顺周期招聘专家交流 20250912 摘要 2025 年 7 月职位发布量同比增长，预计 8 月继续增长，但大学生就业 形势依然严峻，应届毕业生失业率约为 20%，虽较前几年有所下降，但 仍有提升空间。企业校招需求增加主要得益于政府保就业政策、企业招 聘需求增加以及平台职位发布数增多。 应届生群体活跃度下降并非人数减少，而是求职效率提高所致。互联网 行业招聘在二季度显著增长 3.4%，汽车行业增长 4.3%，而金融业同比 下降超 6%，服务业下降约 3%。 社会招聘改善源于企业发布职位数增加和新注册企业数量显著增长。 2025 年上半年新注册企业数达 170 多万，去年同期仅 130 多万。企业 发布职位数从 2024 年的 4.7 增至 2025 年的 5.2，表明招聘需求提升。 招聘需求自 2024 年 7 月开始缓慢改善，2025 年 3 月企业平均发布职 位数回升至 5 以上，5-6 月达峰值。小微企业恢复速度快于大中型企业， 小微企业数量显著增加，表明其对市场需求反应更迅速。 预计 9-11 月企业平均发布职位数可能接近 5.5，虽低于疫情前水平，但 已显示复苏迹象。主要招聘平台中，猎聘表现不佳，5 ...

Core Viewpoint - Dongwu Securities International expresses optimism about Tongdao Liepin (06100) due to its unique positioning in the mid-to-high-end recruitment market and its AI-driven service premium capability, anticipating significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved revenue of 940 million yuan, gross profit of 730 million yuan, and net profit attributable to shareholders of 80 million yuan, representing a year-on-year growth of 77.1%; adjusted operating profit increased by 32.7% to 120 million yuan [2] Group 2: User Base Expansion - The company’s C-end cumulative users reached 111 million, a year-on-year increase of 10.5%, solidifying its user base; however, due to statistical adjustments, the number of C-end paying users decreased by 12% to 47,600 [3] - On the B-end, the company verified over 1.43 million enterprises, a year-on-year growth of 4.8%, confirming its scarce position in the mid-to-high-end recruitment sector, with stable paying clients around 63,000 [3] Group 3: Cost Reduction and Profit Growth - In the first half of the year, the company’s marketing expenses were 420 million yuan, down 12.9% year-on-year, due to precise spending and reduced sales and marketing personnel costs; R&D expenses decreased by 21.7% to 130 million yuan, primarily due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - Management expenses fell by 4.8% to 140 million yuan, mainly due to personnel cost reductions; the operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year [4] Group 4: AI-Driven Product Innovation - In the first half of the year, the "Liepin Enterprise Version" implemented AI account upgrades, adding features like "Resume Quick Read" and "Intelligent Invitation," covering over 70% of paying clients [5] - The "Intended Candidates" product achieved a two-hour recommendation rate of 64% and a monthly re-initiation rate exceeding 60%, indicating strong customer recognition; the AI interview system Doris demonstrated over 95% consistency with expert evaluations [5]

今年，"菁英聚鹏城（深i优才）"招聘平台全面升级，嵌入AI简历筛选、AI岗位推荐与AI面试等功能， 实现招聘流程智能化，大幅提升招聘效率与精准度，打造"永不落幕的云端招聘会"，为企业和毕业生打 造更高效、更精准、更便捷的对接通道。 "菁英聚鹏城"深圳市属国企2026校园招聘系列活动将持续至2026年8月，全年不打烊。活动矩阵丰富多 元，包含秋招、春招、夏招，以及暑期实习实践等活动，同时市国资委秉持国企共建、人才共育的理 念，针对"菁英聚鹏城"校招引进的重点岗位优秀毕业生，量身定制"青苗"人才系列培养计划，构建青年 人才"引育用留"全链条培养机制。 （文章来源：南方都市报） 近日，记者从深圳人才集团获悉，深圳市国资委将于2025年9月起，全面启动第九届"菁英聚鹏城"深圳 市属国企2026校园招聘系列活动。本届招聘活动由深圳人才集团旗下深圳千里马国际招聘有限公司承 办，线上线下联动，聚焦深圳国资国企重点产业布局和专业人才所需，面向全球高校毕业生抛出"橄榄 枝"，助力深圳加快打造更具全球影响力的经济中心城市和产业科技创新中心。 作为深圳国资国企校招的"金字招牌"，本届"菁英聚鹏城"延续"稳保就业、战略育才"核心定位 ...

Group 1 - The company BOSS Zhipin (W) announced the issuance of 295,400 shares due to the exercise of stock options on September 4, 2025 [1]

Group 1 - The company BOSS Zhipin-W (02076) announced the issuance of 295,400 shares due to the exercise of stock options on September 4, 2025 [1]

每天早晨八点半，当你走进北京西二旗地铁站，很难忽视通道两侧密集出现的黄蓝色广告——鱼泡直聘创始人周峰一边嘟嘴，一边比出电话手势，配 文："找工作！鱼泡直聘电话聊就是快！" 这张广告除了被吐槽形象"油腻"，广告上写的"超1亿APP用户"也让很多白领疑惑，这究竟是什么招聘软件？ （鱼泡直聘广告，图源网络） 事实上，鱼泡虽然对于白领来说很陌生，却是数千万蓝领工人最常用的招聘平台。根据艾瑞咨询《2024中国网络招聘行业研究报告》，鱼泡直聘在综合招 聘平台中排名第四，并在蓝领招聘市场占有率第一。 2024年12月，鱼泡直聘突然宣布战略升级，正式进军白领求职赛道，并在今年初发动了这场席卷北上广深地铁系统的广告闪电战，截至目前，鱼泡已投入 超过15亿元的营销费用。 一边是蓝领市场头把交椅，一边是白领市场强敌环伺。鱼泡凭借砸钱营销闯入白领赛道，看似是高举高打，实则困难重重。 从工地崛起，逆袭蓝领赛道第一 鱼泡直聘的故事，始于七年前的四川成都。 2017年，29岁的周峰创立了鱼泡直聘（原名鱼泡网），往狭小的出租屋里塞进6张办公桌，开始"帮工人找活儿"。 作为农民工的孩子，他很早就注意到了蓝领群体找活之难——"有些信息差能把人困 ...

Core Viewpoint - The company's performance in the first half of 2025 fell short of expectations, with a revenue decline and a stable gross margin, but improvements in net profit margins were noted due to cost control and efficiency enhancements [1][2]. Financial Performance - 1H25 revenue was 937 million yuan, a year-on-year decrease of 7.6% - 1H25 gross margin remained stable at 77.6% - 1H25 Non-IFRS net profit was 96.81 million yuan, corresponding to a Non-IFRS net profit margin of 10.3%, an increase of 3.7 percentage points year-on-year [1][2]. Development Trends - Recruitment has not significantly recovered, but cash income is expected to stabilize in the second half of 2025 - B-end enterprise user revenue was 768 million yuan in 1H25, down 9.9% year-on-year - The number of verified enterprise users reached 1.434 million, a year-on-year increase of 4.8%, while the number of enterprise clients decreased by 1% to 63,000 - The average revenue per user (ARPU) for paid users declined by 9.1% due to weak demand from large enterprise clients [1][2]. AI Strategy - The company's B segment AI product coverage among paying enterprises increased from 30% to 70% year-on-year - The "intended candidates" feature in the recruitment model improved its recommendation rate from 50% to 64% - The AI intelligent interviewer, Doris, has successfully covered 15 primary industries, with a consistency score above 95% [2]. Profitability and Dividend Progress - 1H25 sales and R&D expense ratios decreased by 2.7 percentage points and 2.4 percentage points, respectively, due to personnel optimization and internal cost reduction - 2H25 Non-IFRS operating profit and net profit are projected to be 125 million yuan and 97 million yuan, respectively, with corresponding margins of approximately 13.3% and 10.3%, reflecting year-on-year improvements [2]. - The company announced a special dividend of 0.42 HKD per share in May, indicating a commitment to shareholder returns [2]. Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 2.2% and 1.6% to 1.985 billion yuan and 1.999 billion yuan, respectively, while profit forecasts remain unchanged due to cost control measures - The target price is maintained at 6.2 HKD, corresponding to 15.3x and 13.5x 2025/2026e Non-IFRS P/E, indicating a 47% upside potential [3].

Investment Rating - The industry investment rating is "Overweight" for the internet sector, maintaining a positive outlook on recruitment platforms [6]. Core Insights - The recruitment industry is showing signs of recovery driven by macroeconomic improvement and targeted policy support, with expectations for growth in the second half of 2025 [1]. - There is a notable divergence in revenue trends among leading recruitment platforms, with BOSS Zhipin experiencing a year-on-year revenue increase of 11.2% in the first half of 2025, while Zhilian and Liepin saw declines of 13.2% and 10% respectively [2]. - The recovery in payment collections and new job postings is evident, with BOSS Zhipin projected to see a year-on-year revenue growth of 14.6% in Q3 2025, indicating a positive trend [3]. - Small and medium-sized enterprises (SMEs) are driving significant growth in job postings, particularly in the blue-collar sector, with BOSS Zhipin's blue-collar revenue growth outpacing white-collar growth [4]. - The recruitment platforms are expected to see improved earnings performance in the latter half of 2025, with BOSS Zhipin's strong performance validating its competitive position and potential for valuation increase [5]. Summary by Sections Recruitment Trends - Recruitment demand is recovering, with online platforms showing a positive trend in job postings and revenue collections [1][3]. Revenue Performance - BOSS Zhipin reported a revenue of 40.3 billion in H1 2025, while Zhilian and Liepin faced declines, highlighting a shift in market dynamics [2]. Job Postings - New job postings are on the rise, with BOSS Zhipin seeing a 20% year-on-year increase in July 2025, indicating a strong recovery in recruitment demand [3]. SME Growth - SMEs are increasingly contributing to job postings, with BOSS Zhipin seeing significant growth in positions from companies with fewer than 100 employees [4]. Earnings Outlook - The earnings outlook for recruitment platforms is optimistic, with BOSS Zhipin expected to continue outperforming market expectations [5].

Core Insights - Yupa Direct Recruitment, a leading player in the blue-collar recruitment market, is expanding into the white-collar recruitment sector, aiming to capture a share of this market [2][6] - The company has significantly increased its advertising expenditure, shifting from online-only campaigns to extensive offline advertising in major cities [2][17] - Yupa is offering free recruitment services for white-collar positions to attract more companies to its platform, while maintaining its dominance in blue-collar recruitment [2][6] Advertising Strategy - The advertising campaign began in Chengdu on April 27 and expanded to six major cities, including Beijing and Shanghai, by June [2][17] - The monthly advertising budget has increased from several million yuan to nearly 100 million yuan [2][17] - The founder, Zhou Feng, is personally featured in advertisements to create a unique brand identity [17] Recruitment Platform Dynamics - The platform has different requirements for blue-collar and white-collar job postings, with stricter verification processes for white-collar positions [5][6] - Despite efforts to attract white-collar users, the platform still predominantly features blue-collar job listings [7][8] - Yupa's revenue model involves charging both job seekers and employers, contrasting with competitors like BOSS Zhipin, which primarily charges employers [8][9] Market Position and Competition - Yupa aims to be among the top two players in comprehensive recruitment, competing against established platforms like BOSS Zhipin and Zhilian [2][6] - The company has received significant investment, including from Lei Jun, and is currently valued at over 4 billion yuan [13][14] - Zhou Feng's strategy includes building a personal brand to enhance the company's market presence and storytelling [17]

Core Insights - The company achieved a revenue of 937 million yuan and a net profit of 80 million yuan in the first half of 2025, marking a year-on-year growth of 77.1% in net profit [1] - The company initiated its first dividend distribution post-IPO and plans to enhance its shareholder return mechanism [1] - The platform's total verified enterprise users reached 1.434 million, a year-on-year increase of 4.8%, while the number of paying enterprise clients decreased by 0.9% to 63,000 [1] Group 1: AI Integration and Product Development - The company accelerated the application of artificial intelligence across the recruitment process, enhancing efficiency and user experience through innovations like "AI Resume Quick Read" and "AI Intelligent Invitation" [1] - Over 70% of paying enterprise clients are now utilizing AI recruitment products, a significant increase from the beginning of the year [1] - The company has established a multi-layered technical architecture for AI-enabled recruitment, integrating mainstream large models and developing its proprietary model "Tongdao Huicai" to create a differentiated technological advantage [2] Group 2: User Engagement and Market Position - The average monthly active users (MAU) on the platform grew by 18.5% year-on-year, reaching a historical high due to the optimization of AI-driven recommendation mechanisms and personalized service strategies [2] - The total registered personal users on the platform reached 110 million, reflecting a year-on-year growth of 10.5%, with revenue from personal users amounting to 170 million yuan, up 5.2% [1]