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ManpowerGroup Greater China - Announces 2020 Interim Results, Strong Flexible Staffing Growth Driven by China Mainland, Technology Platform to Further Enhance Competitive Advantage

2020.08.28

Financial Highlights

  • For the 6 months ended 30 June 2020, the Group recorded a total revenue of RMB1603.2million, representing an increase of approximately 11.2% from RMB1,441.6 million in the same period of 2019.
  • evenue generated from flexible staffing business segment grew by approximately 20% on a year over year basis to RMB1507million, of which flexible staffing revenue from Mainland China recorded significant increase of approximately 39% compared with the same period last year.
  • Net profit attributable to owners of the Company increased to RMB56.1million, representing growth of approximately 51.8% year over year.
  • For the 6 months ended 30 June 2020, net operating cash flow rose significantly by 342.4% year over year to RMB88.9million; As of 30 June 2020, cash and bank deposits of the Company amounted to RMB1019.3million, an increase of 149.6% from June 30, 2019.

 

【28 August 2020 – Hong Kong】ManpowerGroup Greater China Limited (“ManpowerGroup Greater China” or together with its subsidiaries, the “Group”; stock code: 2180.HK) is pleased to announce its interim results today for the 6 months ended 30 June 2020 (the “Period”).

According to the latest report in July 2020 of China Insight Consultancy, the Group is the largest player in the workforce solutions market in Greater China by 2019 revenue accounting for a 1.71% share of market in Greater China. Riding on this achievement, the Group continued to record growth in revenue amid the generally weak business sentiment. For the 6 months ended 30 June 2020, the Group recorded total revenue of RMB1603.2million, representing an increase of approximately 11.2% from RMB1,441.6 million of the same period in 2019. Revenue generated from flexible staffing business segment grew by approximately 20% on a year over year basis to RMB1507million, of which flexible staffing revenue from Mainland China recorded strong growth of approximately 39% on a year-over-year basis. Flexible staffing segment contributes 94% of the Group’s total revenue. During the Period, net profit attributable to owners of the Company increased to RMB56.1million, up by approximately 51.8% year over year. With strong cash flow management capability, the Group’s net operating cash flow rose significantly by 342.4% year over year to RMB88.9million. As of 30 June 2020, cash and bank deposits of the Company amounted to RMB1019.3million, an increase of 149.6% from 30 June 2019.

Fast growth of flexible staffing business driven by Mainland China

Despite the challenges posed by the coronavirus outbreak, the Group recorded strong growth of its flexible staffing business driven by Mainland China, rising significantly by 20% compared to the same period last year, of which flexible staffing revenue from Mainland China recorded significant increase of approximately 39% year over year. During the Period, the Group streamlined its geographical operational structures in Mainland China with a view to accelerating its expansion into under-penetrated regions in southern, central, and western China, such as Wuhan and Hangzhou, and bolstering its strong market position in tier-one cities such as Shanghai, Beijing, Guangzhou and Hong Kong. Driven by the fast expansion of the Mainland China team. The total number of associates placed during the Period increased by approximately 20% from approximately17,500 as of 30 June 2019 to around 21,000 as of 30 June 2020, among which the total number of associates placed in Mainland China grew significantly by 40.3%. The Group believes that it will continue to benefit from the industry growth on the back of its strong brand and leading market position.

Strong cash flow management capability as a buffer against macroeconomic uncertainties

Despite the impact of the coronavirus pandemic on the cash flow of certain clients, the Group achieved fast growth of net operating cash flow during the period given its strong cash flow management capability and prudent risk control. Net operating cash flow grew significantly by 342.4% to RMB88.9million compared to the same period last year. As of 30 June 2020, cash and bank deposits of the Company increased by 149.6% YOY to RMB1019.3million, which could serve as a buffer against macroeconomic uncertainties.

Further business development in the New Economy & Technology sector;
Technology platform to enhance competitive advantage

During the period, the Group strengthened its business development capabilities in the New Economy and Technology sector (being the sector to which its top 5 clients belong), with the number of clients from such sector increasing by around 200 compared with the end of 2019. In addition, the Group remained committed to growing its existing accounts, with revenue contribution from its top 5 clients increasing by approximately 37.5% year over year and accounting for approximately 32% of its total revenue for the Period.

Since its IPO last year, the Group had accelerated its investment in the R&D of its workforce platform and had launched various products including the mobile-based talent portal (天天U才), the crowdsourcing recruitment platform (天天U單), the one-stop employee service platform (天天U福), the expert consulting service product (萬盛專家) and its own HR SaaS platform(萬寶簡斯), to provide comprehensive human resources solutions to its clients. By utilizing AI technology and big data analysis, the Group aims at providing core recruitment competency for all business lines and enhancing its workforce solutions capabilities.

Undertake corporate social responsibility with wide recognition

To fight against the coronavirus pandemic and fulfil its corporate social responsibility, the Group set up a RMB1.38 million Public Welfare Fund together with its associate companies in early February 2020. All of the funds have been donated to 4 hospitals in Hubei province and the Hubei Youth Development Foundation. The Group is committed to promoting corporate social responsibility, and to that end, will endeavour to actively take part in the economic recovery of Wuhan and other areas in the Hubei province.

The Group’s efforts in providing customized and professional services to its clients in the Greater China region have been well recognized with a number of awards, including “The Best Comprehensive HR Service Provider in Greater China” (“大中華區最佳綜合人力資源服務機構”) by HRoot, “2020 Top100 Human Resources Service Organization” (“2020中國人力資源服務機構100強”) by TopHR, “Best Contract Staffing Solution Agency” (“年度靈活用工解決方案機構獎”) by Bronze, and ” HR Tech China Best Service Providers” (“中國人力資源科技最佳服務機構”) by HR Tech China, etc.

Looking forward to the second half of 2020, despite the uncertainties of the macro economy and in particular the control of the coronavirus pandemic across the Greater China region, the Group remains cautiously optimistic on its outlook for the rest of the year.

With flexible staffing as its strategic focus in the medium term, the Group will continue to shore up its technology investment and build an all-in-one workplace technology platform (職場+) based on its internal operating technology system addressing three critical external application scenarios of work, life and development. The Group aims to embed its various technology products into three workforce technology platforms, namely the workplace platform, the employee services platform, and the development platform, through which to provide more efficient workforce solutions to its clients, the employees of its clients, and its own associates

Yuan Jianhua, Executive Director and Chief Executive Officer of the Group, said “We are very confident about the growth potential of the flexible staffing industry. The Group’s leading market position in the Greater China region, together with its strong cash flow management capability, sufficient cash reserve, and the buildup of its technology platform, will help us take full advantage of the growth potential of the human resources market in the Greater China region.”


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About ManpowerGroup Greater China
ManpowerGroup Greater China Limited (“ManpowerGroup Greater China” or the “Company”, together with its subsidiaries, the “Group”, stock code: 2180.HK), is the largest workforce solutions provider in the Greater China Region by 2019 revenue. The Group provides comprehensive workforce solutions and other HR services to clients located in Greater China, including Mainland China, Hong Kong, Macau and Taiwan. The Group’s services, namely flexible staffing, headhunting, RPO and other HR services, are aimed at complementing clients’ business models throughout the different stages of the relevant industry lifecycles. The Group’s largest stakeholder, ManpowerGroup Inc., is a New York Stock Exchange-listed Fortune 500 company and is a global leader in workforce solutions and services with a long operating history of over 70 years and a network of nearly 2,600 offices.

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