事项： 科锐国际2025 年公司前三季度实现总营业收入107.55 亿元，同比增长26.29%；实现归母净利润2.2 亿 元，同比增长62.46%。第三季度实现总营业收入36.8亿元，yoy+23.7%，归母净利润0.93 亿元， yoy+89.62%。实现扣非净利润0.61亿元，yoy+26.9%。 评论： 风险提示：人力需求下滑；行业竞争加剧；新技术研发与应用不及预期；平台生态扩张速度不及预期。 技术驱动平台生态突破，运营效率全面提升。公司在技术赋能方面取得显著进展，其推出的具备推理能 力的Embedding 模型CRE-T1 及自主决策型数字分身Mira，初步实现内部数据的无缝链接与工具调用。 同时公司的产业互联平台"禾蛙"的运营效率大幅提升：平台岗位匹配准确率提升5 倍，按单转化率提升 至原来的3 倍，推荐反馈速度缩短至30 秒。运营数据显示，第三季度平台运营岗位数量创新高，达到 4.67 万个，季度内交付侧活跃人选数达13.5 万，Offer 产出量超3,600 个，同比增长73%，Offer 金额同 比增长81%，其中中高端岗位贡献突出。 灵活用工业务稳定增长，中高端人才寻访量质齐升。公司的核心业 ...

25Q3 扣非归母净利同增27%超预期 三季度，公司加快推进AI 技术在招聘场景的落地应用，开始研究具备语义与算术推理能力的Embedding 模型CRE-T1，并对内发布数字分身Mira 实验版本，初步实现内部数据无缝链接与多工具协同。禾蛙平 台生态规模持续扩大，平台注册合作伙伴超1.82 万家、交付顾问超18 万人，累计运营中高端岗位逾10 万个，同比增长57.41%，累计交付岗位超2.18 万个，同比增长108.71%。平台offer 数量与金额均创新 高，显示AI 赋能效应正持续释放。 投资建议：公司基本面环比改善积极，AI 赋能人力资源实现精准高效匹配。 三季报收入延续二季度趋势，表观业绩有2489 万的子公司处置收益贡献，扣非业绩环比积极提速。 灵活用工业务保持稳健增长：灵活用工业务持续高景气，截至2025 年三季度末，公司在册灵活用工业 务的岗位外包员工（含独立顾问和兼职专家）50,900 余人，分布在财务、法务、合规、人事、行政、采 购等通用专业类白领岗位；IT 研发、工业研发、医药研发、技术服务等技术研发类岗位；终端销售、 市场营销等通用类岗位。 经营效率提升，盈利改善持续兑现 公司通过降本 ...

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]