Financial Performance - Revenue for the year ended December 31, 2024, reached RMB 7,355,677 thousand, representing a 23.6% increase from RMB 5,952,028 thousand in 2023[8] - Operating profit for 2024 was RMB 1,172,946 thousand, a significant increase of 101.9% compared to RMB 580,971 thousand in 2023[8] - The adjusted net profit for 2024 was RMB 2,710,711 thousand, reflecting a 25.7% growth from RMB 2,156,185 thousand in 2023[8] - The pre-tax profit for 2024 was RMB 1,832,660 thousand, a 50.0% increase from RMB 1,221,789 thousand in 2023[8] - The company reported a net profit increase of 42.5% from RMB 1,099.2 million in 2023 to RMB 1,567.0 million in 2024[26] - The adjusted operating profit margin reached a historical high of 31.5% due to strong operational leverage and improved marketing and operational efficiency[26] User Engagement - The average monthly active users reached 53.0 million in 2024, up 25.3% from 42.3 million in 2023[12] - The average daily active users as a percentage of monthly active users reached 24.8% in 2024[12] Cost and Expenses - Operating costs increased by 17.0% from RMB 1,059.9 million in 2023 to RMB 1,239.7 million in 2024, mainly due to rising server and bandwidth costs[30] - Marketing expenses increased by 4.1% from RMB 1,991.2 million in 2023 to RMB 2,073.1 million in 2024, primarily due to increased employee-related costs, partially offset by a decrease in advertising and marketing expenses[31] - R&D expenses rose by 17.6% from RMB 1,543.6 million in 2023 to RMB 1,815.8 million in 2024, mainly due to increased technology investments[32] - General and administrative expenses increased by 34.7% from RMB 811.8 million in 2023 to RMB 1,093.9 million in 2024, primarily due to increased employee-related costs[33] Strategic Initiatives - The company plans to continue focusing on user growth and service innovation to enhance monetization capabilities in 2024[24] - The company aims to accelerate the application of AI technology in its products and services, particularly in enhancing job matching efficiency[25] - The company is exploring AI's value in enhancing operational efficiency and user experience, including AI resume polishing and interview simulation features[13] - The company has enhanced its blue-collar service capabilities, leading to significant growth in the manufacturing sector[12] Shareholder and Capital Management - The company has launched a new share repurchase plan, allowing for the repurchase of up to USD 150 million in shares over the next 12 months, reflecting confidence in future growth[23] - As of December 31, 2024, the total cash and cash equivalents, short-term deposits, and short-term investments amounted to RMB 14.7 billion, with a net cash flow from operating activities of RMB 3.5 billion for 2024[37] - The company had no interest-bearing bank loans or other borrowings as of December 31, 2024, resulting in a debt-to-equity ratio of zero[45] Corporate Governance - The board of directors includes five executive directors, with Mr. Zhao serving as the CEO and founder, bringing over 20 years of experience in the internet industry[100] - The board consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors[139] - The company has established a remuneration committee to determine the compensation policy for directors and senior management[116] - The company has a dual-class share structure, with Class A shares granting one vote and Class B shares granting ten votes per share[92] - The independent non-executive directors confirmed that the contractual arrangements continue to provide economic benefits to the group[91] Risk Management - The company faces significant risks including the inability to implement new technologies and respond to changing user preferences, which could adversely affect user growth and retention[63] - The company is subject to complex and evolving data protection and cybersecurity laws in mainland China, non-compliance may lead to penalties and operational impacts[64] - The company has confirmed that its risk management and internal control systems are effective and adequate as of the fiscal year ending December 31, 2024[178] Employee and Social Responsibility - The company had a total of 5,688 employees as of December 31, 2024, with 50.9% in sales and marketing, 23.4% in R&D, 17.7% in operations, and 8.0% in general administration[49] - The company made charitable donations amounting to RMB 2.5 million during the year ended December 31, 2024[58] - Training on anti-bribery and anti-corruption has been provided to all employees to enhance their understanding of the company's business ethics policies[136] Compliance and Regulatory Matters - The company is committed to maintaining compliance with listing rules and regulations, ensuring transparency and accountability in its operations[96] - The company has adopted a securities trading code that meets or exceeds the standards set out in the listing rules, regulating all securities transactions by directors and relevant employees[194] - The company has not disclosed any related party transactions that meet the definition of "related transactions" under listing rules[120]

Financial Performance - Total third-party revenues for the year ended December 31, 2024, reached RMB 7,355,677 thousand, a significant increase from RMB 5,952,028 thousand in 2023, representing a growth of approximately 23.5%[40] - Net income for the year ended December 31, 2024, was RMB 1,567,026 thousand, compared to RMB 1,099,218 thousand in 2023, reflecting an increase of about 42.5%[40] - The total assets as of December 31, 2024, amounted to RMB 19,310,672 thousand, up from RMB 14,962,820 thousand in 2023, indicating a growth of approximately 29.4%[42] - Cash and cash equivalents as of December 31, 2024, totaled RMB 2,553,090 thousand, compared to RMB 1,414,184 thousand in 2023, marking an increase of about 80.4%[41] - The company reported a loss from operations of RMB 90,770 thousand for the year ended December 31, 2024, a decrease from a loss of RMB 62,291 thousand in 2023[40] - Other non-operating income for the year ended December 31, 2024, was RMB 659,714 thousand, compared to RMB 640,818 thousand in 2023, showing a slight increase of about 2.3%[40] - The share of income from subsidiaries and VIE for the year ended December 31, 2024, was RMB 1,368,435 thousand, compared to RMB 697,047 thousand in 2023, reflecting a growth of approximately 96.5%[40] - Total liabilities as of December 31, 2024, were RMB 4,347,852 thousand, compared to RMB 4,775,556 thousand in 2023, indicating a decrease of about 9.0%[42] - The company had short-term investments totaling RMB 6,639,389 thousand as of December 31, 2024, compared to RMB 4,445,982 thousand in 2023, representing an increase of approximately 49.3%[41] - Deferred revenue as of December 31, 2024, was RMB 3,084,839 thousand, up from RMB 2,790,780 thousand in 2023, indicating an increase of about 10.6%[41] Regulatory Environment - The company is subject to the Holding Foreign Companies Accountable Act, which could impact trading of its shares if audit reports are not from inspected firms[33] - The company operates as a Cayman Islands holding company with no equity ownership in the VIE, which introduces regulatory risks[63] - The company may face legal and regulatory scrutiny due to complex data protection and cybersecurity laws in mainland China[63] - The company is subject to the PRC Personal Information Protection Law, which took effect on November 1, 2021, and may face penalties for non-compliance[77] - The company may be required to disclose personal information to PRC governmental authorities, potentially damaging user trust[80] - The company has not obtained the Audio-Visual License required for providing internet audio-visual program services, which may expose it to penalties or legal proceedings[99] - The company holds an ICP license essential for its operations, but there is uncertainty regarding its renewal and sufficiency for all business activities[100] - The PRC Data Security Law and other regulations may impose additional operational costs and affect user growth and engagement[84] - The company is subject to various governmental authorities' regulations, which may impact its business activities and require compliance with a range of operational standards[98] - The company faces uncertainties regarding the interpretation and application of the PRC Foreign Investment Law, which took effect on January 1, 2020[174] Operational Challenges - The company faces significant competition in China's online recruitment service market, which may adversely affect its market share and financial condition if it cannot compete effectively[66] - A slowdown in the Chinese or global economy may lower hiring budgets of enterprise users, adversely affecting demand for the company's services[69] - The company must continue to improve user experience and technology systems, which may require substantial costs and resources[61] - The company’s ability to attract and retain users depends on the number of job postings and employers on its online recruitment platform[58] - The company has established a dedicated team to develop services for blue-collar job seekers to meet evolving user preferences[61] - The company’s operations are sensitive to environmental, social, and governance (ESG) issues, with potential impacts on capital access and regulatory compliance costs[144] - The company’s ability to attract and retain qualified personnel is critical, with intense competition for talent potentially affecting service quality and financial performance[150] Financial Risks - The company may require additional capital for business objectives, but obtaining such capital may be uncertain and could dilute shareholder equity[119] - The company's cash balances are concentrated in third-party financial institutions, exposing it to risks associated with liquidity and financial market conditions[111] - Changes in mobile operating systems and internet infrastructure could harm user retention and engagement on the online recruitment platform[115] - The company faces risks from employee misconduct and third-party actions that could harm its reputation and market share[108] - The online recruitment platform is vulnerable to malware, viruses, and phishing attacks, which could adversely affect user experience and retention[123] - Spam activities on the platform may lead to reduced user engagement and increased operational costs due to the diversion of technology team resources[124] - Compliance with the PRC Data Security Law is critical, as failure to meet obligations could result in fines or suspension of business operations[125] - The reliance on third-party online payment systems poses risks, including potential security breaches that could damage user trust and lead to financial losses[132] Legal and Compliance Issues - The company may face legal liabilities associated with the recruitment process, which could materially impact its business and results of operations[74] - The company does not maintain insurance coverage for liabilities arising from claims by employers, employees, candidates, or third parties[74] - The company may incur fines of up to RMB30,000 for failing to review the authenticity and legality of materials provided by employers[75] - The company faces concerns over the collection and improper use of personal information, which could deter users and result in legal liability[79] - The evolving regulatory landscape in mainland China regarding data protection and cybersecurity may increase operational costs and legal risks for the company[81] - The company has identified material weaknesses in its internal controls in the past and must maintain effective internal control over financial reporting to avoid loss of investor confidence[153] Market and Economic Conditions - Changes in China's economic, political, or social conditions could significantly impact the company's business and results of operations[178] - The growth rate of the Chinese economy has been slowing, which could adversely affect demand for the company's services[180] - The PCAOB's ability to inspect auditors in mainland China has implications for investor confidence in the company's financial statements[186] - Under the HFCAA, if the PCAOB cannot inspect the auditor for two consecutive years, the company's ADSs may be prohibited from trading in the U.S.[187] - The company relies on dividends from its mainland China subsidiaries for cash and financing requirements, which may be limited by PRC regulations[191] - Current PRC regulations require mainland China subsidiaries to set aside at least 10% of accumulated profits for reserve funds until it reaches 50% of registered capital[191] - Increases in labor costs in China are expected to continue, potentially impacting profitability if these costs cannot be passed on[194] - Fluctuations in exchange rates may materially affect revenues and financial position, with significant appreciation or depreciation of Renminbi impacting earnings[198][199] Strategic Initiatives - The company has recommenced new user registration on its BOSS Zhipin app effective from June 29, 2022, after cooperating with a cybersecurity review[82] - Future expansion efforts will require significant resource investments and may be subject to risks such as limited brand recognition and compliance with new regulations[90] - The company expects costs and expenses to continue increasing as it expands its user base and service offerings, which may strain its ability to maintain profitability[92] - Regulatory compliance costs may rise due to evolving data protection laws, which could adversely affect the company's operations and financial results[88] VIE Structure and Risks - The VIE is consolidated for accounting purposes despite the lack of legal majority ownership, allowing KANZHUN LIMITED to treat it as a consolidated entity under U.S. GAAP[28] - The VIE recorded RMB406.5 million (US$55.7 million) in service fees payable to the company's WFOE in 2024, with RMB350.9 million (US$48.1 million) settled by year-end[36] - The VIE may face a non-deductible transfer scenario if accumulated earnings exceed service fees paid, which could result in taxable income for the subsidiary in mainland China[38] - The VIE qualifies for a 15% preferential income tax rate in mainland China, which is temporary and may not be available in future periods[39] - The VIE structure contributed substantially all of the company's revenues in 2022, 2023, and 2024[162] - The VIE holds critical assets for the company's operations, and any bankruptcy or liquidation of the VIE could materially affect business activities[177] - The contractual arrangements with the VIE may not be as effective as direct ownership, potentially impacting operational control[165] - The company relies on the performance of the VIE and its shareholders under the contractual arrangements, which may not always align with the company's interests[166]

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

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

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

Financial Data and Key Metrics Changes - In Q4 2024, the company achieved GAAP revenue of RMB 1.82 billion, up 15% year-on-year [7] - For the full year 2024, GAAP revenue reached RMB 7.36 billion, reflecting a 24% year-on-year increase [8] - Adjusted net income for Q4 was RMB 720 million, a 15% increase year-on-year, while for the full year it was RMB 2.71 billion, up 26% year-on-year [8][37] - Adjusted operating income for the full year was RMB 2.32 billion, rising by 41% year-on-year [9] - The adjusted operating margin for Q4 reached a historical high of 36.1% [32] Business Line Data and Key Metrics Changes - Average verified monthly active users (MAU) on the BOSS Zhipin app increased by 28% year-on-year to 52.7 million in Q4 [7] - The number of paid enterprise customers reached 6.1 million, marking a 17% year-on-year growth [31] - Revenue contribution from blue-collar segments rose to 38% in 2024, with the manufacturing sector showing the fastest growth [13] - The average revenue per paying user (ARPPU) grew by 6.8% year-on-year in Q4 [31] Market Data and Key Metrics Changes - The recruitment market showed signs of stabilization towards the end of 2024, with a significant increase in active job postings post-Chinese New Year [26][63] - The job seeker to enterprise user ratio among new users improved compared to the same period last year [27] - AI-related job postings surged by over 60% year-on-year, indicating a revitalizing ecosystem for emerging business [28] Company Strategy and Development Direction - The company is focusing on enhancing user experience through continuous product and service optimization, particularly targeting blue-collar workers and micro/small enterprises [15] - There is an emphasis on AI applications, with ongoing development of AI-powered tools for both job seekers and recruiters [19][22] - The company plans to explore closed-loop services and placement-related services to further enhance its offerings [17][78] Management's Comments on Operating Environment and Future Outlook - Management noted that despite macroeconomic challenges, the user growth-driven revenue model remains effective [11] - The recruitment spending is expected to show an upswing trajectory post-Chinese New Year, with projected revenues for Q1 2025 between RMB 1.9 billion and RMB 1.92 billion [40] - Management expressed confidence in long-term growth, supported by robust cash reserves and operating cash flows [38][39] Other Important Information - The company repurchased approximately $229 million worth of shares in 2024, accounting for 3.7% of total outstanding shares [29] - Share-based compensation expenses as a percentage of revenue decreased by 2.3 percentage points compared to 2023 [9] Q&A Session Summary Question: Impact of AI boom driven by DeepSeek on online recruitment industry - Management noted a surge in AI-related job postings and active searches, indicating a significant shift in recruitment dynamics [46][47] - Concerns were raised about the potential pollution of resumes and job descriptions due to AI-generated content [50][51] Question: Recruitment demand between different enterprise sizes and industries - Management highlighted strong sequential growth in online active job postings, particularly in white-collar industries [63] - The overall cash inflow has shown an accelerating growth trend, indicating a recovery across various sectors [64] Question: Customer acquisition cost and marketing plans for 2025 - There are no major marketing campaigns planned for 2025, as the company is still in a fast user growth stage [72] - The traffic acquisition cost per user has decreased significantly due to improved brand awareness [72] Question: Revenue contribution and client feedback from blue-collar business - The Hailuo project has seen significant contract amounts and user engagement, indicating positive feedback and growth potential [76][78]

Financial Performance - In Q4 2024, the company achieved GAAP revenue of RMB1.82 billion, a 15% year-on-year increase [4] - Adjusted net income for Q4 reached RMB720 million, reflecting a 15% year-on-year growth [4] - For the full year 2024, GAAP revenue was RMB7.36 billion, up 24% year-on-year [5] - Adjusted net income for the full year was RMB2.71 billion, a 26% year-on-year increase [5] - Adjusted operating income for 2024 was RMB2.32 billion, rising by 41% year-on-year [5] - Share-based compensation expenses as a percentage of revenue decreased by 2.3 percentage points compared to 2023 [5] - The company reported a historical high adjusted operating margin of 36.1% in Q4 [24] Business Lines and User Metrics - Average verified monthly active users (MAU) on the app increased by 28% year-on-year to 52.7 million in Q4 [4] - The company attracted nearly 49.5 million new verified users in 2024, setting a record for annual user growth [5] - Revenue contribution from blue-collar segments rose to 38% in 2024, with the manufacturing sector showing the fastest growth [8][9] - The number of paid enterprise customers reached 6.1 million, marking a 17% year-on-year growth [22] Market Data and Trends - The recruitment market showed signs of stabilization towards the end of 2024, despite challenges [21] - Post-Chinese New Year, key metrics such as active users and job postings reached historical highs [18] - AI-related job postings surged by over 50% year-on-year, indicating a revitalized ecosystem for emerging business [19] Company Strategy and Industry Competition - The company is committed to enhancing user experience through continuous product and service optimization [10] - AI implementation is a key focus, with applications aimed at improving management efficiency and reducing costs [16] - The company plans to explore AI applications further, with a roadmap for new services [41] Management Commentary on Future Outlook - Management expects total revenues for Q1 2025 to be between RMB1.9 billion and RMB1.92 billion, reflecting a year-on-year increase of 11.5% to 12.7% [29] - The company aims for a non-GAAP operating profit target of RMB3 billion for 2025, a 30% increase from 2024 [54] Other Important Information - The company repurchased approximately $229 million worth of shares in 2024, accounting for 3.7% of total outstanding shares [20] - Cash position stood at RMB14.7 billion as of December 31, 2024, supporting future growth initiatives [28] Q&A Session Summary Question: Impact of AI boom on online recruitment industry - Management noted a significant increase in AI-related job postings and active searches, indicating a shift in recruitment dynamics [32][34] Question: Future roadmap for AI product development - The company plans to continue investing in AI applications and has already established a strong computing power base [39][41] Question: Recruitment demand across different enterprise sizes and industries - Management highlighted strong sequential growth in recruitment demand, particularly in AI-related jobs [46] Question: Customer acquisition cost and marketing plans for 2025 - There are no major marketing campaigns planned for 2025, with a focus on user growth and brand awareness [52] Question: Revenue contribution from blue-collar business and client feedback - The blue-collar segment is growing, with significant contributions from the HaiLuo program [56]

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

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

Group 1 - KANZHUN LIMITED Sponsored ADR (BZ) is a notable stock in the Computer and Technology sector, currently outperforming its peers with a year-to-date gain of approximately 10.5% compared to the sector average of 1.9% [4] - The Zacks Rank for KANZHUN LIMITED is 1 (Strong Buy), indicating a favorable outlook based on earnings estimate revisions and improving earnings prospects [3] - The Zacks Consensus Estimate for BZ's full-year earnings has increased by 0.7% in the past quarter, reflecting improved analyst sentiment [4] Group 2 - KANZHUN LIMITED is part of the Internet - Software industry, which has seen an average gain of 15.8% this year, indicating that BZ is slightly underperforming its industry [6] - Another stock in the Computer and Technology sector, Celestica (CLS), has outperformed with a year-to-date increase of 43% and a Zacks Rank of 1 (Strong Buy) [5] - The Electronics - Manufacturing Services industry, to which Celestica belongs, is ranked 3 and has gained 18.2% this year [6]