象调研 分析师会议 | | --- | --- | | | 媒体采访 业绩说明会 ☐ | | 投资者关系活动类别 | 新闻发布会 路演活动 ☐ ☐ | | | 现场参观 ☐ | | | ☐ 其他（请文字说明其他活动内容） | | | 李其东 上海嘉世私募基金管理有限公司；刘晓爽 北京金百镕投资管理 | | | 有限公司；杨霞 上海彤源投资发展有限公司；王立 耕霁（上海）投资 | | | 管理有限公司；李爽 北京沣沛投资管理有限公司；蒋京杰 北京市星石 | | | 投资管理有限公司；罗涛 深圳量度资本投资管理有限公司；吴广 丰琰 | | | 投资管理(浙江自贸区)有限公司；黄杨璐 中信建投证券股份有限公司； | | | 范欣悦 信达证券股份有限公司；张文佳 东吴证券股份有限公司；刘雪 | | | 晴 国海证券股份有限公司；胡琼方 平安证券股份有限公司；徐卓楠 中 | | | 国国际金融股份有限公司；万宇昕 方正证券股份有限公司；李小民 中 | | | 银国际证券股份有限 ...

Core Viewpoint - The latest holdings of the social security fund have been revealed, showing significant changes in stock positions as of June 30, 2025, following the completion of the semi-annual reports of listed companies [2]. Group 1: Top Holdings - The top ten stocks held by the social security fund, along with their holding ratios and changes, include: - Andar Intelligent: 11.90% (-1.53%) in specialized equipment manufacturing [3] - Changshu Bank: 8.38% (-0.05%) in monetary financial services [3] - Biyinlefen: 7.37% (-0.98%) in textile, clothing, and accessories [3] - Bai'ao Intelligent: 7.23% (new entry) in specialized equipment manufacturing [4] - Weixing Co.: 7.08% (+0.45%) in textile, clothing, and accessories [4] - Hehe Information: 7.00% (-0.27%) in software and information technology services [4] - Shantui Co.: 6.87% (+0.90%) in specialized equipment manufacturing [4] - Yongxing Co.: 6.53% (+4.30%) in ecological protection and environmental governance [4] - Xice Testing: 6.36% (-1.53%) in professional technical services [4] - Keri International: 6.30% (+0.60%) in business services [4] Group 2: New Holdings - New stock positions taken by the social security fund include: - Bai'ao Intelligent: 456.86 million shares (7.23%) in specialized equipment manufacturing [5] - Nossger: 217.08 million shares (3.80%) in research and experimental development [5] - Zhongchumei: 320.00 million shares (3.45%) in chemical raw materials and chemical products manufacturing [5] - Beiding Co.: 1,000.00 million shares (3.16%) in electrical machinery and equipment manufacturing [5] - Ugreen Technology: 100.00 million shares (3.01%) in computer, communication, and other electronic equipment manufacturing [5] - Sutest: 1,486.20 million shares (2.94%) in professional technical services [5] Group 3: Increased Holdings - The stocks with increased holdings by the social security fund include: - Yongxing Co.: 6.53% (+4.30%) in ecological protection and environmental governance [8] - Jiangshan Co.: 5.53% (+3.44%) in chemical raw materials and chemical products manufacturing [8] - Three squirrels: 3.78% (+2.79%) in retail [8] - Juhe Materials: 5.87% (+2.42%) in computer, communication, and other electronic equipment manufacturing [8] - Sanwei Chemical: 4.77% (+2.38%) in chemical raw materials and chemical products manufacturing [8] - Rujing Technology: 5.27% (+2.32%) in electrical machinery and equipment manufacturing [8] - Ziyou Intelligent-U: 4.12% (+2.12%) in pharmaceutical manufacturing [8] - Guoyao Co.: 4.03% (+1.95%) in wholesale [10] - Jinchengxin: 5.06% (+1.54%) in mining auxiliary activities [10] - Dingdian Software: 2.54% (+1.54%) in software and information technology services [10]

投资建议： 我们预计公司2025-2027 年实现营业收入分别为148.42/180.01/211.40 亿元，归母净利润分别 为3.08/4.12/5.37 亿元，对应PE 分别为21/16/12 倍，公司已经完成内部调整，外包业务和猎头业务均有 望带来较好的增长，叠加公司运用AI 进行提质增效，基于此点，我们上调至"买入"评级。 风险提示：宏观经济波动、行业竞争加剧、管理半径不足等风险 外包收入增速快，猎头收入降幅触底，毛利率回升，海外地区收入及毛利率回升。1H2025，公司灵活 用工/猎头/招聘岗位外包/技术服务收入分别为67.36/1.96/0.45/0.38 亿元， yoy+29.31%/-1.18%/+26.84%/+48.23%，毛利率分别为4.49%/29.12%/38.67%/18.47% ， 同比 各-1.23/+1.03/+15.45/+0.59pcts；分地区看，海外地区收入及毛利率呈现提升态势，1H2025 收入/毛利率 同比各+5.1%/1.4pcts。 AI 驱动运营效率提升。公司持续进行技术投入，研发投入聚焦内部信息化建设及数字化产品开发与升 级。一方面强化公司整体信息化、数字 ...

证券日报网讯 8月29日晚间，科锐国际发布公告称，公司本次为控股子公司英德仕担保金额人民币捌佰 万元整。截至本公告日，公司及子公司累计对外担保为壹仟捌佰万元人民币（均为公司及控股子公司为 控股子公司向银行申请授信提供担保），占公司最近一期经审计净资产的比例为0.9127%。公司不存在 逾期担保、涉及诉讼的担保。 （编辑 李家琪） ...

证券代码：300662 证券简称：科锐国际 公告编号：2025-048 北京科锐国际人力资源股份有限公司 关于为控股子公司提供担保的进展公告 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。 特别风险提示： 1、被担保人名称：北京科锐国际人力资源股份有限公司（以下简称"公司"） 控股子公司英德仕(北京)人力资源服务有限公司（以下简称"英德仕"）。 2、本次担保属于 2025 年度预计担保范围内的担保事项，为公司 2025 年度 预计担保事项的进展。 3、本次担保金额及累计对外担保数量：本次为英德仕担保金额人民币捌佰 万元整。截至本公告日，公司及子公司累计对外担保为壹仟捌佰万元人民币（均 为公司及控股子公司为控股子公司向银行申请授信提供担保），占公司最近一期 经审计净资产的比例为 0.9127%。公司不存在逾期担保、涉及诉讼的担保。 4、本次担保无反担保。 5、本次被担保标的英德仕的资产负债率超过 70%，请投资者充分关注担保 风险。 一、担保情况概述 公司于 2025 年 4 月 24 日召开第四届董事会第八次会议、第四届监事会第八 次会议，于 2025 年 5 ...

Core Viewpoint - The company reported strong financial performance in H1 2025, with significant year-on-year growth in revenue and net profit, driven by robust business development and AI empowerment [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 7.075 billion yuan, representing a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 127 million yuan, up 46.96% year-on-year [1]. - Q2 2025 revenue reached 3.772 billion yuan, showing a year-on-year growth of 29.99%, with net profit of 68.73 million yuan, reflecting a year-on-year increase of 51.26% [1]. Business Segments - The domestic business in mainland China continued to show strong momentum, with revenue reaching 5.860 billion yuan, a year-on-year increase of 33.62%. The flexible staffing business saw a revenue growth of 29.31% [2]. - The number of flexible staffing outsourced employees and part-time experts reached over 49,500, with a net increase of approximately 2,100 in Q2 2025, accelerating from a net increase of about 1,900 in Q1 2025 [2]. - The recruitment business showed signs of recovery, with overall revenue growth of 6.20% year-on-year in H1 2025 [2]. AI and Technology Development - The company is enhancing its "technology + platform + service" ecosystem, with a focus on digital product development and information technology infrastructure [3]. - In H1 2025, technology service revenue was 37.93 million yuan, up 48.23% year-on-year, attributed to the refined operations of the HeWa platform [3]. - The launch of nine intelligent agents covering the entire recruitment process in July 2025 is expected to significantly improve efficiency and accelerate growth in technology service revenue [3]. Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at 297 million, 350 million, and 403 million yuan, respectively, reflecting strong delivery capabilities and operational efficiency [4]. - A target price of 37.74 yuan is set based on a 25x PE for 2025, maintaining an "accumulate" rating [4].