Core Viewpoint - Dongwu Securities International expresses optimism about Tongdao Liepin (06100) due to its unique positioning in the mid-to-high-end recruitment market and its AI-driven service premium capability, anticipating significant performance improvement as recruitment market demand rebounds [1] Group 1: Performance Overview - In the first half of 2025, the company achieved 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 growth of 77.1%; adjusted operating profit increased by 32.7% to 120 million yuan [2] Group 2: User Base Expansion - 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, the number of 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 growth 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 spending and reduced sales and marketing personnel costs; R&D expenses decreased by 21.7% to 130 million yuan, primarily due to significant internal efficiency gains from AI and reduced R&D personnel costs [4] - Management expenses fell by 4.8% to 140 million yuan, mainly due to personnel cost reductions; the operating profit margin reached 11.5%, an increase of approximately 4.3 percentage points year-on-year [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; the AI interview system Doris demonstrated over 95% consistency with expert evaluations [5]

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]