万宝盛华(02180) - 2025 - 中期财报

Company Overview Company Business and Market Position ManpowerGroup Greater China Limited (the Group) provides integrated human resources solutions and services in Greater China, with over two decades of industry experience and strong brand recognition, serving approximately 218 Fortune 500 companies and local prominent employers across more than 250 cities with 43 offices as of June 30, 2025 - The Group provides integrated human resources solutions and services across Greater China (Mainland China, Hong Kong, Macau, and Taiwan)[3] - As of June 30, 2025, the Group operates 43 offices in over 250 cities across the Greater China market, serving approximately 218 Fortune 500 companies and local prominent public and private employers[3] - The Group was listed on the Main Board of the Hong Kong Stock Exchange (Stock Code: 2180) on July 10, 2019, and continues to expand its business scale and market share with the support of ManpowerGroup Inc[4] Company Information Board of Directors The Company's Board of Directors comprises executive, non-executive, and independent non-executive directors, supported by an Audit Committee, Remuneration Committee, Nomination Committee, and Investment Committee to ensure effective corporate governance - Board members include Mr. Cui Zhihui (Executive Director), Mr. John Thomas MCGINNIS (Chairman, Non-executive Director), Mr. Zhang Yinghao (resigned on August 27, 2025, Non-executive Director), Mr. Colin Patrick Alan JONES (Non-executive Director), Mr. Zhang Qi (Non-executive Director), Mr. Yang Yongliang (Independent Non-executive Director), Ms. Huang Wenli (Independent Non-executive Director), and Mr. Huang Weide (Independent Non-executive Director)[6] - The Company has an Audit Committee (Chairman: Mr. Huang Weide), a Remuneration Committee (Chairman: Mr. Yang Yongliang), a Nomination Committee (Chairman: Ms. Huang Wenli), and an Investment Committee (Chairman: Mr. John Thomas MCGINNIS)[6] Key Contact Information This section provides key company information including auditor, legal advisors, joint company secretaries, authorized representatives, Mainland China head office, Hong Kong principal place of business, share registrar, principal bankers, company website, stock code, and investor relations contact - The auditor is Deloitte Touche Tohmatsu, and legal advisors are Chan & Fong, Solicitors and Maples and Calder (Hong Kong) LLP[6][7] - The company website is www.manpowergrc.com, and the stock code is 2180[8] Financial Highlights Key Financial Indicators For the six months ended June 30, 2025, the Group's revenue increased by 15.9% to RMB 3,418,285 thousand, and profit attributable to owners of the Company grew by 14.6% to RMB 62,332 thousand, with revenue and net profit per full-time employee surging by 32.5% and 21.4% respectively Key Financial Summary for the Six Months Ended June 30 | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,418,285 | 2,948,453 | 15.9 | | Profit attributable to owners of the Company | 62,332 | 54,391 | 14.6 | | Adjusted profit attributable to owners of the Company | 66,872 | 63,152 | 5.9 | | Revenue per full-time employee | 3,281 | 2,476 | 32.5 | | Net profit per full-time employee | 65.8 | 54.2 | 21.4 | - Flexible staffing revenue in Mainland China for the first half of 2025 increased by approximately 21.2% compared to the same period last year[9] Management Discussion and Analysis Business Review Despite an uncertain global economic outlook and challenges in China's economic structural transformation, the Group achieved strong growth in the first half of 2025, with total revenue reaching RMB 3,418.3 million, a 15.9% year-on-year increase, driven by outstanding performance in flexible staffing, especially in Mainland China, while recruitment and solutions revenue declined, and operational efficiency improvements led to significant growth in revenue and profit per employee - In the first half of 2025, the Group's total revenue reached RMB 3,418.3 million, an increase of approximately 15.9% compared to the same period in 2024[12] - Flexible staffing business segment revenue grew by approximately 16.6% to RMB 3,360.1 million, with Mainland China flexible staffing revenue increasing by approximately 21.2%[12] - Recruitment and solutions segment revenue decreased by 16.8% year-on-year, primarily due to sluggish industry demand[12] - Profit attributable to owners of the Company increased to RMB 62.3 million, up approximately 14.6% year-on-year; adjusted net profit rose by approximately 5.9% to RMB 66.9 million[13] - During the period, the total number of contracted employees placed increased by 20.4% from approximately 39,700 to approximately 47,800, with a significant increase of approximately 20.3% in Mainland China contracted employees[13] - Revenue and profit generated per employee significantly increased by 32.5% and 21.4% respectively, while trade receivables turnover days increased from 55.8 days to 69.1 days[14] Outlook and Strategies The Group maintains a cautious outlook on the global macroeconomic prospects for the second half of 2025 but remains optimistic for the medium term, with strategic focus on flexible staffing in Mainland China, plans to expand its product portfolio, consolidate market position, accelerate IT outsourcing business development, and upgrade internal technology platforms to enhance efficiency and competitiveness - A cautious stance is maintained on the global macroeconomic outlook for the second half of 2025, but the medium-term outlook is more optimistic, anticipating further growth opportunities[17] - Strategic focus remains on flexible staffing in Mainland China, with industry emphasis on fast-growing sectors such as new energy, financial services, information technology services, and healthcare[18] - Plans include organic business expansion into South and East China, consolidating leading positions in first-tier cities, and accelerating the development of IT outsourcing business[18] - Accelerate internal technology platform transformation to streamline workflows, eliminate structural inefficiencies, drive cross-functional operational synergies, and enhance productivity[19] Key Operating Metrics The Group's operating metrics as of June 30, 2025, show significant growth in flexible staffing contracted employees and talent database candidates, while the number of placements and recruiters for recruitment solutions decreased, and the number of full-time employees also slightly reduced Key Operating Metrics for the Six Months Ended June 30 | Indicator | 2025 | 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Flexible Staffing | | | | | Number of contracted employees placed during the period (approx.) | 47,800 | 39,700 | 20.4 | | Number of candidates in flexible staffing talent database (thousands) | 3,000 | 2,700 | 11.1 | | Recruitment Solutions | | | | | Number of placements during the period | 601 | 969 | (38.0) | | Number of candidates in recruitment services database (thousands) | 3,750 | 3,660 | 2.5 | | Number of recruiters | 144 | 240 | (40.0) | | Overall | | | | | Number of full-time employees (approx.) | 1,042 | 1,191 | (12.5) | Financial Review This section provides a detailed review of the Group's financial performance for the first half of 2025, showing overall revenue growth of 15.9% driven by flexible staffing and other HR services, despite a decline in recruitment solutions revenue, a decrease in gross margin due to market competition and reduced high-margin business, lower selling and administrative expenses through cost control, but increased income tax expense due to additional withholding tax on dividends paid from Mainland China to Hong Kong, ultimately resulting in growth in both profit and adjusted profit attributable to owners of the Company Revenue The Group's total revenue for the first half of 2025 increased by 15.9% year-on-year to RMB 3,418.3 million, with flexible staffing revenue growing by 16.6% driven by increased contracted employees from financial services, large technology, and new energy clients in Mainland China, as well as Hong Kong government clients and new short-term business, while other human resources services revenue grew by 10.9%, and recruitment solutions revenue decreased by 16.8%, with significant revenue growth in Mainland China and Hong Kong & Macau, but a decline in Taiwan Revenue Breakdown by Business Line | Business Line | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Flexible Staffing | 3,360,130 | 2,881,645 | 16.6 | | Recruitment Solutions | 47,856 | 57,518 | (16.8) | | Other Human Resources Services | 10,299 | 9,290 | 10.9 | | Total | 3,418,285 | 2,948,453 | 15.9 | Revenue Breakdown by Geographical Location | Geographical Location | 2025 (RMB thousands) | 2024 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Mainland China | 2,479,811 | 2,060,803 | 20.3 | | Hong Kong and Macau | 485,217 | 378,110 | 28.3 | | Taiwan | 453,257 | 509,540 | (11.0) | | Total | 3,418,285 | 2,948,453 | 15.9 | - Revenue increase primarily attributed to flexible staffing services (up 16.6%) and other human resources services driven by government solutions (up 10.9%)[23] - Recruitment solutions revenue decreased by 16.8%, mainly due to persistently sluggish market demand and longer recruitment cycles[24] Cost of Services The Group's cost of services increased by 17.4% year-on-year to RMB 3,132.4 million, primarily due to a significant rise in costs for contracted employees driven by increased flexible staffing services - Cost of services increased by approximately 17.4% from RMB 2,667.1 million to RMB 3,132.4 million[27] - The increase was primarily due to higher flexible staffing services, with costs for contracted employees accounting for the majority of the expenses[27] Gross Profit and Gross Margin The Group's gross profit increased by 1.6% year-on-year to RMB 285.8 million, but gross margin decreased from 9.5% to 8.4%, primarily due to intense price competition in flexible staffing and reduced revenue from higher-margin recruitment solutions - Gross profit increased by approximately 1.6% from RMB 281.3 million to RMB 285.8 million[28] - Gross margin decreased from approximately 9.5% to approximately 8.4%, mainly due to a decline in flexible staffing gross margin from intense market price competition and reduced revenue from higher-margin recruitment solutions[28] Gross Margin by Business Line | Business Line | 2025 (%) | 2024 (%) | Change (%) | | :--- | :--- | :--- | :--- | | Flexible Staffing | 7.0 | 7.7 | (0.7) | | Recruitment Solutions | 90.7 | 91.0 | (0.3) | | Other Human Resources Services | 67.0 | 73.7 | (6.7) | | Overall | 8.4 | 9.5 | (1.1) | Selling and Administrative Expenses The Group's selling expenses decreased by 10.9% to RMB 148.1 million, and administrative expenses decreased by 1.6% to RMB 43.7 million, primarily due to team streamlining, efficiency improvements, reduction in inefficient expenditures, and lower share option and restricted share unit expenses - Selling expenses decreased by approximately 10.9% to RMB 148.1 million, mainly due to team streamlining for efficiency and reduction of inefficient expenditures[30] - Administrative expenses decreased by approximately 1.6% to RMB 43.7 million, primarily due to reduced expenses related to share options and restricted share units[30] - Selling expenses as a percentage of total revenue decreased from 5.6% to 4.3%, and administrative expenses from 1.5% to 1.3%, reflecting effective cost control and improved operational efficiency[30] Other Income The Group's other income decreased by 30.4% to RMB 8.2 million, primarily due to reduced interest income from bank deposits and dividend income from equity instruments - Other income decreased by approximately 30.4% to RMB 8.2 million[31] - The decrease was mainly due to reduced interest income from bank deposits and dividend income from equity instruments[31] Other Gains and Losses The Group's other gains and losses shifted from a gain of RMB 0.03 million in the first half of 2024 to a loss of RMB 7.2 million in the first half of 2025, primarily due to exchange losses from the depreciation of the US dollar against the New Taiwan dollar - Other gains and losses shifted from a gain of RMB 0.03 million in the first half of 2024 to a loss of RMB 7.2 million in the first half of 2025[32] - The loss was primarily due to exchange losses arising from the depreciation of the US dollar against the New Taiwan dollar[32] Share of Profit (Loss) of Associates The Group's share of profit (loss) of associates shifted from a loss of RMB 1.4 million in the first half of 2024 to a profit of RMB 2.3 million in the first half of 2025 - Share of profit (loss) of associates shifted from a loss of RMB 1.4 million in the first half of 2024 to a profit of RMB 2.3 million in the first half of 2025[33] Income Tax Expense The Group's income tax expense increased by 41.6% to RMB 21.4 million, with the effective income tax rate rising from 19.0% to 23.8%, primarily due to additional withholding tax on dividend distributions from Mainland China to Hong Kong - Income tax expense increased by 41.6% to RMB 21.4 million[34] - The effective income tax rate increased from approximately 19.0% to approximately 23.8%[34] - The increase was primarily due to additional withholding tax on dividend distributions from Mainland China to Hong Kong[34] Profit for the Period Attributable to Owners of the Company Profit for the period attributable to owners of the Company increased by 14.6% year-on-year to RMB 62.3 million - Profit for the period attributable to owners of the Company increased by approximately 14.6% from RMB 54.4 million to RMB 62.3 million[36] Adjusted Profit for the Period Attributable to Owners of the Company Adjusted profit for the period attributable to owners of the Company (excluding share option and restricted share unit expenses and impairment loss on associates) increased by 5.9% year-on-year to RMB 66.9 million - Adjusted profit for the period attributable to owners of the Company increased by approximately 5.9% from RMB 63.2 million to RMB 66.9 million[37] Reconciliation of Profit for the Period to Adjusted Profit for the Period | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the period attributable to owners of the Company | 62,332 | 54,391 | | Adjustments: | | | | Expenses related to grant of share options and restricted share units | 4,540 | 5,209 | | Impairment loss recognized on interest in an associate | – | 3,552 | | Adjusted profit for the period attributable to owners of the Company | 66,872 | 63,152 | Liquidity, Financial and Capital Resources The Group maintains a sound liquidity position with stable net current assets and current ratio, while bank balances and cash slightly decreased primarily due to payments for short-term projects in Hong Kong, with no significant bank borrowings, a conservative financial risk management strategy, and no use of derivative instruments for hedging - As of June 30, 2025, the Group's net current assets were RMB 1,130.7 million (December 31, 2024: RMB 1,119.3 million)[41] - Bank balances and cash amounted to RMB 926.1 million (December 31, 2024: RMB 980.9 million), with the decrease primarily due to cash payments for short-term projects in Hong Kong at period-end[42] - As of June 30, 2025, the Group had no bank loans or convertible loans, thus no gearing ratio[43] - The Group implements a conservative strategy for risk management and does not use any derivative or other instruments for hedging purposes[45] - As of June 30, 2025, the Group's current ratio was 2.0 times (December 31, 2024: 2.0 times)[50] Use of Proceeds from Initial Public Offering The Company's net proceeds from its initial public offering amounted to approximately RMB 458.2 million, which have been utilized according to the proposed allocation in the prospectus and subsequent announcements, with the Board extending the utilization period for unutilized net proceeds to December 31, 2026, to optimize financial resource deployment and align with business strategies - Net proceeds from the listing amounted to approximately RMB 458.2 million, utilized according to the proposed allocation in the prospectus and subsequent announcements[58] - The Board has further extended the utilization period for unutilized net proceeds from December 31, 2023, to December 31, 2025, and again to December 31, 2026, as announced on August 28, 2024[58][59] Details of Net Proceeds Utilization as of June 30, 2025 | Category | Net proceeds as per prospectus (RMB thousands) | Proceeds utilized as of June 30, 2025 (RMB thousands) | Unutilized net proceeds as of June 30, 2025 (RMB thousands) | Expected timetable for full utilization of remaining proceeds | | :--- | :--- | :--- | :--- | :--- | | Business expansion | 137,451 | 137,451 | – | – | | Research and development | 80,017 | 68,721 | 11,296 | On or before December 31, 2026 | | Future investments and strategic acquisitions | 114,527 | 38,250 | 76,277 | On or before December 31, 2026 | | Brand building and digital marketing | 35,924 | 29,302 | 6,622 | On or before December 31, 2026 | | Working capital | 90,281 | 90,281 | – | – | | Total | 458,200 | 364,005 | 94,195 | | Corporate Governance and Other Information Employees and Remuneration Policy The Group's workforce comprises both own employees and contracted employees, with approximately 1,042 own employees and 47,800 contracted employees as of June 30, 2025, offering salaries, bonuses, and benefits to own employees, cross-training to contracted employees for skill enhancement, and maintaining share option and restricted share unit schemes to incentivize staff - As of June 30, 2025, the Group employed approximately 1,042 own employees and approximately 47,800 contracted employees[61] - The Company provides salaries, bonuses, healthcare, retirement benefits, and more to its own employees, and offers computer and other workplace skills training to contracted employees[61] - The Company adopted a share option scheme on June 5, 2019, and restricted share unit schemes on June 10, 2021, and November 22, 2023, to incentivize and retain eligible participants[61][62] Compliance with Corporate Governance Code The Company is committed to high standards of corporate governance, having adopted the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules of the Stock Exchange, and complied with all code provisions for the six months ended June 30, 2025 - The Company has adopted the Corporate Governance Code set out in Appendix C1 Part 2 of the Listing Rules of the Stock Exchange as its own code[66] - For the six months ended June 30, 2025, the Company complied with the code provisions set out in the Corporate Governance Code[67] Compliance with Model Code for Securities Transactions by Directors The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules as a guide for directors' dealings in company securities, and all directors confirmed compliance with the code during the reporting period - The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix C3 of the Listing Rules[68] - All directors confirmed compliance with the Model Code for the six months ended June 30, 2025[69] Share Option Scheme The Company adopted a share option scheme on June 5, 2019, to incentivize employees and directors, with a maximum of 10% of issued shares available for grant at the time of listing and a 1% limit per participant within any 12-month period, and as of June 30, 2025, 3,906,000 shares were subject to unexercised share options under the scheme - The share option scheme was approved and adopted on June 5, 2019, aiming to incentivize participants to enhance performance efficiency and to attract and retain individuals beneficial to the Group's long-term development[70][71] - The maximum number of shares available for issue is 10% of the total issued shares at the time of listing (i.e., 20,000,000 shares), with 16,103,000 share options currently available for grant (approximately 7.8% of issued shares)[73] - The total number of shares subject to share options granted (including exercised and outstanding) to any participant within any 12-month period shall not exceed 1% of the Company's then-issued share capital[75] Details of Share Option Movements for the Six Months Ended June 30, 2025 | Grantee | Grant Date | Exercise Price per Share (HKD) | Unexercised as of January 1, 2025 | Unexercised as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Mr. Cui Zhihui | September 20, 2019 | 10.94 | 150,000 | 150,000 | | | April 8, 2020 | 8.76 | 225,000 | 112,500 | | | April 9, 2021 | 10.00 | 300,000 | 150,000 | | | March 31, 2022 | 8.61 | 300,000 | 300,000 | | Other Employees | September 20, 2019 | 10.94 | 909,000 | 822,000 | | | April 8, 2020 | 8.76 | 1,044,750 | 471,000 | | | April 9, 2021 | 10.00 | 1,383,000 | 624,000 | | | March 31, 2022 | 8.61 | 1,398,750 | 1,276,500 | | Total | | | 5,710,500 | 3,906,000 | Restricted Share Unit Scheme The Company has two Restricted Share Unit (RSU) schemes, adopted in 2021 and 2023, designed to recognize and reward participants' contributions, and to attract and retain talent, with the 2021 scheme having a share cap of 2.5% of issued shares and the 2023 scheme a 10% cap, and as of June 30, 2025, 2,457,850 RSUs under the 2021 scheme and 4,034,082 RSUs under the 2023 scheme remained unvested Details of 2021 Restricted Share Unit Scheme The 2021 Restricted Share Unit Scheme, adopted on June 10, 2021, with a ten-year validity, aims to reward and retain participants beneficial to the Group's development, stipulating a maximum of 2.5% of issued shares, with no payment required from grantees, and no shareholder rights until actual share issuance or transfer - The 2021 Restricted Share Unit Scheme was adopted on June 10, 2021, with a ten-year validity, aiming to recognize and reward participants' contributions, and to attract and retain talent[85][87] - The maximum number of relevant shares is 2.5% of the total issued shares from time to time, with 683,746 restricted share units currently available for grant (approximately 0.3% of issued shares)[94] - Grantees are not required to pay any amount for the restricted share units granted[95] Details of 2023 Restricted Share Unit Scheme The 2023 Restricted Share Unit Scheme, adopted on November 22, 2023, with a ten-year validity, shares similar objectives to the 2021 scheme, with a maximum of 10% of issued shares, no payment required from grantees, and no shareholder rights until actual share issuance or transfer - The 2023 Restricted Share Unit Scheme was adopted on November 22, 2023, with a ten-year validity, aiming to recognize and reward participants' contributions, and to attract and retain talent[98][100] - The maximum number of relevant shares is 10% of the total issued shares from time to time, with 16,387,409 restricted share units currently available for grant (approximately 7.9% of issued shares)[107] - Grantees are not required to pay any amount for the restricted share units granted[108] Details of Granted Restricted Share Units As of June 30, 2025, a total of 2,457,850 unvested restricted share units were held by directors and employees under the 2021 scheme, and 4,034,082 under the 2023 scheme, including 3,340,182 newly granted on March 31, 2025, with the trustee having purchased 343,000 shares to satisfy awards under the 2023 scheme Details of 2021 Restricted Share Unit Movements for the Six Months Ended June 30, 2025 | Grantee Name/Designation | Grant Date | Vesting Date | Unvested as of January 1, 2025 | Unvested as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Mr. Cui Zhihui | March 31, 2022 | March 31, 2025 | 200,000 | – | | | March 30, 2023 | March 30, 2025 | 140,000 | – | | | March 30, 2023 | March 30, 2026 | 280,000 | 280,000 | | | April 8, 2024 | April 8, 2027 | 488,850 | 488,850 | | Other Directors and Employees | (Multiple) | (Multiple) | 2,533,000 | 1,689,000 | | Total | | | 3,641,850 | 2,457,850 | Details of 2023 Restricted Share Unit Movements for the Six Months Ended June 30, 2025 | Grantee Name/Designation | Grant Date | Vesting Date | Unvested as of January 1, 2025 | Unvested as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Mr. Cui Zhihui | (Multiple) | (Multiple) | 488,850 | 1,324,648 | | Other Directors and Employees | (Multiple) | (Multiple) | 682,000 | 2,709,434 | | Total | | | 1,170,850 | 4,034,082 | - On March 31, 2025, a total of 3,340,182 restricted share units were approved for grant to selected participants under the 2023 Restricted Share Unit Scheme[112] - The trustee purchased 343,000 shares during the period to satisfy the 2025 restricted share unit awards through market purchases of existing shares[113] Directors' and Chief Executive's Interests and Short Positions in Shares, Underlying Shares and Debentures of the Company or its Associated Corporations As of June 30, 2025, the Company's directors and chief executive held interests in the Company's shares, with Executive Director Mr. Cui Zhihui holding the largest share interest, including 3,207,448 beneficially owned shares and 625,005 shares through controlled corporations Directors' and Chief Executive's Interests in Shares | Director Name | Nature of Interest | Number of Shares or Underlying Shares (L) | Approximate Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | | Mr. Cui Zhihui | Beneficial owner | 3,207,448 | 1.55 | | | Interest in controlled corporation | 625,005 | 0.30 | | Mr. John Thomas MCGINNIS | Beneficial owner | 171,209 | 0.08 | | Mr. Zhang Yinghao | Beneficial owner | 171,209 | 0.08 | | Mr. Colin Patrick Alan JONES | Beneficial owner | 115,206 | 0.06 | | Mr. Zhang Qi | Beneficial owner | 64,212 | 0.03 | | Mr. Yang Yongliang | Beneficial owner | 171,209 | 0.08 | | Ms. Huang Wenli | Beneficial owner | 171,209 | 0.08 | | Mr. Huang Weide | Beneficial owner | 171,209 | 0.08 | Substantial Shareholders' and Other Persons' Interests and Short Positions in Shares and Underlying Shares of the Company As of June 30, 2025, ManpowerGroup Inc. and its controlled corporations collectively held 36.87% of the Company's share interests, making them the largest shareholder, while Manpower Hong Kong Limited and its affiliates held 28.50% of share interests, CM Phoenix Tree Limited and its affiliates held 2.35% beneficial interest and 23.02% secured interest, and FIL Limited and its affiliates held 9.99% of share interests Substantial Shareholders' Interests in Shares | Shareholder Name | Nature of Interest | Number of Shares or Underlying Shares (L) | Approximate Percentage of Shareholding (%) | | :--- | :--- | :--- | :--- | | Manpower Holdings, Inc. | Beneficial owner | 41,539,168 | 20.02 | | Manpower Nominees Inc. | Beneficial owner | 34,960,220 | 16.85 | | ManpowerGroup Inc. | Interest in controlled corporation | 76,499,388 | 36.87 | | Manpower Hong Kong Limited | Beneficial owner | 59,138,925 | 28.50 | | Beijing Manpower Information Technology Partnership (Limited Partnership) | Interest in controlled corporation | 59,138,925 | 28.50 | | Beijing Fenghui Investment Management Co., Ltd. | Interest in controlled corporation | 59,138,925 | 28.50 | | Fang Yongzhong | Interest in controlled corporation | 59,138,925 | 28.50 | | CM Phoenix Tree Limited | Beneficial owner | 4,876,338 | 2.35 | | | Person with security interest | 47,774,975 | 23.02 | | FIL Limited | Interest in controlled corporation | 20,750,250 | 9.99 | | Fidelity China Special Situations Plc | Beneficial owner | 10,581,000 | 5.10 | Interim Dividend The Board resolved to declare an interim dividend of HKD 1.6 per share (equivalent to RMB 1.46 per share) for the six months ended June 30, 2025, totaling HKD 332 million (equivalent to RMB 303 million), payable on September 25, 2025, to shareholders on record as of September 16, 2025 - The Board resolved to declare an interim dividend of HKD 1.6 per share (equivalent to RMB 1.46 per share) for the six months ended June 30, 2025[132] - The total interim dividend amounted to HKD 332 million (equivalent to RMB 303 million)[132] - The dividend will be paid on September 25, 2025, to shareholders whose names appear on the Company's register of members as of September 16, 2025[132] - To be eligible for the interim dividend, share transfer documents must be lodged with the Hong Kong share registrar no later than 4:30 p.m. on September 10, 2025[134] Purchase, Sale or Redemption of the Company's Listed Securities During the period, the trustee of the 2023 Restricted Share Unit Scheme purchased 343,000 Company shares for a total consideration of approximately RMB 1,378,000, with no other listed securities purchased, sold, or redeemed by the Group - During the period, the trustee of the 2023 Restricted Share Unit Scheme purchased a total of 343,000 shares in the market at prices ranging from HKD 4.25 to HKD 4.50 per share[135] - The total consideration was approximately RMB 1,378,000[135] - As of June 30, 2025, the Company did not hold any treasury shares[135] Audit Committee The Company's Audit Committee, established on June 5, 2019, comprises five members, including two non-executive directors and three independent non-executive directors, with Mr. Huang Weide as Chairman, and has reviewed the interim report and results for the six months ended June 30, 2025, whose condensed consolidated financial statements were reviewed by Deloitte Touche Tohmatsu - The Audit Committee was established on June 5, 2019, with primary responsibilities to review, monitor, and approve financial reporting procedures and internal control systems[136] - The Committee comprises five members: Mr. Colin Patrick Alan JONES, Mr. Zhang Qi, Mr. Yang Yongliang, Ms. Huang Wenli, and Mr. Huang Weide (Chairman)[136] - The condensed consolidated financial statements for the six months ended June 30, 2025, have been reviewed by Deloitte Touche Tohmatsu[136] Changes in Directors' Information Mr. Zhang Yinghao resigned as a Non-executive Director and member of related committees effective August 27, 2025, and Mr. Huang Weide retired as an independent non-executive director of Thinker Education Group effective May 20, 2025 - Mr. Zhang Yinghao resigned as a Non-executive Director and ceased to be a member of the Nomination Committee, Remuneration Committee, and Investment Committee, effective August 27, 2025[138] - Mr. Huang Weide retired as an independent non-executive director of Thinker Education Group, effective May 20, 2025[138] Review Report on Condensed Consolidated Financial Statements Review Conclusion Deloitte Touche Tohmatsu has reviewed ManpowerGroup Greater China Limited's condensed consolidated financial statements for the six months ended June 30, 2025, and noted no matters leading them to believe the statements were not prepared in accordance with International Accounting Standard 34 - Deloitte Touche Tohmatsu has reviewed the Company's condensed consolidated financial statements for the six months ended June 30, 2025[140] - The review concluded that nothing came to our attention that causes us to believe the condensed consolidated financial statements are not prepared, in all material respects, in accordance with International Accounting Standard 34[142] - The scope of review is substantially less than that of an audit conducted in accordance with Hong Kong Standards on Auditing, and therefore no audit opinion is expressed[141] Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income Overview of Profit or Loss and Comprehensive Income For the six months ended June 30, 2025, the Group reported revenue of RMB 3,418,285 thousand, profit for the period of RMB 68,553 thousand, total comprehensive income for the period of RMB 75,915 thousand, with profit attributable to owners of the Company at RMB 62,332 thousand and basic earnings per share at RMB 0.31 Summary of Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Revenue | 3,418,285 | 2,948,453 | | Gross profit | 285,840 | 281,325 | | Profit before tax | 89,993 | 79,715 | | Profit for the period | 68,553 | 64,577 | | Total comprehensive income for the period | 75,915 | 62,998 | | Profit for the period attributable to owners of the Company | 62,332 | 54,391 | | Total comprehensive income for the period attributable to owners of the Company | 64,501 | 53,040 | | Basic earnings per share (RMB yuan) | 0.31 | 0.27 | | Diluted earnings per share (RMB yuan) | 0.30 | 0.27 | Condensed Consolidated Statement of Financial Position Financial Position As of June 30, 2025, the Group's total non-current assets were RMB 308,645 thousand, total current assets were RMB 2,322,337 thousand, total current liabilities were RMB 1,191,640 thousand, net current assets were RMB 1,130,697 thousand, and total equity was RMB 1,390,988 thousand Summary of Condensed Consolidated Statement of Financial Position | Indicator | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Non-current assets | 308,645 | 304,749 | | Current assets | 2,322,337 | 2,247,370 | | Current liabilities | 1,191,640 | 1,128,029 | | Net current assets | 1,130,697 | 1,119,341 | | Net assets | 1,390,988 | 1,376,848 | | Total equity | 1,390,988 | 1,376,848 | Condensed Consolidated Statement of Changes in Equity Overview of Changes in Equity For the six months ended June 30, 2025, equity attributable to owners of the Company increased from RMB 1,253,000 thousand at the beginning of the year to RMB 1,260,487 thousand, primarily influenced by profit for the period and an increase in share-based payment reserve, while also affected by recognized dividend distributions and share purchases Summary of Condensed Consolidated Statement of Changes in Equity | Indicator | June 30, 2025 (RMB thousands) | January 1, 2024 (RMB thousands) | | :--- | :--- | :--- | | Share capital | 1,830 | 1,830 | | Share premium | 273,068 | 391,345 | | Shares held for restricted share unit scheme | (23,039) | (36,685) | | Share-based payment reserve | 26,258 | 27,095 | | Translation reserve | (1,701) | (8,099) | | Statutory reserve | 95,138 | 72,438 | | Investment revaluation reserve | (1,315) | (746) | | Retained profits | 890,248 | 723,663 | | Subtotal equity attributable to owners of the Company | 1,260,487 | 1,170,841 | | Non-controlling interests | 130,501 | 109,121 | | Total equity | 1,390,988 | 1,279,962 | - Profit for the period was RMB 62,332 thousand, and equity-settled share-based payments amounted to RMB 4,540 thousand[151] - Dividends paid to non-controlling shareholders were RMB 4,761 thousand, and dividends recognized as distributed were RMB 60,176 thousand[151] Condensed Consolidated Statement of Cash Flows Overview of Cash Flows For the six months ended June 30, 2025, the Group's net cash used in operating activities was RMB (55,408) thousand, net cash from investing activities was RMB 156,171 thousand, and net cash used in financing activities was RMB (16,554) thousand, with cash and cash equivalents at period-end totaling RMB 846,688 thousand, an increase of RMB 84,209 thousand from the beginning of the period Summary of Condensed Consolidated Statement of Cash Flows | Activity Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | (55,408) | (40,818) | | Net cash from investing activities | 156,171 | 84,544 | | Net cash used in financing activities | (16,554) | (21,749) | | Net increase in cash and cash equivalents | 84,209 | 21,977 | | Cash and cash equivalents at January 1 | 752,377 | 706,434 | | Effect of foreign exchange rate changes | 10,102 | (3,663) | | Cash and cash equivalents at June 30 | 846,688 | 724,748 | Notes to the Condensed Consolidated Financial Statements 1. General Information and Basis of Preparation The Company, incorporated in the Cayman Islands and listed on the Hong Kong Stock Exchange, primarily provides integrated human resources solutions and services in Greater China, with its condensed consolidated financial statements presented in RMB and prepared in accordance with International Accounting Standard 34 and the Listing Rules of the Stock Exchange - The Company was incorporated in the Cayman Islands on September 26, 2014, and its shares were listed on the Main Board of the Hong Kong Stock Exchange on July 10, 2019[156] - The Group is principally engaged in providing integrated human resources solutions and services in Greater China (Mainland China, Hong Kong, Macau, and Taiwan)[156] - The condensed consolidated financial statements are presented in RMB and prepared in accordance with International Accounting Standard 34 and the Listing Rules of the Stock Exchange[157] 2. Accounting Policies The condensed consolidated financial statements are prepared on a historical cost basis, using the same accounting policies and methods of computation as the annual consolidated financial statements for the year ended December 31, 2024, with no significant impact on financial position or performance from IFRS amendments first applied in this interim period - The condensed consolidated financial statements are prepared on a historical cost basis, and the accounting policies and methods of computation adopted are consistent with those presented in the Group's annual consolidated financial statements for the year ended December 31, 2024[158] - The application of amendments to International Financial Reporting Standards in this interim period had no significant impact on the Group's financial position and performance for the current and prior periods and/or the disclosures in the condensed consolidated financial statements[159] 3. Revenue and Segment Information The Group's revenue primarily derives from human resources solutions services (including flexible staffing and recruitment solutions) and other human resources services, with RMB 3,407,986 thousand from human resources solutions and RMB 10,299 thousand from other human resources services in the first half of 2025, where Mainland China contributed the largest portion of total revenue, and multinational corporations and local enterprises were the main client types Revenue and Results by Operating and Reportable Segment (First Half 2025) | Segment | Revenue (RMB thousands) | Profit (RMB thousands) | | :--- | :--- | :--- | | Human Resources Solutions | 3,407,986 | 278,938 | | Other Human Resources Services | 10,299 | 6,902 | | Total | 3,418,285 | 285,840 | Revenue by Geographical Location (First Half 2025) | Geographical Location | Revenue (RMB thousands) | | :--- | :--- | | Mainland China | 2,479,811 | | Hong Kong and Macau | 485,217 | | Taiwan | 453,257 | | Total | 3,418,285 | Revenue by Service Type (First Half 2025) | Service Type | Revenue (RMB thousands) | | :--- | :--- | | Flexible Staffing | 3,360,130 | | Recruitment Solutions | 47,856 | | Other | 10,299 | | Total | 3,418,285 | Revenue by Customer Type (First Half 2025) | Customer Type | Revenue (RMB thousands) | | :--- | :--- | | Multinational corporations and local enterprises | 3,198,666 | | Government agencies | 219,619 | | Total | 3,418,285 | 4. Other Income The Group's other income for the first half of 2025 was RMB 8,230 thousand, a decrease from RMB 11,831 thousand in the same period of 2024, primarily due to reduced interest income and dividend income from equity instruments Other Income Details | Income Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest income | 7,477 | 10,051 | | Dividend income from equity instruments at fair value through other comprehensive income | 518 | 1,033 | | Government grants | – | 250 | | Others | 235 | 497 | | Total | 8,230 | 11,831 | 5. Other Gains and Losses The Group's other gains and losses for the first half of 2025 amounted to a loss of RMB 7,161 thousand, compared to a gain of RMB 33 thousand in the same period of 2024, primarily due to net exchange losses Other Gains and Losses Details | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Impairment loss recognized on interest in an associate | – | (3,552) | | Net exchange (losses) gains | (7,161) | 3,585 | | Total | (7,161) | 33 | 6. Finance Costs The Group's finance costs for the first half of 2025 were RMB 669 thousand, a decrease from RMB 723 thousand in the same period of 2024, primarily comprising interest on lease liabilities Finance Costs Details | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Interest on short-term borrowings | 66 | – | | Interest on lease liabilities | 603 | 723 | | Total | 669 | 723 | 7. Income Tax Expense The Group's income tax expense for the first half of 2025 increased to RMB 21,440 thousand from RMB 15,138 thousand in the same period of 2024, with Mainland China subsidiaries subject to a 25% corporate income tax rate, some small low-profit enterprises enjoying preferential rates, Hong Kong profits tax at 16.5%, Macau complementary income tax at progressive rates, and Taiwan income tax at 20% - For the six months ended June 30, 2025, the Group recognized current tax expense of approximately RMB 21,673,000[179] - Mainland China subsidiaries are subject to a 25% corporate income tax rate, with some qualifying small low-profit enterprises enjoying preferential rates (first RMB 3,000,000 taxed at 5%)[179] - One Mainland China subsidiary is recognized as a high-tech enterprise, enjoying a preferential corporate income tax rate of 15% from 2022 to 2025[181] - Hong Kong profits tax is calculated at 16.5% on estimated assessable profits, with some entities enjoying a two-tiered preferential tax rate (first HKD 2,000,000 at 8.25%)[182] - Macau complementary income tax is calculated at progressive rates, and Taiwan income tax rate is 20%[182][183] 8. Profit for the Period The Group's profit for the first half of 2025 was RMB 68,553 thousand, primarily derived after deducting total staff costs of RMB 3,219,499 thousand, depreciation, and amortization expenses Profit for the Period Deductions Details | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Directors' emoluments | 5,106 | 4,930 | | Other staff costs | 3,214,393 | 2,763,982 | | Total staff costs | 3,219,499 | 2,768,912 | | Depreciation of property and equipment | 2,341 | 2,856 | | Depreciation of right-of-use assets | 10,095 | 13,285 | | Amortization of intangible assets | 2,121 | 3,070 | | Research and development costs | 1,662 | 2,029 | 9. Dividends The Company's directors proposed an interim dividend of HKD 1.6 per ordinary share for the six months ended June 30, 2025, totaling approximately HKD 332 million, payable in September 2025, following a final dividend of HKD 0.31 per share for the year 2024 - The Company's directors proposed an interim dividend of HKD 1.6 per ordinary share for the six months ended June 30, 2025, totaling approximately HKD 332 million (equivalent to approximately RMB 303 million), payable in September 2025[187] - During this interim period, the Company's directors proposed a final dividend of HKD 0.31 per ordinary share for the year ended December 31, 2024, totaling approximately HKD 64.3 million (equivalent to approximately RMB 60.2 million), which was approved by shareholders and paid in July 2025[187] 10. Earnings Per Share For the six months ended June 30, 2025, basic earnings per share attributable to owners of the Company were RMB 0.31, and diluted earnings per share were RMB 0.30, with the weighted average number of ordinary shares used for basic EPS calculation being 203,121,233 shares Earnings Per Share Calculation Data | Indicator | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Profit for the purpose of calculating basic and diluted earnings per share | 62,332 | 54,391 | | Weighted average number of ordinary shares for basic earnings per share | 203,121,233 | 202,939,382 | | Effect of potential dilutive ordinary shares: unvested restricted share units | 3,338,475 | 1,044,686 | | Weighted average number of ordinary shares for diluted earnings per share | 206,459,708 | 203,984,068 | - No exercise of share options was assumed in calculating diluted earnings per share as their exercise price was higher than the average market price of the Company's shares[190] 11. Changes in Property and Equipment and Right-of-Use Assets For the six months ended June 30, 2025, the Group's additions to property and equipment amounted to approximately RMB 594,000, and during this interim period, the Group entered into new lease agreements, recognizing right-of-use assets and lease liabilities of approximately RMB 15,377,000 - For the six months ended June 30, 2025, the Group's additions to property and equipment amounted to approximately RMB 594,000[192] - During this interim period, the Group entered into new lease agreements with lease terms ranging from 1 to 5 years, recognizing right-of-use assets of approximately RMB 15,377,000 and lease liabilities of approximately RMB 15,377,000[193] 12. Interests in Associates As of June 30, 2025, the Group's interests in associates amounted to RMB 30,475 thousand, with an impairment loss of approximately RMB 3,552,000 recognized in the first half of 2024 for ManpowerGroup FESCO Human Resources Technology (Beijing) Co., Ltd. due to lower-than-expected financial performance, and a similar impairment loss of approximately RMB 2,809,000 for ManpowerGroup (Shanghai) Technology Co., Ltd. in the second half of 2024, with no further impairment or reversal indications in this interim period Interests in Associates | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Investment cost in associates | 27,551 | 27,551 | | Impairment loss recognized | (6,361) | (6,361) | | Share of post-acquisition profit and other comprehensive income, net of dividends received | 9,285 | 8,805 | | Total | 30,475 | 29,995 | - For the six months ended June 30, 2024, an impairment loss of approximately RMB 3,552,000 was recognized for the Group's interest in ManpowerGroup FESCO Human Resources Technology (Beijing) Co., Ltd., primarily due to lower-than-expected demand for flexible staffing services[194] - For the year ended December 31, 2024, an impairment loss of approximately RMB 2,809,000 was recognized for the Group's interest in ManpowerGroup (Shanghai) Technology Co., Ltd., also due to lower-than-expected demand for flexible staffing services[196] - During this interim period, there were no further indications of impairment or reversal of impairment for interests in associates[197] 13. Trade and Other Receivables, Deposits and Prepayments As of June 30, 2025, the Group's total trade and other receivables, deposits, and prepayments amounted to RMB 1,469,704 thousand, with trade receivables at RMB 1,374,482 thousand, an average credit period of 30 to 90 days for trade receivables, and during the period, impairment losses of approximately RMB 1,269,000 were recognized for trade receivables not credit-impaired, and approximately RMB 7,454,000 for credit-impaired trade receivables Total Trade and Other Receivables, Deposits and Prepayments | Item | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | Gross trade receivables | 1,374,482 | 1,248,761 | | Deposits, prepayments and other receivables | 87,817 | 85,076 | | Consideration receivable | 7,405 | 7,749 | | Total | 1,469,704 | 1,341,586 | - The Group generally allows its customers an average credit period of 30 to 90 days[200] Ageing Analysis of Trade Receivables (Net of Credit Loss Provision) | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 1,263,924 | 1,147,382 | | 31 to 60 days | 54,213 | 38,061 | | 61 to 90 days | 16,032 | 11,513 | | Over 90 days | 40,313 | 51,805 | | Total | 1,374,482 | 1,248,761 | - For the period ended June 30, 2025, an impairment loss of approximately RMB 1,269,000 was recognized for trade receivables not credit-impaired, and an impairment loss of approximately RMB 7,454,000 was made for credit-impaired trade receivables[204] 14. Amounts Due from (to) a Shareholder / Related Companies As of June 30, 2025, the Group had amounts due from an associate of approximately RMB 3,550,000 (interest-bearing at 6% per annum) and trade-related amounts due from a related company of approximately RMB 357,000, while also having amounts due to a shareholder of approximately RMB 8,037,000 (non-trade related, interest-free), trade-related amounts due to a shareholder of approximately RMB 2,198,000, and trade-related amounts due to a related company of approximately RMB 2,425,000 - As of June 30, 2025, amounts due from an associate (a company associated with the Company) were approximately RMB 3,550,000, interest-bearing at 6% per annum and repayable on demand[205] - Trade-related amounts due from a related company (a subsidiary of a shareholder of the Company) were approximately RMB 357,000, unsecured, interest-free, and repayable on demand[205] - Amounts due to a shareholder were approximately RMB 8,037,000 (non-trade related, interest-free) and trade-related amounts were approximately RMB 2,198,000[206][207] - Amounts due to a related company (a subsidiary of a shareholder of the Company) were approximately RMB 2,425,000 (trade-related, unsecured, interest-free)[207] 15. Trade and Other Payables As of June 30, 2025, the Group's total trade and other payables amounted to RMB 1,088,461 thousand, primarily including accrued salaries and other expenses of RMB 1,027,775 thousand, with the ageing analysis of trade payables showing most within 30 days Trade and Other Payables Details | Item | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Trade payables | 7,890 | 9,441 | | Accrued salaries and other expenses | 1,027,775 | 971,905 | | Other taxes payable | 52,796 | 52,946 | | Total | 1,088,461 | 1,034,292 | Ageing Analysis of Trade Payables | Ageing | June 30, 2025 (RMB thousands) | December 31, 2024 (RMB thousands) | | :--- | :--- | :--- | | 0 to 30 days | 7,220 | 8,757 | | 31 to 60 days | 123 | 9 | | 61 to 90 days | 5 | 430 | | Over 90 days | 542 | 245 | | Total | 7,890 | 9,441 | 16. Contract Liabilities The Group's contract liabilities arise from customer prepayments received before service commencement, primarily from flexible staffing services, with all contract liabilities recognized as revenue in subsequent periods - Contract liabilities arise from customer prepayments received before the commencement of services, primarily from flexible staffing services[213] - All contract liabilities are recognized as revenue in subsequent periods[213] 17. Share Capital As of June 30, 2025, the Company's authorized share capital comprised 1,520,000,000 ordinary shares with a par value of HKD 0.01 each, and its issued and fully paid share capital was 207,505,000 ordinary shares, amounting to RMB 1,830 thousand Share Capital Structure | Category | Par Value | Number of Shares | Amount (HKD) | Presented in Condensed Consolidated Financial Statements (RMB thousands) | | :--- | :--- | :--- | :--- | :--- | | Authorized ordinary shares | HKD 0.01 | 1,520,000,000 | 15,200,000 | – | | Issued and fully paid ordinary shares | HKD 0.01 | 207,505,000 | 2,075,050 | 1,830 | 18. Share-based Payment Transactions The Group operates a share option scheme and restricted share unit schemes to incentivize directors and eligible employees, with the share option scheme adopted in 2019 having 3,906,000 unexercised options as of June 30, 2025, and the 2021 and 2023 restricted share unit schemes having 2,457,850 and 4,034,082 unvested units respectively as of June 30, 2025, and during the period, the Group recognized expenses of approximately RMB 4,540,000 related to restricted share units (i) The Company's Share Option Scheme The Company's share option scheme, adopted on June 5, 2019, aims to incentivize directors and eligible employees, with 3,906,000 unexercised share options as of June 30, 2025, and exercise prices determined by the Board not less than specific market prices or par value - The share option scheme was adopted on June 5, 2019, primarily to provide incentives to the Company's directors and eligible employees[215] - As of June 30, 2025, the number of shares subject to share options granted but unexercised under the share option scheme was 3,906,000[216] - The exercise price of share options is determined by the Board, not less than the highest of the closing price of the shares on the offer date, the average closing price of the shares for the five business days immediately preceding the offer date, and the nominal value of the shares[216] Share Option Movements as of June 30, 2025 | Grantee | Unexercised as of January 1, 2025 | Unexercised as of June 30, 2025 | | :--- | :--- | :--- | | Directors of the Company | 975,000 | 712,500 | | Employees | 4,735,500 | 3,203,500 | | Total | 5,710,500 | 3,906,000 | (ii) The Company's Restricted Share Unit Scheme The Company operates 2021 and 2023 Restricted Share Unit Schemes to incentivize directors and eligible employees, with the 2021 scheme capped at 2.5% of issued shares and the 2023 scheme at 10%, and as of June 30, 2025, a total of 6,491,932 unvested restricted share units were outstanding under both schemes, with the Group recognizing expenses of approximately RMB 4,540,000 related to restricted share units during the period - The 2021 Restricted Share Unit Scheme is capped at 2.5% of issued shares, and the 2023 Restricted Share Unit Scheme is capped at 10% of issued shares[222] - On March 31, 2025, a total of 3,340,182 restricted share units were granted to directors and eligible employees under the 2023 Restricted Share Unit Scheme[224] - For the six months ended June 30, 2025, the Company, through the trustee of the Restricted Share Unit Scheme, purchased 343,000 of its own ordinary shares in the market for a total consideration of approximately RMB 1,378,000[224] Restricted Share Unit Movements as of June 30, 2025 | Grantee | Unvested as of January 1, 2025 | Unvested as of June 30, 2025 | | :--- | :--- | :--- | | Directors of the Company | 2,121,700 | 3,066,932 | | Employees | 2,691,000 | 3,425,000 | | Total | 4,812,700 | 6,491,932 | - For the six months ended June 30, 2025, the Group recognized total expenses of approximately RMB 4,540,000 related to restricted share units granted by the Company[228] 19. Related Party Disclosures The Group engaged in various related party transactions, including license fees and ManpowerGroup Employment Outlook Survey license fees paid to a shareholder, and revenue and expenses from flexible staffing and other human resources services with related companies, with total key management personnel compensation amounting to RMB 11,364 thousand Significant Related Party Transactions | Nature of Transaction | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | A Shareholder | | | | License fee expenses | 4,568 | 4,452 | | ManpowerGroup Employment Outlook Survey license fee expenses | 242 | 171 | | Related Companies (subsidiaries of a shareholder of the Company) | | | | Flexible staffing services revenue | 1,625 | 1,736 | | Flexible staffing services expenses | 15,087 | 10,226 | | Other human resources services revenue | 151 | 420 | | Other human resources services expenses | 41 | – | Key Management Personnel Compensation | Compensation Type | 2025 (RMB thousands) | 2024 (RMB thousands) | | :--- | :--- | :--- | | Short-term employee benefits | 9,030 | 8,759 | | Post-employment benefits | 303 | 635 | | Share-based payments | 2,031 | 1,900 | | Total | 11,364 | 11,294 | 20. Fair Value Measurement of Financial Instruments The Group's financial assets are measured at fair value using a three-level hierarchy, with unlisted equity investments classified as equity instruments at fair value thro