Core Insights - The company reported a revenue of RMB 937 million for the six months ending June 30, 2025, with a net profit attributable to equity shareholders of RMB 80.3 million, representing a year-on-year increase of 77.13% [1] - The company is focusing on "AI + Recruitment" to enhance its product offerings and market competitiveness, particularly through the "猎聘AI企业版" product [1][2] - The AI recruitment products have significantly improved efficiency, with a recommendation rate of 64% for potential candidates within two hours [2] Financial Performance - Revenue for the first half of 2025 was RMB 937 million, with a net profit of RMB 80.3 million, marking a 77.13% increase year-on-year [1] - Basic earnings per share were reported at 16.82 cents [1] Product Development and Innovation - The company has developed a comprehensive AI recruitment product matrix, including features like "AI简历快读" and "AI智能邀约," which have been well-received by clients [2] - The AI intelligent interview system "Doris" has achieved a consistency rate of 95% with senior interview experts, enhancing user experience [3] - The company is set to launch the "运单助手小易" product in Q3 2025, aimed at improving the order delivery process for recruitment firms [4] Market Position and Client Engagement - The number of registered enterprise users reached 1.43 million, a year-on-year increase of 4.8%, while the number of paying enterprise clients decreased slightly by 0.9% [1] - Over 70% of paying clients are now utilizing AI recruitment products, indicating strong market acceptance [2] Technology and Research - The company has invested in technology development, utilizing mainstream large language models and enhancing its proprietary model "同道汇才" [5] - The company has achieved a 50% reduction in negative feedback from key industry clients regarding AI products, showcasing improved user satisfaction [5]

同道獵聘集團 （「公司」） 提名委員會職權範圍 – 1 – 定義 1. 就本職權範圍（「職權範圍」）而言： 董事會指公司之董事會。 財務總監指董事會不時委任負責管理財務之公司高級行政人員。 公司秘書指公司任命之公司秘書。 提名委員會指董事會根據本職權範圍第2條通過之決議案而設立之提名委 員會。 中國指中華人民共和國，並僅就本職權範圍而言，不包括香港特別行政區， 澳門特別行政區和台灣。 高級管理層指主席、高級副總裁、首席執行官、首席財務官、首席技術官、 數據總監及董事會不時決定出任公司高級管理層之本集團任何其他行政 人員；公司之其他管理人員而其薪酬待遇或建議薪酬待遇比其他由董事 會委任的人員較為優厚；及其他由公司的薪酬委員會視為高級管理層的 人士。 股東指公司之股東。 聯交所指香港聯合交易所有限公司。 – 2 – 董事指董事會成員。 本集團指於有關期間，公司及其附屬公司、並表聯屬實體和聯營公司；或 若文義另有所指，於公司成為其現時附屬公司和聯營公司之控股公司前 之期間，公司之現時附屬公司和聯營公司；或其現時附屬公司和聯營公 司或其前身（視乎具體情況）所營運之業務。 上市規則指《香港聯合交易所有限公司證券上市規則 ...

（股票代號：6100） 提名委員會組成變動 同道獵聘集團（「本公司」）董事（「董事」）會（「董事會」）宣佈(i)現任獨立非執行董 事范新鵬女士獲委任為本公司提名委員會（「提名委員會」）成員；及(ii)現任獨 立非執行董事張溪夢先生不再擔任提名委員會成員，自2025年8月29日起生效。 范新鵬女士的履歷詳情載於本公司於2025年4月28日刊發的2024年年報。於本 公告日期，除本公告所披露者外，該等資料概無變動。 委任范新鵬女士為提名委員會成員後，提名委員會有一名不同性別的董事。是 項委任乃因應於2025年7月1日起生效之經修訂企業管治守則及香港聯合交易所 有限公司證券上市規則而作出。董事會相信，范新鵬女士的品格、人際關係及 前線工作經驗將為提名委員會帶來新的見解及創新。 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。 Tongdao Liepin Group 同道獵聘集團 （於開曼群島註冊成立的有限公司） 董事會謹藉此機會歡迎范新鵬女士履新。 承董事 ...

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份內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 Tongdao Liepin Group 同道獵聘集團 （於開曼群島註冊成立的有限公司） – 1 – （股票代號：6100） 公告 董事名單與其角色和職能 C 董事委員會主席 M 董事委員會成員 承董事會命 同道獵聘集團 主席 戴科彬 中國，2025年8月29日 自2025年8月29日起，同道獵聘集團董事會（「董事會」）成員及其各自於董事會 及董事委員會的角色及職能載列如下： | 董事 | 董事委員會 | 審核委員會 | 提名委員會 | 薪酬委員會 | | --- | --- | --- | --- | --- | | 執行董事 | | | | | | 戴科彬（首席執行官） | | — | C | — | | 田歌（首席財務官） | | — | — | — | | 獨立非執行董事 | | | | | | 葉亞明 | | M | M | M | | 張溪夢 | | M | — | C | | 范新鵬 | ...

Financial Performance - For the six months ended June 30, 2025, the company's revenue was RMB 937.2 million, a decrease of 7.6% compared to RMB 1,014.6 million for the same period in 2024[4] - The gross profit for the same period was RMB 727.6 million, down 8.1% from RMB 791.9 million in 2024[4] - Net profit increased by 55.8% to RMB 102.8 million, compared to RMB 66.0 million in the previous year[4] - Operating profit increased to RMB 108,148,000, compared to RMB 72,673,000 in the previous year, indicating a growth of 48.8%[18] - The net profit attributable to equity shareholders for the six months ended June 30, 2025, was RMB 80.3 million, compared to RMB 45.3 million for the same period in 2024[44] - Total comprehensive income for the period in 2025 was RMB 97,277 thousand, up 32.6% from RMB 73,354 thousand in 2024[20] - Basic earnings per share for the six months ended June 30, 2025, were RMB 16.82, compared to RMB 9.52 in the same period of 2024, reflecting a significant increase[18] User Growth - The number of registered individual users reached 111.4 million, reflecting a growth of 10.52% from 100.8 million in 2024[9] - The number of verified corporate users increased by 4.84% to 1,434,168, up from 1,367,938 in 2024[9] - The average monthly active users increased by 18.5% year-on-year, reaching a new high for the same period in 2024[15] Product Development - The company launched new AI recruitment products, significantly enhancing recruitment efficiency and covering over 70% of paid clients[11] - The AI recruitment product "Doris" achieved a consistency rate of 95% with senior interview experts, enhancing user experience[11] - The company plans to launch the "Agent" product in Q3 2025, which will enhance the delivery process for headhunting businesses[12] Cash Flow and Financial Position - Cash and cash equivalents as of June 30, 2025, were RMB 887,435 thousand, an increase from RMB 810,235 thousand at the beginning of the year[26] - Net cash used in operating activities for the first half of 2025 was RMB (38,399) thousand, an improvement from RMB (119,529) thousand in the same period of 2024[24] - The company generated net cash from investing activities of RMB 381,365 thousand in the first half of 2025, compared to RMB 58,434 thousand in 2024[24] - The net cash used in financing activities for the six months ended June 30, 2025, was RMB 262.7 million, up from RMB 91.7 million in 2024, primarily due to increased special dividend payments to shareholders[66] Expenses and Costs - Research and development expenses decreased by 21.7% to RMB 125.7 million for the six months ended June 30, 2025, from RMB 160.5 million in 2024, representing 13.4% of revenue[53] - Selling and marketing expenses were RMB 420.5 million for the six months ended June 30, 2025, a decrease of 12.9% from RMB 482.7 million in 2024, accounting for 44.9% of revenue[51] - The company's general and administrative expenses were RMB 135.7 million for the six months ended June 30, 2025, a decrease of 4.8% from RMB 142.5 million in 2024[52] Dividends and Shareholder Returns - The company did not recommend any interim dividend for the six months ended June 30, 2025[6] - The company paid a special dividend of HKD 0.42 per share, marking its first dividend payment since going public[17] Corporate Governance - The audit committee reviewed the unaudited consolidated interim financial results for the six months ended June 30, 2025, and confirmed compliance with relevant accounting standards[86] - The company has adopted the standard code for securities trading by directors, and all directors confirmed compliance for the six months ended June 30, 2025[87] - The board consists of experienced independent non-executive directors, ensuring a balance of power and responsibilities[83] - The company will continue to review the effectiveness of its corporate governance structure regarding the roles of the chairman and CEO[83] Miscellaneous - The company has no significant investments or capital asset plans other than those disclosed in the announcement as of June 30, 2025[81] - There were no major acquisitions or disposals involving subsidiaries or associates during the six months ended June 30, 2025[79] - The company has no significant contingent liabilities as of June 30, 2025[71] - The company expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions[92]

Investment Rating - The report maintains a "Positive" outlook for the media industry [4] Core Insights - The recent policy document from the State Council emphasizes the implementation of "Artificial Intelligence +" actions, which is expected to significantly boost the AI industry chain, similar to the "Internet +" policy in 2015 [7] - The report anticipates a fourfold increase in AI penetration rate within three years, aiming for 70% by 2027 and 90% by 2030, indicating substantial growth potential in AI user base [7][8] - The demand for AI computing power is projected to surge, with major players like Alibaba, Baidu, Tencent, and Huawei expected to benefit from this trend [7] - The report highlights the strategic importance of AI applications, suggesting that new "killer apps" may emerge as AI penetration increases [7] Summary by Sections Investment Recommendations and Targets - Focus on AI applications in two key areas: AI + video/image (Kuaishou-W, Meitu) and AI + recruitment (BOSS Zhipin-W, Tongdao Liepin, Beisen Holdings) [2] - Major companies to watch include Alibaba-W, Tencent Holdings, Kuaishou-W, Baidu Group-SW, and ByteDance [2] - Companies involved in data and copyright in the industry include People’s Daily, Zhejiang Shuzhi Culture, Vision China, and Zhongwen Online [2] Policy and Market Dynamics - The policy document outlines a three-step strategy for AI penetration, with specific targets for 2027 and 2030 [8] - Key areas of focus include AI integration in science and technology, industrial development, and consumer quality enhancement [8][9] - The report emphasizes the need for a supportive environment for AI applications, including the establishment of national AI application pilot bases [7][8] AI Ecosystem Development - The report discusses the importance of fostering an open-source ecosystem for AI, which is seen as crucial for rapid advancements in domestic AI models [7] - It highlights the need for enhanced data supply, intelligent computing power coordination, and talent development to support AI growth [12]

Core Viewpoint - The company, Tongdao Liepin (06100.HK), has scheduled a board meeting on August 29, 2025, to consider and approve its interim results for the six months ending June 30, 2025, along with any proposed interim dividend and other matters [1] Group 1 - The board meeting is set for August 29, 2025 [1] - The meeting will address the interim results for the six months ending June 30, 2025 [1] - The company will also consider any proposed interim dividend during the meeting [1]

同 道 獵 聘 集 團（「本公司」）董 事 會（「董事會」）茲 通 告 謹 定 於 二 零 二 五 年 八 月 二十九日（星期五）舉行董事會會議，以考慮及通過本公司及其附屬公司截至 二零二五年六月三十日止六個月的中期業績及建議之中期股息（如有），以及 處理其他事項。 承董事會命 同道獵聘集團 主席 戴科彬 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份內容而產生或 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） Tongdao Liepin Group 同道獵聘集團 （股票代號：6100） 董事會召開日期 中國，二零二五年八月十九日 於本公告日期，本公司的執行董事為戴科彬先生及田歌先生；以及本公司的獨立非執行董事 為葉亞明先生、張溪夢先生及范新鵬女士。 ...

Investment Rating - The industry investment rating is "Overweight" indicating that the industry is expected to outperform the overall market performance [3]. Core Insights - The new social security regulations, effective from September 1, 2025, will significantly enhance the social security coverage for 240 million flexible workers and 88.45 million employees in small and micro enterprises, thereby boosting consumer confidence and promoting high-quality development in the service industry [3][4]. - The combination of the new social security regulations and the "dual interest subsidy" policies aims to alleviate the financial pressure on enterprises while enhancing the long-term consumption capacity of residents [3][4]. - The new regulations are expected to increase compliance costs for small and micro enterprises, leading to a potential market consolidation where larger, compliant firms gain market share [3][4]. Summary by Sections 1. Current Social Security Status in China - The social security system primarily covers urban non-private unit employees with a near 100% participation rate, while flexible employment and private sector workers have significantly lower coverage [8][9]. - The disparity in coverage reflects systemic differences between formal and informal employment, necessitating policy adjustments to enhance inclusivity [9]. 2. Interpretation of New Social Security Regulations and Loan Subsidy Policies 2.1 Background and Core Content - The new regulations aim to standardize social security contributions and enhance the responsibilities of employers, addressing the challenges posed by the increasing number of flexible workers and the aging population [15][19]. - The regulations prohibit agreements that exempt employers from paying social security, allowing workers to terminate contracts and seek compensation [19][20]. 2.2 Loan Subsidy Policies - The loan subsidy policies, effective from March 16 to December 31, 2025, provide financial support to key service sectors, including catering and tourism, to mitigate the short-term financial impact of the new social security regulations [22][24]. - These policies are designed to stimulate consumption and support the transition of the service industry from price competition to quality competition [22][24]. 3. International Comparison of Social Security Regulations - China's social security contribution rate is moderate compared to global standards, with room for improvement in balancing coverage among different income groups [27][28]. - The new regulations are aligned with international trends towards standardized social security systems, which may lead to short-term challenges for small enterprises but ultimately promote fair competition and industry upgrades [32][33].

Summary of Conference Call Notes Industry Overview - The focus is on the human resources service industry, particularly the impact of AI on recruitment processes and efficiency improvements [1][2][4]. Key Companies Discussed - Notable companies mentioned include: - Corey's International (科瑞国际) - Beijing Human Resources (北京人力) - Foreign Service Holdings (外服控股) - Emerging online recruitment platforms like Tongdao Liepin (同道列聘) and Boss Zhipin (boss职聘) [4][7][8]. Core Insights and Arguments 1. **AI Empowerment in Recruitment**: - AI is identified as a significant driver for enhancing efficiency in the recruitment process, which is traditionally lengthy and repetitive [2][4]. - The recruitment business has substantial potential for AI integration at various stages, leading to improved operational efficiency [2][6]. 2. **Technical Expertise of Founders**: - The founding teams of leading AI recruitment companies possess strong technical backgrounds, contributing to their competitive advantages [2][3]. - For instance, one of the founders of Marker has a background in computer science from Carnegie Mellon, while the founder of Perfect previously led a facial recognition technology company [2][3]. 3. **Growth Driven by Emerging Industries**: - The demand for specialized talent in emerging industries correlates with the rapid growth of AI recruitment companies [3]. - Companies like Marker have seen significant growth due to their focus on data labeling services for major AI labs, including OpenAI [3]. 4. **Survival AI as a Growth Catalyst**: - The emergence of survival AI technologies has supported the rapid development of these companies, particularly in enhancing product offerings and validating technology [3][4]. 5. **Domestic AI Application in HR**: - Domestic leaders like Corey and Beijing Human Resources are actively implementing AI solutions to improve traditional recruitment processes [4][7]. - Corey's AI platform, "核挖," is highlighted as a potential second growth curve, aggregating resources from headhunting firms to enhance order fulfillment efficiency [5][6]. 6. **Collaborative Ventures**: - Beijing Human Resources has formed a joint venture to explore AI model applications in recruitment, integrating AI tools into comprehensive client solutions [7]. - Foreign Service Holdings has also introduced AI-powered tools to enhance their service offerings [8]. Additional Important Points - The short-term outlook for the HR sector is influenced by macroeconomic recovery and growth in emerging industries like smart manufacturing and renewable energy [8]. - Long-term, AI is expected to drive significant changes in the industry ecosystem and product forms, enhancing operational efficiency and profitability for leading companies [8][9]. - The report recommends a focus on Corey's International and Beijing Human Resources, while also monitoring Foreign Service Holdings for potential investment opportunities [9].