科锐国际(300662)：业绩高增长 AI业务指标跃升

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with total revenue reaching 7.075 billion yuan, a year-on-year growth of 28%, and a net profit attributable to shareholders of 127 million yuan, up 47% [1] Group 1: Financial Performance - In Q2 2025, the company achieved revenue of 3.772 billion yuan, reflecting a 30% year-on-year increase, and a net profit of 69 million yuan, which is a 51.26% increase [1] - The company’s gross margin for H1 2025 was 55.2%, down 1.17 percentage points year-on-year, primarily due to the increased proportion of lower-margin flexible employment services [3] - Cost control measures were effective, with sales, management, and R&D expense ratios decreasing by 0.24, 0.76, and 0.1 percentage points respectively [3] Group 2: Business Segments - The flexible employment segment showed strong growth, with 49,500 outsourced employees and part-time experts by mid-2025, and a 70.79% share of technical and R&D positions [2] - The company’s overseas business, particularly in Hong Kong, saw a revenue increase of 5.10% year-on-year, marking a recovery from previous declines [2] - Revenue from flexible employment, mid-to-high-end talent search, recruitment process outsourcing, and technical services grew by 29%, -1%, 27%, and 48% respectively [2] Group 3: AI and Platform Development - The HeWa platform's AI applications have significantly improved operational metrics, with over 37,000 operational positions and more than 200,000 candidate recommendations, a 180% increase from the second half of 2024 [4] - In July 2025, the HeWa platform launched nine AI agents covering the entire recruitment process, enhancing efficiency across various business scenarios [4] - The ecosystem of HeWa saw a 35% year-on-year increase in registered partners and a 111% increase in registered delivery consultants [5] Group 4: Future Outlook - The company maintains its previous profit forecasts, expecting revenues of 14.8 billion, 18 billion, and 21.3 billion yuan for 2025-2027, with respective year-on-year growth rates of 25%, 22%, and 18% [6] - The company anticipates a strong performance driven by high demand for flexible employment and a recovery in recruitment needs, alongside the growth potential of the HeWa platform [6]