证券代码：300662 证券简称：科锐国际 公告编号：2025-050 北京科锐国际人力资源股份有限公司 2025 年第一次临时股东会决议公告 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。 特别提示： 1、本次股东会未出现否决议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议； 3、本次会议采取现场会议投票与网络投票相结合的方式召开。 一、会议召开和出席情况 会议召开方式：2025 年 8 月 28 日，公司董事会以公告方式向全体股东发出 召开 2025 年第一次临时股东会的会议通知。本次会议以现场投票与网络投票相结 合的方式召开。 现场会议时间：2025 年 9 月 12 日（星期五）下午 14：30。 网络投票时间： ①深圳证券交易所（以下简称"深交所"）交易系统网络投票时间：2025 年 9 月 12 日 9:15 至 9:25，9:30 至 11:30，13:00 至 15:00。 ②深交所互联网投票系统（http://wltp.cninfo.com.cn）投票时间：2025 年 9 月 12 日 9:15 至 15:00 期间的任意时间。 ...

Core Insights - The stock price of Core International has decreased by 2.05% on September 12, trading at 30.03 CNY per share with a market capitalization of 5.91 billion CNY [1] - Year-to-date, the stock has increased by 43.68%, but has seen a decline of 0.92% over the last five trading days and 5.89% over the last twenty days [1] - The company reported a revenue of 7.075 billion CNY for the first half of 2025, reflecting a year-on-year growth of 27.67%, and a net profit of 127 million CNY, up 46.96% [2] Financial Performance - Core International's main business revenue composition includes flexible employment (95.22%), mid-to-high-end talent search (2.77%), and other services [1] - Cumulative cash dividends since the A-share listing amount to 199 million CNY, with 70.26 million CNY distributed over the last three years [3] Shareholder Information - As of August 29, the number of shareholders increased to 13,100, with an average of 15,032 circulating shares per person, a decrease of 2.80% [2] - Notable institutional shareholders include Xingquan Commercial Model Mixed Fund A, which increased its holdings by 642,600 shares, and new shareholder Guangfa Electronic Information Media Stock A [3]

Market Overview - The professional services sector experienced a decline of 0.14% on September 10, with Core International leading the drop [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] Stock Performance - Notable gainers in the professional services sector included: - Zero Point Data: closed at 46.51, up 4.33% with a trading volume of 24,200 shares and a turnover of 111 million yuan [1] - Blue Similar Instrument: closed at 16.24, up 2.65% with a trading volume of 53,200 shares and a turnover of 85.62 million yuan [1] - Fengshang Culture: closed at 28.63, up 1.13% with a trading volume of 31,000 shares and a turnover of 88.34 million yuan [1] - Core International saw a significant decline, closing at 29.68, down 2.62% with a trading volume of 73,700 shares and a turnover of 216 million yuan [2] Capital Flow - The professional services sector saw a net outflow of 143 million yuan from institutional investors, while retail investors experienced a net inflow of 82.84 million yuan [2] - Notable capital flows included: - Fengshang Culture: net inflow of 9.30 million yuan from institutional investors [3] - Zero Point Data: net inflow of 3.83 million yuan from institutional investors [3] - Core International: net outflow of 1.20 million yuan from retail investors [3]

Summary of Conference Call Notes Industry Overview - The focus is on the service consumption sector, particularly in the context of technological advancements and government policies aimed at enhancing service consumption in China [1][2][12]. Key Points and Arguments 1. **Current Consumption Constraints**: Consumer spending is currently limited by residents' income, but local government efforts in service consumption may yield unexpected positive effects, especially through AI, openness, and financial support [1][2]. 2. **Upcoming Policy Framework**: A new policy framework expected in September is likely to continue the approach outlined in the "Opinions on Promoting High-Quality Development of Service Consumption," covering sectors like housekeeping, elderly care, cultural tourism, and sports [1][3]. 3. **Integration of Technology and Service Consumption**: Future trends in service consumption will increasingly integrate technology and openness, with digitalization, intelligence, and sustainability as key directions [1][5]. 4. **Investment Opportunities**: Notable investment opportunities include AI-enabled education and human resources sectors, as well as companies involved in robotics applications [3][13]. 5. **International Experience**: China can learn from Japan and South Korea's experiences in promoting service consumption through supply-side improvements, such as supporting anime expos and embedding consumption scenarios in convenience stores [11][12]. Additional Important Insights 1. **Technological Innovations**: The emergence of new consumer experiences through technology is evident, such as the opening of the world's first robot 6S store in Shenzhen, showcasing life robots and enhancing consumer engagement [5][6]. 2. **Hainan's Unique Position**: Hainan has advantages in special medical services and cross-border data flow, allowing new drugs to enter the Chinese market first and facilitating data processing for gaming exports [8][9]. 3. **Government Initiatives**: Recent government policies emphasize the importance of service consumption, with various ministries highlighting the need to expand service consumption and develop new consumption models [12][14]. 4. **Long-term Economic Impact**: Service-oriented policies are expected to have a long-term impact on economic development, shifting focus from goods to services as consumer demand evolves [14][17]. 5. **Youth Consumption Trends**: Local governments are responding to changing consumption habits among young people by implementing policies to stimulate sectors like entertainment, dining, and tourism [18][19]. Conclusion The service consumption sector in China is poised for significant growth driven by technological integration, government support, and international best practices. Investors should focus on sectors that leverage AI and robotics, as well as those that cater to the evolving preferences of younger consumers.

Investment Rating - The investment rating for the company is "Buy" with a market price of RMB 30.31 and a sector rating of "Outperform" [1][3]. Core Insights - The company reported strong revenue and profit growth for the first half of 2025, with operating revenue reaching RMB 7.075 billion, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of RMB 127 million, up 46.96% year-on-year. Both domestic and overseas businesses showed significant improvement [3][8]. - The flexible employment business is experiencing good growth, driving revenue increases, and the recruitment business is showing signs of recovery, indicating promising future growth [5][8]. Summary by Sections Financial Performance - In 2025 H1, the company achieved operating revenue of RMB 7.075 billion, a year-on-year increase of 27.67%, and a net profit of RMB 127 million, up 46.96% year-on-year. The second quarter alone saw revenue of RMB 3.772 billion, a year-on-year increase of 29.99% [3][8]. - The gross profit margin for 2025 H1 was 5.52%, down from 6.69% the previous year, influenced by market conditions and the growth of lower-margin flexible employment services [8]. Business Segments - The flexible employment segment grew by 29.31% year-on-year, with a notable increase in the proportion of technical and R&D positions, which now account for 70.79% of flexible employment roles, up 5.38 percentage points year-on-year [8]. - The recruitment business showed a year-on-year growth of 6.20%, with headhunting down by 1.18% and recruitment outsourcing up by 26.84%, reflecting a recovering market [8]. Future Projections - The company forecasts EPS for 2025-2027 to be RMB 1.42, RMB 1.65, and RMB 2.18, respectively, with corresponding P/E ratios of 21.3, 18.3, and 13.9 times [5][7]. - Revenue projections for the years 2023 to 2027 are RMB 9.778 billion, RMB 11.788 billion, RMB 14.852 billion, RMB 17.823 billion, and RMB 20.496 billion, with growth rates of 7.5%, 20.5%, 26.0%, 20.0%, and 15.0% respectively [7][8].

Group 1 - The core viewpoint of the article is that the 2025 special action for cleaning and rectifying the human resources market will raise industry entry barriers and promote the development of the industry towards professionalism and high quality [1] Group 2 - The company acknowledges the impact of the joint action by the Ministry of Human Resources and Social Security and other five departments on the industry [1] - The company expresses gratitude for investor interest in the changes in its flexible employment business [1]

Core Viewpoint - The domestic service consumption market is undergoing structural changes by 2025, with offline retail, AI applications, and experiential consumption becoming the focal points for investment. The overall growth rate of commodity consumption is slowing, while the service consumption sector shows greater resilience and vitality [1]. Group 1: Offline Retail Restructuring - Instant retail and local life platforms are rapidly developing, leading to accelerated industry consolidation. Major platforms like Meituan, Alibaba, and JD.com are heavily investing in offline retail and delivery channels, creating a new ecosystem of online and offline integration. By 2024, Meituan's instant retail orders are expected to exceed 150 million, with both rider volume and revenue experiencing growth [2]. - The restaurant industry's chain rate continues to rise, with leading companies expanding their market share. By 2024, China's restaurant chain rate is projected to reach 23%, with the mass convenience restaurant market size around 4 trillion yuan. The segment with a customer price of 50-100 yuan is expected to surpass 3.4 trillion yuan by 2028 [2]. - The hotel sector is also undergoing a brand reshuffle, with Huazhu Group operating 12,137 stores and Atour Hotels exceeding 1,800 stores. Mid-to-high-end brands are increasing their market share through continuous upgrades and expansion into lower-tier markets [3]. Group 2: Acceleration of AI Applications - The application of artificial intelligence in the social service industry is advancing. For instance, Keri International's "He Wa" platform operated over 37,000 job postings in the first half of the year, with more than 200,000 recommendations, continuously upgrading its AI recruitment functions [4]. - In the education sector, policies are becoming clearer, with Tianli International Education developing AI companion products deployed in 107 schools nationwide, serving over 250,000 teachers and students, thus promoting digital transformation in K12 and vocational education [4]. - The exhibition industry is also benefiting from AI, with companies like Miao Exhibition leading the way with comprehensive AI exhibition solutions, surpassing pre-pandemic levels in terms of the number of countries, exhibitions, and booth sizes [4]. Group 3: High Prosperity of Experiential Consumption - The cultural tourism and sports industries are core beneficiaries of experiential consumption. In the first half of 2025, domestic travel reached 3.285 billion trips, a year-on-year increase of 20.6%, with total tourism expenditure at 3.15 trillion yuan. Scenic spots like Changbai Mountain and Jiuhua Mountain have seen revenues recover and exceed 2019 levels [5]. - The sports industry is experiencing significant spending increases, with high demand for events, training, and fitness services. Companies like Keep, Inpai, and Lisheng Sports are performing exceptionally well. Emerging demands from lower-tier markets and the elderly population are creating new growth points for service-oriented consumption in cultural tourism and sports [5]. - The report highlights three investment lines in the service consumption sector: offline retail restructuring, AI applications enhancing service efficiency, and the high prosperity of experiential consumption, with companies like Meituan, Alibaba, JD.com, Huazhu Group, and Keep being key focuses [5].

Core Insights - The article highlights the challenges faced by the mid-to-high-end recruitment sector, particularly in terms of efficiency and accuracy due to traditional manual processes [1] - AI technology is transforming the recruitment process into an "intelligent-driven model," enhancing efficiency, precision, and automation in mid-to-high-end recruitment [1] Group 1: Challenges in Traditional Recruitment - Traditional recruitment processes rely heavily on manual operations, leading to inefficiencies and the risk of missing out on quality candidates [1] - Recruiters require approximately two years to become proficient in new fields, making it difficult to adapt to rapidly changing market demands [1] Group 2: AI-Driven Solutions - The company has developed a comprehensive AI-driven recruitment system that includes three core modules: candidate intelligent matching system, client intelligent outreach and management system, and underlying technical support [2][3][4] - The AI-enabled Candidate Tracking System (CTS) automates talent pool searches and real-time candidate matching, addressing issues of manual screening and information lag [5] Group 3: Performance Improvements - Efficiency has significantly improved, with candidate matching and report generation time reduced from half an hour to mere minutes [5] - The precision of job-candidate matching has increased by 60%, based on PJBenchmark assessments, leading to better tracking of candidate activity and demand forecasting [5] Group 4: Industry Transformation - The learning curve for mid-to-high-end recruitment consultants has been shortened, with AI becoming a core engine driving the transition from a "dispersed and inefficient" model to an "intelligent and efficient" one [6]

Investment Rating - The report assigns an "Overweight" investment rating to the consumer services industry, indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [34]. Core Views - The consumer services sector has shown a continued upward trend, particularly in the hotel and restaurant segments, likely driven by a recovery in overall market risk appetite. Recent performance reports indicate stabilization in operational metrics for domestic leisure tourism hotels, reflecting an improvement in the economic environment and consumer spending willingness since September 2024. The increase in long-distance travel during the summer season has positively impacted the valuation of the tourism sector [34]. - The total cross-regional passenger flow during the summer transportation period reached 11.697 billion trips, a year-on-year increase of 7%. Among these, road trips accounted for 8.7 billion trips, representing 70% of the total [22][34]. - The report highlights that the overall consumer services industry valuation is expected to continue recovering, supported by enhanced market risk appetite and strengthened policy expectations. Future consumer promotion policies may further boost the sector's outlook [34]. Summary by Sections Market Review - From August 22 to September 4, 2025, the CITIC consumer services industry index rose by 0.89%, underperforming the CSI 300 index by approximately 0.91 percentage points. The increase was primarily driven by strong summer travel data and a recovery in market risk appetite [10][34]. - The tourism and hotel restaurant sectors continued to rise, while the education sector experienced a pullback. The performance of the consumer services sector was mixed, with 34 listed companies achieving positive returns, while 19 companies reported negative returns [11][15][34]. - The overall PE (TTM) for the CITIC consumer services industry was approximately 35.97 times, significantly higher than the previous quarter but still below the average valuation of 46.76 times since 2016 [17][34]. Industry News - Key industry news includes the release of the "2025 Summer Travel Market Report" by Ctrip, indicating that nearly half of domestic travelers opted for long-distance trips during the extended summer period, with a more rational consumption structure emerging [23][34]. - The report also notes that inbound travel orders are experiencing rapid growth, and outbound travel is also showing strong increases, with popular destinations primarily within a three-hour flight radius [23][34]. Company Announcements - The report includes significant announcements from various companies, such as Ctrip's second-quarter net profit of 4.8 billion yuan, reflecting a 16% year-on-year increase in net operating income [24][34]. - Other companies like Zhonggong Education and Shoulu Hotel reported varying financial performances, with some experiencing declines in net profits while others showed growth in revenue [27][28][30][32][33]. Weekly Perspective - The report emphasizes the potential for continued recovery in the consumer services industry, with specific companies recommended for attention, including Jinjiang Hotels, Changbai Mountain, and Emei Mountain A, among others [34][35][37].

Group 1 - The report highlights the structural prosperity of service consumption within the overall consumption landscape, indicating that while overall consumption growth is slowing, service-related consumption is on the rise, with service sector PMI consistently outperforming manufacturing PMI [12][20][23] - The demand side is characterized by three new trends: price-performance ratio, emotional value, and overseas expansion, with the price-performance ratio expected to be a key driver in the Chinese consumption sector [20][23][30] - Emotional and experiential consumption is becoming a focal point for consumers, with the emotional economy projected to reach 23.1 trillion yuan in 2024, indicating a strong demand for content and experience-driven products [23][27] Group 2 - The supply side is witnessing accelerated chain store development and integration of supply chains, with offline consumption becoming increasingly standardized and efficient, particularly in the beverage and hotel sectors [36][41] - Instant retail is identified as a significant growth area for consumption internet platforms, with a projected compound annual growth rate (CAGR) exceeding 20% from 2024 to 2026, indicating a shift towards integrating online and offline retail [60][66] - The report emphasizes the importance of supply chain capabilities in the restaurant and beverage sectors, with stronger supply chain management expected to lead to increased market concentration and competitive advantages for leading brands [52][53] Group 3 - The report identifies three main investment themes: the reshaping of offline business models, the application of AI to enhance service efficiency, and the high demand for experiential consumption in tourism and sports [7][8][54] - In the offline business model reshaping, companies like Meituan, Alibaba, and JD.com are recommended for their roles in the rapid growth of instant retail and their strategic expansions into offline retail [8][60][78] - The application of AI is seen as a transformative force across various sectors, enhancing efficiency in human resources, education, and exhibition services, with companies like Keri International recommended for investment [54][54]