Core Insights - The company reported a revenue growth of 23.70% year-on-year in Q3 2025, maintaining a strong growth momentum from Q1 and Q2 2025 [1][2] - The flexible staffing business showed a cumulative dispatch of 153,500 people, reflecting a growth of 21.4%, with an estimated revenue growth matching the number of dispatched personnel [1][2] - The net profit attributable to shareholders reached 93 million yuan, an increase of 89.62%, driven by investment gains from the sale of a subsidiary [1][3] Revenue Performance - In Q3 2025, the company achieved a revenue of 3.68 billion yuan, continuing the growth trend seen in Q1 and Q2, which were +25.1% and +30.0% respectively [2] - For the first three quarters of 2025, total revenue reached 10.755 billion yuan, reflecting a year-on-year increase of 26.29% [1] Profitability Metrics - The net profit attributable to shareholders for Q3 2025 was 93 million yuan, marking an increase of 89.62%, while the non-recurring net profit was 61 million yuan, up 26.90% [1][3] - The gross profit margin for Q3 2025 was 6.32%, a slight decrease of 0.54 percentage points compared to the previous year [3] Business Segments - The flexible staffing segment accounted for a significant portion of the business, with over 50,900 outsourced personnel registered, a growth of 20.0% [2] - The headhunting business remained stable, with the company successfully recommending 11,516 mid-to-senior level professionals in the first three quarters [2] - The new technology business maintained a growth rate of over 60%, with registered partners and delivered positions increasing by 23% and 109% respectively [2] Strategic Initiatives - The company is focusing on an AI-First strategy, exploring the application of AI technology in recruitment, including the development of the CRE-T1 model for semantic matching [4] - An experimental version of a digital assistant, Mira, has been launched, which includes capabilities for planning, searching, and voice interaction [4] Future Outlook - The company expects revenue to gradually improve due to the recovery of domestic and international businesses, with AI expected to enhance revenue generation and efficiency [1][4] - The revenue forecasts for 2025-2027 have been adjusted upwards, with expected revenues of 14.72 billion, 17.81 billion, and 20.91 billion yuan respectively [4]

Core Insights - The launch of the "Shabao Social Security Intelligent Agent," the first innovative product deeply utilizing the DeepSeek large model, marks a significant milestone for Shibang Group in its ten-year technological journey and reflects its strategic ambition to "reconstruct the value chain of human resource services" through AI [1][3] Group 1: Technological Evolution - The development of the Shabao Intelligent Agent can be traced back to the "Internet+" wave in 2015, initiated by Shibang Group's founder Zhang Hua, who chose the path of independent innovation after facing financing challenges [3] - After ten years of technological accumulation and three iterations of the core team, Shibang Group successfully integrated AI large models with vertical scenarios, overcoming industry challenges [3] Group 2: AI-Driven Social Security Management - The Shabao Social Security Intelligent Agent is an AI management platform that integrates AI, RPA, and OR technologies, featuring three core capabilities: understanding, execution, and planning [4] - This integration allows the system to respond to natural language commands and autonomously handle complex social security tasks, achieving a closed-loop automation capability [4] Group 3: Industry Barriers and Innovations - The industry barriers for the Shabao Intelligent Agent stem from the dual challenges of technological and domain knowledge integration, leveraging over 20 years of experience in social security services [5] - The emergence of the Shabao Intelligent Agent signifies a new phase in social security management, driven by algorithmic decision-making and execution, addressing long-standing efficiency and compliance issues [5] Group 4: New Workforce Ecosystem - The intelligent agent supports over 3,000 platforms and provides real-time access to social security policies, automating the declaration process for over 300 cities and handling data for more than 1,000 employees in a single instance [7] - The system also offers data analysis capabilities, displaying departmental social security expenditure ratios and predicting future budgets with an accuracy of ±5% [7] Group 5: Future Workforce Dynamics - Industry research indicates that AI and automation technologies will cover over 70% of routine HR processes, leading to structural adjustments in basic HR roles [9] - Shibang Group announced an innovative talent plan called "Intelligent Agent Guardian," aimed at recruiting new roles that emphasize human-machine collaboration, reflecting the company's commitment to industry transformation [9]

Core Viewpoint - The article provides a financial forecast for Beisen Holdings, predicting a total revenue of 940 million RMB for FY25, representing a year-on-year growth of approximately 10% [3]. Revenue Breakdown - The expected revenue from cloud HCM solutions is 730 million RMB, with a year-on-year increase of 16%, while professional services revenue is projected to be 210 million RMB, showing a decline of 6% [3]. - For FY25 H1, the revenue from cloud HCM solutions reached 340 million RMB, reflecting a year-on-year growth of 14.3% [4]. Core HCM and Learning Cloud Growth - The Core HCM integrated ARR grew by 28% year-on-year, accounting for 55% of total revenue, with nearly 2,100 cumulative clients [4]. - The Learning Cloud ARR saw a significant increase of 60% year-on-year, adding 160 new clients [4]. - In January 2025, Beisen announced the acquisition of HR SaaS platform KuXueYuan for 180 million RMB, which has 4,000 paying clients, enhancing Beisen's market position [4]. AI Strategy - Since 2024, Beisen has initiated an AI strategy, launching seven AI assistants, collectively known as the Beisen AI Family, which includes features for recruitment and employee assistance [5]. - The AI Interviewer, based on various large language models, has shown rapid commercialization, with over 120 clients by January 2025 and expectations to reach over 200 clients by March 2025, potentially generating an ARR of 7 to 8 million RMB [5]. - The AI Employee Assistant provides 24/7 support, enhancing employee self-service experience [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company is expected to achieve total revenue of RMB 943 million in FY25, representing a year-on-year growth of approximately 10%. The cloud HCM solutions revenue is projected to reach RMB 730 million, growing by 16% year-on-year, while professional services revenue is anticipated to decline by 6% to RMB 210 million [1][4]. - The company has initiated an AI strategy in 2024, launching a suite of AI-powered HR SaaS products, which includes seven AI assistants designed to enhance recruitment and employee experience [3]. Summary by Sections Financial Performance - For FY25, the adjusted net loss is estimated at RMB 60 million, corresponding to an adjusted net loss margin of -6.4% [1]. - The company’s revenue forecast for FY26 is set at RMB 1,043 million, with a further increase to RMB 1,150 million in FY27 [5]. Business Segments - In FY25H1, the cloud HCM solutions revenue reached RMB 340 million, marking a year-on-year increase of 14.3%. The Core HCM integrated ARR grew by 28%, accounting for 55% of total revenue, with nearly 2,100 clients [2]. - The acquisition of the HR SaaS platform KuXueYuan for RMB 180 million is expected to enhance market position and facilitate cross-selling opportunities, leveraging the existing customer base of both companies [2]. AI Development - The AI Interviewer product has shown rapid commercialization, with over 120 clients by January 2025, and is projected to reach 200 clients by the end of March 2025, with an ARR of RMB 7-8 million [3]. - The AI Employee Assistant is designed to provide 24/7 support, improving employee self-service experiences [3].