随着企业对人才管理日益重视，中国人力资源服务市场正迎来前所未有的发展机遇。在众多服务商中，五家具有代表性的领军企业凭借其独特的市场定位、 业务模式和技术创新，共同塑造了行业生态，为不同规模、不同发展阶段的企业提供了多元化、专业化的解决方案。 3. 科锐国际 (Career International) 科锐国际是国内领先的以技术驱动的整体人才解决方案服务商，也是较早登陆A股的人力资源服务企业。其服务包括中高端人才访寻、招聘流程外包、灵活 用工等，业务覆盖全球20多个细分行业。 4. 终成国际 终成国际成立于2010年，总部位于青岛和上海，是一家快速成长的一站式人力资本解决方案服务商。公司核心业务包括人力资源外包、劳务派遣、薪酬财 税、管理咨询、企业出海、灵活用工、数智化服务及校企合作等，服务网络覆盖全国超过200个城市，为众多企业及员工提供全方位的人力资源服务。 中国国际技术智力合作集团有限公司成立于1987年，是一家以人力资源为核心主业的中央一级企业。其服务范围广泛，包括人事代理、劳务派遣、业务外 包、薪酬财税、管理咨询及国际人力资源业务等，服务客户超过5万家企业。 2. FESCO 北京外企人力资源服务有 ...

Core Insights - Tianjin Tianbao Holdings Co., Ltd. has signed a strategic cooperation agreement with Beijing Keri International Human Resources Co., Ltd. to enhance human resource service business model innovation and explore new market opportunities [1][3] Group 1: Strategic Cooperation - The cooperation follows Tianbao Holdings' acquisition of a 55% stake in Tianjin Zhirui, a subsidiary of Keri International, marking a significant upgrade in their partnership [3] - This collaboration represents a formal implementation of the "regional state-owned enterprise resources + listed platform advantages" model [3] Group 2: Company Profiles - Tianbao Holdings is a large state-owned enterprise in Tianjin, ranking 336th among China's top 500 service companies, with subsidiaries in construction, energy, and human resources [4] - Keri International is the first publicly listed human resources company in A-shares, serving over 6,000 clients and operating more than 100 branches globally [4] Group 3: Collaborative Framework - The partnership aims to establish a three-dimensional cooperation system focusing on resource integration, market expansion, and technological empowerment [5] - Tianbao Holdings will leverage its industrial resources while Keri International will utilize its global talent network and technological capabilities to optimize the regional talent supply chain [5] Group 4: Strategic Goals - The collaboration is part of Tianbao Holdings' efforts to implement the "industry collaboration" strategy, integrating regional resource advantages with Keri International's global service capabilities [6] - The partnership aims to enhance regional talent aggregation and industrial transformation, contributing to high-quality regional development [6]

Investment Rating - The report maintains a "Buy" rating for the company [9]. Core Insights - In the first half of 2025, the company achieved a revenue of 7.075 billion yuan, representing a year-on-year increase of 27.67%. The net profit attributable to the parent company was 127 million yuan, up 46.96% year-on-year [2][6]. - The company expects net profits attributable to the parent company for 2025-2027 to be 295 million, 368 million, and 460 million yuan, respectively, corresponding to PE ratios of 22, 18, and 14 times [2][6]. Revenue Analysis - In H1 2025, the revenue from mainland China grew significantly, reaching 5.860 billion yuan, a year-on-year increase of 33.62%. Revenue from Hong Kong and overseas markets was 1.215 billion yuan, up 5.10% [12]. - The new technology services segment saw a rapid growth of 48.23% year-on-year, driven by the increase in headcount in flexible employment [12]. Profitability Analysis - The overall gross margin for H1 2025 was 5.52%, a decrease of 1.17 percentage points year-on-year, primarily due to changes in customer structure and business mix [12]. - The gross margins for flexible employment, headhunting, recruitment process outsourcing, and technology services were 4.49%, 29.12%, 38.67%, and 18.47%, respectively [12]. AI and Operational Efficiency - The company is leveraging AI to enhance talent matching efficiency and reduce costs. The AI application on the He Wa platform has shown significant improvements, with operational positions exceeding 37,000 and candidate recommendations surpassing 200,000, marking a 180% increase compared to the second half of 2024 [12]. - In July 2025, the He Wa platform launched nine AI agents covering the entire recruitment process, aiming to improve efficiency across all business scenarios [12].

Core Viewpoint - The report highlights the strong revenue and profit growth of Core International (科锐国际) in the first half of 2025, driven by effective business expansion and AI integration, leading to a "buy" rating from Pacific Securities [1][2]. Financial Performance - Total revenue for the first half of 2025 reached 7.075 billion yuan, a year-on-year increase of 27.67%, while net profit attributable to shareholders was 127 million yuan, up 46.96% [2]. - In Q2 2025, the company achieved revenue of 3.773 billion yuan, reflecting a 29.99% year-on-year growth, and net profit of 68.73 million yuan, a significant increase of 51.26% [2]. Business Segmentation - The mainland China business was the core driver of revenue growth, generating 5.860 billion yuan, a 33.62% increase, indicating successful market expansion [3]. - Overseas business also showed recovery with revenue of 1.215 billion yuan, up 5.1% [3]. - Flexible staffing and recruitment process outsourcing segments experienced high growth rates of 29.31% and 57.31%, respectively, while the high-end talent search segment saw a reduced decline of -1.18% [3]. Cost Management and Profitability - The increase in profit is attributed to rapid revenue growth and improved cost control, with the company receiving operational subsidies of 57.82 million yuan, a significant rise from 16.24 million yuan in the previous year [3]. - The gross profit margin for H1 2025 was 5.52%, down 1.17 percentage points, influenced by changes in revenue structure and increased competition in the flexible staffing sector [4]. Strategic Focus - The company is aligning with national strategic emerging industries, focusing on high-end talent through diverse products and solutions, enhancing its competitive edge in the high-end talent market [5]. - The implementation of an AI-First strategy is aimed at driving business development through technological investments and digital product upgrades, improving overall efficiency [5]. Investment Outlook - Forecasts suggest that Core International will achieve net profits of 271 million yuan, 336 million yuan, and 394 million yuan for 2025, 2026, and 2027, respectively, with expected growth rates of 31.99%, 23.79%, and 17.45% [6]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.38 yuan, 1.70 yuan, and 2.00 yuan, corresponding to price-to-earnings (PE) ratios of 24X, 19X, and 16X [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 32.72 [1][9]. Core Insights - The company reported a significant increase in revenue and profit, with total revenue reaching 7.075 billion yuan, a year-on-year growth of 27.67%, and a net profit attributable to shareholders of 127 million yuan, up 46.96% year-on-year [4][5]. - The growth in revenue is primarily driven by the domestic market, which generated 5.860 billion yuan, reflecting a 33.62% increase, while overseas business also showed recovery with a revenue of 1.215 billion yuan, up 5.1% [5]. - The company is focusing on high-end talent recruitment and leveraging AI technology to enhance operational efficiency and improve matching accuracy in recruitment processes [7][8]. Revenue and Profit Analysis - In Q2 2025, the company achieved a revenue of 3.773 billion yuan, a year-on-year increase of 29.99%, and a net profit of 68.73 million yuan, which is a substantial growth of 51.26% [4][5]. - The flexible employment and recruitment process outsourcing segments saw high growth rates of 29.31% and 57.31%, respectively, while the high-end talent search business experienced a slight decline of 1.18% [5]. - The company has also expanded its new business areas, with technology service revenue growing by 48.23%, indicating a strong potential for future revenue support [5]. Cost Control and Profitability - The company has optimized cost control, leading to a significant increase in net profit, supported by a scale effect from rapid revenue growth [5][6]. - The overall net profit margin for H1 2025 was 1.97%, an increase of 0.45 percentage points, indicating improved profitability [6]. - The company has successfully reduced its expense ratios across various categories, including sales, management, and R&D expenses, contributing to further efficiency [6]. Future Projections - The company is expected to achieve net profits of 271 million yuan, 336 million yuan, and 394 million yuan for 2025, 2026, and 2027, respectively, with growth rates of 31.99%, 23.79%, and 17.45% [9][10]. - Earnings per share (EPS) are projected to be 1.38 yuan, 1.70 yuan, and 2.00 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 24X, 19X, and 16X [9][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown significant revenue and profit growth, with a focus on AI technology expanding its business potential [9] - The domestic recruitment market is expected to experience a structural recovery driven by industry upgrades, which will accelerate the company's revenue growth [9] Financial Performance Summary - Total revenue for 2023 is projected at 9,778 million RMB, with a year-on-year growth of 7.55%. This is expected to increase to 11,788 million RMB in 2024, representing a growth of 20.55% [1] - The net profit attributable to the parent company is forecasted to be 200.50 million RMB in 2023, with a significant decline of 31.05%. However, it is expected to recover to 205.35 million RMB in 2024, showing a growth of 2.42% [1] - The earnings per share (EPS) is estimated to be 1.02 RMB for 2023, increasing to 1.04 RMB in 2024 and further to 1.36 RMB in 2025 [1] Business Segment Analysis - The flexible employment segment generated revenue of 67.36 billion RMB in the first half of 2025, reflecting a year-on-year increase of 29.3%. The high-end talent search segment saw a slight decline in revenue [9] - AI technology is driving significant growth in business metrics, with a notable increase in the number of positions delivered through AI applications [9] Valuation Metrics - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 24, 20, and 18 respectively, indicating a favorable valuation outlook [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook based on its performance and growth potential [5]. Core Insights - The company achieved a revenue of 7.07 billion yuan in H1 2025, representing a year-on-year increase of 27.7%, and a net profit attributable to shareholders of 130 million yuan, up 47.0% [2]. - The flexible employment segment saw significant growth, with revenue reaching 6.74 billion yuan, a 29.3% increase year-on-year, and the number of registered flexible workers exceeding 49,500, up approximately 28% [2]. - The recruitment process outsourcing segment also showed notable improvement, with revenue from mid-to-high-end talent search at 200 million yuan, a decrease of 1.2%, while recruitment process outsourcing revenue increased by 26.8% to 45.1 million yuan [2]. - Revenue from mainland China grew significantly, reaching 5.86 billion yuan, a 33.6% increase, while Hong Kong and overseas revenue also turned positive, with a 5.1% increase to 1.22 billion yuan [2]. - The overall gross margin decreased by 1.2 percentage points to 5.5%, primarily due to a decline in the gross margin of flexible employment services [2]. - The company has been actively developing AI applications, launching nine intelligent agents in July 2025 to enhance recruitment processes and improve efficiency [2][3]. Financial Summary - The company forecasts total revenue of 14.37 billion yuan for 2025, with a year-on-year growth rate of 21.9% [4]. - The net profit attributable to shareholders is projected to be 289 million yuan in 2025, reflecting a growth rate of 40.9% [4]. - The gross margin is expected to stabilize at around 6.5% from 2025 to 2027 [4]. - The price-to-earnings ratio (P/E) is projected to decrease from 22x in 2025 to 15x by 2027, indicating a potentially attractive valuation [5].

Company Overview - Company name: Beijing Core International Human Resources Co., Ltd. specializes in providing comprehensive human resource service solutions [1] - Main products include high-end talent search, recruitment process outsourcing, flexible employment, technical services, and other services [1] - Recent awards include the 2024 Best Global Human Resource Service Agency Award and the 2024 Most In Global Human Resource Service Agency Award [1] Financial Performance - As of the latest quarterly report for Q1 2025, the company achieved a revenue of 3.303 billion yuan, representing a year-on-year increase of 25.13% [1] - Net profit for the same period was 57.7839 million yuan, showing a year-on-year growth of 42.15% [1] - The sales gross margin stood at 5.52% [1] Market Position - The company's current stock price is 31.91 yuan, with a PE ratio of 28.23 times [1] - The total market capitalization is 6.28 billion yuan [1] - In comparison to the industry, the average PE ratio for the professional services sector is 77.32 times, with a median of 44.21 times, placing the company at 16th in the industry ranking [1][2] Capital Flow - On August 15, the company experienced a net inflow of main funds amounting to 5.2303 million yuan, although it has seen a total outflow of 90.2917 million yuan over the past five days [1]

Group 1 - As of August 13, 2025, the stock price of Core International is 32.02 yuan, down 1.54% from the previous trading day [1] - The trading volume on that day was 68,996 hands, with a transaction amount of 221 million yuan [1] - Core International specializes in human resources services, including high-end talent search, recruitment process outsourcing, and flexible staffing [1] Group 2 - As of August 8, 2025, the total number of shareholders of Core International reached 12,872, an increase of 2,424 shareholders, representing a growth rate of 23.20% [1] - The average market value of circulating shares held by each shareholder is 527,200 yuan, which is higher than the average level in the social services industry [1] - On August 13, 2025, the net outflow of main funds for Core International was 15.05 million yuan, with a cumulative net outflow of 22.63 million yuan over the past five days [1]

Core Viewpoint - The company, Core International, has reported a decline in stock price and a relatively low price-to-earnings (PE) ratio compared to its industry peers, indicating potential undervaluation in the context of its growth performance [1][2]. Company Summary - Core International's closing stock price on August 13 was 32.02 yuan, down 1.54%, with a rolling PE ratio of 28.32 times and a total market capitalization of 6.302 billion yuan [1]. - The company operates in the professional services sector, which has an average PE ratio of 80.56 times and a median of 44.64 times, placing Core International at the 16th position within its industry [1]. - As of August 8, 2025, the number of shareholders increased to 12,872, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares [1]. Business Performance - Core International specializes in providing comprehensive human resource service solutions, including high-end talent search, recruitment process outsourcing, flexible employment, and technical services [1]. - The company has received several accolades, including the 2024 Best Global Human Resource Service Agency Award and recognition as one of the Top 100 Private Enterprises in Beijing [1]. - In the latest quarterly report for Q1 2025, the company achieved a revenue of 3.303 billion yuan, representing a year-on-year increase of 25.13%, and a net profit of 57.7839 million yuan, up 42.15%, with a gross profit margin of 5.52% [1].