Core Viewpoint - The company's performance in the first half of 2025 fell short of expectations, with a revenue decline and a stable gross margin, but improvements in net profit margins were noted due to cost control and efficiency enhancements [1][2]. Financial Performance - 1H25 revenue was 937 million yuan, a year-on-year decrease of 7.6% - 1H25 gross margin remained stable at 77.6% - 1H25 Non-IFRS net profit was 96.81 million yuan, corresponding to a Non-IFRS net profit margin of 10.3%, an increase of 3.7 percentage points year-on-year [1][2]. Development Trends - Recruitment has not significantly recovered, but cash income is expected to stabilize in the second half of 2025 - B-end enterprise user revenue was 768 million yuan in 1H25, down 9.9% year-on-year - The number of verified enterprise users reached 1.434 million, a year-on-year increase of 4.8%, while the number of enterprise clients decreased by 1% to 63,000 - The average revenue per user (ARPU) for paid users declined by 9.1% due to weak demand from large enterprise clients [1][2]. AI Strategy - The company's B segment AI product coverage among paying enterprises increased from 30% to 70% year-on-year - The "intended candidates" feature in the recruitment model improved its recommendation rate from 50% to 64% - The AI intelligent interviewer, Doris, has successfully covered 15 primary industries, with a consistency score above 95% [2]. Profitability and Dividend Progress - 1H25 sales and R&D expense ratios decreased by 2.7 percentage points and 2.4 percentage points, respectively, due to personnel optimization and internal cost reduction - 2H25 Non-IFRS operating profit and net profit are projected to be 125 million yuan and 97 million yuan, respectively, with corresponding margins of approximately 13.3% and 10.3%, reflecting year-on-year improvements [2]. - The company announced a special dividend of 0.42 HKD per share in May, indicating a commitment to shareholder returns [2]. Earnings Forecast and Valuation - Revenue forecasts for 2025 and 2026 have been adjusted downwards by 2.2% and 1.6% to 1.985 billion yuan and 1.999 billion yuan, respectively, while profit forecasts remain unchanged due to cost control measures - The target price is maintained at 6.2 HKD, corresponding to 15.3x and 13.5x 2025/2026e Non-IFRS P/E, indicating a 47% upside potential [3].

同道猎聘 摘要 同道猎聘 MAU 同比增长 18%，但个人付费用户数下降 12%，主要受子 业务影响。企业用户方面，验证企业用户数同比增长约 5%，付费企业 用户数基本持平。注册猎头数接近 22 万个，验证猎头出达人次数明显 上涨。 公司营业收入下降 7.6%，但上半年季度回款趋势向好。ToB 收入占比 82%，C 端收入占比提升至 18%。通过降本增效，总运营费用下降 13.2%，归母净利润同比增长 77%，现金储备为 25 亿元人民币，未来 三年将以不低于经调整归母净利润 50%的比例进行分红。 同道猎聘升级"猎聘 AI 企业版"，AI 产品付费客户覆盖度从年初的 30%提升到 70%。意向人选产品的两小时推荐率提升至 64%，月度重 复发起率稳定在 60%左右。AI 面试产品已覆盖 15 个一级行业，预计全 年面试量将突破百万次，与专家面试结果的一致性超过 95%。 公司通过组织架构扁平化和严格成本控制，总运营费用同比下降 13.2%，研发费用减少 22%，销售和营销费用减少 13%，管理费用减 少 5%。2025 年上半年经调整营业利润同比增长 33%，净利润接近 1 亿元，经调整归母净利润同比增长 ...

AI技术不仅赋能了核心产品，对猎头协作网络平台(多猎RCN)业务和猎聘旗下的闭环交付业务也带来显 著提升。多猎RCN致力于通过提供业务SaaS系统和猎企间协作平台，助力网络内猎企提升交付能力， 增强其在市场的竞争力。截至 2025年6月30日，RCN业务运作中的职位数已达15.9万个，实现了持续且 稳定的增长。目前，RCN内嵌的AI功能已实现帮助猎头进行人才寻访、匹配度评估和意向沟通等核心 工作，在此基础上，2025年第三季度公司将推出贯穿猎头业务全流程的运单助手小易(Agent)，这项产 品功能的上线将助力猎企订单交付流程更加顺畅和便捷，同时进一步加深猎聘与猎企间的深度合作粘 性。 智通财经APP讯，同道猎聘(06100)发布截至2025年6月30日止6个月中期业绩，集团收益人民币9.37亿 元;公司权益股东应占纯利8030万元，同比增长77.13%;每股基本盈利16.82分。 2025年上半年，基于对招聘市场的深刻洞察和前沿技术的深度研究，公司围绕"AI+招聘"持续推动产品 的应用落地，建立并不断丰富AI招聘的产品矩阵。与此同时，公司将销售策略核心聚焦于全面转型升 级的"猎聘AI企业版"产品。通过聚焦新产 ...

Core Insights - The company reported a revenue of RMB 937 million for the six months ending June 30, 2025, with a net profit attributable to equity shareholders of RMB 80.3 million, representing a year-on-year increase of 77.13% [1] - The company is focusing on "AI + Recruitment" to enhance its product offerings and market competitiveness, particularly through the "猎聘AI企业版" product [1][2] - The AI recruitment products have significantly improved efficiency, with a recommendation rate of 64% for potential candidates within two hours [2] Financial Performance - Revenue for the first half of 2025 was RMB 937 million, with a net profit of RMB 80.3 million, marking a 77.13% increase year-on-year [1] - Basic earnings per share were reported at 16.82 cents [1] Product Development and Innovation - The company has developed a comprehensive AI recruitment product matrix, including features like "AI简历快读" and "AI智能邀约," which have been well-received by clients [2] - The AI intelligent interview system "Doris" has achieved a consistency rate of 95% with senior interview experts, enhancing user experience [3] - The company is set to launch the "运单助手小易" product in Q3 2025, aimed at improving the order delivery process for recruitment firms [4] Market Position and Client Engagement - The number of registered enterprise users reached 1.43 million, a year-on-year increase of 4.8%, while the number of paying enterprise clients decreased slightly by 0.9% [1] - Over 70% of paying clients are now utilizing AI recruitment products, indicating strong market acceptance [2] Technology and Research - The company has invested in technology development, utilizing mainstream large language models and enhancing its proprietary model "同道汇才" [5] - The company has achieved a 50% reduction in negative feedback from key industry clients regarding AI products, showcasing improved user satisfaction [5]