MoMo Productions/DigitalVision via Getty Images Investment overview I wrote about Kanzhun Limited (NASDAQ:BZ) previously (July) with a buy rating, as I expect the business to continue growing strongly by disrupting the industry and riding on its flywheel effect. Despite the sharp sell-off in share price, I believe the stock remains cheap as the long-term growth potential is not impaired. 2Q24 earnings Total revenue grew 29% y/y to RMB1.92 billion, with cash billings growing by 20% y/y to RMB 1.95 billion. A ...

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]

Investment Rating - The report maintains an "Outperform" rating for BOSS Zhipin (BZ O) [1][3] Core Views - BOSS Zhipin's Q2 2024 revenue growth of 29% YoY to 1 92 billion RMB aligns with prior guidance (28 4%-31 7%) [1][5] - Non-GAAP net profit excluding 300 million RMB stock-based compensation was 720 million RMB, up 26% YoY [1][5] - Cash collection grew 21% YoY to 1 95 billion RMB, but slowed from Q1 2024's 24 3% growth due to weaker corporate hiring demand [1][5] - Online recruitment revenue increased 29% YoY to 1 89 billion RMB, driven by enterprise user growth [1][5] - Blue-collar hiring demand showed YoY growth but significant QoQ decline, with manufacturing leading the sector [5] - Large enterprises' hiring recovery outpaced small enterprises, continuing Q1 trends [1][5] - Lower-tier cities showed faster growth in recruiters compared to first-tier cities [1][5] User Growth and Business Metrics - Average monthly active users (MAU) grew 25% YoY to 54 6 million, accelerating by 7 8 percentage points QoQ [1][6] - The company added approximately 28 million new users in H1 2024, achieving about 67% of its full-year user growth target [1][6] - Paying enterprise customers reached 5 9 million in the past 12 months, up 31% YoY, though growth slowed by 11 4 percentage points QoQ [1][6] - ARPU increased 4% YoY to 1,142 RMB, reversing the previous downward trend, likely due to customer structure optimization [1][6] Financial Performance - Net profit margin improved by 1 0 percentage point YoY to 21 8% in Q2 2024 [1][8] - Adjusted net profit margin was 37 5%, down 0 7 percentage points YoY [1][8] - Gross margin expanded by 1 7 percentage points to 83 5%, attributed to cost control measures such as server bandwidth optimization [1][8] - Operating expense ratio decreased by 4 7 percentage points to 65 2%, with sales/R&D/management expense ratios down 3 3/1 4/0 percentage points respectively [1][8] Business Development - "Hailuo Preferred" initiative achieved over 40 million RMB in revenue in Q2 2024, showing significant QoQ growth [2][9] - The company is increasing investment to accelerate the monetization of "Hailuo Preferred" [2][9] - Blue-collar job supply and demand improved in August 2024, with manufacturing showing particularly strong performance [2][9] Share Repurchase - The company repurchased 88 million USD worth of shares in the past four months [2][9] - A new share repurchase program of up to 150 million USD was announced, to be implemented alongside the existing 200 million USD program [2][9] Financial Forecasts - Revenue is expected to reach 7 44/9 83/11 68 billion RMB in 2024/2025/2026, with a slight 2% downward revision for 2024 [9] - Adjusted net profit is projected at 2 67/3 52/4 31 billion RMB for 2024/2025/2026, maintaining a 28% CAGR [9] - EPS is forecasted at 5 92/7 82/9 59 RMB per ADS for 2024/2025/2026 [4][9] - ROE is expected to improve from 7 1% in 2024 to 16 3% in 2025 and 16 2% in 2026 [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - In Q2 2024, the company achieved total revenue of 1.917 billion yuan, a year-on-year increase of 28.8%, which is at the lower end of the company's guidance. Adjusted net profit reached 719 million yuan, up 26.4% year-on-year, slightly exceeding Bloomberg consensus expectations [3] - The company expects total revenue for Q3 2024 to be between 1.90 billion and 1.92 billion yuan, representing a year-on-year increase of 18.2% to 19.5% [3] - User growth remains strong, with MAU reaching 54.6 million, a year-on-year increase of 25.2%. The number of paid enterprise users increased by 31.1% year-on-year, reaching 5.9 million [3] - The company is focusing on cost control, with a gross margin of 83.5% in Q2 2024, up 1.7 percentage points year-on-year. The operating profit margin is expected to improve in the second half of 2024 [4] - The long-term development outlook remains positive, with adjusted net profit forecasts for 2024-2026 revised to 2.7 billion, 3.2 billion, and 4.1 billion yuan respectively [4] Financial Performance - Total revenue for 2024 is projected to be 4.511 billion yuan, with a year-on-year growth of 25%. The adjusted net profit is expected to be 799 million yuan in 2024, reflecting a 24% year-on-year increase [2] - The company’s cash collection reached 1.95 billion yuan in Q2 2024, a year-on-year increase of 20.5% [3] - The company’s PE ratio is projected to be 15x for 2024, 12x for 2025, and 10x for 2026 [4] Market Data - The closing price of the stock is $12.46, with a market capitalization of approximately $5.608 billion [5] - The price-to-book ratio is 2.69 [5] User and Revenue Growth - The company has seen a robust increase in enterprise user demand, particularly in lower-tier cities, with blue-collar recruitment growing faster than white-collar [3] - The company’s blue-collar recruitment project generated over 40 million yuan in revenue in Q2 2024, showing significant growth [3]

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ.O) [4] Core Views - Despite a decline in recruitment demand, the company achieved a revenue growth of 28.8% year-on-year in Q2 FY2024, reaching 1.917 billion yuan, and an adjusted net profit growth of 26.4% to 719 million yuan [1][3] - The company anticipates Q3 FY2024 revenue to be between 1.90 billion and 1.92 billion yuan, representing a year-on-year growth of 18.2% to 19.5% [1] - The report highlights the steady growth in user numbers and the positive performance in the blue-collar and lower-tier market segments, with a focus on enhancing brand strength through major event marketing [2][3] Summary by Sections Financial Performance - In Q2 FY2024, the company reported a revenue of 1.917 billion yuan (yoy +28.8%, qoq +12.5%) and a net profit of 417 million yuan (yoy +34.8%, qoq +72.7%) [1] - The adjusted net profit for the same period was 719 million yuan (yoy +26.4%, qoq +35.4%) [1] - The average monthly active users (MAU) reached 54.6 million, marking a historical high (yoy +25.2%, qoq +17.2%) [2] Market Trends - The report notes a decrease in recruitment demand but indicates that the user base continues to grow steadily, with the number of paid enterprise clients increasing to 5.9 million (yoy +31.1%, qoq +3.5%) [2] - The blue-collar recruitment segment showed resilience, with revenue exceeding 40 million yuan in Q2 [2] Cost Management - The gross margin for Q2 FY2024 was 83.49% (yoy +1.7 percentage points, qoq +0.8 percentage points), with net profit margin rising to 21.77% (yoy +0.96 percentage points) [2] Future Outlook - The company expects to enhance its operational capabilities as recruitment demand recovers, with adjusted net profit forecasts for FY2024-2026 at 2.580 billion, 3.094 billion, and 3.418 billion yuan respectively, reflecting growth rates of +19.7%, +19.9%, and +10.5% [3]

BEIJING, Aug. 29, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (Nasdaq: BZ; HKEX: 2076), today announced that the Company's board of directors has authorized a new share repurchase program effective from August 29, 2024 for a 12-month period, under which the Company may additionally repurchase up to US$150 million of its shares (including in the form of American depositary shares), in a sign of confidence about the Company's continued growth in the future. This new share repurch ...

BEIJING, Aug. 29, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced that the Company’s board of directors has authorized a new share repurchase program effective from August 29, 2024 for a 12-month period, under which the Company may additionally repurchase up to US$150 million of its shares (including in the form of American depositary shares), in a sign of confidence about the Company’s contin ...

Kanzhun Limited (NASDAQ:BZ) Q2 2024 Results Conference Call August 28, 2024 8:00 AM ET Company Participants Wenbei Wang - Head of IR Jonathan Peng Zhao - Founder, Chairman and CEO Phil Yu Zhang - Director and CFO Conference Call Participants Timothy Zhao - Goldman Sachs Eddy Wang - Morgan Stanley Robin Zhu - Bernstein Operator Ladies and gentlemen, thank you for standing by and welcome to the Kanzhun Limited Second Quarter 2024 Financial Results Conference Call. At this time, all participants are in a liste ...

KANZHUN LIMITED Sponsored ADR (BZ) came out with quarterly earnings of $0.22 per share, beating the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.17 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 10%. A quarter ago, it was expected that this company would post earnings of $0.13 per share when it actually produced earnings of $0.16, delivering a surprise of 23.08%. Over the last four quarters, t ...

[Executive Summary & Company Overview](index=1&type=section&id=Executive%20Summary%20%26%20Company%20Overview) [Second Quarter 2024 Highlights](index=1&type=section&id=Second%20Quarter%202024%20Highlights) KANZHUN LIMITED achieved significant financial and operational growth in Q2 2024, with revenue up 28.8% and strong user base expansion Key Performance Highlights for Q2 2024 | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | YoY Growth | | :--- | :--- | :--- | :--- | | Revenue | 1,916.7 Million | 1,487.6 Million | 28.8% | | Calculated Cash Billings | 1,950.7 Million | 1,619.5 Million | 20.5% | | Average Monthly Active Users (MAU) | 54.6 Million | 43.6 Million | 25.2% | | Paying Enterprise Customers (LTM) | 5.9 Million | 4.5 Million | 31.1% | | Net Income | 417.3 Million | 309.6 Million | 34.8% | | Adjusted Net Income | 718.7 Million | 568.5 Million | 26.4% | [Management Commentary](index=1&type=section&id=Management%20Commentary) Management emphasizes user growth as a core driver for revenue and profit, expressing confidence in long-term development and shareholder returns - CEO Mr. Peng Zhao noted that the company's average monthly active users increased by **25.2%** year-over-year to **54.6 million**, solidifying its leading position as China's largest online recruitment platform. Despite macroeconomic headwinds, enterprise user growth is the core driver for stable revenue and profit growth. The company prioritizes shareholder returns and has initiated and will continue to increase share repurchases, demonstrating confidence in its long-term development[4](index=4&type=chunk) - CFO Mr. Yu Zhang stated that the company achieved healthy and sustainable revenue and profit growth this quarter. Adjusted operating income increased by **52.1%** year-over-year, and the adjusted operating profit margin reached a record high, increasing by **5 percentage points** from the same period last year, attributed to the company's excellent business model and effective cost control. The company continues to invest in technology R&D, with R&D expenses accounting for **23.2% of revenue**, maintaining an industry-leading level[4](index=4&type=chunk) [About KANZHUN LIMITED](index=5&type=section&id=About%20KANZHUN%20LIMITED) KANZHUN LIMITED operates BOSS Zhipin, a leading online recruitment platform in China, leveraging interactive mobile applications and network effects - KANZHUN LIMITED operates BOSS Zhipin, China's leading online recruitment platform, efficiently connecting job seekers and enterprise users through highly interactive mobile applications that facilitate two-way communication, smart recommendations, and innovative online recruitment scenarios[21](index=21&type=chunk) - BOSS Zhipin benefits from its large and diverse user base, which creates strong network effects, enhancing recruitment efficiency and driving rapid expansion[21](index=21&type=chunk) [Second Quarter 2024 Financial Performance](index=2&type=section&id=Second%20Quarter%202024%20Financial%20Performance) [Revenues](index=2&type=section&id=Revenues) Total revenue for Q2 2024 reached RMB 1.917 billion, a 28.8% increase, primarily driven by online recruitment services for enterprise clients Q2 2024 Revenue Overview | Revenue Source | Q2 2024 (RMB) | Q2 2023 (RMB) | YoY Growth | | :--- | :--- | :--- | :--- | | Online Recruitment Services (Enterprise Customers) | 1,892.7 Million | 1,470.8 Million | 28.7% | | Other Services (Value-added services for job seekers) | 24.0 Million | 16.8 Million | 42.9% | | **Total Revenue** | **1,916.7 Million** | **1,487.6 Million** | **28.8%** | - The growth in online recruitment service revenue from enterprise customers was primarily driven by an increase in the number of enterprise users[5](index=5&type=chunk) - The growth in other services revenue primarily benefited from an expanding user base[5](index=5&type=chunk) [Operating Costs and Expenses](index=2&type=section&id=Operating%20Costs%20and%20Expenses) Total operating costs and expenses increased by 19.5% to RMB 1.567 billion in Q2 2024, driven by higher R&D and administrative expenses Q2 2024 Operating Costs and Expenses | Expense Category | Q2 2024 (RMB) | Q2 2023 (RMB) | YoY Growth | | :--- | :--- | :--- | :--- | | Total Operating Costs and Expenses | 1,566.6 Million | 1,310.8 Million | 19.5% | | Share-based Compensation Expenses | 301.4 Million | 258.9 Million | 16.4% | | Cost of Revenues | 316.5 Million | 270.3 Million | 17.1% | | Sales and Marketing Expenses | 545.2 Million | 471.6 Million | 15.6% | | Research and Development Expenses | 443.7 Million | 365.9 Million | 21.3% | | General and Administrative Expenses | 261.2 Million | 203.0 Million | 28.7% | - The increase in cost of revenues was primarily due to higher server and bandwidth costs, payment processing fees, and employee-related expenses[6](index=6&type=chunk) - The increase in sales and marketing expenses was mainly attributable to higher customer acquisition costs and employee-related expenses for sales personnel[6](index=6&type=chunk) - The increase in research and development expenses was primarily due to increased technology investments[7](index=7&type=chunk) - The increase in general and administrative expenses was primarily due to higher employee-related expenses[7](index=7&type=chunk) [Profitability](index=2&type=section&id=Profitability) The company's profitability significantly improved in Q2 2024, with operating income surging by 104.9% and net income growing by 34.8% Q2 2024 Profitability Metrics | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | YoY Growth | | :--- | :--- | :--- | :--- | | Operating Income | 358.6 Million | 175.0 Million | 104.9% | | Net Income | 417.3 Million | 309.6 Million | 34.8% | | Adjusted Net Income | 718.7 Million | 568.5 Million | 26.4% | [Earnings Per Share (EPS)](index=3&type=section&id=Earnings%20Per%20Share%20(EPS)) In Q2 2024, basic and diluted net earnings per ADS were RMB 0.95 and RMB 0.91, with adjusted figures at RMB 1.63 and RMB 1.57 Q2 2024 Earnings Per ADS | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | | :--- | :--- | :--- | | Basic Net Earnings (per ADS) | 0.95 | 0.71 | | Diluted Net Earnings (per ADS) | 0.91 | 0.69 | | Adjusted Basic Net Earnings (per ADS) | 1.63 | 1.31 | | Adjusted Diluted Net Earnings (per ADS) | 1.57 | 1.26 | [Cash Flow from Operating Activities](index=3&type=section&id=Cash%20Flow%20from%20Operating%20Activities) Net cash generated from operating activities in Q2 2024 was RMB 869 million, increasing by 13.7% year-over-year Q2 2024 Cash Flow from Operating Activities | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | YoY Growth | | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | 868.6 Million | 763.7 Million | 13.7% | [Financial Position, Capital Allocation & Outlook](index=3&type=section&id=Financial%20Position%2C%20Capital%20Allocation%20%26%20Outlook) [Cash Position](index=3&type=section&id=Cash%20Position) As of June 30, 2024, the company maintained ample liquidity with cash, short-term deposits, and investments totaling RMB 14.282 billion Cash Position as of June 30, 2024 | Metric | Amount (RMB) | | :--- | :--- | | Total Cash and Cash Equivalents, Short-term Time Deposits, and Short-term Investments | 14,281.9 Million | [Share Repurchase Program](index=3&type=section&id=Share%20Repurchase%20Program) The board authorized a new 12-month share repurchase program in March 2024, allowing for up to $200 million in repurchases - The company's board of directors authorized a new share repurchase program in March 2024, effective from March 20, 2024, for a period of **12 months**[12](index=12&type=chunk) - Under this program, the company may repurchase up to **$200 million** of its shares, including in the form of ADSs[12](index=12&type=chunk) [Business Outlook (Q3 2024 Guidance)](index=3&type=section&id=Business%20Outlook%20(Q3%202024%20Guidance)) The company forecasts Q3 2024 total revenue between RMB 1.90 billion and RMB 1.92 billion, projecting 18.2% to 19.5% year-over-year growth Q3 2024 Revenue Outlook | Metric | Forecast Range (RMB) | YoY Growth | | :--- | :--- | :--- | | Total Revenue | 1.90 Billion - 1.92 Billion | 18.2% - 19.5% | - This forecast reflects the company's current view on the Chinese market and operating conditions, which are subject to change and cannot be reasonably predicted with accuracy as of the date of this release[13](index=13&type=chunk) [Additional Information](index=3&type=section&id=Additional%20Information) [Conference Call Information](index=3&type=section&id=Conference%20Call%20Information) The company will host a conference call on August 28, 2024, to discuss financial results, with pre-registration and webcast details available - The company will hold a conference call to discuss its financial results on August 28, 2024, at **8:00 AM U.S. Eastern Time** (8:00 PM Beijing/Hong Kong Time on August 28, 2024)[14](index=14&type=chunk) - Participants are required to pre-register via a designated link, and a live and archived webcast of the conference call will be available on the company's investor relations website[14](index=14&type=chunk) [Exchange Rate](index=4&type=section&id=Exchange%20Rate) RMB amounts in this announcement are converted to USD using the Federal Reserve Board's H.10 rate of 7.2672 as of June 28, 2024 - For the convenience of readers, certain RMB amounts in this announcement have been translated into U.S. dollars at an exchange rate of **RMB 7.2672 to US$1.00**, the exchange rate as of June 28, 2024, as set forth in the H.10 statistical release of the Federal Reserve Board[16](index=16&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like calculated cash billings and adjusted net income to assess operating performance and provide business insights - The company uses non-GAAP financial measures such as calculated cash billings and adjusted net income as supplemental measures to review and assess operating performance[17](index=17&type=chunk) - Calculated cash billings are derived by adding the change in deferred revenue to revenue, used to measure and monitor sales growth, as the company typically bills paying enterprise customers at the time of sale, but related revenue may be recognized proportionally over time[17](index=17&type=chunk) - Adjusted net income is derived by excluding share-based compensation expenses (non-cash expenses), which helps identify underlying business trends that may be impacted by certain expenses and facilitates investor evaluation of the company's operating performance[17](index=17&type=chunk) - Non-GAAP financial measures are not defined under U.S. GAAP and should not be considered in isolation or as a substitute for the most directly comparable GAAP financial measures[18](index=18&type=chunk) [Safe Harbor Statement](index=4&type=section&id=Safe%20Harbor%20Statement) This press release contains forward-looking statements under the 1995 U.S. Private Securities Litigation Reform Act, subject to inherent risks - This press release contains "forward-looking" statements within the meaning of the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995[19](index=19&type=chunk) - Forward-looking statements involve inherent risks and uncertainties, and the company undertakes no obligation to update any forward-looking statements, except as required under applicable law[19](index=19&type=chunk) [Unaudited Condensed Consolidated Financial Statements](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) [Unaudited Condensed Consolidated Statements of Operations](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Operations) This section presents KANZHUN LIMITED's unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2024 Unaudited Condensed Consolidated Statements of Operations (Summary) | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | H1 2024 (RMB) | H1 2023 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | 1,916,743 | 1,487,615 | 3,620,496 | 2,765,161 | | Total Operating Costs and Expenses | (1,566,640) | (1,310,808) | (3,179,390) | (2,684,464) | | Operating Income | 358,609 | 175,031 | 462,202 | 97,732 | | Net Income | 417,250 | 309,597 | 658,974 | 342,260 | | Basic Net Earnings per ADS | 0.95 | 0.71 | 1.51 | 0.79 | | Diluted Net Earnings per ADS | 0.91 | 0.69 | 1.46 | 0.76 | [Unaudited Condensed Consolidated Balance Sheets](index=8&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) This section presents KANZHUN LIMITED's unaudited condensed consolidated balance sheets as of June 30, 2024, and December 31, 2023 Unaudited Condensed Consolidated Balance Sheets (Summary) | Metric | As of June 30, 2024 (RMB) | As of December 31, 2023 (RMB) | | :--- | :--- | :--- | | Total Assets | 19,164,849 | 17,940,048 | | Total Liabilities | 4,383,498 | 4,510,855 | | Total Shareholders' Equity | 14,781,351 | 13,429,193 | | Cash and Cash Equivalents | 3,472,390 | 2,472,959 | | Short-term Time Deposits | 5,267,014 | 6,922,803 | | Short-term Investments | 5,542,508 | 3,513,885 | | Deferred Revenue | 3,175,000 | 2,794,075 | [Unaudited Condensed Consolidated Statements of Cash Flows](index=9&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) This section presents KANZHUN LIMITED's unaudited condensed consolidated statements of cash flows for the three and six months ended June 30, 2024 Unaudited Condensed Consolidated Statements of Cash Flows (Summary) | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | H1 2024 (RMB) | H1 2023 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Net Cash from Operating Activities | 868,556 | 763,708 | 1,774,097 | 1,307,618 | | Net Cash from Investing Activities | (72,309) | (4,427,593) | (595,771) | (8,390,368) | | Net Cash from Financing Activities | (81,847) | 23,166 | (186,425) | 68,955 | | Cash and Cash Equivalents, End of Period | 3,472,390 | 2,740,769 | 3,472,390 | 2,740,769 | [Unaudited Reconciliation of GAAP and Non-GAAP Results](index=10&type=section&id=Unaudited%20Reconciliation%20of%20GAAP%20and%20Non-GAAP%20Results) This section provides KANZHUN LIMITED's unaudited reconciliation of GAAP and non-GAAP results for the three and six months ended June 30, 2024 Unaudited Reconciliation of GAAP and Non-GAAP Results (Summary) | Metric | Q2 2024 (RMB) | Q2 2023 (RMB) | H1 2024 (RMB) | H1 2023 (RMB) | | :--- | :--- | :--- | :--- | :--- | | Revenues | 1,916,743 | 1,487,615 | 3,620,496 | 2,765,161 | | Add: Change in Deferred Revenue | 33,997 | 131,874 | 380,925 | 503,885 | | **Calculated Cash Billings** | **1,950,740** | **1,619,489** | **4,001,421** | **3,269,046** | | Net Income | 417,250 | 309,597 | 658,974 | 342,260 | | Add: Share-based Compensation Expenses | 301,443 | 258,902 | 590,420 | 471,193 | | **Adjusted Net Income** | **718,693** | **568,499** | **1,249,394** | **813,453** | | Adjusted Basic Net Earnings per ADS | 1.63 | 1.31 | 2.84 | 1.88 | | Adjusted Diluted Net Earnings per ADS | 1.57 | 1.26 | 2.75 | 1.80 |