Financial Data and Key Metrics Changes - Consolidated fee revenue for the fourth quarter was $712 million, growing 4% year over year at constant currency [15] - Adjusted EBITDA grew 8% to $121 million, with an adjusted EBITDA margin increase of 70 basis points to 17% [15] - Adjusted diluted earnings per share increased 5% to $1.32 [15] - Estimated remaining fees under existing contracts totaled approximately $1.7 billion, up 12% year over year [16] Business Line Data and Key Metrics Changes - Executive Search grew 15% year over year at constant currency, marking the fourth consecutive quarter of growth [14] - Digital subscription and license new business grew to 40% of total digital new business, up from 37% in the prior year quarter [14] - RPO (Recruitment Process Outsourcing) secured $119 million in new business awards, with 77% attributed to new logos [14] - Average hourly bill rates in consulting and interim portions remained strong at $454 and $131, respectively [14] Market Data and Key Metrics Changes - Fee revenue in The Americas was flat year over year at constant currency, with growth in Executive Search and RPO [17] - EMEA fee revenue grew 9% year over year at constant currency, driven by growth in Executive Search and Professional Search [18] - APAC fee revenue grew 8% year over year at constant currency, primarily due to growth in Executive Search and RPO [18] Company Strategy and Development Direction - The company is focused on extending its offerings and solutions, particularly in technology and AI, to drive organizational performance for clients [8][10] - The strategy emphasizes synergistic fee revenue sources, with 77% of clients purchasing two or more solutions [7] - The company aims to innovate and enhance its TalentSuite product, which is expected to create a significant impact in the market [9][14] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing economic challenges, including a cost of living crisis and its impact on client spending [33][34] - Despite the challenging environment, the company remains optimistic about future growth opportunities and its ability to drive performance for clients [19] - The leadership team is focused on adapting to changing market demands and the need for different leadership qualities in the current economic climate [50][51] Other Important Information - The company returned $173 million to shareholders through share repurchases and dividends in fiscal year 2025 [18] - The company invested $44 million in M&A and $62 million in capital expenditures focused on technology platforms and product enhancements [18] Q&A Session Summary Question: Insights on new business trends and revenue trends by month - Management noted that May was stronger than April, indicating a positive trend despite ongoing uncertainties [23] Question: Executive Search growth specifics - Management indicated that long-term growth has been consistent, with quarterly fluctuations expected [26] Question: Update on sales cycles and client spending behaviors - Management highlighted a cost of living crisis affecting client spending and overall economic growth [33][34] Question: Performance of consulting and digital segments - Digital business grew 4% year over year, while consulting remained flat, reflecting larger engagements taking longer to implement [41] Question: Impact of international news on business confidence - Management expressed uncertainty about the impact of geopolitical events on business confidence, emphasizing the ongoing cost of living crisis [58][59] Question: Headcount productivity and revenue generation - Management discussed the importance of monetizing intellectual property and the scalability of their offerings [73][74] Question: Changes in leadership qualities sought by boards - Management emphasized the need for leaders who can embrace ambiguity and adapt to rapid changes in the market [50][51]

Market Performance - U.S. stocks showed positive movement with the Dow Jones index increasing by over 150 points, up 0.36% to 42,366.99 [1] - The NASDAQ rose 0.56% to 19,629.54, and the S&P 500 gained 0.39% to 6,006.14 [1] - Consumer discretionary shares increased by 0.6%, while energy stocks fell by 0.4% [1] Company Earnings - Korn Ferry (KFY) reported better-than-expected fourth-quarter fiscal year 2025 results, with adjusted earnings per share of $1.32, surpassing the analyst consensus estimate of $1.26 [2] - Quarterly sales reached $719.83 million, exceeding the expected $689.90 million [2] Commodity Prices - Oil prices decreased by 0.9% to $74.20, while gold prices increased by 0.1% to $3,410.40 [5] - Silver prices fell by 0.5% to $36.970, and copper prices rose by 0.8% to $4.8455 [5] Global Market Trends - European shares were mixed, with the eurozone's STOXX 600 declining by 0.4%, while Spain's IBEX 35 Index rose by 0.1% [6] - Asian markets closed mixed, with Japan's Nikkei gaining 0.90% and Hong Kong's Hang Seng Index falling by 1.12% [7] Stock Movements - Ryde Group Ltd. (RYDE) shares surged by 165% to $0.4719 following the announcement of a 40% stake acquisition in Atoll Discovery [9] - Aptevo Therapeutics Inc. (APVO) shares increased by 114% to $6.06 after positive clinical data from its ongoing trial [9] - Eyenovia, Inc. (EYEN) shares dropped by 37% to $4.4100 due to the appointment of a strategic advisor and debt agreement amendments [9]

科锐国际（300662）公告，控股股东泰永康达持有公司流通股5986.25万股，占总股本的30.4170%。计 划以大宗交易和集中竞价方式减持358.07万股，占总股本的1.8194%。公司财务总监尤婷婷持有公司股 份75175股，占总股本的0.0382%。计划以大宗交易和集中竞价方式减持不超过18794股，占总股本的 0.0095%。减持期间为2025年7月10日至2025年10月9日。 ...

求职者"屏对屏"了解企业、"键对键"投递简历；AI模拟面试间提供高效精准的智能化面试体验；创新打造"三公里"就业圈让求职 者在"家门口"找好工作……作为人力资源大省，安徽坚持就业优先战略，持续深挖就业岗位资源、优化就业服务方式，搭建更 暖心的公共就业服务平台，努力促进各类人才高质量充分就业。 稳岗扩岗端稳"就业饭碗" 5月28日，2025年第九期"合肥请您来，20万个岗位供您选"现场对接会在合肥市人力资源市场举办。现场组织100余家国有企事 业单位、重点产业链企业、新型研发机构等参会，提供5000余个优质岗位，涵盖人工智能等重点产业领域，以多元化、高质量 就业机会助力求职者择业乐业。 活动现场，同步开展"直播带岗"，首次设置"AI求职赋能体验区"， 帮助求职大学生快速修改润色简历，在模拟面试间进行智能 面试演练。面试结束后，系统会自动生成诊断报告，为高校毕业生提供高效精准的面试建议，吸引不少求职者前来体验。 为助力企业招工引才，安徽省常态化开展"2+N"特色招聘活动，举办个性化、专业化专场招聘会，为企业提供人才招聘精细化对 接服务。赴国内知名高等院校、科研机构等开展"招才引智高校行"活动，集聚更多高层次人才来 ...

"如果要到非洲做生意，至少要花半年的时间深入当地做市场考察，了解这边的政策法规、营商环境和人文情况。"在坦桑尼亚二次创业失败 后，牟女士得出了这样的结论。 北京外国语学校毕业的她，曾做过翻译，之后进入武汉一所国际学校任教。2024年，当国内越来越多的人都竞相追求一份稳定工作时，她却作 出一个令人意想不到的决定——放弃稳定且体面的教师工作，奔赴非洲创业。 在她心里，非洲是一片充满机遇的蓝海。她将创业首站定在东非第二人口大国、第三大经济体的坦桑尼亚。该国城市化优势明显，且属于非洲 经济增长速度最快的国家之一，发展前景乐观。 抵达坦桑尼亚后，牟女士最先尝试的是服装零售和批发业务，后又增加了床品和玩具两大品类。尽管她付出了诸多努力，最终的经营效果却不 尽人意。 可牟女士并未就此退却。如今，她已三闯非洲，在卢旺达开启了财税业务新征程。 服装行业"试炼" 牟女士的主要合伙人之一，此前在国内服装行业深耕近20年，从销售做起，后来进入大厂负责全国店面运营，对整个服装产业链十分熟悉。因 此他们选择从服装行业入手，一步步在坦桑尼亚开拓市场。 2024年七月底，牟女士一行人前往坦桑尼亚考察。他们几乎跑遍了达雷萨拉姆市（简称"达市" ...

Key Points - The report emphasizes an overweight rating for the consumer services sector, highlighting a new phase of travel transformation driven by high demand for themed tourism [1][5] - The consumer services index has shown stability with a slight decline of 3.43% as of June 13, 2025, underperforming the CSI 300 index [7][16] - The report suggests that the consumer services industry is experiencing a trend of increasing volume but decreasing prices, leading to greater pressure on corporate profitability and necessitating transformation [7][68] Sector Investment Strategy Consumer Services Sector Overview - The consumer services index has been relatively stable since the beginning of 2025, with a recent underperformance compared to the CSI 300 index [16][17] - The tourism and hospitality sectors have weakened due to declining per capita travel spending [7][16] Tourism and OTA - Domestic travel demand has rebounded significantly, with 1.794 billion domestic trips in Q1 2025, a year-on-year increase of 26.43% [25] - The average travel expenditure per person in Q1 2025 was 1,003.34 yuan, indicating a decline from previous trends due to the rapid increase in travel frequency [25][26] - The report anticipates that the demand for self-driving and short-distance travel will continue to rise, with a focus on experiential tourism rather than traditional sightseeing [25][69] Duty-Free Sector - The duty-free market in Hainan has seen a decline in sales, but the rate of decline is narrowing, with sales of 13.33 billion yuan in the first four months of 2025, down 10.75% year-on-year [32][33] - The report notes that the average spending per customer in Hainan's duty-free shopping has rebounded, reaching 8,319 yuan, a 25.11% increase compared to the previous year [33] - The international travel market is recovering, benefiting airport duty-free shops, with significant growth in international passenger traffic at major airports [37][38] Hotel Sector - The hotel industry is facing increased competition due to rapid supply growth, with the number of hotel facilities reaching 570,100 by the end of 2024, a 6.87% decrease year-on-year [42][44] - The report highlights that leading hotel groups are maintaining strong performance despite price competition primarily affecting budget hotels [42][51] - The expansion of chain hotels in lower-tier markets is expected to continue, with major hotel groups increasing their market presence [54][55] Human Resources Services - The report indicates a slight increase in employment pressure, particularly among recent graduates, with policies aimed at promoting employment expected to be introduced [57][61] - The human resources service market is projected to grow, with a market size of 2.76 trillion yuan in 2023, expected to reach 5.03 trillion yuan by 2028 [65][66] - The integration of AI in human resources services is anticipated to enhance efficiency in recruitment and management processes [66][67] Investment Recommendations - The report recommends focusing on sectors with strong demand, such as scenic spots and OTA, as well as the hotel sector, which is expected to expand despite competitive pressures [68][69] - Specific stocks to watch include Long White Mountain (603099), Emei Mountain A (000888), and China Duty Free (601888) [69]

（第二届粤港澳大湾区人力资源服务创新创业大赛正式启动。主办方供图） 本届大赛紧扣"技术含量、价值含量、品牌含量"三大维度，围绕人工智能、数字化转型、跨境服务等前 沿领域，聚焦人力资源服务与制造业深度融合，发掘人力资源服务领域具有突破性意义的项目，同步促 进项目与资本、市场、政策精准对接，加速成果转化与产业落地。 相比首届，本届大赛在赛事机制、项目遴选和生态构建上均作出全方位升级。一方面，以人才为核心驱 动力，大赛希望通过赛事平台释放人才价值，构建出"人才引领产业、产业反哺人才"的良性循环。另一 方面，以创新为评审主标准，大赛创新启用"融合竞技，多元评价"的全新赛制，评审将围绕"技术创 新"这一核心维度，整体考量项目，鼓励颠覆性创新，同时挖掘行业标杆项目。 南方财经记者赵晓晨 佛山报道 6月13日，第二届粤港澳大湾区人力资源服务创新创业大赛正式启动。大赛以"百万英才汇南粤 新质人 力启新程"为主题，通过打造开放、融合、创新、共赢的高水平赛事平台，促进人力资源服务领域模式 革新与技术创新。相比首届，本届大赛在赛事机制、项目遴选和生态构建上均作出全方位升级。 粤港澳大湾区是我国开放程度最高、经济活力最强的区域之一。 ...

继苏州河"遇见"泰晤士河后，静安苏河湾的"奔流之旅"继续沿英伦水岸向前，抵达剑桥，将中英创新交 流的热度延续到了康河畔。当地时间6月11日下午，"创新生态·链接全球"——遇见静安之康河沙龙在剑 桥威斯敏斯特学院成功举办。 本次康河沙龙汇聚英国剑桥学界及行业创新代表、中国出海企业及静安专业服务业机构代表，共同聚焦 如何通过技术、资本、服务等多维链接，促成开放协同的创新共同体，推动创新要素在中英水岸之间双 向奔涌。 创新链接全球机遇 静安区副区长杨毅在活动致辞中表示，作为外资入华"首选地"和国际品牌"第一站"，静安以创新的制度 供给持续释放磁力，静安也是中资企业扬帆出海的"起锚地"。全球创新资源与本地产业生态深度融合共 生，"从塞纳河到泰晤士河再到康河，静安始终以开放的胸怀奔流不息，链接全球机遇！" 静安区副区长杨毅致辞，从塞纳河到泰晤士河再到康河，静安始终以开放的胸怀奔流不息，链接全球机 遇。 "创新对于剑桥而言从不陌生，几个世纪以来，这座城市诞生了无数思想家、科学家和企业家"，剑桥议 员、前剑桥副市长Baiju Thittala中致辞中表示，剑桥已成长为全球最具活力的创新生态系统之一。"全球 产业链被重塑的今 ...

在商务服务方面，强调要大力发展仲裁、法律、会计、会展、广告等业态，明确到2027年，规模以上商 务服务企业达到200家、营业收入达65亿元；国际仲裁服务实现涉案标的200亿元；培养50名左右省级以 上涉外律师人才；建成50名律师以上的律师所5家；在金融服务方面，强调要聚焦做好科技金融、绿色 金融、普惠金融、养老金融、数字金融"五篇大文章"；在人力资源服务方面，强调要培育壮大市场主 体，支持江门人才发展集团打造全市人力资源工作整体解决方案"总服务商"，推动人力资源机构与互联 网、教育、医疗、养老、家政服务等行业跨界合作等，并明确力争到2027年，规模以上人力资源服务机 构达50家、营业收入达25亿元；在现代物流服务方面，强调要加快一批物流园区和物流中心建设，加快 推进江门国家骨干冷链物流基地建设，培育一批快递业与制造业融合发展项目等，并明确到2027年，交 通运输、仓储和邮政业实现增加值超160亿元、规模以上企业达95家，重型货车电动化比率达7%。 《行动方案》强调要全力推进创新平台建设，加强与高校院所对接合作，加快备案和建设一批概念验证 中心、中试平台和农技服务平台，推动进行科技成果与知识产权交易等，并明确到 ...

Core Viewpoint - Many exciting Chinese tech companies are choosing London as their gateway to expand into the European market [1] Group 1: London as a Tech Hub - London Tech Week has attracted over 30,000 participants from nearly 130 countries to discuss hot topics like generative AI and quantum computing [1] - London is positioned as a crucial part of the global tech ecosystem and acts as a bridge between major countries, particularly between China and the US [3] - The UK ranks third globally in tech strength, following the US and China, and has strong collaborations with nearby cities like Paris [3] Group 2: Innovation and Commercialization - The UK has top-tier scientific research capabilities, with prestigious universities like Oxford and Cambridge contributing to innovation [3] - There has been a slow pace in commercializing research into large enterprises over the past decade, but this is changing [4] - A wave of innovative companies from the UK is expected to emerge in the next three to five years due to increased focus from various stakeholders [5] Group 3: Globalization and Market Entry - UK companies must adopt a global mindset early on due to the smaller domestic market size compared to China and the US [5] - Localizing products and teams is crucial for international expansion, as success in one market does not guarantee success in another [6] - Building a unified corporate culture across different continents is one of the biggest challenges for international founders [6] Group 4: Support for Chinese Tech Companies - The London & Partners organization offers support to Chinese investors and entrepreneurs looking to establish tech companies in London [7] - Assistance includes simplifying processes related to immigration, taxation, and legal entity registration, as well as building key networks [7] - Recent examples of Chinese companies entering the London market include BIPO, HanShuo Technology, and Honor [7]