FF301 截至月份: 2025年8月31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9月3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 | | 0.0001 USD | | | 180,000 | 股份發行人及根據 ...

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Summary: KANZHUN LIMITED Sponsored ADR (BZ) - BZ currently holds a Momentum Style Score of B, indicating a positive momentum characteristic [2] - The stock has a Zacks Rank of 1 (Strong Buy), suggesting strong potential for outperformance in the market [3] - Over the past week, BZ shares increased by 3.42%, significantly outperforming the Zacks Internet - Software industry, which rose by only 0.24% [5] - In a longer timeframe, BZ shares have increased by 22.45% over the past month, compared to the industry's 0.52% [5] - Over the past quarter, BZ shares rose by 25.64%, and over the last year, they gained 89.57%, while the S&P 500 only moved 9.8% and 15.8%, respectively [6] - The average 20-day trading volume for BZ is 4,705,105 shares, indicating a bullish sign with rising stock prices [7] Earnings Outlook - In the past two months, one earnings estimate for BZ has increased, while none have decreased, raising the consensus estimate from $1.03 to $1.05 [9] - For the next fiscal year, one estimate has also moved upwards with no downward revisions during the same period [9] Conclusion - Considering the positive momentum indicators and earnings outlook, BZ is positioned as a 1 (Strong Buy) stock with a Momentum Score of B, making it a strong candidate for near-term investment [11]

Core Viewpoint - The article emphasizes the importance of vigilance among recent graduates during the peak recruitment season, highlighting four common job-seeking scams that they should be aware of to protect their financial interests [1][2]. Group 1: Types of Scams - The first type of scam is "paid internal referrals," where fraudsters impersonate HR or employees from reputable companies, promising quick job placements in exchange for fees [1]. - The second type is "false assessments," where scammers require job seekers to download unknown apps or click suspicious links, often leading to financial exploitation [2]. - The third type involves "high-paying part-time jobs," where individuals are lured with fake job offers and later asked to pay various fees under false pretenses [2]. - The fourth type is "training loans," where scammers convince job seekers to enroll in expensive training programs with promises of high-paying jobs, leading to significant debt [2]. Group 2: Reporting and Prevention Measures - The platform BOSS Zhipin has enhanced its reporting mechanism, allowing users to report suspicious activities easily, with verified reports leading to strict actions against violators [3]. - BOSS Zhipin has implemented AI technology to identify and review high-risk job postings, aiming to create a safer job-seeking environment [5]. - The company provides four risk prevention guidelines for job seekers: use official channels for applications, avoid paying any fees, verify the credentials of recruiters, and protect personal information from unverified sources [5].

Core Viewpoint - The founder of Yupa Direct Recruitment, Zhou Feng, is actively promoting the company through a large-scale advertising campaign in major cities, positioning the platform as a competitor to established players like BOSS Zhipin and Zhilian Recruitment, with aspirations for significant market share and a future IPO [2][20]. Advertising Strategy - Yupa Direct Recruitment has launched an extensive offline advertising campaign in urban areas to reach both blue-collar and white-collar job seekers, transitioning from a previous focus on online channels [4][10]. - The company has invested approximately 1.5 billion yuan in online advertising previously, but is now finding offline advertising to be more cost-effective due to reduced budgets in the current economic environment [5][10]. - Zhou Feng emphasizes the importance of offline advertising for reaching decision-makers in companies, as they are more likely to notice these ads compared to online ones [5][10]. Market Positioning - Zhou Feng likens Yupa Direct Recruitment to "the Pinduoduo of the recruitment industry," highlighting its focus on the underserved blue-collar market, which traditional platforms have overlooked [11][20]. - The company has built a strong brand recognition among blue-collar workers over eight years, making it difficult for competitors to penetrate this market [11][20]. Strategic Expansion - The acquisition of Haitou.com and the launch of Yupa Campus Circle are part of the company's strategy to expand into the white-collar job market, targeting university students as a key demographic [12][13]. - Zhou Feng believes that the boundaries between blue-collar and white-collar workers are blurring, and the company aims to adapt to this changing landscape [15][20]. Financial Performance - Yupa Direct Recruitment has maintained a revenue growth rate of 50% annually, with expectations of a 30% growth rate for the current year [16]. - The company has a conservative financial approach, with significant cash reserves from previous funding rounds, allowing for continued investment in growth without immediate pressure [17][20]. Future Aspirations - The company aims to achieve a market valuation of 20-30 billion yuan within the next two to three years and plans to go public [20]. - Zhou Feng envisions Yupa Direct Recruitment as a comprehensive recruitment platform that satisfies both job seekers and employers, with a focus on performance and logical operations [20].

Summary of Key Points Core Viewpoint - The report highlights the top short-selling stocks in the Hong Kong market, indicating significant investor sentiment and potential market movements for these companies [1][2]. Short Selling Ratios - AIA Group Ltd (友邦保险-R) and JD Health (京东健康-R) both have a short-selling ratio of 100.00%, indicating complete short interest [1][2]. - JD Group (京东集团-SWR) follows with a short-selling ratio of 87.80% [1][2]. Short Selling Amounts - Alibaba Group (阿里巴巴-SW) leads in short-selling amount with 19.21 billion, followed by Tencent Holdings (腾讯控股) at 18.81 billion and Sanofi (三生制药) at 14.30 billion [1][2]. - Other notable companies include Meituan (美团-W) with 13.13 billion and BYD Company (比亚迪股份) with 12.05 billion [2]. Deviation Values - The top three stocks with the highest deviation values are Hong Kong Exchanges and Clearing (香港交易所-R) at 40.73%, AIA Group (友邦保险-R) at 37.99%, and JD Group (京东集团-SWR) at 36.59% [1][2]. - This deviation indicates a significant difference between current short-selling ratios and their historical averages [2]. Additional Insights - The report provides a detailed table of the top ten stocks by short-selling amounts, ratios, and deviation values, showcasing the current market sentiment towards these companies [2].

Investment Rating - The report maintains a "Positive" outlook for the media industry [4] Core Insights - The recent policy document from the State Council emphasizes the implementation of "Artificial Intelligence +" actions, which is expected to significantly boost the AI industry chain, similar to the "Internet +" policy in 2015 [7] - The report anticipates a fourfold increase in AI penetration rate within three years, aiming for 70% by 2027 and 90% by 2030, indicating substantial growth potential in AI user base [7][8] - The demand for AI computing power is projected to surge, with major players like Alibaba, Baidu, Tencent, and Huawei expected to benefit from this trend [7] - The report highlights the strategic importance of AI applications, suggesting that new "killer apps" may emerge as AI penetration increases [7] Summary by Sections Investment Recommendations and Targets - Focus on AI applications in two key areas: AI + video/image (Kuaishou-W, Meitu) and AI + recruitment (BOSS Zhipin-W, Tongdao Liepin, Beisen Holdings) [2] - Major companies to watch include Alibaba-W, Tencent Holdings, Kuaishou-W, Baidu Group-SW, and ByteDance [2] - Companies involved in data and copyright in the industry include People’s Daily, Zhejiang Shuzhi Culture, Vision China, and Zhongwen Online [2] Policy and Market Dynamics - The policy document outlines a three-step strategy for AI penetration, with specific targets for 2027 and 2030 [8] - Key areas of focus include AI integration in science and technology, industrial development, and consumer quality enhancement [8][9] - The report emphasizes the need for a supportive environment for AI applications, including the establishment of national AI application pilot bases [7][8] AI Ecosystem Development - The report discusses the importance of fostering an open-source ecosystem for AI, which is seen as crucial for rapid advancements in domestic AI models [7] - It highlights the need for enhanced data supply, intelligent computing power coordination, and talent development to support AI growth [12]

Core Insights - The company reported a revenue of 2.102 billion yuan for FY2025Q2, representing a year-over-year increase of 9.7%, slightly exceeding previous guidance [1] - Adjusted net profit for FY2025Q2 reached 941 million yuan, marking a year-over-year growth of 30.9% [1] - The company anticipates revenue for FY2025Q3 to be between 2.13 billion and 2.16 billion yuan, indicating a year-over-year growth of 11.4% to 13.0% [1] Financial Performance - The gross margin for FY2025Q2 was 85.37%, an increase of 1.89 percentage points year-over-year [2] - The net profit margin improved to 33.83%, reflecting a year-over-year increase of 12.06 percentage points, while the adjusted net profit margin was 44.75%, up 7.26 percentage points year-over-year [2] - Sales, R&D, and management expense ratios were 19.97%, 19.79%, and 14.79% respectively, with sales and R&D expenses decreasing due to cost control and AI efficiencies [2] Market Trends - The contribution from blue-collar workers and lower-tier markets has increased, with significant growth in revenue from small and medium enterprises [3] - The service industry saw accelerated growth in Q2, while the internet sector showed a notable recovery, with active job postings reaching a new high since 2021 [3] - The company’s AI capabilities are enhancing job matching and candidate support, with daily assistance for thousands of job postings [3] Investment Outlook - The macro recruitment demand is showing signs of recovery, and the company's profitability is expected to continue improving [3] - Projected adjusted net profits for 2025-2027 are 3.53 billion, 3.84 billion, and 4.30 billion yuan, reflecting year-over-year growth rates of 30.2%, 8.8%, and 11.9% respectively [3]

Core Viewpoint - The article highlights a positive outlook on Kanzhun Limited (NASDAQ: BZ) (2076.HK), citing better-than-expected results and guidance, along with a change in the company's cash distribution strategy that may attract more investors [1]. Group 1: Company Overview - Kanzhun Limited is positioned as a stock with promising near-term prospects, driven by its recent performance and strategic changes [1]. Group 2: Investment Strategy - The Asia Value & Moat Stocks research service focuses on identifying value investment opportunities in Asia, particularly in Hong Kong, emphasizing deep value balance sheet bargains and wide moat stocks [2].

Group 1 - The core viewpoint is that BOSS Zhipin (02076, BZ.US) is expected to benefit from a recovery in demand in the second half of 2025, with optimism about its long-term prospects due to increasing online recruitment penetration [1] - The company’s non-GAAP net profit forecasts for fiscal years 2025 and 2026 have been raised by 1% and 2% respectively, reflecting improved profit outlook driven by demand recovery and operational leverage [1] - The target price for BOSS Zhipin's Hong Kong stock has been increased from HKD 86 to HKD 101, and the target price for its US stock has been raised from USD 22 to USD 26, maintaining a buy rating [1] Group 2 - In Q2 of this year, BOSS Zhipin's performance exceeded expectations, with revenue increasing by 10% year-on-year, surpassing forecasts by 1%, and non-GAAP net profit rising by 31%, exceeding expectations by 16%, attributed to ongoing efficiency improvements [1] - The demand trend for the company is expected to continue improving, with accelerated growth anticipated in the second half of 2025, and enhanced business performance driven by AI capabilities [1] - The new shareholder return plan is projected to yield a return of 3.4% over the next 12 months, indicating a positive outlook for shareholder value [1]

Core Viewpoint - BOSS Zhipin's revenue for the second quarter reached 2.1 billion yuan, representing a year-on-year growth of 9.7%, slightly exceeding expectations [1] - The non-GAAP net profit was 946 million yuan, higher than anticipated, primarily due to strong gross margin performance and effective control of sales and R&D expense ratios [1] - The guidance for third-quarter revenue is projected to be between 2.13 billion and 2.16 billion yuan, in line with expectations [1] Financial Projections - The company maintains its revenue forecasts for this year and next year, while increasing its non-GAAP net profit estimates by 8% and 6% to 3.52 billion and 3.75 billion yuan, respectively [1] - The target price for BOSS Zhipin's U.S. stock has been raised by 9.5% to $23, with a maintained "outperform" rating, reflecting improved recruitment demand and better-than-expected expense control [1]