天眼查App显示，近日，上海喜和人力资源有限公司成立，法定代表人为刘蓉，注册资本200万人民 币，由上海喜和网络科技（集团）有限公司全资持股。 序号股东名称持股比例1上海喜和网络科技（集团）有限公司100% 经营范围含人力资源服务（不含职业中介活动、劳务派遣服务）；企业总部管理；对外承包工程；物业 管理；生产线管理服务；劳务服务（不含劳务派遣）；单位后勤管理服务；采购代理服务；品牌管理； 承接档案服务外包；软件外包服务；安全咨询服务；企业管理咨询；商务代理代办服务；商务秘书服 务；礼仪服务；租赁服务（不含许可类租赁服务）；航空运输货物打包服务；运输货物打包服务；停车 场服务；酒店管理；环境卫生管理（不含环境质量监测，污染源检查，城市生活垃圾、建筑垃圾、餐厨 垃圾的处置服务）；医院管理；智能农业管理；企业管理；园区管理服务；工程管理服务；节能管理服 务；市政设施管理；游览景区管理；图书管理服务；城乡市容管理；城市绿化管理；城市公园管理；文 化场馆管理服务；公共事业管理服务；商业综合体管理服务；会议及展览服务；翻译服务；市场营销策 划；机械设备租赁；信息咨询服务（不含许可类信息咨询服务）；互联网销售（除销售需要许 ...

Company Overview - Core International's closing price on July 28 was 34.38 yuan, down 2.74%, with a rolling PE ratio of 30.41 times and a total market capitalization of 6.766 billion yuan [1] - The company ranks 18th in the professional services industry, which has an average PE ratio of 68.64 times and a median of 40.85 times [1] - As of July 18, 2025, the number of shareholders increased to 14,189, with an average holding value of 352,800 yuan and an average holding quantity of 27,600 shares [1] Business Performance - Core International specializes in providing comprehensive human resource service solutions, including high-end talent search, recruitment process outsourcing, flexible employment, and technical services [1] - The company received several awards, including the 2024 Best Global Human Resource Service Agency and the 2024 Most In Global Human Resource Service Agency [1] - In the first quarter of 2025, the company reported revenue of 3.303 billion yuan, a year-on-year increase of 25.13%, and a net profit of 57.7839 million yuan, up 42.15%, with a gross profit margin of 5.52% [1] Industry Comparison - The average PE ratio for the industry is 68.64 times, while the median is 40.85 times, indicating that Core International's valuation is below the industry average [2] - Other companies in the industry have varying PE ratios, with the lowest being 9.87 times for Beijing Human Resources and the highest being 31.67 times for Xince Standard [2]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 43.03 billion yuan in 2024, representing a year-on-year growth of 12.32%, while the net profit attributable to shareholders reached 791.41 million yuan, up 44.42% year-on-year [8] - The company experienced a slowdown in revenue growth, with Q1 2025 revenue at 10.84 billion yuan, reflecting a 2.7% year-on-year increase [8] - Government subsidies significantly contributed to profit growth, with other income (government subsidies) increasing from 3.5 billion yuan to 5.1 billion yuan [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 38.31 billion yuan, 2024A: 43.03 billion yuan, 2025E: 47.85 billion yuan, 2026E: 52.47 billion yuan, and 2027E: 56.70 billion yuan [1] - Net profit attributable to shareholders is forecasted to be 791.41 million yuan in 2024, 893.55 million yuan in 2025, 966.03 million yuan in 2026, and 1.05 billion yuan in 2027 [1] - The earnings per share (EPS) is projected to be 1.40 yuan in 2024, 1.58 yuan in 2025, 1.71 yuan in 2026, and 1.85 yuan in 2027 [1] Business Segment Performance - The company’s revenue from personnel management services, compensation and benefits services, business outsourcing services, recruitment and flexible employment services, and other services for 2024 is projected to be 9.9 billion yuan, 12.0 billion yuan, 36.05 billion yuan, 4.34 billion yuan, and 450 million yuan respectively [8] - Business outsourcing services contributed nearly 80% of the gross profit in 2024, although it had a relatively low gross margin [8] Strategic Developments - The company is deepening its partnership with the Adecco Group to support Chinese enterprises in their global expansion [8] - The company has signed a global cooperation agreement with Adecco Group and Huawei Technologies to provide human resource services [8]