同道猎聘：招聘主业逐步修复-20260330

Investment Rating - The investment rating for the company is "Buy" with a target price of HKD 3.96 [6][11]. Core Insights - The company's revenue for the year 2025 was CNY 1.986 billion, a year-on-year decrease of 4.6%, which was slightly below the expected CNY 2.077 billion. The adjusted net profit was CNY 142 million, down 16.6% year-on-year, also below the expected CNY 231 million. The decline in revenue was primarily due to the incomplete recovery of demand for mid-to-high-end white-collar recruitment, although the decline narrowed quarter by quarter. Cash collections turned positive year-on-year in the second half of the year, and revenue growth is expected to turn positive in 2026. Profitability was significantly impacted by overseas financial management income, but adjusted operating profit increased by 24.7% year-on-year when excluding interest impacts, demonstrating the effectiveness of AI empowerment and cost reduction [1][3][5]. Summary by Sections Business Performance - The platform's ecosystem remains stable, with 1.474 million verified enterprises and 72,000 paying enterprise clients by the end of 2025, representing year-on-year increases of 3.2% and 5.3%, respectively. B-end revenue was CNY 1.652 billion, down 6.2% year-on-year, but the decline has significantly narrowed, with cash collections turning positive in the second half. C-end revenue was CNY 334 million, up 5.0% year-on-year, achieving growth against a high base [2]. Profitability - The company's gross margin for 2025 was 76.6%, an increase of 0.5 percentage points year-on-year, benefiting from the increased proportion of AI product revenue and improved operational efficiency. Operating expenses were CNY 1.447 billion, down 5.3% year-on-year, with an operating expense ratio of 72.9%, a decrease of 0.6 percentage points. The annual operating profit and net profit attributable to the parent company were CNY 166 million and CNY 103 million, down 13.5% and 23.1% year-on-year, respectively, mainly due to declines in non-recurring income such as financial management income and exchange gains [3][4]. AI Strategy - The company continues to advance its AI + recruitment strategy, with AI products covering all three ends of the recruitment process. By the end of 2025, the AI account client coverage rate reached 93%, and 65% of job orders could be delivered to potential candidates within 2 hours. The AI job-seeking assistant "Dora" significantly activated user engagement, leading to a 15.3% year-on-year increase in average monthly active users, with a total of 116 million registered job seekers, up 10% year-on-year. The total cash collection from AI products exceeded CNY 100 million, accounting for 5% of total revenue, marking a successful transition from technology investment to revenue contribution [4]. Earnings Forecast and Valuation - Considering the ongoing recovery in mid-to-high-end recruitment demand, the company has slightly lowered its revenue forecasts for 2026-2027, with new estimates of CNY 2.002 billion, CNY 2.009 billion, and CNY 2.028 billion for 2026, 2027, and 2028, respectively. The adjusted net profit forecasts have been reduced to CNY 148 million, CNY 193 million, and CNY 226 million for the same years. The target price has been adjusted to HKD 3.96, down from HKD 7.38, based on a 12.1x adjusted PE valuation for 2026 [5][11].