看準科技有限公司 KANZHUN LIMITED （於開曼群島註冊成立以同股不同權控制的有限責任公司） (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) Stock Code 股份代號 : 2076 目錄 2 公司資料 4 財務表現摘要 5 業務回顧及展望 8 管理層討論及分析 13 董事會報告 31 企業管治 48 其他資料 63 獨立核數師報告 68 合併資產負債表 70 合併綜合收益表 72 合併現金流量表 74 合併股東權益變動表 75 合併財務報表附註 122 五年財務概要 123 釋義 2 看準科技 公司資料 執行董事 趙鵬先生 （創始人、董事長兼首席執行官） 張宇先生 陳旭先生 張濤先生 王燮華女士 非執行董事 余海洋先生 獨立非執行董事 孫永剛先生 李延先生 董夢媛女士 （委任自2024年5月21日起生效） 高尚毓女士 （於2024年5月21日辭任） 審計委員會 董夢媛女士 （主席）（委任自2024年5月21日起生 ...

Investment Rating - The investment rating for BOSS Zhipin is "Buy" with a target price of HKD 98.01, reflecting an upward adjustment based on a valuation of 25x PE for 2025, which is above the industry average [2][4]. Core Insights - The company has shown steady market share growth, with AI and specific job sectors gradually improving in demand. The implementation of AI-related products is expected to contribute to incremental revenue [4][11]. - The financial performance for Q4 2024 exceeded expectations, with revenue reaching RMB 1.824 billion, a year-on-year increase of 15.4%. The adjusted net profit was RMB 722 million, up 14.92% [11]. - The company has adjusted its projected net profits for 2025 and 2026 to RMB 3.299 billion and RMB 3.998 billion, respectively, reflecting a slight downward revision due to increased expenses [4][11]. Financial Summary - Revenue growth from 2021 to 2024 shows a significant increase, with 2024 projected revenue at RMB 7.356 billion, representing a 24% increase year-on-year. The adjusted net profit for 2024 is expected to be RMB 2.710 billion, a 25.72% increase [7][11]. - The company has maintained effective cost control, with a decrease in sales and R&D expense ratios, contributing to a 27% growth in operating profit [11]. - The blue-collar market has expanded, with blue-collar revenue accounting for 38% of total revenue in Q4 2024, indicating a shift in market dynamics [11].

Investment Rating - The report assigns a "Buy" rating for BOSS Zhipin-W (02076) with a target price based on the last closing price of 67.55 [1][16]. Core Insights - BOSS Zhipin reported a revenue of 7.356 billion yuan for 2024, representing a year-on-year growth of 23.6%, and a net profit of 1.567 billion yuan, which is a significant increase of 42.6% [3][4]. - The company achieved a strong performance in Q4 2024, with revenue of 1.824 billion yuan, up 15.4% year-on-year, and a net profit of 444 million yuan, reflecting a growth of 34.1% [3][5]. - The core growth drivers for 2024 included a substantial increase in both user scale and paying customers, with an average monthly active user (MAU) count reaching 53 million, a 25.3% increase year-on-year, and the number of paying enterprise customers rising to 6.1 million, a 17.3% increase [4][5]. Financial Performance Summary - Revenue and profit growth are driven by online recruitment services, which accounted for 98.8% of total revenue, with a year-on-year increase of 23.4% to 7.27 billion yuan [4]. - The marketing expense ratio decreased to a historical low of 28.18%, and Q4 marketing expenses fell by 1.64% to 426 million yuan, further narrowing the expense ratio to 23.38% [4]. - Research and development expenses reached 1.816 billion yuan, a 17.6% increase, supporting technological innovation and product iteration [4]. - Operating profit doubled to 1.173 billion yuan, with an operating profit margin of 15.9%, and an adjusted operating profit margin of 31.5%, marking a historical high [4]. Future Projections - For Q1 2025, the company expects revenue between 1.9 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [6]. - Projections for 2025 to 2027 include revenues of 8.726 billion, 10.212 billion, and 11.836 billion yuan, with growth rates of 19%, 17%, and 16% respectively [8][9]. - The expected net profits for the same period are 2.086 billion, 2.606 billion, and 3.220 billion yuan, with growth rates of 32%, 25%, and 24% respectively [8][9].

Investment Rating - The report assigns a "Buy" rating for BOSS Zhipin-W (02076) with a target price based on the last closing price of 67.55 [1][16]. Core Insights - BOSS Zhipin reported a revenue of 7.356 billion yuan for 2024, representing a year-on-year growth of 23.6%, and a net profit of 1.567 billion yuan, which is a significant increase of 42.6% year-on-year [3][4]. - The company achieved a strong performance in Q4 2024, with revenue of 1.824 billion yuan, up 15.4% year-on-year, and a net profit of 444 million yuan, reflecting a growth of 34.1% [3][5]. - The core growth drivers for 2024 included a significant increase in both user scale and paying customers, with an average monthly active user (MAU) count reaching 53 million, a 25.3% increase year-on-year, and the number of paying enterprise customers rising to 6.1 million, a 17.3% increase [4][5]. Financial Performance - The total market capitalization of BOSS Zhipin is 60.814 billion HKD, with a total share capital of 900 million shares [3]. - The company maintained a low marketing expense ratio of 28.18%, with Q4 marketing expenses decreasing by 1.64% year-on-year to 426 million yuan [4]. - Research and development expenses increased to 1.816 billion yuan, a 17.6% year-on-year growth, supporting technological innovation and product iteration [4]. Future Projections - For Q1 2025, BOSS Zhipin expects revenue between 1.9 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [6]. - The company forecasts revenues of 8.726 billion, 10.212 billion, and 11.836 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of 19%, 17%, and 16% [8][9]. - The projected net profit for the same years is 2.086 billion, 2.606 billion, and 3.220 billion yuan, with growth rates of 32%, 25%, and 24% respectively [8][9].

Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 7,355.7 million, a 23.6% increase from RMB 5,952.0 million in 2023[4] - Operating profit surged by 101.9% to RMB 1,172.9 million in 2024, compared to RMB 581.0 million in 2023[4] - Adjusted net profit (non-GAAP) for 2024 was RMB 2,710.7 million, reflecting a 25.7% growth from RMB 2,156.2 million in 2023[4] - Net profit increased by 42.6% from RMB 1,099.2 million in 2023 to RMB 1,567.0 million in 2024[31] - Basic earnings per share for the year ended December 31, 2024, was RMB 1.80, compared to RMB 1.26 for the previous year, reflecting a growth of 42.9%[62] - Net profit attributable to shareholders for the year ended December 31, 2024, reached RMB 1,584,664, a 44.1% increase from RMB 1,099,227 in 2023[62] User Engagement and Growth - Average monthly active users increased by 25.3% to 53.0 million in 2024, up from 42.3 million in 2023[8] - The average daily active users reached 24.8% of monthly active users, indicating strong engagement on the platform[8] - The platform's user base expansion is attributed to targeted strategies in the manufacturing sector and enhanced blue-collar service capabilities[8] Operational Efficiency - The adjusted operating profit margin reached a historical high of 31.5% in 2024, driven by operational leverage and improved marketing efficiency[11] - The company aims to continue exploring AI's value in enhancing operational efficiency and user experience[9] Investments and Expenses - R&D expenses grew by 17.6% from RMB 1,543.6 million in 2023 to RMB 1,815.8 million in 2024, reflecting increased technology investments[27] - Marketing expenses rose by 4.1% from RMB 1,991.2 million in 2023 to RMB 2,073.1 million in 2024, primarily due to increased employee-related costs[26] Cash Flow and Assets - Cash and cash equivalents totaled RMB 14.7 billion as of December 31, 2024, with net cash flow from operating activities amounting to RMB 3.5 billion[32] - Total assets increased from RMB 17,940,048 thousand in 2023 to RMB 19,310,672 thousand in 2024, representing an increase of approximately 7.6%[63] - Net cash flow from operating activities improved from RMB 3,047,009 thousand in 2023 to RMB 3,542,495 thousand in 2024, an increase of about 16.2%[64] Shareholder Returns - The company authorized a new share repurchase plan allowing for the repurchase of up to USD 150 million of shares, effective from August 29, 2024[17] - The company repurchased a total of 1,670,190 Class A ordinary shares at a total cost of USD 12,994,513.70 during the reporting period[56] - A special cash dividend of USD 0.09 per ordinary share was approved, totaling approximately USD 79.2 million, paid in December 2023[83] - The company did not declare any final dividend for the year ended December 31, 2024[60] Corporate Governance and Compliance - The group complies with all corporate governance codes except for the separation of the roles of Chairman and CEO, which are held by the same individual[48] Strategic Initiatives - The company launched a proprietary AI model, "Nanbei Ge," which is the first compliant AI model in the domestic recruitment industry[9] - The company plans to enhance user experience and expand service offerings, focusing on AI technology and personalized product design[20] - Marketing initiatives for the 2024 Paris Olympics and the 2024 European Championship are expected to boost brand awareness[19] Acquisitions and Market Position - The acquisition of 77% stake in W.D Technology Investment Group Limited was completed for approximately RMB 374.3 million, enhancing the company's market position in blue-collar recruitment services[68] Liabilities and Financial Health - The debt-to-equity ratio is zero as the group has no interest-bearing borrowings as of December 31, 2024[40] - The total liabilities decreased from RMB 4,510,855 thousand in 2023 to RMB 4,347,852 thousand in 2024, a reduction of about 3.6%[63] - The group does not have any significant contingent liabilities as of December 31, 2024[43] - The group has no significant capital commitments as of December 31, 2024[44] Future Outlook - The company plans to publish its annual performance announcement and annual report on the Hong Kong Stock Exchange and its official website[86]

User Metrics - The average monthly active users for 2024 were 53.0 million, a 25.3% increase from 42.3 million in 2023[11]. - The total number of paying enterprise customers for the twelve months ended December 31, 2024, was 6.1 million, a 17.3% increase from 5.2 million in 2023[12]. Revenue and Profit - Total revenue for 2024 reached RMB 7,355.7 million (USD 1,007.7 million), representing a 23.6% increase from RMB 5,952.0 million in 2023[11]. - Revenue for Q4 2024 was RMB 1,823.6 million (USD 249.8 million), up 15.4% from RMB 1,580.2 million in Q4 2023[11]. - Operating profit for the year ended December 31, 2024, reached RMB 1,172,946, up 102.1% from RMB 580,971 in 2023[40]. - Net profit for Q4 2024 was RMB 444.2 million (USD 60.9 million), a 34.1% increase from RMB 331.2 million in Q4 2023[11]. - Adjusted net profit for the full year 2024 was RMB 2,710.7 million (USD 371.4 million), up 25.7% from RMB 2,156.2 million in 2023[27]. - The adjusted operating profit for the full year 2024 was RMB 2,316.6 million (USD 317.4 million), a 41.4% increase from RMB 1,637.9 million in 2023[26]. Operating Performance - Operating profit for Q4 2024 was RMB 380.6 million (USD 52.1 million), a 71.2% increase from RMB 222.3 million in Q4 2023[11]. - Adjusted operating profit for Q4 2024 was RMB 658.8 million (USD 90.3 million), up 26.8% from RMB 519.7 million in Q4 2023[11]. - The adjusted operating profit margin reached a historical high of 31.5% in 2024, driven by operational leverage and improved marketing efficiency[13]. Cash Flow and Assets - The operating cash flow for the full year 2024 was RMB 3,542.5 million (USD 485.3 million), an increase of 16.3% from RMB 3,047.0 million in 2023[29]. - Cash and cash equivalents as of December 31, 2024, totaled RMB 14,681.1 million (USD 2,011.3 million)[21]. - Total assets increased to RMB 19,310,672 as of December 31, 2024, from RMB 17,940,048 at the end of 2023, marking a growth of 7.6%[42]. Research and Development - R&D expenses for Q4 2024 were RMB 440.4 million (USD 60.3 million), a 2.4% increase from RMB 430.2 million in Q4 2023[21]. - Research and development expenses for the three months ended December 31, 2024, were RMB 440,360, slightly up from RMB 430,164 in the same period of 2023[40]. Shareholder Information - The company repurchased approximately USD 229 million worth of shares in 2024, representing 3.7% of the total outstanding shares as of December 31, 2024[30]. - The diluted adjusted EPS for the full year 2024 was RMB 3.00, a rise of 25.6% compared to RMB 2.39 in 2023[49]. Forward-Looking Statements - The company expects Q1 2025 total revenue to be between RMB 1.90 billion and RMB 1.92 billion, reflecting a year-over-year increase of 11.5% to 12.7%[31]. - Forward-looking statements may involve inherent risks and uncertainties, as outlined in the company's filings with the SEC and the Hong Kong Stock Exchange[36]. Financial Metrics - The company uses non-GAAP financial metrics to assess business performance, excluding non-cash equity incentive expenses[34]. - Non-GAAP financial metrics are considered supplementary indicators to identify business trends and help investors evaluate operational performance[34]. - The company emphasizes that non-GAAP financial metrics should not replace the most directly comparable GAAP financial metrics[35]. - The company encourages investors to consider its financial data comprehensively rather than relying on a single financial metric[35].

Revenue and Profit Growth - Revenue for Q3 2024 was RMB 1,911.6 million (USD 272.4 million), a 19.0% increase from RMB 1,606.6 million in Q3 2023[8] - Operating profit for Q3 2024 was RMB 330.2 million (USD 47.1 million), a 26.5% increase from RMB 261.0 million in Q3 2023[8] - Net profit for Q3 2024 was RMB 463.8 million (USD 66.1 million), an 8.9% increase from RMB 425.7 million in Q3 2023[8] - Online recruitment service revenue from enterprise clients in Q3 2024 was RMB 1,889.1 million (USD 269.2 million), an 18.7% increase from RMB 1,591.5 million in Q3 2023[11] - Other service revenue (primarily paid value-added services for job seekers) in Q3 2024 was RMB 22.5 million (USD 3.2 million), a 49.0% increase from RMB 15.1 million in Q3 2023[11] - Operating profit for Q3 2024 was RMB 330.2 million (USD 47.1 million), a 26.5% increase compared to RMB 261.0 million in Q3 2023[14] - Adjusted operating profit for Q3 2024 was RMB 605.3 million (USD 86.2 million), a 10.2% increase compared to RMB 549.4 million in Q3 2023[14] - Net profit for Q3 2024 was RMB 463.8 million (USD 66.1 million), an 8.9% increase compared to RMB 425.7 million in Q3 2023[16] - Adjusted net profit for Q3 2024 was RMB 738.9 million (USD 105.3 million), a 3.5% increase compared to RMB 714.1 million in Q3 2023[16] - Total revenue for the three months ended September 30, 2024, reached RMB 1,911,575 thousand (USD 272,397 thousand), a 19% increase compared to the same period in 2023[31] - Net profit attributable to ordinary shareholders of KanZhun Ltd. for the nine months ended September 30, 2024, was RMB 1,135,056 thousand (USD 161,744 thousand), a 47.8% increase year-over-year[31] - Operating profit for the three months ended September 30, 2024, was RMB 330,183 thousand (USD 47,051 thousand), a 26.5% increase compared to the same period in 2023[31] - Operating profit for the three months ended September 30, 2024, was RMB 330,183 thousand (USD 47,051 thousand), an increase from RMB 260,987 thousand in the same period of 2023[43] - Adjusted operating profit for the nine months ended September 30, 2024, reached RMB 1,657,872 thousand (USD 236,244 thousand), up from RMB 1,118,280 thousand in the same period of 2023[43] - Net profit for the three months ended September 30, 2024, was RMB 463,827 thousand (USD 66,095 thousand), compared to RMB 425,717 thousand in the same period of 2023[43] - Adjusted net profit for the nine months ended September 30, 2024, was RMB 1,988,288 thousand (USD 283,328 thousand), up from RMB 1,527,538 thousand in the same period of 2023[43] User and Customer Growth - Total paying enterprise customers for the twelve months ended September 30, 2024, reached 6.0 million, a 22.4% increase from 4.9 million in the same period last year[8] - Average monthly active users (MAU) for Q3 2024 were 58.0 million, a 30.0% increase from 44.6 million in Q3 2023[8] Expenses and Costs - Total operating costs and expenses for Q3 2024 were RMB 1,586.9 million (USD 226.1 million), a 16.8% increase from RMB 1,358.7 million in Q3 2023[12] - Marketing expenses for Q3 2024 were RMB 522.3 million (USD 74.4 million), a 14.2% increase from RMB 457.3 million in Q3 2023, driven by advertising costs during the 2024 Paris Olympics and 2024 UEFA European Championship[12] - R&D expenses for Q3 2024 were RMB 464.2 million (USD 66.1 million), a 12.0% increase from RMB 414.4 million in Q3 2023, due to increased technology investments[12] - Marketing expenses for the nine months ended September 30, 2024, were RMB 1,646,707 thousand (USD 234,654 thousand), a 5.7% increase year-over-year[31] - R&D expenses for the three months ended September 30, 2024, were RMB 464,151 thousand (USD 66,141 thousand), a 12% increase compared to the same period in 2023[31] Earnings Per Share and ADS - Basic and diluted earnings per ADS for Q3 2024 were RMB 1.06 (USD 0.15) and RMB 1.03 (USD 0.15), respectively, compared to RMB 0.98 and RMB 0.95 in Q3 2023[17] - Adjusted basic and diluted earnings per ADS for Q3 2024 were RMB 1.68 (USD 0.24) and RMB 1.64 (USD 0.23), respectively, compared to RMB 1.64 and RMB 1.59 in Q3 2023[17] - Basic earnings per share for the nine months ended September 30, 2024, were RMB 1.28 (USD 0.18), a 45.5% increase compared to the same period in 2023[31] - Basic adjusted net profit per share for the nine months ended September 30, 2024, was RMB 2.26 (USD 0.32), compared to RMB 1.76 in the same period of 2023[43] - Diluted adjusted net profit per share for the nine months ended September 30, 2024, was RMB 2.19 (USD 0.31), compared to RMB 1.69 in the same period of 2023[43] - Basic adjusted net profit per ADS for the nine months ended September 30, 2024, was RMB 4.52 (USD 0.64), compared to RMB 3.52 in the same period of 2023[43] - Diluted adjusted net profit per ADS for the nine months ended September 30, 2024, was RMB 4.38 (USD 0.62), compared to RMB 3.39 in the same period of 2023[43] Cash Flow and Financial Position - Net cash provided by operating activities for Q3 2024 was RMB 812.3 million (USD 115.8 million), remaining stable compared to RMB 812.6 million in Q3 2023[18] - Cash and cash equivalents, short-term time deposits, and short-term investments totaled RMB 14,599.5 million (USD 2,080.4 million) as of September 30, 2024[19] - Cash and cash equivalents as of September 30, 2024, stood at RMB 2,816,158 thousand (USD 401,299 thousand), a 13.9% increase from December 31, 2023[37] - Net cash provided by operating activities for the nine months ended September 30, 2024, was RMB 2,586,387 thousand (USD 368,557 thousand), a 22% increase year-over-year[40] - Total assets as of September 30, 2024, were RMB 18,813,418 thousand (USD 2,680,890 thousand), a 4.9% increase from December 31, 2023[37] - Total liabilities as of September 30, 2024, were RMB 4,179,665 thousand (USD 595,598 thousand), a 7.3% decrease from December 31, 2023[37] Share Repurchase and Future Outlook - The company approved a new share repurchase plan in August 2024, allowing the repurchase of up to USD 150 million in shares, in addition to the existing plan allowing up to USD 200 million in repurchases[20] - The company expects Q4 2024 total revenue to be between RMB 1.795 billion and RMB 1.81 billion, representing a year-over-year increase of 13.6% to 14.6%[21]

Topic 1: Financial Performance - [Key Point 1] The company reported a 15% increase in revenue compared to the previous quarter. [1] - [Key Point 2] Net profit margin improved by 3% due to cost-cutting measures. [2] - [Key Point 3] Operating expenses decreased by 5% year-over-year. [3] Topic 2: Market Expansion - [Key Point 1] The company successfully entered two new international markets. [1] - [Key Point 2] Market share in the Asia-Pacific region grew by 8%. [4] - [Key Point 3] A new distribution center was opened in Europe to support regional growth. [2] Topic 3: Product Development - [Key Point 1] Launched three new products in the last quarter. [3] - [Key Point 2] R&D investment increased by 10% to accelerate innovation. [1] - [Key Point 3] The new product line contributed 20% to total sales. [4] Topic 4: Operational Efficiency - [Key Point 1] Implemented a new ERP system to streamline operations. [2] - [Key Point 2] Production efficiency improved by 12% due to automation. [3] - [Key Point 3] Reduced supply chain disruptions by 15% through better logistics management. [1] Topic 5: Strategic Partnerships - [Key Point 1] Formed a strategic alliance with a leading technology provider. [4] - [Key Point 2] Collaborated with a major retailer to expand distribution channels. [2] - [Key Point 3] Signed a joint venture agreement to co-develop new technologies. [3] Topic 6: Sustainability Initiatives - [Key Point 1] Reduced carbon emissions by 10% through renewable energy adoption. [1] - [Key Point 2] Launched a recycling program that achieved a 25% reduction in waste. [4] - [Key Point 3] Committed to achieving net-zero emissions by 2030. [2]

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin-W (02076 HK) with a target price of HKD 69 98 [3] Core Views - BOSS Zhipin achieved rapid revenue growth in H1 2024 with revenue reaching RMB 3 62 billion (+30 9% YoY) and net profit of RMB 659 million (+92 5% YoY) Adjusted net profit was RMB 1 249 billion (+53 6% YoY) [1] - Revenue breakdown shows strong growth across customer segments: KA clients contributed RMB 812 million (+47 1% YoY) mid-sized clients contributed RMB 1 246 billion (+25 1% YoY) and small clients contributed RMB 1 519 billion (+28 4% YoY) [1] - The company's gross margin improved to 83 1% (+1 8pct YoY) driven by economies of scale while marketing expenses decreased to 31 1% (-8 7pct YoY) due to reduced advertising costs and revenue expansion [1] - Monthly active users (MAU) reached 50 6 million in H1 2024 (+21 3% YoY) with a daily active user (DAU) to MAU ratio of 25 2% indicating strong user engagement [1] - The blue-collar online recruitment market in China is expected to grow to RMB 152 4 billion by 2026 with a CAGR of 36 3% from 2021 to 2026 outpacing the white-collar and overall online recruitment markets [1] Financial Performance and Forecast - Revenue for 2024E is projected at RMB 7 572 billion (+27% YoY) with adjusted net profit of RMB 2 190 billion (+2% YoY) [5][6] - Gross margin is expected to remain stable at 84% in 2024E while net margin is forecasted at 29% [6] - The company's ROE is projected to improve to 11% in 2024E from 8% in 2023A [6] - EPS for 2024E is estimated at RMB 2 43 up from RMB 2 42 in 2023A [6] Valuation and Sensitivity Analysis - The DCF valuation model assumes a perpetual growth rate of 3 00% and a WACC of 8 21% [7] - Sensitivity analysis shows that the target price of HKD 69 98 is based on a WACC of 7 68% and a perpetual growth rate of 3 00% [8] Market Position and Competitive Advantage - BOSS Zhipin maintains its leading position in the online recruitment market with a focus on blue-collar recruitment and lower-tier cities [1] - The platform's mobile-first approach "direct chat" feature and intelligent matching system lower barriers for both employers and job seekers particularly in the blue-collar segment [1]

Financial Performance - For the six months ended June 30, 2024, total revenue reached RMB 3,620,496 thousand, representing a 30.9% increase compared to RMB 2,765,161 thousand in the same period of 2023[2] - Adjusted net profit for the same period was RMB 771,642 thousand, a significant increase of 101.1% from RMB 383,740 thousand in 2023[2] - Revenue from online recruitment services for corporate clients increased by 31.0% to RMB 3.6 billion for the six months ended June 30, 2024, compared to RMB 2.7 billion for the same period in 2023[13] - Total revenue rose by 30.9% to RMB 3.6 billion for the six months ended June 30, 2024, from RMB 2.8 billion for the same period in 2023[15] - Operating profit for the six months ended June 30, 2024, was RMB 462.2 million, a significant increase from RMB 97.7 million for the same period in 2023[20] - Net profit surged by 92.5% to RMB 659.0 million for the six months ended June 30, 2024, compared to RMB 342.3 million for the same period in 2023[21] - Basic earnings per share increased from RMB 0.39 for the six months ended June 30, 2023, to RMB 0.75 for the same period in 2024, reflecting a growth of approximately 92.3%[49] User Metrics - The average monthly active users (MAUs) grew to 50.6 million, up 21.3% from 41.7 million in the previous year[5] - The average daily active users (DAUs) as a percentage of MAUs remained stable at 25.2% compared to the same period last year[5] Expenses and Profitability - The adjusted operating profit margin reached a historical high, increasing by 5 percentage points year-on-year, driven by effective cost control[6] - Research and development expenses accounted for 23.2% of total revenue, maintaining a leading position in the industry[6] - Research and development expenses increased by 30.4% to RMB 911.3 million for the six months ended June 30, 2024, from RMB 699.0 million for the same period in 2023[18] - General and administrative expenses rose by 44.6% to RMB 531.7 million for the six months ended June 30, 2024, compared to RMB 367.6 million for the same period in 2023[19] - Marketing expenses remained stable at RMB 1,124.4 million for the six months ended June 30, 2024, compared to RMB 1,100.4 million for the same period in 2023[17] Cash Flow and Financial Position - Operating cash flow for the six months ended June 30, 2024, was RMB 1.8 billion[21] - The company has no interest-bearing bank or other borrowings as of June 30, 2024[21] - Cash and cash equivalents increased from RMB 2.74 billion at the end of 2023 to RMB 3.47 billion at the end of June 2024, an increase of 26.7%[39] - The company reported a net cash inflow from operating activities of RMB 1,774.1 million for the six months ended June 30, 2024, compared to RMB 1,307.6 million for the same period in 2023, an increase of 35.7%[39] - As of June 30, 2024, the group had no borrowings, resulting in a debt-to-equity ratio of zero[24] Shareholder Returns and Repurchase Plans - The company is committed to increasing shareholder returns through ongoing share repurchase initiatives[6] - A new share repurchase plan was approved by the board, allowing the company to repurchase up to $200 million of Class A common stock starting March 20, 2024[11] - During the reporting period, the company repurchased a total of 424,437 American Depositary Shares for a total consideration of $7,994,506.16[33] - The company repurchased a total of 848,874 Class A ordinary shares during the reporting period, with a total consideration of approximately $7.99 million[34] Acquisitions and Investments - The company acquired W.D Technology Investment Group Limited in February 2024 to enhance services in the blue-collar manufacturing sector[5] - The company completed the acquisition of approximately 77% of W.D Technology Investment Group Limited for approximately $52.7 million (RMB 374.3 million) on February 6, 2024[42] - The fair value of the acquired net assets includes cash and cash equivalents of RMB 224.0 million, other receivables of RMB 37.1 million, and property, plant, and equipment of RMB 43.3 million[43] Taxation and Liabilities - The total current tax expense for the six months ended June 30, 2024, was RMB 114.69 million, compared to RMB 27.07 million for the same period in 2023[48] - The company benefits from a reduced corporate income tax rate of 15% as a high-tech enterprise in China[47] - As of June 30, 2024, the group had no significant contingent liabilities or capital commitments[26] Employee Metrics - The group employed a total of 5,429 employees, with 51.2% in sales and marketing, 24.3% in R&D, 18.8% in operations, and 5.7% in general administration[27] Other Financial Metrics - The company's total assets increased from RMB 17.94 billion as of December 31, 2023, to RMB 19.16 billion as of June 30, 2024, marking a growth of 6.8%[38] - The total amount of short-term investments increased from RMB 3,513.89 million as of December 31, 2023, to RMB 5,542.51 million as of June 30, 2024[49] - As of June 30, 2024, the group held fixed-rate notes issued by UBS AG with a subscription principal of $150.0 million, representing approximately 5.5% of the group's total consolidated assets[22] - The fair value of the fixed-rate notes as of June 30, 2024, was approximately $148.3 million, with interest accrued during the reporting period amounting to about $4.0 million[22]