2. 灵活应对用工波动 当传统用工模式成为企业发展的 "沉重枷锁"，灵活用工正以颠覆性的姿态，为企业和人才打开全新局 面。世界银行报告指出，技术革新推动零工经济兴起，越来越多企业选择通过在线平台实现灵活用工。 在国内，灵活用工市场更是迎来爆发式增长，2014 - 2018 年市场规模复合年增长率达 23.6%，预计 2023 年将突破 4200 亿元！ 一、灵活用工为何成为企业的 "心头好"？ 1. 降本增效立竿见影 制造业作为人力成本敏感型行业，通过灵活用工模式，可精准匹配生产旺季的用工需求，避免淡季人力 闲置带来的成本浪费。某服装企业在旺季采用灵活用工，人力成本直接降低 30% ！对于互联网企业而 言，灵活用工能快速匹配技术人才，应对项目制工作的波动需求，让企业将更多资源聚焦核心业务，运 营效率提升超 40%。 年轻人的就业观念正在发生深刻变革，越来越多求职者追求工作与生活的平衡。灵活用工恰好满足了这 一需求，让人才可以自由掌控工作时间和地点。调查显示，38％的劳动者希望通过灵活用工提高收入， 33％渴望借此发展新技能，32％更看重对工作时间的掌控 。自由撰稿人、网络主播、私人教练等新兴 职业，吸引着大量 ...

为什么越来越多的企业开始选择灵活用工这一新型用工模式？ 灵活用工市场规模逐年扩大，越来越多的企业通过选择灵活用工模式来增强竞争优势。据24年发布《中国企业灵活用工全景路线图研究》调研数据显示，高 达83.3％的参调企业都表示有灵活用工需求，73.2％的企业已在使用灵活用工。 ①降低用人成本、规避风险。企业根据不同的岗位需求，通过与善世集团等人力资源服务商合作，支付服务费用，便可实现员工的即招即用，大大减少在人 员招聘、选拔等过程中的成本支出，还可规避员工日常人事、薪酬待遇等人力资源管理所面临的用人风险、劳动纠纷。 ③应对企业内部编制缩减与管控。国企、外企等企业正面临正式员工编制满额而申请困难的问题，灵活用工不占用编制名额，成为众多企业用人新趋势。许 多大型企业选择通过与善世集团合作，获得为其深度定制的、垂直的人力资源解决方案。 ④针对非核心岗位，灵活用工为企业提供高质高效的服务交付。对于前台、秘书助理等职场白领岗位，企业招聘需求少、频率低。面向这些非核心、通用型 岗位，善世集团承接"员工招聘+劳动关系+劳动风险管理"所有人力资源工作，向企业输送经过严格筛选、专业培训且与岗位需求精准匹配的人才，同时提 供员工的 ...

Company Overview - Beijing Human Capital Group Co., Ltd. specializes in comprehensive human resource services, including business outsourcing, personnel management, compensation and benefits services, recruitment, and flexible employment services [1][2] - The company has received multiple accolades, including being recognized as a "National Employment Advanced Enterprise" and a "5A-level Human Resource Service Institution" by the Beijing Human Resources and Social Security Bureau [1] Financial Performance - For Q1 2025, the company reported revenue of 10.837 billion yuan, a year-on-year increase of 2.72%, and a net profit of 591 million yuan, reflecting a significant year-on-year growth of 180.41% [2] - The company's sales gross margin stands at 5.63% [2] Market Position - As of May 30, the company's stock closed at 19.98 yuan, down 1.67%, with a rolling price-to-earnings (PE) ratio of 9.66 times, and a total market capitalization of 11.311 billion yuan [1] - In comparison to the industry, the average PE ratio for the professional services sector is 55.62 times, with a median of 33.73 times, placing Beijing Human Capital 8th in the industry ranking [1][2] Shareholder Information - As of March 31, 2025, the number of shareholders for Beijing Human Capital is 13,514, a decrease of 615 from the previous count, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1]

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Beijing International Human Capital Group Co., Ltd, emphasizing its low PE ratio compared to the industry average [1][2] - As of May 22, the company's stock price closed at 20.77 yuan, with a rolling PE ratio of 10.04 times and a total market capitalization of 11.758 billion yuan [1] - The average PE ratio for the professional services industry is 54.51 times, with a median of 33.38 times, placing Beijing International Human Capital in the 8th position within the industry [1][2] Group 2 - For Q1 2025, the company reported revenue of 10.837 billion yuan, reflecting a year-on-year increase of 2.72%, and a net profit of 591 million yuan, showing a significant year-on-year growth of 180.41% [2] - The company's gross profit margin stands at 5.63% [2] - As of March 31, 2025, the number of shareholders decreased to 13,514, with an average holding value of 352,800 yuan and an average shareholding of 27,600 shares per shareholder [1]

Core Viewpoint - The company reported a revenue of 43.03 billion yuan in 2024, representing a year-on-year increase of 12.3%, and a net profit attributable to shareholders of 790 million yuan, up 44.4% [1][2]. Financial Performance - In 2024, the company achieved a revenue of 43.03 billion yuan (+12.3%) and a net profit of 790 million yuan (+44.4%). The non-recurring net profit was 530 million yuan (+106.9%), with government subsidies contributing 565 million yuan [2]. - For Q1 2025, the company reported a revenue of 10.84 billion yuan (+2.7%) and a net profit of 590 million yuan (+180.4%), with government subsidies amounting to 418 million yuan [2]. Revenue Breakdown - The revenue from various business segments in 2024 was as follows: personnel management (990 million yuan, -9.06%), compensation and benefits (1.2 billion yuan, +4.68%), business outsourcing (36.05 billion yuan, +13.96%), and recruitment and flexible employment services (4.34 billion yuan, +12.60%) [2]. Profitability Metrics - The overall gross margin for the company in 2024 was 5.48%, a decrease of 0.72 percentage points. The gross margins for specific services were: business outsourcing (3.22%), personnel management (82.30%), compensation and benefits (18.41%), and recruitment and flexible employment services (3.17%) [3]. - The net profit margin attributable to shareholders was 1.8%, an increase of 0.4 percentage points [3]. Strategic Initiatives - The company added 30 large clients in 2024 and is actively pursuing international expansion, having signed global cooperation agreements with companies like the Adecco Group and Huawei [3]. - The company plans to distribute a cash dividend of 0.70 yuan per share (including tax), totaling 396 million yuan, with a cash dividend payout ratio of 50% [3]. Industry Outlook - The domestic recruitment market has shown steady recovery since 2025, and the company is expected to benefit from the improving industry conditions. The competitive landscape in the human resources sector is favorable and fragmented, positioning the company well for long-term growth [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 43.03 billion yuan in 2024, representing a year-on-year growth of 12.32%, while the net profit attributable to shareholders reached 791.41 million yuan, up 44.42% year-on-year [8] - The company experienced a slowdown in revenue growth, with Q1 2025 revenue at 10.84 billion yuan, reflecting a 2.7% year-on-year increase [8] - Government subsidies significantly contributed to profit growth, with other income (government subsidies) increasing from 3.5 billion yuan to 5.1 billion yuan [8] Financial Performance Summary - Total revenue projections for the company are as follows: 2023A: 38.31 billion yuan, 2024A: 43.03 billion yuan, 2025E: 47.85 billion yuan, 2026E: 52.47 billion yuan, and 2027E: 56.70 billion yuan [1] - Net profit attributable to shareholders is forecasted to be 791.41 million yuan in 2024, 893.55 million yuan in 2025, 966.03 million yuan in 2026, and 1.05 billion yuan in 2027 [1] - The earnings per share (EPS) is projected to be 1.40 yuan in 2024, 1.58 yuan in 2025, 1.71 yuan in 2026, and 1.85 yuan in 2027 [1] Business Segment Performance - The company’s revenue from personnel management services, compensation and benefits services, business outsourcing services, recruitment and flexible employment services, and other services for 2024 is projected to be 9.9 billion yuan, 12.0 billion yuan, 36.05 billion yuan, 4.34 billion yuan, and 450 million yuan respectively [8] - Business outsourcing services contributed nearly 80% of the gross profit in 2024, although it had a relatively low gross margin [8] Strategic Developments - The company is deepening its partnership with the Adecco Group to support Chinese enterprises in their global expansion [8] - The company has signed a global cooperation agreement with Adecco Group and Huawei Technologies to provide human resource services [8]