同道猎聘(06100) - 2025 - 中期财报

Definitions This chapter defines key terms used in the report, such as corporate clients, individual paying users, verified headhunters, SaaS, and talent services, ensuring clear understanding of the content - This section defines key terms used in the report, including "corporate clients," "individual paying users," "verified headhunters," "SaaS," and "talent services," ensuring clear understanding of the report's content[6][7][8][9] Company Information This chapter provides the company's basic information, including board members, registered office, principal place of business, share registrar, stock code (6100), and auditor - This section lists the company's basic information, including board members, registered office, principal place of business, share registrar, stock code (6100), and auditor[10][11] Financial Highlights This chapter summarizes key financial data for the six months ended June 30, 2025, including revenue, gross profit, net profit, and non-GAAP operating profit Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 937,247 | 1,014,571 | -7.6% | | Gross Profit | 727,618 | 791,879 | -8.1% | | Net Profit | 102,842 | 66,025 | +55.8% | | Net Profit Attributable to Equity Holders of the Company | 80,300 | 45,333 | +77.1% | | Non-GAAP Operating Profit | 124,655 | 93,953 | +32.7% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[14] Chairman's Report This chapter describes the company's growth in specific market segments and enhanced user experience and customer stickiness through its AI+Recruitment strategy upgrade amidst macroeconomic pressures - Despite macroeconomic and industry cyclical pressures in the mid-to-high-end recruitment market, the company observed strong growth momentum in segments such as home appliances, warehousing and logistics, new retail, artificial intelligence, energy and chemicals, and education and training[15] - The company is firmly advancing its "AI+Recruitment" strategic upgrade, focusing on expanding the market coverage of "Liepin AI Enterprise Edition," accelerating the development of innovative products like AI interviews, and utilizing AI tools to enhance sales efficiency and talent development[16] - The application of AI products significantly improved corporate user experience and customer stickiness, positively impacting individual user activation, with average monthly active users growing substantially to a new historical high, reinforcing the positive cycle of the BHC business model[17] - The company is actively developing AI products for individual users, expected to be fully launched in the second half of the year, to address job-seeking pain points and optimize user experience[17] Management Discussion and Analysis This chapter provides an in-depth analysis of the market environment, business performance, talent development strategies, future outlook, and financial position, detailing the company's operational achievements and financial health under its AI strategy Market Review In H1 2025, China's economy grew steadily by 5.3% year-on-year, with stable employment, yet corporate recruitment demand remained in a bottoming-out phase due to international uncertainties, alongside persistent structural mismatches in the labor market and evolving corporate hiring practices favoring AI for efficiency - In H1 2025, China's GDP grew by 5.3% year-on-year, with overall stable employment, but corporate recruitment demand remained in a bottoming-out phase, and structural mismatches persisted in labor supply and demand[21] - Mid-sized enterprises showed significant growth in hiring demand, while large enterprises focused on core technology and front-end business positions, with companies demanding higher recruitment efficiency and cost-effectiveness[22] - High-end talent in AI, hard tech, and semiconductors remained a key focus for corporate competition[22] Business Review In H1 2025, the Group saw growth in cumulative registered individual users and verified corporate users, despite slight declines in individual paying users and corporate clients, with a significant increase in registered individual users reached by verified headhunters, indicating enhanced platform activity Key Business Data for H1 2025 | Metric | June 30, 2025 | June 30, 2024 | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Cumulative Registered Individual Users (millions) | 111.4 | 100.8 | +10.52% | | Individual Paying Users during the Period | 47,581 | 54,073 | -12.01% | | Cumulative Verified Corporate Users | 1,434,168 | 1,367,938 | +4.84% | | Number of Corporate Clients | 62,916 | 63,472 | -0.88% | | Number of Active Job Postings during the Period (millions) | 5.8 | 6.0 | -3.33% | | Number of Verified Headhunters | 218,170 | 219,006 | -0.38% | | Times Registered Individual Users Reached by Verified Headhunters (millions) | 669.5 | 529.4 | +26.46% | Talent Acquisition and Other HR Services The company focused on its AI+Recruitment strategy in H1, launching AI products like 'Liepin AI Enterprise Edition' and Doris AI Interview System, enhancing sales efficiency and client penetration, with AI products covering over 70% of paying clients and significantly improving AI matching capabilities - The company focused on "AI+Recruitment" strategy in H1, launching "Liepin AI Enterprise Edition" and Doris AI Interview System, and utilizing AI tools to enhance sales efficiency and client penetration[24][25][26] - AI recruitment products have cumulatively covered over 70% of Liepin's paying clients, with the recommended candidate product's two-hour recommendation rate increasing to 64%, and monthly repeat initiation rate stabilizing above 60%[25] - Doris AI Interview System consistently maintained AI assessment results above 95% consistency with experts in white-collar, blue-collar, and grey-collar job interviews, and expanded to internal talent inventory scenarios[26] - The Multi-Headhunter RCN business operated 159,000 job postings, with AI functions assisting headhunters in talent sourcing, matching assessment, and communication, and the Agent waybill assistant to be launched in Q3[27] - The company deeply utilizes mainstream large language models in AI algorithms, training its proprietary vertical model "Tongdaohuicai," enhancing person-job matching accuracy through search augmentation (RAG), and reducing negative feedback on corporate user AI products by 50% year-on-year[28] - In subsidiary businesses, online survey SaaS business maintained good growth, and flexible employment sub-business achieved strong growth in industries such as catering, consumer goods, and property management[29] Talent Development The Group has established a unique brand in mid-to-high-end online recruitment, with AI products and platform strategies effectively attracting quality talent, resulting in over 110 million registered talents and a significant 18.5% increase in average monthly active users by June 30, 2025 - As of June 30, 2025, the platform has attracted over 110 million registered talents, with average monthly active users increasing significantly by 18.5% year-on-year, reaching a new high for the same period in 2024[30] - The online vocational qualification training sub-business saw growth flatten, but the company continues to deepen its focus on the psychology-related certification training market, improving sales conversion and retention[31] Future Outlook and Strategies The company will continue its 'focus strategy,' promoting 'Liepin AI Enterprise Edition' and AI interview products, leveraging AI tools for precise sales lead identification and efficiency, while investing in AI R&D to optimize proprietary models and expand AI applications for both corporate and individual users - The company will continue to execute its "focus strategy," strengthening the promotion of "Liepin AI Enterprise Edition" and AI interview products, utilizing AI tools to precisely identify quality sales leads and improve human efficiency[32] - Continuous investment in AI technology R&D will optimize proprietary vertical models, with an upgrade to corporate-side recruitment assistant (Agent) products and the provision of personalized AI assistants for individual users throughout the entire process in the second half of the year[33] - The company will solidify its diversified service capabilities, including the Multi-Headhunter RCN platform, online surveys, flexible employment, and online vocational qualification training, while prudently evaluating overseas market expansion opportunities[33] - The company made its first dividend payment since listing in H1 (**a special dividend of