Group 1 - The total execution amount of offshore service outsourcing by Chinese enterprises from January to August 2025 reached 612.65 billion yuan, representing a year-on-year growth of 2.2% [1] - In USD terms, the execution amount was 85.43 billion USD, with a year-on-year increase of 0.4% [1] - The execution amount for offshore Information Technology Outsourcing (ITO) was 254.63 billion yuan, showing a decline of 1.7% year-on-year [1] Group 2 - The execution amount for offshore Business Process Outsourcing (BPO) was 112.51 billion yuan, reflecting a significant year-on-year growth of 21.2% [1] - The execution amount for offshore Knowledge Process Outsourcing (KPO) was 245.51 billion yuan, with a slight decline of 0.8% year-on-year [1] - Business operation services and maintenance services experienced rapid growth, with execution amounts of 69.9 billion yuan and 37.72 billion yuan, respectively, marking year-on-year increases of 19.7% and 30.4% [1] Group 3 - Among the 37 service outsourcing demonstration cities, the total execution amount was 535.27 billion yuan, a year-on-year increase of 2.1%, accounting for 87.4% of the total offshore service outsourcing execution [1] - The Yangtze River Delta region recorded an execution amount of 323.21 billion yuan, with a year-on-year growth of 1% [1] - The Beijing-Tianjin-Hebei region had an execution amount of 66.55 billion yuan, showing a year-on-year increase of 7% [1] Group 4 - The top three sources of offshore service outsourcing for China were the United States, Hong Kong, and Singapore, with execution amounts of 116.6 billion yuan, 105.67 billion yuan, and 79.45 billion yuan, respectively, together accounting for 49.2% of the total [2] - The execution amount from RCEP member countries reached 184.02 billion yuan, reflecting a year-on-year growth of 13.1% [2] - The execution amount from countries involved in the Belt and Road Initiative was 210.74 billion yuan, with a year-on-year increase of 12.7% [2] Group 5 - Domestic enterprises executed offshore service outsourcing worth 335.29 billion yuan, a year-on-year decline of 1.7%, accounting for 54.7% of the total [2] - Foreign enterprises executed offshore service outsourcing worth 277.36 billion yuan, showing a year-on-year growth of 7.3%, accounting for 45.3% of the total [2] - As of the end of August 2025, the cumulative number of employees absorbed by the service outsourcing sector was 17.307 million, with 11.348 million holding a university degree or higher, representing 65.6% [2]

面对汽车业和服务外包业的双重依赖困境，经济学家强调，摩需通过培育本土产业链强化工业主权，提 升市场多元化与本土化能力，以应对国际风险冲击。 服务外包业同样面临挑战，法国将于2026年8月实施"禁止未经同意电话推销"新规，可能导致该行业损 失1.07亿美元收入并减少近万个岗位，该行业目前年营收18亿美元，雇佣9万人。摩服务外包联合会主 席优素福·赫雷比认为，这种变化可能引发行业停滞。 据摩洛哥360网站9月22日报道，尽管国民经济保持增长，摩洛哥部分关键产业正面临结构性挑战，其中 汽车业与服务外包业作为就业和出口支柱，过度依赖欧洲市场的问题凸显。为摆脱这一困境，摩正致力 于推动市场多元化，加速产业转型升级。 摩工业和贸易部向《青年非洲》杂志透露，2024年摩工业出口额近400亿美元，占出口总额的88%。其 中汽车业贡献约160亿美元的出口额，创造20万个就业岗位。然而，该行业近期出现衰退趋势，今年1-7 月，出口额同比下降12.7%，减少5.1亿美元。欧盟2035年燃油车销售禁令加剧了市场压力。经济学家拉 比比·贾伊迪指出："欧洲需求收缩与法规变化正直接冲击摩主力市场。"对此，摩工贸部将当前挑战视 为产业转型契 ...

Group 1 - The Ministry of Commerce has announced the establishment of several standardization technical committees for various industries [1] - The newly formed committees include those for the automotive circulation industry, resource recovery industry, service outsourcing industry, pharmaceutical circulation industry, and petroleum circulation industry [1]

Group 1 - In 2024, Tianjin enterprises undertook service outsourcing business from 18 SCO member countries, with an execution amount of $1.65 billion, a year-on-year increase of 3.3 times, accounting for 29.2% of Tianjin's total offshore service outsourcing [1] - From January to July 2024, Tianjin's total import and export volume with SCO countries reached 53.37 billion RMB, a year-on-year increase of 5.2% [1] - As of 2024, Tianjin has registered 101 overseas enterprises in SCO countries, with a Chinese investment amount of approximately $2.4 billion [1] Group 2 - Tianjin has established 10 Luban workshops in 8 SCO countries, offering 21 cooperative majors across 6 categories, with a total of 15,000 instances of academic education and over 3,000 skill training sessions conducted [2] - The city has been actively enhancing local cooperation with SCO countries in various fields such as economy, education, culture, and sports, expanding its network of friendship cities [2] - The 2025 SCO summit will be held in Tianjin from August 31 to September 1, marking the largest summit since the organization's establishment, with over 20 foreign leaders and 10 international organization heads attending [2]

Core Insights - The total execution amount of service outsourcing by Chinese enterprises from January to July 2025 was 953.87 billion RMB, a year-on-year decrease of 1.2% [1] - Offshore service outsourcing execution amount reached 548.24 billion RMB, showing a year-on-year growth of 2.6% [1] Business Structure - The execution amount for offshore Information Technology Outsourcing (ITO) was 227.45 billion RMB, a decrease of 0.7% year-on-year [1] - Business Process Outsourcing (BPO) execution amount was 101.76 billion RMB, with a significant year-on-year increase of 22.5% [1] - Knowledge Process Outsourcing (KPO) execution amount was 219.03 billion RMB, reflecting a year-on-year decline of 1.3% [1] - Notably, business operation services and maintenance services saw rapid growth, with execution amounts of 61.98 billion RMB and 35.4 billion RMB, increasing by 20% and 32.8% respectively [1] Regional Distribution - The 37 service outsourcing demonstration cities in China collectively executed offshore service outsourcing worth 480.4 billion RMB, a year-on-year increase of 2.7%, accounting for 87.6% of the total offshore service outsourcing execution [1] - The Yangtze River Delta region recorded an offshore service outsourcing execution amount of 283.77 billion RMB, a slight decline of 0.1% year-on-year [1] - The Beijing-Tianjin-Hebei region saw an increase in offshore service outsourcing execution amount to 62.53 billion RMB, growing by 12.2% year-on-year [1] International Market - The top three sources of offshore service outsourcing for China were the United States (103.56 billion RMB), Hong Kong (95.26 billion RMB), and the European Union (70.35 billion RMB), with year-on-year declines of 1.2%, 2.5%, and 1.4% respectively, together accounting for 49.1% of the total offshore service outsourcing execution [2] - Execution amount from Regional Comprehensive Economic Partnership (RCEP) member countries totaled 162.77 billion RMB, while the "Belt and Road" initiative countries contributed 187.86 billion RMB [2] - Notably, the execution amount from Singapore reached 70.35 billion RMB, with a growth rate of 26.4% [2] Enterprise Nature - Domestic enterprises executed offshore service outsourcing worth 301.0 billion RMB, a year-on-year decrease of 0.3%, representing 54.9% of the total [2] - Foreign enterprises executed offshore service outsourcing amounting to 247.24 billion RMB, showing a year-on-year increase of 6.5%, accounting for 45.1% of the total [2] Employment Impact - By the end of July 2025, the cumulative number of employees absorbed by the service outsourcing sector in China reached 17.272 million, with 11.324 million holding a university degree or higher, representing 65.6% [2] - From January to July, the service outsourcing sector added 306,000 new employees, with 216,000 of them holding a university degree or higher, accounting for 70.6% [2]

Core Viewpoint - Meiyan Jixiang (600868) is initiating a cross-industry acquisition by planning to acquire 65% of Shanghai Xinjiyu Information Technology Service Co., Ltd. for 106 million yuan, aiming to enter the service outsourcing industry [2][5]. Group 1: Acquisition Details - The valuation of Shanghai Xinjiyu's total equity is 163 million yuan, representing a 266.03% increase over its book value [2][3]. - Shanghai Xinjiyu, established in 2013, has a registered capital of 10 million yuan, with its shareholders being Hou Xinggang (65%) and Wu Haiyan (35%) [2][3]. - After the acquisition, the shareholding structure will change to Meiyan Jixiang holding 65%, Hou Xinggang 20%, and Wu Haiyan 15% [2]. Group 2: Financial Performance - For the fiscal year 2024, Shanghai Xinjiyu is projected to generate revenue of 171 million yuan and a net profit of 7.44 million yuan [3][5]. - In the first five months of 2025, the company reported revenue of 66.76 million yuan and a net profit of 4.92 million yuan [3]. - As of May 2025, Shanghai Xinjiyu's total assets were valued at 97.89 million yuan, with net assets of 44.59 million yuan [3]. Group 3: Market Position and Future Outlook - Shanghai Xinjiyu has approximately 180 active orders, serving clients across various industries, including NIO, Daikin, and Adidas [4]. - The BPO industry is expected to maintain a continuous upward trend, with a fragmented competitive landscape and significant market demand [4]. - The gross profit margin for Shanghai Xinjiyu in 2024 is estimated at 8.79%, with projections for 2026-2030 ranging between 12.24% and 12.75% [5]. Group 4: Regulatory Scrutiny - The high premium in the acquisition has attracted the attention of regulatory authorities, leading to inquiries regarding the necessity and rationality of the transaction [2][6]. - The acquisition is expected to create approximately 76 million yuan in goodwill on the consolidated balance sheet of Meiyan Jixiang [6]. - The Shanghai Stock Exchange has requested explanations regarding the significant increase in the valuation of Shanghai Xinjiyu compared to previous assessments [6].

Core Viewpoint - Meiyan Jixiang (600868) is initiating a cross-industry acquisition by planning to acquire 65% of Shanghai Xinjiyu Information Technology Service Co., Ltd. for 106 million yuan, aiming to enter the service outsourcing industry [1] Group 1: Acquisition Details - The valuation of Shanghai Xinjiyu's total equity is 163 million yuan, representing a 266.03% increase over its book value [1][2] - Shanghai Xinjiyu, established in 2013, has a registered capital of 10 million yuan, with shareholders holding 65% and 35% respectively [1] - After the acquisition, the shareholding structure will change to 65% for Meiyan Jixiang, 20% for Hou Xinggang, and 15% for Wu Haiyan [1] Group 2: Financial Performance - For the fiscal year 2024, Shanghai Xinjiyu is projected to generate revenue of 171 million yuan and a net profit of 7.44 million yuan [2] - In the first five months of 2025, the company reported revenue of 66.76 million yuan and a net profit of 4.92 million yuan [2] - As of May 2025, total assets were 97.89 million yuan, with net assets of 44.59 million yuan [2] Group 3: Market Position and Growth Potential - Shanghai Xinjiyu has approximately 180 active orders, serving clients across various industries, including NIO, Daikin, and Adidas [3] - The BPO industry is expected to maintain a continuous growth trend, with a diverse competitive landscape and significant market demand [3][4] - The projected gross margin for Shanghai Xinjiyu from 2026 to 2030 is estimated to be between 12.24% and 12.75% [3] Group 4: Regulatory Scrutiny - The high premium in the acquisition has attracted attention from regulatory bodies, with the Shanghai Stock Exchange issuing an inquiry regarding the necessity and reasonableness of the transaction [5][6] - The acquisition is expected to create approximately 76 million yuan in goodwill on the consolidated balance sheet of Meiyan Jixiang [5]

Group 1 - The service industry in China showed a strong growth in the first half of the year, with a value added of 39,031.4 billion yuan, representing a year-on-year increase of 5.5% and accounting for 59.1% of the GDP, an increase of 0.7 percentage points compared to the previous year [1][2] - The contribution rate of the service industry to national economic growth was 60.2%, up by 5.8 percentage points year-on-year, with the service sector driving GDP growth by 3.2 percentage points, an increase of 0.5 percentage points [2] - In the second quarter, the service industry added value reached 19,517.2 billion yuan, growing by 5.7% year-on-year, with a contribution rate to economic growth rising to 61.2% [2] Group 2 - The service retail sales increased by 5.3% year-on-year, outpacing the growth of goods retail sales by 0.2 percentage points, while per capita service consumption expenditure rose by 4.9%, accounting for 45.5% of total per capita consumption expenditure [2] - Cultural and tourism consumption saw significant growth, with tourism services and cultural sports services increasing by 31.9% and 7.4% respectively, and the national box office exceeding 29.2 billion yuan, growing over 20% year-on-year [3] Group 3 - The high-tech service sector experienced robust demand, with fixed asset investment in high-tech services growing by 8.6% year-on-year, and investment in information services increasing by 37.4% [5] - The business activity index for the service industry remained above the critical point, averaging 50.2, indicating continued expansion and positive market expectations [6][7] Group 4 - The integration of technological and industrial innovation is deepening, with high-tech service enterprises showing revenue growth of 9.9% and strategic emerging service enterprises growing by 9.5% from January to May [4] - The digital technology application sector also saw a revenue increase of 11.2% year-on-year, reflecting ongoing innovation and optimization in digital service supply [4]

Core Insights - In the first half of 2025, China's service outsourcing execution amount reached 839.77 billion RMB, a year-on-year decrease of 1% [1] - Offshore service outsourcing execution amount was 483.35 billion RMB, showing a year-on-year growth of 3.9% [1] Business Structure - Offshore Information Technology Outsourcing (ITO) execution amount was 198.87 billion RMB, remaining flat compared to the previous year [1] - Business Process Outsourcing (BPO) execution amount increased by 25.7% to 90.23 billion RMB [1] - Knowledge Process Outsourcing (KPO) execution amount was 194.25 billion RMB, a slight decrease of 0.2% [1] - Rapid growth was observed in business operation services and maintenance services, with execution amounts of 55.32 billion RMB and 31.11 billion RMB, increasing by 22.1% and 40% respectively [1] Regional Distribution - The 37 service outsourcing demonstration cities in China collectively executed 425.37 billion RMB in offshore service outsourcing, a year-on-year increase of 4.2%, accounting for 88% of the total [1] - The Yangtze River Delta region executed 250.93 billion RMB in offshore service outsourcing, a growth of 3% [1] - The Beijing-Tianjin-Hebei region executed 59.45 billion RMB, with a significant year-on-year increase of 17.3% [1] International Market - The top three sources of China's offshore service outsourcing were the United States (88.89 billion RMB), Hong Kong (85.25 billion RMB), and the European Union (62.07 billion RMB), with growth rates of 0.3%, -0.7%, and -4.2% respectively [2] - Execution amount from RCEP member countries reached 143.66 billion RMB, a year-on-year growth of 15.4% [2] - Execution amount from countries involved in the Belt and Road Initiative was 166.78 billion RMB, showing a year-on-year increase of 16.3% [2] Company Nature - Domestic enterprises executed 265.85 billion RMB in offshore service outsourcing, a slight decrease of 0.4%, accounting for 55% of the total [2] - Foreign enterprises executed 217.5 billion RMB, with a year-on-year growth of 9.6%, making up 45% of the total [2] Employment Impact - As of June 2025, China's service outsourcing sector had absorbed 17.255 million employees, with 11.312 million holding a university degree or higher, representing 65.6% [2] - In the first half of 2025, the sector added 289,000 new employees, with 204,000 of them holding a university degree or higher, accounting for 70.6% [2]

Group 1 - The core viewpoint is that despite the challenges to globalization, the trend towards globalization will not change, and China’s service trade is entering a "golden development period" with significant growth in service outsourcing [1] - From 2006 to 2024, China's service outsourcing scale increased from $1.38 billion to $313.8 billion, a growth of 227 times; offshore service outsourcing grew from $1.384 billion to $164.3 billion, with an average annual growth rate of 30.4% [1] - The number of service outsourcing entities in China expanded from over 500 to 86,301, a growth of 171.6 times, and the workforce in this sector surged from under 60,000 to 16.965 million, an increase of 281.7 times [1] Group 2 - Wuhan's service outsourcing execution amount is projected to exceed 50 billion yuan for the first time in 2024, indicating a positive trend in both quantity and quality [2] - Wuhan has been a service outsourcing demonstration city since 2009, with an average annual growth rate of 17.5% in service outsourcing execution amount during the 14th Five-Year Plan period [3] - In the first half of this year, Wuhan's service outsourcing execution amount grew by 10.3%, with high-value-added sectors like business process outsourcing and knowledge process outsourcing growing by 20.3% and 60% respectively [3] Group 3 - The service outsourcing industry in China is experiencing a structural optimization, with a significant increase in high-value-added services [5] - In 2024, China's total service outsourcing contract amount is expected to reach 3.0535 trillion yuan (approximately $435.1 billion), with an execution amount of 2.2197 trillion yuan (approximately $313.8 billion), reflecting year-on-year growth of 6.5% and 13.3% respectively [5] - The execution amounts for offshore information technology outsourcing, business process outsourcing, and knowledge process outsourcing are projected to be 465.7 billion yuan, 185.8 billion yuan, and 511.1 billion yuan respectively, with year-on-year growth rates of 12.1%, 79%, and 13.0% [5] Group 4 - The service outsourcing industry is shifting towards digitalization, high-end services, and high value-added offerings, which is a global trend [6] - Wuhan is encouraged to enhance the internationalization of its mixed-ownership manufacturing sector to meet the growing demand for productive services arising from high-quality manufacturing development [6] - The city should focus on innovation in service outsourcing to drive growth in scale, revenue, productivity, and profitability [6]