10月29日，BOSS直聘发布《刷单骗局与倒卖简历整治专项公告》，披露了针对诱导求职者参与"网络刷 单"、骗取钱款及倒卖简历等违法行为的治理进展与典型违法案例。 2025年第三季度，BOSS直聘通过"技术巡检+人工复核"机制，永久封禁涉刷单诈骗可疑账号近2万个， 其中80%由系统主动拦截。安全团队向公安机关提供经核查的诈骗团伙线索，协助破获案件6起，抓获 嫌疑人144人。 治理期间，涉刷单诈骗的举报反馈时效优化至分钟级。安全团队通过站内弹窗、对话框提醒、电话和短 信等方式，加强对求职者的风险提示。第三季度，BOSS直聘累计推送防刷单诈骗信息超3200万次；由 平台或"96110"发出的电话、短信提示超过20万次。 "简历工具人"治理成重点 公告指出，不法分子为牟取利益，在多个社交平台发布"正规HR兼职""招聘软件老用户有偿聘用"等信 息，招募在职HR充当"简历贩子"，将日常工作中从各招聘渠道获取的求职者信息向灰黑产转售。个别 在职HR受到诱惑参与。 据介绍，当前黑灰产违法行为呈现"隐蔽化""职业化分工"的特征。体现为，在社交网络上招募"工具 人"，在招聘平台上获取线索，转到第三方软件沟通，再到不明APP或电商 ...

Core Insights - BOSS Zhipin has launched a special announcement addressing the crackdown on fraudulent activities such as "online brushing" and resume trafficking, revealing typical illegal cases and governance measures taken [1] Group 1: Governance Measures - In Q3 2025, BOSS Zhipin permanently banned nearly 20,000 suspicious accounts related to brushing scams, with approximately 80% of these being proactively intercepted by the system [1][4] - The safety team provided verified leads on scam groups to law enforcement, assisting in the resolution of 6 cases and the arrest of 144 suspects [1] - The response time for reports related to brushing scams has been optimized to a minute-level, with over 32 million anti-brushing scam messages pushed to users [1][5] Group 2: Resume Trafficking - The announcement highlights the emergence of "resume tools" where individuals are recruited to sell resumes obtained from legitimate recruitment processes to gray and black markets [2][3] - A case was cited where an HR manager sold resumes for 3 yuan each, earning over 20,000 yuan, and is currently under investigation [2] - BOSS Zhipin has implemented AI-driven risk control models to identify and ban HR accounts involved in resume trafficking, with several individuals already under investigation [2][3] Group 3: AI Utilization - BOSS Zhipin's safety team has deployed AI models to enhance governance efficiency, achieving an accuracy rate of over 80% in identifying scenarios where job seekers are induced to become "resume tools" [5] - The AI system allows for comprehensive monitoring and precise identification of risks, enabling human resources to focus on more critical issues [4][5] Group 4: New Scam Alerts - The company has issued warnings about new types of brushing scams where fraudsters lure job seekers with fake interview invitations, leading them to download unknown software and engage in fraudulent activities [6] - Job seekers are advised to communicate through official channels and to be cautious of unsolicited offers, especially those requiring interaction on third-party platforms [6]

Core Insights - BOSS Zhipin has released a special announcement addressing the governance of online job scams, particularly focusing on "刷单" (order brushing) and resume trafficking [1][8] - The company has implemented a dual mechanism of "technical inspection + manual review" to combat these illegal activities, resulting in the permanent banning of nearly 20,000 suspicious accounts in Q3 2025, with 80% of these being automatically intercepted by the system [1][7] Group 1: Governance Progress - BOSS Zhipin's security team has provided leads to law enforcement, aiding in the resolution of 6 cases and the arrest of 144 suspects [1] - The response time for reports related to order brushing scams has been optimized to a minute-level feedback system [1] - Over 32 million anti-order brushing scam messages were pushed to users, with more than 200,000 phone calls and SMS alerts sent from the platform or "96110" [1] Group 2: Resume Trafficking Issues - Criminals are recruiting current HR professionals on social media to act as "resume traffickers," selling candidate information obtained through legitimate recruitment channels [3][5] - A specific case involved an HR manager selling resumes for 3 yuan each, resulting in over 20,000 yuan in profit, leading to an investigation by local law enforcement [5] Group 3: Characteristics of Illegal Activities - The illegal activities are characterized by "concealment" and "professional division of labor," with criminals recruiting "tool people" on social networks and using third-party software for communication [6] - The term "兼职" (part-time) is often used to mislead job seekers, necessitating increased public awareness and targeted governance [6] Group 4: AI Empowerment in Governance - BOSS Zhipin has deployed AI models to enhance the efficiency of governance against order brushing and resume trafficking, achieving an identification accuracy rate exceeding 80% in Q3 [7] - The AI system allows for a more comprehensive view of recruiter characteristics and enables quicker identification of various types of violations [7] Group 5: New Types of Scams - A new type of order brushing scam involves criminals obtaining job seeker information and sending fraudulent interview invitations, leading candidates to download unknown software and recharge for order brushing [8] - Job seekers are advised to communicate through official channels and be cautious of unsolicited offers, especially if they have not applied to the company [10]

Core Viewpoint - Kanzhun Limited has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Ratings - The Zacks rating system is based on the Zacks Consensus Estimate, which aggregates EPS estimates from sell-side analysts for the current and following years [2]. - The upgrade reflects a favorable change in Kanzhun's earnings outlook, which is expected to positively impact its stock price [4][6]. Impact of Earnings Estimate Revisions - Changes in a company's future earnings potential, as indicated by earnings estimate revisions, are strongly correlated with near-term stock price movements [5]. - Institutional investors often adjust their valuations based on earnings estimates, leading to significant stock price movements when estimates are revised [5]. Kanzhun's Earnings Outlook - Kanzhun is projected to earn $1.13 per share for the fiscal year ending December 2025, with no year-over-year change expected [9]. - Over the past three months, the Zacks Consensus Estimate for Kanzhun has increased by 6.3%, indicating a positive trend in earnings estimates [9]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [8]. - Kanzhun's upgrade to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, suggesting a strong potential for market-beating returns in the near term [11].

10月以来，受台风连续叠加影响，广西百色市遭遇历史罕见的持续强降雨，引发内涝。近日，BOSS直 聘向百色市慈善总会捐款25万元，定向用于百色洪涝灾害救灾、救助及重建工作。 ...

Group 1 - BOSS Zhipin (02076) announced the issuance of 4,000 shares due to the exercise of stock options on October 1, 2025 [1] - On October 3, 2025, the company converted 188,000 shares of Class B common stock into Class A common stock [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 看準科技有限公司 (於開曼群島註冊成立以同股不同權控制的有限責任公司） 呈交日期： 2025年10月6日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | | 不同投票權架構公司普通股 | 股份類別 A | | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | | 02076 | 說明 | A類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年9月30日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 看準科技有限公司 (於開曼群島註冊成立以同股不同權控制的有限責任公司） 呈交日期: 2025年10月6日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 是 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02076 | 說明 | A類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,800,000,000 | USD | | 0.0001 | USD | | 180,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,800,000,000 | USD | | ...

公司資料表 香港交易及結算所有限公司及香港聯合交易所有限公司對本資料表的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示不會就因本資料表全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 公司名稱（股份代號）：看準科技有限公司(2076)（「本公司」） 股份簡稱：BOSS ZHIPIN-W 本資料表旨在向公眾提供有關本公司於指定日期的資料。該等資料概無意作為有 關本公司及╱或其證券之完整資料摘要。 責任聲明 於本資料表日期，本公司董事願共同及個別對本資料表所載資料的準確性承擔全 部責任，並經作出一切合理查詢後確認，就彼等深知及確信，該等資料在各重大 方面均屬準確完整，並無誤導或欺詐成分，亦無遺漏任何其他事項，致使任何資 料不準確或具誤導性。 董事亦共同及個別承諾，在所載資料自前次刊發後發生變動時，將會刊發經修訂 的公司資料表。 | 文件類別 | | 日期 | | --- | --- | --- | | A. | 豁免 | 於2025年9月30日的最新版本 | | B. | 境外法律法規 | 於2022年12月16日的最新版本 | | C. | 章程文件 | 於2022年12 ...

[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's board composition, committees, contact details, and professional advisors [Board Members and Committees](index=3&type=section&id=Board%20Members%20and%20Committees) The company's board comprises executive, non-executive, and independent non-executive directors, with committees ensuring robust corporate governance - Executive Directors include Mr. Zhao Peng (Founder, Chairman, and CEO), Mr. Chen Xu, Mr. Zhang Yu, Mr. Zhang Tao, and Ms. Wang Xiehua[5](index=5&type=chunk) - Independent Non-Executive Directors include Mr. Sun Yonggang, Mr. Li Yan, Ms. Liu Hongyu (effective May 22, 2025), and Ms. Dong Mengyuan (resigned on August 20, 2025)[5](index=5&type=chunk) - The Audit Committee Chair is Ms. Liu Hongyu (effective August 20, 2025), the Remuneration Committee Chair is Mr. Sun Yonggang, the Nomination Committee Chair is Mr. Li Yan, and the Corporate Governance Committee Chair is Mr. Li Yan[5](index=5&type=chunk) [Company Contact and Professional Advisors](index=3&type=section&id=Company%20Contact%20and%20Professional%20Advisors) The company's headquarters are in Beijing, with a principal place of business in Hong Kong, supported by PwC as auditor and Guotai Junan as compliance advisor - The headquarters and principal place of business in China are located on the 21st floor of Guanjie Building, Taiyanggong Middle Road, Chaoyang District, Beijing, People's Republic of China[5](index=5&type=chunk) - The auditor is PricewaterhouseCoopers, and the Hong Kong Share Registrar is Hong Kong Central Share Registrar Limited[8](index=8&type=chunk) - The company's shares are listed on the Hong Kong Stock Exchange (stock code: 2076) and Nasdaq (ticker symbol: BZ)[8](index=8&type=chunk) [Financial Performance Summary](index=5&type=section&id=Financial%20Performance%20Summary) This section highlights key financial metrics for the interim period, including revenue, operating profit, net income, and adjusted net income [Interim Financial Performance Overview](index=5&type=section&id=Interim%20Financial%20Performance%20Overview) For the six months ended June 30, 2025, the company reported significant year-over-year growth in revenue, operating profit, and net income, driven by reduced share-based compensation expenses Summary of Financial Performance for the Six Months Ended June 30 (RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,620,496 | 4,025,710 | 11.2% | | Operating Profit | 462,202 | 1,090,986 | 136.0% | | Profit Before Tax | 771,642 | 1,396,333 | 81.0% | | Net Income | 658,974 | 1,223,268 | 85.6% | | Adjusted Net Income (Non-GAAP) | 1,249,394 | 1,704,757 | 36.4% | - Adjusted net income is defined as net income excluding share-based compensation expenses, which are non-cash in nature, aiding in the comparison of operating performance across periods[11](index=11&type=chunk) Reconciliation of Adjusted Net Income to Net Income (RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Net Income | 658,974 | 1,223,268 | | Add: Share-based Compensation Expenses | 590,420 | 481,489 | | Adjusted Net Income (Non-GAAP) | 1,249,394 | 1,704,757 | [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) This section covers the company's operational achievements, management's perspectives, platform services, marketing strategies, recent developments, and future business prospects [Business Review for the Reporting Period](index=6&type=section&id=Business%20Review%20for%20the%20Reporting%20Period) For the six months ended June 30, 2025, the company achieved substantial MAU growth, expanded user penetration, integrated AI technology, and received an "A" MSCI ESG rating - For the six months ended June 30, 2025, Average Monthly Active Users (MAU) reached **60.6 million**, a **19.8% year-over-year increase**[15](index=15&type=chunk) - The platform strategically penetrated diverse user groups, with increased proportions of blue-collar users, lower-tier cities, and SME clients[15](index=15&type=chunk) - The company deepened AI integration across technology, product, business, and operations, launching features like an AI interview training robot and AI-assisted search, and enhancing language generation and information retrieval with its self-developed Nanbeige large model[16](index=16&type=chunk) - The company received an **"A" rating in the MSCI ESG assessment** and was included in the S&P Global Sustainability Yearbook 2025 (Global and China editions)[16](index=16&type=chunk) [Management Commentary](index=6&type=section&id=Management%20Commentary) CEO Zhao Peng highlighted user growth, AI integration, and shareholder returns, while CFO Zhang Yu emphasized high-quality revenue and profit growth and the impact of the Hong Kong share offering - CEO Mr. Zhao Peng stated that in the first half of 2025, the company maintained industry-leading user growth, with a recovering recruitment market and significant increases in enterprise user activity and paying client base[17](index=17&type=chunk) - The Board approved an annual dividend policy, with an approximate **USD 80 million** dividend for the current year, and announced a share repurchase program of up to **USD 250 million**[17](index=17&type=chunk) - CFO Mr. Zhang Yu noted the company achieved high-quality growth in both revenue and profit margins, and the share offering completed in July (net proceeds of **HKD 2.2 billion**) enhanced stock trading liquidity in the Hong Kong market[17](index=17&type=chunk) [Platform and Services](index=7&type=section&id=Platform%20and%20Services) The company primarily offers efficient job-seeking and recruitment services through the BOSS Zhipin mobile app, utilizing a "direct hiring model" and generating revenue from enterprise-paid services - The core platform is the BOSS Zhipin mobile application, employing a "direct hiring model" to connect job seekers with enterprise users, emphasizing two-way communication and bilateral recommendations[18](index=18&type=chunk) - Revenue primarily derives from paid online recruitment services provided to enterprise users, including job postings, candidate recommendations, direct communication, and value-added features[20](index=20&type=chunk) - Free job-seeking services are offered to job seekers, along with paid value-added features to enhance job preparation and competitiveness[20](index=20&type=chunk)[22](index=22&type=chunk) [Sales and Marketing Strategy](index=7&type=section&id=Sales%20and%20Marketing%20Strategy) The company leverages a proprietary CRM system for targeted sales, acquires users through online third-party channels and brand reputation, and promotes its image via diverse marketing initiatives - A proprietary CRM system assists the sales team in identifying recruiters with bulk purchasing or customized service needs, integrating data-driven insights to drive paid conversions[21](index=21&type=chunk) - User traffic primarily originates from paid acquisition through online third-party channels (app stores, search engines, news feeds, and social networking platforms), as well as organic traffic from word-of-mouth and brand recognition[21](index=21&type=chunk) - Brand image is promoted through outdoor advertising, TV commercials, video advertisements, and major domestic and international events[21](index=21&type=chunk) [Recent Developments](index=8&type=section&id=Recent%20Developments) The company completed a share offering in July 2025, approved an annual dividend policy, and extended its share repurchase program, enhancing financial flexibility and shareholder returns - A share offering was completed on July 4, 2025, involving 34,500,000 shares, with net proceeds of approximately **HKD 2.2 billion**[24](index=24&type=chunk) - The Board approved an annual dividend policy, proposing an annual cash dividend of **USD 0.084 per ordinary share** or **USD 0.168 per American Depositary Share**, totaling approximately **USD 80 million**[25](index=25&type=chunk) - The share repurchase program was extended by 12 months to August 28, 2026, authorizing repurchases of up to **USD 250 million** in shares[27](index=27&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) For the second half of 2025, the company aims to sustain user growth, deepen AI integration, and provide intelligent, one-stop recruitment services to diverse user groups - In the second half of 2025, the company will continue to maintain robust user growth and further penetrate more industries, regions, and diverse enterprise types[28](index=28&type=chunk) - The company will continuously deepen the application and integration of AI technology in its core business scenarios, optimizing algorithmic models and expanding the boundaries of intelligent applications to provide an intelligent, one-stop recruitment service experience[28](index=28&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's financial results, including revenue, cost, profit, tax, liquidity, capital resources, and employee information [Financial Performance Overview](index=10&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2025, the company reported total revenue of RMB 4.026 billion, with significant increases in operating profit and net income Condensed Consolidated Statements of Comprehensive Income for the Six Months Ended June 30 (RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | **Revenue** | | | | Online Recruitment Services to Enterprise Clients | 3,576,810 | 3,978,981 | | Others | 43,686 | 46,729 | | **Total Revenue** | **3,620,496** | **4,025,710** | | **Operating Costs and Expenses** | | | | Cost of Revenue | (611,971) | (618,265) | | Sales and Marketing Expenses | (1,124,439) | (911,100) | | Research and Development Expenses | (911,298) | (839,614) | | General and Administrative Expenses | (531,682) | (576,485) | | **Total Operating Costs and Expenses** | **(3,179,390)** | **(2,945,464)** | | Other Operating Income, Net | 21,096 | 10,740 | | **Operating Profit** | **462,202** | **1,090,986** | | Interest and Investment Income, Net | 309,870 | 306,461 | | Foreign Exchange Gain | 93 | 54 | | Other Expenses, Net | (523) | (1,168) | | **Profit Before Tax** | **771,642** | **1,396,333** | | Income Tax Expense | (112,668) | (173,065) | | **Net Income** | **658,974** | **1,223,268** | Allocation of Share-based Compensation Expenses (RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Cost of Revenue | 22,416 | 16,507 | | Sales and Marketing Expenses | 141,954 | 126,593 | | Research and Development Expenses | 212,673 | 166,598 | | General and Administrative Expenses | 213,377 | 171,791 | | **Total** | **590,420** | **481,489** | [Revenue and Cost Analysis](index=11&type=section&id=Revenue%20and%20Cost%20Analysis) Total revenue increased by 11.2% year-over-year, driven by paid enterprise clients, while marketing and R&D expenses decreased, and general and administrative expenses rose - Total revenue increased by **11.2%** from **RMB 3.6205 billion** in the first half of 2024 to **RMB 4.0257 billion** in the first half of 2025, primarily driven by growth in paying enterprise clients[33](index=33&type=chunk) - Sales and marketing expenses decreased by **19.0%** to **RMB 911.1 million**, mainly due to lower advertising and marketing expenses and employee-related costs[35](index=35&type=chunk) - Research and development expenses decreased by **7.9%** to **RMB 839.6 million**, primarily due to lower employee-related costs and cloud service expenses[36](index=36&type=chunk) - General and administrative expenses increased by **8.4%** to **RMB 576.5 million**, mainly due to higher employee-related costs[37](index=37&type=chunk) [Profit and Taxation](index=12&type=section&id=Profit%20and%20Taxation) Operating profit surged by 136.0% and net income by 85.6% year-over-year, while income tax expense also increased by 53.6% - Operating profit increased by **136.0%** from **RMB 462.2 million** in the first half of 2024 to **RMB 1.091 billion** in the first half of 2025[39](index=39&type=chunk) - Net income increased by **85.6%** from **RMB 659.0 million** in the first half of 2024 to **RMB 1.2233 billion** in the first half of 2025[41](index=41&type=chunk) - Income tax expense increased by **53.6%** to **RMB 173.1 million**[40](index=40&type=chunk) [Liquidity and Capital Resources](index=12&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company maintained strong liquidity with RMB 16.0 billion in cash, deposits, and investments, no interest-bearing debt, and significant operating cash inflow - As of June 30, 2025, total cash and cash equivalents, short-term time deposits, and short-term investments amounted to **RMB 16.0 billion**[42](index=42&type=chunk) - For the six months ended June 30, 2025, net cash flow from operating activities was **RMB 2.1 billion**[42](index=42&type=chunk) - As of June 30, 2025, the Group had no interest-bearing bank or other borrowings, resulting in a **zero debt-to-equity ratio**[43](index=43&type=chunk)[48](index=48&type=chunk) - As of June 30, 2025, the Group had no significant investments, acquisitions, disposals, asset pledges, or material contingent liabilities[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[50](index=50&type=chunk) - As of June 30, 2025, capital commitments were approximately **RMB 49.6 million**, primarily related to server purchases[51](index=51&type=chunk) [Employees and Compensation Policy](index=13&type=section&id=Employees%20and%20Compensation%20Policy) As of June 30, 2025, the company had 4,743 employees, with sales and marketing personnel forming the largest group, supported by competitive compensation and benefits - As of June 30, 2025, the Group had a total of **4,743 employees**[52](index=52&type=chunk) Total Full-time Employees by Function as of June 30, 2025 | Function | Number of Employees | Percentage of Total | | :--- | :--- | :--- | | Sales and Marketing | 2,384 | 50.3% | | Research and Development | 1,192 | 25.1% | | Operations | 771 | 16.3% | | General and Administrative | 396 | 8.3% | | **Total** | **4,743** | **100.0%** | - The company offers competitive salaries, incentive share grants, and other benefits, and participates in various government statutory employee benefit plans[52](index=52&type=chunk) [Corporate Governance](index=13&type=section&id=Corporate%20Governance) This section details the company's corporate governance framework, including its Weighted Voting Rights structure, compliance with governance codes, and the functions of its board committees [Weighted Voting Rights (WVR) Structure](index=14&type=section&id=Weighted%20Voting%20Rights%20(WVR)%20Structure) The company operates with a WVR structure, granting Class B ordinary shares ten votes per share (except for reserved matters), with Mr. Zhao Peng as the WVR beneficiary - The company's share capital includes Class A ordinary shares (one vote per share) and Class B ordinary shares (ten votes per share), except for resolutions related to reserved matters[54](index=54&type=chunk) - Mr. Zhao Peng is the WVR beneficiary, and as of June 30, 2025, beneficially owned and controlled approximately **14.7%** of the issued shares through Techwolf Limited, but held approximately **63.3%** of the voting rights for shareholder resolutions concerning matters other than reserved matters[55](index=55&type=chunk) - The WVR structure will terminate upon the death of the WVR beneficiary, their cessation as a Board member, transfer of beneficial ownership of Class B ordinary shares, or conversion of all Class B ordinary shares to Class A ordinary shares[56](index=56&type=chunk)[57](index=57&type=chunk) [Compliance with Corporate Governance Code and Model Code](index=15&type=section&id=Compliance%20with%20Corporate%20Governance%20Code%20and%20Model%20Code) The company generally complied with the Corporate Governance Code, with a noted deviation regarding the separation of Chairman and CEO roles, and adhered to its securities dealing code - The company deviated from Corporate Governance Code Provision C.2.1, as Mr. Zhao Peng serves as both Chairman and CEO, an arrangement the Board believes ensures consistent leadership and efficient strategic planning[58](index=58&type=chunk) - The company adopted a code (no less exacting than the Model Code) as its securities dealing code, governing securities transactions by directors and relevant employees[59](index=59&type=chunk) - All directors and relevant employees confirmed compliance with the code throughout the reporting period[60](index=60&type=chunk) [Functions of Board Committees](index=15&type=section&id=Functions%20of%20Board%20Committees) The Board has established Audit, Remuneration, Nomination, and Corporate Governance Committees, each with defined mandates to ensure oversight and adherence to governance principles - The Board has established an Audit Committee, a Remuneration Committee, a Nomination Committee, and a Corporate Governance Committee, each with clearly defined written terms of reference[61](index=61&type=chunk) - The Audit Committee's primary responsibilities include monitoring the integrity of financial statements, compliance with laws and regulations, and reviewing internal controls and related party transactions[63](index=63&type=chunk) - The Corporate Governance Committee's primary responsibilities include ensuring the company's operations and management align with the interests of all shareholders, complying with listing rules, maintaining the WVR structure, and formulating corporate governance guidelines[64](index=64&type=chunk) - The Corporate Governance Committee confirmed that the WVR beneficiary remained a Board member throughout the reporting period and complied with relevant listing rules[66](index=66&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section provides disclosures on directors' and major shareholders' interests, share incentive plans, and other significant events or non-events during and after the reporting period [Interests of Directors and Chief Executive](index=18&type=section&id=Interests%20of%20Directors%20and%20Chief%20Executive) As of June 30, 2025, Mr. Zhao Peng held 100% of Class B ordinary shares through a controlled entity, while other directors held varying amounts of Class A ordinary shares Directors' and Chief Executive's Interests in Shares (as of June 30, 2025) | Name | Nature of Interest | Number of Shares | Approximate Percentage of Interest in Each Class of Shares | | :--- | :--- | :--- | :--- | | Mr. Zhao | Interest through Controlled Corporation | 134,587,401 Class B Ordinary Shares (L) | 100.00% | | Mr. Zhang Yu | Beneficial Interest | 7,196,950 Class A Ordinary Shares (L) | 0.92% | | Mr. Chen Xu | Beneficial Interest | 1,912,916 Class A Ordinary Shares (L) | 0.24% | | Mr. Zhang Tao | Beneficial Interest | 3,023,258 Class A Ordinary Shares (L) | 0.39% | | Ms. Wang Xiehua | Beneficial Interest | 989,176 Class A Ordinary Shares (L) | 0.13% | | Mr. Sun Yonggang | Beneficial Interest | 22,370 Class A Ordinary Shares (L) | 0.00% | | Mr. Li Yan | Beneficial Interest | 8,424 Class A Ordinary Shares (L) | 0.00% | | Ms. Dong Mengyuan | Beneficial Interest | 8,424 Class A Ordinary Shares (L) | 0.00% | | Ms. Liu Hongyu | Beneficial Interest | 8,424 Class A Ordinary Shares (L) | 0.00% | - Mr. Zhao's Class B ordinary shares are held by Techwolf Limited, a British Virgin Islands company, whose entire interest is held by a trust established by Mr. Zhao for his and his family's benefit[71](index=71&type=chunk) [Major Shareholders' Interests](index=20&type=section&id=Major%20Shareholders'%20Interests) As of June 30, 2025, JPMorgan Chase & Co., The Capital Group Companies, Inc., and Tencent Holdings Limited (through Image Frame Investment (Hong Kong) Limited) were major holders of Class A ordinary shares, while UBS Trustees and Techwolf Limited held Class B ordinary shares Major Shareholders' Interests in Shares (as of June 30, 2025) | Name | Capacity / Nature of Interest | Number of Shares | Approximate Percentage of Interest in Each Class of Shares | | :--- | :--- | :--- | :--- | | **Class A Ordinary Shares** | | | | | JPMorgan Chase & Co. | Investment Manager / Beneficial Owner, etc. | 125,249,737 (L) | 16.02% | | | | 101,396,041 (P) | 12.97% | | | | 6,031,201 (S) | 0.77% | | The Capital Group Companies, Inc. | Interest through Controlled Corporation | 94,065,248 (L) | 12.03% | | Image Frame Investment (Hong Kong) Limited | Beneficial Interest | 73,975,773 (L) | 9.46% | | Tencent Holdings Limited | Interest through Controlled Corporation | 73,975,773 (L) | 9.46% | | **Class B Ordinary Shares** | | | | | UBS Trustees (B.V.I.) Limited | Trustee | 134,587,401 (L) | 100.00% | | Techwolf Limited | Beneficial Interest | 134,587,401 (L) | 100.00% | | Mr. Zhao | Interest through Controlled Corporation, etc. | 134,587,401 (L) | 100.00% | - JPMorgan Chase & Co. held long positions, lending positions, and short positions in Class A ordinary shares[79](index=79&type=chunk) - Tencent Holdings Limited held interests in Class A ordinary shares through its subsidiary, Image Frame Investment (Hong Kong) Limited[79](index=79&type=chunk) [Share Incentive Plans](index=21&type=section&id=Share%20Incentive%20Plans) The company operates the 2020 Share Incentive Plan and the Post-IPO Share Plan, with outstanding share options and restricted share units under both as of June 30, 2025 - The company currently has two share incentive plans: the 2020 Share Incentive Plan and the Post-IPO Share Plan[76](index=76&type=chunk) - No further incentives have been granted under the 2020 Share Incentive Plan since the listing[78](index=78&type=chunk) Details of Outstanding Share Options under the 2020 Share Incentive Plan (as of June 30, 2025) | Name/Category | Outstanding as of January 1, 2025 | Exercised during the Reporting Period | Cancelled during the Reporting Period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Directors | 10,717,928 | 1,727,612 | – | 9,981,316 | | Other Grantees | 33,839,300 | 8,402,086 | 438,172 | 24,999,042 | | **Total** | **44,558,228** | **10,129,698** | **438,172** | **33,990,358** | Details of Outstanding Restricted Share Units under the 2020 Share Incentive Plan (as of June 30, 2025) | Name/Category | Outstanding as of January 1, 2025 | Vested and Settled during the Reporting Period | Cancelled during the Reporting Period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Directors | 964,424 | 67,210 | – | 997,134 | | Other Grantees | 7,242,526 | 1,184,202 | 822,368 | 5,235,956 | | **Total** | **8,206,950** | **1,251,412** | **822,368** | **6,133,170** | - As of June 30, 2025, **52,444,000 Class A ordinary shares** were available for grant under the Post-IPO Share Plan[87](index=87&type=chunk) Details of Outstanding Share Options under the Post-IPO Share Plan (as of June 30, 2025) | Name/Category | Outstanding as of January 1, 2025 | Granted during the Reporting Period | Exercised during the Reporting Period | Forfeited during the Reporting Period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Employee Participants | 120,000 | – | – | – | 120,000 | | **Total** | **120,000** | **–** | **–** | **–** | **120,000** | Details of Outstanding Restricted Share Units under the Post-IPO Share Plan (as of June 30, 2025) | Name/Category | Outstanding as of January 1, 2025 | Granted during the Reporting Period | Vested and Settled during the Reporting Period | Forfeited during the Reporting Period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Directors | 80,450 | 16,848 | 28,220 | – | 52,238 | | Employee Participants | 23,254,626 | 4,114,696 | 4,937,144 | 1,003,426 | 21,428,752 | | **Total** | **23,330,864** | **4,131,544** | **4,969,576** | **1,003,426** | **21,489,406** | [Other Disclosures](index=26&type=section&id=Other%20Disclosures) During the reporting period, the company did not engage in securities transactions, major litigation, or director changes, and post-period, completed a share offering, approved a dividend, and extended its share repurchase program - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities[93](index=93&type=chunk) - For the six months ended June 30, 2025, the company was not involved in any material litigation or arbitration[95](index=95&type=chunk) - The Board does not recommend the distribution of any interim dividend for the six months ended June 30, 2025[96](index=96&type=chunk) - Subsequent to the reporting period, the company completed a share offering in July 2025, raising net proceeds of approximately **HKD 2.2 billion**; approved an annual dividend policy on August 20, 2025, proposing a total cash dividend of approximately **USD 80 million**; and extended its share repurchase program to August 28, 2026, authorizing repurchases of up to **USD 250 million** in shares[147](index=147&type=chunk) [Review Report on Interim Financial Information](index=28&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) This section presents the auditor's review report on the company's interim financial information, confirming its preparation in accordance with U.S. GAAP [Auditor's Review Report](index=28&type=section&id=Auditor's%20Review%20Report) PwC reviewed the company's interim financial information for the six months ended June 30, 2025, in accordance with ISRE 2410, finding no material non-compliance with U.S. GAAP - PricewaterhouseCoopers reviewed the company's interim financial information for the six months ended June 30, 2025[102](index=102&type=chunk) - The review was conducted in accordance with International Standard on Review Engagements 2410, with a scope smaller than an audit, thus no audit opinion is expressed[103](index=103&type=chunk) - The auditor found no matters leading them to believe that the interim financial information was not prepared, in all material respects, in accordance with U.S. GAAP[104](index=104&type=chunk) [Unaudited Condensed Consolidated Financial Statements and Notes](index=28&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements%20and%20Notes) This section includes the unaudited condensed consolidated financial statements and their accompanying notes, providing detailed financial position, performance, and cash flow information [Unaudited Condensed Consolidated Balance Sheets](index=29&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company reported total assets of RMB 21.184 billion, with significant liquidity, total liabilities of RMB 4.347 billion, and total shareholders' equity of RMB 16.837 billion Unaudited Condensed Consolidated Balance Sheets (Summary, RMB thousands) | Metric | As of December 31, 2024 | As of June 30, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 15,100,383 | 16,627,877 | | Total Non-current Assets | 4,210,289 | 4,556,078 | | **Total Assets** | **19,310,672** | **21,183,955** | | **Liabilities and Shareholders' Equity** | | | | Total Current Liabilities | 4,192,056 | 4,237,752 | | Total Non-current Liabilities | 155,796 | 109,240 | | **Total Liabilities** | **4,347,852** | **4,346,992** | | Total Shareholders' Equity of Kanzhun Limited | 14,867,371 | 16,752,836 | | Non-controlling Interests | 95,449 | 84,127 | | **Total Shareholders' Equity** | **14,962,820** | **16,836,963** | | **Total Liabilities and Shareholders' Equity** | **19,310,672** | **21,183,955** | - As of June 30, 2025, cash and cash equivalents were **RMB 3.160 billion**, short-term time deposits were **RMB 5.479 billion**, and short-term investments were **RMB 7.383 billion**[106](index=106&type=chunk) - As of June 30, 2025, deferred revenue was **RMB 3.301 billion**, and other payables and accrued liabilities were **RMB 709 million**[106](index=106&type=chunk) [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=31&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved total revenue of RMB 4.026 billion and net income of RMB 1.223 billion, with basic and diluted net income per share of RMB 1.41 and RMB 1.37, respectively Unaudited Condensed Consolidated Statements of Comprehensive Income (Summary, RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Total Revenue | 3,620,496 | 4,025,710 | | Operating Profit | 462,202 | 1,090,986 | | Net Income | 658,974 | 1,223,268 | | Net Income Attributable to Ordinary Shareholders of Kanzhun Limited | 666,684 | 1,234,532 | | Basic Net Income Per Share | 0.75 | 1.41 | | Diluted Net Income Per Share | 0.73 | 1.37 | | Total Comprehensive Income | 724,880 | 1,205,411 | - The weighted average number of ordinary shares used to calculate basic net income per share was **876,959,135 shares**, and for diluted net income per share was **901,237,045 shares**[111](index=111&type=chunk) - Total other comprehensive income was **RMB (17.86) million**, primarily impacted by foreign currency translation adjustments[111](index=111&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=33&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company generated RMB 2.055 billion in net cash from operating activities, used RMB 1.503 billion in investing activities, and had RMB 58.28 million in net cash from financing activities Unaudited Condensed Consolidated Statements of Cash Flows (Summary, RMB thousands) | Metric | 2024 (RMB thousands) | 2025 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 1,774,097 | 2,055,005 | | Net Cash Flows Used in Investing Activities | (595,771) | (1,503,279) | | Net Cash Flows (Used in) / From Financing Activities | (186,425) | 58,278 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 7,530 | (3,588) | | Net Increase in Cash and Cash Equivalents | 999,431 | 606,416 | | Cash and Cash Equivalents at End of Period | 3,472,390 | 3,159,506 | - Cash outflow from investing activities increased, primarily due to increased purchases of short-term and long-term investments[112](index=112&type=chunk) - Cash flow from financing activities shifted from a net outflow to a net inflow, mainly influenced by increased proceeds from share-based compensation exercises and reduced share repurchase payments[114](index=114&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity](index=35&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) As of June 30, 2025, total shareholders' equity increased to RMB 16.837 billion, primarily influenced by net income, share-based compensation, and share option exercises Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity (Summary, RMB thousands) | Metric | Balance as of January 1, 2025 | Net Income | Foreign Currency Translation Adjustment | Unrealized Gain on Available-for-Sale Investments | Share-based Compensation Expenses | Exercise of Share Options and Vesting of RSUs | Issuance of Ordinary Shares as Treasury Shares | Balance as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ordinary Shares Amount | 571 | – | – | – | – | – | 15 | 586 | | Treasury Shares | (1,519,708) | – | – | – | – | 799,323 | (15) | (720,400) | | Capital Surplus | 16,234,535 | – | – | – | 481,489 | (612,080) | – | 16,103,944 | | Accumulated Other Comprehensive Income | 1,054,562 | – | (41,592) | 23,793 | – | – | – | 1,036,763 | | Retained Earnings / (Accumulated Deficit) | (917,640) | 1,234,532 | – | – | – | – | – | 316,892 | | Non-controlling Interests | 95,449 | (11,264) | (58) | – | – | – | – | 84,127 | | **Total Shareholders' Equity** | **14,962,820** | **1,223,268** | **(41,650)** | **23,793** | **481,489** | **187,243** | **–** | **16,836,963** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=36&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide comprehensive details on the company's accounting policies, business acquisitions, investments, various financial accounts, revenue breakdown, operating leases, taxation, share-based compensation, related party transactions, commitments, and U.S. GAAP to IFRS reconciliation - The company completed the acquisition of approximately **77% equity interest** in W.D Technology Investment Group Limited on February 6, 2024, for a consideration of approximately **RMB 374.3 million**, resulting in goodwill of **RMB 0.839 million**[119](index=119&type=chunk)[120](index=120&type=chunk) Investment Portfolio (RMB thousands) | Investment Type | As of December 31, 2024 | As of June 30, 2025 | | :--- | :--- | :--- | | Total Short-term Investments | 6,639,389 | 7,383,188 | | Total Long-term Investments | 1,914,530 | 1,879,156 | - As of June 30, 2025, net accounts receivable and notes were **RMB 32.13 million**, with the highest proportion due within 3 months[121](index=121&type=chunk) - As of June 30, 2025, prepayments and other current assets were **RMB 561.4 million**, primarily comprising prepaid income tax and VAT, receivables from third-party online payment platforms, and receivables from share-based compensation exercises[123](index=123&type=chunk) - As of June 30, 2025, net property, equipment, and software amounted to **RMB 1.5141 billion**, and net intangible assets were **RMB 234.4 million**[124](index=124&type=chunk)[125](index=125&type=chunk) - As of June 30, 2025, accounts payable were **RMB 97.47 million**, and other payables and accrued liabilities were **RMB 708.8 million**[126](index=126&type=chunk)[127](index=127&type=chunk) Online Recruitment Services Revenue to Enterprise Clients by Client Type (RMB thousands) | Client Type | 2024 (RMB thousands) | 2025 (RMB thousands) | | :--- | :--- | :--- | | Key Account Clients | 812,146 | 967,233 | | Medium-sized Clients | 1,245,598 | 1,312,300 | | Small Clients | 1,519,066 | 1,699,448 | - As of June 30, 2025, total operating lease liabilities were **RMB 199.5 million**, with a weighted average remaining lease term of **2.01 years**[129](index=129&type=chunk) - The company's consolidated variable interest entity in mainland China, Beijing Huapin Borei Network Technology Co., Ltd., enjoys a **15% preferential tax rate** for high-tech enterprises and applies a **200% super deduction ratio** for R&D expenses[134](index=134&type=chunk) - As of June 30, 2025, unrecognized compensation expense related to share options was **USD 0.1 million**, and related to restricted share units was **USD 217.8 million**[138](index=138&type=chunk)[139](index=139&type=chunk) - The company has related party transactions with Tencent Group, primarily for procuring cloud services and online payment platform settlement services[142](index=142&type=chunk) - Significant differences exist between U.S. GAAP and IFRS regarding share-based compensation expenses, operating leases, long-term investments, preferred shares, and listing fees, with detailed reconciliations provided in the notes[148](index=148&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk) [Definitions](index=55&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report, ensuring clarity and consistent understanding for readers [Glossary of Terms](index=55&type=section&id=Glossary%20of%20Terms) This glossary defines essential terms, company names, share types, accounting standards, user metrics, committee names, and relevant regulations to facilitate report comprehension