【北森控股（9669.HK）】Core HCM稳健增长，关注AI+人力商业化前景——FY25业绩前瞻（付天姿/杨朋沛）

Core Viewpoint - The article provides a financial forecast for Beisen Holdings, predicting a total revenue of 940 million RMB for FY25, representing a year-on-year growth of approximately 10% [3]. Revenue Breakdown - The expected revenue from cloud HCM solutions is 730 million RMB, with a year-on-year increase of 16%, while professional services revenue is projected to be 210 million RMB, showing a decline of 6% [3]. - For FY25 H1, the revenue from cloud HCM solutions reached 340 million RMB, reflecting a year-on-year growth of 14.3% [4]. Core HCM and Learning Cloud Growth - The Core HCM integrated ARR grew by 28% year-on-year, accounting for 55% of total revenue, with nearly 2,100 cumulative clients [4]. - The Learning Cloud ARR saw a significant increase of 60% year-on-year, adding 160 new clients [4]. - In January 2025, Beisen announced the acquisition of HR SaaS platform KuXueYuan for 180 million RMB, which has 4,000 paying clients, enhancing Beisen's market position [4]. AI Strategy - Since 2024, Beisen has initiated an AI strategy, launching seven AI assistants, collectively known as the Beisen AI Family, which includes features for recruitment and employee assistance [5]. - The AI Interviewer, based on various large language models, has shown rapid commercialization, with over 120 clients by January 2025 and expectations to reach over 200 clients by March 2025, potentially generating an ARR of 7 to 8 million RMB [5]. - The AI Employee Assistant provides 24/7 support, enhancing employee self-service experience [5].