北森控股2023/2024中期报告

Contents 2Corporate Information5Financial Highlights6Management Discussion and Analysis29Other Information56Report on Review of Interim Financial Information58Interim Condensed Consolidated Statement of Comprehensive Income60Interim Condensed Consolidated Statement of Financial Position62Interim Condensed Consolidated Statement of Changes In Equity64Interim Condensed Consolidated Statement of Cash Flows66Notes to the Interim Financial Information103Definitions107Glossary of Technical Terms CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Mr. Wang Zhaohui(Chairman)Mr. Ji Weiguo(Chief Executive Officer)Ms. Liu Xianna(Chief Financial Officer) Independent Non-executive Directors Mr. Du KuiMr. Zhao HongqiangMr. Ge Ke AUDIT COMMITTEE Mr. Zhao Hongqiang(Chairman)Mr. Ge KeMr. Du Kui REMUNERATION COMMITTEE Mr. Ge Ke(Chairman)Mr. Ji WeiguoMr. Du Kui NOMINATION COMMITTEE Mr. Wang Zhaohui(Chairman)Mr. Ge KeMr. Du Kui JOINT COMPANY SECRETARIES ACG (CS, CGP), HKACG (CS, CGP) Ms. Liu XiannaMs. Au Wai Ching ACG (CS, CGP), HKACG (CS, CGP) AUTHORIZED REPRESENTATIVES ACG (CS, CGP), HKACG (CS, CGP) Ms. Liu XiannaMs. Au Wai Ching ACG (CS, CGP), HKACG (CS, CGP) CORPORATE INFORMATION REGISTERED OFFICE PO Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands PO Box 309, Ugland HouseGrand Cayman KY1-1104Cayman Islands HEADQUARTERS AND PRINCIPAL PLACE OFBUSINESS IN THE PRC 03001-03006, Level 3, Building 3No. 688 Middle Tianfu AvenueChengdu High-tech ZonePilot Free Trade Zone, Sichuan ProvincePRC 6883303001-03006 351710 Room 710, Building 1No. 35 Shangdi East RoadHaidian District, BeijingPRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 40th Floor, Dah Sing Financial CentreNo. 248 Queen’s Road EastWanchaiHong Kong 24840 PRINCIPAL SHARE REGISTRAR Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket Square, Grand Cayman KY1-1102Cayman Islands Maples Fund Services (Cayman) LimitedPO Box 1093, Boundary HallCricket Square, Grand Cayman KY1-1102Cayman Islands HONG KONG BRANCH SHARE REGISTRAR Computershare Hong Kong Investor Services LimitedShops 1712-171617th Floor Hopewell Centre183 Queen’s Road EastWanchaiHong Kong 183171712-1716 CORPORATE INFORMATION HONG KONG LEGAL ADVISER Davis Polk & Wardwell10th Floor, The Hong Kong Club Building3A Chater RoadCentralHong Kong 3A10 AUDITOR 22 PricewaterhouseCoopersCertified Public Accountants andRegistered Public Interest Entity Auditor22/F, Prince’s BuildingCentralHong Kong COMPLIANCE ADVISOR 18127 Guotai Junan Capital Limited27/F, Low Block, Grand Millennium Plaza181 Queen’s Road CentralHong Kong PRINCIPAL BANKS 35 Sichuan branch, Bank of China LimitedNo. 35, Middle Renmin Road (2 Duan)Qingyang DistrictChengdu, Sichuan ProvincePRC Chaoyang branch in Beijing, Bank of China Limited Block B, Jiacheng BuildingNo. 18 Xiaguang Lane, Dongsanhuan North RoadChaoyang DistrictBeijingPRC 18B STOCK CODE 9669 9669 www.beisen.com COMPANY WEBSITE www.beisen.com FINANCIAL HIGHLIGHTS 1.We define adjusted gross profit (a non-IFRS measure) as gross profitadjusted by adding back share-based payments included in cost of revenues. 2. 2.We define adjusted net loss (a non-IFRS measure) as loss for the periodadjusted by adding back share-based payments, and fair value changes ofredeemable convertible preferred shares. MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY REVIEW 2023AIHCM SaaSHCM SaaSAIGCHCM SaaSHCM2022HCM500HCMHCMPaaSHCMHCM In 2023, advancements in AI, cloud computing, and similar technologies have significantlypropelled the ongoing digitalisation transformation of enterprises. The drive for softwarelocalization and enactment of the Personal Information Protection Law in China arenew opportunities for HCM SaaS sector growth. Integrated HCM SaaS is now a cleardevelopment trend, with top vendors starting to align with this direction. With thecontinuous improvement of AIGC large models, datamation and intelligentization willalso become major development trends in the HCM SaaS market, and will emerge asindispensable parts of this sector. The cloud-based HCM solutions market in China isstill fragmented. Out of more than 500 players in China’s HCM digitalisation market in2022, Beisen stands out as the sole integrated cloud-based HCM solutions providercovering all main HCM-using scenarios of the entire employment lifecycle. Moreover,Beisen is the only cloud-based HCM solutions provider in China that has successfullybuilt an unified and open PaaS infrastructure, enabling Beisen to offer comprehensiveand integrated multi-function solutions. Supported by China’s 14th Five-Year Plan, whichheavily endorses the digital economy, the cloud-based HCM solutions sector is poisedfor substantial growth. Beisen is well-positioned to capitalize on this trend, expecting agradual upswing in business as market dynamics continue to evolve favorably. As a leading company engaged in human resources technology and the top one in theHCM SaaS market in