金融界8月18日消息，有投资者在互动平台向外服控股提问：董秘，你所说的积极探索国际化拓展，有 哪些具体的行为，怎么能知道你不是在糊弄股民？2025时间过半，你们写不写工作总结？这半年时间你 们作出了哪些成就，有哪些机构调研了公司的发展状况？ 公司回答表示：尊敬的投资者，您好！公司海外业务解决方案已落地21个国家和地区；参股公司FSG- TG与欧洲、美洲、非洲和大洋洲等同行建立业务服务合作伙伴关系，服务可覆盖50个国家和地区。感 谢您的关注。 本文源自：金融界 作者：公告君 ...

Core Viewpoint - The introduction of "Interpretation II" by the Supreme People's Court is not equivalent to the implementation of "universal social security," but rather aims to clarify existing regulations regarding social insurance contributions, particularly in light of the challenges faced by small and micro enterprises [2][7]. Group 1: Background and Context - "Interpretation II" was developed over several years, with a draft released in December 2023 and officially published on August 1, 2025. It addresses the rising number of labor dispute cases, which increased by 40.17% in the first half of 2025 compared to the previous year [5]. - The new regulation clarifies that any agreement between employers and employees to not pay social insurance is invalid, thus providing a unified standard for adjudicating disputes related to social insurance contributions [5][9]. Group 2: Implications for Small and Micro Enterprises - Experts suggest that the interpretation does not introduce new rules but reinforces existing obligations for employers to contribute to social insurance, which has not been strictly enforced due to the economic difficulties faced by small and micro enterprises [7][9]. - The potential short-term impact of the interpretation includes increased labor costs for small businesses, which may lead to layoffs, reduced hiring, or increased prices for consumers [22][23]. Group 3: Social Insurance Contribution Issues - There are significant discrepancies in social insurance contributions, particularly among small and micro enterprises, with many failing to comply with existing regulations. A report indicated that while large enterprises generally comply, small and micro enterprises have a substantial gap in participation [14][15]. - The current social insurance contribution system has two main issues: non-payment of contributions and underpayment based on total wages. In 2024, only 28.4% of surveyed companies complied fully with contribution bases [14][15]. Group 4: Future Considerations - The gradual implementation of "universal social security" is seen as crucial for ensuring sustainable pension systems and providing stable retirement income for individuals. The average pension for retired employees was reported at 3,162 yuan per month in 2023, with a minimum contribution period of 15 years required for pension eligibility [32]. - The need for more individuals to comply with social insurance contributions is emphasized to maintain the sustainability of the social security system, as the current contributors will be responsible for funding future retirees [32].

Company Overview - Company name: Beijing Core International Human Resources Co., Ltd. specializes in providing comprehensive human resource service solutions [1] - Main products include high-end talent search, recruitment process outsourcing, flexible employment, technical services, and other services [1] - Recent awards include the 2024 Best Global Human Resource Service Agency Award and the 2024 Most In Global Human Resource Service Agency Award [1] Financial Performance - As of the latest quarterly report for Q1 2025, the company achieved a revenue of 3.303 billion yuan, representing a year-on-year increase of 25.13% [1] - Net profit for the same period was 57.7839 million yuan, showing a year-on-year growth of 42.15% [1] - The sales gross margin stood at 5.52% [1] Market Position - The company's current stock price is 31.91 yuan, with a PE ratio of 28.23 times [1] - The total market capitalization is 6.28 billion yuan [1] - In comparison to the industry, the average PE ratio for the professional services sector is 77.32 times, with a median of 44.21 times, placing the company at 16th in the industry ranking [1][2] Capital Flow - On August 15, the company experienced a net inflow of main funds amounting to 5.2303 million yuan, although it has seen a total outflow of 90.2917 million yuan over the past five days [1]

Financial Data and Key Metrics Changes - Consolidated revenues for Q3 2025 were $24.5 million, down 9.1% from the prior year period, and year-to-date revenues were $73 million, down 10.1% [6][11] - Gross profits for the quarter were $8.7 million with a gross margin of 35.4%, compared to $9.2 million and 34.1% in the prior year quarter [7][12] - The net loss from continuing operations for the quarter was $400,000, or $0.00 per diluted share, while the year-to-date loss was $34 million, or $0.31 per diluted share [7][14] - Non-GAAP adjusted EBITDA was negative $25,000 for the quarter and negative $918,000 year-to-date, showing improvements compared to the prior year [7][15] Business Line Data and Key Metrics Changes - Professional contract staffing services revenues for Q3 were $21.3 million, down 10.1% year-over-year, and year-to-date revenues were $64.3 million, down 10.1% [11] - Direct hire revenues for the quarter were $3.2 million, near breakeven, and year-to-date revenues were $8.7 million, also near breakeven [11] Market Data and Key Metrics Changes - The staffing industry is facing significant challenges due to macroeconomic uncertainties, interest rate volatility, and inflation, leading to a cooling effect on U.S. employment [4][5] - Many clients have paused hiring initiatives and focused on retaining existing employees, resulting in fewer job orders for staffing services [5] Company Strategy and Development Direction - The company is focusing on streamlining core operations, improving productivity, and integrating AI technology into recruiting and sales processes [8][14] - There is a renewed focus on Vendor Management Systems (VMS) and Managed Service Provider (MSP) business models to enhance operational efficiency [8][14] - The company is preparing for a recovery in the labor market and anticipates increased demand from existing customers [9][18] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about navigating current challenges and emphasized the importance of revenue growth and cost reduction [9][18] - The company is well-positioned with a strong balance sheet and substantial liquidity, allowing for potential growth and acquisitions in the future [9][16] Other Important Information - The company has paused share repurchases since December 31, 2023, but considers it a potential future strategy [9][18] - The liquidity position remains strong with $18.6 million in cash and no outstanding debt [16] Q&A Session Summary Question: Update on the sale of Triad - The company will update the website regarding the sale of Triad and other current activities [19] Question: Capital allocation strategy - The company is considering both acquisitions and share repurchases, with a focus on restoring positive cash flow before making decisions [21][24] Question: Status of M&A target list - Several potential deals are under consideration, but the company is cautious due to the current stagnant market conditions [22][24] Question: Competitors' performance comparison - Competitors are facing similar challenges, with some emphasizing consulting services to buffer declines in traditional staffing roles [34][36] Question: Impact of AI on staffing demand - AI is seen as both a challenge and an opportunity, with the company focusing on high-demand skill sets while adapting to changes in the labor market [30][42]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Beijing Human Resources, indicating a significant disparity between its PE ratio and the industry average [1][2] - As of August 14, the company's stock price closed at 20.73 yuan, down 2.03%, with a rolling PE ratio of 10.02 times and a total market capitalization of 11.736 billion yuan [1] - The average PE ratio for the professional services industry is 76.35 times, with a median of 43.31 times, placing Beijing Human Resources in the 8th position within the industry [1][2] Group 2 - For the first quarter of 2025, the company reported revenue of 10.837 billion yuan, a year-on-year increase of 2.72%, and a net profit of 591 million yuan, reflecting a substantial year-on-year growth of 180.41% [2] - The company's sales gross margin stands at 5.63% [2] - As of March 31, 2025, the number of shareholders for Beijing Human Resources was 13,514, a decrease of 615 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1]

近日，今元集团旗下海外人力资源业务品牌"金柚GEO"在土耳其成立自营公司。此举标志着继中国香港、新加坡、印尼、越南、马来西亚、澳大利亚等关键 节点布局后，今元集团在"一带一路"中东-欧洲走廊核心区完成战略性纵深部署，实现本地化服务网络的能级跃升。通过构建覆盖战略规划、合规准入、人 力资源配置及长效运营的全链路支撑体系，集团正系统性赋能中国企业以土耳其为支点，撬动欧亚非三大陆的万亿级市场机遇。 | | | I CARE SIGIL IASDIKNAMESI | | | --- | --- | --- | --- | | TICARET UNVANI | JOYOWO GEO TURKEY İSTİHDAM VE İNSAN KAYNAKLARI LİMİTED | | | | | SIRKETI | | | | MERSİS NUMARASI | TICARET SICIL NO 0484233 -------- | | | | DURUMU | ILK TESCIL TARIHI Aktif | | 07.08.2025 | | TÜRÜ | TEK ORTAKLI LİMİTED ŞİRKET | | | ...

Core Viewpoint - The article highlights the dividend distribution and stock bonus plans of several A-share listed companies, indicating a trend of shareholder returns in the market [1] Dividend Distribution - Hisense Home Appliances, Huatai Securities, and Foreign Service Holdings have the highest dividend payouts, distributing 12.30 yuan, 3.70 yuan, and 2.40 yuan per 10 shares respectively [1] - Langbo Technology and Harbin Railway Technology have proposed dividend plans, with intended payouts of 0.9 yuan and 0.3 yuan per 10 shares respectively [1] Stock Bonus Plans - Jucan Optoelectronics plans to increase its capital by issuing 4.5 additional shares for every 10 shares held [1]

Summary of Conference Call Notes Industry Overview - The focus is on the human resources service industry, particularly the impact of AI on recruitment processes and efficiency improvements [1][2][4]. Key Companies Discussed - Notable companies mentioned include: - Corey's International (科瑞国际) - Beijing Human Resources (北京人力) - Foreign Service Holdings (外服控股) - Emerging online recruitment platforms like Tongdao Liepin (同道列聘) and Boss Zhipin (boss职聘) [4][7][8]. Core Insights and Arguments 1. **AI Empowerment in Recruitment**: - AI is identified as a significant driver for enhancing efficiency in the recruitment process, which is traditionally lengthy and repetitive [2][4]. - The recruitment business has substantial potential for AI integration at various stages, leading to improved operational efficiency [2][6]. 2. **Technical Expertise of Founders**: - The founding teams of leading AI recruitment companies possess strong technical backgrounds, contributing to their competitive advantages [2][3]. - For instance, one of the founders of Marker has a background in computer science from Carnegie Mellon, while the founder of Perfect previously led a facial recognition technology company [2][3]. 3. **Growth Driven by Emerging Industries**: - The demand for specialized talent in emerging industries correlates with the rapid growth of AI recruitment companies [3]. - Companies like Marker have seen significant growth due to their focus on data labeling services for major AI labs, including OpenAI [3]. 4. **Survival AI as a Growth Catalyst**: - The emergence of survival AI technologies has supported the rapid development of these companies, particularly in enhancing product offerings and validating technology [3][4]. 5. **Domestic AI Application in HR**: - Domestic leaders like Corey and Beijing Human Resources are actively implementing AI solutions to improve traditional recruitment processes [4][7]. - Corey's AI platform, "核挖," is highlighted as a potential second growth curve, aggregating resources from headhunting firms to enhance order fulfillment efficiency [5][6]. 6. **Collaborative Ventures**: - Beijing Human Resources has formed a joint venture to explore AI model applications in recruitment, integrating AI tools into comprehensive client solutions [7]. - Foreign Service Holdings has also introduced AI-powered tools to enhance their service offerings [8]. Additional Important Points - The short-term outlook for the HR sector is influenced by macroeconomic recovery and growth in emerging industries like smart manufacturing and renewable energy [8]. - Long-term, AI is expected to drive significant changes in the industry ecosystem and product forms, enhancing operational efficiency and profitability for leading companies [8][9]. - The report recommends a focus on Corey's International and Beijing Human Resources, while also monitoring Foreign Service Holdings for potential investment opportunities [9].

Summary of Conference Call on Beijing Human Resources Industry Overview - The Supreme People's Court has clarified that companies must pay economic compensation if they terminate labor contracts due to non-payment of social insurance, which will increase labor costs for enterprises and reduce gray area operations [2][3] - This new regulation may accelerate the exit of small human resource service companies, increasing industry concentration and benefiting compliant large enterprises like Beijing Human Resources [2][3] Core Points and Arguments - The policy is expected to compel companies to enhance human capital operational efficiency and increase demand for compliant, healthy, and sustainable human resource solutions, such as professional outsourcing and flexible employment [2][3] - Beijing Human Resources has stated that its business will not be affected by the new regulation as it has always adhered to lawful operations and does not profit from employee social insurance fees [2][4] - The company plans to focus on achieving major restructuring performance commitments and will study its strategic development plan for the 14th Five-Year Plan period, including future growth metrics [2][4] Future Plans and Adjustments - In 2025, Beijing Human Resources aims to focus on cost reduction and efficiency improvement to ensure satisfactory year-end performance [2][4] - The company will gradually advance domestic management integration and overseas market expansion in line with the 14th Five-Year Plan, with organizational and personnel adjustments planned for the second half of 2025 and 2026 [2][5] - There are currently no significant changes observed in the compliance of outsourcing bidding processes, indicating a stable environment at this stage [2][6] Additional Important Insights - The new regulation is likely to create operational pressure for small human resource service providers that rely on gray area practices [4] - Beijing Human Resources has conducted internal investigations confirming that its main business units do not foresee any impact from the new policy [4]

Group 1 - As of August 13, 2025, the stock price of Core International is 32.02 yuan, down 1.54% from the previous trading day [1] - The trading volume on that day was 68,996 hands, with a transaction amount of 221 million yuan [1] - Core International specializes in human resources services, including high-end talent search, recruitment process outsourcing, and flexible staffing [1] Group 2 - As of August 8, 2025, the total number of shareholders of Core International reached 12,872, an increase of 2,424 shareholders, representing a growth rate of 23.20% [1] - The average market value of circulating shares held by each shareholder is 527,200 yuan, which is higher than the average level in the social services industry [1] - On August 13, 2025, the net outflow of main funds for Core International was 15.05 million yuan, with a cumulative net outflow of 22.63 million yuan over the past five days [1]