Core Insights - The company achieved a total operating revenue of 10.755 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 26.29% [1] - The net profit attributable to shareholders reached 220 million yuan, with a year-on-year increase of 62.46% [1] - In the third quarter, total operating revenue was 3.68 billion yuan, up 23.7% year-on-year, and net profit attributable to shareholders was 93 million yuan, reflecting a significant year-on-year growth of 89.62% [1][2] Financial Performance - The company reported a continuous high growth in performance, with a notable improvement in profitability during the reporting period [2] - The third quarter's net profit attributable to shareholders was 93 million yuan, a substantial increase of 89.6% year-on-year [2] - The non-recurring net profit reached 61 million yuan, growing by 26.9% year-on-year, indicating an ongoing enhancement in the core business's profitability [2] Operational Efficiency - The company made significant progress in technology empowerment, launching the CRE-T1 embedding model and the Mira digital twin, which facilitated seamless internal data integration and tool utilization [2] - The operational efficiency of the "He Wa" platform improved dramatically, with job matching accuracy increasing fivefold and conversion rates tripling [2] - The number of operational positions on the platform reached a record high of 46,700, with active candidates delivered totaling 135,000 and offer outputs exceeding 3,600, marking a year-on-year growth of 73% [2] Business Growth - The flexible employment business continued to grow steadily, with 50,900 outsourced employees registered by the end of the reporting period and a total of 445,500 dispatched personnel in the first three quarters [3] - The company successfully recommended 11,500 high-end management and technical positions to domestic and international clients during the same period [3] - The ecosystem of the "He Wa" platform expanded, with 18,200 registered partners and 181,000 registered delivery consultants, reflecting year-on-year growth of 23.45% and 33.19% respectively [3] Investment Outlook - The company is positioned as a leader in the human resources service industry, leveraging a "technology + platform + ecosystem" strategy to unlock a second growth curve [3] - The company is currently in a high-quality development phase, driven by digital empowerment and accelerated platform network effects [3] - Projected net profits attributable to shareholders for 2025-2027 are estimated at 299 million, 341 million, and 414 million yuan respectively, with a target price of 34.66 yuan based on a 20x PE ratio for 2026 [3]

Core Viewpoint - The company reported strong financial performance in Q3 2025, with significant year-over-year growth in revenue and net profit, driven by the robust performance of its flexible employment business and the integration of AI technologies [1][2][4][5]. Financial Performance - In Q3 2025, the company achieved revenue of 3.68 billion yuan, a year-over-year increase of 23.7%, and a net profit attributable to shareholders of 93.23 million yuan, up 89.62% year-over-year [1]. - For the first three quarters of 2025, the company reported total revenue of 10.8 billion yuan, reflecting a year-over-year growth of 26%, and a net profit of 220 million yuan, which is a 62% increase year-over-year [2]. - The company's non-recurring net profit for Q3 2025 was 60.6 million yuan, representing a year-over-year increase of 26.9% [1]. Business Growth - The flexible employment business continues to show strong growth, with 50,900 outsourced employees as of the end of Q3 2025, a 20% increase year-over-year, and a net addition of 1,400 employees in the quarter [2][3]. - The cumulative number of dispatched personnel in the flexible employment business reached 44,600, marking a year-over-year increase of 23% [2]. Operational Efficiency - The company has improved its operational efficiency through cost reduction and business structure optimization, leading to enhanced overall profitability [4]. - The integration of AI technologies is expected to further improve profitability and operational efficiency, with ongoing developments in AI applications for recruitment [5]. AI Integration - The company is advancing the application of AI technologies in recruitment, including the development of the CRE-T1 embedding model and the internal release of the digital avatar Mira [5]. - The platform's ecosystem continues to expand, with over 18,200 registered partners and more than 100,000 high-end positions operated, reflecting a year-over-year growth of 57.41% [5]. Investment Outlook - Based on the positive profit growth in Q3 2025, the company has adjusted its profit forecasts for 2025-2027, expecting net profits of 286 million yuan, 348 million yuan, and 420 million yuan respectively [6].

Core Insights - The company reported a revenue of 10.755 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 26.29% [1] - The net profit attributable to shareholders reached 220 million yuan, with a significant year-on-year increase of 62.46% [1] - The company has successfully recommended over 11,000 mid-to-high-end management and technical positions to domestic and international clients [1] Financial Performance - In Q3, the company achieved a revenue of 3.680 billion yuan, marking a year-on-year growth of 23.70% [1] - The net profit attributable to shareholders for Q3 was 93 million yuan, showing an impressive year-on-year increase of 89.62% [1] - The net profit excluding non-recurring gains and losses for Q3 was 61 million yuan, with a year-on-year growth of 26.90% [1] AI and Technology Development - The company is exploring AI technology applications in recruitment, having started research on the reasoning-capable Embedding model CRE-T1, which enhances talent supply-demand semantic matching [2] - An experimental version of the autonomous decision-making digital avatar Mira has been released, featuring three core sub-agents: Plan Agent, Search Agent, and Voice Agent [2] - The company’s industrial interconnection platform, He Wa, has achieved significant operational and delivery scale, with the number of operational positions reaching a record high of 46,700 [2] Platform Growth and Partnerships - The He Wa platform has seen a continuous increase in active candidates, reaching 135,000 in the quarter [2] - The platform's offer output and monetary value have both reached new highs [2] - As of the reporting period, the He Wa ecosystem has registered over 18,200 partners and 181,000 delivery consultants, with over 100,000 mid-to-high-end positions operated, reflecting a year-on-year growth of 57.41% [2]