Investment Rating - The investment rating for the company has been upgraded to "Buy" due to the recovery in domestic recruitment demand and ongoing recovery in overseas markets, alongside a stabilizing macroeconomic environment [3]. Core Insights - The company reported a revenue of 10.755 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 26.29%. The net profit attributable to shareholders was 220 million yuan, up 62.46% year-on-year [7]. - The recruitment business is gradually recovering, with a narrowing decline in gross margin. The gross margin for Q3 2025 was 6.32%, a decrease of 0.55 percentage points year-on-year, but the decline has slowed compared to previous quarters [7]. - AI applications have made breakthroughs, with the operational scale of the company's industrial internet platform reaching new heights, including 46,700 operational positions and 135,000 active candidates in Q3 [7]. Summary by Sections Financial Performance - For Q3 2025, total revenue was 3.680 billion yuan, a year-on-year increase of 23.70%. The net profit attributable to shareholders was 93 million yuan, up 89.62% year-on-year [7]. - The company expects earnings per share of 1.43 yuan and 1.78 yuan for 2025 and 2026, respectively, with corresponding PE ratios of 19.62 and 15.75 times [3][9]. Business Operations - The company successfully recommended 11,516 mid-to-high-end management and technical positions to domestic and international clients in the first three quarters of 2025, and the flexible employment business dispatched 445,537 personnel [7]. - The company has initiated research on a reasoning-capable embedding model, CRE-T1, which enhances talent supply and demand semantic matching [7]. Market Outlook - The report anticipates steady growth in flexible employment demand and improvement in headhunting and recruitment needs, supported by a recovering macroeconomic environment [3].

Core Insights - The company reported a revenue of 10.755 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26.29% [1] - The net profit attributable to shareholders reached 220 million yuan, with a significant year-on-year increase of 62.46% [1] - The company has successfully recommended over 11,000 mid-to-high-end management and technical positions to domestic and international clients [1] Financial Performance - In Q3, the company achieved a revenue of 3.680 billion yuan, marking a year-on-year growth of 23.70% [1] - The net profit attributable to shareholders for Q3 was 93 million yuan, showing an impressive year-on-year increase of 89.62% [1] - The net profit excluding non-recurring gains and losses for Q3 was 61 million yuan, with a year-on-year growth of 26.90% [1] AI and Technology Development - The company is exploring AI technology applications in recruitment, having started research on the reasoning-capable Embedding model CRE-T1, which enhances talent supply-demand semantic matching [2] - An experimental version of the autonomous decision-making digital avatar Mira has been released, featuring three core sub-agents: Plan Agent, Search Agent, and Voice Agent [2] - The company’s industrial interconnection platform, He Wa, has achieved significant operational and delivery scale, with the number of operational positions reaching a record high of 46,700 [2] Platform Growth and Partnerships - The He Wa platform has seen a continuous increase in active candidates, reaching 135,000 in the quarter [2] - The platform's offer output and monetary value have both reached new highs [2] - As of the reporting period, the He Wa ecosystem has registered over 18,200 partners and 181,000 delivery consultants, with over 100,000 mid-to-high-end positions operated, reflecting a year-on-year growth of 57.41% [2]

Financial Performance - In 2024, the company achieved a total revenue of 11.788 billion yuan, representing a year-on-year growth of 20.55% [2] - The net profit attributable to shareholders reached 205 million yuan, an increase of 2.42% compared to the previous year [2] - The net profit excluding non-recurring gains and losses was 139 million yuan, up by 3.57% year-on-year [2] - Revenue from mainland China grew significantly, reaching 9.490 billion yuan, a rise of 28.67% [2] - Revenue from Hong Kong, Macau, Taiwan, and overseas markets showed a decline due to macroeconomic factors [2] Growth Opportunities - The domestic recruitment market is recovering, with strong demand in emerging industries, particularly in technology innovation [3] - The company plans to focus on high-end positions in strategic emerging industries such as semiconductors and artificial intelligence [3] - The company aims to enhance its service offerings by leveraging AI technology to improve efficiency and quality in human resource services [3] Strategic Goals - For 2025, the company will implement a "Four Ones" strategy to support new productivity sectors and embrace AI technology [4] - The company is committed to building a global talent supply chain and providing customized solutions for Chinese enterprises expanding overseas [4] International Expansion - The overseas business growth has slowed due to geopolitical and economic challenges, but there is a stabilizing trend since Q4 of the previous year [4] - The company has established branches in nine countries, including the UK, US, and Germany, focusing on life sciences and high-tech sectors [4] - The company has over 400 professional consultants overseas, enhancing its service capabilities in international markets [4] AI Integration - The company has adopted an AI-First strategy, integrating AI models into recruitment processes to enhance matching efficiency [5] - A large data system covering over 20 industries has been developed to support AI model training [5] - Recent advancements include the development of the CRE Embedding and Match System for improved recruitment matching [5]