Core Insights - The company reported a revenue of 10.755 billion yuan for the first three quarters, a year-on-year increase of 26.29% [1] - The net profit attributable to shareholders reached 220 million yuan, up 62.46% year-on-year [1] - In Q3 alone, the company achieved a revenue of 3.680 billion yuan, reflecting a 23.70% year-on-year growth [1] Financial Performance - The net profit attributable to shareholders in Q3 was 93 million yuan, marking an impressive year-on-year increase of 89.62% [1] - The net profit after deducting non-recurring gains and losses for Q3 was 61 million yuan, a 26.90% increase compared to the previous year [1] - For the first three quarters, the net profit after deducting non-recurring gains and losses was 157 million yuan, up 40.20% year-on-year [1] Strategic Initiatives - The company is leveraging AI technology and focusing on the integration of technology and industry innovation to meet talent demand [1][2] - It has developed a comprehensive talent solution system that includes high-end talent search, recruitment process outsourcing (RPO), and independent consulting services [2] - The company has successfully recommended over 11,000 mid-to-high-end management and technical professionals to domestic and international clients in the first three quarters [2]

Core Viewpoint - Beijing Keri International Human Resources Co., Ltd. reported strong financial performance for the first three quarters of 2025, with significant growth in both revenue and net profit, indicating a robust business model and effective market strategies [1] Financial Performance - The company achieved operating revenue of 7.075 billion yuan, representing a year-on-year increase of 27.67% [1] - The net profit attributable to shareholders reached 127 million yuan, reflecting a year-on-year growth of 46.96% [1] Business Strategy - Keri International is enhancing its "technology + service + platform" ecosystem by increasing technological investments and advancing internal digitalization [1] - The company is focusing on the development of vertical recruitment platforms, industry interconnection platforms, and human resource management SaaS products [1] - There is an emphasis on the synergy between online platforms and offline service products, as well as collaboration between domestic and overseas operations [1] Global Expansion - Keri International is leveraging its domestic outbound business team and its overseas subsidiary, The IN Group, to establish a globally connected service system [1] - The company aims to provide comprehensive, intelligent, and specialized services to Chinese enterprises in various regions, including Europe, North America, South America, East Asia, Southeast Asia, the Middle East, and Africa [1] - The goal is to build a solid global talent supply chain to empower Chinese companies in expanding their international markets [1]

[Table_StockAndRank] 科锐国际(300662) | | | [Table_Author] 范欣悦 商社行业首席分析师 执业编号：S1500521080001 证券研究报告 公司研究 [Table_ReportType] 公司点评报告 邮 箱：fanxinyue@cindasc.com 相关研究 [Table_OtherReport] 25H1 点评：业绩靓丽，AI 应用深化 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦B 座 邮编：100031 [Table_Title] 25Q3 点评：延续稳步增长态势，禾蛙经营数据亮眼 [Table_ReportDate] 2025 年 10 月 29 日 [Table_S 事件：25Q3 ummar，公司实现收入 y] 36.8 亿元、同增 23.7%，实现归母净利润 9323 万元、同增 89.6%，实现扣非后净利润 6060 万元、同增 26.9%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 上次评级 买入 [Table_Int ...

Core Insights - The company reported record-high performance for the first three quarters of 2025, achieving revenue of 10.755 billion yuan, a year-on-year increase of 26.29%, and a net profit attributable to shareholders of 220 million yuan, up 62.46% [1] - The third quarter also showed strong results, with revenue of 3.680 billion yuan, a 23.70% increase year-on-year, and a net profit of 93 million yuan, reflecting an impressive growth of 89.62% [1] Financial Performance - For the first three quarters, the company achieved a net profit of 220 million yuan, with a non-GAAP net profit of 157 million yuan, marking increases of 62.46% and 40.20% respectively [1] - In the third quarter alone, the company reported a non-GAAP net profit of 61 million yuan, which is a 26.90% increase year-on-year [1] Business Strategy - The company is leveraging its global branches and the "He Wa" industry interconnection platform to enhance domestic and international business collaboration, focusing on providing comprehensive solutions for major clients [1] - The company is targeting key industries such as AI, new energy, high-end manufacturing, and healthcare to meet the talent demands of large state-owned enterprises and leading private companies [2] Talent Solutions - The company has successfully recommended over 11,000 mid-to-high-end management and technical personnel to clients in the first three quarters, and has deployed 445,537 flexible workers [2] - As of the reporting period, the company had over 50,900 outsourced employees in its flexible workforce business, including independent consultants and part-time experts [2] Technological Advancements - The company is exploring AI applications in recruitment, having developed the CRE-T1 model for semantic and arithmetic reasoning, enhancing talent supply-demand matching [3] - The "Mira" digital avatar has been introduced, featuring capabilities for planning, research, and voice interaction, facilitating seamless internal data integration [3] Platform Development - The "He Wa" platform has seen significant growth, with operational positions reaching 46,700 and active candidates increasing to 135,000 in the third quarter [3] - The platform has registered over 18,200 partners and 181,000 delivery consultants, with a 57.41% year-on-year increase in high-end positions and a 108.71% increase in delivered positions [3] Global Expansion - The company is expanding its network in emerging markets, establishing new offices in Japan and the Middle East to support Chinese enterprises' global strategies [4] - The company aims to address challenges faced by Chinese companies abroad, such as talent acquisition and cultural adaptation, by providing customized talent solutions [4] Strategic Direction - The company plans to focus on professional services, technological innovation, and global expansion, increasing investment in AI technology to enhance recruitment applications [4] - The implementation of the "Artificial Intelligence +" initiative presents strategic opportunities for the human resources service industry, which the company intends to capitalize on [4]

证券代码：300662 证券简称：科锐国际 公告编号：2025-053 公司董事认真审议了公司《2025 年第三季度报告》，认为报告内容真实、准 确、完整地反映了公司经营的实际情况，不存在任何虚假记载、误导性陈述或者 重大遗漏。 该议案经公司第四届董事会审计委员会第九次会议审议通过。 《2025 年第三季度报告》具体内容详见公司于 2025 年 10 月 30 日刊登在中 国证监会指定的创业板信息披露网站—巨潮资讯网（www.cninfo.com.cn）。 北京科锐国际人力资源股份有限公司 第四届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京科锐国际人力资源股份有限公司（以下简称"公司"）第四届董事会第 十一次会议（以下简称"会议"）于2025年10月17日以微信、钉钉通知全体董事， 会议于2025年10月28日上午9:30在公司会议室召开。会议以钉钉视频会议与现场 方式召开，会议由董事长高勇先生召集并主持。本次会议应出席董事7名，实际 出席董事7名。公司全体高级管理人员列席了本次会议。本次会议的召集、 ...

北京科锐国际人力资源股份有限公司 2025 年第三季度报告 证券代码：300662 证券简称：科锐国际 公告编号：2025-054 3.第三季度财务会计报告是否经过审计 □是 否 1 北京科锐国际人力资源股份有限公司 2025 年第三季度报告 北京科锐国际人力资源股份有限公司 2025 年第三季度报告 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。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 3,679,893,541.30 | ...

Market Overview - The professional services sector declined by 0.5% on the previous trading day, with Zhonggang Tianyuan leading the decline [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Key gainers in the professional services sector included: - Kexi International (300662) with a closing price of 28.95, up 6.04% [1] - Xince Standard (300938) with a closing price of 27.24, up 2.60% [1] - Guoji Testing (301289) with a closing price of 67.13, up 1.59% [1] - Notable decliners included: - Zhonggang Tianyuan (002057) with a closing price of 10.87, down 3.38% [2] - Lihua Kechuang (002243) with a closing price of 67.6, down 3.06% [2] - Steel Research Nake (300797) with a closing price of 17.90, down 2.51% [2] Trading Volume and Capital Flow - The total trading volume for the professional services sector showed a net outflow of 151 million yuan from institutional investors, while retail investors saw a net inflow of 72.07 million yuan [2][3] - The top stocks by net inflow from institutional investors included: - Kexi International with a net inflow of 41.92 million yuan [3] - Lihua Kechuang with a net inflow of 27.02 million yuan [3] - Guoji Testing with a net inflow of 20.65 million yuan [3]

Core Viewpoint - The stock of Core International has shown a significant increase in price and performance metrics, indicating positive market sentiment and growth potential in the human resources service sector [1][2]. Company Performance - As of October 28, Core International's stock price rose by 2.05% to 27.86 CNY per share, with a total market capitalization of 5.483 billion CNY [1]. - Year-to-date, the stock has increased by 33.30%, although it has experienced a decline of 10.42% over the past 20 days and 18.96% over the past 60 days [1]. - For the first half of 2025, the company reported a revenue of 7.075 billion CNY, reflecting a year-on-year growth of 27.67%, and a net profit of 127 million CNY, which is a 46.96% increase compared to the previous year [2]. Shareholder Information - As of October 10, the number of shareholders increased to 13,600, with an average of 14,473 shares held per shareholder, a decrease of 1.37% [2]. - The company has distributed a total of 199 million CNY in dividends since its A-share listing, with 70.26 million CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include Xingquan Commercial Model Mixed Fund A, which increased its holdings by 642,600 shares, and other funds that have also increased their positions [3].

Core Viewpoint - The company emphasizes its commitment to returning profits to investors while acknowledging that market price fluctuations are influenced by various factors, including macroeconomic conditions and market sentiment [1] Group 1 - The company expresses confidence in its own value and future development [1] - The company plans to enhance value realization through improved operating performance, optimized corporate governance, strengthened information disclosure, and increased investor communication [1]

Summary of Conference Call Transcripts Industry and Company Overview - **Industry**: Human Resources, Mechanical, Detection, Lubricants, Gaming - **Companies**: 科锐国际 (Core International), 华测检测 (China Measurement), 广电计量 (Broadcast Measurement), 利安隆 (Lianlong), 恺英网络 (Kaiying Network) Key Points and Arguments Market Dynamics - The current market is experiencing a battle between profit-taking in high-performing sectors and new capital entering the market, particularly in the mechanical industry, which may have a 10% downside potential [2][2][2] - The stabilization of the Hong Kong stock market suggests that the A-share market's sector rotation may take longer than expected, emphasizing the importance of performance metrics in the coming months [2][2][2] Core International (科锐国际) - The flexible employment business is benefiting from the growing demand for talent optimization and digital transformation, with initial positive results from AI investments [1][4][4] - Despite fluctuations in Q3 operational metrics leading to a stock price decline, the end of a share reduction plan has alleviated pressure on the stock [1][5][5] - The company is expected to achieve a performance target of 300 million yuan in 2025, with a current valuation of approximately 18 times earnings, which is at a multi-year low [1][5][5] Detection Sector - 华测检测 and 广电计量 have exceeded market expectations, indicating a positive trend in the detection sector, which remains undervalued [1][6][6] - The detection sector is showing signs of improvement, with a strong outlook for Q3 2025 and increased confidence for 2026 [1][7][7] 华测检测 (China Measurement) - The company showed significant improvement in non-Beijing regions and accelerated international acquisitions, which are expected to contribute positively to future revenues [1][8][8] - Management changes and strategic adjustments have provided confidence for the company to return to profitability [1][8][8] 利安隆 (Lianlong) - The company reported better-than-expected Q3 2025 results, driven by a rapid recovery in lubricant additive profit margins and effective cost control [1][10][10] - A framework cooperation agreement with overseas lubricant clients lays a foundation for future growth [1][10][10] 恺英网络 (Kaiying Network) - The company anticipates significant acceleration in growth due to the expansion of its "996 Box" channel business and exclusive licensing of legendary IP in China [1][11][11] - The partnership with major publishers and the establishment of brand zones within the "996 Box" are expected to strengthen core business growth [1][11][11] Future Outlook - The overall sentiment for the detection sector is optimistic, with expectations of improved performance in Q3 2025 and beyond, particularly in innovative sectors like pharmaceuticals and aerospace [1][7][7] - The gaming market, particularly for 恺英网络, is projected to grow significantly due to increased control over IP and market share expansion [1][13][13][14][14] Investment Timing - Current market conditions present a favorable opportunity for investing in 恺英网络, as the gaming sector has recently adjusted, making valuations more attractive [1][15][15][15] Additional Important Insights - The flexible employment sector is increasingly penetrating various enterprises, helping to mitigate risks and optimize talent structures [1][4][4] - The detection sector's historical low valuations present potential investment opportunities as the industry shows signs of recovery [1][7][7]