BGSF, Inc. (NYSE:BGSF) Q4 2024 Earnings Conference Call March 13, 2025 9:00 AM ET Company Participants Sandy Martin - Managing Director-Three Part Advisors Beth Garvey - Chair, President and Chief Executive Officer Keith Schroeder - Chief Financial Officer Conference Call Participants Howard Halpern - Taglich Partners Jeff Martin - Roth Capital Operator Good day, and welcome to the BGSF, Inc. Fiscal Year Fourth Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. We are ope ...

Core Insights - Wang Shuo, a Chinese-American entrepreneur, has made significant strides in the business world, ranking 39th on Forbes' "2024 America's Self-Made Women" list with a net worth of $850 million [2][4] - She founded Deel, a human resources service company, in 2019, which has grown to a valuation of $12 billion in just five years, making it one of the fastest-growing SaaS companies globally [4][27][28] Group 1: Wang Shuo's Background and Early Career - Wang Shuo was born in Shenyang, Liaoning, and moved to the U.S. at 16, where she helped her mother in business, gaining early entrepreneurial experience [6][7] - She attended the Massachusetts Institute of Technology (MIT), majoring in mechanical engineering, but dropped out after one year of graduate studies to pursue entrepreneurship [9][12][13] - Her first venture was a company called Aeris, which she co-founded and later sold for $100 million, allowing her to achieve financial independence at a young age [17] Group 2: Founding and Growth of Deel - Wang Shuo identified a market need for a platform that simplifies international employment processes, leading to the creation of Deel in April 2019 [21] - Initially focused on cross-currency payroll, Deel quickly pivoted to target enterprise users, which significantly increased its user base [24] - The company experienced explosive growth during the COVID-19 pandemic, with revenue skyrocketing from $4 million in 2020 to over $500 million in 2023, marking a 13-fold increase [27][28] Group 3: Strategic Insights and Company Structure - Wang Shuo's foresight about the future of remote work positioned Deel advantageously ahead of the pandemic [29] - Deel operates without a central headquarters, employing over 3,000 remote workers across 180 countries, showcasing a modern approach to business operations [34] - The diverse backgrounds of Wang Shuo and her co-founder, who understand both Eastern and Western markets, have been crucial to Deel's success in the international HR services sector [32][33]

Investment Rating - The report maintains an "Outperform" rating for the human resources service industry [1][5]. Core Insights - The human resources service industry is experiencing a robust growth momentum, with the market size expected to increase from approximately 27.6 trillion yuan in 2023 to 50.3 trillion yuan by 2028, reflecting a CAGR of about 12.7% [1][14]. - The industry is characterized by a steady increase in concentration, with the top three players holding a market share of 20.7% and the top five players at 21.3% in 2023, up from 19.4% and 19.0% respectively in 2019 [1][15]. - The report highlights three main segments within the industry: recruitment services, outsourcing services, and software and consulting training, with outsourcing services showing the highest growth potential [2][18]. Summary by Sections Market Overview - The human resources service market is projected to grow significantly, driven by favorable policies and the increasing demand for services from expanding enterprises [14][15]. - The market is becoming more concentrated as leading firms leverage brand effects, economies of scale, and technological innovations to enhance competitive barriers [15][16]. Segment Analysis - Recruitment services are expected to grow at a CAGR of 10.2%, with online recruitment and recruitment process outsourcing (RPO) leading the growth [21][22]. - Outsourcing services are the fastest-growing segment, with a projected CAGR of 13.9%, driven by the demand for flexible labor and business process outsourcing [24][25]. - Software and consulting training services are expected to grow at a more modest CAGR of 5.8%, with HR SaaS solutions showing significant growth potential [27][28]. Growth Drivers - The report identifies three key growth drivers: the increasing penetration of flexible employment, the cyclical nature of recruitment services, and the efficiency gains from AI technology [29][30]. - The rise of new employment forms, such as gig workers, is expected to contribute to the growth of outsourcing services as compliance and labor relations improve [32][33]. - The recruitment business is anticipated to rebound as economic conditions stabilize, with government targets for GDP growth and job creation supporting this recovery [36][34]. Company Insights - Key players such as 科锐国际 (Career International), 北京人力 (FESCO), and BOSS 直聘 (BOSS Zhipin) are highlighted for their strong market positions and growth prospects [41][47]. - 科锐国际 is focusing on AI technology to enhance recruitment efficiency and reduce costs, with a projected revenue growth of 20.6% in 2024 [44][46]. - 北京人力 is leveraging AI to improve operational efficiency and has a strong client base, including major companies like Huawei and Alibaba [47][53].

Core Viewpoint - The article emphasizes the increasing opportunities and challenges for Chinese companies in their international expansion, particularly in the context of the evolving global landscape by 2025 [4][9]. Group 1: Event Overview - The "2025 Qiantang Outbound Ecology Seminar" was held in Hangzhou, focusing on the latest trends in international expansion, policy interpretations, and challenges faced by companies [4]. - The event was organized by the Qiantang District Commerce Bureau and other local entities, featuring expert presentations and interactive discussions with over 50 outbound enterprises and service organizations [4][5]. Group 2: Strategic Insights - Companies must understand both domestic and international dynamics before formulating their outbound strategies, as the external environment is becoming increasingly complex [8][9]. - The rise of protectionism and geopolitical tensions, along with high-standard international regulations, presents significant challenges for Chinese enterprises looking to invest abroad [9][10]. Group 3: Market Opportunities - Emerging markets along the "Belt and Road" initiative are experiencing rapid growth, making them attractive destinations for Chinese companies, replacing traditional markets in Europe and North America [10]. - The Middle East, particularly the UAE and Saudi Arabia, is highlighted as a key area of interest for Chinese enterprises [11]. Group 4: Investment Environment - Dubai is positioned as a gateway to the Middle East, Asia, and Africa, with favorable tax policies and a robust financial services system attracting foreign direct investment [12]. - Over 15,000 Chinese companies have established entities in the UAE, with the Dubai Chamber of Commerce facilitating this process through its international offices [12][13]. Group 5: Challenges in Outbound Expansion - Companies face significant challenges due to varying policies, regulations, and market conditions in different countries, making reliance on professional service institutions increasingly common [16]. - The importance of understanding local labor laws and cultural differences is emphasized, as these factors can impact talent acquisition and retention strategies [17][20]. Group 6: Professional Support - Various professional service institutions provided insights on cross-border financial settlements, logistics, legal compliance, and digital transformation to assist companies in their outbound endeavors [16]. - Companies like Zhejiang Postal Engineering and Bo Yan Technology shared their experiences and strategies for successful international operations, highlighting the need for a comprehensive understanding of local markets [17][21]. Group 7: Future Directions - The establishment of the China International Service Center is seen as a strategic move to support regional economic development and facilitate companies' global expansion [23]. - The center aims to create a one-stop service platform for enterprises, focusing on smart manufacturing and digital economy sectors, while promoting collaborative international ventures [23].

文/梧桐晓律 部分IPO申报企业存在员工社保、公积金由第三方代缴的情况。审核部门都会要求申报企业解释员工由第三方代缴社保费用的背景、原因，与非代 缴的员工是否存在薪酬差异，发行人承担的成本费用是否存在差异，是否存在利用第三方代缴调节成本费用的情况。发行人支付相关人员工资、 代缴社保金额及服务费之间是否具有匹配关系。由第三方代缴社保公积金等情形是否符合相关法律法规的规定，是否构成重大违法违规及被处罚 的风险，发行人规范措施及有效性。 申报北交所IPO的北京海金格医药科技（873896）就存在员工由第三方代缴社保费用、公积金的情况。2024年10月17日，公司公布首轮问询的回 复。在"问题13 其他信息披露问题之（2）劳务用工合规性"，审核中心就要求公司解释员工由第三方代缴社保费用、公积金的合法合理性。本人将 公司的回复搬上来，供朋友们参考、借鉴。 1、 发行人员工由第三方代缴社会保险费的具体业务背景、原因，发行人员工管理与代缴第三方之间的具体关系 报告期内，公司曾存在委托第三方为部分员工代缴社会保险费和住房公积金的情形，主要情况如下： （1） 具体业务背景、原因 海金格是一家为制药企业、医疗器械企业和新药研究机 ...

小红书上线一键翻译功能。 智联招聘说 2024 年有 25.6% 的职场人每天工作超 10 小时。 智联招聘今天发布的《2024 年职场人满意度指数调研报告》中说，2024 年调研范围中职场人的整 体工作满意度是 2.72，与 2023 年持平，影响满意度的主要指数中，薪酬满意度最低。报告的调研 范围内，25.6% 的职场人每天工作 10 小时以上，"蓝领" 行业、运营岗位加班多。另有 17.6% 的人 每天工作 10-12 小时。 报告还说，相对其他行业，服务业、汽车 / 生产 / 加工 / 制造、交通 / 运输 / 物流 / 仓储等 "蓝领" 行业的加班情况更严重，超过 3 成的制造业职场人每天工作 10 小时以上。 苹果、华为降价换国补。 2025 年手机国补今日起上线。在京东等电商平台，苹果、华为等多个品牌多款手机均下调价格， 如 iPhone 16 Plus 128G 版本官方价格 6999 元，调价后降至 5999 元；消费者可在此基础上使用国 补。降价后，两家品牌的主力机型 iPhone15 、iPhone 16、华为 Mate60、华为 Mate70 均在补贴范 围。 今年的国补首次将手机等数 ...