本文是由投资/产品专员而非分析师撰写的文章汇编。 它不构成研究报告，也不应被解释为研究报告，也不旨在提供 专业、投资或任何其他类型的建议或推荐。 CSIWM 个股点评 瑞可利控股 6098 JP 本文内容由 Kylie Kwok (郭凯欣) 提供 中信证券财富管理(香港) 产品及投资方案部 日本消费品行业 电话：(852) 2237 9250 / 电邮：wminvestmentsolutions@citics.com.hk 乐观观点面临的最大风险是美国及全球陷入长期深度衰退导致职位空缺锐减。当前美国有超过 710 万个职位空缺和 780 万失业人口（失业率 4.4%），劳动力市场处于空前紧张状态。此外，类似新冠疫情的大流行重演可能影响 Recruit 的招聘及国内旅游、餐饮、婚庆等业务。Recruit 具备成为在线招聘全球领导者的优势。公司拥有超 1 万亿日 元净现金可用于并购，但若无并购计划，作为强劲的自由现金流创造者存在股票回购空间。另一风险是非核心并购及 投资者下调 Indeed 与 Glassdoor 估值。Recruit 在人事服务公司及 Indeed/Glassdoor 并购方面记录良好，但对亏损 ...

Core Viewpoint - BOSS Zhipin (02076) reported a significant increase in revenue and net profit for the first half of 2025, driven by growth in paying enterprise clients and online recruitment services [1] Financial Performance - Total revenue for the period reached 4.026 billion RMB, representing an 11.19% year-on-year increase [1] - Net profit attributable to shareholders was 1.235 billion RMB, showing an impressive 85.17% year-on-year growth [1] - Revenue from online recruitment services for enterprise clients increased from 3.577 billion RMB in the same period of 2024 to 3.979 billion RMB, a rise of 11.2% [1] - Other services revenue, primarily from paid value-added services to job seekers, grew from 43.7 million RMB to 46.7 million RMB, marking a 6.9% increase [1] User Engagement - The average monthly active users reached 60.6 million, a 19.8% increase compared to 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio stood at 25.0% for the six months ending June 30, 2025 [1] Shareholder Returns - The board approved an annual dividend policy, with the dividend amount set at approximately 80 million USD for the year [1] - A share repurchase plan of up to 250 million USD was also announced [1]

Core Insights - BOSS Zhipin's stock price increased by over 5%, reaching HKD 86.15 with a trading volume of HKD 9.8849 million [1] Financial Performance - For the first half of 2025, BOSS Zhipin reported total revenue of RMB 4.026 billion, a year-on-year increase of 11.19% [1] - The net profit attributable to shareholders was RMB 1.235 billion, reflecting a significant year-on-year increase of 85.17% [1] - Revenue from online recruitment services for corporate clients rose from RMB 3.577 billion in the same period of 2024 to RMB 3.979 billion, an increase of 11.2% [1] - Other services revenue, primarily from paid value-added services to job seekers, increased from RMB 43.7 million to RMB 46.7 million, a growth of 6.9% [1] User Engagement - The average monthly active users reached 60.6 million, a 19.8% increase compared to 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio was 25.0% for the six months ending June 30, 2025 [1] Shareholder Returns - The board approved an annual dividend policy, with the dividend amount set at approximately USD 80 million for the year [1] - A share repurchase plan of up to USD 250 million was also announced [1]

Group 1: Financial Performance - The company reported total revenue of 4.026 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 11.19% [1] - Net profit attributable to shareholders reached 1.235 billion RMB, a significant year-on-year increase of 85.17% [1] - Basic earnings per share were 1.41 RMB [1] Group 2: Revenue Breakdown - Revenue from online recruitment services for corporate clients increased from 3.577 billion RMB in the same period of 2024 to 3.979 billion RMB, marking an increase of 11.2% [1] - Other services revenue, primarily from paid value-added services to job seekers, rose from 43.7 million RMB in 2024 to 46.7 million RMB, reflecting a 6.9% increase [1] Group 3: User Engagement - The average monthly active users reached 60.6 million, up 19.8% from 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio was 25.0% [1] - The company has strengthened its market leadership and demonstrated effective penetration into diverse user groups, including blue-collar workers, lower-tier cities, and small to medium-sized enterprises [1] Group 4: Share Buyback Plan - The board approved an extension of the existing share repurchase plan for an additional 12 months until August 28, 2026 [2] - The revised plan allows for the repurchase of up to 250 million USD of company shares, including American Depositary Shares [2]

Group 1 - The company BOSS Zhipin-W (02076) reported total revenue of 4.026 billion RMB for the six months ending June 30, 2025, representing an 11.19% year-on-year increase [1] - Shareholder net profit reached 1.235 billion RMB, marking an 85.17% increase compared to the same period in 2024 [1] - Basic earnings per share were 1.41 RMB [1] Group 2 - The increase in total revenue was primarily driven by the growth in paying enterprise clients, with online recruitment service revenue rising from 3.577 billion RMB in 2024 to 3.979 billion RMB in the reporting period, an increase of 11.2% [1] - Other services revenue, mainly from paid value-added services provided to job seekers, increased from 43.7 million RMB in 2024 to 46.7 million RMB, a growth of 6.9% [1] Group 3 - The average monthly active users reached 60.6 million, a 19.8% increase from 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio was 25.0% [1] - The company has strengthened its market leadership and demonstrated the effectiveness of its strategy to penetrate a diversified user base, including blue-collar users, lower-tier cities, and small to medium-sized enterprise clients [1] Group 4 - On August 20, 2025, the board approved an extension of the existing share buyback plan, originally approved in August 2024, extending it for an additional 12 months until August 28, 2026 [2] - The company is authorized to repurchase up to 250 million USD of its shares during the extended period, including American Depositary Shares [2]

Core Viewpoint - The company is focusing on expanding its blue-collar market while maintaining strong growth in its white-collar recruitment services, with significant revenue growth and user base expansion expected in the coming years [2][4][19]. Group 1: AI Model Development - The company has developed a self-researched AI model named "Nanbeige," which offers services such as recruitment process optimization and resume enhancement. The model is set to be open-sourced in May 2024 and has ranked third among open-source models in evaluations [1]. Group 2: Market Expansion - The company has acquired W.D. Technology Investment to enhance its blue-collar recruitment ecosystem, with blue-collar business revenue exceeding 38% of total revenue as of Q3 last year, indicating a successful strategic expansion into this market [2]. - The online blue-collar recruitment market in China is projected to reach 152.4 billion yuan by 2026, with a compound annual growth rate of 36.3%, surpassing the growth rate of the white-collar market [2]. Group 3: Financial Performance - The company reported a total revenue of 7.356 billion yuan in 2024, a year-on-year increase of 23.6%, with Q4 revenue reaching 1.824 billion yuan, up 15.4% year-on-year. Net profit for the year was 1.57 billion yuan, a 42.6% increase [4]. - Marketing expenses as a percentage of revenue decreased to 28%, the lowest since the company went public, indicating improved efficiency and reduced customer acquisition costs [5]. Group 4: User Growth - The number of paying enterprise clients reached 6.1 million in 2024, a 17.3% increase year-on-year, while the average revenue per paying client showed a modest increase of about 5% [6]. - The company added nearly 49.5 million new users in 2024, achieving a record high for annual user growth, with monthly active users reaching 53 million, a 25.3% increase year-on-year [6]. Group 5: Cash Flow and Shareholder Activity - The company has a cash reserve of 14.7 billion yuan and a low debt-to-asset ratio of 22.5%, indicating strong financial health and no short-term repayment pressure [7]. - The largest shareholder, TECHWOLF, has been involved in high-level stock sell-offs, raising concerns about investor confidence [8][10]. Group 6: Market Position and Competition - The company leads the online recruitment market with a significant market share, outperforming competitors in daily and monthly active user metrics [14]. - Despite facing competition from emerging platforms like Kuaishou's "Kuaipin," the company continues to maintain a strong position in the market [20]. Group 7: Future Outlook - The company expects Q1 2025 total revenue to be between 1.9 billion and 1.92 billion yuan, reflecting a year-on-year increase of 11.5% to 12.7% [19]. - The ongoing recovery in manufacturing labor demand and supportive employment policies are anticipated to drive further growth in blue-collar recruitment services [14].