8月27日，北京人力发布2025年半年报。报告显示，公司上半年营业收入为226.91亿元，同比增长 3.77%；归母净利润为8.13亿元，同比增长87.43%；扣非归母净利润为2.96亿元，同比增长6.89%；基本 每股收益1.44元。 报告期内，北京人力基本每股收益为1.44元，加权平均净资产收益率为11.83%。 以8月27日收盘价计算，北京人力目前市盈率（TTM）约为10.00倍，市净率（LF）约为1.65倍，市销率 （TTM）约为0.27倍。 2025年上半年，公司毛利率为5.34%，同比下降0.31个百分点；净利率为4.51%，较上年同期上升1.76个 百分点。从单季度指标来看，2025年第二季度公司毛利率为5.08%，同比上升0.07个百分点，环比下降 0.55个百分点；净利率为2.26%，较上年同期下降0.90个百分点，较上一季度下降4.72个百分点。 2025年上半年，公司期间费用为6.27亿元，较上年同期减少5605.91万元；期间费用率为2.76%，较上年 同期下降0.36个百分点。其中，销售费用同比减少9.54%，管理费用同比减少7.50%，研发费用同比减少 37.32%，财务费用同比增 ...

据证券之星公开数据整理，近期外服控股（600662）发布2025年中报。截至本报告期末，公司营业总收 入122.45亿元，同比上升16.15%，归母净利润3.84亿元，同比上升5.51%。按单季度数据看，第二季度 营业总收入59.71亿元，同比上升15.46%，第二季度归母净利润1.73亿元，同比上升1.71%。本报告期外 服控股公司应收账款体量较大，当期应收账款占最新年报归母净利润比达103.49%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率8.54%，同比减14.21%，净利率3.59%，同比减 11.4%，销售费用、管理费用、财务费用总计5.56亿元，三费占营收比4.54%，同比减13.89%，每股净资 产2.15元，同比增13.63%，每股经营性现金流-0.1元，同比增14.21%，每股收益0.17元，同比增5.07% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 105.42 亿 | 122.45亿 | 16.15% | | 归母净利润(元) | 3.64Z | 3.84Z | 5.51% | ...

Company Overview - Beijing Human Capital Group Co., Ltd. specializes in comprehensive human resource services, including business outsourcing, personnel management, compensation and benefits services, recruitment, and flexible employment services [1] - The company has received multiple accolades, including being recognized as a "National Employment Advanced Enterprise" and a "5A Human Resource Service Institution" by the Beijing Human Resources and Social Security Bureau [1] Financial Performance - As of the first quarter of 2025, the company reported a revenue of 10.837 billion yuan, representing a year-on-year increase of 2.72% [1] - The net profit for the same period was 591 million yuan, showing a significant year-on-year growth of 180.41% [1] - The sales gross margin stood at 5.63% [1] Market Position - The company's stock closed at 20.43 yuan, down 2.06%, with a rolling price-to-earnings (PE) ratio of 9.87 times [1] - The total market capitalization is 11.566 billion yuan [1] - In comparison to the industry, the average PE ratio for the professional services sector is 71.91 times, with a median of 43.52 times, placing Beijing Human Capital in the 8th position within its industry [2] Institutional Holdings - As of the first quarter of 2025, 14 institutions hold shares in Beijing Human Capital, all of which are funds, with a total holding of 35.2486 million shares valued at 680 million yuan [1]

Company Overview - Beijing Human Capital Group Co., Ltd. specializes in comprehensive human resource services, including business outsourcing, personnel management, compensation and benefits services, recruitment, and flexible employment services [1] - The company has received multiple accolades, including being recognized as a "National Employment Advanced Enterprise" and a "5A Human Resource Service Institution" by the Beijing Human Resources and Social Security Bureau [1] Financial Performance - As of the first quarter of 2025, the company reported a revenue of 10.837 billion yuan, representing a year-on-year increase of 2.72% [1] - The net profit for the same period was 591 million yuan, showing a significant year-on-year growth of 180.41% [1] - The sales gross margin stood at 5.63% [1] Market Position - The company's stock closed at 20.86 yuan, down 1.79%, with a rolling price-to-earnings (PE) ratio of 10.08 times [1] - The total market capitalization is 11.809 billion yuan [1] - In comparison to the industry, the average PE ratio for the professional services sector is 72.43 times, with a median of 41.91 times, placing Beijing Human Capital in 8th position within its industry [1][2] Institutional Holdings - As of the first quarter of 2025, 14 institutions hold shares in Beijing Human Capital, with a total of 35.2486 million shares valued at 680 million yuan [1]

Company Overview - Beijing Human Capital Group Co., Ltd. specializes in comprehensive human resource services, including business outsourcing, personnel management, compensation and benefits services, recruitment, and flexible employment services [1][2] - The company has received multiple accolades, including being recognized as a "National Employment Advanced Enterprise" and a "5A-level Human Resource Service Institution" by the Beijing Human Resources and Social Security Bureau [1] Financial Performance - For Q1 2025, the company reported revenue of 10.837 billion yuan, a year-on-year increase of 2.72%, and a net profit of 591 million yuan, reflecting a significant year-on-year growth of 180.41% [2] - The company's sales gross margin stands at 5.63% [2] Market Position - As of May 30, the company's stock closed at 19.98 yuan, down 1.67%, with a rolling price-to-earnings (PE) ratio of 9.66 times, and a total market capitalization of 11.311 billion yuan [1] - In comparison to the industry, the average PE ratio for the professional services sector is 55.62 times, with a median of 33.73 times, placing Beijing Human Capital 8th in the industry ranking [1][2] Shareholder Information - As of March 31, 2025, the number of shareholders for Beijing Human Capital is 13,514, a decrease of 615 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Beijing International Human Capital Group Co., Ltd, emphasizing its low PE ratio compared to the industry average [1][2] - As of May 22, the company's stock price closed at 20.77 yuan, with a rolling PE ratio of 10.04 times and a total market capitalization of 11.758 billion yuan [1] - The average PE ratio for the professional services industry is 54.51 times, with a median of 33.38 times, placing Beijing International Human Capital in the 8th position within the industry [1][2] Group 2 - For Q1 2025, the company reported revenue of 10.837 billion yuan, reflecting a year-on-year increase of 2.72%, and a net profit of 591 million yuan, showing a significant year-on-year growth of 180.41% [2] - The company's gross profit margin stands at 5.63% [2] - As of March 31, 2025, the number of shareholders decreased to 13,514, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1]

Group 1 - The company reported a revenue of 43.032 billion yuan for 2024, a year-on-year increase of 12.32%, and a net profit attributable to shareholders of 791 million yuan, up 44.42% year-on-year [1] - The significant growth in profit is attributed to the base effect from the previous year, where asset disposals negatively impacted performance, including a land appreciation tax of approximately 197 million yuan [1] - In Q1 2025, the company achieved total operating revenue of 10.837 billion yuan, a year-on-year increase of 2.72%, and a net profit attributable to shareholders of 591 million yuan, up 180.41% year-on-year [1] Group 2 - The company plans to distribute a cash dividend of 0.6990 yuan per share, totaling 396 million yuan, with a cash dividend ratio of 50% [2] - The outsourcing business drove revenue growth, achieving 36.048 billion yuan, a year-on-year increase of 13.96%, and is identified as the core driver of the company's performance [2] - The company has strengthened its professional outsourcing capabilities, enhancing recruitment efficiency and reducing costs through AI technology and digital tools [2] Group 3 - The company has successfully completed its 2024 performance commitments and proposed a high dividend payout plan [3] - The company is expected to maintain steady growth driven by its high-growth outsourcing business and increased customer development efforts, adding 30 large clients during the year [3] - The profit forecast for 2025-2026 has been slightly adjusted to 971 million yuan and 1.066 billion yuan, respectively, with a new forecast for 2027 at 1.202 billion yuan [3]

Performance Overview - In 2024, the company achieved revenue of 43.032 billion (yoy +12.32%) and a net profit attributable to shareholders of 0.791 billion (yoy +44.42%), with a non-recurring net profit of 0.533 billion (yoy +106.88%) [1] - The significant profit increase in 2024 was mainly due to a low base effect from asset disposals and related tax expenses from asset replacements [1] - In Q1 2025, the company reported revenue of 10.837 billion (yoy +2.72%) and a net profit attributable to shareholders of 0.591 billion (yoy +180.21%), with a non-recurring net profit of 0.145 billion (yoy -22.11%) [1] - The non-recurring gains in Q1 2025 included government subsidies of 0.42 billion and gains from subsidiary equity transfers and financial products totaling 0.36 billion [1] Business Performance - Beijing Foreign Enterprises achieved a net profit of 0.872 billion in 2024 (yoy +5.61%) and a non-recurring net profit of 0.575 billion (yoy +17.45%), fulfilling 146.78% and 102.24% of its annual performance commitments, respectively [2] - Revenue breakdown for 2024 includes: outsourcing services at 36.048 billion (yoy +13.96%), personnel management services at 0.099 billion (yoy -9.06%), compensation and benefits services at 0.12 billion (yoy +4.68%), and recruitment and flexible employment at 4.346 billion (yoy +12.60%) [2] - The company expects to benefit from pro-employment and pro-consumption policies, with a projected non-recurring net profit of no less than 0.662 billion in 2025, indicating a growth rate of no less than 9.66% [2] Long-term Outlook - In 2024, the company signed global cooperation agreements with Adecco Group and Huawei Technologies, which may accelerate the acquisition of large client labor needs overseas [3] - A subsidiary plans to establish a joint venture with Kunlun Wanwei to promote AI in recruitment, aiming to reduce costs and improve efficiency for enterprises [3] - Revenue projections for 2025-2027 are 48.636 billion, 55.477 billion, and 63.878 billion, with corresponding growth rates of 13.02%, 14.07%, and 15.14% [3] - Net profit projections for the same period are 0.898 billion, 1.025 billion, and 1.195 billion, with growth rates of 13.42%, 14.23%, and 16.50% [3] - Earnings per share (EPS) are expected to be 1.59, 1.81, and 2.11 yuan per share for 2025-2027 [3]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 43.03 billion yuan in 2024, representing a year-on-year growth of 12.32%, while the net profit attributable to shareholders reached 791.41 million yuan, up 44.42% year-on-year [8] - The company experienced a slowdown in revenue growth, with Q1 2025 revenue at 10.84 billion yuan, reflecting a 2.7% year-on-year increase [8] - Government subsidies significantly contributed to profit growth, with other income (government subsidies) increasing from 3.5 billion yuan to 5.1 billion yuan [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 38.31 billion yuan, 2024A: 43.03 billion yuan, 2025E: 47.85 billion yuan, 2026E: 52.47 billion yuan, and 2027E: 56.70 billion yuan [1] - Net profit attributable to shareholders is forecasted to be 791.41 million yuan in 2024, 893.55 million yuan in 2025, 966.03 million yuan in 2026, and 1.05 billion yuan in 2027 [1] - The earnings per share (EPS) is projected to be 1.40 yuan in 2024, 1.58 yuan in 2025, 1.71 yuan in 2026, and 1.85 yuan in 2027 [1] Business Segment Performance - The company’s revenue from personnel management services, compensation and benefits services, business outsourcing services, recruitment and flexible employment services, and other services for 2024 is projected to be 9.9 billion yuan, 12.0 billion yuan, 36.05 billion yuan, 4.34 billion yuan, and 450 million yuan respectively [8] - Business outsourcing services contributed nearly 80% of the gross profit in 2024, although it had a relatively low gross margin [8] Strategic Developments - The company is deepening its partnership with the Adecco Group to support Chinese enterprises in their global expansion [8] - The company has signed a global cooperation agreement with Adecco Group and Huawei Technologies to provide human resource services [8]