证券研究报告 BOSS 直聘 (BZ US) 边际趋势良好，期待春招弹性 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 12 日│美国 | 互联网 | 24Q4 MAU 为 5270 万，同比增长 28%。春节后平台用户呈现较高活跃度， 根据 Questmobile 的数据 2 月最后一周，BOSS 直聘/前程无忧/智联招聘/ 猎聘周活跃用户分别增长 yoy+12.9%/10%/-2%/12%，公司在规模和增长上 依然领先同业。根据 Sensor Tower 的数据显示 1-2 月同比增长 13.2%，好 于此前 24 年 11-12 月的数据跟踪。考虑到边际招聘需求回暖，公司指引 25Q1 收入为 19~19.2 亿元（yoy+ 11.5% ~12.7%），彭博一致预期为 18.85 亿，略好于预期。 盈利兑现持续，25 年利润率持续提升 24FY 公司毛利率 83.1%(yoy+ 0.9pct)，销售费用率为 28.2%，一次性品牌宣 传 投 放 前 提 下 同 比 依 然 下 降 5.3pct 。 管 理 和 研 发 费 用 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The labor market shows a stable demand for talent, particularly in first-tier and new first-tier cities, with significant growth in the IT, mechanical manufacturing, and healthcare sectors [6][29] - The report indicates a shift in recruitment strategies, with an increase in flexible employment and a growing application of AI in human resource management [7][52] - The overall economic environment is stable, with a GDP growth of 4.8% in the first three quarters of 2024, and a consistent urban unemployment rate around 5.1% [9][11] Summary by Sections Economic Overview - The GDP growth rates for the first three quarters of 2024 were 5.3%, 4.7%, and 4.6% respectively, indicating a stable economic performance [9] - The urban unemployment rate remained stable at 5.1% throughout the first three quarters, with slight fluctuations [10] Labor Market Analysis - Talent demand is concentrated in first-tier cities, with Shanghai leading at 12.37% of new job postings, followed by Beijing and Shenzhen [24][25] - The IT/Internet/Gaming sector accounted for 21.38% of new job postings, driven by digital transformation and technological advancements [29][30] - The report highlights a notable increase in recruitment needs among micro and large enterprises, particularly in the consumer goods and healthcare sectors [7][53] Recruitment Trends - In Q4 2024, the proportion of employers planning to increase hiring decreased slightly to 25.64%, while those planning to reduce hiring rose to 30.77% [52] - The consumer goods sector showed the highest recruitment demand at 15.0%, reflecting a shift towards service consumption [53] - Online recruitment channels remain dominant, with nearly half of employers utilizing internal referrals, while headhunting services saw a slight decline [73] Employer Characteristics - Private enterprises accounted for 50.17% of new job postings, underscoring their critical role in job creation [36][37] - The distribution of employers by size showed an increase in small employers (1-99 employees) and a decrease in medium and large employers, indicating a shift in hiring strategies [55][56] Talent Demand and Skills - Employers increasingly value learning and adaptability skills in candidates, with 50.85% prioritizing these attributes in Q4 [78] - The demand for technical roles remains high, particularly in sectors like IT and manufacturing, reflecting ongoing technological advancements [72][40]

极越办公室：几百人熬了一天，等来一个月社保。 12 月 12 日下午，数百极越员工出现在极越汽车位于上海嘉定的总部园区，有的来要说法（因为社 保断缴了），有的想搬东西走来抵扣拖欠的工资；还有一些人只想拿回自己的物品。未获入门许可 的供应商现场建微信群，接龙被极越拖欠的货款。12 日晚，百度和吉利已经决定转账，为极越员 工缴纳拖欠的 11 月社保。 赛力斯或赴港上市，筹资超 10 亿美元。 据媒体报道，赛力斯近期在讨论赴港上市事宜，最快明年完成 IPO，筹资超 10 亿美元。不过，相 关上市计划仍在审议中，发行规模等细节或有变动。赛力斯原名小康股份，于 2016 年 6 月在 A 股 上市。今年以来，受与华为合作的 AITO 问界品牌销量暴增等因素影响，赛力斯 A 股股价累计上 涨约 80%，公司市值目前为 2067 亿元。 保时捷日本 CEO 尉岚峰将成为保时捷中国副总裁兼 COO。 12 月 12 日，保时捷宣布，保时捷日本 CEO 尉岚峰 (Philipp von Witzendorff) 将从明年 1 月 1 日起 出任保时捷中国副总裁兼 COO。过去两年间，尉岚峰通过改进销售策略、客户体验，扩大了保时 ...