Goldman Sachs: North Sen Holdings (09669) AI ARR drives growth, AI application penetration rate accelerates increase

The Zhitong Finance App learned that Goldman Sachs released a research report saying that the chief financial officer of North Sen Holdings (09669) attended the bank's Asian Leaders Conference held in Hong Kong from August 31 to September 2. The two sides focused on ARR growth in AI products, AI native features in human resources solutions, and competition with AI models and other software vendors. Goldman Sachs does not currently cover North Sen Holdings.

According to the research report, the AI contract amount of Beisen Holdings increased to about 87 million yuan in fiscal year 2026, about 10 times that of fiscal year 2025; in fiscal year 2025, it was 8,000 yuan. Management believes that AI capabilities and products are the key growth drivers for customer spending. The AI product ARR reached 75 million yuan in May 2026, compared to 59 million yuan and 6 million yuan in March 2026 and March 2025, respectively. The increase is due to the expansion in the number of customers and the increase in the ARPU of customers in Beisen AI solutions. As of August 2026, the number of customers has exceeded 2,000. Management maintains a positive attitude towards the continued growth of AI products. Currently, the AI customer penetration rate is only about 20%.

Kitsen is a leading local HR SaaS company that provides cloud-based integrated HCM (human capital management) solutions, covering core human resources, recruitment, performance, succession and evaluation modules, and is expanding AI human resources applications supported by third-party AI basic models, including AI learning, AI interviews, and AI recruitment.

Management said that the company currently provides about 50 to 60 AI functions or products, and only charges for 10 or more core AI functions with high added value. A number of AI products are getting more attention from enterprise customers. Among them, AI interviews can help customers reduce interview investment and improve results, and support a renewal rate of about 120%; AI learning accelerates growth after integrating Cool College; and AI mentor intelligence can provide customized smart solutions for employees in different departments, such as skills training for sales talents.

In addition to continuing to expand AI capabilities, management is also optimistic about the company's accumulated data in talent assessment and the company's large customer base in the field of human resources products.