Core Viewpoint - The company reported a decrease in revenue and gross profit for the first half of 2025 compared to the same period in 2024, but achieved a significant increase in net profit and adjusted operating profit, indicating a focus on efficiency and strategic adjustments in response to market conditions [1][2]. Financial Performance - Revenue for the six months ended June 30, 2025, was 937 million, a decrease of 7.6% from 1,015 million in the same period of 2024 [1] - Gross profit was 728 million, down 8.1% from 792 million year-on-year [1] - Net profit increased to 103 million, up 55.8% from 66 million in 2024 [1] - Profit attributable to equity shareholders rose to 80.3 million, a 77.1% increase from 45.3 million in the previous year [1] - Non-GAAP operating profit was 125 million, an increase of 32.7% from 94 million year-on-year [1] Market Dynamics - The management noted that despite stable overall economic conditions, recruitment demand remains at a low point due to international influences [1] - There is a persistent structural imbalance in the recruitment market, particularly for talent in AI, hard technology, and semiconductors, which are highly sought after by companies [1] - The company is actively utilizing AI technology to enhance recruitment efficiency and has launched AI products covering key recruitment stages to meet dynamic enterprise needs [1] User Metrics - The cumulative registered personal users reached 111.4 million, reflecting a year-on-year growth of 10.52% [2] - The number of personal paying users decreased to 47,581, down 12.01% [2] - The cumulative verified enterprise users reached 1,434,168, a year-on-year increase of 4.84%, while the number of paying enterprise clients slightly decreased to 62,916, down 0.88% [2] - The company is undergoing technological upgrades and market strategy adjustments across various business sectors to adapt to market changes [2]

Core Insights - The company reported a revenue of RMB 937 million for the six months ending June 30, 2025, with a net profit attributable to equity shareholders of RMB 80.3 million, representing a year-on-year growth of 77.13% [1] - The company is focusing on "AI + Recruitment" to enhance its product offerings and market competitiveness, particularly through the "猎聘AI企业版" product [1][2] - The company has seen a significant increase in the adoption of its AI recruitment products, with over 70% of paid clients utilizing these features [2] Financial Performance - Revenue for the first half of 2025 was RMB 937 million, with a net profit of RMB 80.3 million, marking a 77.13% increase year-on-year [1] - The number of registered enterprise users reached 1.43 million, a year-on-year increase of 4.8%, while the number of paying enterprise clients slightly decreased by 0.9% to 62,900 [1] Product Development and Innovation - The company has introduced new AI features such as "AI简历快读" and "AI智能邀约" as part of its "猎聘企业版" upgrade, enhancing its AI recruitment product matrix [2] - The AI recruitment product's recommendation rate for potential candidates within two hours has increased to 64%, indicating strong client satisfaction and usage [2] AI Technology Integration - The AI intelligent interview system "Doris" has gained significant market attention since its launch in 2024, achieving a consistency rate of 95% with expert evaluations [3] - The company is expanding the use of its AI systems for various scenarios, including internal talent assessments and business evaluations, which may open new market opportunities [3] Business Growth and Collaboration - The "多猎RCN" platform has seen a steady increase in job postings, reaching 159,000 by June 30, 2025, supported by AI functionalities that enhance headhunting processes [4] - The upcoming launch of the "运单助手小易" product is expected to streamline order delivery processes and strengthen collaboration with headhunting firms [4] Research and Development - The company emphasizes technology development, utilizing mainstream large language models and refining its proprietary model "同道汇才" to enhance recruitment processes [5] - The company has achieved a 50% reduction in negative feedback from key industry clients regarding its AI products, reflecting improvements in model performance and user satisfaction [5]

Core Insights - The company reported a revenue of RMB 937 million for the six months ending June 30, 2025, with a net profit attributable to equity shareholders of RMB 80.3 million, representing a year-on-year increase of 77.13% [1] - The company is focusing on "AI + Recruitment" to enhance its product offerings and market competitiveness, particularly through the "猎聘AI企业版" product [1][2] - The AI recruitment products have significantly improved efficiency, with a recommendation rate of 64% for potential candidates within two hours [2] Financial Performance - Revenue for the first half of 2025 was RMB 937 million, with a net profit of RMB 80.3 million, marking a 77.13% increase year-on-year [1] - Basic earnings per share were reported at 16.82 cents [1] Product Development and Innovation - The company has developed a comprehensive AI recruitment product matrix, including features like "AI简历快读" and "AI智能邀约," which have been well-received by clients [2] - The AI intelligent interview system "Doris" has achieved a consistency rate of 95% with senior interview experts, enhancing user experience [3] - The company is set to launch the "运单助手小易" product in Q3 2025, aimed at improving the order delivery process for recruitment firms [4] Market Position and Client Engagement - The number of registered enterprise users reached 1.43 million, a year-on-year increase of 4.8%, while the number of paying enterprise clients decreased slightly by 0.9% [1] - Over 70% of paying clients are now utilizing AI recruitment products, indicating strong market acceptance [2] Technology and Research - The company has invested in technology development, utilizing mainstream large language models and enhancing its proprietary model "同道汇才" [5] - The company has achieved a 50% reduction in negative feedback from key industry clients regarding AI products, showcasing improved user satisfaction [5]

Core Viewpoint - The founder of Yupa Direct Recruitment, Zhou Feng, is actively promoting the company through a large-scale advertising campaign in major cities, positioning the platform as a competitor to established players like BOSS Zhipin and Zhilian Recruitment, with aspirations for significant market share and a future IPO [2][20]. Advertising Strategy - Yupa Direct Recruitment has launched an extensive offline advertising campaign in urban areas to reach both blue-collar and white-collar job seekers, transitioning from a previous focus on online channels [4][10]. - The company has invested approximately 1.5 billion yuan in online advertising previously, but is now finding offline advertising to be more cost-effective due to reduced budgets in the current economic environment [5][10]. - Zhou Feng emphasizes the importance of offline advertising for reaching decision-makers in companies, as they are more likely to notice these ads compared to online ones [5][10]. Market Positioning - Zhou Feng likens Yupa Direct Recruitment to "the Pinduoduo of the recruitment industry," highlighting its focus on the underserved blue-collar market, which traditional platforms have overlooked [11][20]. - The company has built a strong brand recognition among blue-collar workers over eight years, making it difficult for competitors to penetrate this market [11][20]. Strategic Expansion - The acquisition of Haitou.com and the launch of Yupa Campus Circle are part of the company's strategy to expand into the white-collar job market, targeting university students as a key demographic [12][13]. - Zhou Feng believes that the boundaries between blue-collar and white-collar workers are blurring, and the company aims to adapt to this changing landscape [15][20]. Financial Performance - Yupa Direct Recruitment has maintained a revenue growth rate of 50% annually, with expectations of a 30% growth rate for the current year [16]. - The company has a conservative financial approach, with significant cash reserves from previous funding rounds, allowing for continued investment in growth without immediate pressure [17][20]. Future Aspirations - The company aims to achieve a market valuation of 20-30 billion yuan within the next two to three years and plans to go public [20]. - Zhou Feng envisions Yupa Direct Recruitment as a comprehensive recruitment platform that satisfies both job seekers and employers, with a focus on performance and logical operations [20].

Core Viewpoint - The rise of live-streaming recruitment has transformed the job market, providing a new platform for real-time interaction between job seekers and employers, enhancing the efficiency of job matching [1][4][6]. Group 1: Live-streaming Recruitment Growth - Live-streaming recruitment has become a new digital recruitment product in the human resources service industry, with over 2.5 billion users seeking job opportunities on platforms like Kuaishou in 2023, and nearly 550 million live-streaming sessions held [1]. - By the end of 2024, various human resources departments have published 178,400 short videos related to recruitment activities and conducted 73,600 live-streaming sessions, accumulating 405 million viewers [1]. Group 2: Role of Live-streaming Recruiters - Live-streaming recruiters play a crucial role in bridging the gap between job seekers and employers, requiring them to understand both the employer's needs and the job seekers' expectations [2][4]. - Recruiters prepare extensively for each session, including creating presentations and filtering resumes post-event, to ensure effective communication of job opportunities [2][3]. Group 3: Interactive Features and Trust Building - The interactive nature of live-streaming recruitment allows for real-time Q&A, enhancing engagement and providing job seekers with immediate feedback on their inquiries [4][5]. - To build trust, all recruiting companies must register and undergo verification through official platforms, ensuring compliance and legitimacy [5][6]. Group 4: Challenges and Future Directions - Despite the popularity of live-streaming recruitment, challenges remain, such as the need for in-person job environment assessments and the potential for misinformation [6][7]. - The industry is moving towards incorporating AI and VR technologies to improve job matching accuracy and provide immersive experiences for job seekers [8].

Financial Data and Key Metrics Changes - Revenue for FY 2025 was $165.2 million, down 22% from the prior year [17] - Net loss after tax was €2.9 million, an improvement from a €10 million loss in the previous year [17] - Operating expenses were reduced by £6 million through property consolidation and resizing support teams [17][18] - No dividend was declared for the year ending March 31, 2025, reflecting a prudent approach due to uncertain economic conditions [13][17] Business Line Data and Key Metrics Changes - AWF delivered improved profitability year on year despite a challenging environment [21] - Madison launched a greenfield health channel and secured a place on two key panels within the health sector [22] - Jackson Stone and Wellington were significantly impacted by government spending reductions [23] - Absolute IT was hardest hit nationally but retained key capabilities [23] Market Data and Key Metrics Changes - Unemployment rates reached 5.1% in March, reflecting a 53% increase over two years [25] - The labor market showed signs of strain, with a notable increase in tender activity and preferred supplier contract awards [29] - The contractor book reduced as clients implemented cost control measures [21] Company Strategy and Development Direction - The company is focused on financial sustainability, recovery, and growth, with an emphasis on maintaining operational capacity without compromising service quality [15][18] - Strategic focus on sectors with long-term robustness, including infrastructure, health, and professional services [20] - The company aims to leverage AI and digitization to enhance operational efficiency while maintaining a human touch in recruitment processes [42][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the prolonged and challenging trading cycle but expressed optimism about future recovery [14][15] - The company is preparing for better economic conditions, with expectations for FY 2026 to be a year of rebuild and improved financial performance [25][44] - Management emphasized the importance of maintaining strong relationships with clients and focusing on high-value roles [30][32] Other Important Information - The company maintained a strong banking relationship with ASB, with facilities extending to April 2026 [18] - Continuous conversations with ASB are aimed at reducing net debt and improving gearing metrics [19] Q&A Session Summary Question: Concerns about capital and debt levels - A shareholder expressed concerns about the company's capital needs and suggested that more capital is necessary to navigate current challenges [67][68] - Management acknowledged the importance of retaining quality staff and emphasized that the company does not need to be capital intensive [82][84] Question: Impact of AI on service delivery - A shareholder inquired about how AI might fine-tune the company's processes and operations [92] - Management discussed the integration of AI into core operating platforms to enhance efficiency while maintaining a human touch in recruitment [43][96]

Group 1 - The trend of hiring slowdown in the U.S. is becoming evident, with one-fifth of employers planning to slow down hiring in the second half of 2025, nearly double the rate from the same period last year [1][2] - The majority of Chief Human Resource Officers (CHROs) are leaning towards reducing hiring for the second consecutive year, reflecting a cautious approach amid economic and policy uncertainties [1][3] - Companies are focusing on strengthening existing teams and maintaining flexibility before engaging in large-scale hiring [2][4] Group 2 - Major companies like Novo Nordisk and Meta are pausing hiring in non-critical areas, indicating a shift towards resource concentration in core competencies [2][3] - The average time for unemployed individuals to find new jobs has increased to 24 weeks, indicating a slowdown in hiring speed and a rise in long-term unemployment [3][4] - The CHRO Confidence Index has dropped to 54 in the second quarter of 2025, down from 59 in the previous year, reflecting growing caution among executives [3][4] Group 3 - Factors such as tariff policies and changes in immigration policies are directly impacting hiring decisions, with 50% of executives expecting negative effects from the Trump administration's policies on the labor market [3][4] - The rise of artificial intelligence is prompting companies to reassess their future workforce structure, leading to hesitance in hiring despite the desire to enhance productivity [4] - Companies are emphasizing achieving higher efficiency with fewer employees, as seen in the case of Union Pacific Railroad, which reported a 3% reduction in workforce but a record high in labor productivity [4][5]

Core Viewpoint - BOSS Zhipin's revenue for the second quarter reached 2.1 billion yuan, representing a year-on-year growth of 9.7%, slightly exceeding expectations [1] - The non-GAAP net profit was 946 million yuan, higher than anticipated, primarily due to strong gross margin performance and effective control of sales and R&D expense ratios [1] - The guidance for third-quarter revenue is projected to be between 2.13 billion and 2.16 billion yuan, in line with expectations [1] Financial Projections - The company maintains its revenue forecasts for this year and next year, while increasing its non-GAAP net profit estimates by 8% and 6% to 3.52 billion and 3.75 billion yuan, respectively [1] - The target price for BOSS Zhipin's U.S. stock has been raised by 9.5% to $23, with a maintained "outperform" rating, reflecting improved recruitment demand and better-than-expected expense control [1]

Core Insights - The founder of Yupa Direct Recruitment, Zhou Feng, has faced criticism for his "greasy" advertising campaign despite investing over 1.5 billion yuan without achieving significant brand recognition [2][3][4] - Yupa Direct Recruitment is transitioning from a blue-collar recruitment platform to targeting the white-collar job market, with mixed results so far [5][7] - The platform has encountered trust issues, highlighted by incidents of inappropriate behavior from recruiters, prompting the company to enhance its information auditing processes [8][9] Investment and Financials - Yupa Direct Recruitment has cumulatively invested over 1.5 billion yuan in marketing efforts, yet has not successfully penetrated the market as intended [3][4] - The company was valued at 4 billion yuan following a significant investment round in late 2022, indicating a strong financial backing despite current challenges [5] Market Position and Strategy - Yupa Direct Recruitment aims to carve out a niche in the competitive recruitment market dominated by established players like Zhilian Recruitment and BOSS Direct Recruitment [4][5] - The platform's user base primarily consists of blue-collar workers, with a limited number of white-collar job listings available, reflecting the ongoing challenges in its strategic transition [7] Trust and Reputation Issues - The platform's reputation has been challenged due to incidents where job seekers faced verbal abuse from recruiters, leading to calls for better oversight and accountability [8][9] - Yupa Direct Recruitment has committed to addressing these issues by implementing stricter account management and enhancing its verification processes [9] Future Directions - The company is encouraged to rethink its operational strategies, focusing on improving the quality of job matches rather than merely increasing traffic [10] - Emphasizing a return to the core values of recruitment, Yupa Direct Recruitment aims to build trust and enhance service quality to better serve both job seekers and employers [10]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][18]. Core Insights - The company reported a revenue of 2.102 billion RMB for Q2 2025, representing a year-on-year increase of 9.7%, exceeding management's guidance of 6.9-8.5% [7][18]. - Non-GAAP operating profit reached 881 million RMB, up 33.5% year-on-year, while Non-GAAP net profit attributable to shareholders was 946 million RMB, reflecting an 18.2% increase [7][18]. - The company expects revenue growth of 11.4-13.0% for Q3 2025, with anticipated revenue between 2.13 billion and 2.16 billion RMB [3][17]. Revenue and Profitability - The online recruitment business (B-end) generated 2.078 billion RMB in revenue, a 9.8% increase year-on-year, with the number of paying enterprise clients reaching 6.5 million, up 10.2% [2][9]. - The average ARPU (Average Revenue Per User) for the past 12 months was 1,180 RMB, an increase of 3.4% year-on-year [2][9]. - The company's Non-GAAP operating profit margin reached a record high of 41.9%, up 7.5 percentage points year-on-year, driven by cost reduction and efficiency improvements [2][12]. Future Outlook - The company has announced a cash dividend plan totaling approximately 80 million USD for 2025 and extended its existing share repurchase plan to August 2026, increasing the amount to 250 million USD [3][17]. - Adjusted net profit forecasts for 2025-2027 have been raised to 3.521 billion, 4.408 billion, and 5.488 billion RMB, respectively, with expected growth rates of 30%, 25%, and 25% [18][20].