分红率超50%。 作者 | 木鱼 编辑 | 小白 资产负债表的健康程度往往决定了企业的抗风险能力与长期发展潜力，外服控股（600662.SH）无疑 是A股市场中的"隐形富豪"。 截至2025年第三季度末，外服控股持有现金类资产（货币资金+交易性金融资产）高达88.62亿元，占 总资产比例高达58%，而有息负债（短期借款、长期借款及租赁负债）合计仅1个多亿，净现金高达8 7亿。 一个词形同它的资产结构就是"现金为王"，但另一方面，其业绩表现却呈现出"增收不增利"态势。 2025年前三季度，外服控股实现营业收入185.66亿元，同比增长16.65%，但同期实现归母净利润5.21 亿元，同比仅增长了3.88%，扣非后归母净利润更是同比下降6.96%，盈利明显承压。 风云君不由得开始好奇，外服控股究竟是一家怎样的上市公司。 现金为王的财务密码 2021年，外服控股通过借壳强生控股完成上市，主营业务从之前的出租车运营商变更为现在的人力资 源服务提供商，包括人事管理服务、薪酬福利服务、招聘及灵活用工服务、业务外包服务等四大板 块。 人力资源服务行业的特点之一是"轻资产高周转"、"先收款后服务"，预收款和服务费快速回笼形成 ...

资金流向方面，主力资金净流出97.93万元，特大单买入313.65万元，占比9.23%，卖出154.11万元，占 比4.53%；大单买入262.89万元，占比7.73%，卖出520.35万元，占比15.31%。 北京人力今年以来股价涨0.91%，近5个交易日跌0.16%，近20日涨1.02%，近60日跌10.21%。 11月24日，北京人力盘中上涨2.01%，截至13:19，报18.82元/股，成交3398.76万元，换手率0.50%，总 市值106.54亿元。 北京人力所属申万行业为：社会服务-专业服务-人力资源服务。所属概念板块包括：新零售、国资改 革、中盘、北京国资、社保重仓等。 资料显示，北京国际人力资本集团股份有限公司位于北京市朝阳区广渠路18号院世东国际大厦B座，成 立日期1992年11月3日，上市日期1994年5月20日，公司主营业务涉及人力资源服务,包括人事管理服 务、薪酬福利服务、业务外包服务、招聘及灵活用工服务等。主营业务收入构成为：业务外包服务 83.63%，招聘及灵活用工服务10.16%，薪酬福利服务2.50%，人事管理服务2.17%，其他业务1.54%。 机构持仓方面，截止2025年 ...

Core Viewpoint - Shanghai Foreign Service Holding Group Co., Ltd. announced the lifting of restrictions on 6,390,461 shares of restricted stock for 208 eligible incentive recipients, with the shares set to be listed on November 7, 2025, after meeting performance conditions [2][3] Company Overview - The company was established on February 1, 1992, with a registered capital of 22.83 billion RMB, and is headquartered in Huangpu District, Shanghai [2] - The main business includes comprehensive human resource services such as personnel management, talent dispatch, compensation and benefits, recruitment, flexible employment services, and business outsourcing [2] - The current chairman is Chen Weiquan, and the company has 3,320 employees [2] Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first three quarters of 2025 were 14.664 billion RMB, 19.156 billion RMB, 22.307 billion RMB, and 18.566 billion RMB, reflecting year-on-year growth rates of 28.02%, 30.64%, 16.45%, and 16.65% respectively [3] - The net profit attributable to shareholders for the same periods were 546 million RMB, 586 million RMB, 1.086 billion RMB, and 521 million RMB, with year-on-year growth rates of 2.76%, 7.26%, 85.41%, and 3.88% respectively [3] - The company's asset-liability ratios for the same periods were 71.19%, 70.69%, 66.00%, and 63.55% [3] Company Structure - The company has 117 subsidiaries, including Shanghai Foreign Service (Hong Kong) Co., Ltd., Shanghai Foreign Labor (Macau) Employment Agency Ltd., and others [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown stable profit margins and is expected to meet its performance commitments. The revenue for Q3 2025 was 11.12 billion yuan, a year-on-year decrease of 1.7%, while the net profit attributable to shareholders was 194 million yuan, down 6.6% year-on-year. However, the net profit excluding non-recurring items increased by 10.3% year-on-year [8] - The gross profit margin for Q3 2025 was 5.7%, a slight decrease of 0.2 percentage points year-on-year, while the operating profit margin remained stable at 2.9%. The net profit margin was 1.7%, down 0.1 percentage points year-on-year. Cost reduction and efficiency improvement measures have led to a slight decrease in management and sales expenses, maintaining stable profitability [8] - The company is deepening its joint venture cooperation with the DeKe Group, which will support Chinese enterprises in expanding globally by providing human resource services and consulting [8] - The company is a leader in China's human resource service industry, with significant scale advantages and rich customer resources. The partnership with DeKe has established a good reputation in the flexible employment sector. The profit forecasts for 2025-2027 have been revised upward due to better-than-expected cost reduction and efficiency improvements, with net profits projected at 1.16 billion, 1.03 billion, and 1.10 billion yuan respectively [8] Financial Summary - Total revenue is projected to grow from 38.31 billion yuan in 2023 to 50.64 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 4.67% [1] - The net profit attributable to shareholders is expected to increase from 547.98 million yuan in 2023 to 1.10 billion yuan in 2027, with a peak growth rate of 46.67% in 2025 [1] - The latest diluted earnings per share (EPS) are forecasted to rise from 0.97 yuan in 2023 to 1.94 yuan in 2027, reflecting a strong growth trajectory [1]

Core Insights - Beijing Human Capital Group reported a revenue of 33.807 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.89% [1] - The net profit attributable to shareholders reached 1.007 billion yuan, showing a significant increase of 57.02% year-on-year [1] - The company’s basic earnings per share (EPS) stood at 1.78 yuan, with a weighted average return on equity (ROE) of 14.68% [1] Financial Performance - The gross profit margin for the first three quarters was 5.46%, a decrease of 0.27 percentage points year-on-year, while the net profit margin improved to 3.77%, an increase of 1.20 percentage points [1] - In Q3 2025, the gross profit margin was 5.71%, down 0.17 percentage points year-on-year but up 0.63 percentage points quarter-on-quarter; the net profit margin was 2.25%, up 0.05 percentage points year-on-year but down 0.01 percentage points from the previous quarter [1] Expense Analysis - Total operating expenses for Q3 2025 were 0.962 billion yuan, a decrease of 0.106 billion yuan compared to the same period last year, with an expense ratio of 2.85%, down 0.37 percentage points year-on-year [2] - Sales expenses decreased by 10.68%, management expenses decreased by 11.04%, and R&D expenses decreased by 6.51%, while financial expenses increased by 25.91% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 16,300, an increase of 1,006 from the end of the previous half-year, representing a growth of 6.59% [2] - The average market value per shareholder decreased from 715,500 yuan at the end of the previous half-year to 654,200 yuan, a decline of 8.56% [2] Business Overview - Beijing Human Capital Group, established on November 3, 1992, and listed on May 20, 1994, specializes in human resource services, including personnel management, compensation and benefits, business outsourcing, recruitment, and flexible employment services [2] - The revenue composition of the main business includes 83.63% from business outsourcing services, 10.16% from recruitment and flexible employment services, 2.50% from compensation and benefits services, 2.17% from personnel management services, and 1.54% from other services [2] - The company operates within the social services sector, specifically in professional services related to human resources [2]

Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company has shown steady revenue growth and is making progress on its performance commitments [2][5] - The company achieved a revenue of 226.9 billion yuan in H1 2025, representing a year-on-year growth of 3.8%, with a net profit attributable to shareholders of 8.1 billion yuan, up 87.4% year-on-year [5] - The company is focusing on market-oriented, professional, digital, and international strategies to enhance client acquisition and retention, aiming to improve operational efficiency through digitalization [5] Financial Summary - Revenue projections for the company are as follows: 430.32 billion yuan in 2024, 456.01 billion yuan in 2025, 507.00 billion yuan in 2026, and 563.32 billion yuan in 2027, with growth rates of 12.3%, 6.0%, 11.2%, and 11.1% respectively [3][6] - The net profit attributable to shareholders is expected to be 7.91 billion yuan in 2024, 10.88 billion yuan in 2025, 10.18 billion yuan in 2026, and 11.37 billion yuan in 2027, with growth rates of 44.4%, 37.5%, -6.4%, and 11.7% respectively [3][6] - The company's earnings per share (EPS) are projected to be 1.40 yuan in 2024, 1.92 yuan in 2025, 1.80 yuan in 2026, and 2.01 yuan in 2027 [3][6] Business Performance - The company's outsourcing and personnel management services have shown stable growth, with the revenue from these segments contributing significantly to overall performance [5] - The gross margin for H1 2025 was 5.3%, a slight decrease of 0.3 percentage points year-on-year, influenced by external economic conditions [5] - The company has a strong client base and operational resilience, which supports stable profitability despite external challenges [5]

Group 1 - Beijing International Human Capital Group Co., Ltd. announced that its major shareholder, Tianjin Rongheng Equity Investment Partnership, holds approximately 49.77 million shares, accounting for 8.79% of the total share capital [1] - Tianjin Rongheng plans to reduce its holdings by up to approximately 16.98 million shares, which is not more than 3% of the total share capital, through centralized bidding and block trading [1] - The reduction will take place within three months after the announcement, with specific limits on the number of shares that can be sold through different methods [1] Group 2 - For the fiscal year 2024, the revenue composition of Beijing International Human Capital is projected to be 98.94% from personnel management services, 1.04% from other services, and 0.03% from additional business activities [1] - As of the announcement, the market capitalization of Beijing International Human Capital is 11.3 billion yuan [1]

Group 1: Strategy Overview - The core strategy is a continuation of the bull market, focusing on core technology assets as A-shares strengthen under the leadership of these assets [2][3] - The market outlook remains positive due to economic recovery expectations, continuous capital inflow, and policy benefits, with a mid-term slow bull logic still intact [3] - Short-term market may face technical adjustment pressure due to crowded trading in some popular sectors, but a new round of valuation-driven market space is expected to open up starting in Q3 [3] Group 2: September Stock Picks - The September stock picks include: Beijing-Shanghai High-Speed Railway (Transportation), Tongkun Co., Ltd. (Chemicals), Yake Technology (Chemicals), CATL (Electricity), Heng Rui Medicine (Pharmaceuticals), Sanyou Medical (Pharmaceuticals), Beijing Renli (Social Services), Feiliwa (Electronics), Zhaoyi Innovation (Electronics), and Pengding Holdings (Electronics) [8][10] Group 3: Industry Insights Transportation Industry: Beijing-Shanghai High-Speed Railway - The company is a landmark project in China's high-speed rail, with expected net profit exceeding 12.7 billion yuan in 2024 [10] - The business model relies on entrusted transportation management, with revenue primarily from passenger transport and network service income [10] - Key factors supporting growth include a favorable pricing mechanism, strong travel demand along the route, network effects from an expanding high-speed rail network, and technological advancements in train efficiency [11] Chemical Industry: Tongkun Co., Ltd. - The company achieved significant sales growth in polyester filament, with a total sales volume of 9.4587 million tons in the first three quarters of 2024, a year-on-year increase of 29.60% [12] - Despite a decline in selling prices due to fluctuating oil prices and weak downstream demand, the company expects profitability to improve with demand recovery [12] Chemical Industry: Yake Technology - The company reported steady growth, with a gross margin of 31.59% in 2024 [14] - The electronic materials segment is expanding, with significant revenue growth in precursor materials and photoresists [15] Electric Industry: CATL - The company achieved a net profit of 50.745 billion yuan in 2024, a year-on-year increase of 15.01% [17] - CATL maintains a leading position in the global battery market, with a 37.9% market share in power batteries and 36.5% in energy storage [18] Pharmaceutical Industry: Heng Rui Medicine - The company reported a 12.53% year-on-year increase in revenue for Q2 2024, with innovative drugs accounting for over 60% of total revenue [20] - Multiple new products were launched in the first half of 2024, contributing to growth [21] Pharmaceutical Industry: Sanyou Medical - The company faced pressure from centralized procurement but is innovating therapies to enhance market share [24] - The acquisition of Waterwood Tianpeng is expected to strengthen the product matrix and enhance competitiveness [25] Social Services Industry: Beijing Renli - The company has a broad service coverage and a strong client base, with growth potential in flexible employment and outsourcing [27] - Digitalization and AI applications are expected to enhance operational efficiency and revenue growth [28] Electronics Industry: Feiliwa - The company reported a revenue of 908 million yuan in H1 2025, with a gross margin of 49.2% [29] - New business lines are beginning to contribute to performance, particularly in semiconductor and aerospace sectors [30] Electronics Industry: Zhaoyi Innovation - The company achieved a revenue of 7.356 billion yuan in 2024, with a significant increase in net profit [32] - The company is actively expanding its market share in various sectors, including storage and MCU products [33] Electronics Industry: Pengding Holdings - The company reported a revenue of 16.375 billion yuan in H1 2025, with a net profit increase of 57.22% [35] - The company is capitalizing on market opportunities across various product lines, including communication and consumer electronics [36]

Core Insights - Beijing Human Capital Group reported a revenue of 22.691 billion yuan for the first half of 2025, representing a year-on-year growth of 3.77% [1] - The net profit attributable to shareholders reached 813 million yuan, showing a significant increase of 87.43% year-on-year [1] - The basic earnings per share (EPS) for the reporting period was 1.44 yuan [1] Financial Performance - The company's gross margin for the first half of 2025 was 5.34%, a decrease of 0.31 percentage points year-on-year [1] - The net profit margin improved to 4.51%, an increase of 1.76 percentage points compared to the same period last year [1] - In Q2 2025, the gross margin was 5.08%, up 0.07 percentage points year-on-year but down 0.55 percentage points quarter-on-quarter [1] Expense Management - Total operating expenses for the first half of 2025 were 627 million yuan, a decrease of 56.059 million yuan from the previous year [2] - The expense ratio was 2.76%, down 0.36 percentage points year-on-year [2] - Sales expenses decreased by 9.54%, management expenses decreased by 7.50%, and R&D expenses saw a significant reduction of 37.32% [2] Shareholder Information - As of the end of the first half of 2025, the total number of shareholders was 15,300, an increase of 1,757 or 13.00% from the previous quarter [2] - The average market value per shareholder decreased from 899,000 yuan to 715,500 yuan, a decline of 20.41% [2] Business Overview - Beijing Human Capital Group specializes in human resource services, including personnel management, compensation and benefits, business outsourcing, recruitment, and flexible employment services [2] - The revenue composition of the main business includes 83.77% from business outsourcing, 10.08% from recruitment and flexible employment services, 2.79% from compensation and benefits, and 2.30% from personnel management services [2] - The company is categorized under the social services - professional services - human resources services sector [2]

Core Viewpoint - Shanghai Foreign Service Holding Group Co., Ltd. reported a revenue increase of 16.15% year-on-year for the first half of 2025, indicating robust growth in the human resources service industry despite external uncertainties [2][3]. Company Overview and Financial Indicators - The company achieved an operating income of approximately 12.24 billion RMB in the first half of 2025, compared to 10.54 billion RMB in the same period last year [2]. - The total profit for the period was approximately 563.88 million RMB, a slight increase of 0.81% from the previous year [2]. - The net profit attributable to shareholders was approximately 384.05 million RMB, reflecting a growth of 5.51% year-on-year [2]. - The company's total assets decreased by 3.91% to approximately 15.69 billion RMB compared to the end of the previous year [2]. Industry Development - The human resources service industry in China is experiencing steady growth, with 74,100 service agencies and 1.09 million employees as of the end of 2024, marking increases of 6.01% and 3.27% respectively [3]. - The employment situation remains stable, with an average urban unemployment rate of 5.2% in the first half of 2025, slightly down from the previous quarter [3]. - Government policies are increasingly focused on promoting vocational training and employment stability, which is expected to positively impact the human resources service sector [3]. Main Business and Products - The company focuses on various services including personnel management, talent dispatch, payroll and benefits, recruitment, flexible employment, and business process outsourcing [3][4]. - The company has established a comprehensive service network to address clients' challenges related to human resource management, enhancing efficiency and quality [4][5]. - Talent dispatch services help clients effectively acquire and utilize talent, allowing them to concentrate on core business operations [5][6]. Performance Drivers - The company aims to become a leading comprehensive human resources service provider, leveraging digital transformation and professional services to enhance client value [17][18]. - The focus on high-value consulting services and the integration of technology into service delivery are key strategies for driving growth [17][18]. - The company is actively expanding its international presence, providing solutions for Chinese enterprises operating abroad and establishing partnerships in various regions [18][20]. Market Position and Recognition - The company has received numerous accolades, including being ranked first in the "2025 Top 100 Human Resources Service Institutions" by a third-party media platform [23]. - It has maintained a low customer attrition rate and high customer satisfaction over the past decade, contributing to its strong market reputation [23].