同道猎聘 摘要 同道猎聘 MAU 同比增长 18%，但个人付费用户数下降 12%，主要受子 业务影响。企业用户方面，验证企业用户数同比增长约 5%，付费企业 用户数基本持平。注册猎头数接近 22 万个，验证猎头出达人次数明显 上涨。 公司营业收入下降 7.6%，但上半年季度回款趋势向好。ToB 收入占比 82%，C 端收入占比提升至 18%。通过降本增效，总运营费用下降 13.2%，归母净利润同比增长 77%，现金储备为 25 亿元人民币，未来 三年将以不低于经调整归母净利润 50%的比例进行分红。 同道猎聘升级"猎聘 AI 企业版"，AI 产品付费客户覆盖度从年初的 30%提升到 70%。意向人选产品的两小时推荐率提升至 64%，月度重 复发起率稳定在 60%左右。AI 面试产品已覆盖 15 个一级行业，预计全 年面试量将突破百万次，与专家面试结果的一致性超过 95%。 公司通过组织架构扁平化和严格成本控制，总运营费用同比下降 13.2%，研发费用减少 22%，销售和营销费用减少 13%，管理费用减 少 5%。2025 年上半年经调整营业利润同比增长 33%，净利润接近 1 亿元，经调整归母净利润同比增长 ...

Core Insights - The company achieved a revenue of 937 million yuan and a net profit of 80 million yuan in the first half of 2025, marking a year-on-year growth of 77.1% in net profit [1] - The company initiated its first dividend distribution post-IPO and plans to enhance its shareholder return mechanism [1] - The platform's total verified enterprise users reached 1.434 million, a year-on-year increase of 4.8%, while the number of paying enterprise clients decreased by 0.9% to 63,000 [1] Group 1: AI Integration and Product Development - The company accelerated the application of artificial intelligence across the recruitment process, enhancing efficiency and user experience through innovations like "AI Resume Quick Read" and "AI Intelligent Invitation" [1] - Over 70% of paying enterprise clients are now utilizing AI recruitment products, a significant increase from the beginning of the year [1] - The company has established a multi-layered technical architecture for AI-enabled recruitment, integrating mainstream large models and developing its proprietary model "Tongdao Huicai" to create a differentiated technological advantage [2] Group 2: User Engagement and Market Position - The average monthly active users (MAU) on the platform grew by 18.5% year-on-year, reaching a historical high due to the optimization of AI-driven recommendation mechanisms and personalized service strategies [2] - The total registered personal users on the platform reached 110 million, reflecting a year-on-year growth of 10.5%, with revenue from personal users amounting to 170 million yuan, up 5.2% [1]

Group 1 - The core viewpoint of the articles highlights the rapid integration of AI technology in the human resources service sector, leading to a new wave of intelligent upgrades [1][2][3] - The company Tongdao Liepin (06100) has seen a significant increase in stock price, rising by 11.9% to HKD 4.23, due to its deep application of AI technology in recruitment [1] - Tongdao Liepin's AI products, particularly the AI interview system Doris, have undergone significant upgrades, enhancing user experience and assessment accuracy since its launch in Q1 2024 [1][2] Group 2 - The company is transitioning from an online tool to an AI Agent model, with the B-end enterprise version set to upgrade to an AI version by March 2025, introducing new AI account products [2] - The innovative "intended candidates" product significantly reduces the time for job matching and initial feedback from days to as little as 4 minutes, improving efficiency [2] - As of December 31, 2024, the company reported a total of 1.428 million verified enterprise users, a 10.4% year-on-year increase, and 106 million registered personal users, an 11.1% increase [2] Group 3 - The current price-to-book ratio (PB) of Tongdao Liepin is below 1, indicating a low market valuation that does not reflect its intrinsic value and growth potential [3] - The low PB offers a high margin of safety for investors and suggests significant upside potential during future market valuation corrections [3] - The company is expected to strengthen its leading position in the intelligent human resources service sector, setting a new benchmark for intelligent development in the industry [3]