Investment Rating - The report maintains a "Positive" investment rating for the consumer services sector [11] Core Insights - In H1 2025, the overall industry revenue increased by 1.0% year-on-year, indicating a stable upward trend, while the overall non-recurring net profit decreased by 7.1% year-on-year. However, in Q2 2025, the non-recurring net profit increased by 15% year-on-year, showing a recovery in profitability [2][19] - Structural opportunities are emerging across various segments, with notable improvements in profitability for human resources and hotel sectors [2][19] Revenue Overview - In H1 2025, the revenue growth was driven by a price-volume trade-off, with human resources, outbound tourism, education, dining, and scenic spots showing year-on-year increases of 10.7%, 8.6%, 3.4%, 3.3%, and 0.5% respectively. The duty-free sector is gradually recovering from a weak period, with a year-on-year decline of 10.1% [20][19] - The hotel industry faced pressure, with a year-on-year decline of 2.7% in performance [20] Profitability Analysis - The overall non-recurring net profit for the industry in H1 2025 decreased by 7.1%, but improved by 15% in Q2 2025. The human resources and hotel sectors saw increases of 6.4% and 1.0% respectively in H1 2025 [24][19] - The duty-free, dining, education, and scenic sectors experienced significant declines in non-recurring net profit, primarily due to weak consumer recovery in Q1 [24][19] Cash Flow Insights - The overall operating cash flow net amount decreased by 15.72% year-on-year in H1 2025, with the dining sector showing a positive growth of 28.89% [31][19] - By Q2 2025, the operating net cash flow for outbound tourism and education sectors turned positive, with increases of 38.51% and 18.02% respectively [31][19] Sector-Specific Highlights - **Tea Beverage**: The segment continues to thrive, with significant revenue and profit growth driven by delivery services and seasonal demand. Notable brands like Gu Ming are recommended for their robust growth potential [7][50] - **Dining**: The sector is recovering, but performance among listed companies varies. Brands with strong value propositions and rapid expansion are highlighted for investment [7][52] - **Education**: Quality institutions are experiencing steady growth, with a focus on AI applications enhancing revenue and profit margins. Recommended companies include Xue Da Education and Action Education [8][50] - **Human Resources**: The demand is structurally improving, with AI technology enhancing efficiency and reducing reliance on manual labor. Recommended companies include Keri International and Beijing Human Resources [8][50] - **Scenic Spots**: The tourism sector is witnessing growth in visitor numbers, supported by favorable policies. Recommended companies include Tianmu Lake and Songcheng Performance [8][50] - **Hotels**: The sector is under pressure, but major hotel groups are achieving cost reductions and efficiency improvements. Recommended companies include Shoulu Hotel and Jinjiang Hotel [9][50] - **Duty-Free**: The decline in offshore duty-free sales is narrowing, with positive trends in port stores. Recommended company is China Duty Free [9][50]

9月10日，2025年中国国际服务贸易交易会（下称"服贸会"）拉开帷幕。 作为全球服务贸易合作的重要桥梁，服贸会不仅成为中国企业展示成果、对接全球资源的"舞台"，更助力"中国服务"加速融入全球产业链，为破解全球经 济发展难题注入新动能。 服务业撑起全球经济"半壁江山" 开幕式上，联合国贸易和发展会议副秘书长莫雷诺抛出的一组数据，直观展现了服务业在全球经济中的重要地位。他指出，全球服务业增加值占全球GDP 的比重已达到约三分之二、服务贸易增速是货物贸易增速的两倍、服务业吸引超过一半的全球直接投资、全球超过55%的劳动力受雇于服务业…… 从硬科技产品的全球化落地，到智能装备领域的"产品+服务"创新，中国企业的出海路径正不断丰富。在自动驾驶领域，仙途智能的"打包出海"模式便展 现出强大生命力。仙途智能公关经理李诗佳对记者说，其与沙特阿吉兰兄弟控股集团的合作，不仅为中东政府及环卫机构提供跨场景、高效复用的自动驾 驶平台产品，更在沙特利雅得落地首个商业化运营项目。 "数字说明一切。"莫雷诺称，这些数字背后的事实在于，服务业已不仅是现代经济的支柱，更是全球经济包容性和韧性的关键驱动力。当前，服务业正在 经历一场深刻的结构 ...

9月10日，2025年中国国际服务贸易交易会（下称"服贸会"）拉开帷幕。 作为全球服务贸易合作的重要桥梁，服贸会不仅成为中国企业展示成果、对接全球资源的"舞台"，更助力"中国服务"加速融入全球产业链，为破解全球经济发 展难题注入新动能。 服务业撑起全球经济"半壁江山" 开幕式上，联合国贸易和发展会议副秘书长莫雷诺抛出的一组数据，直观展现了服务业在全球经济中的重要地位。他指出，全球服务业增加值占全球GDP的 比重已达到约三分之二、服务贸易增速是货物贸易增速的两倍、服务业吸引超过一半的全球直接投资、全球超过55%的劳动力受雇于服务业…… 在数字化浪潮下，各国需进一步深化服务贸易合作，以服务业创新破解全球经济发展难题，这也为中国企业参与全球服务贸易指明了方向。 硬核技术+精准服务 中国服务出海绘就新图景 在全球市场竞争中，中国企业正凭借技术突破、模式创新与本地化布局，在多个领域打开出海新局面。从硬科技产品到服务业理念，从智能装备到数字基础 设施，不同行业的企业通过差异化优势构建核心竞争力，形成多元出海格局。 重载无人直升机领域的"技术派"代表——北京航景创新科技有限公司，率先以全产业链自主闭环夯实出海基础。"从航空 ...

Core Viewpoint - The company has announced the addition of new implementation entities for its fundraising investment projects to enhance efficiency and align with its strategic goals [6][9][10]. Group 1: Fundraising Overview - The company raised a total of RMB 1,596,696,897.60 through the issuance of 95,041,482 shares at a price of RMB 16.80 per share, with a net amount of RMB 1,581,962,589.68 after deducting issuance costs [4][30]. - As of April 25, 2023, all raised funds have been received and verified by an accounting firm [4][30]. - The company has established a special account for managing the raised funds, ensuring compliance with regulations and protecting investor interests [5][31]. Group 2: Fund Usage and Management - As of June 30, 2025, the company has utilized RMB 790,848,448.80 of the raised funds, with a remaining balance of RMB 818,115,307.55 in the special account [30][31]. - The company has not engaged in any pre-investment fund replacement or temporary use of idle funds for working capital during the reporting period [33][34]. - The company has implemented cash management strategies for idle funds, allowing for investment in short-term, high-security products [36][37]. Group 3: Changes in Implementation Entities - The company has decided to add Beijing International Human Capital Group Co., Ltd. and Beijing Foreign Enterprise Digital Technology Co., Ltd. as new implementation entities for its fundraising projects [6][9][10]. - This decision aims to optimize internal resource allocation without changing the purpose or scale of the fundraising projects [9][10]. - The board of directors has authorized management to handle the establishment of a special account for the new implementation entity and ensure timely disclosure of relevant information [9][10][16]. Group 4: Board and Supervisory Meetings - The board of directors and the supervisory board have both approved the addition of new implementation entities and the related fundraising management measures [11][18][25]. - The meetings were conducted in accordance with legal and regulatory requirements, ensuring transparency and compliance [11][18][25]. Group 5: Financial Advisor's Opinion - The independent financial advisor has confirmed that the addition of new implementation entities complies with relevant regulations and does not harm the interests of the company or its shareholders [9][10][26].

Core Insights - The service industry in Jintan District is experiencing significant growth, driven by policy guidance, project initiatives, and industry integration, becoming a key engine for regional economic growth [1] - Key indicators show remarkable performance, with the district's above-scale service industry achieving revenue of 4.328 billion yuan, a year-on-year increase of 21.7%, while the total service industry revenue reached 4.072 billion yuan, growing by 24.0% [1] - The collaboration between cultural tourism and transportation services is evident, enhancing the service industry's offerings, with major events attracting significant visitor numbers and boosting local tourism [1] Project Development - Key project construction is fundamental for service industry growth, with three projects selected as provincial key service industry projects, marking a record high for the district [2] - The district is enhancing support for these projects by optimizing the service environment, ensuring land availability, and implementing talent attraction policies [2] - Mechanisms are in place for regular project progress monitoring and problem-solving to ensure smooth implementation [2] Innovation and Future Outlook - Jintan District is actively fostering enterprise innovation by identifying and submitting five high-quality innovative service scenarios for city-level recognition, which could lead to more policy support [3] - The service industry is expected to maintain a positive development trend, achieving new breakthroughs in scale, quality, and efficiency, contributing further to regional economic growth [3]

Group 1 - A new company, Shenyang Rushi Human Resource Service Co., Ltd., has been established with a registered capital of 5 million RMB [1][2] - The legal representative of the company is Zhao Yue, and it is wholly owned by Huaxia Outsourcing Service (Shenyang) Co., Ltd. [1][2] - The business scope includes human resource services (excluding employment agency activities and labor dispatch services), technical services, software development, tax services, and various consulting services [2] Group 2 - The company is classified under the national standard industry of leasing and business services, specifically in the comprehensive management services sector [2] - The registered address of the company is located at No. 72, Shenbei Road, Shenyang, Liaoning Province [2] - The business license allows the company to operate independently within the scope of its business activities without needing further approval for most projects [2]

Group 1 - The stock price of Core International as of August 11, 2025, closed at 33.94 yuan, down by 0.63 yuan, representing a decline of 1.82% from the previous trading day [1] - The opening price on the same day was 34.80 yuan, with a maximum of 34.80 yuan and a minimum of 33.50 yuan, resulting in an intraday fluctuation of 3.76% [1] - The trading volume was 99,231 hands, with a total transaction amount of 337 million yuan [1] Group 2 - Core International operates in the professional services industry, primarily focusing on human resources services and recruitment process outsourcing [1] - The company is registered in Beijing and is one of the stocks eligible for the Shenzhen Stock Connect [1] Group 3 - On August 11, the net outflow of main funds was 19.1571 million yuan, accounting for 0.29% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow was 11.5724 million yuan, representing 0.17% of the circulating market value [1]

Group 1: Business Support Initiatives - The "Space Worry-Free" project in Hangzhou's Shangcheng District provides 100 free business activity spaces to small and micro enterprises, addressing the high venue rental costs that 76% of these businesses face [1][2] - The project integrates idle spaces from community service centers, industrial parks, and business buildings, offering one-stop services including projectors and refreshments [1] - The Qianjiang New City Central Business District has become a popular venue, hosting over 50 events monthly, showcasing the effectiveness of the initiative [1] Group 2: Elderly Care Services - Shangcheng District has implemented a high-quality elderly care talent system, with a focus on training and competitions for caregivers, resulting in a steady increase in certified caregivers [2][3] - The district has established 20 home care service centers and 172 community care centers, enhancing the elderly care service network [3] - New initiatives include the addition of 80 beds in cognitive impairment care areas and the expansion of meal service points, benefiting over 800,000 elderly individuals [3] Group 3: Community Engagement and Feedback - The district has actively collected 170 public opinions on livelihood issues, leading to the implementation of 37 projects that have exceeded 77% progress [3] - A "for the people" service mechanism has been established to address community concerns, successfully resolving 205 issues related to road management and housing coordination [3]

Group 1 - The establishment of "Blue Collar Home Human Resources (Huai'an) Co., Ltd." has been registered with a capital of 2 million RMB [1] - The legal representative of the company is Fu Tingyu, and it is wholly owned by Huai'an Liufang Human Resources Co., Ltd. [1] - The business scope includes human resource services (excluding employment agency activities and labor dispatch services), labor services, salary management services, business agency services, sales agency, production line management services, enterprise management, project management services, unit logistics management services, property management, daily life services for residents, consulting and planning services, and exclusive insurance agency business within the authorized scope of insurance companies [1] Group 2 - The company is classified under the national standard industry of leasing and business services, specifically in the comprehensive management services sector [1] - The registered address is located at Building 813, No. 3, Guanlan Duhui, Huai'an Economic and Technological Development Zone, Jiangsu Province [1] - The company is categorized as a limited liability company (wholly owned by a natural person) with an operating period until July 30, 2025, with no fixed term thereafter [1]

Company Overview - Aiquel (Shanghai) Human Resources Co., Ltd. has been established with a registered capital of 2 million RMB [1] - The legal representative of the company is Fu Zhongsheng, and it is wholly owned by Shanghai Fuyingcai Enterprise Management Co., Ltd. [1] Business Scope - The company’s business scope includes labor dispatch services, call center services, residential interior decoration, and construction labor subcontracting [1] - Other services offered include human resources services (excluding employment agency activities), enterprise management, consulting, software development, technical services, and event management [1] - The company is also involved in sales of daily necessities, office supplies, labor protection products, and various other goods [1] Corporate Structure - Aiquel (Shanghai) Human Resources Co., Ltd. is classified as a limited liability company with natural person investment or control [1] - The company is registered under the business category of leasing and business services, specifically in the comprehensive management services sector [1] - The business registration is valid until July 22, 2025, with no fixed expiration date [1]