Core Viewpoint - The recent financial report of Core International (300662) shows significant growth in revenue and net profit for the first half of 2025, indicating a positive performance trend despite some challenges in cash flow and accounts receivable [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 7.075 billion yuan, a year-on-year increase of 27.67% compared to 5.541 billion yuan in the same period of 2024 [1]. - The net profit attributable to shareholders was 127 million yuan, up 46.96% from 86.0874 million yuan in the previous year [1]. - In Q2 2025, total revenue was 3.772 billion yuan, reflecting a 29.99% increase year-on-year, while net profit for the quarter was 68.728 million yuan, a 51.26% rise [1]. Key Financial Ratios - Gross margin decreased to 5.52%, down 17.46% year-on-year, while net margin improved to 1.97%, an increase of 29.66% [1]. - The total of selling, administrative, and financial expenses was 224 million yuan, accounting for 3.17% of revenue, a decrease of 25.43% [1]. - Earnings per share rose to 0.64 yuan, a 46.96% increase from 0.44 yuan in the previous year [1]. Cash Flow and Receivables - The company reported a significant increase in accounts receivable, which rose by 31.04% to 2.923 billion yuan [1]. - Cash flow per share was reported at -0.98 yuan, a drastic decrease of 747.42% compared to -0.12 yuan in the previous year [1][2]. Market Position and Analyst Expectations - The company's return on invested capital (ROIC) was 9.15%, indicating average capital returns, with a historical median ROIC of 18.23% since its listing [1]. - Analysts project that the company's performance for 2025 will reach 281 million yuan, with an average earnings per share forecast of 1.42 yuan [2]. Fund Holdings - The largest fund holding in Core International is the GF Electronic Information Media Stock A, with 3.8927 million shares, marking a new entry into the top ten holdings [3]. - Other funds have also increased their positions, indicating growing interest in the company [3].

太平洋证券股份有限公司王湛近期对科锐国际（300662）进行研究并发布了研究报告《科锐国际2025中报点 评：营收利润高增长，AI赋能提升效率》，给予科锐国际买入评级。 科锐国际 事件：科锐国际发布2025年中报：报告期内公司营业总收入达70.75亿元，同比增长27.67%；实现归母净利润 为1.27亿元，同比增长46.96%，实现扣非归母净利润0.96亿元，同比增长50.08%。 2025Q2公司实现营业收入37.73亿元，同比增长29.99%；实现归母净利润6873万元，同比大幅增长51.26%； 实现扣非归母净利润5023万元，同比增长20.98%。 成本控制进一步优化，净利润大幅提高。利润的增长一方面得益于营业收入的快速增长，规模效应逐渐显 现，使得利润空间得以有效拓展。另一方面，公司在成本控制和费用管理方面也取得了一定成效。从业务层 面分析，灵活用工业务在提升收入的同时，通过优化人员配置和流程管理，降低了单位运营成本；中高端人 才访寻业务凭借专业的顾问团队，良好的市场口碑以及AI技术的应用提升匹配效率。此外，公司上半年收到 与经营活动相关的补贴补助5782万元，同比24H的1624万元有较大增长。 ...

Group 1 - The core viewpoint of the article is that Pacific Securities has issued a "buy" rating for Core International (300662.SZ) based on several positive financial indicators [1] - The company's operating revenue has achieved rapid growth [1] - Cost control has been further optimized, leading to a significant increase in net profit [1] Group 2 - The gross profit margin for the first half of 2025 is projected to be 5.52%, a decrease of 1.17 percentage points [1] - The period expense ratio continues to improve [1] - The company is aligning with national strategies and focusing on high-end talent [1] Group 3 - The company is enhancing the application of AI in the recruitment sector, driving business development through technology [1]

2025 年 08 月 28 日 公司点评 买入/维持 科锐国际(300662) 目标价: 昨收盘:32.72 科锐国际 2025 中报点评：营收利润高增长，AI 赋能提升效率 ◼ 走势比较 (10%) 32% 74% 116% 158% 200% 24/8/28 24/11/8 25/1/19 25/4/1 25/6/12 25/8/23 科锐国际 沪深300 ◼ 股票数据 | 总股本/流通(亿股) | 1.97/1.96 | | --- | --- | | 总市值/流通(亿元) | 64.4/64.22 | | 12 个月内最高/最低价 | 39.99/12.65 | | (元) | | 相关研究报告 <<科锐国际 24 年报及 25Q1 季报点 评：营收利润双增长，技术赋能筑未 来>>--2025-04-26 <<招聘市场结构性复苏 技术赋能行 业生态>>--2025-03-03 <<科锐国际中报点评：业绩环比改善 技术赋能提升人效>>--2023-08-29 证券分析师：王湛 电话： E-MAIL：wangzhan@tpyzq.com 分析师登记编号：S1190517100003 事件：科锐国际发布 ...

海内外持续回暖，AI 应用加速落地 2025 年 8 月 28 日│中国内地 综合 证券研究报告 科锐国际 (300662 CH) 科锐国际发布半年报，2025 年 H1 实现营收 70.75 亿元（yoy+27.67%）， 归母净利 1.27 亿元（yoy+46.96%），扣非净利 9642.78 万元（yoy+50.08%）。 其中 Q2 实现营收 37.72 亿元（yoy+29.99%），归母净利 6872.80 万元 （yoy+51.26%），增长环比提速，主要得益于各业务良性发展以及 AI 赋能 下人效持续提升。公司在复杂的外部环境下保持灵活用工业务高速增长，招 聘业务逐步回暖，AI 赋能下数字化产品有望成为第二增长曲线，维持"增 持"评级。 中国大陆业务延续强劲势头，海外业务增速转正 25H1 中国大陆业务增长趋势明显，营业收入达 58.60 亿元，同比增长 33.62%，其中灵活用工业务营收同比增长 29.31%，期末在册灵活用工外 包员工及兼职专家 49,500 余人，25Q2 净增约 2100 人，环比加速（25Q1 净增约 1900 人）；技术研发类岗位占比提升至 70.79%，成为核心增 ...

Core Insights - The report from Cinda Securities highlights that Core International achieved a net profit attributable to shareholders of 130 million yuan in the first half of the year, representing a year-on-year increase of 47.0% [1] - Revenue and net profit accelerated in Q2 2025, showcasing strong performance driven by deepening AI applications [1] - Revenue from mainland China reached 5.86 billion yuan, up 33.6% year-on-year, while revenue from Hong Kong and overseas markets showed a positive growth of 5.1%, amounting to 1.22 billion yuan [1] Financial Performance - The company reported a robust mid-year performance with significant growth in flexible employment and a notable recovery in recruitment process outsourcing [1] - The forecast for net profit attributable to shareholders for the years 2025 to 2027 is maintained at 289 million yuan, 358 million yuan, and 420 million yuan respectively [1] - The current stock price corresponds to a price-to-earnings ratio of 22x for 2025, 18x for 2026, and 15x for 2027, with a "buy" rating maintained [1] AI Application and Business Growth - The Heva platform has seen a deepening of AI applications, with the launch of nine intelligent agents covering the entire recruitment process in July 2025 [1] - The recovery in Hong Kong and overseas business has contributed to the positive revenue growth, indicating a rebound in these markets [1]

◼ 给予公司"增持"的投资评级。公司坚持"一体两翼"发展，线下方面 灵活用工业务加速增长，传统招聘业务受益于国内政策支持和需求结构 性复苏影响而回暖；线上业务方面，禾蛙等产业互联平台产品注册用户 数大幅增长，AI应用加速落地。预计公司2025/2026年的每股收益分别为 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 主要数据 | 2025 年 8 月 27 日 | | | --- | --- | | 收盘价(元) | 32.72 | | 总市值（亿元） | 64.40 | | 总股本(亿股) | 1.97 | | 流通股本(亿股) | 1.96 | | ROE（TTM） | 11.70% | | 12 月最高价(元) | 38.40 | | 12 月最低价(元) | 12.47 | 增持（维持） 业绩增长亮眼，AI 应用加速落地 科锐国际（300662）2025 年半年报点评 2025 年 8 月 28 日 投资要点： 事件：科锐国际发布2025年半年度报告。 点评： ◼ 技术投入增加，AI应用加速落地。2 ...

证券研究报告·公司点评报告·专业服务 科锐国际（300662） 2025 年中报点评：营收盈利高增，AI 拓宽想 象空间 执业证书：S0600522040001 shiyx@dwzq.com.cn 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 9,778 | 11,788 | 13,965 | 16,055 | 18,299 | | 同比（%） | 7.55 | 20.55 | 18.47 | 14.96 | 13.98 | | 归母净利润（百万元） | 200.50 | 205.35 | 268.04 | 316.52 | 355.41 | | 同比（%） | (31.05) | 2.42 | 30.53 | 18.09 | 12.29 | | EPS-最新摊薄（元/股） | 1.02 | 1.04 | 1.36 | 1.61 | 1.81 | | P/E（现价&最新摊薄） | 32.12 | 31.36 | ...

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 7.075 billion yuan, a year-on-year growth of 27.67%, and a net profit attributable to shareholders of 127 million yuan, up 46.96% [1] Group 1: Financial Performance - The company's revenue from mainland China reached 5.860 billion yuan, reflecting a year-on-year growth of 33.62% [1] - The net profit excluding non-recurring items was 96 million yuan, showing a growth of 50.08% year-on-year [1] Group 2: Business Segments - The flexible employment business saw a revenue increase of 29.31%, with nearly 8,000 mid-to-high-end management and technical personnel successfully recommended to clients [1] - The company has over 49,500 outsourced employees and part-time experts in its flexible employment business, with a cumulative dispatch of over 290,000 personnel [1] Group 3: Technological Investment - The total technological investment for the first half of 2025 was 65 million yuan, with approximately 35.91% allocated to internal information technology development and 64.09% to digital product development and upgrades [2] - New technology business revenue grew by 48.23%, driven by the operational efficiency of the "He Wa" platform [2] Group 4: Global Expansion - The company has expanded its global presence by opening new offices in Japan and the Middle East, providing localized support for outbound Chinese enterprises [3] - Revenue from Hong Kong and overseas operations reached 1.215 billion yuan, with a year-on-year growth rate of 5.10% [3]

Group 1 - The company reported a revenue of 7.075 billion yuan for the first half of 2025, representing a year-on-year growth of 27.67% [1] - Net profit reached 127 million yuan, with a year-on-year increase of 46.96%, while the net profit excluding non-recurring items was 96 million yuan, up 50.08% year-on-year [1] - Domestic business continued to grow, achieving a revenue of 5.860 billion yuan, which is a 33.62% increase year-on-year [1] Group 2 - The company invested 65 million yuan in technology, with approximately 35.91% allocated to internal information technology construction and 64.09% for the development and upgrading of digital products [2] - New technology business revenue grew by 48.23% year-on-year, driven by the operational efficiency of the "He Wa" platform [2] - The "He Wa" platform added over 1,500 new registered partners, a 35% increase, and over 22,900 new registered delivery consultants, a 111% increase year-on-year [2]