Core Viewpoint - Dongwu Securities International is optimistic about Tongdao Liepin's unique positioning in the mid-to-high-end recruitment market and its service premium driven by AI technology, expecting significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved operating revenue of 940 million yuan, gross profit of 730 million yuan, and net profit attributable to shareholders of 80 million yuan, representing a year-on-year increase of 77.1%; adjusted operating profit was 120 million yuan, up 32.7% [2] Group 2: User Base and Market Position - The company’s C-end cumulative users reached 111 million, a year-on-year increase of 10.5%, solidifying its user base; however, due to statistical adjustments, C-end paying users decreased by 12% to 47,600 [3] - On the B-end, the company verified over 1.43 million enterprises, a year-on-year increase of 4.8%, confirming its scarce position in the mid-to-high-end recruitment sector, with stable paying clients around 63,000 [3] Group 3: Cost Reduction and Profit Growth - In the first half of the year, the company's marketing expenses were 420 million yuan, down 12.9% year-on-year, due to precise targeting and reduced sales and marketing personnel costs; R&D expenses were 130 million yuan, down 21.7%, mainly due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - The company's operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year, with expectations for continued internal operational optimization to promote healthy profit growth [4] Group 4: AI-Driven Product Innovation - In the first half of the year, the "Liepin Enterprise Version" implemented AI account upgrades, adding features like "Resume Quick Read" and "Intelligent Invitation," covering over 70% of paying clients [5] - The "Intended Candidates" product achieved a two-hour recommendation rate of 64% and a monthly re-initiation rate exceeding 60%, indicating strong customer recognition [5] - The AI interview system Doris, leveraging recruitment field expertise and technological iteration, achieved over 95% consistency with senior expert evaluations, focusing on scenario expansion and breakthrough with leading clients to establish a reputation [5]

Core Insights - The company reported a revenue of RMB 937 million for the six months ending June 30, 2025, with a net profit attributable to equity shareholders of RMB 80.3 million, representing a year-on-year increase of 77.13% [1] - The company is focusing on "AI + Recruitment" to enhance its product offerings and market competitiveness, particularly through the "猎聘AI企业版" product [1][2] - The AI recruitment products have significantly improved efficiency, with a recommendation rate of 64% for potential candidates within two hours [2] Financial Performance - Revenue for the first half of 2025 was RMB 937 million, with a net profit of RMB 80.3 million, marking a 77.13% increase year-on-year [1] - Basic earnings per share were reported at 16.82 cents [1] Product Development and Innovation - The company has developed a comprehensive AI recruitment product matrix, including features like "AI简历快读" and "AI智能邀约," which have been well-received by clients [2] - The AI intelligent interview system "Doris" has achieved a consistency rate of 95% with senior interview experts, enhancing user experience [3] - The company is set to launch the "运单助手小易" product in Q3 2025, aimed at improving the order delivery process for recruitment firms [4] Market Position and Client Engagement - The number of registered enterprise users reached 1.43 million, a year-on-year increase of 4.8%, while the number of paying enterprise clients decreased slightly by 0.9% [1] - Over 70% of paying clients are now utilizing AI recruitment products, indicating strong market acceptance [2] Technology and Research - The company has invested in technology development, utilizing mainstream large language models and enhancing its proprietary model "同道汇才" [5] - The company has achieved a 50% reduction in negative feedback from key industry clients regarding AI products, showcasing improved user satisfaction [5]