Paychex (PAYX) FY Conference May 13, 2025 10:50 AM ET Speaker0 Hi. I don't know if this is on. This is Tien Tsin Huang. I cover the payments processing and IT services sector at at JPMorgan. Really excited to have Paychex back at the the conference. So John Gibson, president CEO is here with us, and and the rest of the team Bob is here as well. So thank you all for joining. I've respected and watched John in action for quite a while. Back on the services side, I know you've done a lot on the international f ...

Core Points - The rise of "resignation agency" services in Japan reflects deeper workplace issues and cultural shifts, allowing employees to resign without direct confrontation [2][22] - The popularity of these services is particularly pronounced during long holiday periods, such as the Golden Week, when employees have time to reflect on their jobs [9][10] Group 1: Resignation Agency Services - Resignation agency services have gained traction in Japan, especially among those who find it difficult to resign directly due to workplace culture that emphasizes loyalty [3][13] - A survey by マイナビ 2024 indicates that 40.7% of users sought these services because they were repeatedly persuaded to stay, while 32.4% cited a poor workplace atmosphere [3] - The services are categorized into three types: lawyers, labor unions, and regular agencies, with costs ranging from 20,000 to 50,000 yen (approximately 1,000 to 5,000 RMB) [4][5] Group 2: Cultural and Workplace Dynamics - The Japanese workplace culture often discourages direct resignation, leading to a high "cost" of communication, which these agencies help mitigate [8][19] - The phenomenon of "May sickness" reflects the disappointment of new employees who realize their job does not meet their expectations, prompting them to seek resignation [10][16] - Younger generations exhibit lower loyalty to companies, preferring to switch jobs if they are dissatisfied, contrasting with older generations who valued endurance [17][21] Group 3: Implications for Companies - The rise of resignation agencies signals a disconnect between employees and employers, as many young workers do not trust that their companies will genuinely listen to their concerns [14][19] - Companies face challenges when employees resign through agencies, as it can lead to project disruptions and increased workloads for remaining staff [19][21] - The situation serves as a wake-up call for companies to improve workplace environments and foster better communication with employees [21][23]

截至2025年一季报，共有55家机构持仓科锐国际，其中基金49家、其他4家、社保2家，合计持股数 11065.28万股，持股市值38.29亿元。 北京科锐国际人力资源股份有限公司是国内领先的人力资源整体解决方案提供商，依托内部高效的客户 和人才管理系统，通过互联网平台和线下服务体系为客户提供中高端人才访寻、招聘流程外包、灵活用 工及其他人力资源服务。公司的主要服务为中高端人才访寻、招聘流程外包、灵活用工、传统派遣业 务、培训业务、市场调研、招聘项目咨询服务。 5月12日，科锐国际今日收盘31.0元，下跌1.27%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到27.42倍，总市值61.01亿元。 从行业市盈率排名来看，公司所处的专业服务行业市盈率平均56.57倍，行业中值36.78倍，科锐国际排 名第18位。 来源：金融界 最新一期业绩显示，2025年一季报，公司实现营业收入33.03亿元，同比25.13%；净利润5778.39万元， 同比42.15%，销售毛利率5.52%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)18科锐国际27.4229.712.9961.01亿行业平均 56 ...

Investment Rating - The report maintains an "Overweight" rating for the consumer services industry, indicating a positive outlook despite current challenges [1]. Core Insights - The consumer services industry is experiencing a slowdown in overall revenue growth, with total revenue reaching 237.785 billion yuan in 2024, a year-on-year increase of 1.9%. In the first quarter of 2025, revenue was 59.904 billion yuan, showing a minimal growth of 0.07% [4][11]. - The net profit for the industry is under pressure, with a significant decline of 23.24% year-on-year to 9.642 billion yuan in 2024, and a 7.1% decrease to 3.534 billion yuan in the first quarter of 2025. This is attributed to increased price sensitivity among domestic tourists [4][11]. - The report highlights that most sub-sectors within the consumer services industry are experiencing revenue growth without corresponding profit increases, particularly in the scenic spots and human resources service sectors [4][14]. Summary by Sections 1. Overall Industry Performance - The consumer services industry is seeing a stabilization in service consumption revenue, with a notable slowdown in growth compared to the explosive rebound in 2023. The overall revenue for 2024 is projected at 237.785 billion yuan, with a slight increase in the first quarter of 2025 [11][14]. - The report notes that tourists are becoming more price-sensitive, leading to a decline in net profits for tourism-related companies [11][14]. 2. Key Sub-Industry Performance 2.1 Scenic Spots - The scenic spots sector achieved a revenue of 22.866 billion yuan in 2024, a growth of 3.34%, with a net profit of 1.808 billion yuan, up 26.27% [15][24]. - In the first quarter of 2025, revenue was 4.792 billion yuan, a growth of 3.65%, but net profit decreased by 13.06% to 0.356 billion yuan [17][30]. 2.2 Education - The education sector's revenue reached 34.106 billion yuan in 2024, growing by 5.61%, while net profit was 0.843 billion yuan, down 20.68% [36][40]. - In the first quarter of 2025, revenue increased to 7.935 billion yuan, a growth of 8.65%, with net profit at 0.346 billion yuan, down 7.93% [36][42]. 2.3 Hotels - The hotel sector reported total revenue of 24.964 billion yuan in 2024, a decrease of 2.09%, with net profit at 1.595 billion yuan, down 9.76% [46][48]. - In the first quarter of 2025, hotel revenue was 5.435 billion yuan, a decline of 8.09%, and net profit fell to 0.125 billion yuan, down 54.87% [46][55]. 3. Investment Strategy - The report suggests that while profits are under pressure due to macroeconomic factors, the gradual recovery of the domestic economy post-September 2024 may boost demand. It recommends focusing on sectors like education and human resources services that are likely to benefit from policy support [4][14]. - Specific companies to watch include Xueda Education (000526) and Keri International (300662) in the education and human resources sectors, respectively [4][14]. In the tourism sector, companies like Songcheng Performance (300144) and Changbai Mountain (603099) are highlighted for their potential recovery [4][14].

[Table_Date] 2025 年 05 月 11 日 证券研究报告|行业动态报告 [Table_Title] 子行业表现分化，关注新消费+出海服务+顺周 期修复 [Table_Title2] 社服&零售行业年报及一季报总结 [Table_Summary] ► 板块整体承压，情绪消费及旅游消费利润表现更 为亮眼 2024 年中信消费者服务收入及归母净利润分别同比+2%、- 24%，整体增长承压。收入端来看，子板块中旅游服务 （+56%）、人力资源（+15%）、景区（+3%）表现相对较好。利 润端来看，景区板块在高基数情况下归母净利润同比增长 30%，人力资源板块由于非经营性因素归母净利润同比增长 56%，酒店（-10%）、旅游服务（-78%）、餐饮（-115%））、旅游 零售（-36%）板块均同比下滑。 2024 年中信商贸零售板块收入同比-8%，归母净利润同比 +6%。子板块中，超市及便利店由于非经营性因素（如百联股 份处置长期股权投资受益、步步高重整收益等）归母净利润同 比+156%，百货、电商及服务板块在部分核心个股带动下实现 扭亏为盈，其他板块（贸易、珠宝首饰及钟表、其他连锁、专 业市场经营）归母 ...

"加班多不多，提供住宿吗？""薪资待遇怎么样？"……眼下，2025年春季招聘正在火热进行中，除了线 上投简历、线下招聘会等传统形式，"直播带岗"成为各地招聘会的"标配"，求职者与主播在直播间双向 互动，效率大大提升。 "直播带岗"近两年备受企业和求职者的青睐，这与直播模式自身具有的即时性、可视化、互动性等特点 密不可分。对企业而言，一场直播的触达范围比线下发布招聘启事更广，匹配到适合者的可能性更大， 直播间里的实时互动使企业与求职者之间的对接更直接坦诚、沟通更高效精准。对求职者而言，他们能 够借助平台还原的工作场景，"沉浸式"考察工作岗位，有意向就通过实时留言、后台咨询进行深入了 解，隔着屏幕还可以弱化询问待遇等核心关切时的"难以启齿"，一键报名投简历的操作更是简单快捷。 此外，"直播带岗"备受欢迎还得益于平台经济的发展。一些平台专门成立带岗主播队伍，进行专业化、 系统性培训，提供技术和人员支持，为"直播带岗"模式日趋成熟打下基础。各地人社部门等机构组织的 深度参与也为"直播带岗"模式推广注入了政策动能，增强了其可信度和权威性，使其逐渐从市场自发探 索升级为公共就业服务的重要补充。 2024年，人力资源和社会 ...

人力资源数字化丨 研究报告 AI+HR： AI应用呈现场景上从招聘、测评环节向培训场景延展；应用上从智能交互到智慧建议；模型上从行业模型到企业私有模型的发展特征。未来Agent HR员 工将有机会能实现跨系统作业。 人力资源数字化市场规模 2024年市场规模约303亿元，未来3年复合增速16.9% 市场规模：2024年中国人力资源数字化市场规模约303亿元，同比增长13.2%。全球经济下行压力下，企业IT支出趋于保守，对人力的管理目标也从 业务增长向成本优化转移。人力数字化市场进入存量优化阶段，增量需求更多依赖于AI应用及功能迭代。 增速预测：企业对AIGC的接受度提升，应用模式逐步从小范围、小场景试点转向规模化落地。随着AIGC技术成熟及应用场景深化，员工培训、知识 管理、人才盘点等场景有望在未来2-3年内实现AI成熟应用。因此，预计2027年中国人力资源数字化市场规模将达到484亿元，未来三年平均复合增速 16.9%。 核心摘要： 市场规模： 2024年中国人力资源数字化市场规模约303亿元，同比增长13.2%。由于AIGC应用从小场景试点逐步转向规模化落地，预计2027年市场规模将达到 484亿元，未来 ...

Core Insights - The Hubei province has launched a series of initiatives to promote entrepreneurship and employment, featuring six recommended projects from Wuhan that focus on rural revitalization, cultural heritage, and the integration of agriculture and tourism [1][2] Group 1: Project Overview - The six recommended projects include: 1. Non-material cultural creative workshop in the Dongxihu District 2. Egg chicken breeding project in the Huangpi District 3. Rural homestay renovation project in the Yangluo Street of the Changjiang New District 4. Human resources industrial park project in the Caidian District 5. Wangji soup industry park project in the Xinzhou District 6. Pig Kingdom agricultural tourism experience project in the Jiangxia District [1] Group 2: Specific Project Details - The Yangluo Street rural homestay renovation project aims to upgrade idle farmhouses and the natural rural environment to create a boutique homestay cluster that integrates leisure, agricultural experiences, and cultural displays [2] - The target customer base for the Yangluo project includes families from the Wuhan metropolitan area, short-term tourists, and corporate team-building groups, leveraging local agricultural resources and cultural heritage [2] - The project is expected to generate diversified income through agricultural tourism education experiences, agricultural product sales, social media marketing, outdoor camping, and accommodation and dining services, with a reasonable investment recovery period and promising long-term returns [2] Group 3: Future Plans - Hubei province plans to continue selecting and promoting projects that are based on local characteristics and resource advantages, aiming to introduce a batch of "small investment, low risk, and predictable" entrepreneurial projects [2]

Core Insights - The company, Core International, is leveraging a "four transformations" strategy—professionalization, internationalization, digitalization, and ecologicalization—to navigate global economic uncertainties and competitive labor markets [1] Financial Performance - In Q1 2024, Core International 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% [1] Growth Drivers - Key growth drivers include structural recovery in recruitment demand, emerging industries, and rapid growth in flexible employment services [1] - The company's digital transformation and AI technology adoption are also significant contributors to growth [1] AI Strategy - In 2024, Core International established an AI-First strategy, focusing on integrating AI models with mid-to-high-end recruitment scenarios [2] - The company has developed a Match System to enhance matching efficiency between job requirements and candidates, utilizing a large dataset accumulated over 30 years [2] Digital Transformation - The digital transformation is yielding performance improvements by enhancing internal collaboration, accelerating business processes, and reducing operational costs [3] - The new technology business has seen a revenue increase of 44.18% year-on-year, indicating effective conversion of R&D investments into business growth [3] AI Product Development - The company has launched the Voice Agent phone client, which automates candidate outreach and contact record generation [4] - Plans include upgrading the Voice Agent to enable AI-driven phone outreach and enhancing the Core Relationship Network model [4] Strategic Focus - Core International remains committed to its "four transformations" strategy, emphasizing professionalization, internationalization, digitalization, and ecologicalization [6] - The company aims to build a global service system while focusing on high-quality clients and emerging industries [6] Ecological Collaboration - The He Wa platform aims to create an ecosystem that promotes resource sharing and capability aggregation among industry partners [7] - The future competitive landscape will focus on collaborative efficiency rather than individual resource competition [7]

Group 1 - The core viewpoint of the news is the release of the "22 Measures for Promoting High-Quality Development of Service Trade and Digital Trade" by the Guangzhou Municipal Government, aimed at enhancing the structure, efficiency, and strength of service trade and digital trade enterprises in the city [1][2] - The measures focus on expanding institutional openness, deepening foreign service industry openness, and promoting alignment with Hong Kong and Macau service trade rules, which is expected to create new business opportunities [1][2] - The initiative emphasizes the importance of standardization in service trade, encouraging the adoption of advanced foreign standards and the development of regional and international standards in specific areas like cross-border elderly care and internet arbitration [1][2] Group 2 - Digital trade is highlighted as a crucial component of the digital economy and a driving force in global trade, with the measures aiming to enhance the "value," "green value," and "new value" of service trade [2] - The plan includes support for enterprises to expand their markets and provides legal service guarantees, along with financial support measures totaling 300 million yuan, with a maximum of 1 million yuan per enterprise based on comprehensive evaluations [2] - Guangzhou has established itself as a national pilot city for service trade innovation, with significant achievements in service trade rule alignment and innovative practices, projecting service trade imports and exports to exceed 75 billion USD in 2024, with 40% being digitalizable services [2][3]