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].

海内外持续回暖，AI 应用加速落地 2025 年 8 月 28 日│中国内地 综合 证券研究报告 科锐国际 (300662 CH) 科锐国际发布半年报，2025 年 H1 实现营收 70.75 亿元（yoy+27.67%）， 归母净利 1.27 亿元（yoy+46.96%），扣非净利 9642.78 万元（yoy+50.08%）。 其中 Q2 实现营收 37.72 亿元（yoy+29.99%），归母净利 6872.80 万元 （yoy+51.26%），增长环比提速，主要得益于各业务良性发展以及 AI 赋能 下人效持续提升。公司在复杂的外部环境下保持灵活用工业务高速增长，招 聘业务逐步回暖，AI 赋能下数字化产品有望成为第二增长曲线，维持"增 持"评级。 中国大陆业务延续强劲势头，海外业务增速转正 25H1 中国大陆业务增长趋势明显，营业收入达 58.60 亿元，同比增长 33.62%，其中灵活用工业务营收同比增长 29.31%，期末在册灵活用工外 包员工及兼职专家 49,500 余人，25Q2 净增约 2100 人，环比加速（25Q1 净增约 1900 人）；技术研发类岗位占比提升至 70.79%，成为核心增 ...

◼ 给予公司"增持"的投资评级。公司坚持"一体两翼"发展，线下方面 灵活用工业务加速增长，传统招聘业务受益于国内政策支持和需求结构 性复苏影响而回暖；线上业务方面，禾蛙等产业互联平台产品注册用户 数大幅增长，AI应用加速落地。预计公司2025/2026年的每股收益分别为 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 主要数据 | 2025 年 8 月 27 日 | | | --- | --- | | 收盘价(元) | 32.72 | | 总市值（亿元） | 64.40 | | 总股本(亿股) | 1.97 | | 流通股本(亿股) | 1.96 | | ROE（TTM） | 11.70% | | 12 月最高价(元) | 38.40 | | 12 月最低价(元) | 12.47 | 增持（维持） 业绩增长亮眼，AI 应用加速落地 科锐国际（300662）2025 年半年报点评 2025 年 8 月 28 日 投资要点： 事件：科锐国际发布2025年半年度报告。 点评： ◼ 技术投入增加，AI应用加速落地。2 ...

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]