Financial Performance - Revenue for Q2 2024 was RMB 1,916.7 million (USD 263.8 million), an increase of 28.8% compared to RMB 1,487.6 million in Q2 2023[4] - Adjusted net profit for Q2 2024 was RMB 718.7 million (USD 98.9 million), up 26.4% from RMB 568.5 million in Q2 2023[4] - Operating profit for Q2 2024 was RMB 358.6 million (USD 49.3 million), an increase of 104.9% compared to RMB 175.0 million in Q2 2023[7] - Net profit for Q2 2024 was RMB 417.3 million (USD 57.4 million), up 34.8% from RMB 309.6 million in the same quarter of 2023[7] - Total revenue for the three months ended June 30, 2024, was RMB 1,916,743 thousand, representing a 28.8% increase from RMB 1,487,615 thousand in the same period of 2023[16] - Net profit attributable to ordinary shareholders for the three months ended June 30, 2024, was RMB 421,733 thousand, compared to RMB 309,597 thousand for the same period in 2023, reflecting a 36.1% increase[16] - The adjusted net profit attributable to ordinary shareholders for the six months ended June 30, 2024, was RMB 813,453 thousand, compared to RMB 342,260 thousand for the same period in 2023, indicating a significant increase of 137.5%[23] User Metrics - Average monthly active users reached 54.6 million, a 25.2% increase from 43.6 million in Q2 2023[4] - Total paying enterprise customers increased to 5.9 million, a growth of 31.1% from 4.5 million in the same period last year[4] Operating Costs and Expenses - Total operating costs and expenses amounted to RMB 1,566.6 million (USD 215.6 million), a 19.5% increase from RMB 1,310.8 million in Q2 2023[6] - Marketing expenses rose to RMB 545.2 million (USD 75.0 million), up 15.6% from RMB 471.6 million in the same quarter last year[6] - The company reported a total operating cost of RMB 1,566,640 thousand for the three months ended June 30, 2024, up from RMB 1,310,808 thousand in the same period of 2023[16] Cash Flow and Liquidity - Cash flow from operating activities for Q2 2024 was RMB 868.6 million (USD 119.5 million), reflecting a 13.7% increase from RMB 763.7 million in Q2 2023[8] - As of June 30, 2024, cash and cash equivalents totaled RMB 14,281.9 million (USD 1,965.3 million)[8] - Cash and cash equivalents increased from RMB 2,472,959 thousand as of December 31, 2023, to RMB 3,472,390 thousand as of June 30, 2024[18] - The cash flow from investing activities for the three months ended June 30, 2024, was a net outflow of RMB 72,309 thousand, a significant decrease from the outflow of RMB 4,427,593 thousand in the same period of 2023[19] - The company experienced a net cash outflow from financing activities of RMB 81,847 thousand for the three months ended June 30, 2024, compared to an inflow of RMB 23,166 thousand in the same period of 2023[19] Shareholder Returns - The company has initiated and will continue to increase share repurchase efforts, reflecting confidence in long-term development amid current market conditions[4] - A new share repurchase plan was approved in March 2024, allowing the company to repurchase up to USD 200 million worth of shares over a twelve-month period[9] Earnings Per Share - Basic and diluted earnings per American Depositary Share for Q2 2024 were RMB 0.95 (USD 0.13) and RMB 0.91 (USD 0.13), respectively, compared to RMB 0.71 and RMB 0.69 in Q2 2023[7] - Adjusted basic and diluted earnings per American Depositary Share for Q2 2024 were RMB 1.63 (USD 0.22) and RMB 1.57 (USD 0.22), respectively, compared to RMB 1.31 and RMB 1.26 in Q2 2023[7] - The diluted earnings per share for the three months ended June 30, 2024, was RMB 0.46, compared to RMB 0.34 for the same period in 2023, representing a 35.3% increase[16] - The weighted average diluted earnings per share for the six months ended June 30, 2024, was RMB 1.37, compared to RMB 0.90 for the same period in 2023, reflecting an increase of 52.2%[24] Research and Development - Research and development expenses accounted for 23.2% of revenue, maintaining an industry-leading level[5] - Research and development expenses for the three months ended June 30, 2024, were RMB 443,729 thousand, an increase of 21.2% from RMB 365,907 thousand in the same period of 2023[16] Future Outlook - The company expects total revenue for Q3 2024 to be between RMB 1.90 billion and RMB 1.92 billion, representing a year-over-year increase of 18.2% to 19.5%[10] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[16]

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin [3][4]. Core Views - BOSS Zhipin's Q1 2024 performance exceeded expectations, showcasing its ability to gain market share through a versatile business model during a downturn in industry sentiment [3]. - The company is positioned in a growth cycle regarding scale, market structure, and profit margins, with a target market capitalization of 79.4 billion RMB for 2024, corresponding to 87.5 billion HKD, and a target price of 98.33 HKD per share [3]. - The report highlights that BOSS Zhipin's revenue and adjusted net profit growth are driven by its competitive advantages and business model, particularly in the blue-collar market, which accounts for 35% of its revenue [3]. Financial Performance Summary - In Q1 2024, BOSS Zhipin reported cash income of 2.051 billion RMB, a 24.31% increase, and operating revenue growth of 17.03% [3]. - The adjusted net profit for Q1 2024 was 531 million RMB, reflecting a 117% increase compared to the same period in the previous year [3]. - The average monthly active users reached 46.6 million, up 17.4%, with the number of paying enterprise users increasing by 42.5% to 5.7 million [3]. Market Trends - The recruitment trends indicate a strong performance in the blue-collar segment, with significant growth in large enterprises compared to small and medium-sized enterprises [3]. - The report notes that BOSS Zhipin is in a phase of establishing brand recognition, leading to improved marketing ROI and profit margins [3]. - The competitive landscape is shifting, with leading companies like BOSS Zhipin gaining substantial market share, potentially exceeding 50% in the online recruitment sector [3].

Financial Performance - For Q1 2024, the revenue was RMB 1,703.8 million (USD 236.0 million), an increase of 33.4% compared to RMB 1,277.5 million in Q1 2023[4] - The adjusted net profit for Q1 2024 was RMB 530.7 million (USD 73.5 million), a significant increase of 116.6% from RMB 245.0 million in Q1 2023[4] - The net profit for Q1 2024 was RMB 241.7 million (USD 33.5 million), significantly up from RMB 32.7 million in Q1 2023[7] - Total revenue for the three months ended March 31, 2024, was RMB 1,703,753 thousand, representing a 33.2% increase from RMB 1,277,546 thousand for the same period in 2023[16] - Adjusted net profit for the three months ended March 31, 2024, was RMB 533,928 thousand, up 118.5% from RMB 244,954 thousand in the same period of 2023[19] - The company reported net profit of RMB 241,724 thousand for the three months ended March 31, 2024, compared to RMB 32,663 thousand in the same period of 2023, indicating a significant growth[19] User and Client Growth - The average monthly active users reached 46.6 million, up 17.4% from 39.7 million in the same period last year[4] - The total number of paying enterprise clients increased to 5.7 million, representing a growth of 42.5% from 4.0 million in the previous year[4] Operating Costs and Expenses - Operating costs and expenses totaled RMB 1,612.8 million (USD 223.4 million), an increase of 17.4% from RMB 1,373.7 million in Q1 2023[6] - Research and development expenses rose to RMB 467.6 million (USD 64.8 million), a 40.4% increase compared to RMB 333.1 million in Q1 2023[6] - Marketing expenses decreased to RMB 579.3 million (USD 80.2 million), a reduction of 7.9% from RMB 628.8 million in the same quarter last year[6] Profitability Metrics - The adjusted operating profit margin for Q1 2024 was reported at 23%, demonstrating the efficiency of the company's business model[4] - In Q1 2024, the operating profit was RMB 103.6 million (USD 14.3 million), compared to an operating loss of RMB 77.3 million in the same period of 2023[7] - Basic and diluted earnings per American Depositary Share (ADS) for Q1 2024 were RMB 0.56 (USD 0.08) and RMB 0.54 (USD 0.07), respectively, compared to RMB 0.08 and RMB 0.07 in Q1 2023[7] - Adjusted basic and diluted earnings per ADS for Q1 2024 were RMB 1.21 (USD 0.17) and RMB 1.18 (USD 0.16), respectively, compared to RMB 0.57 and RMB 0.54 in Q1 2023[7] Cash Flow and Liquidity - Operating cash flow for Q1 2024 was RMB 905.5 million (USD 125.4 million), up 66.5% from RMB 543.9 million in Q1 2023[8] - As of March 31, 2024, cash and cash equivalents totaled RMB 11,901.6 million (USD 1,648.4 million)[9] - Cash flow from operating activities for the three months ended March 31, 2024, was RMB 905,541 thousand, up from RMB 543,910 thousand for the same period in 2023[18] - Cash collections for the three months ended March 31, 2024, were RMB 2,050,681 thousand, an increase from RMB 1,649,557 thousand in the same period of 2023[19] Future Outlook - The company aims to leverage its growing user base and technological capabilities to support long-term growth potential[4] - The company expects total revenue for Q2 2024 to be between RMB 1.91 billion and RMB 1.96 billion, representing a year-over-year increase of 28.4% to 31.7%[10] - The company continues to focus on product development and market expansion strategies to drive future growth[19] Shareholder Returns - The company approved a new share repurchase plan in March 2024, allowing for the repurchase of up to USD 200 million worth of shares over the next 12 months[9] Assets and Liabilities - Total assets as of March 31, 2024, amounted to RMB 18,717,077 thousand, an increase from RMB 17,940,048 thousand as of December 31, 2023[17] - Total liabilities as of March 31, 2024, were RMB 4,601,985 thousand, an increase from RMB 4,510,855 thousand as of December 31, 2023[17] Investment Activities - The company experienced a net cash outflow from investing activities of RMB 523,462 thousand for the three months ended March 31, 2024, compared to an outflow of RMB 3,962,775 thousand for the same period in 2023[18]

Financial Performance - Revenue increased by 31.9% to RMB 5,952.028 million in 2023 compared to RMB 4,511.062 million in 2022[5] - Net profit surged by 925.0% to RMB 1,099.218 million in 2023 from RMB 107.245 million in 2022[5] - Adjusted net profit (non-GAAP) rose by 169.7% to RMB 2,156.185 million in 2023 from RMB 799.449 million in 2022[5] - Annual cash receipts and revenue increased by 44.9% and 31.9% year-over-year, respectively, driven by strong user growth and increased payment ratio[9] - Total revenue increased by 31.9% from RMB 4,511.1 million in 2022 to RMB 5,952.0 million in 2023, primarily due to user growth and increased user engagement[18] - Revenue from online recruitment services for enterprise clients increased by 32.0% from RMB 4,461.3 million in 2022 to RMB 5,889.1 million in 2023[18] - Revenue from other services (mainly paid value-added services for job seekers) increased by 26.3% from RMB 49.8 million in 2022 to RMB 62.9 million in 2023[18] - Operating profit for 2023 was RMB 581.0 million, compared to an operating loss of RMB 129.5 million in 2022[23] - Net profit for 2023 increased to RMB 1,099.2 million, up significantly from RMB 107.2 million in 2022[24] - Interest and investment income rose by 167.9% to RMB 606.8 million in 2023, driven by increased investments in fixed deposits and financial products[24] - Total revenue increased to RMB 5,952,028 thousand in 2023, up 32% from RMB 4,511,062 thousand in 2022[163] - Net profit attributable to Kanzhun Ltd. shareholders surged to RMB 1,099,227 thousand in 2023, a significant increase from RMB 107,245 thousand in 2022[163] - Operating profit turned positive at RMB 580,971 thousand in 2023, recovering from an operating loss of RMB 129,519 thousand in 2022[163] - Basic earnings per share attributable to ordinary shareholders improved to RMB 1.26 in 2023 from RMB 0.12 in 2022[164] - Total comprehensive income attributable to Kanzhun Ltd. shareholders grew to RMB 1,302,853 thousand in 2023, up from RMB 1,060,194 thousand in 2022[164] - Net profit increased significantly from RMB 107,245 thousand in 2022 to RMB 1,099,218 thousand in 2023, representing a growth of approximately 925%[167] - Operating cash flow increased from RMB 1,003,042 thousand in 2022 to RMB 3,047,009 thousand in 2023, a growth of approximately 204%[167] - Total revenue for 2023 increased to RMB 5,867,883 thousand, up from RMB 4,498,131 thousand in 2022, representing a growth of approximately 30.4%[180] - Net profit for 2023 surged to RMB 697,038 thousand, a significant increase from RMB 117,298 thousand in 2022, reflecting a growth of approximately 494.3%[180] User Growth and Engagement - Average monthly active users (MAU) grew by 47.4% to 42.3 million in 2023 from 28.7 million in 2022[8] - The daily active users (DAU) to MAU ratio remained high at 26.3% in 2023, consistent with 2022 levels[8] - Blue-collar users, particularly in urban service industries, showed the fastest growth among all user segments in 2023[8] - Growth in lower-tier cities and small-to-medium enterprises outpaced that in first-tier cities and key account (KA) clients[8] - The company focused on improving personalized recommendation algorithms to serve diverse industries, regions, and company sizes[8] - User experience was enhanced for different types of job seekers, such as blue-collar workers and graduates[8] - More flexible and targeted commercial products were introduced to meet the recruitment needs of various industries and company sizes[8] Costs and Expenses - Operating costs increased by 40.4% from RMB 754.9 million in 2022 to RMB 1,059.9 million in 2023, mainly due to increased server and bandwidth costs and payment processing fees[19] - R&D expenses increased by 30.5% from RMB 1,182.7 million in 2022 to RMB 1,543.6 million in 2023, primarily due to increased employee-related expenses and technology investments[21] - General and administrative expenses increased by 12.8% from RMB 719.7 million in 2022 to RMB 811.8 million in 2023, mainly due to increased share-based compensation expenses[22] - R&D expenses increased to RMB 1,543,568 thousand in 2023, up 30.5% from RMB 1,182,716 thousand in 2022[163] - Advertising expenses for the years ended December 31, 2022, and 2023 were RMB 793.2 million and RMB 582.1 million, respectively[195] - Employee benefit expenses (including accrued but unpaid portions) for the years ended December 31, 2022, and 2023 were RMB 395.2 million and RMB 449.8 million, respectively[196] Cash Flow and Investments - Cash and cash equivalents, fixed deposits, and short-term investments totaled RMB 12.9 billion as of December 31, 2023, with net cash flow from operating activities at RMB 3.0 billion[25] - The company holds fixed-rate notes from Goldman Sachs and UBS AG, with a total fair value of approximately RMB 2.275 billion, representing 6.8% of total consolidated assets[26] - Capital commitments as of December 31, 2023, amounted to RMB 225.6 million, primarily related to server procurement[29] - Cash and cash equivalents decreased significantly from RMB 9,751,824 thousand in 2022 to RMB 2,472,959 thousand in 2023[157] - Fixed deposits increased from RMB 793,042 thousand in 2022 to RMB 6,922,803 thousand in 2023[157] - Short-term investments rose from RMB 2,665,047 thousand in 2022 to RMB 3,513,885 thousand in 2023[157] - Long-term investments were introduced in 2023, amounting to RMB 2,473,128 thousand[157] - Cash used in investing activities increased from RMB 2,816,581 thousand in 2022 to RMB 9,938,645 thousand in 2023, primarily due to increased purchases of property, equipment, and software, as well as long-term investments[167] - Cash and cash equivalents decreased from RMB 9,751,824 thousand at the beginning of 2023 to RMB 2,472,959 thousand at the end of 2023, a decrease of approximately 75%[168] - The company repurchased ordinary shares worth RMB 71,835 thousand in 2023, compared to RMB 918,894 thousand in 2022[168] - The company paid dividends of RMB 562,899 thousand in 2023, which was not done in the previous year[168] - Operating cash flow net amount: 893,078[182] - Investing cash flow net amount: (702,542)[182] - Financing cash flow net amount: (35,144)[182] - Net increase in cash and cash equivalents: 155,392[182] - Cash and cash equivalents at beginning of year: 864,851[182] - Cash and cash equivalents at end of year: 1,020,243[182] Corporate Governance and Compliance - The company has no interest-bearing bank or other borrowings, resulting in a debt-to-equity ratio of zero as of December 31, 2023[28] - The company had 5,346 full-time employees as of December 31, 2023, with 49.3% in sales and marketing and 26.1% in R&D[30][31] - A special cash dividend of $0.09 per ordinary share or $0.18 per ADS was paid in December 2023, with no annual dividend proposed for 2023[34] - The company made charitable donations of RMB 5.6 million in the fiscal year ending December 31, 2023[36] - The company did not issue any bonds during the fiscal year ending December 31, 2023[37] - The company faces risks related to technological innovation, user preferences, and competition in the online recruitment market, which could impact user growth and retention[38] - The company is exposed to risks from data protection and cybersecurity regulations in China, with potential penalties and operational impacts if compliance is not maintained[39] - The company's business is subject to risks from changes in China's economic, political, or social conditions, as well as government policies[39] - The company's U.S. depositary shares (ADS) may face delisting risks if PCAOB cannot inspect its auditors in China, potentially impacting investor value[39] - The company has contractual arrangements with consolidated affiliated entities, granting it control over their operations and economic benefits[40] - The company's foreign-invested enterprise, Beijing Hanlan Wolf, provides exclusive technical and service cooperation agreements to affiliated entities[41][42] - The consolidated affiliated entities generated revenue of RMB 5.8 billion during the reporting period, accounting for almost all of the company's revenue[46] - The total assets of the consolidated affiliated entities amounted to RMB 6.5 billion as of December 31, 2023, representing approximately 36.4% of the company's total consolidated assets[46] - The company operates through contractual arrangements due to restrictions on foreign investment in certain businesses, including "prohibited" and "restricted" categories under China's Negative List[47] - The company's A-class ordinary shares and American depositary shares represent ownership in a Cayman Islands holding company, not in the Chinese variable interest entities[47] - The contractual arrangements may be less effective than direct ownership in providing operational control over the variable interest entities[48] - The company's variable interest entity (VIE) structure may face significant adverse impacts if the VIE or its shareholders fail to fulfill their obligations under contractual arrangements, potentially affecting the company's operations and investment value[49] - The company is exposed to risks related to potential conflicts of interest between the VIE shareholders and the company, which could negatively impact its business[49] - The company's contractual arrangements with the VIE may be subject to scrutiny by Chinese tax authorities, potentially leading to additional tax liabilities and adverse effects on the company's financial condition[49] - The company's current corporate structure and business operations could be significantly affected by the Foreign Investment Law, which may impact the legality and enforceability of its VIE arrangements[49][50] - The company has implemented measures to ensure compliance with contractual arrangements, including regular board reviews and external legal consultations to address potential issues[49] - The company has obtained exemptions from the Hong Kong Stock Exchange regarding certain disclosure and approval requirements for its VIE-related transactions, allowing for greater flexibility in managing these arrangements[50][51] - The company's independent non-executive directors have confirmed that the transactions under the VIE arrangements are fair, reasonable, and in the best interests of shareholders[52] - The company's auditors have issued an unqualified opinion on the company's continuous connected transactions under the VIE arrangements, confirming compliance with relevant agreements and regulations[53] - The company operates under a dual-class share structure, where Class B shares hold 10 votes per share compared to Class A shares, granting significant voting control to certain beneficiaries despite their minority economic interest[54] - Zhao Peng controls 139,630,401 Class B shares, representing 15.8% of issued and outstanding shares and 65.3% of voting rights for non-reserved matters[55] - If all Class B shares are converted to Class A shares, the company would issue 139,630,401 Class A shares, accounting for 18.8% of total issued and outstanding Class A shares[55] - The company's senior management team consists of Zhao Peng, Zhang Yu, Chen Xu, and Zhang Tao, who are also executive directors[56] - Zhao Peng has over 19 years of experience in the internet industry and 25 years in human resource services[57] - Zhang Yu, CFO since 2019, has over 18 years of experience in research and investment in the technology, media, and telecom sectors[57] - Chen Xu, CMO since 2018, has over 23 years of marketing experience in Greater China[58] - Zhang Tao, CTO since the company's founding, has over 17 years of experience in software engineering and the internet industry[58] - Wang Xiehua, VP of Product since 2022, has over 11 years of experience in product management at internet companies[58] - Yu Haiyang, non-executive director since 2019, is currently VP of Tencent Investment and serves on the boards of DouYu and Waterdrop[59] - Sun Yonggang, independent non-executive director since 2021, is a partner at Zhongguancun M&A Fund and previously served as VP of Shougang Group[60] - The company's top five customers accounted for less than 1% of total revenue in 2023[71] - The top five suppliers accounted for approximately 42% of total procurement, with the largest supplier contributing around 12%[71] - No significant related party transactions requiring disclosure under Listing Rules Chapter 14A were identified during 2023[68] - The company maintained compliance with relevant laws and regulations impacting its business operations[72] - The company's public float remained in compliance with Listing Rules requirements as of the latest practicable date[73] - The company's board of directors includes two new independent non-executive directors appointed on October 18, 2023[61] - The company's directors and senior management are eligible participants in the 2020 equity incentive plan and post-IPO share plan[67] - No significant contracts or service agreements were entered into with the controlling shareholder or its subsidiaries during 2023[69] - The company's financial statements were audited by PricewaterhouseCoopers, which is proposed for re-election at the upcoming AGM[74] - The company's board has established a remuneration committee to formulate compensation policies[67] - The company adheres to high standards of corporate governance, ensuring shareholder interests and accountability, with compliance to all provisions of the Corporate Governance Code except for the separation of Chairman and CEO roles, which is currently held by Mr. Zhao[75] - The company emphasizes a healthy corporate culture, focusing on integrity, compliance, and risk control to achieve sustainable development and long-term shareholder value[76] - The company prioritizes user-first principles, leveraging deep learning and recommendation algorithms to enhance recruitment services, while maintaining high product quality and content governance[77] - The Board of Directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors, with Mr. Zhao serving as Chairman and CEO[78] - All directors participated in continuous professional development during the year, including training, seminars, and reading materials related to corporate governance and regulatory updates[80] - The company conducts anti-bribery and anti-corruption training for all employees, including full-time staff, interns, part-time workers, and contractors, to enhance awareness of business ethics[77] - The Board is responsible for major decisions, including policy, strategy, budget, internal control, risk management, and significant transactions, while management implements these decisions[78] - The company regularly reviews and updates internal policies, such as the Code of Business Conduct and Ethics, Anti-Corruption Policy, and Anti-Monopoly Compliance Guidelines, to align with legal requirements and business development[77] - External experts were invited to provide specialized training on business ethics and legal compliance for employees in legal, public affairs, and platform operations departments[77] - The company’s corporate governance framework ensures effective decision-making and leadership consistency, with Mr. Zhao’s dual role as Chairman and CEO facilitating strategic alignment and operational efficiency[75] - The company has received annual independence confirmation letters from independent non-executive directors, confirming their independence[82] - The Board of Directors held six meetings and one shareholders' meeting during the reporting period[83] - All directors attended the annual general meeting, with attendance rates for board meetings ranging from 5/6 to 6/6[84] - The company has established mechanisms to ensure the independence of the Board, including regular reviews by the Nomination and Remuneration Committees[85] - The Audit Committee, composed of three independent non-executive directors, held five meetings during the reporting period[86] - Reviewed the 2022 annual report, including corporate governance report, ESG report, board report, and financial statements[87] - Reviewed the 2023 interim report, including corporate governance report and unaudited condensed consolidated financial statements[87] - Reviewed the annual performance of the company and its subsidiaries for the years ending December 31, 2022, and 2023[87] - Reviewed the interim performance of the company and its subsidiaries for the six months ending June 30, 2023[87] - Reviewed the quarterly performance of the company and its subsidiaries for the periods ending March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023[87] - Reviewed the external auditor's plans, reports, and non-audit services[87] - Reviewed the internal auditor's plans and work[87] - Reviewed the financial reporting system, internal controls, risk management systems, and procedures[87] - Approved a one-time performance cash bonus for senior management, recognizing their contributions to the company[88] - Approved stock awards under the post-IPO share plan for Mr. Zhang Tao, recognizing his contributions and providing incentives for future performance[88] - The company's board diversity policy has resulted in a gender diversity ratio of 22.22%, with 2 out of 9 board members being female[92] - The company has achieved a group-wide gender diversity ratio of 47.9% female employees, with 41.9% of management positions held by women[92] - The company's board members possess a balanced mix of knowledge and skills, including expertise in business management, e-commerce, software engineering, product management, finance, and law[92] - The company's board members hold degrees in various fields such as law, engineering, business administration, and mathematics[92] - The company's governance committee is responsible for reviewing and monitoring risks related to the company's dual-class share structure and potential conflicts of interest[94] - The

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin-W (2076) [4][6]. Core Views - The recruitment market is showing significant recovery, with the company experiencing an improvement in market conditions, expanding market share, and a continuous rise in profit margins [4]. - The adjusted net profit estimates for 2024 and 2025 have been raised to 2.648 billion and 3.810 billion RMB, respectively, reflecting an increase of 165 million and 617 million RMB [4]. - The company is positioned as a leading recruitment platform, with a target market capitalization of 79.4 billion RMB for 2024, corresponding to a target price of 98.33 HKD [4]. Financial Summary - Revenue for the latest quarter reached 1.580 billion RMB, representing a quarter-on-quarter increase of 4.01% [4]. - The net profit was reported at 331 million RMB, with an adjusted net profit of 628 million RMB, showing a significant recovery from a loss of 185 million RMB in the previous quarter [4]. - Monthly Active Users (MAU) increased to 41.2 million, a growth of 33% compared to the previous quarter [4]. - The number of annual paying enterprise users reached a record high of 5.2 million [4]. - The adjusted operating profit margin stood at 27.5% [4]. Market Dynamics - The demand for recruitment has stabilized since Q3 2023, with large enterprises showing a stronger recovery in hiring needs compared to small and medium enterprises [4]. - The active user ratio on the platform is shifting towards B-end users, indicating a positive trend in business client engagement [4]. - Sectors such as blue-collar services, machinery manufacturing, transportation logistics, and sales are experiencing upward trends in hiring demand [4].

Financial Performance - Revenue for the year ended December 31, 2023, was RMB 5,952,028, representing a 31.9% increase from RMB 4,511,062 in 2022[2] - Operating profit for 2023 was RMB 580,971, a significant recovery from an operating loss of RMB 129,519 in 2022[2] - Net profit surged to RMB 1,099,218 in 2023, up 925.0% from RMB 107,245 in 2022[2] - Adjusted net profit (non-GAAP) reached RMB 2,156,185, reflecting a 169.7% increase from RMB 799,449 in 2022[2] - Total revenue for the year ended December 31, 2023, was RMB 5,952,028, an increase from RMB 4,511,062 in the previous year, representing a growth of approximately 32.2%[32] - The company reported a net profit of RMB 1,099,218 for the year ended December 31, 2023, compared to RMB 107,245 in the previous year, indicating a significant increase[32] - The cash flow from operating activities for the year ended December 31, 2023, was RMB 3,047,009, up from RMB 1,003,042 in the previous year[34] - The company's total assets increased from RMB 14,826,867 as of December 31, 2022, to RMB 17,940,048 as of December 31, 2023, reflecting a growth of approximately 20.5%[33] - The company's total liabilities increased from RMB 3,186,104 as of December 31, 2022, to RMB 4,510,855 as of December 31, 2023[33] - The basic earnings per share increased significantly from RMB 0.12 in 2022 to RMB 1.26 in 2023, reflecting a growth of 950%[42] User Growth and Engagement - Average monthly active users (MAUs) grew by 47.4% to 42.3 million in 2023, compared to 28.7 million in 2022[5] - The number of paid enterprise customers reached a historical high of 5.2 million, contributing to a 44.9% increase in cash collections[6] - Revenue from key accounts (KA clients) rose from RMB 1,033.6 million in 2022 to RMB 1,261.7 million in 2023, marking an increase of about 22.0%[38] Cost and Expenses - Research and development expenses increased by 30.5% to RMB 1,543.6 million in 2023, primarily due to higher employee-related costs and technology investments[14] - Marketing expenses remained stable at RMB 1,991.2 million in 2023, compared to RMB 2,000.9 million in 2022, with a reduction in advertising costs offset by increased employee-related expenses[13] - Operating costs rose by 40.4% to RMB 1,059.9 million in 2023, mainly due to increased server and bandwidth costs[12] Shareholder Returns - A new share repurchase plan was approved by the board, allowing the company to repurchase up to USD 200 million of shares over the next 12 months starting March 20, 2024[9] - The company repurchased a total of 1,765,456 American Depositary Shares for a total consideration of $25,987,996.28 during the reporting period[28] - The company declared a special cash dividend of $0.09 per ordinary share, totaling approximately $79.2 million, which was fully paid in December 2023[49] Corporate Governance and Compliance - The audit committee reviewed the unaudited financial results for the year ended December 31, 2023, with no disagreements on accounting policies[27] - The company complied with all corporate governance codes during the reporting period, except for the separation of roles between the Chairman and CEO[24] Technology and Innovation - The company plans to enhance its technology infrastructure and optimize data analysis and deep learning capabilities to improve recommendation algorithms[9] - The company has developed a large model for generative AI services, which is the first of its kind in the recruitment industry to complete the filing under the "Interim Measures for the Management of Generative AI Services" in January 2024[9] Liabilities and Financial Position - The company has no significant contingent liabilities as of December 31, 2023[22] - The company has no major investment or capital asset future plans as of December 31, 2023[20] - The company does not use any derivative financial instruments to hedge foreign exchange risks but monitors currency risks regularly[21] Employee and Operational Metrics - The total number of employees as of December 31, 2023, was 5,346, with 49.3% in sales and marketing, 26.1% in R&D, 19.2% in operations, and 5.4% in general administration[23] - Customer advances increased to RMB 73,196 thousand in 2023 from RMB 58,630 thousand in 2022, showing a rise of 25%[48] Other Financial Metrics - The current income tax expense surged from RMB 427 thousand in 2022 to RMB 108,488 thousand in 2023, reflecting a significant increase of over 25,400%[41] - The amount payable for share repurchases was recorded at RMB 113,387 thousand in 2023, indicating a new liability category[48] - Other payables decreased significantly to RMB 17,832 thousand in 2023 from RMB 55,800 thousand in 2022, a decline of 68%[48]

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公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 KANZHUN LIMITED 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） （股份代號：2076） （納斯達克股票代碼：BZ） 內幕消息 截至2023年12月31日止第四季度及全年的 未經審計財務業績 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期 貨條例》（第571章）第XIVA部刊發。 看準科技有限公司（「本公司」）欣然宣佈根據美國證券交易委員會（「美國證監會」） 的適用規則刊發的本公司、其附屬公司及合併聯屬實體截至2023年12月31日止三 個月及全年的未經審計合併業績（「2023年第四季度及全年財務業績」）。 2023年第四季度及全年財務業績乃根據不同於國際財務報告準則的美國公認會計 準則編製。 ...

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公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 KANZHUN LIMITED 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） （股份代號：2076） （納斯達克股票代碼：BZ） 內幕消息 截至2023年9月30日止第三季度的未經審計財務業績 及宣派特別現金股息 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期 貨條例》（第571章）第XIVA部刊發。 看準科技有限公司（「本公司」）欣然公佈根據美國證券交易委員會（「美國證監會」） 的適用規則刊發的本公司、其附屬公司及合併聯屬實體截至2023年9月30日止三 個月的未經審計合併業績（「2023年第三季度財務業績」）及宣派及支付特別現金股 息。 2023年第三季度財務業績乃根據不同於國際財務報告準則的美國公認會計準則編 製。 ...

看準科技有限公司 KANZHUN LIMITED (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) （於開曼群島註冊成立以同股不同權控制的有限責任公司） Stock Code 股份代號 : 2076 2023 Interim Report 中期報告 2 ...

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公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告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。 KANZHUN LIMITED 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） （股份代號：2076） （納斯達克股票代碼：BZ） 截至2023年6月30日止六個月之 中期業績公告 看準科技有限公司（「本公司」，連同其附屬公司及合併聯屬實體統稱「本集團」）董 事（「董事」）會（「董事會」）欣然公佈本集團截至2023年6月30日止六個月（「報告期 間」）的未經審計中期合併業績，連同2022年同期的比較數字。該等中期業績乃根 據美國公認會計準則（「美國公認會計準則」）編製，並經董事會審計委員會（「審計 委員會」）審閱。 於本公告內，凡提及「我們」均指本公司，倘文義另有所指，則為本集團。 財務表現摘要 截至6月30日止六個月 ...