Core Viewpoint - The company has announced its subscription to fixed-income financial products issued by CGMHI and Morgan Stanley, with a total investment amounting to $3.7 million, which will be redeemed on October 31, 2025 [1][2]. Group 1 - On October 24, 2024, the company, through its wholly-owned subsidiary, subscribed to a principal-protected fixed-income financial product from CGMHI for $19 million and another from Morgan Stanley for $18 million [2]. - On October 30, 2025, the company will subscribe to another principal-protected fixed-income financial product from CGMHI for $20 million and from Morgan Stanley for $19 million, with the total subscriptions referred to as "the subscriptions" [2]. - The redemption of the subscriptions will be funded by the principal and interest from the previous subscriptions made on October 24, 2024 [2].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股票代號：6100） Tongdao Liepin Group 同道獵聘集團 須予披露交易 認購理財產品 茲提述本公司於2024年10月24日的公告，內容有關向CGML認購由CGMHI發 行的理財產品及向Morgan Stanley & Co. International PLC認購由Morgan Stanley Finance LLC發行的理財產品，該等理財產品將根據合約於2025年10月31日贖 回。 (i)於2024年10月24日，本公司透過其全資附屬公司同道精英（香港）信息技術 有限公司，向CGML認購由CGMHI發行、金額為19,000,000美元的保本固定收 益型理財產品（「CITI認購事項1」）及向Morgan Stanley & Co. International PLC認 購由Morgan Stanley Finance LLC發行、金額為18,00 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 35.56 [1][9][12] Core Insights - The company reported Q3 revenue of RMB 3.68 billion, a year-on-year increase of 23.70% but a quarter-on-quarter decrease of 2.45%. The net profit attributable to the parent company was RMB 93.23 million, up 89.62% year-on-year and up 35.65% quarter-on-quarter [1][6] - For the first three quarters of 2025, the company achieved a total revenue of RMB 10.755 billion, representing a year-on-year growth of 26.29%, with a net profit of RMB 220 million, up 62.46% year-on-year [1][6] - The report highlights improvements in the headhunting business and growth in flexible employment and the Heva platform, indicating a positive outlook for profit realization throughout the year [1][6][7] Summary by Sections Domestic Business Performance - The flexible employment business supported a total of 445,537 placements in the first three quarters of 2025, with over 50,900 outsourced employees at the end of the period, reflecting a net increase of 1,400 [7] - The headhunting business showed signs of recovery, successfully recommending 11,516 mid-to-high-end management and technical positions in the first three quarters [7] - The gross margin improved significantly in Q3, increasing by 0.8 percentage points to 6.32%, attributed to a higher proportion of technical positions in flexible employment and increased efficiency in headhunting operations [7] AI and Technology Integration - The Heva platform launched its 2.0 AI product in July 2025, enhancing its capabilities in client development, talent search, and job matching, resulting in a fivefold increase in job matching accuracy and a threefold increase in order conversion rates [8] - In Q3 2025, the Heva platform generated over 3,600 offers, a year-on-year increase of 73%, with the total offer amount growing by 81%, particularly in high-end positions [8] Profit Forecast and Valuation - The report maintains profit forecasts for 2025, 2026, and 2027 at RMB 297.12 million, RMB 349.95 million, and RMB 403.45 million respectively, reflecting the company's strong delivery capabilities and operational efficiency [9][12] - The target price is set at RMB 35.56, based on a 20x PE for 2026, with the previous target price being RMB 37.74 [9][12]

Group 1: Travel Industry Insights - The travel volume during the Mid-Autumn and National Day holidays showed a slight decline compared to the May Day holiday, but remained strong, with a daily year-on-year increase of 6.2% in cross-regional personnel flow [2] - Long-distance deep travel and emotional experience payments are progressing together, with significant growth in certain tourist destinations, such as Changbai Mountain, which saw a 18.95% year-on-year increase in visitor numbers during the first four days of the holiday [2][3] - International flight passenger flow increased by 15.5% year-on-year during the holiday period, indicating a recovery in outbound tourism [2] Group 2: Hotel Industry Performance - The hotel industry is expected to continue the improvement trend seen in September, with a focus on the recovery of business travel post-holiday [3] - The RevPAR (Revenue per Available Room) for the hotel industry showed a mixed performance in September, with a year-on-year decline of 13.7% to a growth of 15.2% across different weeks, suggesting potential for improvement during the holiday period [3] Group 3: Duty-Free Sales - The sales at Sanya International Duty-Free City reached over 120 million yuan in a single day, marking a 60% year-on-year increase, highlighting the strong demand for duty-free shopping [4] - The average daily passenger volume at Haikou Meilan Airport increased by 7% year-on-year during the holiday, indicating a robust travel environment [4] Group 4: Dining Sector Performance - The sales of key retail and dining enterprises increased by 3.3% year-on-year during the first four days of the holiday, which is lower than the growth seen during the May Day holiday [5] - Specific dining brands like Tea Garden and Cha Bai Dao showed stable performance, with the latter experiencing a year-on-year increase in same-store sales [5] Group 5: Investment Recommendations - Companies recommended for investment include Luckin Coffee, Gu Ming, Mixue Group, Atour, Yum China, and Dasin Holdings, with a focus on those likely to benefit from service consumption policies [6] - Companies expected to see turning points or marginal improvements include Huazhu, Shoulv Hotel, Beijing Renli, Keri International, Tongdao Recruitment, Haidilao, China Duty Free Group, and Songcheng Performance [6]

FF301 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06100 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 USD | | 100,000 | 本月底法定/註冊股本總額： USD 100,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 同道獵聘集團(於開曼群島註冊成立的有限公司) 呈交日期: 2025年 ...

須予披露交易 認購理財產品 廈門國際銀行理財產品 (i) 於2025年9月5日，本公司透過其非全資附屬公司長沙冉星信息科技有限 公司，向廈門國際銀行認購本金為人民幣30.0百萬元的公司結構性存款產品 （掛鈎匯率三層區間A款）2025528160905期（「廈門國際銀行認購事項1」）； 於 2025年9月29日，本公司透過其全資附屬公司同道精英（天津）信息技術有限 公司，向廈門國際銀行認購本金為人民幣20.0百萬元的公司結構性存款產品 （掛鈎匯率三層區間A款）2025530290929期（「廈門國際銀行認購事項2」）；及(ii) 於2025年9月30日，本公司透過其全資附屬公司同道精英（天津）信息技術有 限公司，向廈門國際銀行認購本金為人民幣30.0百萬元的公司結構性存款產 品（掛鈎匯率三層區間A款）2025530500930期（「廈門國際銀行認購事項3」）， 及透過其非全資附屬公司北京賽優職教育科技有限公司，向廈門國際銀行 認購本金為人民幣10.0百萬元的公司結構性存款產品（掛鈎匯率三層區間A款） 2025530180930期（「廈門國際銀行認購事項4」，連同廈門國際銀行認購事項1、 廈門國際銀行認購事項2及 ...

Core Insights - In the AI era, Chinese entrepreneurs are experiencing unprecedented anxiety, with 75% of decision-makers fearing missed opportunities more than the costs of trial and error [2] - A significant 62.5% of companies are facing "organizational downsizing," indicating a cognitive gap between strategic decision-making and execution [2] - The transformation from traditional strategic barriers to a focus on building ecological networks is essential for survival in the AI landscape [2] Strategic Reconstruction - The core strategic shift is from building "moats" to weaving "ecological networks" as industry barriers dissolve under AI pressure [2] - Companies must continuously self-disrupt to enhance their capabilities and competitiveness in the AI era [4][6] Organizational Restructuring - AI is reshaping job definitions, making organizational change a necessity rather than an option, with a 30% salary premium for AI-skilled positions [7] - Traditional hierarchical structures are collapsing, necessitating a shift to a more adaptive and collaborative organizational model [7][8] - The focus is shifting from filling positions to reconstructing capabilities, reflecting a significant change in the labor market [8] Leadership Transformation - CEOs must undergo a self-revolution, transitioning from providers of certainty to facilitators of learning and adaptability [10] - Effective leadership in the AI era requires building resilient organizations capable of withstanding uncertainty [12] AI-native Business Evolution - The future of business lies in expanding boundaries through AI-native innovations rather than merely optimizing existing processes [13] - Companies must embrace a dual approach of technical idealism and practical commercialism to thrive in the AI landscape [18] Conclusion - Strategic openness, organizational evolution, and cognitive iteration are critical for companies to navigate the AI revolution successfully [19] - The urgency for action is emphasized, with leaders recognizing the need to transform anxiety into concrete steps for change [19]

Core Insights - In the AI era, Chinese entrepreneurs are experiencing unprecedented anxiety, with 75% of decision-makers fearing missed opportunities more than the costs of trial and error [2] - A significant 62.5% of companies are facing "organizational downsizing," indicating a cognitive gap between strategic decision-making and execution [2] - The challenges faced by CEOs are shifting from technical issues to a survival revolution concerning corporate gene reorganization and cognitive restructuring [2] Strategic Reconstruction - The core strategic challenge has shifted from "building a moat" to "weaving an ecosystem" as industry barriers crumble under AI's impact [4] - Companies must focus on self-disruption rather than merely defending against competitors, as illustrated by Siemens' extensive investments in software and AI [6] - The evolution of strategy is more aggressive in digital-native companies, with a focus on cognitive restructuring to enhance organizational capabilities [6][8] Organizational Reconstruction - AI is fundamentally altering job definitions, making organizational change a necessity rather than an option [9] - The demand for AI-skilled positions has seen a 30% salary premium, while demand for lower-level roles has halved, indicating a structural collapse of traditional hierarchical organizations [9] - Organizations need to evolve into adaptive ecosystems, akin to a tropical rainforest, to thrive in the AI era [9][10] Leadership Reconstruction - The primary resistance to change often comes from decision-makers themselves, necessitating a profound self-revolution among CEOs [12] - Leaders must transition from providing certainty to embracing uncertainty and fostering a culture of lifelong learning [12][15] - Successful leaders are those who can build organizations capable of withstanding errors and evolving continuously [15] AI-Native Business Evolution - As CEOs undergo self-evolution, the commercial boundaries of enterprises expand, shifting focus from AI+ to AI-native value creation [16] - The concept of embodied intelligence represents a new frontier, where robots evolve from mere tools to intelligent partners capable of performing tasks in unstructured environments [17] - Companies must prioritize practical applications of technology over mere demonstrations, focusing on high-value scenarios for effective commercialization [18][20] Conclusion - Strategic openness is essential, as demonstrated by Siemens and G7's data-driven approaches, emphasizing the need for dynamic moats in the AI era [22] - Organizational transformation requires a balance of decisiveness and patience, focusing on capability reconstruction rather than mere structural optimization [22] - Leaders must prioritize cognitive iteration, transforming from decision-makers to learning architects to combat technological generational gaps [23] - Breakthroughs in business depend on a strong belief in technology, with proactive investments being crucial to seizing market opportunities [24]

Tongdao Liepin Group 同道獵聘集團 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：6100） NOTIFICATION LETTER 通知信函 Dear Registered Shareholders: Tongdao Liepin Group (the "Company") - Notification of publication of 2025 Interim Report (the "Current Corporate Communications") 各位登記股東： 同道獵聘集團（「本公司」） — 刊發2025中期報告（「本次公司通訊」）之發布通知 本公司的本次公司通訊之中、英文版本已分別上載於本公司網站(ir.liepin.com)及香港聯合交易所有限公司（「聯交所」）之網站(www.hkexnews.hk) （「網站版本」）。我們建 議 閣下閱覽本公司本次及日後公司通訊 （附註） 的網站版本。如 閣下已選擇收取公司通訊的印刷本，隨函附上 ...

Tongdao Liepin Group 同道獵聘集團 (Incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立的有限公司） （Stock Code 股份代號：6100） NOTIFICATION LETTER 通知信函 25 September 2025 Dear Non-registered Shareholder(s)(Note 1) , Notes: 各位非登記股東 （附註 1 ） ： 同道獵聘集團（「本公司」） — 刊發2025年中期報告（「本次公司通訊」）之發布通知 本公司的本次公司通訊之中、英文版本已分別上載於本公司網站(ir.liepin.com)及香港聯合交易所有限公司(「聯交所」)之網站(www.hkexnews.hk) (「網站版本」)。本公司建議 閣下閱覽本公司本次公司通訊的網站版本。 Tongdao Liepin Group (the "Company") - Notification of publication of 2025 Interim Report (the "Current Corpor ...