据悉，在今年的春风行动期间，姑苏区还将依托"江苏工匠课堂"线上平台和苏州大学、苏州市电子 信息技师学院等线下机构，推出38门技能培训课程，从苏式糕点制作到人工智能应用、电商直播，各种 实用技能随心学，帮助就业者提升职业竞争力。此外，姑苏区还将不断优化公共招聘服务，计划举办大 型招聘会、"小而美"专场、直播带岗等线上线下招聘活动超40场，提供岗位超1万个，同步集中做好困 难群体关心关爱和就业兜底帮扶，实现"节前稳岗稳产、节后复工复产"无缝衔接，促成用工企业和求职 者"双向奔赴"。 "我在苏州工作三年了，今年准备回陕西老家过年，没想到，出发前姑苏区还给我们准备了礼包和 福字，很实用也很喜庆，感觉心里暖洋洋的。"昨天（2月2日）是春运第一天，姑苏区在苏州火车站北 广场面向返乡劳动者开展"春暖人心"送服务活动，让即将踏上返乡之路的刘先生收到了一份特别的新春 祝福。现场，苏州市救助管理站和姑苏区人社局、区司法局、区总工会、区妇联等部门联合提供政策咨 询、维权支持等一站式服务，并邀请书法家手写赠送春联福字。200份"苏式"伴手礼，为往来旅客营造 出暖心"年味"。 记者了解到，"春暖人心"送服务是姑苏区启动2026年春风行 ...

文：泽平宏观团队 智联招聘课题组专家 导读 人口是一切经济社会活动的基础，人才更是第一资源。我们在前期系列报告中提出"人随 产业走、人往高处走"的逻辑，指出人口正持续向大城市及大都市圈集聚。随着人口红利消 逝、人才价值日益凸显，我们已经连续多年与智联招聘合作，推出"中国城市人才吸引力排 名"报告，以期准确把握人才流动特点、持续跟踪人才流动趋势。 2024年人才流动延续分化趋 势 。 摘要 数据说明： 智联招聘拥有 3.74 亿 + 职场人用户；其中约 8 成为专科及以上学历，远超全国就 业人口总体的 22.1% 。在求职者中，约四成为流动跨城求职者。 2024 年流动人才特征为： 从性别看， 流动人才中男性占 61% ，高于求职总体的 56% ，男性依旧更可能跨城求职； 从年龄看， 流动人才中 18-30 岁人才占比 67% ，高于求职总体的 61% ， 30 岁以下人才更有 可能跨城求职； 从学历看， 流动人才中 54% 为本科及以上学历，高于求职总体的 47% ，高学历人才更有可能 跨城求职； 从行业看， 2024 年流动人才中 55% 分布在 IT 互联网、房地产、制造业行业，较 2023 年下降 0. ...

Group 1: Retail and Service Industry Insights - The report highlights a recovery in the hotel and duty-free sectors, suggesting that the hotel prices have gradually increased since the second half of this year, with a recommendation to focus on hotel stocks such as Huazhu Group, Jinjiang Hotels, and ShouLai Hotels [6][12][17] - Duty-free sales are showing signs of bottoming out, with new policies implemented to expand the range of duty-free products and eligible consumers, leading to a significant increase in sales figures [12][15][16] - The report emphasizes the importance of service consumption policies, particularly in the context of the ice and snow economy, silver-haired economy, and sports events, recommending investments in companies like Changbai Mountain and Sanchuan Tourism [26][28][29] Group 2: AI Applications in Various Industries - The report discusses the acceleration of AI applications in the education and human resources sectors, with companies like Keri International and Beijing Renli leveraging AI to enhance recruitment efficiency [39][44] - AI's integration into 3D printing and e-commerce is highlighted, with a focus on companies like Huina Technology and Xiaogoods City, which are expected to benefit from cost reductions through full-chain penetration [6][39] - The report notes that AI applications are driving significant changes in operational efficiency and commercial opportunities across various sectors, particularly in human resources [39][44] Group 3: Beauty and Personal Care Sector - The beauty and personal care industry is experiencing a mild recovery, with domestic brands showing strong performance during the Double Eleven shopping festival, indicating a shift in competitive dynamics [6][32] - The report identifies key players in the beauty sector, recommending brands like Mao Ge Ping and Shanghai Jahwa, while also suggesting a focus on high-growth segments within the industry [6][32] - The medical beauty sector is under pressure but is seeing consolidation and innovation, with recommendations for companies like Jinbo Biological and Kedi-B [6][32] Group 4: Jewelry and Precious Metals - The jewelry sector is undergoing a transformation, with a focus on overseas expansion as a second growth curve, recommending companies like Laopu Gold and Chaohongji [6][32] - The report emphasizes the importance of high-value jewelry products and the impact of new tax regulations on the market dynamics [6][32] Group 5: Food and Beverage Industry - The food and beverage sector is witnessing a shift, with a focus on leading brands expanding their store counts and product categories, particularly in the tea and dining segments [32][38] - The report highlights the competitive landscape in the restaurant industry, noting the resilience of Western fast food and the growth of Chinese casual dining brands [32][38]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price set at 35.6 RMB, reflecting a potential upside of 34% [5][8]. Core Insights - The company is expected to achieve net profits attributable to shareholders of 1.11 billion RMB in 2025, 1.01 billion RMB in 2026, and 1.12 billion RMB in 2027, with significant growth driven by non-recurring gains from the transfer of shares in Beijing Urban-Rural Commercial (Group) Co., Ltd. [5][9]. - Despite a slight decline in revenue in Q3 2025 due to macroeconomic factors, the company demonstrated resilience, with a year-on-year revenue of 11.12 billion RMB, down 1.74% [9][11]. - The company has effectively controlled costs, with a decrease in sales expense ratio to 1.09% and general and administrative expense ratio to 1.89% in Q3 2025 [11]. Financial Summary - Total revenue projections for the company are as follows: 38.31 billion RMB in 2023, 43.03 billion RMB in 2024, 46.82 billion RMB in 2025, 52.66 billion RMB in 2026, and 57.44 billion RMB in 2027, reflecting growth rates of 18.5%, 12.3%, 8.8%, 12.5%, and 9.1% respectively [2][4]. - Net profit attributable to shareholders is projected to be 548 million RMB in 2023, 791 million RMB in 2024, 1.11 billion RMB in 2025, 1.01 billion RMB in 2026, and 1.12 billion RMB in 2027, with growth rates of 32.2%, 44.4%, 40.0%, -8.9%, and 10.6% respectively [2][4]. - The earnings per share (EPS) is expected to increase from 0.97 RMB in 2023 to 1.96 RMB in 2025, before slightly declining to 1.78 RMB in 2026 and recovering to 1.97 RMB in 2027 [2][4]. Operational Highlights - The company is leveraging AI technology to enhance its recruitment processes, achieving a fully digitized management system that reduces reliance on external platforms and improves recruitment efficiency [11]. - The timing of government subsidies has varied, impacting quarterly growth rates, with significant amounts recorded in different quarters of 2024 and 2025 [10].

Economic Overview - Liaoning Province's GDP for the first three quarters reached 24,283.9 billion yuan, with a year-on-year growth of 4.3% [1] - The primary industry added value was 1,611.5 billion yuan (4.3% growth), the secondary industry 8,367.7 billion yuan (2.1% growth), and the tertiary industry 14,304.7 billion yuan (5.4% growth) [1] - Social retail sales totaled 7,866.0 billion yuan, growing by 4.1%, while fixed asset investment declined by 9.1% [1] Comparison with Yunnan - Yunnan Province's GDP for the same period was 23,518.47 billion yuan, also growing at 4.3%, but both provinces lagged behind the national average by 0.9 percentage points [1] - The economic gap between Liaoning and Yunnan has widened, with Liaoning's GDP adjusted to 32,612.7 billion yuan and Yunnan's to 31,534.1 billion yuan for 2024, a difference of over 1,000 billion yuan [2] Industrial Performance - Liaoning's industrial added value for large-scale industries grew by 2.2%, a decline from 3.5% in the first half of the year [2] - In the automotive sector, added value decreased by 5.4%, with total vehicle production down by 10.1%, while new energy vehicle production increased by 22.2% [2] - 24 out of 40 industrial categories in Liaoning saw year-on-year growth, indicating a growth rate of 60.0% [2] Strategic Initiatives - New energy vehicles have been identified as one of the ten strategic emerging industry clusters in Liaoning [3] - The establishment of the Shenyang Automotive Industry Investment Fund aims to focus on electrification, intelligence, and low-carbon directions within the automotive industry [3] Economic Goals - Liaoning's targets for the year include a GDP growth of over 5% and an industrial added value growth of over 4.5% [3] - Yunnan's goals are similar, aiming for a GDP growth of around 5% and a 7% increase in industrial investment [3]

Financial Data and Key Metrics Changes - Revenue for FY 2025 was $165.2 million, down 22% from the prior year [17] - Net loss after tax was €2.9 million, an improvement from a €10 million loss in the previous year [17] - Operating expenses were reduced by £6 million through property consolidation and resizing support teams [17][18] - No dividend was declared for the year ending March 31, 2025, reflecting a prudent approach due to uncertain economic conditions [13][17] Business Line Data and Key Metrics Changes - AWF delivered improved profitability year on year despite a challenging environment [21] - Madison launched a greenfield health channel and secured a place on two key panels within the health sector [22] - Jackson Stone and Wellington were significantly impacted by government spending reductions [23] - Absolute IT was hardest hit nationally but retained key capabilities [23] Market Data and Key Metrics Changes - Unemployment rates reached 5.1% in March, reflecting a 53% increase over two years [25] - The labor market showed signs of strain, with a notable increase in tender activity and preferred supplier contract awards [29] - The contractor book reduced as clients implemented cost control measures [21] Company Strategy and Development Direction - The company is focused on financial sustainability, recovery, and growth, with an emphasis on maintaining operational capacity without compromising service quality [15][18] - Strategic focus on sectors with long-term robustness, including infrastructure, health, and professional services [20] - The company aims to leverage AI and digitization to enhance operational efficiency while maintaining a human touch in recruitment processes [42][43] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the prolonged and challenging trading cycle but expressed optimism about future recovery [14][15] - The company is preparing for better economic conditions, with expectations for FY 2026 to be a year of rebuild and improved financial performance [25][44] - Management emphasized the importance of maintaining strong relationships with clients and focusing on high-value roles [30][32] Other Important Information - The company maintained a strong banking relationship with ASB, with facilities extending to April 2026 [18] - Continuous conversations with ASB are aimed at reducing net debt and improving gearing metrics [19] Q&A Session Summary Question: Concerns about capital and debt levels - A shareholder expressed concerns about the company's capital needs and suggested that more capital is necessary to navigate current challenges [67][68] - Management acknowledged the importance of retaining quality staff and emphasized that the company does not need to be capital intensive [82][84] Question: Impact of AI on service delivery - A shareholder inquired about how AI might fine-tune the company's processes and operations [92] - Management discussed the integration of AI into core operating platforms to enhance efficiency while maintaining a human touch in recruitment [43][96]

Financial Data and Key Metrics Changes - Revenue for FY 2025 was $165.2 million, down 22% from the prior year [17] - Net loss after tax was €2.9 million, an improvement from a €10 million loss in the previous year [17] - Operating expenses were reduced by £6 million through property consolidation and resizing support teams [18] - No dividend was declared for the year ending March 31, 2025, reflecting a prudent approach due to uncertain economic conditions [17][13] Business Line Data and Key Metrics Changes - AWF delivered improved profitability year on year despite a challenging environment, focusing on efficiency and quality business [22] - Madison strengthened its position in mid-senior recruitments and launched a new health channel, securing a place on key panels [22][23] - Jackson Stone and Wellington were significantly impacted by government spending reductions, affecting permanent and contract hires [24] - Absolute IT faced the hardest hit nationally but retained key capabilities [24] Market Data and Key Metrics Changes - Unemployment rates reached 5.1%, a 53% increase over two years, reflecting a seismic shift in the labor market [26] - The labor market participation rate decreased, indicating potential underreporting of unemployment figures [28] - ANZ's business outlook showed a dip in employment intentions, indicating nervousness in hiring across sectors [30] Company Strategy and Development Direction - The company is focusing on high-value roles and longer-term contingent workforce solutions to provide clients with necessary flexibility [32] - There is a strategic emphasis on sectors with greater long-term robustness, such as infrastructure and health [21] - The company aims to leverage its scale as New Zealand's largest recruitment business to capture more opportunities [33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the prolonged and challenging trading cycle but emphasized a positive leadership approach [15] - The focus remains on financial sustainability, recovery, and growth, with expectations for better performance in FY 2026 and stronger in FY 2027 [26][50] - Management is preparing for an eventual economic rebound, despite current market instability [30][47] Other Important Information - The company is actively working on extending banking facilities with ASB to support growth and reduce interest costs [19] - There is a commitment to maintaining a strong banking relationship and avoiding delinquent debt [19] Q&A Session Summary Question: Concerns about capital requirements and company debt - A shareholder expressed concerns about the company's capital needs and suggested that additional capital could help address current challenges [72][74] - Management acknowledged the importance of retaining quality staff and emphasized that the company does not need to be capital-intensive [86][90] Question: Impact of AI on recruitment processes - A shareholder inquired about how AI might fine-tune recruitment processes and improve operational efficiency [96] - Management discussed ongoing digitization efforts and the integration of AI to enhance recruitment capabilities while maintaining the human touch [45][46]

Group 1 - The core viewpoint of the article highlights the launch of a special recruitment initiative in China, which has attracted over 27,000 employers and generated recruitment demands exceeding 312,000 positions across various industries from August 18 to August 24 [1] Group 2 - In the machinery equipment sector, over 7,500 employers participated, offering positions such as system engineers, debugging engineers, CNC engineers, and welding engineers, with a recruitment demand exceeding 100,000 positions [1] - The cross-border e-commerce sector involved over 3,000 employers, providing roles like foreign trade business managers, foreign trade procurement specialists, sales representatives, and operation managers, with a recruitment demand exceeding 10,000 positions [1] - The healthcare sector saw participation from over 16,000 employers, offering positions for physicians, pharmacists, imaging technicians, and rehabilitation physicians, with a recruitment demand of 190,000 positions [1] - The automotive sector included over 700 employers, offering roles such as automotive assembly engineers, design engineers, and testing engineers, with a recruitment demand of 12,000 positions [1] - The "Employment Online" platform also organized live-streaming recruitment events featuring various industries, including manufacturing, transportation, warehousing, real estate, and business services, providing positions like quality engineers, process engineers, mechanical engineers, station attendants, real estate agents, and sales managers [1]

Core Points - The "Hundred Days, Millions of Jobs" recruitment initiative is being held from August 18 to August 24, focusing on four online recruitment sectors: machinery, cross-border e-commerce, healthcare, and automotive [1] - Over 27,000 employers are participating in the initiative, with recruitment demand exceeding 312,000 positions [1] Group 1: Machinery Industry - The machinery sector has organized over 7,500 employers, offering positions such as system engineers, PLC electrical engineers, debugging engineers, CNC engineers, and welding engineers, with a recruitment demand exceeding 100,000 positions [1] Group 2: Cross-Border E-Commerce - The cross-border e-commerce sector has organized over 3,000 employers, providing roles such as foreign trade business managers, foreign trade purchasing specialists, sales representatives, and operations managers, with a recruitment demand exceeding 10,000 positions [1] Group 3: Healthcare Industry - The healthcare sector has organized over 16,000 employers, offering positions such as physicians, pharmacists, imaging technicians, and rehabilitation physicians, with a recruitment demand of 190,000 positions [1] Group 4: Automotive Industry - The automotive sector has organized over 700 employers, providing roles such as automotive assembly engineers, design engineers, and testing engineers, with a recruitment demand of 12,000 positions [1] Group 5: Initiative Overview - The "Hundred Days, Millions of Jobs" initiative was launched on June 17, 2025, aiming to collect and develop millions of job postings, focusing on various laborers, especially recent graduates [1]

Financial Data and Key Metrics Changes - Group like-for-like net fees decreased by 11% to £972 million, with pre-exceptional operating profit down 56% to £45.6 million [6][15][29] - Cash from operations increased by 14% to £128.3 million, ending the year with a cash position of £37 million [15][25] - Pre-exceptional earnings per share decreased by 67% to 1.31p, driven by lower operating profit and higher finance charges [16][24] Business Line Data and Key Metrics Changes - Temporary and contracting fees decreased by 7%, while permanent fees decreased by 17% [6][17] - Consultant net fee productivity increased by 5%, with enterprise solutions net fees growing by 8% [7][33] - In Germany, like-for-like net fees declined by 10%, while the UK and Ireland saw a 15% decline [8][10] Market Data and Key Metrics Changes - The US market showed strong performance with a 38% increase in net fee productivity [12][34] - In Rest of World, like-for-like net fees declined by 8%, with the US delivering strong growth [12][13] - Italy, Poland, and Spain reported positive growth in net fees, with Italy growing by 29% [40][41] Company Strategy and Development Direction - The company is focused on a five-lever strategy to increase exposure to high-potential markets and improve operational resilience [4][32] - Plans to deliver an additional £45 million in structural cost savings by FY 2029, building on previous savings [21][42] - Continued investment in technology and data to enhance productivity and client service [43][44] Management Comments on Operating Environment and Future Outlook - Management noted ongoing economic and political uncertainty affecting business confidence and recruitment markets [3][47] - The company expects to see improved performance in EMEA, particularly in France, but recovery timelines are uncertain [62][63] - Current trading in July and August is in line with expectations, with no significant changes in trading momentum [30][31] Other Important Information - The company has restructured its operations, closing offices and reducing headcount to improve profitability [22][29] - A full pension buy-in has been completed, significantly reducing future cash flow requirements related to pension contributions [27][70] - The final dividend proposed is 0.29p per share, reflecting a cautious approach to capital allocation amid uncertain trading conditions [28][70] Q&A Session Summary Question: CapEx spend for fiscal 2026 - The increase in CapEx is driven by technology investments and is expected to continue at a higher level over the next few years [53][54] Question: Job flow and conversion metrics - Currently, there is a 25% drop in placements, but pricing improvements are helping to mitigate this decline [56] Question: Expected performance improvement in EMEA - Recovery in EMEA is anticipated, but the timeline for profitability is uncertain, particularly in France [62][63] Question: Cash performance and expectations for FY 2026 - Cash performance was strong in FY 2025, but restructuring costs and increased CapEx may impact cash levels in FY 2026 [66][70] Question: Cost-saving program details - The company aims to achieve £45 million in additional structural cost savings, with significant progress expected in the next twelve months [76][78] Question: Temp and contracting business capacity - The company is satisfied with current consultant headcount levels but is shifting resources within countries to optimize productivity [81]