Core Viewpoint - The stock price of Core International has shown a significant increase of 45.74% year-to-date, despite a recent decline in the last five and twenty trading days [1][2]. Financial Performance - For the period from January to June 2025, Core International reported a revenue of 7.075 billion yuan, representing a year-on-year growth of 27.67%. The net profit attributable to shareholders was 127 million yuan, reflecting a growth of 46.96% [2]. Shareholder Information - As of September 10, 2025, the number of shareholders for Core International decreased by 1.67% to 12,800, while the average circulating shares per person increased by 1.70% to 15,288 shares [2]. - The company has distributed a total of 199 million yuan in dividends since its A-share listing, with 70.26 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, notable institutional shareholders include: - Xingquan Commercial Model Mixed Fund (LOF) A, holding 5.9338 million shares, an increase of 642,600 shares from the previous period - Xingquan Helun Mixed Fund A, holding 5.6187 million shares, an increase of 1.5794 million shares - New institutional shareholder, Guangfa Electronic Information Media Stock A, holding 3.8927 million shares [3].

截至8月29日，科锐国际股东户数1.31万，较上期增加2.88%；人均流通股15032股，较上期减少2.80%。 2025年1月-6月，科锐国际实现营业收入70.75亿元，同比增长27.67%；归母净利润1.27亿元，同比增长 46.96%。 分红方面，科锐国际A股上市后累计派现1.99亿元。近三年，累计派现7025.99万元。 机构持仓方面，截止2025年6月30日，科锐国际十大流通股东中，兴全商业模式混合(LOF)A（163415） 位居第三大流通股东，持股593.38万股，相比上期增加64.26万股。兴全合润混合A（163406）位居第六 大流通股东，持股561.87万股，相比上期增加157.94万股。广发电子信息传媒股票A（005310）位居第 七大流通股东，持股389.27万股，为新进股东。兴全新视野定期开放混合型发起式（001511）位居第九 大流通股东，持股360.40万股，相比上期增加42.31万股。兴全合宜混合A（163417）位居第十大流通股 东，持股327.25万股，相比上期增加78.79万股。 资金流向方面，主力资金净流出775.22万元，特大单买入298.97万元，占比2.04%，卖 ...

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 Insights - The company reported strong revenue growth in 1H2025, achieving revenue of 7.075 billion yuan, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 127 million yuan, up 46.96% year-on-year [1] - The second quarter of 2025 showed impressive revenue growth, with revenue reaching 3.772 billion yuan, a year-on-year increase of 29.99%, and a net profit of 69 million yuan, up 51.26% year-on-year [1] - The company's gross margin decreased due to product mix effects, with a gross margin of 5.53% in 2Q2025, down 1.52 percentage points year-on-year [1] Revenue Breakdown - In 1H2025, the company's revenue from flexible staffing, headhunting, recruitment outsourcing, and technical services was 6.736 billion, 196 million, 45 million, and 38 million yuan, respectively, with year-on-year growth rates of 29.31%, -1.18%, 26.84%, and 48.23% [2] - The gross margins for these segments were 4.49%, 29.12%, 38.67%, and 18.47%, showing year-on-year changes of -1.23, +1.03, +15.45, and +0.59 percentage points, respectively [2] Regional Performance - The overseas revenue and gross margin showed an upward trend in 1H2025, with revenue increasing by 5.1% and gross margin improving by 1.4 percentage points year-on-year [2] Operational Efficiency - The company is enhancing operational efficiency through AI-driven initiatives, focusing on internal information technology and digital product development [2] - Continuous training and adjustment of AI models for recruitment matching are improving matching efficiency and accuracy [2] Investment Outlook - The company is projected to achieve revenues of 14.842 billion, 18.001 billion, and 21.140 billion yuan for 2025-2027, with net profits of 308 million, 412 million, and 537 million yuan, respectively [3] - The company has completed internal adjustments, and both outsourcing and headhunting businesses are expected to grow positively, supported by AI applications for quality improvement and efficiency [3]

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].

Core Viewpoint - Beijing International Human Capital Group Co., Ltd. reported a revenue of 22.691 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.77% and a net profit attributable to shareholders of 813 million yuan, which is an impressive increase of 87.43% [1] Financial Performance - The company achieved a net profit of 296 million yuan after deducting non-recurring gains and losses, marking a year-on-year increase of 6.89% [1] - The revenue growth indicates a stable performance despite the competitive landscape in the human capital industry [1] Business Strategy - The company intensified client development efforts, with subsidiaries deepening client expansion in key industry sectors [1] - There is a focus on building digital and professional recruitment capabilities to ensure a stable and efficient talent supply chain for core business operations [1] - The company is committed to professional outsourcing services as its main business line, aiming to establish competitive barriers [1] Operational Efficiency - The company is actively promoting the centralized operation transformation of human resource management and supporting services through strategic business integration and process reengineering [1] - This approach is designed to fully activate the value of internal resource collaboration and build advantages in scale management, maximizing operational efficiency [1] Global Expansion - The company is accelerating its global strategic layout and continuously expanding its international business footprint [1] - There is a strong emphasis on resource integration to promote diversified development in areas such as government services, recruitment, flexible employment, health benefits, and training consulting [1]

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]

Summary of Conference Call on Beijing Human Resources Industry Overview - The Supreme People's Court has clarified that companies must pay economic compensation if they terminate labor contracts due to non-payment of social insurance, which will increase labor costs for enterprises and reduce gray area operations [2][3] - This new regulation may accelerate the exit of small human resource service companies, increasing industry concentration and benefiting compliant large enterprises like Beijing Human Resources [2][3] Core Points and Arguments - The policy is expected to compel companies to enhance human capital operational efficiency and increase demand for compliant, healthy, and sustainable human resource solutions, such as professional outsourcing and flexible employment [2][3] - Beijing Human Resources has stated that its business will not be affected by the new regulation as it has always adhered to lawful operations and does not profit from employee social insurance fees [2][4] - The company plans to focus on achieving major restructuring performance commitments and will study its strategic development plan for the 14th Five-Year Plan period, including future growth metrics [2][4] Future Plans and Adjustments - In 2025, Beijing Human Resources aims to focus on cost reduction and efficiency improvement to ensure satisfactory year-end performance [2][4] - The company will gradually advance domestic management integration and overseas market expansion in line with the 14th Five-Year Plan, with organizational and personnel adjustments planned for the second half of 2025 and 2026 [2][5] - There are currently no significant changes observed in the compliance of outsourcing bidding processes, indicating a stable environment at this stage [2][6] Additional Important Insights - The new regulation is likely to create operational pressure for small human resource service providers that rely on gray area practices [4] - Beijing Human Resources has conducted internal investigations confirming that its main business units do not foresee any impact from the new policy [4]