Group 1 - The company is a leader in integrated HCM SaaS, with stable operating performance and a potential profitability inflection point under the SaaS model. The company is expected to experience new growth opportunities with successful mergers and AI product commercialization by 2025 [1] - The company has a high subscription revenue ratio, with steady revenue growth projected. For the fiscal year 2025, the company is expected to achieve revenue of 945 million yuan, a year-on-year increase of 10.6%, driven primarily by cloud HCM revenue of 722 million yuan, which is expected to grow by 14.2% [2] - The company has initiated AI product development in 2024, achieving successful commercialization verification by August of the same year. By the fiscal year 2025, the company has realized AI commercialization ARR exceeding 6 million yuan, indicating strong growth potential in AI applications [3] Group 2 - The company is expected to achieve revenue of 1.135 billion yuan, 1.335 billion yuan, and 1.563 billion yuan for the fiscal years 2026 to 2028, representing year-on-year growth of 20.1%, 17.6%, and 17.1% respectively. The net profit attributable to the parent company is projected to be -61 million yuan, 55 million yuan, and 200 million yuan for the same periods [1] - The company has established a unified open PaaS platform for cloud HCM solutions, covering the entire lifecycle of human resource management from recruitment to resignation, which is expected to enhance its competitive advantage and accelerate AI transformation [2] - The company is expected to achieve positive operating cash flow of approximately 77 million yuan in the fiscal year 2025, with significant improvement in adjusted net profit, indicating a potential profit inflection point in fiscal year 2026 [2]

Group 1 - The core viewpoint of the report is that Haitong International initiates coverage of Beisen Holdings (09669) with an "Outperform" rating, projecting revenue growth and profitability improvements in the coming years [1] - The company is expected to achieve revenues of 1.135 billion, 1.335 billion, and 1.563 billion yuan for the fiscal years 2026-2028, representing year-on-year growth rates of 20.1%, 17.6%, and 17.1% respectively [1] - The projected net profit for the parent company is expected to be -61 million, 55 million, and 200 million yuan for the same fiscal years, with earnings per share (EPS) of -0.08, 0.08, and 0.27 yuan [1] Group 2 - Beisen adheres to an "integrated HCM SaaS" strategy, having served over 6,000 medium to large enterprises, and is the only Chinese provider with a unified open PaaS platform for cloud HCM solutions [2] - The company’s iTalentX platform covers the entire lifecycle of human resource management, from recruitment to resignation, which is expected to enhance its competitive advantage and accelerate AI transformation [2] - Beisen's AI initiatives have shown significant progress, with the launch of AI product development in early 2024 and successful commercialization by August of the same year, achieving an annual recurring revenue (ARR) of over 6 million yuan by the end of the 2025 fiscal year [2]