| 排序 | 城市 | 排序 | 城市 | 排序 | 城市 | 排序 | 城市 | | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 北京 | 26 | 楚花 | 21 | 威海 | 76 | 连云港 | | 2 | 上海 | 27 | 珠海 | 52 | 泉州 | 77 | 洛阳 | | 3 | 深圳 | 28 | 活用外付 | 53 | 廊坊 | 78 | 眉山 | | 4 | 广州 | 29 | 台州 | 54 | 鄂尔多斯 | 79 | 宣城 | | 5 | 杭州 | 30 | 南通 | રેરે | 马鞍山 | 80 | 直営 | | 6 | 成都 | 31 | 中山 | રેણ | 包头 | 81 | 宁德 | | 7 | 南京 | 32 | 福州 | 57 | 丽水 | 82 | 直름 | | 8 | 苏州 | 33 | 烟台 | 28 | 太原 | 83 | 漳州 | | 9 | 武汉 | 34 | 石家庄 | ਟੇਰੇ | 麗山 | 84 | 保定 | | 10 | 无锡 | રેટ | 沈阳 | 60 | 株洲 | 82 | 秦 ...

Group 1 - Japan's demographic crisis is characterized by a declining birth rate and an aging population, with the total fertility rate falling below 1.3, the lowest among industrialized Asian countries and OECD members [3][4] - The aging population has led to significant challenges for Japan's social security system, with the proportion of elderly people (65+) reaching 29.3% of the total population, and those aged 75 and above exceeding 20.76 million [9][10] - The labor force is shrinking, with a projected shortfall of 690,000 caregivers by 2040, highlighting a paradox where high employment rates coexist with severe labor shortages [11][12] Group 2 - Japan's strategic military shift is evident as the government plans to double defense spending to meet NATO standards, despite the aging population and declining labor force [15][16] - The country is adopting a "quality over quantity" approach in military capabilities, focusing on technological innovations to compensate for demographic disadvantages [17][18] - Japan's foreign policy is evolving, with increased engagement in Southeast Asia and a shift from being a passive player to actively shaping regional order through initiatives like the Quad [30][31] Group 3 - The economic implications of Japan's demographic changes are significant, with capital increasingly flowing to Southeast Asia as domestic markets shrink, creating a new economic community [34][35] - Japan's technological advancements are being leveraged to enhance its geopolitical influence, transforming demographic challenges into opportunities for strategic partnerships [40] - The interplay between aging demographics and technological innovation may redefine Japan's role in global politics, potentially leading to a more proactive stance in international relations [38][39]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, driven by growth in flexible employment services and government subsidies, with a positive outlook for future earnings acceleration [1][2][4]. Financial Performance - In 2024, the company achieved revenue of 11.79 billion yuan, an increase of 20.55%, and a net profit attributable to shareholders of 205 million yuan, up 2.42% [1][2]. - For Q1 2025, the company reported revenue of 3.3 billion yuan, a growth of 25.13%, and a net profit of 60 million yuan, reflecting a significant increase of 42.15% [1][2]. - The company's non-recurring net profit for 2024 was 139 million yuan, up 3.6%, while Q1 2025's non-recurring net profit reached 50 million yuan, a remarkable increase of 103.24% [2]. Business Segments - Revenue from flexible employment, mid-to-high-end talent search, recruitment process outsourcing (RPO), technical services, and other businesses for 2024 was 11.14 billion, 370 million, 60 million, 60 million, and 160 million yuan respectively, with year-on-year changes of +22.4%, -11.6%, -18.3%, +44.2%, and +8.1% [2]. - The flexible employment segment saw a total of 499,000 person-times dispatched, a growth of 30.3%, with the number of outsourced employees in this segment reaching 46,000, an increase of 28.2% [3]. Technological Empowerment - The proportion of outsourced technical research and development positions reached 68.2%, an increase of 6.7 percentage points [3]. - The company's HeWa platform registered 16,000 partners, a growth of 21.8%, and managed 77,000 mid-to-high-end job postings, reflecting a 46.4% increase, with 15,000 positions delivered, a significant rise of 119.1% [3]. Profitability and Cost Control - The gross profit margin for 2024 was 6.4%, a decrease of 0.95 percentage points, with specific margins for flexible employment, mid-to-high-end talent search, and RPO at 5.5%, 26.0%, and 18.2% respectively [3]. - The company's expense ratios for sales, management, research and development, and finance were 1.4%, 2.4%, 0.4%, and 0.2%, showing slight year-on-year changes [3]. Future Outlook - The company maintains a strong recommendation rating, anticipating continued growth in the flexible employment sector and improvements in the overall recruitment market, supported by ongoing technological investments and AI integration [1][4].

Core Viewpoint - The rise of "live-streaming job recruitment" is transforming the job search process, making it more interactive and accessible for job seekers, particularly in blue-collar and new employment forms [2][3][10]. Group 1: Job Recruitment Trends - Live-streaming job recruitment has become a standard feature in job fairs, with platforms like Kuaishou facilitating real-time interaction between job seekers and employers [2][5]. - During the Spring recruitment period from January 15 to February 12, over 10 million users utilized Kuaishou for job searching, marking a 184% increase from the previous year, with a 572% rise in successful matches [2][3]. - The majority of job openings are concentrated in blue-collar sectors, including roles such as delivery, catering, and service jobs [3][10]. Group 2: Advantages of Live-Streaming Recruitment - The format allows for a more immersive job search experience, enabling job seekers to ask questions and receive immediate answers about job conditions, such as salary and work environment [6][7]. - The approach reduces barriers to job searching, as applicants can engage without needing to prepare resumes [6][10]. - Live-streaming recruitment has proven effective in expanding the reach of job postings, with events attracting over 100,000 viewers in just a few hours [5][10]. Group 3: Challenges and Development Needs - Despite its popularity, the live-streaming recruitment ecosystem lacks standardized practices and professional training for hosts, which can affect the quality of job matching [10][12]. - The role of live-streaming recruiters is being formalized, with the Ministry of Human Resources and Social Security recognizing "live-streaming recruiters" as a new profession, emphasizing the need for professional development [10][12]. - There is a call for collaboration among various stakeholders, including government agencies, educational institutions, and businesses, to enhance the effectiveness and credibility of live-streaming recruitment [12].

证券研究报告 BOSS 直聘 (BZ US) 边际趋势良好，期待春招弹性 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 3 月 | 12 日│美国 | 互联网 | 24Q4 MAU 为 5270 万，同比增长 28%。春节后平台用户呈现较高活跃度， 根据 Questmobile 的数据 2 月最后一周，BOSS 直聘/前程无忧/智联招聘/ 猎聘周活跃用户分别增长 yoy+12.9%/10%/-2%/12%，公司在规模和增长上 依然领先同业。根据 Sensor Tower 的数据显示 1-2 月同比增长 13.2%，好 于此前 24 年 11-12 月的数据跟踪。考虑到边际招聘需求回暖，公司指引 25Q1 收入为 19~19.2 亿元（yoy+ 11.5% ~12.7%），彭博一致预期为 18.85 亿，略好于预期。 盈利兑现持续，25 年利润率持续提升 24FY 公司毛利率 83.1%(yoy+ 0.9pct)，销售费用率为 28.2%，一次性品牌宣 传 投 放 前 提 下 同 比 依 然 下 降 5.3pct 。 管 理 和 研 发 费 用 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The labor market shows a stable demand for talent, particularly in first-tier and new first-tier cities, with significant growth in the IT, mechanical manufacturing, and healthcare sectors [6][29] - The report indicates a shift in recruitment strategies, with an increase in flexible employment and a growing application of AI in human resource management [7][52] - The overall economic environment is stable, with a GDP growth of 4.8% in the first three quarters of 2024, and a consistent urban unemployment rate around 5.1% [9][11] Summary by Sections Economic Overview - The GDP growth rates for the first three quarters of 2024 were 5.3%, 4.7%, and 4.6% respectively, indicating a stable economic performance [9] - The urban unemployment rate remained stable at 5.1% throughout the first three quarters, with slight fluctuations [10] Labor Market Analysis - Talent demand is concentrated in first-tier cities, with Shanghai leading at 12.37% of new job postings, followed by Beijing and Shenzhen [24][25] - The IT/Internet/Gaming sector accounted for 21.38% of new job postings, driven by digital transformation and technological advancements [29][30] - The report highlights a notable increase in recruitment needs among micro and large enterprises, particularly in the consumer goods and healthcare sectors [7][53] Recruitment Trends - In Q4 2024, the proportion of employers planning to increase hiring decreased slightly to 25.64%, while those planning to reduce hiring rose to 30.77% [52] - The consumer goods sector showed the highest recruitment demand at 15.0%, reflecting a shift towards service consumption [53] - Online recruitment channels remain dominant, with nearly half of employers utilizing internal referrals, while headhunting services saw a slight decline [73] Employer Characteristics - Private enterprises accounted for 50.17% of new job postings, underscoring their critical role in job creation [36][37] - The distribution of employers by size showed an increase in small employers (1-99 employees) and a decrease in medium and large employers, indicating a shift in hiring strategies [55][56] Talent Demand and Skills - Employers increasingly value learning and adaptability skills in candidates, with 50.85% prioritizing these attributes in Q4 [78] - The demand for technical roles remains high, particularly in sectors like IT and manufacturing, reflecting ongoing technological advancements [72][40]

极越办公室：几百人熬了一天，等来一个月社保。 12 月 12 日下午，数百极越员工出现在极越汽车位于上海嘉定的总部园区，有的来要说法（因为社 保断缴了），有的想搬东西走来抵扣拖欠的工资；还有一些人只想拿回自己的物品。未获入门许可 的供应商现场建微信群，接龙被极越拖欠的货款。12 日晚，百度和吉利已经决定转账，为极越员 工缴纳拖欠的 11 月社保。 赛力斯或赴港上市，筹资超 10 亿美元。 据媒体报道，赛力斯近期在讨论赴港上市事宜，最快明年完成 IPO，筹资超 10 亿美元。不过，相 关上市计划仍在审议中，发行规模等细节或有变动。赛力斯原名小康股份，于 2016 年 6 月在 A 股 上市。今年以来，受与华为合作的 AITO 问界品牌销量暴增等因素影响，赛力斯 A 股股价累计上 涨约 80%，公司市值目前为 2067 亿元。 保时捷日本 CEO 尉岚峰将成为保时捷中国副总裁兼 COO。 12 月 12 日，保时捷宣布，保时捷日本 CEO 尉岚峰 (Philipp von Witzendorff) 将从明年 1 月 1 日起 出任保时捷中国副总裁兼 COO。过去两年间，尉岚峰通过改进销售策略、客户体验，扩大了保时 ...