BURTC(SH:600861) Xin Lang Cai Jing·2025-09-09 00:29Performance Overview - In H1 2025, the company achieved revenue of 22.691 billion yuan, a year-on-year increase of 3.77%, and a net profit attributable to shareholders of 813 million yuan, up 87.43% year-on-year [1] - Q2 2025 revenue was 11.854 billion yuan, a year-on-year increase of 4.75%, with a net profit attributable to shareholders of 222 million yuan, down 0.35% year-on-year [1] Profitability Metrics - The company's non-recurring net profit reached 296 million yuan in H1 2025, reflecting a year-on-year increase of 6.89% [1] - Non-recurring income included 358 million yuan from the transfer of equity in Beijing Urban Rural Huangsi Commercial Building and 518 million yuan in government subsidies [1] Business Segment Performance - In H1 2025, revenue from various business segments was as follows: - Outsourcing services: 18.976 billion yuan (yoy +4.69%) - Personnel management services: 491 million yuan (yoy +4.23%) - Compensation and benefits services: 567 million yuan (yoy +5.08%) - Recruitment and flexible employment: 2.306 billion yuan (yoy -1.85%) [2] - The respective gross margins for these segments were 2.94%, 75.59%, 14.72%, and 2.27% [2] Regulatory Impact - The new social security regulations effective from September 1, 2025, will benefit compliant human resource service leaders by eliminating the competitive advantage of non-compliant small outsourcing companies [3] Investment Outlook - The company is expected to see steady revenue growth from 2025 to 2027, with projected revenues of 45.649 billion yuan, 50.649 billion yuan, and 56.326 billion yuan, corresponding to growth rates of 6.08%, 10.95%, and 11.21% respectively [4] - Projected net profits for the same period are 1.084 billion yuan, 1.028 billion yuan, and 1.198 billion yuan, with growth rates of 36.92%, -5.14%, and 16.51% respectively [4] - Earnings per share (EPS) are forecasted to be 1.91 yuan, 1.82 yuan, and 2.12 yuan for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [4]