Early look of FY25 - balancing growth and cash flow: Beisen expects its ARR to grow by 15-20% while top-line is expected to grow by ~15% in FY25. OCF should turn positive while adjusted net losses should further narrow. A weak macro continues to drag on its recruitment and assessment module, while other modules are expected to see much higher growth than the firm average.
Core HR performance sustained: Beisen's CoreHR ARR grew by 30%+ in FY24 with customers growing to 1,900+ in the year while the churn rate is very low at ~5%. Beisen continues to see CoreHR as its main revenue driver in the future. This is partially driven by localization demand from SOEs, substituting foreign vendors such as Oracle.
Milder competition leads to higher ARPU. Given most start-up peers and single module players are struggling with financing, competition is subsiding meaningfully, and Beisen can narrow its price discount, which will drive the ARPU increase. Beisen expects its overseas version of the product to be ready in September.
25財年的早期展望——平衡增長和現金流:北森預計其ARR將增長15-20%,而25財年的收入預計將增長約15%。OCF應轉爲正值,而調整後的淨虧損應進一步縮小。疲軟的宏觀經濟繼續拖累其招聘和評估模塊,而其他模塊的增長預計將遠高於公司的平均水平。
核心人力資源業績持續:北森的CoreHR ARR在24財年增長了30%以上,該年度的客戶增長至1,900多人,而流失率非常低,約爲5%。北森繼續將CoreHR視爲其未來的主要收入驅動力。這在一定程度上是由國有企業取代甲骨文等外國供應商的本地化需求推動的。
較溫和的競爭會導致更高的ARPU。鑑於大多數初創企業同行和單模塊公司都在爲融資而苦苦掙扎,競爭正在顯著減弱,北森可以縮小价格折扣,這將推動ARPU的增長。北森預計其海外版產品將於9月上市。