9月25日，为期五天的科技盛宴——第四届全球数字贸易博览会在杭州大会展中心盛大启幕。作为我国唯一以数字贸易为主题的国家级、国际性、专业型展 会，本届数贸会由浙江省人民政府、中华人民共和国商务部联合主办，阿联酋、印度尼西亚担任主宾国，吸引了154个国家和地区的1800多家企业参展，规 模再创新高。在这场全球数字贸易的高端对话与成果展示中，今元集团在6号馆丝路电商展区（展位号：6A-B019）重点呈现一站式全球人力资源服务能 力，以及"金柚GEO·AI+全球人才管理平台"，以"技术+服务"双轮驱动模式，加速中国企业出海。 全国人大常委会副委员长王东明出席启动仪式并致辞。王东明指出，数字贸易不仅为中国经济发展提供新动能，也为拓展全球贸易、促进世界经济复苏和增 长注入动力活力。中国愿同世界各国一道，积极践行构建人类命运共同体重大理念和全球发展倡议、全球安全倡议、全球文明倡议、全球治理倡议，坚定站 在历史正确的一边，坚持真正的多边主义，共同营造良好营商环境，建立全球数字贸易治理体系，推进数字技术创新应用，推动数字贸易成果普惠共享，使 各个国家在开放与合作中实现互利共赢、共同繁荣和持久发展。 全球布局：以"服务前置"响应 ...

Market Overview - The digital human resources market in China is projected to reach approximately 30.3 billion yuan in 2024, with a year-on-year growth of 13.2%. By 2027, the market size is expected to reach 48.4 billion yuan, with an average compound annual growth rate of 16.9% over the next three years [1][3]. Current Trends in Digital HR - A significant 97% of enterprises have begun digital transformation initiatives, primarily led by HR departments. There is a gradual shift from bottom-up to top-down approaches in digital transformation, indicating a strategic focus on human capital management [6]. - Companies are currently emphasizing top-level design and technological implementation, with a focus on optimizing existing human capital and achieving cost efficiency through lean management [12]. Industry-Specific HR Needs - **Overseas Enterprises**: Emphasize safety and compliance, with a phased approach to global HR system construction. Initial focus is on expanding overseas teams, followed by a mixed employment phase, and ultimately a global talent team [15]. - **Foreign Enterprises**: Tend to prioritize using core HR products from their parent companies, with independent selection for specific modules based on local market understanding [18]. - **Retail Industry**: Faces high turnover and seasonal fluctuations, necessitating flexible scheduling and real-time training solutions [21][23]. - **Manufacturing Industry**: Requires rapid onboarding and performance assessment for blue-collar workers, while also focusing on the training of high-level talent [26]. - **Internet Industry**: Characterized by high digital maturity and agile business models, necessitating a flat management structure for rapid information flow [29][30]. Technological Advancements - The integration of AI in HR is evolving from simple applications to comprehensive solutions, with a focus on automation and personalization to enhance efficiency and employee experience [65]. - Companies are increasingly adopting AI tools for tasks such as resume screening and interview assistance, with a growing interest in AI-driven employee service robots and intelligent knowledge bases [62][48]. Competitive Landscape - Digital HR vendors are shifting towards integrated solutions, expanding their product matrices through horizontal integration and leveraging PaaS platforms for customized development [35][38]. - The competition is intensifying as firms focus on mid-sized enterprises while larger firms emphasize comprehensive solutions [38]. Future Outlook - The digital HR landscape is expected to continue evolving, with a focus on enhancing employee experience through personalized services and automated processes. Companies are likely to invest more in AI technologies to drive efficiency and improve talent management strategies [66][62].

Group 1 - The "HR Innovation Conference and 2025 Greater China HRVP Summit" was successfully held in Wuhan, where Jinyuan Group was awarded the "Top Ten Influential Human Resource Excellent Brands" for 2024-2025, recognizing its outstanding contributions in the HR field [1][3] - The conference gathered numerous experts, scholars, and industry elites to discuss cutting-edge trends and innovative practices in human resource management, with Jinyuan Group sharing its latest practices in AI+HR SaaS, global employment compliance, and employee lifecycle digital management [3][7] - Since its establishment in 2014, Jinyuan Group has maintained a vision of "connecting enterprises and people, releasing the value of human resources," providing a comprehensive range of global HR services across over 150 countries and regions, serving more than 85,000 clients in various industries [3][7] Group 2 - Jinyuan Group has significantly increased its investment in technology research and development, successfully helping numerous enterprises achieve intelligent, efficient, and precise human resource management through its self-developed AI+HR SaaS products [3][7] - The company aims to continue innovating and enhancing service quality, deepening digital upgrades, expanding its global business footprint, and strengthening collaboration with industry partners to explore new models and paths in human resource management [7]

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The human resources service industry demonstrates full-cycle growth capabilities, with steady growth during downturns and potential for rapid expansion during upturns. The industry is still in its early stages, with significant growth potential and currently low valuation levels for many listed companies [2][4]. Summary by Sections 1. Industry Overview - The human resources service industry encompasses a wide range of services aimed at balancing the supply and demand of human capital, including recruitment, career guidance, outsourcing, and consulting [11][12]. 2. Current Development Status - The market concentration is low, with a significant presence of flexible employment models indicating a blue ocean market. The industry has shown a compound annual growth rate (CAGR) of 12.91% from 2016 to 2023, with revenues expected to exceed 3 trillion RMB by 2025 [26][38]. 3. Future Industry Outlook - The industry is expected to benefit from economic, social, and technological changes, with a notable increase in demand for labor in the tertiary sector. The labor supply is projected to decrease, leading to higher employment costs, which will enhance the penetration of flexible employment and digital human resources solutions [59][66].

Market Overview - The digital human resources market in China is projected to reach approximately 30.3 billion yuan in 2024, with a year-on-year growth of 13.2%. By 2027, the market size is expected to grow to 48.4 billion yuan, with an average compound annual growth rate of 16.9% over the next three years [1][3]. Product Iteration - Leading integrated vendors are inclined to utilize PaaS platforms to build flexible development frameworks that support on-demand customization and rapid iteration [2][35]. - AI applications are expanding from recruitment and assessment to training scenarios, evolving from intelligent interaction to smart suggestions, and transitioning from industry models to proprietary enterprise models [2][45]. Current State of HR Management - In most enterprises, the HR department plays a leading role in transformation, shifting its focus towards maximizing human capital value [6][7]. Digital Transformation Planning - Currently, 97% of enterprises have begun digital transformation efforts, primarily initiated by HR departments. There is a gradual shift from bottom-up to top-down transformation, indicating a strategic shift from efficiency in talent management to strategic human capital management [7][9]. Focus Areas in Digital HR - The core focus of digital HR is on top-level design and technological implementation, with an emphasis on process innovation and iteration. Many enterprises prioritize initial investments in system architecture and process optimization, while showing insufficient attention to mid-to-late operational phases [9][62]. Globalization of HR Systems - For companies expanding overseas, safety and compliance are critical, encompassing personal information protection and adherence to local labor laws. The digital HR system should be built in phases, starting with overseas team expansion and evolving towards a global integrated talent team as business grows [12][51]. Industry-Specific HR Needs - Retail: The retail industry, characterized by a high proportion of part-time workers and seasonal fluctuations, requires flexible scheduling and real-time training solutions [18][20]. - Manufacturing: The manufacturing sector emphasizes rapid onboarding and performance calculation for blue-collar workers, alongside a focus on training for high-level talent [24][25]. - Internet: Internet companies benefit from a mature digital infrastructure and agile management, necessitating integrated talent systems for rapid talent acquisition and development [28][29]. Trends in Digital HR - Companies are increasingly investing in AI, with 64% planning to increase their AI investments by 5%-30% annually. The focus is shifting from talent growth to enhancing human efficiency and managing costs effectively [62][65]. - Vendors are moving from isolated AI applications to comprehensive integration, focusing on automation and personalization to enhance value [65][66].

Market Overview - The market size of China's human resources digitalization is expected to reach approximately 30.3 billion yuan in 2024, with a year-on-year growth of 13.2%. By 2027, the market size is projected to reach 48.4 billion yuan, with an average compound annual growth rate of 16.9% over the next three years [1][3]. Product Iteration - Leading integrated vendors are inclined to utilize PaaS platforms to build flexible development frameworks that support on-demand customization and rapid iteration [2][35]. - AI applications are expanding from recruitment and assessment to training scenarios, evolving from intelligent interaction to smart suggestions, and from industry models to proprietary enterprise models [2][45]. Current State of Human Resource Management - Most enterprises view their HR departments as the main drivers of transformation, shifting the focus towards maximizing human capital value [6][7]. Digital Transformation Planning - Currently, 97% of enterprises have begun digital transformation efforts, primarily initiated by HR departments. There is a gradual shift from bottom-up to top-down transformation approaches, indicating a strategic shift towards human capital management [7][9]. Focus Areas in Digitalization - The core focus of human resources digitalization is on top-level design and technological implementation, with an emphasis on process innovation and iteration [9][62]. Globalization of HR Systems - For companies expanding overseas, safety and compliance are critical, including personal information protection and adherence to local labor laws. The digitalization of HR should be phased, starting with team expansion and moving towards integrated global talent management [12][51]. Industry-Specific HR Needs - Retail: High turnover and seasonal fluctuations necessitate flexible scheduling and real-time training. The focus is on mobile, automated, and intelligent workforce management systems [18][20]. - Manufacturing: Emphasizes rapid onboarding and performance calculation for blue-collar workers, alongside the need for advanced training for R&D personnel [24][25]. - Internet: Requires agile, integrated talent systems supported by a mature digital infrastructure to facilitate rapid talent acquisition and development [28][29]. Competitive Strategies of HR Vendors - HR digitalization vendors are focusing on mid-sized enterprises, while integrated solutions target larger companies. Niche vendors leverage specific scenarios to gain market entry [38][65]. AI Integration in HR - The application of AI in HR is evolving from isolated implementations to comprehensive integration, focusing on automation and personalization to enhance efficiency and employee experience [62][65].

Market Overview - The market size of China's human resources digitalization is expected to reach approximately 30.3 billion yuan in 2024, with a year-on-year growth of 13.2%. By 2027, the market size is projected to reach 48.4 billion yuan, with an average compound annual growth rate of 16.9% over the next three years [1][3]. Product Iteration - Leading integrated vendors are inclined to utilize PaaS platforms to build flexible development frameworks that support on-demand customization and rapid iteration [2][3]. - AI applications are expanding from recruitment and assessment to training scenarios, evolving from intelligent interaction to smart suggestions, and from industry models to proprietary enterprise models [2][3]. Current State of HR Management - In most enterprises, the HR department plays a leading role in transformation, shifting its focus towards maximizing the value of human capital [6][7]. Digital Transformation Planning - Currently, 97% of enterprises have begun digital transformation efforts, primarily initiated by HR departments. There is a gradual shift from bottom-up to top-down transformation, indicating a strategic shift from efficiency in talent management to strategic human capital management [7][9]. Focus Areas in Digitalization - The core focus of human resources digitalization is on top-level design and technological implementation, with an emphasis on process innovation and iteration. Over half of the enterprises believe that the key to digitalization lies in system architecture and process optimization, while attention to mid-to-late stage operations remains insufficient [9]. Globalization of HR Systems - For enterprises going overseas, safety and compliance are critical, including personal information protection and adherence to local labor laws. The digitalization of HR should be phased, starting with overseas team expansion and progressing to a hybrid employment model [12][16]. Industry-Specific HR Needs - Retail: The retail industry, characterized by a high proportion of part-time workers (nearly 60%), requires flexible scheduling and real-time training due to seasonal fluctuations in workforce demand [18][20]. - Manufacturing: The manufacturing sector emphasizes rapid onboarding and performance calculation for blue-collar workers, alongside a focus on training for high-level talent due to the low overall digitalization level [24][25]. - Internet: Internet companies benefit from a mature digital infrastructure, requiring agile, integrated talent systems to support rapid business iteration and employee growth [28][29]. Trends in Digitalization - Enterprises are increasingly shifting from personnel management to performance management, with over half planning to increase AI investment by 5-30% annually. The focus is on enhancing employee experience and operational efficiency through automation and personalization [62][65]. Competitive Strategies of Vendors - HR digitalization vendors are focusing on mid-sized enterprises, offering integrated solutions for large enterprises, while niche vendors leverage their scene advantages [38]. The evolution of product matrices involves horizontal integration of product modules and vertical development of PaaS foundations [35].