证券代码：300662 证券简称：科锐国际 公告编号：2025-053 公司董事认真审议了公司《2025 年第三季度报告》，认为报告内容真实、准 确、完整地反映了公司经营的实际情况，不存在任何虚假记载、误导性陈述或者 重大遗漏。 该议案经公司第四届董事会审计委员会第九次会议审议通过。 《2025 年第三季度报告》具体内容详见公司于 2025 年 10 月 30 日刊登在中 国证监会指定的创业板信息披露网站—巨潮资讯网（www.cninfo.com.cn）。 北京科锐国际人力资源股份有限公司 第四届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 北京科锐国际人力资源股份有限公司（以下简称"公司"）第四届董事会第 十一次会议（以下简称"会议"）于2025年10月17日以微信、钉钉通知全体董事， 会议于2025年10月28日上午9:30在公司会议室召开。会议以钉钉视频会议与现场 方式召开，会议由董事长高勇先生召集并主持。本次会议应出席董事7名，实际 出席董事7名。公司全体高级管理人员列席了本次会议。本次会议的召集、 ...

北京科锐国际人力资源股份有限公司 2025 年第三季度报告 证券代码：300662 证券简称：科锐国际 公告编号：2025-054 3.第三季度财务会计报告是否经过审计 □是 否 1 北京科锐国际人力资源股份有限公司 2025 年第三季度报告 北京科锐国际人力资源股份有限公司 2025 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会及董事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个 别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 3,679,893,541.30 | ...

Market Overview - The professional services sector declined by 0.5% on the previous trading day, with Zhonggang Tianyuan leading the decline [1] - The Shanghai Composite Index closed at 3988.22, down 0.22%, while the Shenzhen Component Index closed at 13430.1, down 0.44% [1] Stock Performance - Key gainers in the professional services sector included: - Kexi International (300662) with a closing price of 28.95, up 6.04% [1] - Xince Standard (300938) with a closing price of 27.24, up 2.60% [1] - Guoji Testing (301289) with a closing price of 67.13, up 1.59% [1] - Notable decliners included: - Zhonggang Tianyuan (002057) with a closing price of 10.87, down 3.38% [2] - Lihua Kechuang (002243) with a closing price of 67.6, down 3.06% [2] - Steel Research Nake (300797) with a closing price of 17.90, down 2.51% [2] Trading Volume and Capital Flow - The total trading volume for the professional services sector showed a net outflow of 151 million yuan from institutional investors, while retail investors saw a net inflow of 72.07 million yuan [2][3] - The top stocks by net inflow from institutional investors included: - Kexi International with a net inflow of 41.92 million yuan [3] - Lihua Kechuang with a net inflow of 27.02 million yuan [3] - Guoji Testing with a net inflow of 20.65 million yuan [3]

Core Viewpoint - The stock of Core International has shown a significant increase in price and performance metrics, indicating positive market sentiment and growth potential in the human resources service sector [1][2]. Company Performance - As of October 28, Core International's stock price rose by 2.05% to 27.86 CNY per share, with a total market capitalization of 5.483 billion CNY [1]. - Year-to-date, the stock has increased by 33.30%, although it has experienced a decline of 10.42% over the past 20 days and 18.96% over the past 60 days [1]. - For the first half of 2025, the company reported a revenue of 7.075 billion CNY, reflecting a year-on-year growth of 27.67%, and a net profit of 127 million CNY, which is a 46.96% increase compared to the previous year [2]. Shareholder Information - As of October 10, the number of shareholders increased to 13,600, with an average of 14,473 shares held per shareholder, a decrease of 1.37% [2]. - The company has distributed a total of 199 million CNY in dividends since its A-share listing, with 70.26 million CNY distributed over the last three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include Xingquan Commercial Model Mixed Fund A, which increased its holdings by 642,600 shares, and other funds that have also increased their positions [3].

Investment Rating - The report maintains an "Outperform" rating for the social services industry, expecting it to perform better than the benchmark index in the next 6-12 months [1]. Core Insights - The report highlights that the social services sector has shown stable growth in cultural and tourism consumption during the first three quarters of 2025, with domestic travel reaching 4.998 billion trips, a year-on-year increase of 18.0% [4][30]. - The report anticipates that upcoming policies aimed at promoting service consumption will provide further benefits to the industry [4]. - The social services sector's performance in the last two trading weeks was an increase of 0.83%, ranking 7th among 31 industries in the Shenwan classification [1][12]. Summary by Sections Market Review & Industry Dynamics - The social services sector's sub-sectors showed varied performance, with tourism retail leading at +2.80%, followed by professional services at +1.81% and tourism and scenic spots at +1.13% [16]. - The overall PE (TTM) for the social services industry is 34.83 times, which is at the 31.83% historical percentile, compared to the 13.69 times for the CSI 300 index at the 66.90% historical percentile [20]. Investment Recommendations - The report suggests focusing on companies with strong growth certainty in the travel chain and related industries, including Tongcheng Travel, Huangshan Tourism, and Lijiang Co., among others [4]. - It also highlights the potential benefits for hotel brands like Junting Hotel and Jinjiang Hotel due to the recovery of business travel and increased market share post-pandemic [4]. Industry Company News - The report notes that the domestic travel market remains robust, with a significant increase in both the number of trips and spending, indicating a positive outlook for the sector [30]. - It mentions the recent adjustments to the Hainan duty-free shopping policy, which is expected to enhance the tourism experience and boost consumption [29].

Investment Rating - The report maintains an "Overweight" investment rating for the consumer services industry, expecting the industry index to outperform the market index by over 10% in the next six months [29]. Core Insights - In the first three quarters of 2025, domestic residents' travel increased by 18.0% year-on-year, with travel expenditures rising by 11.5%. Despite significant growth in overall travel, the per capita consumption growth is lagging [18][29]. - The report suggests focusing on stable sectors such as scenic spots and dining, while also highlighting the need for differentiation and high-end strategies in the hotel sector due to competitive pressures [29]. - The report indicates that 37 companies in the industry achieved positive returns, with the top five performers being Dalian Shengya, Changbai Mountain, China High-Tech, Fangzhi Technology, and ST Dongshi, showing increases of 48.16%, 19.93%, 19.07%, 18.11%, and 11.93% respectively [12][29]. Summary by Sections Market Review - The CITIC consumer services industry index rose by 1.12% from October 10 to October 23, 2025, outperforming the CSI 300 index by approximately 3.31 percentage points [7]. - The tourism and hotel sectors showed signs of recovery after previous declines, with the tourism leisure sector increasing by 1.77% and hotel dining by 1.89% during the same period [8][12]. Industry News - In the first three quarters of 2025, domestic travel reached 4.998 billion trips, an increase of 761 million trips compared to the previous year [18]. - The adjustment of the Hainan duty-free policy includes an expansion of duty-free categories and allows island residents to purchase duty-free items [20]. - The hotel industry continues to experience structural recovery, with 299 new hotels opening in September 2025, although asset liquidity remains under pressure [23]. Company Announcements - Notable companies to watch include Jinjiang Hotels, Changbai Mountain, Emei Mountain A, and Xiangyuan Cultural Tourism, which are expected to benefit from the recovery in leisure travel [30]. - The report also highlights the potential benefits for the education and human resources service sectors due to anticipated policy support [29].

Core Insights - The professional services sector saw a slight increase of 0.17% on October 24, with Anche Detection leading the gains [1] - The Shanghai Composite Index closed at 3950.31, up 0.71%, while the Shenzhen Component Index closed at 13289.18, up 2.02% [1] Performance Summary - **Top Gainers**: - Anche Detection (300572) closed at 30.45, up 4.21% with a trading volume of 101,700 shares and a turnover of 306 million yuan [1] - Shengke Nano (688757) closed at 29.10, up 3.23% with a trading volume of 23,500 shares and a turnover of 68.08 million yuan [1] - Guangdian Measurement (002967) closed at 20.77, up 3.18% with a trading volume of 164,000 shares and a turnover of 338 million yuan [1] - **Top Losers**: - Guolai Detection (301289) closed at 62.71, down 5.66% with a trading volume of 87,800 shares and a turnover of 554 million yuan [2] - Guangdong Jianke (301632) closed at 30.22, down 5.50% with a trading volume of 136,300 shares and a turnover of 415 million yuan [2] - Lihua Kechuang (002243) closed at 9.56, down 3.73% with a trading volume of 915,000 shares and a turnover of 870 million yuan [2] Capital Flow Analysis - The professional services sector experienced a net outflow of 116 million yuan from institutional investors, while retail investors saw a net inflow of 121 million yuan [2] - Retail investors had a net outflow of 489,560 yuan [2]

Core Viewpoint - The company emphasizes its commitment to returning profits to investors while acknowledging that market price fluctuations are influenced by various factors, including macroeconomic conditions and market sentiment [1] Group 1 - The company expresses confidence in its own value and future development [1] - The company plans to enhance value realization through improved operating performance, optimized corporate governance, strengthened information disclosure, and increased investor communication [1]

Summary of Conference Call Transcripts Industry and Company Overview - **Industry**: Human Resources, Mechanical, Detection, Lubricants, Gaming - **Companies**: 科锐国际 (Core International), 华测检测 (China Measurement), 广电计量 (Broadcast Measurement), 利安隆 (Lianlong), 恺英网络 (Kaiying Network) Key Points and Arguments Market Dynamics - The current market is experiencing a battle between profit-taking in high-performing sectors and new capital entering the market, particularly in the mechanical industry, which may have a 10% downside potential [2][2][2] - The stabilization of the Hong Kong stock market suggests that the A-share market's sector rotation may take longer than expected, emphasizing the importance of performance metrics in the coming months [2][2][2] Core International (科锐国际) - The flexible employment business is benefiting from the growing demand for talent optimization and digital transformation, with initial positive results from AI investments [1][4][4] - Despite fluctuations in Q3 operational metrics leading to a stock price decline, the end of a share reduction plan has alleviated pressure on the stock [1][5][5] - The company is expected to achieve a performance target of 300 million yuan in 2025, with a current valuation of approximately 18 times earnings, which is at a multi-year low [1][5][5] Detection Sector - 华测检测 and 广电计量 have exceeded market expectations, indicating a positive trend in the detection sector, which remains undervalued [1][6][6] - The detection sector is showing signs of improvement, with a strong outlook for Q3 2025 and increased confidence for 2026 [1][7][7] 华测检测 (China Measurement) - The company showed significant improvement in non-Beijing regions and accelerated international acquisitions, which are expected to contribute positively to future revenues [1][8][8] - Management changes and strategic adjustments have provided confidence for the company to return to profitability [1][8][8] 利安隆 (Lianlong) - The company reported better-than-expected Q3 2025 results, driven by a rapid recovery in lubricant additive profit margins and effective cost control [1][10][10] - A framework cooperation agreement with overseas lubricant clients lays a foundation for future growth [1][10][10] 恺英网络 (Kaiying Network) - The company anticipates significant acceleration in growth due to the expansion of its "996 Box" channel business and exclusive licensing of legendary IP in China [1][11][11] - The partnership with major publishers and the establishment of brand zones within the "996 Box" are expected to strengthen core business growth [1][11][11] Future Outlook - The overall sentiment for the detection sector is optimistic, with expectations of improved performance in Q3 2025 and beyond, particularly in innovative sectors like pharmaceuticals and aerospace [1][7][7] - The gaming market, particularly for 恺英网络, is projected to grow significantly due to increased control over IP and market share expansion [1][13][13][14][14] Investment Timing - Current market conditions present a favorable opportunity for investing in 恺英网络, as the gaming sector has recently adjusted, making valuations more attractive [1][15][15][15] Additional Important Insights - The flexible employment sector is increasingly penetrating various enterprises, helping to mitigate risks and optimize talent structures [1][4][4] - The detection sector's historical low valuations present potential investment opportunities as the industry shows signs of recovery [1][7][7]

Investment Rating - The industry investment rating is "Overweight," indicating a positive outlook for the sector compared to the overall market performance [10]. Core Insights - In September 2025, the total retail sales in China reached 4.2 trillion yuan, showing a year-on-year growth of 3.0%, which is in line with market expectations. The growth rate has slowed down compared to previous months due to the high base effect from last year's consumption policies [5]. - Online retail continues to show strong growth, with a penetration rate of 25.2% in September, up from 24.2% in the same month last year. The online retail sales for the first nine months of 2025 increased by 9.8% year-on-year, significantly outpacing the overall retail growth [5]. - The report highlights the resilience of service consumption, with the service sector production index growing by 5.6% year-on-year in September. The government has introduced measures to expand service consumption, which is expected to further stimulate growth [5]. Summary by Sections Retail Sales Performance - In September 2025, retail sales grew by 3.0% year-on-year, with a total of 4.2 trillion yuan. Excluding automobiles, retail sales increased by 3.2% [5]. - The growth rate of retail sales has slowed down due to the high base effect from last year's consumption policies [5]. Online Retail Trends - Online retail sales for the first nine months of 2025 reached a growth rate of 9.8%, which is 5.3 percentage points higher than the overall retail growth [5]. - In September, the online retail sales amounted to 1,056.4 billion yuan, with a year-on-year growth of 7.3% [5]. Service Consumption - The service sector's production index increased by 5.6% year-on-year in September, indicating strong service consumption resilience [5]. - The government has implemented 19 measures to enhance service consumption, focusing on improving the quality of service supply [5]. Investment Opportunities - The report suggests a positive outlook for e-commerce and instant retail sectors, particularly companies like Alibaba, JD.com, Meituan, and Pinduoduo, as well as premium gold jewelry brands like Lao Pu Gold and Cai Bai Co. [5]. - The travel industry is expected to benefit from service consumption policies, with companies like Sanxia Tourism and Changbai Mountain highlighted as potential investment opportunities [5].