Financial Performance - For Q4 2023, the revenue was RMB 1,580.2 million (USD 222.6 million), a 46.0% increase from RMB 1,082.3 million in Q4 2022[4] - For the full year 2023, the revenue reached RMB 5,952.0 million (USD 838.3 million), up 31.9% from RMB 4,511.1 million in 2022[4] - The net profit for Q4 2023 was RMB 331.2 million (USD 46.7 million), compared to a net loss of RMB 184.8 million in Q4 2022[4] - Adjusted net profit for Q4 2023 was RMB 628.6 million (USD 88.5 million), significantly up from RMB 59.5 million in Q4 2022[4] - The net profit for the year 2023 was RMB 1,099,218 thousand, compared to a net loss of RMB 107,245 thousand in 2022, marking a significant turnaround[22] - Adjusted net profit for the full year 2023 was RMB 2,156.2 million (USD 303.7 million), compared to RMB 799.4 million in 2022, driven by improved operational efficiency and increased interest and investment income[12] - The adjusted net profit for Q4 2023 was RMB 628,647 thousand, compared to a loss of RMB 184,793 thousand in Q4 2022, marking a turnaround of over 440%[25] User Metrics - The average monthly active users for Q4 2023 were 41.2 million, a 33.3% increase from 30.9 million in Q4 2022[4] - The total number of paying enterprise customers reached 5.2 million for the year, a 44.4% increase from 3.6 million in 2022[4] Operating Costs and Expenses - The operating costs for Q4 2023 totaled RMB 1,363.3 million (USD 192.0 million), a decrease of 4.4% from RMB 1,426.1 million in Q4 2022[6] - Total operating costs and expenses for the full year 2023 were RMB 5,406.4 million (USD 761.5 million), an increase of 16.1% from RMB 4,658.2 million in 2022[11] - Marketing expenses for Q4 2023 were RMB 433.5 million (USD 61.1 million), a 36.4% decrease from RMB 682.1 million in Q4 2022 due to reduced advertising costs[6] - R&D expenses for Q4 2023 were RMB 430.2 million (USD 60.6 million), an increase of 46.3% compared to RMB 294.1 million in Q4 2022, primarily due to higher employee-related costs and increased technology investments[7] Cash Flow and Liquidity - Operating cash flow for Q4 2023 was RMB 926.8 million (USD 130.5 million), a substantial increase from RMB 155.5 million in Q4 2022[9] - The net cash flow from operating activities for Q4 2023 was RMB 926,837 thousand, a significant increase from RMB 155,543 thousand in Q4 2022, representing a growth of 495%[24] - Cash and cash equivalents decreased to RMB 2,472,959 thousand as of December 31, 2023, down from RMB 9,751,824 thousand at the end of 2022[23] - The cash and cash equivalents at the end of Q4 2023 were RMB 2,472,959 thousand, a slight increase from RMB 2,444,620 thousand at the end of Q3 2022[24] - The company reported a net cash flow from financing activities of RMB (442,151) thousand in Q4 2023, down from RMB (627,954) thousand in Q4 2022, indicating reduced financing outflows[24] Future Outlook - The company expects total revenue for Q1 2024 to be between RMB 1.64 billion and RMB 1.67 billion, representing a year-over-year increase of 28.3% to 30.7%[16] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22] Recruitment Services - The online recruitment service revenue for enterprise clients in Q4 2023 was RMB 1,566.7 million (USD 220.7 million), a 46.5% increase from RMB 1,069.6 million in Q4 2022[5] - Revenue from online recruitment services for enterprise clients in 2023 was RMB 5,889.1 million (USD 829.5 million), up 32.0% from RMB 4,461.3 million in 2022, driven by user growth and engagement[10] Shareholder Returns - The company approved a new share repurchase plan in March 2024, allowing for the repurchase of up to USD 200 million of shares over a 12-month period[15] Financial Metrics and Definitions - The company utilizes non-GAAP financial metrics such as adjusted net profit and adjusted earnings per share to assess operational performance[19] - Non-GAAP financial metrics are not defined by US GAAP and should not replace the most directly comparable GAAP financial metrics[20] - The company emphasizes the importance of cash receipts as a key indicator of financial performance and service demand[19] - Cash receipts calculated from deferred revenue changes plus recognized income are used to measure sales growth, indicating strong service demand[19] Company Overview - The company operates China's leading online recruitment platform "BOSS Zhipin," which connects job seekers and corporate users through a highly interactive mobile application[21] - The mobile application focuses on intelligent recommendations and creates new scenarios in the online recruitment process[21] - The strong network effect from a large and diverse user base enhances recruitment efficiency and drives rapid expansion[21]

Financial Performance - For Q3 2023, the revenue was RMB 1,606.6 million (USD 220.2 million), an increase of 36.3% compared to RMB 1,178.6 million in Q3 2022[5] - The calculated cash receipts for Q3 2023 were RMB 1,635.8 million (USD 224.2 million), up 32.1% from RMB 1,238.2 million in the same period last year[5] - Net profit for Q3 2023 was RMB 425.7 million (USD 58.3 million), up 101.1% from RMB 211.7 million in Q3 2022[5] - Adjusted net profit for Q3 2023 was RMB 714.1 million (USD 97.9 million), an increase of 89.6% from RMB 376.6 million in the same quarter last year[5] - Operating profit for Q3 2023 was RMB 261.0 million (USD 35.8 million), an increase of 89.3% compared to RMB 137.9 million in Q3 2022[8] - Total revenue for the three months ended September 30, 2023, was RMB 1,606,636 thousand, representing a year-over-year increase of 36.3% from RMB 1,178,563 thousand in the same period of 2022[20] - Net profit for the three months ended September 30, 2023, was RMB 425,717 thousand, a significant increase of 100.5% compared to RMB 211,717 thousand in the same period of 2022[20] - Adjusted net profit for the nine months ended September 30, 2023, was RMB 1,527,538, a substantial increase of 106.5% from RMB 739,999 for the same period in 2022[24] User Metrics - The average monthly active users reached 44.6 million, a 37.7% increase from 32.4 million in Q3 2022[5] - The total number of paying enterprise customers was 4.9 million, a 32.4% increase from 3.7 million in the previous year[5] Expenses and Costs - The operating costs and expenses totaled RMB 1,358.7 million (USD 186.2 million), a 30.1% increase from RMB 1,044.1 million in Q3 2022[7] - Research and development expenses for Q3 2023 were RMB 414.4 million (USD 56.8 million), a 42.8% increase from RMB 290.2 million in Q3 2022[7] - The company reported a total operating cost of RMB 1,358,727 thousand for the three months ended September 30, 2023, which is an increase of 30.1% from RMB 1,044,125 thousand in the same period of 2022[20] Cash Flow and Assets - Cash flow from operating activities for Q3 2023 was RMB 812.6 million (USD 111.4 million), an increase of 121.7% compared to RMB 366.6 million in Q3 2022[10] - As of September 30, 2023, cash and cash equivalents totaled RMB 12,799.2 million (USD 1,754.3 million)[10] - Cash flow from operating activities for the nine months ended September 30, 2023, was RMB 2,120,172, compared to RMB 847,499 for the same period in 2022, indicating a significant increase of 150.3%[23] - Total assets increased to RMB 17,323,613 as of September 30, 2023, from RMB 14,826,867 as of December 31, 2022, reflecting a growth of 16.8%[22] - Cash and cash equivalents decreased to RMB 2,444,620 as of September 30, 2023, from RMB 9,751,824 at the beginning of the year, a decline of 74.9%[23] Shareholder Returns - The board approved a special cash dividend of approximately USD 80 million, reflecting the company's commitment to providing sustainable value to shareholders[5] - The company announced a special cash dividend of USD 0.09 per ordinary share and USD 0.18 per American Depositary Share, totaling approximately USD 80 million[11] Future Outlook - The company expects total revenue for Q4 2023 to be between RMB 1.51 billion and RMB 1.55 billion, representing a year-over-year increase of 39.6% to 43.3%[14] - A new share repurchase plan was approved in March 2023, allowing the company to repurchase up to USD 150 million of its shares within the next 12 months[13] - The company plans to continue expanding its user base and enhancing its mobile application features to improve recruitment efficiency and drive growth[20] Conference and Reporting - The company will hold a conference call on November 14, 2023, to discuss financial performance[15] - The company utilizes non-GAAP financial metrics to assess business performance, including adjusted net profit and adjusted earnings per share[17] Earnings Per Share - The diluted earnings per share for the three months ended September 30, 2023, was RMB 0.47, compared to RMB 0.23 in the same period of 2022[20] - The basic adjusted earnings per share for the three months ended September 30, 2023, was RMB 0.82, compared to RMB 0.43 for the same period in 2022, reflecting an increase of 90.7%[24]

Financial Performance - Revenue for the first half of 2023 reached RMB 2,765.2 million, representing a 22.9% increase compared to RMB 2,250.2 million in the same period of 2022[6] - Net profit for the first half of 2023 was RMB 342.3 million, a significant increase of 326.1% from RMB 80.3 million in the first half of 2022[6] - Adjusted net profit (non-GAAP) for the first half of 2023 was RMB 813.5 million, up 123.9% from RMB 363.4 million in the same period of 2022[6] - The company reported a pre-tax profit of RMB 383.7 million for the first half of 2023, a remarkable increase of 306.3% from RMB 94.4 million in the same period of 2022[6] - Total revenue increased by 22.9% from RMB 2,250.2 million in the first half of 2022 to RMB 2,765.2 million in the first half of 2023[19] - Revenue from online recruitment services for enterprise clients rose by 22.6% to RMB 2,730.9 million in the first half of 2023, compared to RMB 2,227.2 million in the same period of 2022[22] - Other services revenue, primarily from paid value-added services for job seekers, increased by 49.1% to RMB 34.3 million in the first half of 2023 from RMB 23.0 million in the first half of 2022[22] - Operating profit grew by 33.8% from RMB 73.0 million in the first half of 2022 to RMB 97.7 million in the first half of 2023[27] User Engagement - Average monthly active users reached 41.7 million in the first half of 2023, a 61.0% increase from 25.9 million in the first half of 2022[9] - The average daily active users to monthly active users ratio was 26.8% in the first half of 2023, consistent with the previous year[9] - The company reported a significant increase in daily active users, with a total of 1.5 million users logging in at least once per day on the BOSS recruitment mobile application[118] - The company reported a total of 55 million monthly active users as of June 30, 2023, indicating a significant user engagement[119] Operational Efficiency - The company aims to enhance operational efficiency to achieve sustainable high-quality growth in the future[10] - The company continues to focus on technology innovation and user experience optimization to strengthen its leadership in the online recruitment market in China[9] - The company is committed to continuous improvement in its operational efficiency and cost management strategies to enhance profitability[118] Expenses and Costs - Operating costs rose by 47.2% to RMB 517.5 million in the first half of 2023, up from RMB 351.6 million in the first half of 2022[23] - Marketing expenses increased by 19.4% to RMB 1,100.4 million in the first half of 2023, compared to RMB 921.9 million in the first half of 2022[24] - R&D expenses grew by 16.8% to RMB 699.0 million in the first half of 2023 from RMB 598.4 million in the first half of 2022[25] - General and administrative expenses increased by 16.3% to RMB 367.6 million in the first half of 2023, up from RMB 316.0 million in the first half of 2022[26] Cash Flow and Financial Position - As of June 30, 2023, total cash and cash equivalents, time deposits, and short-term investments amounted to RMB 12.8 billion, with a net cash flow from operating activities of RMB 1.3 billion for the first half of 2023[29] - The group had no interest-bearing bank or other borrowings as of June 30, 2023, resulting in a debt-to-equity ratio of zero[30][32] - Cash and cash equivalents decreased to RMB 2,740,769 thousand as of June 30, 2023, from RMB 9,751,824 thousand as of December 31, 2022, a decline of 71.9%[66] - Total assets increased to RMB 16,382,801 thousand as of June 30, 2023, from RMB 14,826,867 thousand as of December 31, 2022, representing a growth of 10.5%[66] - Total liabilities rose to RMB 3,550,793 thousand as of June 30, 2023, compared to RMB 3,186,104 thousand as of December 31, 2022, an increase of 11.5%[66] Corporate Governance - The company has complied with all provisions of the corporate governance code, except for the separation of roles between the Chairman and CEO, which is held by Mr. Zhao[38] - The company has established a corporate governance committee to ensure compliance with regulations and protect shareholder interests[43] - The corporate governance committee consists of three independent non-executive directors, with Zhao Peng serving as the chairman[43] Share Structure and Incentives - The company has a dual-class share structure, with Class A shares granting one vote and Class B shares granting ten votes, allowing significant voting control to Mr. Zhao, who holds approximately 16.2% of the issued shares[36] - The company has a total of 19,355,262 Class A shares reserved for future grants under the share incentive plan, which will affect voting rights if exercised[36] - The board of directors has approved a share incentive plan to motivate key employees, which is expected to drive productivity and innovation[120] Future Outlook - The company has outlined future performance guidance, aiming for a revenue growth rate of 20% year-over-year for the next fiscal year[118] - The company plans to expand its market presence in Southeast Asia, targeting a 15% increase in user acquisition by the end of 2024[120] - New product launches are expected to contribute an additional RMB 300 million in revenue for the second half of 2023[120] - A strategic acquisition is in progress, which is projected to enhance the company's market share by 10%[120]

Financial Performance - Revenue for the six months ended June 30, 2023, was RMB 2,765,161 thousand, representing a 22.9% increase from RMB 2,250,224 thousand in the same period of 2022[2] - Operating profit increased by 33.8% to RMB 97,732 thousand for the six months ended June 30, 2023, compared to RMB 73,029 thousand in the prior year[2] - Net profit surged by 326.1% to RMB 342,260 thousand for the six months ended June 30, 2023, up from RMB 80,321 thousand in the same period of 2022[2] - Adjusted net profit (non-GAAP) reached RMB 813,453 thousand, a 123.9% increase from RMB 363,367 thousand in the same period of 2022[2] - Total revenue increased by 22.9% from RMB 2,250.2 million in the first half of 2022 to RMB 2,765.2 million in the first half of 2023[16] - Revenue from online recruitment services for corporate clients rose by 22.6% to RMB 2,730.9 million in the first half of 2023, compared to RMB 2,227.2 million in the same period of 2022[15] - The company achieved a net profit of RMB 309.6 million and an adjusted net profit of RMB 568.5 million in Q2 2023, both representing historical highs for the company[6] - The company reported a pre-tax profit of RMB 383,740 thousand for the six months ended June 30, 2023, up from RMB 94,444 thousand in the same period of 2022, indicating a growth of approximately 305.5%[40] User Engagement - Average monthly active users (MAUs) increased by 61.0% to 41.7 million for the six months ended June 30, 2023, compared to 25.9 million in the same period of 2022[5] - The average daily active users (DAUs) as a percentage of MAUs remained stable at 26.8% for the first half of 2023[5] Expenses and Investments - Marketing expenses rose by 19.4% to RMB 1,100.4 million in the first half of 2023, compared to RMB 921.9 million in the first half of 2022[18] - Research and development expenses increased by 16.8% to RMB 699.0 million in the first half of 2023, up from RMB 598.4 million in the same period of 2022[19] - The company invested RMB 100.0 million in August 2023 to acquire approximately 1.38% equity in a technology company[59] Cash and Assets - Cash and cash equivalents, along with short-term investments, totaled RMB 12.8 billion as of June 30, 2023[24] - Cash and cash equivalents decreased to RMB 2,740,769 thousand as of June 30, 2023, down from RMB 9,751,824 thousand as of December 31, 2022, a decline of approximately 71.9%[41] - Total assets increased to RMB 16,382,801 thousand as of June 30, 2023, from RMB 14,826,867 thousand as of December 31, 2022, representing a growth of approximately 10.5%[41] - The total amount of fixed deposits and short-term investments grew from RMB 3,458.1 million as of December 31, 2022, to RMB 10,050.1 million as of June 30, 2023, an increase of about 190.5%[53] Corporate Governance and Shareholder Communication - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited consolidated financial statements for the six months ended June 30, 2023[37] - The company complied with all corporate governance codes during the reporting period, except for the separation of roles between the chairman and CEO[35] - The announcement reflects the company's commitment to corporate governance[60] - The board is actively involved in overseeing the company's operations and performance[60] - The company is focused on transparency and timely communication with stakeholders[60] - The interim report will include key financial metrics and operational highlights[60] Future Outlook and Strategy - The company continues to focus on technology innovation and user experience optimization to strengthen its leadership in the online recruitment market in China[5] - The company is confident in further improving operational efficiency to achieve sustainable high-quality growth in the future[6] - The company plans to enhance its technology infrastructure and optimize data analytics and deep learning capabilities to improve user experience[14] - The company aims to expand its user base across various industries and regions in the second half of 2023[14] Share Repurchase and Debt - The company approved a share repurchase plan allowing for the buyback of up to $150 million worth of shares over the next 12 months[13] - The company repurchased a total of 721,426 American Depositary Shares (equivalent to 1,442,852 Class A ordinary shares) for a total consideration of $9,999,822.98 during the reporting period[38] - The highest price paid per share during the buyback was $7.185, while the lowest was $6.585[38] - The company's debt ratio was zero as of June 30, 2023, with no borrowings reported[29] Tax and Liabilities - Total income tax expense surged from RMB 14.1 million in 2022 to RMB 41.5 million in 2023, marking an increase of approximately 194.5%[50] - The deferred income tax expense for 2023 was RMB 14.4 million, indicating the company’s strategic tax planning efforts[50] - The total liabilities for other payables and accrued liabilities decreased from RMB 633.5 million as of December 31, 2022, to RMB 520.0 million as of June 30, 2023, a reduction of about 17.8%[58] Employee Statistics - The company had a total of 5,434 employees as of June 30, 2023, with 49.7% in sales and marketing, 24.8% in R&D, and 20.4% in operations[32] Legal and Regulatory Matters - The company has not been involved in any significant litigation or arbitration during the reporting period[39] - There were no major events after the reporting period that could impact the company[39]

Financial Performance - For Q2 2023, the revenue was RMB 1,487.6 million (USD 205.2 million), an increase of 33.7% compared to RMB 1,112.3 million in Q2 2022[4] - The calculated cash receipts for Q2 2023 were RMB 1,619.5 million (USD 223.3 million), up 65.4% from RMB 979.2 million in the same period last year[4] - The net profit for Q2 2023 was RMB 309.6 million (USD 42.7 million), a significant increase of 234.7% from RMB 92.5 million in Q2 2022[4] - The adjusted net profit for Q2 2023 was RMB 568.5 million (USD 78.4 million), up 134.6% from RMB 242.3 million in the same quarter last year[4] - Operating profit for Q2 2023 was RMB 175.0 million (USD 24.1 million), an increase of 129.4% compared to RMB 76.3 million in Q2 2022[8] - Total revenue for the three months ended June 30, 2023, was RMB 1,487,615 thousand, representing a 33.7% increase from RMB 1,112,344 thousand in the same period of 2022[18] - Net profit attributable to ordinary shareholders for the three months ended June 30, 2023, was RMB 309,597 thousand, a significant increase of 234.5% compared to RMB 92,493 thousand in the same period of 2022[18] - Total revenue for the six months ended June 30, 2023, was RMB 2,765,161,000, representing a year-over-year increase from RMB 2,250,224,000[22] - Net profit for the three months ended June 30, 2023, was RMB 309,597,000, compared to RMB 92,493,000 for the same period in 2022, reflecting a significant increase[22] - Adjusted net profit for the six months ended June 30, 2023, was RMB 813,453,000, compared to RMB 363,367,000 for the same period in 2022[22] User and Customer Growth - The average monthly active users reached 43.6 million, a 64.5% increase from 26.5 million in Q2 2022[4] - The total number of paying enterprise customers was 4.5 million, an 18.4% increase from 3.8 million as of June 30, 2022[4] Expenses and Costs - Operating costs and expenses totaled RMB 1,310.8 million (USD 180.8 million), a 25.8% increase from RMB 1,041.8 million in Q2 2022[6] - Marketing expenses for Q2 2023 were RMB 471.6 million (USD 65.0 million), an 18.0% increase from RMB 399.5 million in Q2 2022[7] - R&D expenses for Q2 2023 were RMB 365.9 million (USD 50.5 million), an 18.9% increase from RMB 307.7 million in Q2 2022[7] - The company reported a total operating cost of RMB 1,310,808 thousand for the three months ended June 30, 2023, which is a 25.8% increase from RMB 1,041,790 thousand in the same period of 2022[18] - Research and development expenses for the six months ended June 30, 2023, totaled RMB 698,975 thousand, an increase of 16.8% from RMB 598,425 thousand in the same period of 2022[18] Cash Flow and Investments - Net cash flow from operating activities for Q2 2023 was RMB 763.7 million (USD 105.3 million), representing a 308.6% increase from RMB 186.9 million in Q2 2022[10] - Cash flow from operating activities for the six months ended June 30, 2023, was RMB 1,307,618,000, up from RMB 480,948,000 in the same period of 2022[21] - The company reported a net cash outflow from investing activities of RMB (8,390,368,000) for the six months ended June 30, 2023, compared to RMB (97,909,000) for the same period in 2022[21] Future Outlook - The company expects total revenue for Q3 2023 to be between RMB 1.53 billion and RMB 1.56 billion, reflecting a year-over-year increase of 29.8% to 32.3%[12] - The company aims to enhance operational efficiency for sustainable high-quality growth in the future[5] Shareholder Information - Basic and diluted earnings per American Depositary Share for Q2 2023 were RMB 0.71 (USD 0.10) and RMB 0.69 (USD 0.09), respectively, compared to RMB 0.21 and RMB 0.20 in Q2 2022[9] - Adjusted earnings per American Depositary Share for Q2 2023 were RMB 1.31 (USD 0.18) and RMB 1.26 (USD 0.17), up from RMB 0.56 and RMB 0.53 in the same period last year[9] - The board approved a share repurchase plan in March 2023, allowing the company to repurchase up to USD 150 million worth of shares over the next 12 months[11] Financial Position - As of June 30, 2023, cash and cash equivalents, along with short-term investments, totaled RMB 12,790.8 million (USD 1,763.9 million)[11] - Total assets increased from RMB 14,826,867,000 as of December 31, 2022, to RMB 16,382,801,000 as of June 30, 2023[20] - Cash and cash equivalents decreased from RMB 9,751,824,000 at the end of 2022 to RMB 2,740,769,000 by June 30, 2023[21] - Deferred revenue increased from RMB 2,060,892,000 as of December 31, 2022, to RMB 2,564,777,000 as of June 30, 2023[20] - The total liabilities rose from RMB 3,186,104,000 at the end of 2022 to RMB 3,550,793,000 by June 30, 2023[20] - The company’s total equity increased from RMB 11,640,763,000 as of December 31, 2022, to RMB 12,832,008,000 as of June 30, 2023[20] Non-GAAP Metrics - The company emphasizes the importance of non-GAAP financial metrics to assess operational performance and trends[15]

Financial Performance - For Q1 2023, the revenue was RMB 1,277.5 million (USD 186.0 million), an increase of 12.3% compared to RMB 1,137.9 million in Q1 2022[4] - The calculated cash receipts for Q1 2023 were RMB 1,649.6 million (USD 240.2 million), up 27.7% from RMB 1,291.5 million in Q1 2022[4] - The net profit for Q1 2023 was RMB 32.7 million (USD 4.8 million), compared to a net loss of RMB 12.2 million in Q1 2022[4] - Adjusted net profit for Q1 2023 was RMB 245.0 million (USD 35.7 million), a 102.3% increase from RMB 121.1 million in Q1 2022[4] - Operating cash flow for Q1 2023 was RMB 543.9 million (USD 79.2 million), up 85.0% from RMB 294.0 million in Q1 2022[9] - Total revenue for the three months ended March 31, 2023, was RMB 1,277,546 thousand, representing a 12.3% increase from RMB 1,137,880 thousand in the same period of 2022[15] - The net profit for the three months ended March 31, 2023, was RMB 32,663 thousand, a turnaround from a net loss of RMB 12,172 thousand in the same period of the previous year[19] - Adjusted net profit for the three months ended March 31, 2023, was RMB 244,954 thousand, compared to RMB 121,054 thousand for the same period in 2022, reflecting a significant increase of approximately 102.5%[19] User Metrics - The average monthly active users in Q1 2023 reached 39.7 million, a 57.5% increase from 25.2 million in Q1 2022[4] - The total number of paid enterprise customers remained stable at 4.0 million as of March 31, 2023, compared to the same period in 2022[4] Expenses - Operating costs and expenses totaled RMB 1,373.7 million (USD 200.0 million) in Q1 2023, a 19.9% increase from RMB 1,146.1 million in Q1 2022[6] - Marketing expenses in Q1 2023 were RMB 628.8 million (USD 91.6 million), up 20.4% from RMB 522.4 million in Q1 2022[6] - Research and development expenses for Q1 2023 were RMB 333.1 million (USD 48.5 million), an increase of 14.6% from RMB 290.7 million in Q1 2022[6] - The company reported a significant increase in equity incentive expenses, which rose to RMB 212,291 thousand for the three months ended March 31, 2023, from RMB 133,226 thousand in the same period of 2022, an increase of approximately 59.4%[19] Shareholder Information - The adjusted earnings per American Depositary Share (ADS) for Q1 2023 were RMB 0.57 (USD 0.08), compared to RMB 0.28 in Q1 2022, reflecting strong growth[8] - The basic and diluted net profit per ADS for Q1 2023 were RMB 0.08 (USD 0.01) and RMB 0.07 (USD 0.01), respectively, compared to a loss of RMB 0.03 in the same period of 2022[8] - The company approved a new share repurchase plan in March 2023, allowing for the repurchase of up to USD 150 million worth of shares over the next 12 months[9] Future Outlook - The company expects total revenue for Q2 2023 to be between RMB 1.43 billion and RMB 1.46 billion, representing a year-over-year increase of 28.6% to 31.3%[9] - The company continues to focus on market expansion and new product development as part of its strategic initiatives moving forward[19] Cash and Assets - As of March 31, 2023, cash and cash equivalents, along with short-term investments, totaled RMB 13,456.1 million (USD 1,959.4 million)[9] - Cash and cash equivalents decreased to RMB 6,254,572 thousand as of March 31, 2023, down from RMB 9,751,824 thousand as of December 31, 2022[17] - Total assets as of March 31, 2023, were RMB 15,004,876 thousand, an increase from RMB 14,826,867 thousand as of December 31, 2022[17] Other Financial Metrics - The company emphasizes the importance of non-GAAP financial metrics for assessing business performance, which should not be solely relied upon[12] - The company reported a foreign exchange loss of RMB 1,099 thousand for the three months ended March 31, 2023, compared to a loss of RMB 442 thousand in the same period of 2022[15] - Deferred revenue increased to RMB 372,011 thousand for the three months ended March 31, 2023, from RMB 153,640 thousand in the same period of 2022, representing a growth of approximately 142.5%[19]

Financial Performance - Total revenue for 2022 was RMB 4,511,062 thousand, representing a 5.9% increase from RMB 4,259,128 thousand in 2021[6]. - The adjusted net profit for 2022 was RMB 799,449 thousand, a decrease of 6.2% from RMB 852,572 thousand in 2021[6]. - Operating loss for 2022 was RMB (129,519) thousand, a significant improvement from RMB (1,036,320) thousand in 2021, reflecting an 87.5% reduction[6]. - Net profit for 2022 was RMB 107.2 million, a significant turnaround from a net loss of RMB 1 billion in 2021[26]. - Total revenue increased by 5.9% from RMB 43 billion in 2021 to RMB 45 billion in 2022, driven by continuous investment in service capabilities[20]. - Revenue from online recruitment services for corporate clients was RMB 4,461.3 million in 2022, up 5.7% from RMB 4,219.0 million in 2021[20]. - Other services revenue, primarily paid value-added services for job seekers, rose by 24.2% to RMB 49.8 million in 2022 from RMB 40.1 million in 2021[20]. - Operating costs increased by 36.1% from RMB 554.6 million in 2021 to RMB 754.9 million in 2022, mainly due to higher employee-related expenses and server costs[21]. - Marketing expenses rose by 3.0% to RMB 2 billion in 2022, influenced by increased brand advertising costs during the 2022 FIFA World Cup[22]. - R&D expenses surged by 43.9% to RMB 1.2 billion in 2022, attributed to higher employee-related costs[23]. - General and administrative expenses decreased by 63.9% to RMB 719.7 million in 2022, following a one-time equity incentive expense of RMB 1.5 billion in 2021[24]. User Engagement - The number of monthly active users for 2022 reached 28.7 million, up 5.9% from 27.1 million in 2021[9]. - The average daily active users as a percentage of monthly active users remained stable at 27.2% in 2022, consistent with 2021[9]. - The CEO highlighted strong user growth and engagement since early 2023, indicating a recovery in recruitment demand[10]. - The CFO noted robust financial performance despite external challenges, maintaining efficient marketing activities while scaling user growth[10]. - The company continues to focus on technology innovation and enhancing user experience to strengthen its leadership in the online recruitment market[9]. - The platform connects job seekers and employers through a highly interactive mobile application, emphasizing a seamless user experience[11]. Cash and Assets - Cash and cash equivalents increased by 8.0% to RMB 132 billion as of December 31, 2022, from RMB 122 billion at the end of 2021[26]. - As of December 31, 2022, the company had no interest-bearing bank loans or other borrowings, resulting in a debt-to-equity ratio of zero[27][28]. - The total number of employees as of December 31, 2022, was 5,602, with 46.8% in sales and marketing, 25.8% in R&D, 22.4% in operations, and 5.0% in general administration[31]. - The company reported an operating loss of RMB 129.5 million in 2022, compared to an operating loss of RMB 1 billion in 2021[25]. - The company reported a significant increase in investment income, which rose to RMB 65,150 in 2022 from RMB 24,744 in 2021, an increase of 163.5%[161]. - Total assets increased to RMB 14,826,867 in 2022, up from RMB 13,641,623 in 2021, reflecting a growth of 8.7%[160]. Regulatory and Compliance Risks - The company faces risks related to currency fluctuations, as most revenues and expenses are denominated in RMB while cash and cash equivalents are primarily in USD[29]. - The company must comply with complex and evolving laws and regulations in mainland China, which could impact its operations and growth[37]. - The company is exposed to competition in the online recruitment market in China, which may impact its market share and financial performance[36]. - The company has significant risks associated with variable interest entity structures, which may be impacted by changes in Chinese laws and regulations[175]. - The company’s ability to execute contracts related to variable interest entities may be limited due to uncertainties in the Chinese legal system[175]. Corporate Governance - The board consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors[80]. - The company has adhered to all corporate governance code provisions as per the listing rules, except for the separation of roles between the Chairman and CEO[77]. - The company emphasizes a healthy corporate culture as essential for long-term success and sustainable development[78]. - The board will periodically reassess the separation of roles between the Chairman and CEO to ensure effective decision-making[77]. - The company is committed to high standards of corporate governance to protect shareholder interests and enhance accountability[78]. - The company has established a remuneration committee to review and recommend the remuneration of directors and senior management, consisting of two independent non-executive directors and one executive director[89]. Shareholder Relations - The company emphasizes effective communication with shareholders to enhance investor relations and understanding of business performance and strategies[114]. - The company is committed to timely and accurate disclosure of information to shareholders and the public[114]. - The company has established a shareholder communication policy to ensure ongoing dialogue with shareholders, particularly during annual general meetings[114]. - Major shareholders include Image Architecture Investment (Hong Kong) Limited and Tencent Holdings Limited, each holding 72,309,691 Class A ordinary shares, representing 9.98% of the total[120]. Equity Incentive Plans - The company has implemented a stock incentive plan for management and eligible employees, with expenses recognized based on the fair value of the awards granted[197]. - The maximum number of new shares that can be issued under the 2020 Share Incentive Plan is 145,696,410 shares, with an annual increase of 1.5% based on the total issued and outstanding shares[125]. - The 2020 Share Incentive Plan aims to attract and retain top talent by providing selected employees, directors, and consultants with additional rewards and opportunities to acquire shares[123]. - The company has not granted any options or awards under the 2020 Share Incentive Plan or the post-IPO share plan during the reporting period[122]. Audit and Financial Reporting - The independent auditor's report confirms that the consolidated financial statements reflect the group's financial position as of December 31, 2022, in accordance with US GAAP[149]. - The auditor's remuneration for audit and audit-related services for the years ended December 31, 2021, and 2022 was RMB 13,910 thousand and RMB 18,983 thousand, respectively, showing an increase in audit fees[196]. - The company has adopted ASC 842 for operating leases, recognizing right-of-use assets and lease liabilities based on the present value of lease payments[197]. - The company has not recognized any significant uncertain tax positions as of December 31, 2022, indicating a stable tax compliance status[198].

Financial Performance - Revenue for the year ended December 31, 2022, was RMB 4,511,062 thousand, representing a 5.9% increase from RMB 4,259,128 thousand in 2021[2] - Operating loss decreased significantly to RMB 129,519 thousand in 2022 from RMB 1,036,320 thousand in 2021, a reduction of 87.5%[2] - Net profit for 2022 was RMB 107,245 thousand, a turnaround from a net loss of RMB 1,071,074 thousand in 2021[2] - Adjusted net profit (non-GAAP measure) for 2022 was RMB 799,449 thousand, a decrease of 6.2% from RMB 852,572 thousand in 2021[2] - Total revenue for 2022 increased by 5.9% to RMB 4,511.1 million, up from RMB 4,259.1 million in 2021[17] - Revenue from online recruitment services for corporate clients was RMB 4,461.3 million in 2022, a 5.7% increase from RMB 4,219.0 million in 2021[17] - The company reported a net profit attributable to ordinary shareholders of RMB 107,245 thousand for the year ended December 31, 2022, compared to a net loss of RMB 1,235,139 thousand in 2021[39] - The company reported a significant increase in investment income to RMB 65,150 thousand in 2022 from RMB 24,744 thousand in 2021[40] User Engagement - Average monthly active users (MAUs) for 2022 reached 28.7 million, up 5.9% from 27.1 million in 2021[5] - The average daily active users (DAUs) as a percentage of MAUs remained stable at 27.2% in 2022, consistent with 2021[5] - The CEO noted strong user growth and engagement since early 2023, attributing it to improved brand awareness and competitive advantages[6] Expenses and Cost Management - Marketing expenses rose by 3.0% to RMB 2,000.9 million in 2022, primarily due to increased employee-related costs and brand advertising expenses[19] - Research and development expenses increased by 43.9% to RMB 1,182.7 million in 2022, attributed to higher employee-related costs[20] - The CFO expressed optimism for strong growth in 2023 while maintaining cost discipline in marketing and other expenses[6] Cash and Assets - Cash and cash equivalents increased by 8.0% to RMB 13.2 billion as of December 31, 2022, from RMB 12.2 billion at the end of 2021[22] - The company had a total asset value of RMB 14,826,867 thousand as of December 31, 2022, compared to RMB 13,641,623 thousand at the end of 2021[41] - The total liabilities increased to RMB 3,186,104 thousand as of December 31, 2022, from RMB 2,967,567 thousand at the end of 2021[41] Corporate Governance - The audit committee, consisting of three independent non-executive directors, reviewed the unaudited financial results for the year ended December 31, 2022, and found no disagreements regarding accounting policies with the board[32] - The company has complied with all provisions of the corporate governance code since its listing date, except for the separation of roles between the chairman and CEO[28] - The remuneration committee is responsible for reviewing and approving the compensation of directors and senior management, consisting of three directors[33] - The nomination committee evaluates the independence of independent non-executive directors and recommends appointments to the board[34] - The corporate governance committee ensures the company's operations align with shareholder interests and compliance with listing rules[35] Employee and Talent Management - As of December 31, 2022, the company had a total of 5,602 employees, with 46.8% in sales and marketing, 25.8% in R&D, 22.4% in operations, and 5.0% in general administration[25] - The company has adopted a global share incentive plan and a post-IPO share plan to provide competitive compensation and incentives to employees[25] Tax and Financial Efficiency - The company is eligible for a preferential income tax rate of 15% as a high-tech enterprise, which may impact future tax liabilities positively[49] - The company has the opportunity to deduct 200% of qualifying R&D expenses for the period from October 1, 2022, to December 31, 2022, enhancing its tax efficiency[49] - The company reported a total income tax expense of RMB 9,751 million for the year ended December 31, 2022, compared to RMB 59,527 million for the year ended December 31, 2021, indicating a significant reduction in tax expenses[50] Shareholder Returns - The company did not declare any final dividend for the year ended December 31, 2022[38] - The company did not declare any dividends for the years ended December 31, 2021, and 2022[58]

Revenue Performance - Q4 2022 revenue was RMB 1,082.3 million (USD 156.9 million), flat compared to Q4 2021[3] - Full-year 2022 revenue was RMB 4,511.1 million (USD 654.0 million), an increase of 5.9% from RMB 4,259.1 million in 2021[3] - Q4 2022 online recruitment service revenue from enterprise customers was RMB 1,069.6 million (USD 155.1 million), down 1.1% from RMB 1,082.0 million in Q4 2021[5] - Other service revenue in Q4 2022, mainly from paid value-added services to job seekers, increased by 44.8% to RMB 12.6 million (USD 1.8 million) from RMB 8.7 million in Q4 2021[5] - Total revenue for Q4 2022 was RMB 1,082,275 thousand, a slight decrease of 0.7% compared to RMB 1,090,650 thousand in Q4 2021[17] - Total revenue for the fiscal year 2022 was RMB 4,511,062 thousand, representing a 5.9% increase from RMB 4,259,128 thousand in 2021[21] User Metrics - Q4 2022 average monthly active users reached 30.9 million, a 26.6% increase from 24.4 million in Q4 2021[3] - The number of paying enterprise customers decreased by 10.0% to 3.6 million in 2022 from 4.0 million in 2021[3] Profitability and Loss - Q4 2022 net loss was RMB 184.8 million (USD 26.8 million), compared to a net profit of RMB 233.1 million in Q4 2021[3] - Adjusted net profit for full-year 2022 was RMB 799.4 million (USD 115.9 million), a decrease of 6.2% from RMB 852.6 million in 2021[3] - The operating loss for the full year 2022 was RMB 129.5 million (USD 18.8 million), significantly reduced from RMB 1,036.3 million in 2021, marking an 87.5% decrease[10] - The net loss for Q4 2022 was RMB 184,793 thousand, compared to a net profit of RMB 233,070 thousand in Q4 2021[17] - Adjusted net profit for the fiscal year 2022 was RMB 799,449 thousand, up from RMB 688,507 thousand in 2021, indicating a growth of 16.1%[21] Expenses - In Q4 2022, total operating costs and expenses amounted to RMB 1,426.1 million (USD 206.8 million), a 69.5% increase from RMB 841.4 million in Q4 2021[6] - In 2022, R&D expenses were RMB 1,182.7 million (USD 171.5 million), a 43.9% increase from RMB 822.0 million in 2021, primarily due to increased employee-related costs[9] - Marketing expenses for the full year 2022 were RMB 2,000.9 million (USD 290.1 million), a 3.0% increase from RMB 1,942.7 million in 2021, driven by increased employee-related costs and brand advertising expenses[9] - The company experienced a significant increase in stock-based compensation expenses, which rose to RMB 244,243 thousand in Q4 2022 from RMB 115,472 thousand in Q4 2021[21] Cash and Investments - As of December 31, 2022, cash and cash equivalents, along with short-term investments, totaled RMB 13,209.9 million (USD 1,915.3 million)[8] - Cash and cash equivalents decreased to RMB 9,751,824 thousand in 2022 from RMB 11,341,758 thousand in 2021, representing a decline of 14.0%[18] - The company reported a net cash used in investing activities of RMB (725,495) thousand for Q4 2022, compared to RMB 203,889 thousand in Q4 2021[19] - The cash flow from financing activities for Q4 2022 was a net outflow of RMB (627,954) thousand, compared to a net inflow of RMB 21,419 thousand in Q4 2021[19] Future Outlook - The company expressed optimism for strong growth in 2023, driven by user growth and engagement[4] - The CFO highlighted the importance of maintaining marketing efficiency while scaling user growth amidst external challenges[5] - The company expects total revenue for Q1 2023 to be between RMB 1,250 million and RMB 1,270 million, representing a year-over-year increase of 9.8% to 11.6%[11] Company Overview - The company operates China's leading online recruitment platform "BOSS Zhipin," connecting job seekers and corporate users through a highly interactive mobile application[16] - The mobile application focuses on intelligent recommendations and creates new scenarios in the online recruitment process, enhancing recruitment efficiency[16] - The company benefits from a large and diverse user base, which has formed a strong network effect to drive rapid expansion[16] Balance Sheet Highlights - Total assets increased to RMB 14,826,867 thousand in 2022, up from RMB 13,641,623 thousand in 2021, reflecting a growth of 8.7%[18] - The company’s total liabilities increased to RMB 3,186,104 thousand in 2022 from RMB 2,967,567 thousand in 2021, marking a rise of 7.4%[18] - The company’s total equity increased to RMB 11,640,763 thousand in 2022, up from RMB 10,674,056 thousand in 2021, reflecting a growth of 9.0%[18] Shareholder Actions - The company approved a new share repurchase plan in March 2023, allowing for the repurchase of up to USD 150 million in shares over the next 12 months[11]