[Definitions](index=3&type=section&id=Definitions) This chapter defines key terms used in the report, such as corporate clients, individual paying users, verified headhunters, SaaS, and talent services, ensuring clear understanding of the content - This section defines key terms used in the report, including **"corporate clients," "individual paying users," "verified headhunters," "SaaS,"** and **"talent services,"** ensuring clear understanding of the report's content[6](index=6&type=chunk)[7](index=7&type=chunk)[8](index=8&type=chunk)[9](index=9&type=chunk) [Company Information](index=5&type=section&id=Company%20Information) This chapter provides the company's basic information, including board members, registered office, principal place of business, share registrar, stock code (6100), and auditor - This section lists the company's basic information, including **board members, registered office, principal place of business, share registrar, stock code (6100), and auditor**[10](index=10&type=chunk)[11](index=11&type=chunk) [Financial Highlights](index=6&type=section&id=Financial%20Highlights) This chapter summarizes key financial data for the six months ended June 30, 2025, including revenue, gross profit, net profit, and non-GAAP operating profit Key Financial Data for the Six Months Ended June 30, 2025 | Metric | 2025 (RMB thousands) | 2024 (RMB thousands) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 937,247 | 1,014,571 | -7.6% | | Gross Profit | 727,618 | 791,879 | -8.1% | | Net Profit | 102,842 | 66,025 | +55.8% | | Net Profit Attributable to Equity Holders of the Company | 80,300 | 45,333 | +77.1% | | Non-GAAP Operating Profit | 124,655 | 93,953 | +32.7% | - The Board does not recommend the payment of an interim dividend for the six months ended June 30, 2025[14](index=14&type=chunk) [Chairman's Report](index=7&type=section&id=Chairman's%20Report) This chapter describes the company's growth in specific market segments and enhanced user experience and customer stickiness through its AI+Recruitment strategy upgrade amidst macroeconomic pressures - Despite macroeconomic and industry cyclical pressures in the mid-to-high-end recruitment market, the company observed strong growth momentum in segments such as **home appliances, warehousing and logistics, new retail, artificial intelligence, energy and chemicals, and education and training**[15](index=15&type=chunk) - The company is firmly advancing its **"AI+Recruitment" strategic upgrade**, focusing on expanding the market coverage of **"Liepin AI Enterprise Edition,"** accelerating the development of innovative products like **AI interviews**, and utilizing AI tools to enhance sales efficiency and talent development[16](index=16&type=chunk) - The application of AI products significantly improved **corporate user experience and customer stickiness**, positively impacting individual user activation, with **average monthly active users growing substantially to a new historical high**, reinforcing the positive cycle of the BHC business model[17](index=17&type=chunk) - The company is actively developing **AI products for individual users**, expected to be fully launched in the second half of the year, to address job-seeking pain points and optimize user experience[17](index=17&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This chapter provides an in-depth analysis of the market environment, business performance, talent development strategies, future outlook, and financial position, detailing the company's operational achievements and financial health under its AI strategy [Market Review](index=9&type=section&id=Market%20Review) In H1 2025, China's economy grew steadily by 5.3% year-on-year, with stable employment, yet corporate recruitment demand remained in a bottoming-out phase due to international uncertainties, alongside persistent structural mismatches in the labor market and evolving corporate hiring practices favoring AI for efficiency - In H1 2025, China's **GDP grew by 5.3% year-on-year**, with overall stable employment, but corporate recruitment demand remained in a bottoming-out phase, and structural mismatches persisted in labor supply and demand[21](index=21&type=chunk) - **Mid-sized enterprises showed significant growth in hiring demand**, while large enterprises focused on core technology and front-end business positions, with companies demanding higher recruitment efficiency and cost-effectiveness[22](index=22&type=chunk) - **High-end talent in AI, hard tech, and semiconductors** remained a key focus for corporate competition[22](index=22&type=chunk) [Business Review](index=10&type=section&id=Business%20Review) In H1 2025, the Group saw growth in cumulative registered individual users and verified corporate users, despite slight declines in individual paying users and corporate clients, with a significant increase in registered individual users reached by verified headhunters, indicating enhanced platform activity Key Business Data for H1 2025 | Metric | June 30, 2025 | June 30, 2024 | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Cumulative Registered Individual Users (millions) | 111.4 | 100.8 | +10.52% | | Individual Paying Users during the Period | 47,581 | 54,073 | -12.01% | | Cumulative Verified Corporate Users | 1,434,168 | 1,367,938 | +4.84% | | Number of Corporate Clients | 62,916 | 63,472 | -0.88% | | Number of Active Job Postings during the Period (millions) | 5.8 | 6.0 | -3.33% | | Number of Verified Headhunters | 218,170 | 219,006 | -0.38% | | Times Registered Individual Users Reached by Verified Headhunters (millions) | 669.5 | 529.4 | +26.46% | [Talent Acquisition and Other HR Services](index=10&type=section&id=Talent%20Acquisition%20and%20Other%20HR%20Services) The company focused on its AI+Recruitment strategy in H1, launching AI products like 'Liepin AI Enterprise Edition' and Doris AI Interview System, enhancing sales efficiency and client penetration, with AI products covering over 70% of paying clients and significantly improving AI matching capabilities - The company focused on **"AI+Recruitment" strategy** in H1, launching **"Liepin AI Enterprise Edition"** and **Doris AI Interview System**, and utilizing **AI tools** to enhance sales efficiency and client penetration[24](index=24&type=chunk)[25](index=25&type=chunk)[26](index=26&type=chunk) - **AI recruitment products** have cumulatively covered over **70% of Liepin's paying clients**, with the recommended candidate product's two-hour recommendation rate increasing to **64%**, and monthly repeat initiation rate stabilizing above **60%**[25](index=25&type=chunk) - **Doris AI Interview System** consistently maintained **AI assessment results above 95% consistency with experts** in white-collar, blue-collar, and grey-collar job interviews, and expanded to internal talent inventory scenarios[26](index=26&type=chunk) - The **Multi-Headhunter RCN business** operated **159,000 job postings**, with **AI functions** assisting headhunters in talent sourcing, matching assessment, and communication, and the **Agent waybill assistant** to be launched in Q3[27](index=27&type=chunk) - The company deeply utilizes mainstream large language models in **AI algorithms**, training its proprietary vertical model **"Tongdaohuicai,"** enhancing person-job matching accuracy through **search augmentation (RAG)**, and reducing negative feedback on corporate user AI products by **50% year-on-year**[28](index=28&type=chunk) - In subsidiary businesses, **online survey SaaS business** maintained good growth, and **flexible employment sub-business** achieved strong growth in industries such as catering, consumer goods, and property management[29](index=29&type=chunk) [Talent Development](index=12&type=section&id=Talent%20Development) The Group has established a unique brand in mid-to-high-end online recruitment, with AI products and platform strategies effectively attracting quality talent, resulting in over 110 million registered talents and a significant 18.5% increase in average monthly active users by June 30, 2025 - As of **June 30, 2025**, the platform has attracted over **110 million registered talents**, with **average monthly active users increasing significantly by 18.5% year-on-year**, reaching a new high for the same period in 2024[30](index=30&type=chunk) - The **online vocational qualification training sub-business** saw growth flatten, but the company continues to deepen its focus on the **psychology-related certification training market**, improving sales conversion and retention[31](index=31&type=chunk) [Future Outlook and Strategies](index=13&type=section&id=Future%20Outlook%20and%20Strategies) The company will continue its 'focus strategy,' promoting 'Liepin AI Enterprise Edition' and AI interview products, leveraging AI tools for precise sales lead identification and efficiency, while investing in AI R&D to optimize proprietary models and expand AI applications for both corporate and individual users - The company will continue to execute its **"focus strategy,"** strengthening the promotion of **"Liepin AI Enterprise Edition"** and **AI interview products**, utilizing **AI tools** to precisely identify quality sales leads and improve human efficiency[32](index=32&type=chunk) - Continuous investment in **AI technology R&D** will optimize proprietary vertical models, with an upgrade to **corporate-side recruitment assistant (Agent) products** and the provision of **personalized AI assistants** for individual users throughout the entire process in the second half of the year[33](index=33&type=chunk) - The company will solidify its diversified service capabilities, including the **Multi-Headhunter RCN platform, online surveys, flexible employment, and online vocational qualification training**, while prudently evaluating overseas market expansion opportunities[33](index=33&type=chunk) - The company made its **first dividend payment since listing** in H1 (**a special dividend of

Core Viewpoint - The article discusses the recent surge in popularity of Yupaodirect, a recruitment platform, driven by its controversial advertising campaign that has sparked both attention and criticism among urban workers [9][12][14]. Company Overview - Yupaodirect, founded in 2017, has quickly risen to become a leading player in the blue-collar recruitment market in China, ranking first in this segment and fourth overall in the online recruitment industry [12][21]. - The company has received significant investment, achieving a valuation of 4 billion yuan [12][13]. - Yupaodirect has invested heavily in advertising, with a reported 4 billion yuan allocated for 2024 alone, totaling 15 billion yuan spent on marketing since its inception [14][15]. Advertising Strategy - The recent advertising campaign featuring a character in blue sportswear has become a viral sensation, although it has also faced backlash from the public for being overly intrusive and annoying [2][7][9]. - The founder, Zhou Feng, acknowledged the campaign's shortcomings and has made adjustments based on public feedback, indicating a willingness to adapt [8][9]. - The campaign has successfully raised brand awareness, but it remains to be seen if it can effectively penetrate the competitive white-collar recruitment market [9][33]. Market Position and Challenges - Yupaodirect aims to expand its reach into the white-collar job market, which is significantly more lucrative than the blue-collar segment, where it currently operates [21][22]. - The company has over 100 million users and has facilitated 446 million job placements, but the majority of advertised positions still cater to blue-collar roles [23][24]. - The recruitment landscape is highly competitive, with established players like Zhaopin and BOSS Zhipin dominating the white-collar space, making it challenging for Yupaodirect to gain traction [31][32]. Future Outlook - Zhou Feng has expressed ambitions to elevate Yupaodirect to a top-tier position in the comprehensive recruitment market, targeting a market valuation of 20-30 billion yuan [22]. - The company is in the early stages of its expansion strategy, and its ability to adapt to market demands and user preferences will be crucial for its success in the white-collar recruitment sector [24][33].

顺周期招聘专家交流 20250912 摘要 2025 年 7 月职位发布量同比增长，预计 8 月继续增长，但大学生就业 形势依然严峻，应届毕业生失业率约为 20%，虽较前几年有所下降，但 仍有提升空间。企业校招需求增加主要得益于政府保就业政策、企业招 聘需求增加以及平台职位发布数增多。 应届生群体活跃度下降并非人数减少，而是求职效率提高所致。互联网 行业招聘在二季度显著增长 3.4%，汽车行业增长 4.3%，而金融业同比 下降超 6%，服务业下降约 3%。 社会招聘改善源于企业发布职位数增加和新注册企业数量显著增长。 2025 年上半年新注册企业数达 170 多万，去年同期仅 130 多万。企业 发布职位数从 2024 年的 4.7 增至 2025 年的 5.2，表明招聘需求提升。 招聘需求自 2024 年 7 月开始缓慢改善，2025 年 3 月企业平均发布职 位数回升至 5 以上，5-6 月达峰值。小微企业恢复速度快于大中型企业， 小微企业数量显著增加，表明其对市场需求反应更迅速。 预计 9-11 月企业平均发布职位数可能接近 5.5，虽低于疫情前水平，但 已显示复苏迹象。主要招聘平台中，猎聘表现不佳，5 ...

Core Insights - The report indicates a divergence in performance within the social services sector, with leading companies outperforming their peers [5][7] - The overall revenue for the service consumption sector increased by 1.4% year-on-year in 1H2025, reaching 134% of 2019 levels, while profits declined by 11.5%, recovering to 79% of 2019 levels [12][15] - Key segments such as K12 education, human resources, and scenic areas showed both revenue and profit growth, while hotels, restaurants, tourism retail, and higher education faced challenges [12][13] Social Services Overview - In 1H2025, K12 training and human resources sectors saw revenue growth of 14.4% and 10.7%, respectively, with net profits increasing by 39.5% and 49.8% [12][15] - Scenic areas also reported growth, with revenues up by 3.9% and net profits by 2.4% [15] - Conversely, the hotel sector experienced a revenue decline of 4.5% and a significant profit drop of 40.6% [13][15] Travel Services - The hotel industry remains under pressure, with leading hotels like Huazhu Group and Shoulv Hotel showing resilience despite a decline in RevPAR [16][19] - In 1H2025, leading hotels continued to expand, with Huazhu adding 990 new hotels [16][18] - OTA companies benefited from overall travel demand, with significant growth in overseas business [7][24] Scenic Areas and OTA - Domestic tourism numbers surpassed pre-pandemic levels, with a 20.6% increase in travel volume in 1H2025 [24] - Scenic area performance varied, with Xiangyuan Cultural Tourism and Jiuhua Tourism showing strong growth, while Changbai Mountain faced challenges due to weather [29] - The average ticket price for domestic travel has not fully recovered, remaining at 95% of 2019 levels [24] Professional Services - The human resources sector is experiencing a mild recovery, with companies like Keri International and BOSS Zhipin performing well [7][16] - The education sector, particularly K12 training, continues to thrive, with a focus on AI applications enhancing efficiency [7][16] - The exhibition industry is awaiting macroeconomic improvements to boost performance [7][16] Restaurant and Tea Beverage Sector - The restaurant industry is under pressure, with same-store sales declining, while budget-friendly dining options are showing resilience [7][12] - The tea beverage sector is expanding, with leading brands like Mixue and Gu Ming performing exceptionally well [7][12]

Core Viewpoint - Dongwu Securities International expresses optimism about Tongdao Liepin (06100) due to its unique positioning in the mid-to-high-end recruitment market and its AI-driven service premium capability, anticipating significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved revenue of 940 million yuan, gross profit of 730 million yuan, and net profit attributable to shareholders of 80 million yuan, representing a year-on-year growth of 77.1%; adjusted operating profit increased by 32.7% to 120 million yuan [2] Group 2: User Base Expansion - The company’s C-end cumulative users reached 111 million, a year-on-year increase of 10.5%, solidifying its user base; however, due to statistical adjustments, the number of C-end paying users decreased by 12% to 47,600 [3] - On the B-end, the company verified over 1.43 million enterprises, a year-on-year growth of 4.8%, confirming its scarce position in the mid-to-high-end recruitment sector, with stable paying clients around 63,000 [3] Group 3: Cost Reduction and Profit Growth - In the first half of the year, the company’s marketing expenses were 420 million yuan, down 12.9% year-on-year, due to precise spending and reduced sales and marketing personnel costs; R&D expenses decreased by 21.7% to 130 million yuan, primarily due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - Management expenses fell by 4.8% to 140 million yuan, mainly due to personnel cost reductions; the operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year [4] Group 4: AI-Driven Product Innovation - In the first half of the year, the "Liepin Enterprise Version" implemented AI account upgrades, adding features like "Resume Quick Read" and "Intelligent Invitation," covering over 70% of paying clients [5] - The "Intended Candidates" product achieved a two-hour recommendation rate of 64% and a monthly re-initiation rate exceeding 60%, indicating strong customer recognition; the AI interview system Doris demonstrated over 95% consistency with expert evaluations [5]

Core Viewpoint - Dongwu Securities International is optimistic about Tongdao Liepin's unique positioning in the mid-to-high-end recruitment market and its service premium driven by AI technology, expecting significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved operating revenue of 940 million yuan, gross profit of 730 million yuan, and net profit attributable to shareholders of 80 million yuan, representing a year-on-year increase of 77.1%; adjusted operating profit was 120 million yuan, up 32.7% [2] Group 2: User Base and Market Position - The company’s C-end cumulative users reached 111 million, a year-on-year increase of 10.5%, solidifying its user base; however, due to statistical adjustments, C-end paying users decreased by 12% to 47,600 [3] - On the B-end, the company verified over 1.43 million enterprises, a year-on-year increase of 4.8%, confirming its scarce position in the mid-to-high-end recruitment sector, with stable paying clients around 63,000 [3] Group 3: Cost Reduction and Profit Growth - In the first half of the year, the company's marketing expenses were 420 million yuan, down 12.9% year-on-year, due to precise targeting and reduced sales and marketing personnel costs; R&D expenses were 130 million yuan, down 21.7%, mainly due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - The company's operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year, with expectations for continued internal operational optimization to promote healthy profit growth [4] Group 4: AI-Driven Product Innovation - In the first half of the year, the "Liepin Enterprise Version" implemented AI account upgrades, adding features like "Resume Quick Read" and "Intelligent Invitation," covering over 70% of paying clients [5] - The "Intended Candidates" product achieved a two-hour recommendation rate of 64% and a monthly re-initiation rate exceeding 60%, indicating strong customer recognition [5] - The AI interview system Doris, leveraging recruitment field expertise and technological iteration, achieved over 95% consistency with senior expert evaluations, focusing on scenario expansion and breakthrough with leading clients to establish a reputation [5]

FF301 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8月31日 狀態: 新提交 致：香港交易及結算所有限公司 FF301 II. 已發行股份及/或庫存股份變動 | 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 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | 514,483,774 | | 0 | | 514,483,774 | | 增加 / 減少 (-) | | | 0 | | 0 | | | | 本月底結存 | | | 514,483,774 | | 0 | | 514,483,774 | 第 2 頁 共 11 頁 v 1.1.1 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9月3日 I. 法定/註冊 ...

Core Viewpoint - The company's performance in the first half of 2025 fell short of expectations, with a revenue decline and a stable gross margin, but improvements in net profit margins were noted due to cost control and efficiency enhancements [1][2]. Financial Performance - 1H25 revenue was 937 million yuan, a year-on-year decrease of 7.6% - 1H25 gross margin remained stable at 77.6% - 1H25 Non-IFRS net profit was 96.81 million yuan, corresponding to a Non-IFRS net profit margin of 10.3%, an increase of 3.7 percentage points year-on-year [1][2]. Development Trends - Recruitment has not significantly recovered, but cash income is expected to stabilize in the second half of 2025 - B-end enterprise user revenue was 768 million yuan in 1H25, down 9.9% year-on-year - The number of verified enterprise users reached 1.434 million, a year-on-year increase of 4.8%, while the number of enterprise clients decreased by 1% to 63,000 - The average revenue per user (ARPU) for paid users declined by 9.1% due to weak demand from large enterprise clients [1][2]. AI Strategy - The company's B segment AI product coverage among paying enterprises increased from 30% to 70% year-on-year - The "intended candidates" feature in the recruitment model improved its recommendation rate from 50% to 64% - The AI intelligent interviewer, Doris, has successfully covered 15 primary industries, with a consistency score above 95% [2]. Profitability and Dividend Progress - 1H25 sales and R&D expense ratios decreased by 2.7 percentage points and 2.4 percentage points, respectively, due to personnel optimization and internal cost reduction - 2H25 Non-IFRS operating profit and net profit are projected to be 125 million yuan and 97 million yuan, respectively, with corresponding margins of approximately 13.3% and 10.3%, reflecting year-on-year improvements [2]. - The company announced a special dividend of 0.42 HKD per share in May, indicating a commitment to shareholder returns [2]. Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 2.2% and 1.6% to 1.985 billion yuan and 1.999 billion yuan, respectively, while profit forecasts remain unchanged due to cost control measures - The target price is maintained at 6.2 HKD, corresponding to 15.3x and 13.5x 2025/2026e Non-IFRS P/E, indicating a 47% upside potential [3].

Investment Rating - The industry investment rating is "Overweight" for the internet sector, maintaining a positive outlook on recruitment platforms [6]. Core Insights - The recruitment industry is showing signs of recovery driven by macroeconomic improvement and targeted policy support, with expectations for growth in the second half of 2025 [1]. - There is a notable divergence in revenue trends among leading recruitment platforms, with BOSS Zhipin experiencing a year-on-year revenue increase of 11.2% in the first half of 2025, while Zhilian and Liepin saw declines of 13.2% and 10% respectively [2]. - The recovery in payment collections and new job postings is evident, with BOSS Zhipin projected to see a year-on-year revenue growth of 14.6% in Q3 2025, indicating a positive trend [3]. - Small and medium-sized enterprises (SMEs) are driving significant growth in job postings, particularly in the blue-collar sector, with BOSS Zhipin's blue-collar revenue growth outpacing white-collar growth [4]. - The recruitment platforms are expected to see improved earnings performance in the latter half of 2025, with BOSS Zhipin's strong performance validating its competitive position and potential for valuation increase [5]. Summary by Sections Recruitment Trends - Recruitment demand is recovering, with online platforms showing a positive trend in job postings and revenue collections [1][3]. Revenue Performance - BOSS Zhipin reported a revenue of 40.3 billion in H1 2025, while Zhilian and Liepin faced declines, highlighting a shift in market dynamics [2]. Job Postings - New job postings are on the rise, with BOSS Zhipin seeing a 20% year-on-year increase in July 2025, indicating a strong recovery in recruitment demand [3]. SME Growth - SMEs are increasingly contributing to job postings, with BOSS Zhipin seeing significant growth in positions from companies with fewer than 100 employees [4]. Earnings Outlook - The earnings outlook for recruitment platforms is optimistic, with BOSS Zhipin expected to continue outperforming market expectations [5].

Summary of the Conference Call for Tongdao Liepin Company Overview - **Company**: Tongdao Liepin - **Industry**: Online Recruitment Key Points and Arguments Financial Performance - **Revenue**: Company reported a revenue decline of 7.6% due to decreased collections from the previous year and macroeconomic fluctuations affecting mid-to-high-end recruitment demand [2][3][4] - **Net Profit**: The net profit attributable to the parent company increased by 77%, reaching nearly 100 million RMB [2][4][7] - **Cash Reserves**: The company holds cash reserves of 2.5 billion RMB [2][4] - **Dividends**: Plans to distribute dividends of no less than 50% of adjusted net profit over the next three years [2][4] User Metrics - **Monthly Active Users (MAU)**: MAU grew by 18% year-on-year, reaching 111 million [2][3] - **Paid Users**: The number of personal paid users decreased by 12%, primarily due to impacts from sub-businesses [2][3] - **Enterprise Users**: Verified enterprise users increased by approximately 5%, with paid enterprise users remaining stable at 63,000 [2][3] AI Product Development - **AI Product Adoption**: The coverage of paid AI product clients increased from 30% at the beginning of the year to 70% [2][5] - **AI Interview Product**: The AI interview product is expected to surpass one million interviews this year, with over 95% consistency with expert interview results [2][5] - **Efficiency Metrics**: The recommendation rate for the candidate selection product improved from 50% to 64% [5] Cost Management - **Operational Expenses**: Total operational expenses decreased by 13.2% to 682 million RMB, with specific reductions in R&D (22%), sales and marketing (13%), and management (5%) [2][4][6][7] - **Profitability**: Adjusted operating profit increased by 33% year-on-year [7] Market Trends and Outlook - **Recruitment Market Stability**: The overall recruitment market remained stable in the first half of 2025, with signs of improvement noted in August [3][8] - **Revenue Forecast**: The company anticipates a revenue decline of approximately 5% for the year, contingent on maintaining collection levels [3][8][17] - **Future Expectations**: If collections stabilize, the company expects to see a turning point in revenue in the following year [20] Competitive Landscape - **Impact of AI**: The introduction of AI technology is expected to significantly alter the competitive landscape in the online recruitment industry, enhancing user experience and operational efficiency [11][12] - **Market Position**: Despite challenges in the mid-to-high-end white-collar market, the company has seen new client acquisition stabilize and improve due to AI product advantages [13][15] Additional Insights - **User Experience**: The feedback on AI recruitment products has improved, with a 50% reduction in negative feedback compared to the end of last year [22][23] - **Cash Management**: The company maintains a cash structure of approximately 50% in USD and 50% in RMB, primarily due to IPO financing [24] This summary encapsulates the essential insights from the conference call, highlighting the company's financial performance, user metrics, AI product developments, cost management strategies, market trends, and competitive positioning.