Core Viewpoint - Beisen Holdings, as China's first HR SaaS public company, has shown continuous revenue growth since its listing in April 2023, surpassing 900 million RMB in FY2025, but faces challenges including ongoing losses, limited AI business contributions, and uncertain merger synergies [2][6][20]. Financial Performance - In FY2025, Beisen Holdings reported revenue of 945.08 million RMB, a year-on-year increase of 10.6%, with annual recurring revenue (ARR) exceeding 908 million RMB, growing over 20% [2][4]. - The company's net loss narrowed significantly from 3.21 billion RMB in FY2024 to 147 million RMB in FY2025, a reduction of 95.4% [6][7]. - Adjusted net loss decreased from 105 million RMB to 29 million RMB, a reduction of approximately 72% [6][7]. - Gross margin improved from 60.2% in FY2024 to 64.9% in FY2025 [2][4]. Business Segments - Revenue from cloud HCM solutions grew from 632 million RMB in FY2024 to 722 million RMB in FY2025, representing a 14.2% increase and accounting for 76.4% of total revenue [4][5]. - Subscription revenue retention rate remained stable at 106% [5]. Market Concerns - Despite the positive financial results, the stock price fell over 18% following the earnings report, indicating market skepticism about the company's future [5][9]. - The AI-related business generated only 6 million RMB in ARR, constituting 0.66% of total ARR, highlighting the need for further development in this area [10][12]. AI Strategy and Competition - Beisen has launched several AI products aimed at recruitment and training, but faces competition from platforms offering similar functionalities for free [10][14]. - The company aims to prioritize independent revenue-generating AI applications rather than supplementary features [14][16]. Acquisition of Cool Academy - The acquisition of Cool Academy for 180 million RMB aims to enhance Beisen's market coverage and integrate its technology with Cool Academy's customer base [16][20]. - However, there are concerns regarding the integration of different organizational cultures and potential conflicts between customer bases [19][20]. - The financial impact of the acquisition remains uncertain, as Cool Academy reported significant losses in previous years [21][23]. Future Outlook - Beisen Holdings must focus on improving core business profitability, accelerating AI innovation, and enhancing organizational management to achieve sustainable growth [20].
AI业务贡献不足1%，北森控股上市2年未破亏损魔咒，股价已降7成