[HK]北森控股:2024/2025中期报告
原标题:北森控股:2024/2025中期报告 Ms. Liu Xianna (Chief Financial Officer) 劉憲娜女士（首席財務官）Independent Non-executive Directors 獨立非執行董事 Mr. Du Kui 杜葵先生 Mr. Zhao Hongqiang 趙宏強先生 Mr. Ge Ke 葛珂先生 AUDIT COMMITTEE 審核委員會 Mr. Zhao Hongqiang (Chairman) 趙宏強先生（主席） Mr. Ge Ke 葛珂先生 Mr. Du Kui 杜葵先生 REMUNERATION COMMITTEE 薪酬委員會 Mr. Ge Ke (Chairman) 葛珂先生（主席） Mr. Ji Weiguo 紀偉國先生 Mr. Du Kui 杜葵先生 NOMINATION COMMITTEE 提名委員會 Mr. Du Kui (Chairman) 杜葵先生（主席） Mr. Wang Zhaohui 王朝暉先生 Mr. Ge Ke 葛珂先生 JOINT COMPANY SECRETARIES 聯席公司秘書 Ms. Liu Xianna 劉憲娜女士 Ms. Au Wai Ching FCG (CS, CGP), HKFCG (CS, CGP) 區慧晶女士FCG (CS, CGP)，HKFCG (CS, CGP)AUTHORIZED REPRESENTATIVES 授權代表 Ms. Liu Xianna 劉憲娜女士 Ms. Au Wai Ching FCG (CS, CGP), HKFCG (CS, CGP) 區慧晶女士FCG (CS, CGP)，HKFCG (CS, CGP)HEADQUARTERS AND PRINCIPAL PLACE OF 中國總部及主要?業地點 BUSINESS IN THE PRC 03001–03006, Level 3, Building 3 中國 No. 688 Middle Tianfu Avenue 四川省自由貿易試驗區 Chengdu High-tech Zone 成高新區 Pilot Free Trade Zone, Sichuan Province 天府大道中段688號 PRC 3棟3層03001–03006號 Room 710, Building 1 中國 No. 35 Shangdi East Road 北京市海淀區 Haidian District, Beijing 上地東路35號院 PRC 1號樓710室 PRINCIPAL PLACE OF BUSINESS IN HONG KONG 香主要?業地點 40th Floor, Dah Sing Financial Centre 香 No. 248 Queen’s Road East 灣仔 Wanchai 皇后大道東248號 Hong Kong 大新金融中心40樓 PRINCIPAL SHARE REGISTRAR 股份過戶登記總處 Maples Fund Services (Cayman) Limited Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary Hall PO Box 1093, Boundary Hall Cricket Square, Grand Cayman KY1-1102 Cricket Square, Grand Cayman KY1-1102Cayman Islands Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 香股份過戶登記分處 Computershare Hong Kong Investor Services Limited 香中央證券登記有限公司Shops 1712–1716 香 17th Floor Hopewell Centre 灣仔 183 Queen’s Road East 皇后大道東183號 Wanchai 合和中心17樓 Hong Kong 1712–1716號舖 Hong Kong 告羅士打大廈43樓4301-10室 INDEPENDENT AUDITOR 獨立核數師 KPMG 畢馬威會計師事務所 Public Interest Entity Auditor registered in accordance with the 根據會計及財務匯報局條例登記的Financial Reporting Council Ordinance 公眾利益實體核數師 8th Floor 香 Prince’s Building 中環 10 Chater Road 遮打道10號 Central 太子大廈 Hong Kong 8樓 COMPLIANCE ADVISOR 合規顧問 Guotai Junan Capital Limited 國泰君安融資有限公司 27/F, Low Block, Grand Millennium Plaza 香 181 Queen’s Road Central 皇后大道中181號 Hong Kong 新紀元廣場低座27樓 PRINCIPAL BANKS 主要往來銀行 Sichuan branch, Bank of China Limited 中國銀行股份有限公司四川省分行No. 35, Middle Renmin Road (2 Duan) 中國 Qingyang District 四川省成市 Chengdu, Sichuan Province 青羊區 PRC 人民中路二段35號 Chaoyang branch in Beijing, Bank of China Limited 中國銀行股份有限公司北京朝陽支行Block B, Jiacheng Building 中國 No. 18 Xiaguang Lane, Dongsanhuan North Road 北京市 Chaoyang District 朝陽區 Beijing 東三環北路霞光里18號 PRC 佳程大廈B棟 STOCK CODE 股份代號 9669 9669 COMPANY WEBSITE 公司網址 www.beisen.com www.beisen.com 2024年 2023年 變動 RMB’000 RMB’000 % 人民幣千元 人民幣千元 % Revenue 收入 436,581 400,533 9.0 Gross profit 毛利 281,753 237,010 18.9 Adjusted gross profit 經調整毛利 1 1 (a non-IFRS measure) （非國際財務報告準則計量） 286,986 255,338 12.4 Loss for the period 期內虧損 (99,040) (3,058,067) (96.8) Adjusted net loss 經調整淨虧損 2 2 (a non-IFRS measure) （非國際財務報告準則計量） (34,157) (85,920) (60.2)3 Net cash used in operating activities 經?活動所用現金淨額 97,041 173,990 (44.2) Notes: 附註： 1. We define adjusted gross profit (a non-IFRS measure) as gross profit 1. 我們將經調整毛利（非國際財務報告準則計量）定義為通過加回 adjusted by adding back share-based payments included in cost of revenues. 計入銷售成本的以股份為基礎的付款而調整的毛利。 2. We define adjusted net loss (a non-IFRS measure) as loss for the period 2. 我們將經調整虧損淨額（非國際財務報告準則計量）定義為通過 adjusted by adding back share-based payments, and fair value changes of 加回以股份為基礎的付款及可贖回可轉換優先股的公允價值變 redeemable convertible preferred shares. 動而調整的期內虧損。 3. Certain prior period numbers have been reclassified to conform with the 3. 若干前期數據已重新分類以符合本期間的呈列方式。 current period presentation. Certain amounts and percentage figures included in this report have been 本報告所載若干金額及百分比數字已經約整，或約整至小數點 subject to rounding adjustments, or have been rounded to one or two decimal 後一位或兩位數。任何表格、圖表或其他地方所列總數與金額 places. Any discrepancies in any tables, charts or elsewhere between totals and 總和之間的任何差異乃因約整所致。 sums of amounts listed therein are due to rounding. RMB11.2 trillion in 2012 to RMB53.9 trillion in 2023, an increase of 3.8 times over eleven 了3.8倍。產業數字化正滲透於企業生產、企業管理等 years. Digitalization of enterprises is increasingly permeating various aspects of enterprise 各個方面，不斷促進新模式的湧現；而雲計算、AI大 production and management, continuously fostering the emergence of new business 模型等技術的進步，則為新一輪科技革命和產業變革 models. Meanwhile, advancements in technologies such as cloud computing and AI large 提供重要驅動。 model provide significant drivers for a new round of technological revolution and industrial transformation. It has been an important issue in modern enterprise management to consider and evaluate 如何充分發揮數據驅動決策的優勢，通過數字技術實 the ways to fully leverage the advantages of data-driven decision-making, achieve cross- 現跨時空協作和降本增效，成為新一代企業管理的 temporal and cross-spatial collaboration through technology, and reduce costs while 重要課題；加上出海浪潮加劇，業務版圖擴張與業務 increasing efficiency. The intensifying wave of transnational expansion, the expansion of 場景複雜化為企業管理帶來新的難題。在此背景下， business territories and the increasing complexity of operation scenarios have presented HCM SaaS解決方案以其靈活、高效、成本效益高等特 new challenges for enterprise management. Characterized by its flexibility, efficiency, 點，成為新一代企業實現人力資源管理數字化的重要 and cost-effectiveness, HCM SaaS has become crucial tool for modern enterprises 工具，能夠整合招聘、Core HCM、績效、學習等多個 to achieve digitalization in human resource management. Integrated HCM SaaS that 模組的一體化HCM SaaS解決方案越來越成為企業數字 can consolidate various modules such as recruitment, Core HCM, performance, and 化人才管理的首選。此外，隨著中國企業國際化步伐 learning have increasingly become the preferred choice for digitalization of talent 的加快，如何有效管理海外人才、優化全球人力資源 management in enterprises. Additionally, as Chinese enterprises accelerate their pace of 配置成為企業面臨的重要問題。HCM SaaS解決方案憑 internationalization, effective management of overseas talents and optimization of global 藉其全球化的服務能力和數據分析能力，能夠幫助企 human resources allocation have become significant challenges for them. HCM SaaS 業更好地應對這些挑戰。 empowers enterprises to address these challenges with its globalized service capabilities and data analysis capabilities. Beisen is the only integrated cloud-based HCM solutions provider amongst the many 在眾多中國雲端HCM解決方案市場參與中，北森是 participants in the Chinese cloud-based HCM solutions market and the only cloud-based 唯一一家一體化雲端HCM解決方案供應商，同時還 HCM solutions service provider who has built a unified and open PaaS infrastructure. 是唯一一家已經構建統一開放的PaaS基礎設施的雲端 As the digital economy and digital talent industry continue to flourish, coupled with the HCM解決方案服務提供商。隨著數字經濟、數字人才 constant application of AI large model in different operation scenarios, we will achieve 產業不斷發展，AI大模型在不同業務場景中的不斷落 continuous growth and lead the digital transformation of human resources in enterprises. 地，北森有望獲得持續增長並引領企業人力資源數字 化轉型進程。 Beisen’s cloud-based HCM solutions cover all the main HCM-using scenarios of the entire 北森雲端HCM解決方案涵蓋全僱傭週期內的所有主要 employment lifecycle, providing comprehensive and integrated solutions. Beisen is the HCM使用場景，能夠提供全面一體化解決方案。作為 中國HCM SaaS市場引領，北森自2016年連續八年 leader and has maintained the largest market share in China’s HCM SaaS market for eight 保持中國HCM SaaS市場佔有率第一。2023年全年，北 consecutive years since 2016. In 2023, the market share of Beisen’s HCM SaaS reached 1 1 , further widening the gap with the second-place competitor. At the sub-market 森HCM SaaS市場佔有率達到15%，進一步拉大與第二 15% level, we have also been a top-ranking participant in China’s Core HCM, recruitment 名的差距。子市場中，Core HCM、招聘管理以及績效 management and performance management markets in terms of market share. In addition, 管理三大細分市場佔有率均保持第一。除此之外，北 Beisen’s assessment business has consistently maintained its market dominance for many 森的測評業務也連續多年保持市場優勢。 years. Note 1: Source: IDC China Human Capital Management (HCM) SaaS Market Tracking Report 附註 1： 數據來源－國際數據資訊有限公司(IDC)發佈的 for the Second Half of 2023 released by International Data Corporation (IDC)《IDC中國人力資本管理(HCM)SaaS市場2023年下半 productive forces also formed a certain degree of support to the overall economy. Amid 一定支；北森業務增長也受到很大的挑戰，但通過 such macro-economic challenges, Beisen’s business demonstrated resilience and 針對性的調整和應對讓整體業務表現出韌性和競爭 competitiveness through targeted adjustments and responses. The pressure of the overall 力。整體經濟環境的承壓讓客戶付費意願下降，部 economic environment has reduced customers’ willingness to pay, and the structural 分行業的結構性調整讓這些行業整體低迷；但與此同 adjustment of some industries has led to an overall downturn in these sectors; however, 時新質生產力、新消費、AI等相關行業也在發力和成 at the same time, new productivity, new consumption, AI and other related industries have 長；企業的人力資源管理也在往數字化、AI應用、人 been gaining momentum and growth. The human resource management of enterprises has 力資源一體化等方面轉型和變革。 been transforming and changing in the areas of digitization, AI application, and integration of human resources. Looking back at the journey of human resources digitalization, technologies used in human 回顧人力資源數字化的歷程，人力資源所用技術經歷 resources have evolved from personnel management systems in the personal computer 了PC時代的人事管理系統，到互聯網時代的人力資源 era to human resources management systems in the internet era, then to integrated talent 管理系統，到雲計算時代的一體化人才管理，再到人 management in the cloud computing era, and now to a personalized, employee-centric 工智能時代以員工為中心的個性化智能體驗。2024年 intelligent experience in the AI era. In 2024, enterprise human resources management 企業人力資源管理持續深化數字化變革，在AI的加持 continues to further its digital transformation. With the support of AI, we are stepping 下，我們正步入一個以員工為中心的智能化新時代， into a new era of employee-centric and personalized intelligent experience, bringing 個性化的智能體驗變得觸手可及，為員工帶來前所未 unprecedented operation styles and interaction modes for employees. 有的工作方式和互動模式。 AI is reshaping the future of the human resources field at an exceptional speed and scale. AI正以其前所未有的速度和規模，重塑人力資源領域 In 2024, Beisen launched its AI strategy, fully embracing AI to create a new generation 的未來。2024年北森啟動AI戰略，全面擁抱AI，打造AI of HCM SaaS empowered by AI and has launched seven major AI assistants based on 賦能的新一代HCM SaaS，並推出基於大模型的七大AI large model, leading the HCM industry towards a new era of intelligence, personalization, 助手，引領人力資源管理行業邁向智能化、個性化、 and efficiency. Leveraging our self-developed Luban PaaS platform and AI/BI technology 高效化的全新時代。基於自研魯班PaaS平台和AI/BI技 foundation, combined with generative AI large model and over 20 years of experience in 術底座，引入生成式AI大模型，結合北森在人力資源 the human resources field with continuous training and refinement, we have created Sen 領域20多年的沉澱，持續訓練和調優，打造了Sen GPT GPT, an AI model for workforce management. Integrating this model into our integrated 人力AI大模型，融入一體化HCM SaaS業務及數據場 HCM SaaS business and data scenarios, we introduced a range of groundbreaking new 景，並全新推出了Mr. Sen（森教練）、AI面試官、AI面 products, including Mr. Sen (森教練), AI Interviewer (AI面試官), and AI Interview 試助手等多個基於生成式AI的重磅新產品，為北森AI Family產品家族再添新將。 Assistant (AI面試助手), based on generative AI technology, further expanding the range of Beisen’s AI Family products. 出海是當下中國企業尋求發展的重要趨勢。2024年上 Expanding business overseas is an important trend for Chinese enterprises seeking 半年，北森持續投入基於PaaS平台的國際化產品能力 development. In the first half of 2024, Beisen continued to invest in the research and 研發，北森Core HCM產品支持多語言、多國家、多幣 development of international product capabilities based on its PaaS platform. Beisen 種、多時區，解決重要業務場景。借助一體化HCM Core HCM products support multiple languages, countries, currencies, and time SaaS的業務經驗積累，北森全面支企業構建全球一 zones, addressing important business scenarios. Leveraging the accumulated business experience of our HCM SaaS integration, Beisen fully supports enterprises in building a 體化的人力體系和屬地化的人力業務管理，覆蓋海外 global integrated human resources system and localized human resources management, 招聘、人事管理、考勤、薪酬、目標績效以及學習培 covering scenarios such as overseas recruitment, personnel management, attendance, 訓等場景。 remuneration, performance targets, and learning. million for the Reporting Period, representing an increase of 14.3% as compared with the 案收入佔整體收入77.6%，較去年同期提升3.6個百分 same period last year. Revenue from cloud-based HCM solutions accounted for 77.6% of 點。 total revenue for the Reporting Period, representing an increase of 3.6 percentage points compared with the same period last year. We offer a comprehensive suite of cloud-based and standardized HCM solutions 我們提供整套雲原生、標準化HCM解決方案，涵蓋員 covering a variety of customers’ use cases across the entire employee lifecycle, from 工從招聘、入職、調動、晉升到離職及退休全生命週 recruitment, probation, transfer, promotion to departure and retirement, enabling our 期的多種客戶使用場景，使我們的客戶能有效招聘、 customers to effectively recruit, evaluate, manage, develop and retain talents. We empower 評價、管理、培養發展及挽留人才。我們通過快速 our customers to embrace technology innovations and changes in their operating 的新產品發佈、新功能迭代、AI技術場景應用突破及 environments through rapid releases of new products, new feature updates, breakthroughs HCM一體化解決方案的更新，使客戶能夠在他們的運 in the application of AI technology and the continuous development of our integrated HCM ?環境中敏捷應對技術創新及市場變化。憑藉這種選 solutions. Through this broad yet growing selection of adaptable and accessible integrated 擇廣泛且不斷增長的、具有適配性和強可用性的HCM HCM solutions, we are leading the way in helping organizations intelligize and optimize 一體化解決方案，我們始終在引領企業智能化及優化 their human resources management. 人力資源管理方面處於領先地位。 Our main HCM solutions include: 我們的主要HCM解決方案括： Recruitment Cloud, a technology-enabled talent recruitment application, designed to 招聘雲，一款科技賦能的人才招聘應用程序，旨在幫 help organizations streamline the recruitment process, achieving recruitment of high- 助企業簡化招聘流程，用科技和智能化的方式實現高 quality talents through technological and intellectual means. 質量招聘。 Assessment Cloud, an application based on psychology and talent science, which 測評雲，基於心理學與人才科學的軟件應用，通過數 is designed to help customers evaluate current and prospective employees, from their 智化的評估方式和領先的演算法模型，幫助客戶評價 skills and capabilities to growth potential, through digitalized and intelligent assessment 現有及潛在員工的技能、能力以及發展潛能，確保人 methods and leading algorithm, thereby ensuring reasonable allocation and effective 才的合理配置和有效利用，促進企業的持續發展和競 utilization of talent, and thus promoting the continuous development and enhancing the 爭力提升。 competitiveness of the enterprises. Core HCM Solutions, an one-stop HCM solution that naturally integrates operation 核心HCM一體化解決方案，一站式的HCM解決方案， scenarios such as Human Resources Cloud, Payroll Cloud and Workforce 天然融合人事雲、薪酬雲、勞動力管理等業務場景， Management, catering to enterprises’ Core HCM needs from new hire, onboarding, 迎合企業的核心人力資本管理需求，括新員工入 staffing management, implementation of corporate culture, employee attendance and 職、日常員工管理、企業文化落地、員工考勤與薪資 payroll administration to more complex and sophisticated organization-wide initiatives, 管理，到更複雜、更精密的人力預算規劃與成本分 such as human resources budgeting, cost management and refined management of human 攤、勞動力工時精細化管理等全組織措施，全面支 resources and working hours, thereby comprehensively supports enterprises in managing 企業人力資源敏捷運?。 human resources flexibly. Performance Management Cloud, starting from decoding strategic targets, allows 績效雲，從戰略目標解碼開始，層層承接，使客戶能 customers to align employee goals to strategies of the enterprise, continually tracks 夠將員工目標與企業的戰略對齊，持續跟蹤目標進 progress of targets and supports all-rounded performance assessments of employees 展，全面評價員工和組織績效，牽引企業價值創造。 and organization layer by layer, which contributes to the creation of corporate value for enterprises. online exams and training management, which facilitates enterprises in improving the 管理等關鍵場景，幫助企業提升人才與組織能力。 capabilities of their talents and organizations as a whole. People Analytics Solutions, a solution that is built upon the effective integration and 北森人力資源數據分析解決方案，其是基於我們不同 information exchange across our different HCM solutions, allowing organizations to break HCM解決方案之間的有效整合及信息交換，使企業能 information failures and convert unstructured data into actionable insights. 夠打破信息孤島並將非結構化數據轉為可使用的業務 洞見。 Beisen AI Family, based on an underlying PaaS platform, integrates over 20 years 北森AI Family，基於底層PaaS平台，在通用大型模型 of talent management technology and knowledge on the foundation of general large 的基礎上，融合20多年人才管理技術及知識，形成了 model. This has led to the creation of a series of modeling capabilities tailored for vertical 一系列針對垂直行業的模型能力。通過這些垂直模型 industries. By leveraging the combination of these vertical modeling capabilities along 能力的組合調用，結合一體化HCM SaaS場景，北森AI with HCM SaaS integration scenarios, the Beisen AI Family has developed seven major AI Family開發出七大AI助手及超過100個AI特性。 assistants and over 100 AI features. Our integrated platform covers the full spectrum of the employment cycle from recruitment 北森一體化平台涵蓋員工從入職到離職的全生命週 to departure. For new clients, we delve deeply into their business requirements and 期。對於新客戶，我們會深入挖掘業務需求，推動多 promote sales across multiple modules. For our existing clients, we continuously deepen 模組售賣；對於老客戶，我們會持續增進對客戶業務 our understanding of their business models to identify their needs and opportunities for 模式的理解，把握新的需求和合作機會，推動交叉售 further collaborations, thereby facilitating cross-module sales. As of 30 September 2024, 賣。截至2024年9月30日止，至少合作兩個及以上模組 our ARR from clients engaged in two or more modules accounts for 75.0%. 的客戶年度經常性收入佔比為75.0%。 In FY2025, Beisen has comprehensively upgraded its proactive service process and 2025財年北森全面升級主動服務流程和安排客戶成功 deployed customer success managers (“CSM”) for contract renewal management. 經理（「客戶成功經理」）負責續約管理流程。於毛利中 Excluding the share-based payments from gross profits, for the six months ended 30 剔除以股份為基礎的付款後，截至2024年9月30日止 September 2024, our gross profit margin (a non-IFRS measure) was 65.7%, up by 2.0 六個月，本公司整體毛利率（非國際財務報告準則計 percentage points from the same period last year. Specifically, the gross margin for cloud- 量）為65.7%，較去年同期改善2.0個百分點，其中雲 based HCM solutions (a non-IFRS measure) was 81.1%, up by 3.0 percentage points from 端HCM解決方案毛利率（非國際財務報告準則計量）為 the same period last year. 81.1%，比去年同期提升了3.0個百分點。 For the first half of FY2025, we focused on our integrated HCM SaaS opportunities, 2025上半財年，北森聚焦一體化HCM SaaS機會點，面 specifically targeting large-scale clients, cultivating the integration of HCM SaaS and 向大型客戶，深耕HCM SaaS一體化，人力運?進階精 further refined the utilization of human resources. In particular, we improved the capability 細化。繼續加大對於製造業、零售連鎖行業等公司級 of our products and further widened the gap with the competitors by increasing our 投入，提高產品競爭力，進一步擴大與競爭對手的差 investment in the manufacturing and retail chain sectors. As of 30 September 2024, our 距。截至2024年9月30日，我們的客戶有5,623家，我們 total number of customers was 5,623 and we achieved a subscription revenue retention 的訂閱收入留存率達到107%。 rate of 107%. support complex and segmented human resource scenarios, Beisen continues 複雜人力資源場景的支能力，北森持續升級 to upgrade its workforce management. The degree of refinement in workforce 勞動力管理，勞動力管理精細化程度已滿足多 management now meets the business needs of several large-scale enterprises. 家大型企業業務需求。北森亦升級企業社保管 Beisen has also upgraded enterprises’ social insurance management systems, 理體系，使其社保能力更智能、更強大。此 making their social insurance capabilities smarter and more powerful. In addition, 外，基於AI大模型的北森AI員工助手，可以快速 Beisen’s AI Employee Assistant, based on AI large model, can quickly study 學習企業知識文檔，幫助人力資源秒搭企業共 corporate knowledge documents and swiftly build the enterprises’ human resources 享服務中心（SSC）知識庫，AI員工助手7*24小時 shared service centers (SSC) knowledge bases. The AI Employee Assistant is 在線，確保員工問詢零等待，煥新員工自助體 available 24/7 online, ensuring zero wait time for employee inquiries, thereby 驗。 revitalizing the employee self-service experience. Core HCM Integration is firmly focused on serving large-scale clients. In the Core HCM一體化堅定面向大型客戶的業務方 first half of FY2025, Beisen signed partnership agreements with numerous large- 向，2025財年上半年，北森與眾多萬人級企業 scale enterprises with over 10,000 employees, spanning industries such as new 新簽合作協議，涵蓋新能源、零售連鎖、生物 energy, retail chains, biopharmaceutical manufacturing, and smart machinery 製藥、智能機械製造等行業，幫助大型企業建 manufacturing, helping large-scale enterprises establish a digital human resources 立集團管控的人力資源數字化平台。 platform for group-level management. 2. Evaluate capabilities, assess potential, and revolutionize the 2. 評能力、測潛力，AI面試革新招聘流程。北森 recruitment process with AI interviews. Our integrated recruitment 招測一體化產品幫助企業將招聘導向業務價值 and assessment products in assisting organizations to channel 提升，實現從追求招聘數量到提升質量的全面 their recruitment towards the enhancement of business value has 轉型。截至2024年9月30日，招測一體化ARR佔 evolved significantly, shifting from focusing on recruitment volume to 比達到21%。 enhancing recruitment quality. As of 30 September 2024, the ARR for recruitment and assessment integration business accounted for 21%.In the context of the contemporary economic landscape, companies have become 新經濟形勢下，企業對人才招聘的成本和質量 more demanding regarding the cost and quality of talent recruitment. In the first 要求更加嚴謹。2025財年上半年，北森先後推 half of FY2025, Beisen successively launched the “AI Recruitment Assistant” and 出「AI招聘助手」和「AI面試官」，實現20多年沉 “AI Interviewer”, integrating over 20 years of experience in talent assessment with 澱的人才測評業務實踐與最新的AI大模型招聘 the latest AI large model recruitment technologies. Through AI-assisted methods, 技術深度融合，通過AI輔助的方式，可以有效 companies can effectively reduce recruitment costs and enhance talent quality. The 降低企業招聘成本，提升人才質量。北森AI面 Beisen AI Interviewer is the second generation of Beisen’s AI interview products, 試官是北森第二代AI面試產品，基於AI大模型 utilizing AI large model technology to simulate real interviewers with digital avatars 技術，以數字人模擬真人面試官進行面試與追 for conducting interviews and making follow-up enquiries. The AI Interviewer 問。AI面試官從職業形象、專業能力、崗位勝 comprehensively assesses candidates from multiple dimensions, including 任力、心理素質、認知能力和職業選擇偏好等 professional image, professional skills, job competency, psychological qualities, 維度全面立體評估，不僅評估候選人當下的能 cognitive abilities, and career preferences. It not only evaluates the candidates’ 力，更能測評候選人未來的潛力，實現人崗精 current capabilities but also assesses their future potential, achieving precise 準匹配。 matching between job positions and the suitable candidates. enhancing the quality of the recognition of candidates’ capabilities. A leading 製造業龍頭企業，在校招中用AI面試替代初次 Fortune Global 500 automotive manufacturer has replaced initial interviews with 面試，樹立科技感的僱主品牌，提升候選人體 AI interviews in its campus recruitment, establishing a tech-savvy employer 驗；某物業管理龍頭企業將AI面試官用於藍領 brand and improving the candidates’ experience. A leading property management 崗位招聘，招聘人效翻倍。 company has employed the AI Interviewer for blue-collar recruitment, doubling its recruitment efficiency. 3. Performance Management Cloud inspires organizations and talents 3. 績效雲，導向戰略落地，激發組織與人才，構 through orienting the implementation of strategies. By constructing a 建從組織到個人的戰略落地路徑，通過多元評 strategic pathway from the organization to individuals and employing 價，激發人才潛能、提升組織效能，助力企業 diverse evaluations, it unlocks talent potential and enhances 打造業務增長新動力。截至2024年9月30日，績 organizational effectiveness, helping enterprises create new drivers 效管理業務ARR同比增長17%，報告期間新增 for business growth. As of 30 September 2024, the ARR from the 179家客戶。 performance management business recorded a year-on-year increase of 17%, and 179 new customers were secured during the Reporting Period. During the Reporting Period, Performance Management Cloud introduced new 報告期間，績效雲推出新功能，讓員工之間可 features for objectives sharing amongst employees to jointly bear and achieve 共享目標，共同承擔及實現目標，強化職能及 the objectives, enhancing the support of functional and back-office systems for 後台體系對戰略目標的支；新增目標進展自 strategic goals. It introduced automatic progress summaries for goals and a 動匯總及移動端團隊績效看板，賦能管理績 team performance dashboard on mobile, empowering managers to follow up on 效過程跟進；並通過特性提升人力資源的操作 performance processes. In addition, feature upgrades improved human resources 效率及體驗；同時優化目標和關鍵結果（OKR）╱ operational efficiency and user experience. Languages support for objectives and 目標╱績效對小語種的支持，助力企業出海業 key results (OKRs), goals and performance was also optimized to assist enterprises 務。 in their overseas business endeavors. Beisen Performance Management Cloud assisted a large-scale pharmaceutical 北森績效雲幫助某萬人級醫藥企業，落地23,000 company with over 10,000 employees in the implementation of online management 名以上員工的目標與績效全流程線上管理，形 of goals and performance for more than 23,000 staff members, creating a 成了從集團到分公司到部門到員工的全體系戰 comprehensive strategic decomposition map from group to subsidiary, department, 略分解地圖；將30多套績效模版規範精簡為9套 and individual levels. It standardized and streamlined over 30 performance 範本，提升績效規範度與運?效率；在績效評 templates into 9 sets of templates, enhancing performance consistency and 估中引入部門相互評價，減少大量催辦和收集 operational efficiency. The introduction of mutual evaluations between departments 分析工作；將績效結果定級匯總展示，推動結 in performance assessments reduced the need for extensive follow-ups and data 果分析和聯動應用。客戶表述績效雲上線後降 collection and analysis. Performance results were categorized and summarized 低績效運?成本10%，業務分析速度提升30%。 for display, facilitating result analysis and collaborative applications. The client reported a 10% reduction in performance operation costs and a 30% increase in the speed of business analysis after the application of our Performance Management Cloud. capabilities. Nearly 300 new features and functionalities were 式，強化師資認證全流程數字化開展，幫助企 launched over a six-month period, introducing innovative learning 業打造講師梯隊等。 models that promote interactive and community-based learning. The initiative also emphasizes the digitalization of the entire training certification process, helping enterprises build their pipeline of trainers. Leveraging cutting-edge AI large model technology, Beisen has launched two 結合前沿AI大模型技術，北森推出兩大行業領 industry-leading value-added products: the AI Course Assistant and the AI 先的增值產品：AI做課助手與AI陪練助手。AI做 Training Assistant. The AI Course Assistant integrates syllabus design, intelligent 課助手，集大綱構思、PPT智能生成、數字人 PowerPoint generation, Avatar Course Recording, and course video production, 錄課、課程視頻製作於一體，實現課程創作的 achieving comprehensive automation in course creation and significantly 全面自動化，顯著提升內容製作效率與質量。 enhancing the efficiency and quality of content production. The AI Training Assistant AI陪練助手，借助大模型能力自動生成對練劇 utilizes large model capabilities to automatically generate practice scripts, 本，通過模擬多角色靈活對練，為員工提供個 providing employees with a personalized, around-the-clock practical training 性化、全天候的實戰演練環境，即時反饋與精 environment through flexible role simulations. It combines real-time feedback 準指導相結合，加速技能掌握與能力提升，從 with precise guidance, accelerating skill acquisition and capability enhancement 學知識到練技能。同時，北森學習雲還將AI技 from knowledge learning to skill practice. In addition, Beisen E-Learning Cloud 術深度融入培訓效果檢驗環節，通過AI出題出 deeply integrates AI technology into the training effectiveness evaluation phase. 卷、AI批閱試卷等智能化手段，全面覆蓋培訓 Through intelligent methods such as AI question generation and AI grading, it 流程，確保評估的公正性、準確性與高效性， comprehensively covers the training process, ensuring fairness, accuracy, and 為企業培訓業務的精細化智能化管理提供有力 efficiency in assessments. It provides strong support for the refined, intelligent 支持，借力AI重塑學習模式。 management of corporate training operations, harnessing AI to reshape learning models. First” product strategy, upgrading four AI products. Beisen launched the second- 略，升級了四項AI產品。推出了基於大語言模 generation AI Interviewer based on large language model, integrating multiple 型的第二代AI面試官，整合了語言能力、專業 assessments including language skills, professional knowledge, competency 知識、勝任力面試和測評等多項針對能力和潛 interviews, and evaluations to evaluate capabilities and potentials. This was 力的測評，並通過應用AIGC技術實現了智能面 achieved through the application of AIGC technology, enabling intelligent follow- 試追問能力和AI評價能力。此外，北森將AI技 up questioning and AI evaluation capabilities. In addition, Beisen applied AI 術應用於領導力評估產品，推出了AI管理技能 technology to its leadership assessment products, introducing AI Management 測評，將經典的心理測量與AIGC技術結合在一 Skills Assessment (AI管理技能測評) that combines classic psychological ，實現對管理能力結果和思維過程的雙重 measurements with AIGC technology. This allows for dual assessments of 評估，並且打破以往考試式的作答模式，提供 managers’ capabilities and thought process, breaking away from traditional exam- 了對話式的作答體驗。產品團隊升級了Mr. Sen style responses to provide a conversational answering experience. The product 個人領導力教練，內置了由研究院開發的領導 team upgraded Mr. Sen, the personal leadership coach, incorporating leadership 力課程和訓練任務，通過與AI角色的對話，年 courses and training tasks developed by research institutes. Through dialogues 輕的領導可以便捷、有效地實現「以練代學」 with the AI character, young leaders can conveniently and effectively adopt a 的領導力發展模式，並獲得即時反饋。在考試 “learning through practice” leadership development model and receive real-time 中心推出了AI出題功能，幫助企業在考試題目 feedback. An AI question generation function was launched in the examination 開發、題庫建設方面提供便利。除此之外， center, facilitating the development of exam questions and question bank 2025財年上半年還推出了針對國有企業的科研 construction for enterprises. In addition, in the first half of FY2025, a “Research 院所的「科研潛質測評方案」，為國企科研人員 Potential Assessment Program” (科研潛質測評方案) targeting research 的招聘選拔提供更精準的測評解決方案。以及 institutes of state-owned enterprises was introduced, providing more precise 推出了國際化人才測評解決方案，助力中國企 assessment solutions for the recruitment and selection of research personnel 業出海的人才隊伍建設。 in state-owned enterprises. A set of international talent assessment solutions is also introduced, supporting the talent development of Chinese enterprises in the process of globalization. During the Reporting Period, Beisen provided a range of talent management 報告期間，北森為大型銀行類、製造業和能源 solutions for large-scale state-owned enterprises in the banking, manufacturing, 類央國企提供了一系列人才管理解決方案，服 and energy sectors. The services included optimizing and upgrading the quality 務方向涵蓋人才招聘體系質量優化升級、人才 of talent recruitment systems, building talent pipelines, optimizing qualification 梯隊建設、任職資格體系優化、人才成長路徑 systems, developing talent growth pathways, creating premium leadership 建設、領導力培養發展精品項目、數字化人才 development programs, establishing digital talent transformation certification 轉型認證體系打造、人才評鑒師╱培養師認證 systems, and talent appraiser/cultivator certifications. Notably, in the first half of 等。特別是2025財年上半年為某國有銀行打造 FY2025, Beisen developed a digital talent team-building project for a state-owned 的數字化人才隊伍建設的項目，通過提煉數字 bank. By refining the capability requirements for digital talent, it constructed a 化人才能力要求，構建學習課程體系和認證標 learning curriculum and certification standards, significantly advancing the client’s 準，顯著地推動了該客戶的數字化人才隊伍建 digital talent team development to a new level. 設邁上新台階。 6. Steady advancement of the eco-partner program, effectively 6. 生態夥伴計劃穩健推進，助力業務增長卓有成 supporting business growth 效 In the first half of FY2025, Beisen’s eco-partner strategy continued to progress 2025財年上半年，北森生態戰略繼續穩健推 steadily, achieving significant results in several key areas. 進，並在多個關鍵領域取得了顯著成效。 realized cooperation in delivering large-scale projects. This collaboration has not only 得」）達成的戰略合作，成功實現了大型項目交付的合 strengthened our project execution capabilities but also provided clients with a more 作落地。這一合作不僅加強了我們的項目執行能力， efficient and reliable service experience. In addition, Beisen has partnered with industry- 也為客戶提供了更加高效和可靠的服務體驗。北森同 specific consulting firms to combine industry consulting solutions with Beisen’s integrated 時與行業專業的諮詢公司合作，將行業諮詢方案與北 human resources digitalization solutions, further enhancing our capability to deliver 森的一體化的數字化人力資源解決方案相結合，進一 solutions to large-scale clients. Through collaborations with eco-partners on training 步加強了北森面對大型客戶的解決方案交付能力；通 content, Beisen E-Learning Cloud now offers over 3,000 online courses and more than 過與培訓內容生態公司合作，北森學習雲線上課程數 1,000 practical instructors for in-person training courses. 量超過3,000門，面授課程實戰師資超過1,000名。 Supporting enterprises’ strategic development through eco-partnership 通過生態夥伴建設，支公司的戰略發展 In terms of AI technology applications, we have formed strategic partnerships with Zhipu 在AI技術應用方面，北森與智譜AI，通義千問，文心 AI, Tongyi Qianwen, and ERINE Bot to launch AI application products for human resources 一言達成了戰略合作，成功推出了AI在人力資源場景 scenarios, which have been promoted to and utilized by clients. This innovative initiative 下的應用產品，並在客戶端進行了推廣使用。這一創 not only enhances our technical capabilities but also brings a new wave of intelligent 新舉措不僅提升了我們的技術實力，也為人力資源管 transformation to human resources management. 理帶來了新的智能化變革。 Beisen has proposed its global HCM SaaS integrated solution and established 北森提出了自己的全球化HCM SaaS一體化解決方案， partnerships with overseas service providers such as Alibaba Cloud, HAND, DEEL, and 並與出海服務夥伴「阿里雲、漢得、DEEL、CDP」等達 CDP, to further meet the needs of enterprises venturing abroad. These collaborations lay a 成合作，進一步滿足了企業出海的需求。這些合作為 solid foundation for our international strategy. 我們的國際化戰略奠定了堅實的基礎。 In terms of PaaS ecosystem, Beisen has established partnerships with nearly a hundred 北森在PaaS生態方面的軟件生態合作廠商已超過近百 software vendors and multiple banks to support payroll processing, enabling one-click 家，與多家銀行進行了集成，支持北森算薪，一鍵同 synchronization of bank payment and other capabilities. We have deeply engaged with the 步銀行發薪等能力，深耕製造業客戶場景，針對行政 manufacturing industry client scenarios and developed joint solutions with partners for 後勤中的場景也與夥伴形成了聯合解決方案，為企業 administrative logistics scenarios, providing seamless services to enterprise employees 員工提供無斷點的流暢服務。 without interruptions. We have also established a strategic partnership with Hogan Assessment to introduce 北森和霍根(Hogan)測評建立戰略合作，推出全方位、 comprehensive, layered and specialized assessment services. Beisen has made significant 分層次、細分領域更加專業的測評服務。北森在打造 progress in building a healthy and vibrant user ecosystem, aiming to provide customers 健康的充滿活力的用戶生態方面取得了積極進展，為 with more valuable enterprise services. 客戶提供更有價值的企業服務。 Significant Business Results from Building and Operating the Ecosystem 通過生態體系的搭建及運?，商業效果顯著 In the first half of FY2025, we expanded the regions where our eco-partner strategy is 2025財年上半年，我們擴大了生態戰略的落地區域， implemented. We established an online operational management system for eco-partners, 我們搭建了生態夥伴線上化運?管理系統，通過生態 significantly leveraging eco-partners to drive business growth. During the Reporting 夥伴助力業務增長，成果顯著。報告期內，合作的生 Period, the number of eco-partners we cooperated with exceeded 220, and the business 態夥伴數量超過220家；生態夥伴提供商機同比增長 opportunities provided by eco-partners increased by 191% year-on-year. 191%。 and higher ARR, which are unique to Beisen’s business model. Beisen has achieved a 不斷加深了北森的護城河，近5年北森客單價複合年 CAGR of over 12% in average ARR per client and a CAGR of 23% in ARR for the past 均增長率超過12%，ARR的複合年均增長率為23%，其 five years. In particular, the ARR of Core HCM integration has grown at a CAGR of over 中Core HCM一體化ARR複合年均增長率超過50%，多模 50%. Furthermore, contributed by the cross-selling of modules and the rapid growth 組交叉售賣以及Core HCM的快速增長帶來北森訂閱收 of Core HCM, Beisen has consistently maintained a satisfactory level of subscription 入留存率近5年一直保持在107%左右的良好水準。此 revenue retention rate at around 107% for the past five years. Additionally, the ability to 外，北森基於PaaS的一體化HCM SaaS已經能夠規模化 serve organizations with over 10,000 employees achieved by Beisen’s integrated HCM 服務萬人級別以上的客戶。這為北森「大客戶戰略」奠 SaaS based on PaaS has laid a solid foundation for Beisen’s strategy of retaining large 定了堅實基礎。 customers. In the second half of FY2025, our business strategy will focus on the 2025財年下半年，我們的業務戰略將圍繞以下方向： following directions: 1. Comprehensive support for the globalization of Chinese enterprises 1. 全面支中國企業出海The wave of Chinese enterprises venturing into overseas markets has arrived. 中國企業出海浪潮已經來臨。北森HCM SaaS一 Beisen HCM SaaS integration will incorporate scenario-based capabilities in 體化將在多語言、多時區、多幣種、出海合規 areas such as multilingual support, multiple time zones, multiple currencies, and 等方面做場景化能力設計，全面支持中國企業 compliance for overseas expansion. We strive to comprehensively support Chinese 在海外機構的人才招聘、人員管理、考勤管 enterprises in their overseas talent recruitment, personnel management, attendance 理、薪酬管理、績效管理、學習管理等線上化 management, compensation management, performance management, and learning 應用，幫助揚帆出海的中國企業實現全球一體 management through online applications, which will assist Chinese enterprises 化的人力資源數字化轉型。 in their ventures into the global market and their global integration of human resources digital transformation. 2. Fully embracing AI 2. 全面擁抱AI AI may not bring about a disruptive transformation in human resources software, AI可能不會為人力資源軟件帶來顛覆性的變 but it will generate a multitude of AI Agents in various HCM scenarios. Human 革，但將在各種HCM場景中產生大量AI Agents。 resources software is process-driven, and as we enter the era of AI Agents, human 人力資源軟件是以流程為導向的，進入AI Agents resources software will move toward a more personalized approach. Beisen has 時代後，人力資源軟件將走向個性化的時 adopted a comprehensive all-in-AI strategy, incorporating generative AI, HCM 代。北森提出全場景all-in-AI的佈局，將生成式 SaaS, and talent management technologies, to assist enterprises in accurately AI+HCM SaaS+人才管理技術應用在崗位建模、人 identifying talent, effectively nurturing talent, and providing targeted talent 才招聘、人才培養、領導力發展、員工服務等 development, thus creating a dual-driven talent innovation system powered by 全場景中，幫助企業精準識別人才、有效培養 AI and talent management. The system can be applied to scenarios such as job 人才、針對性發展人才，創造AI與人才管理雙 modeling, talent acquisition, talent development, leadership development, and 驅動的人才創新體系。北森基於人才管理技術 employee services. With our genes in talent management, we believe that the 的基因佈局AI，或將樹立「更懂人才的AI」第二道 establishment of AI that “truly understands talent” would form a new barrier to entry 護城河。 for our competitors. Traditional methods require significant involvement from human resources or 統方法的面試需要人力資源或業務部門人員的 business department personnels in interviews, consuming internal resources 大量參與，耗費內部資源且效率低下。用AI面 and resulting in low efficiency. The replacement of traditional interviews with AI 試取代傳統面試將在行業中帶來劇變，打破時 interviews will lead to dramatic changes in the industry, breaking the constraints 間和空間的限制。我們相信，AI面試在未來將 of time and space. We believe that AI interviews will create substantial commercial 創造可觀的商業機會。 opportunities in the future. Over the past 20 years, Beisen has accumulated a wealth of industry expertise. We 在過去的20年中，北森積累了豐富的行業專業 possess methodologies for identifying, developing, and assessing talent, which, 知識。我們擁有識別、發展及評估人才的方 combined with large model, form a unique solution capability and an absolute 法，這些方法與大模型相結合，形成獨特的解 competitive advantage. This will provide Beisen with additional engines for 決方案能力和絕對的競爭優勢。這將為北森提 business growth. 供額外的業務增長動力。 4. Intensifying our focus on strategically significant sectors, particularly 4. 行業深耕，持續聚焦大客戶戰略 targeting large-scale clients We observe a trend where medium to large clients seek to enhance efficiency 我們觀察到大中型客戶通過數位化的方式來提 through digitalization. They believe that only by transforming digitally can they 升效率已成為趨勢。彼等認為，唯有透過數位 survive and further improve their competitiveness in the future competitive 化轉型，才能在未來的競爭格局中生存並進一 landscape. Therefore, focusing on large clients is a firm strategy for Beisen. Our 步提升競爭力。因此，聚焦大客戶是北森的一 products and delivery capabilities are already well equipped to meet the needs of 項堅定策略。我們的產品和交付能力已做好滿 large clients. As of 30 September 2024, there are over 120 large clients with more 足大客戶需求的準備。截至2024年9月30日，已 than 10,000 employees using our Core HCM solutions and performance products. 有超過120家員工人數超過萬人的客戶使用Core In FY2025, through cross-selling across various modules, we will further increase HCM解決方案和績效產品。2025財年，通過各 the coverage and penetration of our Core HCM solutions amongst large-scale 種模塊的交叉銷售，進一步提升Core HCM解決 clients with over 10,000 employees. 方案在員工人數萬人以上的大客戶中的覆蓋厚度。 5. Continuously building a customer-centric customer service system to 5. 持續打造以客戶為中心的客戶服務體系，進一 further improve service efficiency 步提高服務效能 In FY2025, Beisen will comprehensively upgrade its proactive service process 2025財年，北森全面升級主動服務流程和客戶 and the CSM responsible for renewal management. This initiative aims to further 成功經理負責續約管理流程，在進一步提高服 enhance service quality while clearly defining proactive service standards and 務品質的同時，明確主動服務規範和服務動 actions, allowing clients to receive more comprehensive and timely proactive 作，讓客戶獲得更全面、更及時的主動服務， services. This ensures that Beisen’s products efficiently align with changes in 確保北森產品與客戶業務變化高效匹配。從 clients’ business operations. Starting from FY2025, the CSM will leverage its 2025財年開始，客戶成功經理發揮跟客戶密切 close relationship with clients to take charge of commercial promotion for renewal 關聯的優勢，負責續約管理的商務推進工作， management. This approach will enhance internal efficiency while enabling 一方面提升內部效率效能，同時銷售端聚焦新 the sales team to focus on acquiring new clients, ultimately providing a better 客戶開拓，最終帶給客戶更好的體驗。 experience for clients. representing a year-on-year increase of 14.3%, accounting for 77.6% of the total revenue （於2023年同期：74.0%）。來自專業服務的收入為人民 (same period in 2023: 74.0%). Revenue from professional services was RMB97.8 million, 幣97.8百萬元，同比減少 6.0%，佔總收入的22.4%（於 representing a year-on-year decrease of 6.0%, accounting for 22.4% of the total revenue 2023年同期：26.0%）。 (same period in 2023: 26.0%). During the Reporting Period, we have incurred net losses of RMB99.0 million (same 於報告期間，我們產生淨虧損人民幣99.0百萬元（於 period in 2023: RMB3,058.1 million). Additionally, our adjusted net loss (a non-IFRS 2023年同期：人民幣3,058.1百萬元）。此外，我們的經 measure) decreased from RMB86.0 million for the six months ended 30 September 2023 調整淨虧損（非國際財務報告準則計量）由截至2023年 to RMB34.2 million for the Reporting Period, representing a year-on-year decrease of 9月30日止六個月的人民幣86.0百萬元減少至報告期間 60.2%, primarily due to proactive cost control measures taken by the Company to improve 的人民幣34.2百萬元，同比減少60.2%，乃主要由於本 the operating efficiency. 公司為提高運?效率而採取的積極成本控制措施。 During the Reporting Period, the Group’s net cash used in operating activities was 於報告期間，本集團經?活動所用現金淨額為人民幣 RMB97.0 million as compared with RMB174.0 million for the same period in 2023, 97.0百萬元，而2023年同期為人民幣174.0百萬元，同 representing a year-on-year improvement of 44.2%. 比改善44.2%。 Revenues 收入 During the Reporting Period, we generated revenues from two sources, namely (i) cloud- 於報告期間，我們有兩個收入來源，即(i)雲端HCM解 based HCM solutions, and (ii) professional services. Our total revenue was RMB436.6 決方案；及(ii)專業服務。於報告期間，我們的總收 million in the Reporting Period, representing a year-on-year increase of 9.0% (same 入為人民幣436.6百萬元，同比增長 9.0%（於2023年同 period in 2023: RMB400.5 million), primarily due to the increased revenues generated 期：人民幣400.5百萬元），主要由於雲端HCM解決方 from subscriptions to our cloud-based HCM solutions. The following table sets forth a 案的訂閱收入增加。下表載列於所示期間我們按絕對 breakdown of our revenues, in absolute amounts and as percentages of total revenues, for 金額及佔收入總額的百分比劃分的收入明細。 the periods indicated. For the six months ended 30 September 截至9月30日止六個月 2024 2023 Change 2024年 2023年 變動 As a As a percentage percentage Amount of revenue Amount of revenue 金額 佔收入百分比 金額 佔收入百分比 RMB’000 % RMB’000 % % 人民幣千元 % 人民幣千元 % % Cloud-based HCM solutions 雲端HCM解決方案 338,787 77.6 296,476 74.0 14.3Professional services 專業服務 97,794 22.4 104,057 26.0 (6.0) Total 總計 436,581 100.0 400,533 100.0 9.0 subscribes for. 取固定訂閱費。 Revenues generated from subscriptions to our cloud-based HCM solutions increased by 我們雲端HCM解決方案的訂閱費收入由截至2023年9月 14.3% from RMB296.5 million for the six months ended 30 September 2023 to RMB338.8 30日止六個月的人民幣296.5百萬元增加 14.3%至報告 million for the Reporting Period. The increase in revenues was attributable to acquisition of 期間的人民幣338.8百萬元。收入增加乃由於獲取新客 new customers and increased subscription of our cloud-based HCM solutions by existing 戶以及現有客戶對我們雲端HCM解決方案的訂閱有所 customers. Our customers of cloud-based HCM solutions increased from over 5,300 as at 增加。我們雲端HCM解決方案的客戶由2023年9月30日 30 September 2023 to over 5,600 as at 30 September 2024. We achieved a subscription 的超過5,300名增加至2024年9月30日的超過5,600名。我 revenue retention rate of 107% for the Reporting Period. Accordingly, our ARR experienced 們於報告期間的訂閱收入留存率達致107%。因此，我 a growth from RMB700.5 million as at 30 September 2023 to RMB783.9 million as at 30 們的年度經常性收入亦由2023年9月30日的人民幣700.5 September 2024. 百萬元增加至2024年9月30日的人民幣783.9百萬元。 We refer to customers who subscribe to our Core HCM Solutions along with at least one 我們定義購買Core HCM解決方案，且購買至少一種 of our other cloud-based HCM solutions as Core HCM Integration customers. Core HCM 其他雲端HCM解決方案的客戶為Core HCM一體化解決 integration has gained growing popularity among our customers due to its substantial 方案客戶。由於其顯著的可擴展性和協同效益，Core scalability and synergy benefits. ARR for our Core HCM Integration increased by 27.6% HCM一體化解決方案越來越受到我們客戶的歡迎。 from RMB339.2 million as at 30 September 2023 to RMB432.9 million as at 30 September Core HCM一體化解決方案的年度經常性收入從2023年 2024. As at 30 September 2024, ARR for our Core HCM Integration accounted for 55% 9月30日的人民幣339.2百萬元增長27.6%至2024年9月30 of our total ARR. We acquired 272 new Core HCM Integration customers in the Reporting 日的人民幣432.9百萬元。於2024年9月30日，Core HCM Period, bringing the total number of our Core HCM Integration customers to close to 一體化解決方案的年度經常性收入佔比達55%。我們 reaching 2,100 cumulatively and we achieved a subscription revenue retention rate of 在報告期內新增272家Core HCM一體化解決方案客戶， 114% for our Core HCM Integration. 累計客戶數近2,100家，以及Core HCM一體化解決方案的訂閱收入留存率達到114%。 Professional services 專業服務 We generate revenues from providing on-demand professional services to our customers, 我們通過向客戶提供按需專業服務賺取收入，其中主 which primarily include implementation services and certain value-added services. We 要括實施服務及若干增值服務。我們通常根據客戶 typically charge our customers service fees based on a number of factors, including the 選擇的服務類型、特定項目的技術專家人數以及服務 type of services selected by our customers, the number of our technical specialists staffed 的持續時間等多項因素向客戶收取服務費。 on a given project, and the duration of our services. Professional services revenues decreased by 6.0% from RMB104.0 million for the 專業服務收入由截至2023年9月30日止六個月的人民 six months ended 30 September 2023 to RMB97.8 million for the Reporting Period, 幣104.0百萬元減少 6.0%至報告期間的人民幣97.8百萬 primarily due to the expansion of customer size, leading to a longer service and revenue 元，主要由於公司客戶規模變大，導致服務及收入確 confirmation cycle. 認週期延長。 percentage of revenue decreased from 36.3% for the six months ended 30 September 2023 3.0%，佔收入比例由截至2023年9月30日止六個月的（未完）  |