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 ...

Core Viewpoint - The company, a leading player in the human resources service industry, has established a "technology + service + platform" ecosystem, achieving significant revenue growth and profitability in 2024 [1][4]. Company Overview - Founded in 1996, the company started with headhunting and has since expanded through rapid mergers and acquisitions, evolving through three stages: internationalization, digitization, and ecological development [1]. - In 2024, the company achieved a revenue of 11.79 billion yuan, a year-on-year increase of 20.5%, and a net profit attributable to shareholders of 210 million yuan, a year-on-year increase of 2.4% [1]. Industry Insights - The human resources service industry has a broad classification, with the market size exceeding 3 trillion yuan in 2023. The three main segments are recruitment services (13.1%), human resource outsourcing services (77.0%), and HR software and consulting training (9.9%) [2]. - The outsourcing service segment is rapidly growing, reaching 2.13 trillion yuan in 2023, driven by new employment forms, compliance needs, and high-value transformation [2]. - The penetration rate of flexible employment is steadily increasing, with room for improvement compared to international levels [2]. Business Model and Growth - The company has a solid offline business foundation, with over 10 million candidate profiles accumulated since 2018, supporting its recruitment capabilities and subsequent growth [3]. - The company emphasizes technological investment, aiming to create a second growth curve through digitalization and productization, with a revenue CAGR of 49.9% from 2017 to 2024 in flexible employment [3]. - The company has developed its own AI model, achieving a 60% improvement in job matching accuracy by mid-2025, and is currently testing an Agent prototype system [3]. International Expansion - The company has established a significant international presence, with over 10 branches in countries like the UK and the US, and has acquired six major professional brands in the European and American markets [3]. Investment Outlook - As the first human resources service company listed on the A-share market, the company has a robust foundation in high-end talent search, recruitment process outsourcing, and flexible employment [4]. - Revenue projections for 2025-2027 are 15.09 billion yuan, 18.93 billion yuan, and 22.82 billion yuan, with net profits of 300 million yuan, 370 million yuan, and 430 million yuan respectively [4]. - The current stock price corresponds to a PE ratio of 20.1x, 16.4x, and 13.9x for the respective years, indicating potential for valuation improvement [4].

Core Viewpoint - The company reported strong financial performance in H1 2025, with significant year-on-year growth in revenue and net profit, driven by robust business development and AI empowerment [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 7.075 billion yuan, representing 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]. - Q2 2025 revenue reached 3.772 billion yuan, showing a year-on-year growth of 29.99%, with net profit of 68.73 million yuan, reflecting a year-on-year increase of 51.26% [1]. Business Segments - The domestic business in mainland China continued to show strong momentum, with revenue reaching 5.860 billion yuan, a year-on-year increase of 33.62%. The flexible staffing business saw a revenue growth of 29.31% [2]. - The number of flexible staffing outsourced employees and part-time experts reached over 49,500, with a net increase of approximately 2,100 in Q2 2025, accelerating from a net increase of about 1,900 in Q1 2025 [2]. - The recruitment business showed signs of recovery, with overall revenue growth of 6.20% year-on-year in H1 2025 [2]. AI and Technology Development - The company is enhancing its "technology + platform + service" ecosystem, with a focus on digital product development and information technology infrastructure [3]. - In H1 2025, technology service revenue was 37.93 million yuan, up 48.23% year-on-year, attributed to the refined operations of the HeWa platform [3]. - The launch of nine intelligent agents covering the entire recruitment process in July 2025 is expected to significantly improve efficiency and accelerate growth in technology service revenue [3]. Profit Forecast and Valuation - The company maintains its net profit forecast for 2025-2027 at 297 million, 350 million, and 403 million yuan, respectively, reflecting strong delivery capabilities and operational efficiency [4]. - A target price of 37.74 yuan is set based on a 25x PE for 2025, maintaining an "accumulate" rating [4].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 37.74 RMB [6][12]. Core Views - The company achieved a revenue of 7.075 billion RMB in H1 2025, representing a year-over-year increase of 27.67%, and a net profit attributable to shareholders of 127 million RMB, up 46.96% year-over-year [1][4]. - The growth in Q2 2025 was particularly strong, with revenue reaching 3.772 billion RMB, a year-over-year increase of 29.99%, driven by robust performance across various business segments and enhanced productivity through AI applications [1][4]. - The domestic business in mainland China showed significant growth, with revenue reaching 5.860 billion RMB in H1 2025, a year-over-year increase of 33.62%, while the overseas business also turned positive with a revenue of 1.215 billion RMB, up 5.10% year-over-year [2][4]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 7.075 billion RMB and a net profit of 127 million RMB, with a notable increase in the second quarter [1][4]. - The flexible employment business saw a revenue increase of 29.31% year-over-year, with a total of over 49,500 flexible employment outsourced employees and part-time experts by the end of H1 2025 [2]. AI and Technology Development - The company is accelerating the application of AI, with technology service revenue reaching 37.926 million RMB in H1 2025, a year-over-year increase of 48.23% [3]. - The launch of nine AI agents covering the entire recruitment process is expected to enhance operational efficiency and drive revenue growth in technology services [3]. Profit Forecast and Valuation - The profit forecast for the company remains at 297 million RMB for 2025, with a target price based on a 25x PE ratio, reflecting the company's strong delivery capabilities and operational efficiency [4][12].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [3][9]. Core Insights - The company has shown impressive performance in the first half of 2025, with a revenue of 7.075 billion yuan, representing a year-on-year growth of 27.67%. The net profit attributable to shareholders reached 127 million yuan, up 46.96% year-on-year [8]. - Significant investments in technology have been made, with a total of 65 million yuan allocated in the first half of 2025, of which approximately 35.91% was directed towards internal information technology and 64.09% towards the development and upgrading of digital products [3]. - The company's flexible employment business has accelerated growth, with 292,001 individuals dispatched in the first half of 2025, generating revenue of 6.736 billion yuan, a year-on-year increase of 29.31% [8]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 70.75 billion yuan, a 27.67% increase year-on-year. The net profit attributable to the parent company was 1.27 billion yuan, up 46.96% year-on-year. The second quarter alone saw total revenue of 37.72 billion yuan, a 29.99% increase year-on-year [8]. - The mainland China business showed a clear growth trend, with revenue reaching 58.60 billion yuan, a 33.62% increase year-on-year, while the Hong Kong and overseas business continued to recover, generating 12.15 billion yuan, a 5.10% increase year-on-year [8]. Business Segments - The flexible employment segment has seen significant growth, with 292,001 individuals dispatched and revenue of 6.736 billion yuan, a 29.31% increase year-on-year. The number of registered cooperative partners on the He Wa platform increased by over 1,500, a 35% year-on-year growth [3][8]. - The recruitment business has also shown signs of recovery, successfully recommending 7,864 individuals for mid-to-high-end management and professional technical positions, with recruitment revenue increasing by 6.20% year-on-year [8]. Future Earnings Forecast - The company is expected to achieve earnings per share of 1.43 yuan and 1.68 yuan for 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 22.89 and 19.42 [9][10].

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, 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% [1] Group 1: Financial Performance - The company's revenue from mainland China reached 5.860 billion yuan, reflecting a year-on-year growth of 33.62% [1] - The net profit excluding non-recurring items was 96 million yuan, showing a growth of 50.08% year-on-year [1] Group 2: Business Segments - The flexible employment business saw a revenue increase of 29.31%, with nearly 8,000 mid-to-high-end management and technical personnel successfully recommended to clients [1] - The company has over 49,500 outsourced employees and part-time experts in its flexible employment business, with a cumulative dispatch of over 290,000 personnel [1] Group 3: Technological Investment - The total technological investment for the first half of 2025 was 65 million yuan, with approximately 35.91% allocated to internal information technology development and 64.09% to digital product development and upgrades [2] - New technology business revenue grew by 48.23%, driven by the operational efficiency of the "He Wa" platform [2] Group 4: Global Expansion - The company has expanded its global presence by opening new offices in Japan and the Middle East, providing localized support for outbound Chinese enterprises [3] - Revenue from Hong Kong and overseas operations reached 1.215 billion yuan, with a year-on-year growth rate of 5.10% [3]

Group 1 - The company reported a revenue of 7.075 billion yuan for the first half of 2025, representing a year-on-year growth of 27.67% [1] - Net profit reached 127 million yuan, with a year-on-year increase of 46.96%, while the net profit excluding non-recurring items was 96 million yuan, up 50.08% year-on-year [1] - Domestic business continued to grow, achieving a revenue of 5.860 billion yuan, which is a 33.62% increase year-on-year [1] Group 2 - The company invested 65 million yuan in technology, with approximately 35.91% allocated to internal information technology construction and 64.09% for the development and upgrading of digital products [2] - New technology business revenue grew by 48.23% year-on-year, driven by the operational efficiency of the "He Wa" platform [2] - The "He Wa" platform added over 1,500 new registered partners, a 35% increase, and over 22,900 new registered delivery consultants, a 111% increase year-on-year [2]

Core Viewpoint - The company reported a total revenue of 11.8 billion yuan for 2024, representing a year-on-year growth of 21%, with a net profit attributable to shareholders of 205 million yuan, up 2.4% [1] Financial Performance - In Q4 2024, the company achieved a revenue of 3.3 billion yuan, a 25% increase year-on-year, and a net profit of 70 million yuan, which is a 44% growth compared to the previous year [1] - For Q1 2025, the company recorded a revenue of 3.3 billion yuan, reflecting a 25% year-on-year increase, and a net profit of 57.78 million yuan, up 42% [1] Business Segments - The flexible employment segment saw a significant increase, with 146,000 personnel dispatched in Q1 2025, and 47,000 employees in outsourced positions, with 68.33% in technical research and development roles [2] - In the headhunting segment, the company successfully recommended 3,810 mid-to-high-end management and technical positions to domestic and international clients in Q1 2025 [3] - The AI screening assistant, He Wa, has reduced the screening workload by 80% with an accuracy rate of 98%. By the end of March 2025, He Wa had over 16,200 registered partners, a 21.76% increase, and 156,200 registered consultants, up 30.69% [3] - Revenue from flexible employment, headhunting, recruitment process outsourcing, and technical services for 2024 was 11.14 billion, 370 million, 60 million, and 60 million yuan respectively, with year-on-year changes of +22%, -12%, -18%, and +44% [3] Regional Performance - Revenue from mainland China grew by 29% year-on-year, while revenue and profits from regions outside mainland China, particularly Europe and the United States, declined due to multiple macroeconomic factors affecting recruitment demand [3] Profit Forecast and Investment Recommendations - In the short term, domestic business has recovered from its low point and returned to a growth trajectory, while overseas business is still adjusting. Future improvements are expected as inflation pressures decrease and the company implements cost reduction and efficiency enhancement measures [4] - In the medium to long term, the company is optimistic about the impact of technology on internal quality and efficiency improvements, as well as the potential for cross-business synergies from output products. Additionally, the overseas expansion of domestic major clients and local expansion of overseas companies may drive incremental demand for human resources [4] - The company forecasts net profits attributable to shareholders of 280 million, 340 million, and 410 million yuan for 2025, 2026, and 2027 respectively, maintaining a "recommended" rating [4]