2025年服贸会期间，9月12日，人力资源服务业产业融合与创新发展大会在首钢园举行。《北京市国际 职业资格认可目录（2025年版）》（简称2025版目录）正式发布，围绕信息技术、科技服务、金融等重 点领域持续扩容升级，目录总量增至163项，向全球释放北京汇聚高水平人才的坚定信号。与此同时， 大会还发布了《北京市新质生产力人力资源开发目录（2025年版）》。 出海职业认证新增国内企业数据管理工程师 自2021年起，北京已连续四年推进国际职业资格认可工作，2021年至2023年实现境外高水平职业资格单 向认可，"北京模式"被国务院服贸发展部际联席会列为最佳实践案例向全国推广；2024年首次实现境内 外职业资格从"单边认可"到"双向互认"的突破。截至2025年8月，北京市已为2700多家企业提供7000余 人次国际职业资格的查验服务，引进和评价专业人才近600名。 2025版目录进一步深化互认机制、扩大覆盖范围、优化服务供给，由149项增至163项。目录由"四清 单"构成，包括143项国际职业资格清单、9项急需紧缺国际职业资格清单、11项出海职业认证清单，其 中有7项是国际职业资格互认清单。 11项出海职业认证清单 ...

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In the first half of 2025, the company achieved a revenue of 7.075 billion yuan, representing a year-on-year increase of 27.67%. The net profit attributable to the parent company was 127 million yuan, up 46.96% year-on-year [2][6]. - The company expects net profits attributable to the parent company for 2025-2027 to be 295 million, 368 million, and 460 million yuan, respectively, corresponding to PE ratios of 22, 18, and 14 times [2][6]. Revenue Analysis - In H1 2025, the revenue from mainland China grew significantly, reaching 5.860 billion yuan, a year-on-year increase of 33.62%. Revenue from Hong Kong and overseas markets was 1.215 billion yuan, up 5.10% [12]. - The new technology services segment saw a rapid growth of 48.23% year-on-year, driven by the increase in headcount in flexible employment [12]. Profitability Analysis - The overall gross margin for H1 2025 was 5.52%, a decrease of 1.17 percentage points year-on-year, primarily due to changes in customer structure and business mix [12]. - The gross margins for flexible employment, headhunting, recruitment process outsourcing, and technology services were 4.49%, 29.12%, 38.67%, and 18.47%, respectively [12]. AI and Operational Efficiency - The company is leveraging AI to enhance talent matching efficiency and reduce costs. The AI application on the He Wa platform has shown significant improvements, with operational positions exceeding 37,000 and candidate recommendations surpassing 200,000, marking a 180% increase compared to the second half of 2024 [12]. - In July 2025, the He Wa platform launched nine AI agents covering the entire recruitment process, aiming to improve efficiency across all business scenarios [12].

Core Viewpoint - The Chinese government is initiating a pilot program to integrate human resources services with the manufacturing industry, aiming to promote high-quality employment and support the development of a modern industrial system [1][2]. Group 1: Pilot Program Overview - The pilot program will be conducted in approximately 30 cities that meet specific criteria, focusing on fostering specialized human resources service institutions for the manufacturing sector over a period of about three years [1]. - The initiative aims to create platforms and joint entities that support the high-quality development of manufacturing through innovative human resources services, technologies, and policies [1][2]. Group 2: Key Focus Areas for Integration - Establishing a robust mechanism for the integration of human resources services and manufacturing, emphasizing market roles and government support [2]. - Developing a comprehensive policy framework that coordinates employment, industry, finance, and land support policies, while creating relevant statistical indicators and monitoring systems [2]. - Creating collaborative platforms such as recruitment unions and cross-enterprise training centers to enhance workforce development and productivity in manufacturing [2]. - Expanding the scope of integration by advancing human resources services into higher value chains and promoting the application of artificial intelligence in traditional manufacturing [2]. - Utilizing industrial parks to build public service hubs for human resources, fostering deep cooperation with industrial zones [2]. Group 3: Future Directions - The Ministry of Human Resources and Social Security will enhance organizational leadership and guide local departments in implementing the pilot program, ensuring it aligns with employment and industrial priorities [3]. - There will be a focus on regulatory reforms in the human resources market, including the establishment of service standards and innovative regulatory methods to combat illegal practices [3].

Core Viewpoint - The Ministry of Human Resources and Social Security announced a pilot program in approximately 30 cities to promote the integration of human resources services and manufacturing industries, aiming to explore new paths for industrial upgrading and employment promotion [1][2]. Group 1: Pilot Program Objectives - The pilot program aims to cultivate specialized human resources service institutions for the manufacturing sector, develop platforms and joint entities, and innovate human resources service technologies, products, and models to support high-quality development in manufacturing [2][3]. - The initiative seeks to establish a policy framework that promotes deep collaboration between human resources and the real economy, as well as technological innovation [2][3]. Group 2: Implementation Mechanisms - The pilot will explore mechanisms to enhance the integration of human resources services with manufacturing, including the establishment of a comprehensive policy system that coordinates employment, industry, finance, and land support [3]. - A statistical and monitoring system tailored to the characteristics of integrated development will be developed [3]. Group 3: Innovation in Development Scenarios - The program will focus on creating integrated development carriers, such as recruitment coalitions and cross-enterprise training centers, to support labor utilization and the cultivation of new productive forces in manufacturing [4]. - It will also promote the extension of human resources services into higher value chains within manufacturing, leveraging artificial intelligence applications and enhancing business cooperation [4]. Group 4: Timeline and Organization - By July 18, provincial human resources departments will recommend cities willing to undertake pilot tasks, with expert evaluations to select the final cities by September [5]. - The selected pilot cities are required to develop and publish implementation plans for the integration of human resources services and manufacturing by the end of September [5].

Group 1 - The revenue of industrial enterprises above designated size in national high-tech zones exceeded 10 trillion yuan in the first four months of this year [4] - The "Two New" policies continue to exert influence, accelerating the release of consumption potential [5] - The renovation of old urban residential areas is being accelerated [6] Group 2 - A series of major engineering projects are being actively promoted across various regions [7] - The digital transformation implementation plan for the electronic information manufacturing industry has been issued [10] - The organization of pilot projects for the integration of human resources service industry and manufacturing industry is underway [11] Group 3 - The 2025 New Energy Vehicle rural promotion campaign will commence in mid-June [13] - The Ministry of Finance issued the third phase of 12.5 billion yuan government bonds in Hong Kong this year [14] - The national "Service Consumption Season" will be launched in Nanjing in 2025 [15]

Core Insights - The initiative to integrate human resources services with the manufacturing industry is a significant measure to promote high-quality employment and modern industrial systems [1][2] - The pilot program will be conducted in approximately 30 cities, focusing on developing specialized human resources service institutions for the manufacturing sector [2][3] Group 1: Pilot Program Objectives - The pilot aims to explore new pathways for industrial upgrading and employment promotion, fostering a collaborative development model between modern industrial systems and high-quality employment [1][2] - The program will support the development of innovative human resources service technologies, products, and models that align with the needs of the manufacturing industry [2][3] Group 2: Requirements for Pilot Cities - Selected pilot cities should have a significant manufacturing base, particularly in advanced manufacturing, and a well-developed human resources service industry [2] - Cities must coordinate various support policies, including employment, industry, finance, and land, to facilitate the deep integration of human resources services and manufacturing [2][3] Group 3: Development Focus Areas - The pilot will focus on creating human resources management consulting, global talent recruitment, specialized talent assessment, and digital human resources management services [3] - Support will be provided for manufacturing companies to collaborate with human resources service institutions on outsourcing HR tasks and establishing shared HR centers [3] Group 4: Implementation Timeline - By July 18, provincial human resources departments will recommend cities willing to undertake the pilot tasks, with expert evaluations to follow [4] - By the end of September, pilot cities are expected to develop and publish implementation plans for the integration of human resources services and manufacturing [4]

Domestic News - The central government plans to support 20 cities, including Beijing and Tianjin, with over 20 billion yuan for urban renewal actions, aiming to establish a sustainable urban renewal mechanism and address infrastructure shortcomings [2] - In the first four months of this year, 5,679 old urban residential areas were renovated nationwide, with six regions, including Hebei and Chongqing, having a renovation rate exceeding 50% [2] - The China Passenger Car Association estimates that wholesale sales of new energy passenger vehicles will reach 1.24 million units in May, a year-on-year increase of 38% and a month-on-month increase of 9%, with cumulative sales from January to May expected to be 5.22 million units, up 41% year-on-year [2] - The Ministry of Human Resources and Social Security announced that it will conduct pilot programs for the integration of human resources services and manufacturing in about 30 cities to promote high-quality employment [2] International News - The Australian Bureau of Statistics reported a 0.2% quarter-on-quarter GDP growth and a 1.3% year-on-year growth for the first quarter of 2025 [3] - The U.S. White House announced an increase in import tariffs on steel and aluminum products from 25% to 50% to address national security threats and enhance domestic industry competitiveness [3] - Thailand's manufacturing sector saw its Purchasing Managers' Index (PMI) rise from 49.5 in April to 51.2 in May, indicating a return to expansion after two months of contraction [3]

Group 1: Economic Performance - From January to April, Guangzhou's transportation, warehousing, and postal industries achieved operating revenue of 225.03 billion, a year-on-year increase of 8.8% [1] - In April, Guangzhou completed a passenger volume of approximately 27.7 million, contributing to a year-on-year revenue growth of 20.3% in railway passenger transport and 8.2% in air cargo transport [1] - The total freight volume in April reached 802.53 million tons, marking a year-on-year increase of 7.8% [1] Group 2: Service Industry Growth - In the first four months, Guangzhou's service industry achieved operating revenue of 670.79 billion, reflecting a year-on-year growth of 7.2%, which is an increase of 0.3 percentage points compared to the first quarter [1] - The scientific research and technical services sector generated operating revenue of 44.03 billion, with engineering and technical research and technology intermediary services growing by 7.2% and 48.8% respectively [1] Group 3: Rental and Business Services - The rental and business services sector achieved operating revenue of 132.58 billion from January to April, with a year-on-year growth of 11.3% [2] - Under the dual drive of digital technology empowerment and the collaboration between manufacturing and service industries, advertising, human resources services, and consulting industries reported revenues of 31.84 billion, 40.91 billion, and 14.21 billion respectively, with growth rates of 21.4%, 8.6%, and 21.4% [2] Group 4: Travel Services - The travel agency and related services sector achieved operating revenue of 5.91 billion, marking a year-on-year growth of 1.2%, indicating a turnaround from negative growth [3]

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a revenue of 11.788 billion yuan in 2024, representing a year-on-year increase of 20.55%. The net profit attributable to shareholders was 205 million yuan, up 2.42% year-on-year. The net profit after deducting non-recurring items was 139 million yuan, an increase of 3.57% year-on-year. For Q1 2025, the revenue was 3.303 billion yuan, a year-on-year increase of 25.13%, with a net profit of 57.78 million yuan, up 42.15% year-on-year, and a net profit after deducting non-recurring items of 46.20 million yuan, a significant increase of 103.24% year-on-year [2][6]. Summary by Sections Financial Performance - In 2024, the company's revenue growth was driven by major clients, particularly in flexible employment services, which saw a year-on-year increase of 22.42%. However, the headhunting and RPO (Recruitment Process Outsourcing) segments faced declines of 11.60% and 18.27%, respectively. The overall revenue from mainland China increased by 28.67%, while revenue from Hong Kong, Macau, and overseas markets declined by 4.39% [6][12]. Profitability - The increase in revenue from major clients has impacted the gross margin of flexible employment services. The overall gross margin for 2024 was 6.36%, a decrease of 0.95 percentage points year-on-year. The company managed to reduce its expense ratios significantly, which helped mitigate some of the pressure on gross margins. The net profit margin decreased by 0.54 percentage points to 1.74% [12][6]. Future Outlook - The report anticipates that the company's net profit attributable to shareholders will reach 287 million yuan in 2025, 399 million yuan in 2026, and 523 million yuan in 2027, corresponding to price-to-earnings ratios of 23, 17, and 13, respectively. The company is expected to benefit from a cyclical recovery in the industry and the integration of AI technologies, which will enhance operational efficiency and revenue generation [2][12].