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 证券代码：300662 证券简称：科锐国际 公告编号：2025-027 北京科锐国际人力资源股份有限公司 2024 年年度股东会决议公告 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； 会议召开方式：2025 年 4 月 28 日，公司董事会以公告方式向全体股东发出 召开 2024 年年度股东会的会议通知。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 5 月 23 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 5 月 23 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 5 月 23 日 9:15 至 15:00 期间的任意时间。 现场会议召 ...

关于北京科锐国际人力资源股份有限公司 2024 年年度股东会的 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 北京国枫律师事务所 国枫律股字[2025]A0281 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 2024 年年度股东会（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，本所律师特 ...

Core Viewpoint - The company reported strong revenue and profit growth in Q1 2025 and for the full year 2024, driven by its flexible employment business and digital transformation initiatives [1][3][4]. Financial Performance - In Q1 2025, the company achieved revenue of 3.3 billion yuan, a year-over-year increase of 25.1%, and a net profit attributable to shareholders of 60 million yuan, up 42.1% year-over-year [1]. - For Q4 2024, the company reported revenue of 3.27 billion yuan, a 25.4% increase year-over-year, and a net profit of 70 million yuan, up 44.2% year-over-year [1]. - The total revenue for 2024 was 11.79 billion yuan, reflecting a year-over-year growth of 20.5%, with a net profit of 210 million yuan, an increase of 3.6% year-over-year [1]. Cash Flow and Margins - The operating cash flow for 2024 was 118 million yuan, with a gross margin of 6.4%, down 0.9 percentage points year-over-year [2]. - In Q1 2025, the gross margin was 5.5%, a decrease of 0.8 percentage points year-over-year, while the sales expense ratio was 1.25%, down 0.22 percentage points year-over-year [2]. Business Segments - The flexible employment business grew robustly in 2024, with revenue of 11.1 billion yuan, a year-over-year increase of 22.42% [3]. - The high-end talent search business saw a revenue decline of 11.6% year-over-year, while the recruitment process outsourcing business decreased by 18.27% year-over-year [3]. - The mainland business revenue was 9.5 billion yuan, up 28.67% year-over-year, while the revenue from Hong Kong, Macau, Taiwan, and overseas was 2.3 billion yuan, down 4.39% year-over-year [3]. Technological Advancements - The company invested 169 million yuan in technology in 2024, with 41% allocated to internal information systems and 59% to digital product development [4]. - The "He Wa" platform achieved significant growth, with over 16,000 registered partners and a 21.76% year-over-year increase in registrations [4]. Profit Forecast - The company forecasts revenues of 14.3 billion yuan, 17.1 billion yuan, and 20.4 billion yuan for 2025, 2026, and 2027, respectively, with year-over-year growth rates of 21%, 20%, and 19% [5]. - The net profit attributable to shareholders is expected to be 270 million yuan, 340 million yuan, and 430 million yuan for the same years, with growth rates of 31%, 28%, and 24% [5].

Market Overview - The Shanghai Composite Index closed at 3380.45 points, above the five-day moving average, with a gain of 0.38% [1] - The total trading volume of A-shares reached 752.206 billion yuan [1] Stocks Performance - A total of 730 A-shares have surpassed the five-day moving average today [1] - Notable stocks with significant deviation rates include: - Fulejia (Code: 301371) with a deviation rate of 8.24% and a daily increase of 12.17% [1] - Huahai Pharmaceutical (Code: 600521) with a deviation rate of 7.56% and a daily increase of 10.00% [1] - Aofei Entertainment (Code: 002292) with a deviation rate of 7.46% and a daily increase of 10.02% [1] Deviation Rate Rankings - The top stocks with the highest deviation rates from the five-day moving average include: - Fulejia: Latest price 36.05 yuan, five-day moving average 33.31 yuan [1] - Huahai Pharmaceutical: Latest price 15.62 yuan, five-day moving average 14.52 yuan [1] - Aofei Entertainment: Latest price 9.77 yuan, five-day moving average 9.09 yuan [1] - Other notable stocks with high daily turnover rates include: - Huifeng Diamond (Code: 839725) with a daily increase of 9.56% and a turnover rate of 14.77% [1] - Beiningmei (Code: 002570) with a daily increase of 10.07% and a turnover rate of 22.33% [1]

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company has shown strong performance with a 42% year-on-year increase in net profit attributable to the parent company in Q1 2025, driven by multiple factors including flexible employment growth and recovery in overseas and headhunting services [1][4] - The company is expected to benefit from the increasing demand for high-value technical positions and the recovery of its overseas and headhunting businesses, leading to an upward revision of profit forecasts for 2025 to 2027 [4] Financial Overview - In 2024, the company reported revenues of 11.79 billion with a year-on-year growth of 21%, and a net profit of 205 million, reflecting a 2% increase [1] - For Q1 2025, revenues reached 3.3 billion, marking a 25% increase year-on-year, with a net profit of 57.78 million, up 42% from the previous year [1] - The company’s revenue breakdown for 2024 shows that flexible employment services accounted for 94.5% of total revenue, with a year-on-year growth of 22% [2] Business Segmentation - The flexible employment segment remains the core driver of growth, while headhunting services have shown signs of recovery with a 22% increase in successful placements in Q1 2025 [3] - The company’s overseas revenue has shown a narrowing decline, suggesting a potential turning point in 2025 as management synergies improve [2][3] Profit Forecast and Valuation - The company is projected to achieve net profits of 291 million, 353 million, and 423 million for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 41.93%, 21.11%, and 19.87% [4][6] - The current market valuation corresponds to a price-to-earnings ratio of 20.8X for 2025, 17.2X for 2026, and 14.3X for 2027 [4][6]

Group 1 - The core viewpoint of the article highlights the performance and market position of Keri International, a leading human resources solution provider in China, with a current stock price of 31.0 yuan and a rolling PE ratio of 27.42 times [1] - Keri International's total market capitalization is 6.101 billion yuan, ranking 18th in the professional services industry, which has an average PE ratio of 56.57 times and a median of 36.78 times [1][2] - 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 - In the latest quarterly report for Q1 2025, Keri International reported an operating revenue of 3.303 billion yuan, representing a year-on-year increase of 25.13%, and a net profit of 57.7839 million yuan, up 42.15% year-on-year, with a sales gross margin of 5.52% [1] - The company's main services include high-end talent search, recruitment process outsourcing, flexible staffing, traditional dispatch services, training services, market research, and recruitment project consulting [1]

Investment Rating - The industry rating is "Recommended" [4] Core Insights - The consumer services and retail sectors are under pressure, with notable performance in emotional consumption and tourism consumption [1][2] - In 2024, CITIC consumer services revenue and net profit attributable to shareholders are expected to grow by 2% and decline by 24% respectively, while the retail sector is projected to see an 8% drop in revenue but a 6% increase in net profit [1][2] - The report highlights the divergence in performance among sub-sectors, with tourism services (+56%), human resources (+15%), and scenic areas (+3%) showing relative strength [1][2] Summary by Relevant Sections Consumer Services - In 2024, revenue for CITIC consumer services is projected to grow by 2%, while net profit is expected to decline by 24%. The tourism services sector shows a significant revenue increase of 56% [1] - For Q1 2025, the consumer services sector continues to face pressure, with revenues down by 0.1% and net profits down by 8% [2] Retail Sector - The retail sector is expected to see an 8% decline in revenue for 2024, but net profit is projected to increase by 6% [1] - Notable performances include supermarkets and convenience stores, which saw a 156% increase in net profit due to non-operating factors [1] OTA (Online Travel Agency) - The online booking rate for travel continues to rise, with OTA transaction volume expected to grow by 17.8% in 2024 [3] - Major players like Ctrip and Tongcheng are experiencing significant revenue growth, with Ctrip's international business revenue reaching 10% of total revenue [3][6] Scenic Areas - The scenic area sector is expected to see a 3% increase in revenue and a 30% increase in net profit for 2024, driven by strong performances from key players [7] - In Q1 2025, revenue is projected to grow by 2%, but net profit is expected to decline by 18% [7] Hotel Sector - The hotel sector is facing pressure with a decline in RevPAR (Revenue per Available Room), but major hotel groups are maintaining aggressive expansion plans [8][9] - For Q1 2025, major hotel groups are experiencing varying impacts on net profit, with some showing significant declines [9] Human Resources - The outsourcing business remains strong, with companies like Core International and Beijing Human Resources seeing revenue growth of 22% and 14% respectively [10] - Government subsidies are contributing to significant net profit increases for these companies [12] E-commerce and Services - The report highlights the growth of self-owned brands, with companies like Ruoyu Chen achieving a 29.26% increase in total revenue for 2024 [13] - The demand for agency operations is declining, but self-owned brands are driving high growth [13] Dining Sector - The dining sector is under pressure due to intense price competition, but some brands are showing resilience [14] - In Q1 2025, the dining sector shows signs of marginal improvement as price competition eases [14] Jewelry Sector - The jewelry sector is experiencing performance divergence, with strong brands outperforming the market amid rising gold prices [15] - In Q1 2025, brands like Chaohongji and Mankalon are showing significant revenue and profit growth [15] Investment Recommendations - The report suggests focusing on high-demand consumer products and travel services, as well as companies benefiting from overseas expansion [17]

Core Insights - The company, Core International, is leveraging a "four transformations" strategy—professionalization, internationalization, digitalization, and ecologicalization—to navigate global economic uncertainties and competitive labor markets [1] Financial Performance - In Q1 2024, Core 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% [1] Growth Drivers - Key growth drivers include structural recovery in recruitment demand, emerging industries, and rapid growth in flexible employment services [1] - The company's digital transformation and AI technology adoption are also significant contributors to growth [1] AI Strategy - In 2024, Core International established an AI-First strategy, focusing on integrating AI models with mid-to-high-end recruitment scenarios [2] - The company has developed a Match System to enhance matching efficiency between job requirements and candidates, utilizing a large dataset accumulated over 30 years [2] Digital Transformation - The digital transformation is yielding performance improvements by enhancing internal collaboration, accelerating business processes, and reducing operational costs [3] - The new technology business has seen a revenue increase of 44.18% year-on-year, indicating effective conversion of R&D investments into business growth [3] AI Product Development - The company has launched the Voice Agent phone client, which automates candidate outreach and contact record generation [4] - Plans include upgrading the Voice Agent to enable AI-driven phone outreach and enhancing the Core Relationship Network model [4] Strategic Focus - Core International remains committed to its "four transformations" strategy, emphasizing professionalization, internationalization, digitalization, and ecologicalization [6] - The company aims to build a global service system while focusing on high-quality clients and emerging industries [6] Ecological Collaboration - The He Wa platform aims to create an ecosystem that promotes resource sharing and capability aggregation among industry partners [7] - The future competitive landscape will focus on collaborative efficiency rather than individual resource competition [7]

Core Insights - The company reported a revenue of 11.79 billion in 2024, representing a year-on-year increase of 20.5%, with a net profit attributable to shareholders of 205 million, up 2.4% [1] - In Q1 2025, revenue reached 3.3 billion, marking a 25.1% increase, while net profit attributable to shareholders surged by 42.2% to 577.8 million [1] - The flexible workforce business showed steady growth, although recruitment-related revenue experienced a slight decline, which is narrowing each quarter [1] Revenue Breakdown - For 2024, the flexible workforce segment generated 11.14 billion, up 22.4%, with a gross margin of 5.47%, down 0.76 percentage points [1] - The headhunting segment saw revenue of 370 million, down 11.6%, with a gross margin of 26%, down 0.58 percentage points [1] - The process outsourcing segment reported revenue of 60 million, down 18.3%, but with a gross margin of 18.2%, up 4.61 percentage points [1] Geographic Performance - Revenue from mainland China reached 9.49 billion in 2024, up 28.7%, while overseas revenue was 2.3 billion, down 4.4%, primarily due to macroeconomic factors affecting recruitment demand in Europe and the U.S. [2] - The client structure showed an increase in private enterprise clients, with 72% of service fee revenue coming from private enterprises, 16% from foreign/ joint ventures, and 12% from government/state-owned entities [2] Technology and Innovation - The technology segment experienced rapid growth, with revenue of 60 million in 2024, up 44%, and technology investment of 169 million [3] - The "He Wa" platform has been a key driver, with 16,200 registered partners and 156,000 registered consultants as of Q1 2025, reflecting increases of 22% and 31% respectively [3] - The company launched an AI resume screening assistant and upgraded its pre-trained language model, enhancing its operational efficiency [3] Financial Metrics - The company's gross margin was 6.36% in 2024, down 0.95 percentage points, while the net profit margin in Q1 2025 was 2.07%, up 0.58 percentage points [3] - Sales, management, R&D, and financial expense ratios were 1.41%, 2.35%, 0.35%, and 0.24% respectively, with some costs decreasing while interest expenses increased due to new borrowings [3] Investment Outlook - The flexible workforce business is expected to continue stable growth, with projected net profits of 260 million, 310 million, and 360 million for 2025-2027, representing year-on-year growth of 27%, 20%, and 16% respectively [4] - The company is assigned a price-to-earnings ratio of 26, 21, and 18 for the respective years, with an initial coverage rating of "Buy" [4]

Group 1: Market Overview - The domestic recruitment market has shown signs of recovery this year, with strong growth in emerging industries and a continuous increase in demand for positions related to technological innovation [1] - In the first quarter, China's GDP grew by 5.4% year-on-year, indicating a stable overall employment situation, with an average urban survey unemployment rate of 5.3% [1] - The manufacturing sector has seen a rebound in employment, with job numbers increasing year-on-year due to large-scale equipment updates and policies promoting the replacement of consumer goods [1] Group 2: Company Performance - In the first quarter, the company achieved revenue of 3.302 billion yuan, a year-on-year increase of 25%, and a net profit attributable to shareholders of 57.78 million yuan, up 42% [1] - The company expects a revenue of 11.788 billion yuan in 2024, with a growth rate exceeding 20%, particularly noting a significant increase of over 28% in its mainland China business [1] Group 3: Employment Trends - The transformation and upgrading of the manufacturing industry are creating more high-quality job opportunities, leading to increased demand for technical talent [2] - Job postings for mechanical engineers and automation engineers in industrial automation grew by 40% and 10% year-on-year, respectively, while demand for robotics algorithm engineers increased by 36% [2] - The company is focusing on high-end positions in strategic emerging industries such as semiconductors, intelligent manufacturing, and artificial intelligence [2] Group 4: International Business - The company anticipates a decline in revenue from overseas markets in 2024 due to various economic factors, but sees opportunities as Chinese companies expand internationally [3] - The company has established branches in nine countries, including the UK, US, and Germany, focusing on life sciences, high technology, and finance [3] - The company aims to provide customized talent solutions for Chinese enterprises venturing abroad, leveraging its global service network [3]