Group 1 - The company BOSS Zhipin-W (02076) announced a share offering, which includes a public offering of 3 million shares in Hong Kong and an international offering of 27 million shares [1] - The maximum public offering price per share is set at HKD 78.00, with the net price per share calculated at HKD 75.38 [2] - The net proceeds from the share offering are expected to be approximately HKD 2.261 billion (around USD 288 million), after deducting estimated underwriting fees and other expenses [2] Group 2 - The share offering aims to enhance the company's financial flexibility, broaden its shareholder base, and increase the liquidity of its shares [2] - The net proceeds are anticipated to be used for investments in technology and related infrastructure, developing new businesses, and supporting strategic acquisitions or investment opportunities [2]

Core Insights - The core viewpoint of the article is that the online recruitment industry in China is evolving with a stable market share of around 70% for online recruitment channels, driven by advancements in matching algorithms and AI applications, leading to a projected market size of 18.3 billion in 2024 with a growth rate of 1.6% [1][17]. Development Status - Online recruitment accounts for approximately 70% of recruitment channels, benefiting from the efficiency of internet information dissemination and the evolution of recruitment models from job information directories to algorithmic matching [1][3]. - The market size of China's online recruitment industry is expected to reach 18.3 billion in 2024, with a year-on-year growth rate of 1.6% [1][17]. - The application of AI in recruitment platforms is anticipated to enhance value for businesses, contributing to a recovery in recruitment demand and a projected growth rate of 6.7% from 2025 to 2027 [1][17]. Supply and Demand Analysis - Over 60% of companies are reducing recruitment volumes due to operational pressures [2][42]. - The unemployment rate among young graduates (ages 16-24) is notably high during graduation seasons, while employment stabilizes around age 30 [2][45]. - The white-collar workforce shows a decreasing trend in voluntary resignation rates, indicating a preference for job security [2][47]. Development Trends - The application of AI models is expected to significantly enhance platform value, improving automation and precision in job matching, thus creating stronger competitive barriers for online recruitment platforms [2][15][75]. - Social media platforms are emerging as supplementary recruitment channels, although their operational models may limit their effectiveness in recruitment [2][77]. Market Size and Growth - The online recruitment industry is projected to reach a market size of 18.3 billion in 2024, with a recovery in growth rates expected due to improved economic conditions and AI applications [1][17]. - Monthly unique device numbers for recruitment apps are expected to exceed 85 million, with peaks during key recruitment seasons [20][30]. User Demographics - The user base of online recruitment platforms is becoming increasingly younger, with over 50.9% of users under 30 years old [27]. - The trend of younger blue-collar job seekers is rising, which is expected to enhance the penetration of online job searching among this demographic [60][61]. Recruitment Behavior - Job-seeking behaviors among university students are shifting earlier, with many starting to prepare resumes and seek internships as early as their first or second year [2][57]. - The competition for jobs is intensifying, leading to more pragmatic employment choices among graduates, who are increasingly focused on securing any job rather than ideal positions [2][51]. Blue-Collar Recruitment - The demand for blue-collar positions is on the rise, with a significant increase in job postings, particularly in logistics and skilled labor [60][61]. - The online recruitment landscape for blue-collar jobs is diversifying, with various platforms focusing on different aspects of the recruitment process [63][65].

Core Viewpoint - Despite a slowdown in revenue growth, the company has achieved positive growth in core operating metrics through excellent cost control [1][2] Group 1: Financial Performance - For Q1 2025, the company reported revenue of 1.923 billion (+12.88%), GAAP net profit of 518 million (+111.53%), adjusted net profit of 764 million (+43.93%), and adjusted operating profit of 692 million (+76.18%) with a non-GAAP operating profit margin (OPM) of 36.0% [2] - Revenue growth has slowed down, with quarterly growth rates for 2024Q1 to 2025Q1 being +33.37%, +28.85%, +18.98%, +15.40%, and +12.88% respectively [2] - The company has effectively reduced sales expense ratio by 8.46 percentage points, with absolute sales expenses decreasing by 88.05 million year-on-year; R&D expense ratio decreased by 5.42 percentage points, and management expense ratio decreased by 2.07 percentage points [2] Group 2: Future Outlook - Revenue growth is expected to continue slowing in Q2 2025, with projected revenue between 2.05 billion and 2.08 billion, representing a year-on-year increase of 6.9% to 8.5% [3] - The company has a clear and rational plan for AI product development in the human resources service sector, with products for B2B, B2C, and management already planned and clear application scenarios identified [3] - The company anticipates that these AI products will begin gray testing in Q2 to Q3 of 2025, potentially contributing to future revenue [3]

Group 1 - Kanzhun's 1Q25 performance shows solid fundamentals despite a challenging macroeconomic environment, with consolidated revenue aligning with consensus and earnings slightly exceeding expectations [1] - The midpoint of Q2 guidance is consistent with market expectations, indicating stability in the company's outlook [1] Group 2 - Astrada Advisors specializes in investment research across technology, media, internet, and consumer sectors in North America and Asia, focusing on identifying high-potential investments [1] - The research provided by Astrada Advisors integrates fundamental analysis with data-driven insights, offering a comprehensive understanding of market trends and competitive landscapes [1] - The firm aims to empower investors with timely research to navigate volatile markets and emerging trends [1]

Core Insights - The online recruitment industry in China is projected to reach a market size of 18.3 billion in 2024, with a year-on-year growth rate of 1.6%. The growth is expected to accelerate to an average of 6.7% from 2025 to 2027 due to the recovery of corporate hiring demand and the value brought by AI applications in recruitment platforms [1][17]. Development Status - Online recruitment accounts for approximately 70% of total recruitment channels, benefiting from the efficiency of internet information dissemination and the evolution of recruitment models from job information directories to algorithmic matching [1][3]. - The recruitment landscape is evolving, with new media recruitment accounting for 7.5% in 2024, surpassing traditional talent markets and offline recruitment channels [4]. Supply and Demand Analysis - Over 60% of companies are reducing hiring volumes in 2024 due to operational pressures [42]. - The unemployment rate among graduates aged 16-24 is notably high, while employment stabilizes around the age of 30 [45]. - The white-collar workforce shows a decreasing trend in voluntary resignation rates, indicating a preference for job security [47]. Development Trends - The application of AI models is expected to enhance platform value by improving automation and precision in job matching, creating stronger competitive barriers for recruitment platforms [15][75]. - Social media platforms are emerging as supplementary recruitment channels, although their operational models may limit their effectiveness in recruitment [77]. Market Size and Growth - The online recruitment market is expected to grow to 18.3 billion in 2024, with a recovery in hiring demand and AI applications driving growth to an average of 6.7% from 2025 to 2027 [17]. Mobile Traffic Insights - Monthly unique device numbers for recruitment apps are projected to exceed 85 million, with peaks during the recruitment seasons [20]. - The user demographic is skewing younger, with over 50.9% of users under 30 years old [27]. Recruitment Behavior - Graduates are increasingly using recruitment apps and company websites to submit resumes, indicating a shift in preferred application channels [53]. - The job search cycle for students is extending, with job preparation activities starting as early as their first year of college [57]. Blue-Collar Recruitment - The demand for blue-collar jobs is rising, with a significant increase in job postings, particularly in logistics and skilled labor [61]. - The blue-collar job-seeking demographic is becoming younger, which is expected to enhance online job search penetration [60].

Core Viewpoint - Kanzhun Limited (NASDAQ: BZ) has shown strong growth potential, with 4Q24 results boosting confidence in its outlook, leading to a reiterated buy rating for the stock [1]. Group 1: Company Performance - The 1Q25 results further strengthen the positive outlook for Kanzhun Limited, reinforcing the buy rating [1]. Group 2: Investment Strategy - The investment approach discussed includes fundamental investing, technical investing, and momentum investing, highlighting the merits of each strategy in enhancing the investment process [1].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Insights - The company reported better-than-expected operating profit for Q1 2025, with a revenue of 1.923 billion RMB, reflecting a year-on-year growth of 12.9% [1][7]. - Non-GAAP operating profit reached 691 million RMB, up 76.2% year-on-year, and Non-GAAP net profit attributable to shareholders was 770 million RMB, an increase of 44.2% [1][7]. - Cash collections for Q1 2025 were 2.180 billion RMB, showing a 6.3% year-on-year increase, indicating improved willingness of companies to pay for recruitment services [1][7]. Business Segmentation - The B-end online recruitment business generated 1.901 billion RMB in revenue, also reflecting a 12.9% year-on-year growth, with the number of paying enterprise clients reaching 6.38 million, a 12.3% increase [2][8]. - The average revenue per user (ARPU) was 1,170 RMB, up 5.6% year-on-year [2][8]. - The C-end revenue was 21.9 million RMB, growing 11.2% year-on-year, driven by an expanding job seeker base, with monthly active job seekers reaching 57.6 million, a 23.6% increase [2][8]. Financial Performance - The Non-GAAP operating profit margin for Q1 2025 was 36.0%, an increase of 13.0 percentage points year-on-year, with a gross margin of 83.8% [3][15]. - The company has optimized its sales, R&D, and management expense ratios, leading to significant improvements in profitability [3][15]. - Revenue growth is expected to continue in Q2 2025, with projections of 2.05 to 2.08 billion RMB, reflecting a year-on-year increase of 6.9% to 8.5% [3][16]. Future Outlook - The company anticipates continued revenue growth driven by improved cash collection rates and the gradual commercialization of AI tools [3][16]. - The adjusted profit forecasts for 2025 to 2027 are 3.35 billion RMB, 4.31 billion RMB, and 5.27 billion RMB, respectively, with year-on-year growth rates of 24%, 29%, and 22% [3][16].

Investment Rating - The investment rating for the company is "Outperform the Market" [6][18]. Core Insights - The company has shown a recovery in recruitment demand, with a 13% year-on-year revenue growth and an adjusted profit margin of 40% in Q1 2025. Revenue reached 1.92 billion RMB, exceeding the guidance provided in the previous quarter [1][8]. - The company maintains its full-year Non-GAAP operating profit expectation at 3 billion RMB, anticipating continued improvement in profit margins in subsequent quarters [1][8]. - The company is focusing on AI technology applications, enhancing user engagement and operational efficiency, which is expected to drive future growth [3][16]. Financial Performance - In Q1 2025, the company's revenue was 1.92 billion RMB, a 13% increase year-on-year and a 19% increase quarter-on-quarter. The cash billings amounted to 2.18 billion RMB, reflecting a 6% year-on-year growth [1][8]. - The adjusted net profit for Q1 2025 was 760 million RMB, representing a 44% year-on-year increase, with an adjusted net profit margin of 40% [1][8]. - The company expects total revenue for Q2 2025 to be between 2.05 billion and 2.08 billion RMB, indicating a year-on-year increase of 6.9% to 8.5% [2][15]. User Engagement and Market Demand - The platform's Monthly Active Users (MAU) reached 57.6 million in Q1 2025, a 24% year-on-year increase [2][15]. - The number of paid enterprises increased by 12% year-on-year, totaling 6.4 million, with an Average Revenue Per User (ARPU) of 1,170 RMB, up 6% year-on-year [2][15]. - The recruitment demand in the service industry, particularly in blue-collar jobs, has shown signs of recovery since April 2025 [2][15]. AI Technology Application - The company is deepening the application of AI technology, with features such as AI-generated search results and AI interview robots for consumers, and improved efficiency for recruiters using AI tools [3][16]. - The number of enterprises utilizing AI recruitment services increased by approximately 30% quarter-on-quarter in Q1 2025 [3][16]. Profit Forecast - The company forecasts adjusted profits of 3.35 billion, 4.31 billion, and 5.27 billion RMB for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 24%, 29%, and 22% [3][18]. - The projected Price-to-Earnings (PE) ratios for 2025, 2026, and 2027 are 19, 15, and 12, respectively [3][18].

Core Viewpoint - The company reported a strong performance in FY2025Q1 with revenue and adjusted net profit exceeding expectations, indicating a recovery in the recruitment market post-Spring Festival [1][2]. Group 1: Financial Performance - FY2025Q1 revenue reached 1.923 billion yuan, a year-over-year increase of 12.9%, slightly surpassing previous guidance [1] - Adjusted net profit for FY2025Q1 was 764 million yuan, reflecting a year-over-year growth of 43.9% [1] - The company anticipates Q2 2025 revenue between 2.05 billion and 2.08 billion yuan, representing a year-over-year growth of 6.9% to 8.5% [1] - Gross margin for FY2025Q1 was 83.84%, an increase of 1.18 percentage points year-over-year [2] - Net profit margin improved to 26.63%, up 12.44 percentage points year-over-year, with adjusted net profit margin at 39.72%, an increase of 8.57 percentage points [2] Group 2: User and Market Trends - Monthly active users (MAU) averaged 57.6 million in FY2025Q1, a year-over-year increase of 23.6% [1] - The number of paying enterprise clients reached 6.4 million, marking a year-over-year increase of 12.3% [1] - The company is focusing on deepening penetration in blue-collar and lower-tier markets, with over 45% of new users being from the blue-collar segment [3] - Revenue contribution from blue-collar recruitment increased to over 39%, with manufacturing and urban service sectors showing growth [3] - The average number of new job postings from January to April 2025 grew by 17% to 19% year-over-year [3] Group 3: AI and Technological Advancements - The company has launched AI interview robots for the consumer side and enhanced AI explanation logic for search results [3] - On the business side, the number of companies using AI resume submission services increased by 30%, with a 25% improvement in the success rate of smart recruitment assistants [3] - AI integration is expected to further enhance average revenue per user (ARPU) in the future [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown better-than-expected performance in Q1 2025, with a continued recovery in recruitment demand [3] - The company is expected to maintain a competitive advantage in the online recruitment sector while actively expanding its AI business, which is anticipated to enhance long-term growth potential [3] Financial Performance Summary - Total revenue for 2023 is projected at 5,952.03 million RMB, with a year-on-year growth of 31.94% - The net profit attributable to the parent company for 2023 is expected to be 1,099.23 million RMB, reflecting a significant year-on-year increase of 924.97% - Non-GAAP net profit for 2023 is forecasted at 2,156.19 million RMB, with a year-on-year growth of 169.71% - Adjusted EPS for 2023 is estimated at 4.71 RMB per ADS, with a PE ratio (Non-GAAP) of 25.84 [1][9] Market Demand and User Growth - Positive signals in recruitment demand across multiple industries, with blue-collar and small enterprise contributions continuing to rise - The blue-collar business's contribution to revenue exceeded 39% in Q1 2025, driven by a significant increase in blue-collar users [3] - The contribution from users in third-tier cities and below increased by 3 percentage points to over 23% year-on-year [3] Cost Control and Profitability - The company achieved a gross margin increase of 1.2 percentage points to 84% in Q1 2025 - Sales expense ratio decreased by 8.5 percentage points due to reduced advertising and employee-related costs, indicating improved customer acquisition efficiency [3] - The company maintains a guidance of 3 billion RMB for adjusted operating profit in 2025, supported by enhanced customer acquisition efficiency and AI-driven cost reductions [3] Earnings Forecast - The company forecasts Non-GAAP net profits of 3.3 billion RMB, 4.1 billion RMB, and 4.8 billion RMB for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 17, 14, and 12 [3]