Core Insights - The company's performance has improved as expected, driven by new user expansion and efficient cost control [1] - The technology platform continues to show an accelerating growth trend [1] Financial Performance - The company reported a revenue of 7.075 billion (+27.67%) and a net profit attributable to shareholders of 127 million (+46.96%) for the first half of 2025 [2] - In Q2 2025, the revenue reached 3.772 billion (+30%), with a net profit of 69 million (+51.26%) [2] - The adjusted net profit (excluding non-recurring items) for Q2 was 50.23 million (+20.98%) [2] Business Segments - Revenue growth in Q2 2025 accelerated on a quarter-on-quarter basis, driven by seasonal factors and active new customer acquisition [3] - Breakdown of business segments showed flexible employment grew by 29%, while headhunting declined by 1.18%, and technology services increased by 48% [3] Cost Management - Gross margin experienced a structural decline of 1.52 percentage points, but cost control measures were effective, with sales expense ratio down by 0.26 percentage points and management expenses down by 0.88 percentage points [3] - The second quarter did not include any government-related project income, contrasting with 51.8 million in Q1, but other income increased by approximately 23 million, mainly from government subsidies [3] International Performance - Overseas revenue and performance showed significant improvement, with revenue turning positive and gross margin increasing year-on-year [4] - The technology platform business maintained a high growth momentum, with revenue growth of 48% [4] - Key metrics for the platform included a 35% increase in registered partners, 111% in registered delivery consultants, and 144% in high-end operational positions [4] Market Outlook - The company's performance aligns with market expectations, enhancing the certainty of this year's earnings [4] - The ongoing improvement in the platform's data indicates a positive trend, contributing significantly to the valuation of the technology platform [4]

Core Viewpoint - The company demonstrated strong revenue and profit growth in the first half of 2025, driven by its new technology services and recovery in overseas markets [1][4][6]. Financial Performance - In H1 2025, the company reported operating revenue of 7.075 billion, a year-on-year increase of 27.67%, and a net profit attributable to shareholders of 127 million, up 46.96% [1]. - The net profit after deducting non-recurring items was 96 million, reflecting a 50.08% year-on-year growth [2]. - For Q2 2025, the operating revenue reached 3.772 billion, marking a 29.99% increase compared to the same period last year [2]. Regional and Business Segment Analysis - Revenue growth was robust in mainland China, with operating income of 5.860 billion, up 33.62% year-on-year, while Hong Kong and overseas operations generated 1.215 billion, a 5.10% increase [4]. - New technology services experienced significant growth, with a revenue increase of 48.23% in H1 2025, attributed to the refined operations and technological empowerment of the HeWa platform [4]. - The flexible employment segment saw revenue of 6.736 billion, up 29.31%, while headhunting and recruitment process outsourcing revenues were 196 million and 45 million, respectively [4]. Profitability Analysis - The overall gross margin decreased by 1.17 percentage points to 5.52%, influenced by changes in customer structure and business mix [5]. - The gross margins for flexible employment, headhunting, recruitment process outsourcing, and technology services were 4.49%, 29.12%, 38.67%, and 18.47%, respectively [5]. - The increase in the proportion of revenue from lower-margin flexible employment services, which accounted for 95.22% of total revenue, contributed to the decline in gross margin [5]. Strategic Outlook - The company is optimistic about performance improvement and is leveraging AI applications to enhance talent matching efficiency and reduce costs [6]. - The HeWa platform's AI applications have shown significant scale effects, with operational positions exceeding 37,000 and candidate recommendations surpassing 200,000, reflecting a 180% increase from the second half of 2024 [6]. - In July 2025, the company launched nine intelligent agents covering the entire recruitment process, aiming to enhance efficiency across all business scenarios [6]. Profit Forecast - The company forecasts net profits attributable to shareholders of 295 million, 368 million, and 460 million for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 22, 18, and 14 [6].

Group 1 - Prominent private equity firm Tongyuan Investment recently conducted research on two listed companies [1] - Changchun High-tech has made significant progress in using AI large models to design highly alkaline single-domain antibodies, successfully completing the development of a protein product designed by the large model that has entered 5000-liter scale production [1] Group 2 - Core International has seen structural changes in the recruitment market this year, with real demand being high and a greater emphasis on professional consulting [2] - The company's performance growth is driven by internal factors, including technological investment, multi-product layout, and deepening vertical fields [2] - The demand for part-time experts is expanding, covering short-term projects and ERP positions, with the He Wa platform's offer growth outpacing revenue due to conversion cycle differences [2] - The flexible employment business relies on a strategy of large clients and expanding long-tail clients, with continuous optimization of the client structure [2] - AI Agent is being applied in various scenarios such as recruitment, payroll calculation, and automation to enhance productivity, currently undergoing internal testing [2] - The launch of He Wa I2.0 has led to significant data growth, which is expected to drive platformization and ecosystem development in the recruitment industry [2]

Company Strategy and Business Highlights - Company adheres to the "Four Transformations" strategy: specialization, internationalization, digitalization, and ecological integration [1] - Focus on offline core business innovation, serving large clients and mid-sized enterprises [1] - Despite short-term global economic fluctuations, international business continues to recover with a focus on overseas operations [1] - Over 100 million yuan invested in digitalization, exploring AI integration in recruitment [1] - The He Wa platform is being developed to promote resource sharing within the industry [1] Operational Performance - Recruitment business focuses on emerging technology sectors, leading to a 6.20% year-on-year increase in revenue [2] - Flexible employment business shows strong growth with a 29.31% increase in revenue for the first half of 2025, employing over 49,500 outsourced staff and independent consultants [2] - Significant client strategy success, with 14 of the top 50 clients seeing revenue growth exceeding 100% and new client revenue up by 77% [2] - Internationally, the company operates over 10 branches in 8 countries, with Hong Kong and overseas revenue reaching 1.215 billion yuan, a 5.10% increase [2] Financial Metrics - For the first half of 2025, company revenue reached 7.075 billion yuan, a 27.67% year-on-year increase, with net profit of 127 million yuan, up 46.96% [3] - Revenue from mainland China was 5.860 billion yuan, a 33.62% increase, while traditional offline business grew by 27.58% and new technology business revenue increased by 48.23% [3] - Basic earnings per share were 0.6428 yuan, a 46.96% increase, with a weighted average return on equity of 6.21%, up 1.54 percentage points [3] - Total assets as of June 30 were 4.197 billion yuan, with net assets of 2.1 billion yuan [3] Digitalization and AI Progress - Significant advancements in digitalization and AI, with improvements in the CRE model score and optimization of the Match System [4] - Development of the CRE-T1 reasoning embedding model initiated in July, showing promising experimental results [4] - Implementation of the WorkFlow Agent and internal testing of the autonomous decision-making agent Mira, capable of handling payroll and attendance tasks [4] Q&A Session Insights - Company addressed trends in the recruitment market, the growth of part-time expert services, and the development of the He Wa platform [5] - Recruitment market is undergoing structural changes, benefiting from the company's core capabilities [5] - Demand for part-time experts is increasing, with a strong accumulation of high-end candidates [5] - The He Wa platform's offer growth rate exceeds revenue growth, indicating potential for improved conversion rates in the future [5] - Flexible employment business continues to thrive through large client and new customer expansion, optimizing client structure [5] - AI Agent applications in recruitment and flexible employment are enhancing efficiency, with the He Wa platform's AI 2.0 version expected to lead to higher job specialization and industry efficiency [5]

Group 1: Company Overview and Strategic Direction - The company focuses on four strategic directions: specialization, internationalization, digital intelligence, and ecological development [5][6]. - In the first half of 2025, the company achieved a revenue of 7.075 billion CNY, a year-on-year increase of 27.67% [16]. - The net profit attributable to shareholders reached 127 million CNY, up 46.96% year-on-year [16]. Group 2: Market Trends and Business Performance - The recruitment market is experiencing structural changes, with a focus on higher-level positions and evolving job requirements [23]. - The recruitment business revenue grew by 6.20% year-on-year, indicating a positive development trend [10]. - The flexible employment business saw a revenue increase of 29.31% year-on-year, contributing significantly to overall revenue growth [10]. Group 3: Technological Advancements - The company has invested over 100 million CNY annually in technology, focusing on AI integration in recruitment processes [7][8]. - The AI First strategy aims to enhance recruitment efficiency through advanced matching systems and data-driven models [7][18]. - The introduction of the HeWa platform has led to a significant increase in operational metrics, with a 144% year-on-year growth in operational positions [14][15]. Group 4: International Expansion - The company has established over 10 branches in 8 countries, with overseas business accounting for 17.17% of total revenue [12]. - The international business has shown signs of recovery, with a revenue of 1.215 billion CNY, up 5.10% year-on-year [12][16]. - The global service system supports Chinese enterprises in their internationalization efforts, providing comprehensive talent solutions [13]. Group 5: Financial Health and Future Outlook - The company maintains a stable financial structure with a debt-to-asset ratio between 45-50% and accounts receivable turnover within 70 days [17]. - The basic earnings per share reached 0.6428 CNY, reflecting a 46.96% increase [17]. - The company aims to leverage technology to enhance operational efficiency and capture opportunities in a dynamic economic landscape [17].

Core Insights - The report from Cinda Securities highlights that Core International achieved a net profit attributable to shareholders of 130 million yuan in the first half of the year, representing a year-on-year increase of 47.0% [1] - Revenue and net profit accelerated in Q2 2025, showcasing strong performance driven by deepening AI applications [1] - Revenue from mainland China reached 5.86 billion yuan, up 33.6% year-on-year, while revenue from Hong Kong and overseas markets showed a positive growth of 5.1%, amounting to 1.22 billion yuan [1] Financial Performance - The company reported a robust mid-year performance with significant growth in flexible employment and a notable recovery in recruitment process outsourcing [1] - The forecast for net profit attributable to shareholders for the years 2025 to 2027 is maintained at 289 million yuan, 358 million yuan, and 420 million yuan respectively [1] - The current stock price corresponds to a price-to-earnings ratio of 22x for 2025, 18x for 2026, and 15x for 2027, with a "buy" rating maintained [1] AI Application and Business Growth - The Heva platform has seen a deepening of AI applications, with the launch of nine intelligent agents covering the entire recruitment process in July 2025 [1] - The recovery in Hong Kong and overseas business has contributed to the positive revenue growth, indicating a rebound in these markets [1]

禾蛙平台经营指标全线跃升，看好AI 技术在人力资源行业的商业化前景25H1 禾蛙平台 AI 应用深化与 规模效应凸显，驱动业务指标全线跃升，运营岗位突破 3.7 万个，人选推荐量超20 万人次 ，环比 2024 年下半年提升 180%。2025 年 7 月，禾蛙推出覆盖招聘全链路的 9 大智能体，打造招聘行业的智能体聚 合平台，助力业务全场景提效。纵向的顾问赋能智能体，包括禾风情报站、BD 宝典、言犀语记、做单 秘籍、报告专家、岗人匹配，为顾问解决从市场情报获取分析、客户 BD、人才寻访、事务性工作的全 链路赋能。横向的合作交易智能体则面向禾蛙招聘合作做单平台的流程提效展开，通过 AI 发单、AI澄 清、AI 筛选三个智能体相互协调智能联合，形成了交易数字人代理发单顾问处理平台绝大部分工作， 实现发单与接单顾问的双向赋能。 25H1 禾蛙生态新增注册合作伙伴 1,500 余家，同比增长 35%；新增注册交付顾问 22,900 余人，同比增 长111%；活跃参与合作伙伴 9,400 余人，同比增长 119%；参与交付顾问 6,500 余人，同比增长 128%； 运营招聘中高端岗位37,800 余个，同比增长 1 ...

Core Insights - The company reported a revenue of 7.07 billion yuan for the first half of 2025, representing a year-on-year increase of 27.7%, and a net profit attributable to shareholders of 130 million yuan, up 47.0% [1] - The growth in flexible employment income and personnel is notable, with flexible employment revenue reaching 6.74 billion yuan in the first half of 2025, a 29.3% increase [2][3] - The company has seen a significant recovery in its Hong Kong and overseas business, with revenue from these regions growing by 5.1% to 1.22 billion yuan [2] Revenue and Profit Growth - In Q2 2025, the company experienced a year-on-year revenue growth rate of 30%, with net profit growth at 51% [2] - The revenue growth rates for the upcoming quarters are projected at 23% for Q3 2024, 25% for Q4 2024, 25% for Q1 2025, and 30% for Q2 2025 [2] Flexible Employment and Outsourcing - The number of flexible employment positions and experts has increased to over 49,500, a growth of approximately 28% compared to the end of 2024 [2] - Revenue from recruitment process outsourcing has shown a significant increase of 26.8% to 4.51 million yuan in the first half of 2025 [2] Profit Margins and Cost Management - 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 [3] - The company has successfully reduced its expense ratios across various categories, including sales, management, and R&D [3] Technological Advancements - The company has been developing industry-level models based on large-scale computing since 2023, with several models released in the first half of 2025 [3] - The introduction of AI applications on the He Wa platform has enhanced operational efficiency, with over 1,500 new registered partners and a significant increase in delivery consultants [4] Investment Outlook - The company maintains a positive outlook with projected net profits of 289 million yuan, 358 million yuan, and 420 million yuan for 2025 to 2027, respectively [5] - The current stock price corresponds to a price-to-earnings ratio of 22x, 18x, and 15x for the respective years, supporting a "buy" rating [5]

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].

Core Insights - The industrialization of artificial intelligence (AI) has surpassed conceptual exploration, fundamentally restructuring various industries through the paradigm of "old scenarios, new solutions" [1] - The focus in the human resources sector is on practical strategies that return to core business processes while seeking disruptive solutions through small-scale validations before scaling [1][4] - The application of generative AI in business is evolving through three distinct stages: knowledge acquisition, multimodal integration, and the agent phase, which emphasizes autonomous execution [2][3] Group 1: AI Application Stages - The first stage involves the ChatGPT phase, which reshapes knowledge acquisition methods, significantly enhancing the efficiency of knowledge-intensive recruitment processes [2][8] - The second stage is the multimodal phase, focusing on the integration of voice and text modalities to optimize communication in recruitment [2][10] - The third stage is the agent phase, where the capabilities of agents in reasoning, long-term planning, and tool utilization are enhanced, transforming short process businesses from assisted decision-making to autonomous execution [2][10] Group 2: Demand Management and Product Design - The introduction of agents fundamentally alters the definition of technical demands and product design logic, emphasizing the need for understanding the essence of demands and their applicability [3][15] - The "problem-solution chain" method proposed by the company clarifies the involved parties, specific issues, and corresponding solutions, ensuring that new solutions can deliver significant improvements [3][15] - In the agent era, product design shifts focus from rigid process nodes to observing the perception and decision-making processes of excellent consultants, necessitating greater involvement from consultants in product development [3][16] Group 3: Future Goals and Innovations - The company aims to enhance its MatchSystem to transition from semantic-level matching to application-level matching by 2025, integrating it with recruitment scenarios to develop a SearchAgent [4][30] - The company is currently testing a more powerful agent product, with applications in automation and self-service label definitions, alongside the development of contextualized applications [4][30] - Innovations in reasoning technology and the CRE-T1 model are being developed to improve the agent's reasoning capabilities, allowing for more effective problem-solving and generalization [13][23] Group 4: AI's Impact on Management and Collaboration - The current wave of AI is reshaping the division of labor and collaboration across all functions, emphasizing the need for interdisciplinary integration among product, data, and engineering teams [18][19] - The management revolution driven by AI is expected to increase standardization and automation in service industries, potentially leading to the reduction or elimination of middle management roles [21][36] - The acceptance and willingness to pay for AI technologies among clients have significantly increased, with many clients seeking to understand AI implementation in recruitment [26][27]