Core Viewpoint - The article discusses the rise of Yupa Direct Recruitment, a company that has gained significant attention through its unconventional advertising strategies, particularly targeting the white-collar job market while originally focusing on blue-collar recruitment [5][11][30]. Group 1: Company Background - Yupa Direct Recruitment, founded in 2017 as Yupa Network, has been operating in the recruitment market for nearly 10 years and is now ranked fourth in China's overall recruitment market and first in the blue-collar segment according to iResearch [12][13]. - The company has received investments from notable firms such as Zhongding Capital and Shunwei Capital, achieving a valuation of 4 billion yuan [13]. - Yupa Direct Recruitment has invested heavily in advertising, with a budget of 4 billion yuan for 2024 alone, totaling 1.5 billion yuan spent on marketing to date [13][14]. Group 2: Advertising Strategy - The company's recent advertising campaign, featuring a character known for a "pouting" expression, has gone viral, leading to increased brand recognition among young professionals who previously had little awareness of Yupa [10][11]. - Following public backlash regarding the initial advertisement, the founder, Zhou Feng, quickly adapted the campaign based on user feedback, showcasing a willingness to engage with the audience [10][11]. - The campaign's success has led to a surge in discussions about Yupa Direct Recruitment, including its business model and the founder's personal story [10][11]. Group 3: Market Position and Challenges - Yupa Direct Recruitment aims to penetrate the white-collar job market, which is characterized by higher pricing compared to blue-collar recruitment, as the latter only accounts for about 30% of the overall recruitment market size of 18.3 billion yuan in 2024 [22][23]. - The company has ambitions to expand its market share and achieve a valuation of 20-30 billion yuan by solidifying its position in blue-collar recruitment and moving into the top two of the comprehensive recruitment market [23][24]. - Despite its efforts, the platform still primarily features blue-collar job listings, with white-collar positions being relatively scarce, indicating a need for further development in attracting higher-end job opportunities [24][25]. Group 4: User Experience and Perception - The "phone chat" feature of Yupa Direct Recruitment has been met with skepticism from young job seekers, who prefer written communication over phone calls, reflecting a generational shift in job application preferences [27][29]. - Concerns about privacy and the potential for harassment calls have also been raised, which could hinder the platform's appeal among white-collar professionals [27][29]. - The competitive landscape for white-collar recruitment is intense, with established players like Zhaopin and BOSS Zhipin dominating the market, making it challenging for Yupa to gain traction solely through advertising [30].

Group 1 - The company BOSS Zhipin-W (02076) announced a grant of a total of 1.0861 million restricted stock units to 49 employees, equivalent to the same number of Class A ordinary shares [1] - This stock grant is part of the company's plan following its initial public offering, scheduled for September 16, 2025 [1] - The announcement highlights the company's commitment to incentivizing its employees through equity compensation [1]

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]

Core Insights - The article discusses the strategic shift of Yupa Direct Recruitment, which has traditionally focused on blue-collar workers, to enter the white-collar job market, highlighting the challenges and competition it faces in this new arena [3][9][20]. Group 1: Company Background - Yupa Direct Recruitment was founded by Zhou Feng in 2017, initially targeting blue-collar workers in China, addressing the difficulties they face in finding jobs [5][6]. - The platform has grown significantly, with over 1 billion app users and a leading position in the blue-collar recruitment market, holding a 27% market share [3][10]. Group 2: Market Dynamics - The blue-collar recruitment market is characterized by a high demand for speed and locality, with a significant portion of the workforce relying on traditional methods for job searching [6][10]. - In contrast, the white-collar recruitment market is more competitive, with established players like BOSS Zhipin, Zhilian Recruitment, and 51Job dominating the space [12][14]. Group 3: Strategic Challenges - Yupa's transition to the white-collar market faces hurdles, including brand recognition issues and the need to build trust among white-collar job seekers who have established preferences for other platforms [15][19]. - The company's current strategy of aggressive marketing has not been matched by operational improvements, leading to user complaints about job quality and platform functionality [21][20]. Group 4: Financial Performance - Yupa's revenue for 2024 is projected to exceed 1 billion yuan, indicating a significant growth trajectory, but the company must navigate the challenges of profitability in the white-collar sector, where customer acquisition costs are high [7][27]. - The average revenue per user (ARPU) in the blue-collar market is significantly lower than in the white-collar market, which poses a challenge for Yupa's long-term financial sustainability [11][27]. Group 5: Future Outlook - Yupa aims to capture a larger share of the white-collar market to achieve a valuation of 20-30 billion yuan, but it must overcome the inherent differences in user expectations and recruitment processes between blue-collar and white-collar sectors [9][28]. - The company needs to enhance its matching system and build a more reliable recruitment ecosystem to attract and retain white-collar users effectively [28].

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].