Financial Performance - For the three months ended September 30, 2023, revenue was RMB 558.9 million, a decrease of 12.9% compared to RMB 641.5 million for the same period in 2022[3] - Gross profit for the three months ended September 30, 2023, was RMB 424.5 million, down 15.0% from RMB 499.7 million in the same period of 2022[3] - Net profit for the three months ended September 30, 2023, was RMB 40.4 million, compared to RMB 127.1 million for the same period in 2022[3] - For the nine months ended September 30, 2023, revenue was RMB 1,651.9 million, a decrease of 17.9% from RMB 2,013.1 million for the same period in 2022[4] - Gross profit for the nine months ended September 30, 2023, was RMB 1,246.6 million, down 21.3% from RMB 1,584.3 million in the same period of 2022[4] - Net profit for the nine months ended September 30, 2023, was RMB 53.3 million, compared to RMB 311.5 million for the same period in 2022[4] - Non-GAAP operating profit for the three months ended September 30, 2023, was RMB 66.2 million, down from RMB 153.1 million in the same period of 2022[3] - Non-GAAP operating profit for the nine months ended September 30, 2023, was RMB 113.2 million, compared to RMB 395.9 million for the same period in 2022[4] - The company reported a total comprehensive income of RMB 90.3 million for the nine months ended September 30, 2023, down from RMB 475.99 million in the same period of 2022[8] - The company experienced a foreign exchange loss of RMB 9.83 million for the three months ended September 30, 2023, compared to a gain of RMB 86.1 million in the same period of 2022[11] - The company's operating profit for the three months ended September 30, 2023, was RMB 48,820 thousand, down 60.3% from RMB 123,035 thousand in the same period of 2022[15] Assets and Liabilities - As of September 30, 2023, the company's total assets decreased to RMB 4,518,942 thousand from RMB 4,924,210 thousand as of December 31, 2022, reflecting a decline of approximately 8.2%[12][13] - The company's net asset value as of September 30, 2023, was RMB 3,198,264 thousand, down from RMB 3,346,162 thousand as of December 31, 2022, representing a decline of approximately 4.4%[13] - The total liabilities decreased to RMB 1,238,327 thousand as of September 30, 2023, from RMB 1,454,427 thousand as of December 31, 2022, indicating a reduction of approximately 15.0%[12] User Growth and Services - The number of registered individual users increased by 13.0% year-over-year to 92.2 million as of September 30, 2023, compared to 81.6 million in 2022[16] - The verified enterprise user count rose by 14.2% year-over-year to 1,262,329 as of September 30, 2023, up from 1,105,094 in 2022[16][20] - Revenue from talent acquisition services for the three months ended September 30, 2023, was RMB 496.4 million, a decrease of 14.4% compared to the same period in 2022[19][20] - Revenue from talent development services was RMB 176.2 million, a year-on-year decrease of 23.1%[21] - The number of verified headhunters on the platform was 210,433 as of September 30, 2023, a slight decrease of 0.4% compared to the same period last year[21] Strategic Initiatives - The company launched a lightweight basic package targeting small and medium enterprises in Q3 2023, aimed at providing standardized online recruitment products at lower costs[22] - The company initiated the "Global Management Trainee Talent Pool (GMTTP)" and "Technical New Generation" campus recruitment live-streaming events in Q3 2023, connecting quality students with enterprise hiring needs[23] - The company introduced an intelligent outreach tool and is exploring the development of an interactive AI job-seeking assistant to enhance talent matching efficiency[23] - The company launched the "Multi-Recruitment Headhunter Cooperation Network (Multi-Recruitment RCN)" in September 2023, aimed at improving operational efficiency in the headhunting industry[26] - The company has launched a multi-hunting SaaS system that utilizes technology, algorithms, and big data to enhance digital management for recruitment firms[27] - The RCN model allows recruitment firms to optimize their operations by selecting collaboration modes based on their strengths, improving overall delivery efficiency[27] Market Outlook and Challenges - The company anticipates continued recovery in the job market, with a focus on enhancing core competitiveness and expanding its service offerings in response to market conditions[18] - The company is focusing on expanding into overseas markets, having become the first mainland recruitment platform to join the Hong Kong government's talent service partnership in August 2023[25] - The company has faced macroeconomic challenges but continues to enhance its market understanding and user-centric product development[27] - The company anticipates a recovery in growth momentum within the human resources industry as the macroeconomic environment stabilizes[27] Corporate Governance and Investor Caution - The financial and business data presented are based on internal records and have not been reviewed by auditors, highlighting the need for caution among investors[28] - The board emphasizes that forward-looking statements are subject to known and unknown risks, which may lead to significant differences from actual performance[28] Marketing and Brand Strategy - Marketing expenditure in Q3 2023 was reduced year-on-year, yet still resulted in effective user growth due to brand recognition and optimized advertising strategies[24] Social Responsibility - The company is committed to social responsibility while focusing on foundational capability building during both favorable and challenging times[27]

Financial Performance - For the three months ended June 30, 2023, revenue from talent acquisition and other HR services was RMB 589.8 million, a decrease of 18.4% compared to RMB 723.0 million for the same period in 2022[17]. - Gross profit for the three months ended June 30, 2023, was RMB 439.3 million, down 22.2% from RMB 565.0 million for the same period in 2022[17]. - Net profit for the three months ended June 30, 2023, was RMB 61.1 million, compared to RMB 171.2 million for the same period in 2022[17]. - For the six months ended June 30, 2023, revenue was RMB 1,093.0 million, a decrease of 20.3% from RMB 1,371.6 million for the same period in 2022[18]. - Gross profit for the six months ended June 30, 2023, was RMB 822.0 million, down 24.2% from RMB 1,084.6 million for the same period in 2022[18]. - Net profit for the six months ended June 30, 2023, was RMB 12.9 million, compared to RMB 184.4 million for the same period in 2022[18]. - The company reported a non-GAAP operating profit of RMB 46.9 million for the six months ended June 30, 2023, down from RMB 242.8 million for the same period in 2022[18]. - Operating profit for the six months ended June 30, 2023, was RMB 12.7 million, down from RMB 179.9 million in the same period of 2022, primarily due to reduced revenue[45]. - The net cash used in operating activities for the six months ended June 30, 2023, was RMB 198.0 million, compared to RMB 27.1 million for the same period in 2022, primarily due to reduced collections influenced by macroeconomic conditions[68]. User and Client Metrics - The number of registered individual users reached 90.0 million, representing a 13.2% year-on-year growth, with new university student users increasing by over 30.0%[20]. - The number of verified headhunters on the platform was 219,000, an increase of 4.6% year-on-year[20]. - The number of corporate clients decreased to 60,407, reflecting a 9.6% year-on-year decline[22]. - The number of verified corporate users increased to 1,217,417 as of June 30, 2023, representing a year-on-year growth of 12.9%[26]. - The cumulative number of paying individual users increased to 516,925, reflecting a 7.9% growth from 479,032[33]. Revenue Breakdown - Revenue for the six months ended June 30, 2023, was RMB 1,092,965 thousand, down from RMB 1,371,630 thousand in the same period last year[35]. - Revenue from talent acquisition and other HR services for corporate clients was RMB 978.0 million, accounting for 89.5% of total revenue, down 18.7% from RMB 1,202.7 million in the previous year[36]. - Revenue from talent development services for individual users was RMB 114.1 million, representing 10.4% of total revenue, a decrease of 32.1% from RMB 168.1 million in the prior year[36]. Cost and Expenses - Research and development expenses for the six months ended June 30, 2023, were RMB 169.4 million, a decrease of 8.0% from RMB 184.2 million in the prior year, with R&D expenses as a percentage of revenue rising from 13.4% to 15.5%[42]. - Selling and marketing expenses for the six months ended June 30, 2023, were RMB 557.6 million, a decrease of 9.8% from RMB 617.9 million in the previous year, with selling and marketing expenses as a percentage of revenue increasing from 45.0% to 51.0%[40]. Strategic Initiatives - The company plans to launch a digital SaaS-based collaboration platform for headhunters to enhance operational efficiency and matching capabilities[20]. - The company is focusing on expanding its customer base by introducing lightweight online recruitment packages targeting small and medium enterprises[22]. - The company aims to explore the application of artificial intelligence technology in the recruitment sector to optimize products and services[22]. - The company launched more flexible recruitment packages to enhance customer conversion and platform engagement[29]. - The introduction of a "City Station" page aims to improve job matching for individual users and increase platform stickiness[29]. Shareholder and Governance Information - The major shareholders include Mr. Dai Kwan Bun, holding approximately 39.11% of the shares, and Mr. Chan Hing Mau, holding approximately 2.76%[86]. - The company has a performance-based compensation system for its sales team, which includes salary and performance bonuses based on various metrics[99]. - The company has adopted the corporate governance code and has complied with its provisions, except for the deviation regarding the roles of Chairman and CEO[136]. - The audit committee, now chaired by Fan Xinpeng, consists of three independent non-executive directors, ensuring compliance with the listing rules[139]. Cash Flow and Financial Position - The net cash generated from investing activities for the six months ended June 30, 2023, was RMB 456.7 million, significantly up from RMB 71.3 million for the same period in 2022, mainly due to net proceeds from financial products[69]. - As of June 30, 2023, the company's cash and cash equivalents amounted to RMB 524.5 million, an increase from RMB 406.5 million as of June 30, 2022[66]. - The company's total liabilities decreased from RMB 1,454,427 thousand to RMB 1,328,778 thousand, reflecting a decrease of approximately 8.6%[147]. - The company's equity attributable to shareholders decreased to RMB 2,914,649 thousand from RMB 3,074,440 thousand, a decline of about 5.2%[148]. Share Options and Restricted Shares - The company has a total of 27,480,209 restricted share units available for grant under the Restricted Share Unit Plan as of June 30, 2023, representing approximately 5.27% of the total issued shares[115]. - The company granted 100,000 stock options in the first half of 2023, with 1,061,600 shares exercised, generating a total consideration of RMB 9,536 thousand[181]. - The company has not granted any options exceeding the 1% individual limit to any participants[112]. - The total number of share options granted to selected participants cannot exceed 1% of the total issued shares within any 12-month period without shareholder approval[107]. Market Conditions and Outlook - The overall job market remains under pressure, with structural mismatches evident, particularly among youth employment[24]. - The company anticipates more substantial measures from the government to support economic growth and employment stability in the second half of 2023[24].

Financial Performance - For the three months ended June 30, 2023, the company's revenue was RMB 589.8 million, a decrease of 18.4% compared to RMB 723.0 million for the same period in 2022[3]. - The gross profit for the three months ended June 30, 2023, was RMB 439.3 million, down 22.2% from RMB 565.0 million in the same period of 2022[3]. - The net profit for the three months ended June 30, 2023, was RMB 61.1 million, compared to RMB 171.2 million for the same period in 2022[3]. - For the six months ended June 30, 2023, the company's revenue was RMB 1,093.0 million, a decrease of 20.3% from RMB 1,371.6 million for the same period in 2022[4]. - The gross profit for the six months ended June 30, 2023, was RMB 822.0 million, down 24.2% from RMB 1,084.6 million in the same period of 2022[4]. - The net profit for the six months ended June 30, 2023, was RMB 12.9 million, compared to RMB 184.4 million for the same period in 2022[4]. - The total comprehensive income for the period was RMB 59,742 thousand, down from RMB 262,799 thousand in the previous year[23]. - Revenue for the six months ended June 30, 2023, was RMB 1,092,965 thousand, a decrease from RMB 1,371,630 thousand in the same period of 2022[21]. - Operating profit decreased significantly to RMB 12,730 thousand from RMB 179,871 thousand in the previous year[21]. - The company reported a pre-tax profit of RMB 19,266 thousand, compared to RMB 192,507 thousand in the previous year, indicating a substantial decline[44]. - Basic earnings per share for the period were RMB 8,300 thousand, a sharp drop from RMB 142,172 thousand for the same period in 2022[37]. Revenue Sources - Revenue from talent acquisition services for corporate clients in Q2 was RMB 526.2 million, down 19.2% year-on-year[11]. - Revenue from talent acquisition and other HR services for corporate clients was RMB 978.0 million, accounting for 89.5% of total revenue, down 18.7% from RMB 1,202.7 million in the previous year[46]. - Revenue from talent development services for individual users was RMB 114.1 million, representing 10.4% of total revenue, a decrease of 32.1% from RMB 168.1 million in the prior year[46]. User Growth - The number of verified corporate users increased to 1,217,417, representing a year-on-year growth of 12.9%[11]. - The registered personal user count reached 90.0 million, reflecting a year-on-year increase of 13.2%[12]. - The number of registered individual users reached 90.0 million, an increase of 13.2% compared to 79.5 million in the same period last year[18]. - The number of verified enterprise users increased to 1,217,417, representing a growth of 12.9% from 1,078,637 in the previous year[18]. Cash Flow and Assets - Operating cash flow for the six months ended June 30, 2023, was negative at RMB (198,033) thousand, compared to negative RMB (27,068) thousand in the same period of 2022[27]. - The company's cash and cash equivalents increased to RMB 524,470 thousand from RMB 476,481 thousand, marking an increase of 10.1%[28]. - As of June 30, 2023, total assets amounted to RMB 4,617,523 thousand, a decrease from RMB 4,924,210 thousand as of December 31, 2022, representing a decline of approximately 6.2%[24]. - Total liabilities decreased to RMB 1,328,778 thousand from RMB 1,454,427 thousand, a reduction of approximately 8.6%[24]. - The company's equity attributable to shareholders decreased to RMB 2,914,649 thousand from RMB 3,074,440 thousand, a decline of about 5.2%[25]. Strategic Initiatives - The company plans to improve matching technology and optimize product design and sales networks to better serve dynamic customer needs[8]. - The company plans to promote basic online product packages to attract businesses with limited recruitment budgets in the third quarter[19]. - The company is focusing on enhancing its core online recruitment business and integrating various sub-businesses to improve operational efficiency[17]. - The company aims to leverage long-term R&D investments to innovate and enhance its headhunting network, responding to industry challenges[19]. - The company launched more flexible recruitment packages to attract a broader range of corporate clients[14]. Research and Development - Research and development expenses for the period were RMB 169.4 million, a decrease of 8.0% from RMB 184.2 million, with R&D expenses as a percentage of revenue increasing from 13.4% to 15.5%[51]. - Research and development expenses for the same period were RMB 80.9 million, a decrease of 14.2% from RMB 94.3 million in the previous year[64]. - The company has a focus on research and development (R&D) to enhance its service offerings[94]. Corporate Governance - The company has adopted the Corporate Governance Code and has complied with its provisions, except for a deviation regarding the roles of Chairman and CEO[84]. - The Audit Committee consists of two independent non-executive directors and has reviewed the unaudited interim financial results for the six months ended June 30, 2023[88]. - The company is currently seeking suitable candidates to fill vacancies in the board to comply with listing rules following the passing of an independent non-executive director[89]. - The company has confirmed compliance with the standard code for securities transactions by directors for the six months ended June 30, 2023[90]. Share Repurchase - The company repurchased a total of 8,500,600 shares at a total cost of approximately HKD 82.8 million during the six months ended June 30, 2023[85]. - The share repurchase details include 4,292,400 shares in April at a price range of HKD 9.80 to HKD 11.18, 522,000 shares in May at a price range of HKD 8.31 to HKD 8.79, and 3,686,200 shares in June at a price range of HKD 8.42 to HKD 9.58[86]. - After the reporting period, the company repurchased an additional 1,883,800 shares in July at a total cost of approximately HKD 15.5 million[87]. Market Conditions - The job market in China is gradually recovering, but the pace of corporate recruitment demand is slow, with significant structural mismatches in employment still present[6][7]. - The government has introduced favorable policies to support private enterprises, which is expected to boost long-term development confidence[6].

Financial Performance - For the first quarter of 2023, Tongdao Liepin Group reported revenue of RMB 503.2 million, a decrease of 22.4% compared to RMB 648.6 million in the first quarter of 2022[3] - The gross profit for the first quarter of 2023 was RMB 382.7 million, down 26.4% from RMB 519.7 million in the same period last year[3] - The net loss for the first quarter of 2023 was RMB 48.3 million, compared to a net profit of RMB 13.2 million in the first quarter of 2022[3] - The company's non-GAAP operating loss for the first quarter of 2023 was RMB 16.0 million, while it reported a non-GAAP operating profit of RMB 56.1 million in the first quarter of 2022[3] - The company reported a total comprehensive loss of RMB 69.8 million for the first quarter of 2023, compared to a total comprehensive income of RMB 7.2 million in the first quarter of 2022[6] - The company incurred operating expenses of RMB 278.0 million in the first quarter of 2023, compared to RMB 349.5 million in the same period of 2022[5] - The company’s financial costs increased to RMB 7.1 million in the first quarter of 2023, compared to RMB 3.8 million in the same period last year[5] Assets and Equity - As of March 31, 2023, total assets amounted to RMB 5,577.1 million, a decrease from RMB 5,687.0 million as of December 31, 2022[7] - The total equity attributable to equity shareholders of the company was RMB 2,914.0 million as of March 31, 2023, down from RMB 3,074.4 million at the end of 2022[8] - Cash and cash equivalents decreased to RMB 383.4 million as of March 31, 2023, compared to RMB 476.5 million at the end of 2022[7] User Metrics - As of March 31, 2023, the number of registered individual users reached 87.3 million, a year-on-year increase of 13.6% from 76.9 million in 2022[12] - The number of verified enterprise users increased to 1,175,433, representing a 12.4% growth compared to 1,045,468 in the previous year[15] - The monthly active users increased by 21.7% year-on-year in the first quarter of 2023, indicating successful user engagement strategies[19] - The platform's user registration in February 2023 saw a historical high with a 48.1% year-on-year growth, driven by post-pandemic recovery and strong job-seeking demand[19] Revenue Breakdown - Revenue for the first quarter of 2023 was approximately RMB 503.2 million, a decrease of 22.4% year-on-year, while gross profit was RMB 382.7 million, down 26.4%[15] - Revenue from talent acquisition services and other HR services was RMB 451.8 million, down 18.1% from RMB 551.4 million in 2022[15] Strategic Initiatives - A new SaaS product for government industrial parks was launched to enhance recruitment resource allocation and collaboration management[17] - The company improved the online enterprise certification process, resulting in a 30% increase in overall certification approval rates[17] - The company continues to focus on optimizing user recall strategies and enhancing user experience to maintain high engagement levels[19] - The company anticipates a healthier supply-demand ratio in the recruitment market as hiring demand gradually releases across industries[21] - The company aims to enhance cooperation with headhunting firms through improved closed-loop systems and refined process management to achieve more accurate matching results[21] - The company has been strengthening its BHC model and resources to activate passive job seekers and attract more individual users for better interaction[21] - The company is focused on exploring stable renewals from existing clients and accelerating coverage from new users to seize recovery opportunities in the recruitment market[21] - The company plans to leverage cutting-edge technology for revolutionary product upgrades to open up larger market opportunities for future business development[21] - The company is committed to continuously refining its business development strategy to thrive in the current environment and lay the foundation for future growth[20] Cautionary Statements - The board cautions shareholders and investors that the financial and business data provided are based on internal records and have not been audited[22] - Forward-looking statements are subject to known and unknown risks, which may cause actual performance to differ significantly from those statements[22] - The company emphasizes the importance of a robust ecosystem in serving the market, having worked for a decade to improve it for enterprises, headhunters, and talent[21]

Business Model and Services - The company operates a SaaS model for talent service delivery, offering proprietary software solutions to registered individual users, verified enterprise users, and verified headhunters[5] - The company's talent services include talent acquisition, other human resources services, and talent development services for enterprise and individual users[5] - The company's integrated affiliated entities include Wanshidao, Tongdao Elite, and Liedao, whose financial accounts are consolidated as if they were wholly-owned subsidiaries due to contractual arrangements[2] - The company's job postings include valid job vacancies published by verified enterprise users and verified headhunters on the online platform, excluding those deleted after 90 days or due to completion of the recruitment process[3] - The company's proprietary online platforms and SaaS software solutions are provided to registered individual users, verified enterprise users, and verified headhunters[87] - The company's services are delivered through mobile apps, websites, and WeChat official accounts and mini-programs[87] - The company's ecosystem connects different participants, emphasizing the importance of its service platform[87] User Metrics and Engagement - The company's registered individual users have an average annual salary, with the majority providing salary data[2] - The company's registered individual users include both paying and non-paying users who have completed all necessary registration and verification processes[4] - The company's verified enterprise users include both paying and non-paying users who have completed all necessary registration and verification processes[5] - The company's verified headhunters reached individual users a total number of times through phone and messaging on a specified date[5] - Registered individual users increased by 12.9% to 83.5 million by the end of 2022, with cumulative paying individual users growing by 9.8% to 495,980[19][20] - Verified headhunters on the platform increased by 7.3% to 211,772, reaching 1.146 billion registered individual user interactions, up 5.6% year-over-year[19][20] - The average annual salary of registered individual users increased by 1.8% to RMB 191,470 in 2022[20] - Personal user numbers continued to grow in 2022, with significant improvements in user return rates and activity levels as the market recovered in 2023[29] - The company launched an AI assistant in 2022 to improve resume accuracy and completeness, leading to higher diversity and authenticity of personal information on the platform[29] Financial Performance - Revenue for 2022 was RMB 2,637.9 million, a decrease of 0.5% compared to RMB 2,651.5 million in 2021[12] - Gross profit for 2022 was RMB 2,047.1 million, a decrease of 1.0% compared to RMB 2,067.1 million in 2021[12] - Net profit for 2022 was RMB 89.6 million, a decrease of 53.2% compared to RMB 191.4 million in 2021[12] - Non-GAAP operating profit for 2022 was RMB 230.3 million, a decrease of 38.2% compared to RMB 372.8 million in 2021[12] - B-end revenue for 2022 was approximately RMB 2.35 billion, showing a slight year-on-year increase[13] - Total revenue in 2022 was RMB 2,637.9 million, a decrease of 0.5% compared to 2021, while gross profit was RMB 2,047.1 million, down 1.0% year-over-year[18] - Revenue from enterprise talent acquisition and HR services increased by 1.6% to RMB 2,346.4 million in 2022, despite delayed hiring demand due to COVID-19[18] - Revenue from individual talent development services declined by 15.0% to RMB 289.9 million in 2022, primarily due to reduced payment willingness and delayed certification exams[19] - Revenue in 2022 decreased by 0.5% to RMB 2,637.9 million compared to RMB 2,651.5 million in 2021[36] - Revenue from enterprise talent acquisition and HR services increased by 1.6% to RMB 2,346.4 million, accounting for 88.9% of total revenue[36] - Revenue from individual talent development services decreased by 15.0% to RMB 289.9 million, accounting for 11.0% of total revenue[36] - Gross profit decreased by 1.0% to RMB 2,047.1 million, with a gross margin of 77.6% in 2022 compared to 78.0% in 2021[39] - Sales and marketing expenses increased by 6.7% to RMB 1,306.1 million, accounting for 49.5% of revenue in 2022[40] - R&D expenses increased by 18.8% to RMB 400.3 million, accounting for 15.2% of revenue in 2022[42] - Operating profit decreased to RMB 85.3 million in 2022 from RMB 230.7 million in 2021, primarily due to increased marketing and R&D expenses[44] - Net financial income was RMB 22.0 million in 2022, compared to a net financial cost of RMB 17.3 million in 2021, mainly due to foreign exchange gains from USD appreciation[45] - Pre-tax profit for 2022 was RMB 107.7 million, a decrease of 49.8% compared to RMB 214.6 million in 2021, primarily due to increased marketing expenses during the 2022 FIFA World Cup and higher R&D costs for new business incubation, algorithm optimization, and IT infrastructure improvements[46] - Income tax expense for 2022 was RMB 18.1 million, a decrease of 21.8% compared to RMB 23.1 million in 2021, driven by lower profitability in the online talent services segment due to increased marketing expenses during the World Cup[47] - Net profit for 2022 was RMB 89.6 million, a decrease of 53.2% compared to RMB 191.4 million in 2021, mainly due to higher marketing and R&D expenses[48] - Revenue for Q4 2022 was RMB 624.8 million, a decrease of 19.0% compared to RMB 771.3 million in Q4 2021, primarily due to reduced recruitment demand caused by the resurgence of COVID-19[50] - Revenue from enterprise talent acquisition and HR services in Q4 2022 was RMB 563.7 million, accounting for 90.2% of total revenue, a decrease of 19.0% compared to Q4 2021[50] - Revenue from individual talent development services in Q4 2022 was RMB 60.7 million, accounting for 9.7% of total revenue, a decrease of 19.4% compared to Q4 2021[50] - Gross profit for Q4 2022 was RMB 462.8 million, a decrease of 21.0% compared to RMB 585.6 million in Q4 2021, with gross margin declining from 75.9% to 74.1% due to changes in product mix[53] - Sales and marketing expenses for Q4 2022 were RMB 454.9 million, an increase of 27.2% compared to RMB 357.6 million in Q4 2021, driven by a large-scale marketing campaign during the FIFA World Cup[54] - General and administrative expenses for Q4 2022 were RMB 104.7 million, a slight decrease of 0.8% compared to RMB 105.5 million in Q4 2021, with improved control over receivables reducing expected credit losses[55] - R&D expenses for the three months ended December 31, 2022, were RMB 118.3 million, an increase of 9.1% compared to RMB 108.5 million for the same period in 2021[56] - R&D expenses as a percentage of revenue increased from 14.1% in 2021 to 18.9% in 2022, driven by continued investment in new business incubation, algorithm improvement, data security enhancement, and IT infrastructure upgrades[56] - Operating loss for the three months ended December 31, 2022, was RMB 217.6 million, compared to an operating profit of RMB 34.1 million for the same period in 2021, primarily due to reduced revenue from the resurgence of COVID-19 and increased marketing expenses during the FIFA World Cup[58] - Pre-tax loss for the three months ended December 31, 2022, was RMB 225.9 million, compared to a pre-tax profit of RMB 26.1 million for the same period in 2021, mainly due to the same factors affecting operating loss[59] - Net loss for the three months ended December 31, 2022, was RMB 221.9 million, compared to a net profit of RMB 23.3 million for the same period in 2021[60] - Non-GAAP operating loss for the three months ended December 31, 2022, was RMB 165.5 million, compared to a non-GAAP operating profit of RMB 65.3 million for the same period in 2021[62] Market and Industry Trends - The company became a top-tier partner for CCTV's football events and a sponsor for Douyin during the World Cup in Q4 2022, enhancing brand influence[13] - The company continued to advance AI technology and algorithm updates to optimize user search and recommendation experiences[13] - The company focused on the mid-to-high-end recruitment market, leveraging its platform and service model to maintain a competitive edge[14] - The company plans to strengthen its core recruitment business and explore opportunities in emerging industries supported by policy in 2023[14] - The top three industries with the highest job posting growth rates in 2022 were energy & chemicals, automotive & manufacturing, and electronics & telecommunications[16] - The company's verified enterprise user base reached 1,129,568, a 12.6% increase from 2021, driven by deeper online penetration in the mid-to-high-end recruitment market[18] - Job postings decreased by 2.7% to 8.9 million in 2022, reflecting cautious hiring decisions amid a challenging market environment[20] - The company upgraded its products and services in 2022 under the "Platform + SaaS + Service" strategy, enhancing intelligent job matching and recruitment process management, which improved user engagement and value[21] - In 2022, the company adjusted its sales strategy to "targeted expansion" and "deepening existing customers," focusing on emerging industrial clusters and deepening relationships with existing clients, which strengthened its risk resilience and long-term development momentum[21] - The company enhanced its digital service capabilities in 2022, with a user-friendly backend system and a visual data center that automatically monitors client usage and provides intelligent recommendations, improving both client experience and sales/service efficiency[21] - The company improved its precision matching capabilities in 2022 by refining its tag system, deepening algorithm understanding of natural language, and creating a high-quality recruitment industry knowledge graph, leading to more accurate job matches for users[22] - The company completed the construction of an algorithm platform in 2022, enabling developers to experiment and launch new features with low-code, reducing development costs for product updates[22] - The company's flexible employment business benefited from national policies promoting flexible employment, with significant growth potential in the flexible employment market[24] - The company's survey SaaS service provider, Wenjuanxing, collected over 15.6 billion survey samples and distributed over 206 million surveys by the end of 2022, maintaining a leading position in the online survey industry[26] - The company's training and assessment SaaS platform provided video-based training courses, including leadership and professional skills training, helping enterprises upgrade their organizational structures and talent development[27] - The company continued to offer free services to individual users, such as resume analysis and interview preparation, while also providing paid premium packages with additional features and tools[28] - The company strengthened partnerships with headhunters, who play a crucial role in activating talent and expanding job postings on the platform[30] - The company's SaaS-based headhunter platform streamlined recruitment processes and provided closed-loop transaction opportunities for trusted headhunters[31] - In Q4 2022, the company collaborated with CCTV during the FIFA World Cup to enhance brand awareness and capture market share as the market recovered[33] - The company plans to expand regional coverage to high-potential cities and focus on emerging industries supported by policies to capture short-term market opportunities[33] - The company aims to improve operational efficiency, reduce costs, and enhance sales effectiveness through digital transformation and organizational upgrades[33] - The company will continue to focus on serving state-owned enterprises and government agencies as high-quality talent becomes increasingly valued[33] - The company recognizes its responsibility to promote domestic employment market activity and support sustainable growth in the talent recruitment industry[34] Corporate Governance and Leadership - The company's Chairman and CEO roles are both held by Mr. Dai Kebin, the main founder, ensuring consistent leadership and efficient strategic planning[163][170] - The Board of Directors consists of six members, including three independent non-executive directors, ensuring sufficient checks and balances[163][168] - The company has adopted the principles and code provisions of the Corporate Governance Code as the basis for its corporate governance practices[165] - The company's financial statements for the year ended December 31, 2022, were audited by KPMG, which is eligible for reappointment[164] - The company has established mechanisms to ensure the Board receives independent opinions and perspectives, with annual reviews of these mechanisms[172] - All independent non-executive directors have provided annual written confirmations of their independence, and the company considers them independent[171] - The company has adopted the Standard Code for securities transactions by directors, and all directors confirmed compliance during the year[166] - The Board will continue to review the effectiveness of the corporate governance structure, including the potential separation of Chairman and CEO roles[163][170] - The company's overall strategy and major business, financial, and operational policies are jointly formulated by the Board and senior management[163][170] - The company's directors are subject to retirement and re-election provisions, with one-third of directors required to retire by rotation at each AGM[173] - The Board of Directors is responsible for leading and controlling the company, ensuring the success of the company by guiding and supervising its affairs, and making decisions in the best interests of the company[174] - The Board of Directors oversees the company's operations and financial performance, ensuring robust internal control and risk management systems[174] - Independent Non-Executive Directors ensure high levels of regulatory reporting and provide effective independent judgments on corporate actions and operations[175] - The Board of Directors retains decision-making authority on key matters including policy, strategy, budget, internal control, risk management, and significant transactions[175] - The Audit Committee reviewed the company's consolidated financial results for the year ended December 31, 2022, and confirmed compliance with relevant accounting standards, rules, and regulations[181] - The Audit Committee held four meetings during the year to review quarterly financial data, interim and annual financial results, and important issues related to financial reporting, risk management, and internal controls[181] - The Remuneration Committee reviewed and approved the remuneration policies and packages for Executive Directors and senior management, deeming them appropriate for the year 2022[182] - The company provided comprehensive training to all Directors on topics including Director duties, continuous connected transactions, and the latest regulatory information[178] - The company has established three Board Committees: Audit Committee, Remuneration Committee, and Nomination Committee, each with clearly defined terms of reference[179] - The Audit Committee met with external auditors once during the year, with Executive Directors absent, to discuss audit-related matters[181] - The company plans to appoint a female board member by no later than December 31, 2024, to enhance gender diversity[185] - As of December 31, 2022, the company has 5,165 full-time employees, with a gender ratio of 1 male to 1.39 females[185] - The nomination committee held one meeting in 2022 to review the board's structure, size, composition, and the independence of independent non-executive directors[183] - The company's board currently consists of a single gender, but it aims to achieve a balanced gender diversity ratio[185] - The nomination committee will periodically review the board diversity policy to ensure its effectiveness[185] - The board will consider setting measurable goals for the implementation of the board diversity policy and review them periodically[185] - The company has adopted a board diversity policy to ensure a balanced and diverse board composition[184] - The nomination committee evaluates candidates based on criteria such as gender, age, cultural and educational background, race, professional experience, skills, and knowledge[187] - The board held four meetings in 2022, with all directors attending either in person or via video/teleconference[190] - The company's nomination policy includes procedures for selecting and appointing new directors and re-electing directors at shareholder meetings[187] Risk Management and Compliance - The company faces risks related to user experience and preferences, which could impact its ability to attract and retain individual and enterprise users, potentially affecting business performance[100] - The company is exposed to intense competition from both online and offline service providers, particularly professional social networking platforms, which may lead to user loss[100] - Seasonal fluctuations in China's recruitment market and macroeconomic downturns could cause volatility in the company's operating performance[100] - The company is focusing on increasing the number of enterprise users, improving job posting quality, and enhancing the service quality of headhunters and talent service providers to expand its user base[100] - Risks related to data privacy and intellectual property infringement could harm the company's reputation and lead to legal actions[101] - The company has implemented internal policies and technical measures to protect user and client personal information and prevent unauthorized data collection or disclosure[101] - The company emphasizes maintaining and enhancing its brand reputation by providing high-quality services and solutions to users and clients[102] - The company faces other risks, including credit risk, liquidity risk, and currency risk, as detailed in the financial statements[103] - The company's future business development is outlined in the Chairman's Report and Management Discussion and Analysis sections of the annual report[103] - No significant events occurred after the reporting period that could impact the company[104] - The company has implemented comprehensive risk management policies across various aspects of its operations, including information systems, data security, privacy, investments, and counterparty risks[192] - User data is protected through internal procedures and controls, with daily backups at data centers in Beijing and Tianjin, and a trained data security crisis management team in place[194] - The company strictly limits access to servers storing user and personal data, and conducts regular training and reviews to ensure compliance with data security policies[194] - Privacy protection is a priority, with strict policies and product features in place to ensure compliance with applicable laws, and

Financial Performance - For the year ended December 31, 2022, the revenue was RMB 2,637.9 million, a decrease of 0.5% compared to RMB 2,651.5 million in 2021[3] - The gross profit for 2022 was RMB 2,047.1 million, down 1.0% from RMB 2,067.1 million in 2021[3] - The net profit for 2022 was RMB 89.6 million, a significant decrease of 53.2% from RMB 191.4 million in 2021[3] - The company's equity shareholders' net profit for 2022 was RMB 44.4 million, a decrease of 67.0% compared to RMB 134.4 million in 2021[3] - The non-GAAP operating profit for 2022 was RMB 230.3 million, down 38.2% from RMB 372.8 million in 2021[3] - The company did not recommend the payment of a final dividend for the year ended December 31, 2022[3] - Total revenue for 2022 was RMB 2,637.9 million, a decrease of 0.5% compared to 2021, while gross profit was RMB 2,047.1 million, down 1.0%[8] - Revenue from talent acquisition and HR services for corporate users increased by 1.6% to RMB 2,346.4 million from RMB 2,309.0 million in 2021[8] - Revenue from talent development services for individual users decreased by 15.0% to RMB 289.9 million, down from RMB 341.1 million in 2021[9] - The company's gross profit for 2022 was RMB 2,047.1 million, a decrease of 1.0% from RMB 2,067.1 million in 2021, with a gross margin of 77.6%[30] - Operating profit for 2022 was RMB 85.3 million, significantly down from RMB 230.7 million in 2021[26] - Profit before tax decreased by 49.8% to RMB 107.7 million in 2022 from RMB 214.6 million in 2021, driven by increased marketing and R&D expenses[37] - Net profit for 2022 fell by 53.2% to RMB 89.6 million from RMB 191.4 million in 2021, primarily due to increased marketing expenses and R&D investments[39] User Growth and Engagement - The number of verified corporate users grew by 12.6% to 1,129,568 as of December 31, 2022[10] - The number of registered individual users increased by 12.9% to 83.5 million from 73.9 million in 2021[9] - The number of verified headhunters rose by 7.3% to 211,772 from 197,357 in 2021[10] - The average annual salary of registered individual users increased by 1.8% to RMB 191,470 from RMB 188,156 in 2021[10] - The number of registered individual users has increased, with the company implementing measures to boost user engagement and activity on the platform, particularly in Q4 2022[19] Market Trends and Challenges - The recruitment market in China faced challenges due to the pandemic, leading to unstable hiring demand and a rising unemployment rate[4] - Emerging industries showed resilience in recruitment demand despite overall economic pressures, with significant growth in new job postings in energy, automotive, and electronics sectors[5] - The overall sentiment in the talent development service market was low in 2022, but there are signs of recovery as the macro environment improves[6] - The flexible employment market in China is experiencing significant growth, driven by policy support and increasing demand for flexible work arrangements, indicating substantial future growth potential[15] Strategic Initiatives - The company aims to enhance its service offerings to meet the diverse needs of clients in the evolving job market[5] - The company implemented a flexible sales strategy focusing on targeted expansion and deepening existing customer relationships to adapt to market changes[12] - The company continued to invest in technology development, enhancing its algorithm capabilities and network security measures throughout 2022[13] - The company has diversified its talent service offerings since 2018, integrating various sub-businesses to establish a comprehensive product layout beyond core recruitment services[14] - The company plans to expand its market presence by enhancing its core online recruitment business and targeting high-quality enterprises and individual users[25] - The company aims to improve operational efficiency and reduce costs through refined operational mechanisms and deep execution of cost-saving measures[25] - The company recognizes its responsibility to promote domestic employment market activity and sustainable growth in the talent recruitment industry as the market recovers[25] - The company will continue to focus on the development of state-owned enterprises and government institutions as high-quality talent becomes increasingly valued[25] Financial Position and Cash Flow - Net cash generated from operating activities was RMB 143.1 million for the year 2022, down from RMB 697.3 million in 2021, primarily due to delayed collections and increased marketing expenses during the FIFA World Cup[54] - The company's cash and cash equivalents decreased to RMB 476.5 million as of December 31, 2022, from RMB 495.8 million at the end of 2021[54] - The company's debt-to-capital ratio as of December 31, 2022, was 0.18%, compared to zero in 2021, indicating a slight increase in leverage[59] - The total accounts payable increased to RMB 542,658 thousand as of December 31, 2022, compared to RMB 495,541 thousand in 2021, reflecting a growth of 9.5%[84] - The company anticipates that its liquidity needs will be met through cash generated from operating activities and proceeds from its initial public offering, with no significant external debt or equity financing plans currently[54] Research and Development - Research and development expenses increased by 18.8% to RMB 400.3 million in 2022 from RMB 337.0 million in 2021, accounting for 15.2% of revenue, up from 12.7% in 2021[33] - Operating loss for the three months ended December 31, 2022, was RMB 217.6 million, compared to an operating profit of RMB 34.1 million for the same period in 2021[49] - Research and development expenses increased by 9.1% to RMB 118.3 million for the three months ended December 31, 2022, compared to RMB 108.5 million for the same period in 2021[47] Auditor and Governance - The group’s auditor, KPMG, confirmed that the financial figures in the preliminary announcement for the year ended December 31, 2022, are consistent with the audited consolidated financial statements[95] - No significant events affecting the group occurred after the reporting period from January 1, 2023, to the date of this announcement[96] - The board of directors does not recommend the payment of a dividend for the year ended December 31, 2022[96] - The annual general meeting is scheduled for June 1, 2023, with a suspension of share transfer registration from May 29 to June 1, 2023, to determine shareholder eligibility[97] - The annual report containing all information required by the listing rules for the year ended December 31, 2022, will be sent to shareholders and published on the stock exchange and the company’s website[98] - The board expresses gratitude to shareholders, management, employees, business partners, and customers for their support and contributions to the group[99]

Financial Performance - For the nine months ended September 30, 2022, the revenue was RMB 2,013.1 million, an increase of 7.1% compared to RMB 1,880.2 million for the same period in 2021[3] - The gross profit for the nine months ended September 30, 2022, was RMB 1,584.3 million, up 6.9% from RMB 1,481.5 million in the previous year[3] - The net profit for the nine months ended September 30, 2022, reached RMB 311.5 million, representing an 85.3% increase from RMB 168.1 million in the same period of 2021[3] - The non-GAAP operating profit for the nine months ended September 30, 2022, was RMB 395.9 million, a 28.7% increase from RMB 307.5 million in the previous year, with a non-GAAP operating profit margin of 19.7%[3] - For the three months ended September 30, 2022, the revenue was RMB 641.5 million, down from RMB 681.7 million in the same period of 2021[4] - The gross profit for the three months ended September 30, 2022, was RMB 499.7 million, compared to RMB 527.9 million in the previous year[4] - The net profit for the three months ended September 30, 2022, was RMB 127.1 million, an increase from RMB 88.4 million in the same period of 2021[4] - The total comprehensive income for the nine months ended September 30, 2022, was RMB 475.99 million, compared to RMB 155.84 million in the previous year[7] Assets and Equity - As of September 30, 2022, total current assets amounted to RMB 3,201.1 million, compared to RMB 1,727.9 million at the end of 2021[11] - The total non-current assets as of September 30, 2022, were RMB 1,787.3 million, down from RMB 3,158.1 million at the end of 2021[12] - As of September 30, 2022, the total assets minus current liabilities amounted to RMB 3,663,311 thousand, an increase from RMB 3,302,017 thousand as of December 31, 2021, representing a growth of approximately 10.9%[14] - The company's total equity as of September 30, 2022, was RMB 3,591,386 thousand, an increase from RMB 3,195,431 thousand as of December 31, 2021, marking a growth of approximately 12.4%[15] User Growth - The number of registered individual users reached 81.6 million as of September 30, 2022, reflecting a 14.0% increase from 71.6 million in the previous year[18] - The number of verified enterprise users increased to 1,105,094, up 16.8% from 946,077 in the same period last year[18] - The number of verified corporate users increased from 946,077 as of September 30, 2021, to 1,105,094 as of September 30, 2022, marking a year-on-year growth of 16.8%[20] - The number of registered users reached a historical high in Q3 2022, driven by organic growth from experienced professionals and effective online marketing strategies[27] Operational Efficiency - The operating profit for the third quarter of 2022 was RMB 123,035 thousand, accounting for 19.2% of revenue, compared to RMB 103,412 thousand and 15.2% in the same period of 2021, indicating a year-over-year increase of 19.0%[17] - Non-GAAP operating profit for the first nine months of 2022 was RMB 395,850 thousand, representing 19.7% of revenue, compared to RMB 307,469 thousand and 16.4% in the same period of 2021, showing a significant improvement[17] - The company reported a non-GAAP operating profit of RMB 153,088 thousand for the third quarter of 2022, which is 23.9% of revenue, compared to RMB 140,950 thousand and 20.7% in the same quarter of 2021[17] - The lease liabilities decreased from RMB 80,210 thousand in 2021 to RMB 51,307 thousand in 2022, indicating a reduction of approximately 36.1%[14] Strategic Initiatives - The company is actively responding to national employment policies by organizing youth recruitment activities and collaborating with top universities to enhance job opportunities for graduates[19] - The overall economic environment remains challenging, but the company is positioned to leverage new industry opportunities arising from national strategies aimed at industrial upgrading[19] - The company launched an AI assistant in Q3 2022, enhancing data input accuracy and providing intelligent suggestions to improve matching results[23] - The company has implemented a strategy of "deep digging stock" and "targeted expansion" to identify growth opportunities in a challenging macroeconomic environment[22] - The company is focusing on optimizing customer acquisition and conversion strategies, enhancing sales efficiency through intelligent classification of business leads[23] - The company has established a strict information review system to ensure the reliability of its community, improving content review efficiency significantly[24] - The training and assessment platform has played a significant role in meeting diverse customer needs, particularly during the pandemic[26] - The company continues to focus on the online recruitment business, targeting the mid-to-high-end market, and plans to implement more aggressive marketing activities to capture market share[28] - The company emphasizes strengthening brand positioning and enhancing its three core advantages: quality talent, efficient matching, and professional services[28] Market Challenges - The ongoing COVID-19 pandemic has negatively impacted the enterprise service industry in China, prompting the company to implement remedial measures[29] - The online certification training business faced delays in course registrations and revenue recognition due to postponed exams and weakened market sentiment, impacting business expansion[27] Cautionary Statements - The board cautions that the financial and business data provided are based on internal records and have not been reviewed by auditors, and forward-looking statements involve risks and uncertainties[30]

Financial Performance - For the six months ended June 30, 2022, revenue from talent acquisition and other human resources services was RMB 1,371.6 million, an increase of 14.4% compared to RMB 1,198.5 million for the same period in 2021[15]. - Gross profit for the same period was RMB 1,084.6 million, up 13.7% from RMB 953.6 million in the prior year[15]. - Net profit for the six months ended June 30, 2022, was RMB 184.4 million, a significant increase of 131.2% from RMB 79.8 million in the previous year[15]. - Profit attributable to owners of the company for the same period was RMB 142.2 million, representing a 166.0% increase from RMB 53.4 million in the prior year[15]. - Non-GAAP operating profit for the six months ended June 30, 2022, was RMB 242.8 million, an increase of 45.8% from RMB 166.5 million in the same period of 2021[15]. - The non-GAAP operating profit margin for the same period was 17.7%[15]. - The company reported a net profit of RMB 184,392 thousand for the six months ended June 30, 2022, compared to RMB 79,753 thousand for the same period in 2021, representing an increase of 131.3%[138]. - Basic earnings per share for the period were RMB 0.28, up from RMB 0.10 in the previous year, reflecting improved profitability[159]. User Growth and Engagement - As of June 30, 2022, the company had nearly 1.08 million registered corporate users, with paid corporate users reaching 66,794, and the ARPU for corporate users exceeded RMB 36,000, up 16.5% year-on-year[17]. - The platform's registered user count reached 79.5 million by June 2022, reflecting a year-on-year growth of 16%, with a 25.6% increase in resume updates over the past 18 months[18]. - The number of verified enterprise users increased from 881,560 as of June 30, 2021, to 1,078,637 as of June 30, 2022, a growth of 22.4%[24]. - The registered individual users rose from 68.5 million as of June 30, 2021, to 79.5 million as of June 30, 2022, reflecting a year-on-year growth of 16.0%[25]. - Cumulative number of paying individual users increased by 15.3% to 479,032 from 415,353 year-over-year[34]. Market and Industry Trends - The employment market faced significant challenges in the first half of 2022, with the urban unemployment rate reaching a peak of 6.1% in April[22]. - The new energy sector experienced the fastest growth in job openings in the second quarter of 2022, with a year-on-year increase of over 54%[22]. - The company plans to continue focusing on high-end recruitment and adapt its market strategies in response to industry structural changes[19]. - The company aims to support the stabilization of the employment market and contribute to the recovery of the Chinese economy through its talent services[22]. Product and Service Development - The company launched an upgraded enterprise version of its recruitment platform, enhancing user engagement and collaboration among different recruitment roles[19]. - The company has integrated more digital capabilities to improve recruitment processes, focusing on precise product and service recommendations for corporate users[19]. - The company has upgraded its core talent acquisition product to a more user-friendly professional recruitment SaaS product, enhancing collaboration features and improving user engagement[27]. - The company launched new recruitment process management features in Q2 2022, including resume collaborative evaluation modules and account management tools[27]. - The company actively responded to government initiatives by upgrading online recruitment tools, particularly the live-streaming recruitment platform, to enhance user experience and job matching efficiency[28]. Financial Position and Cash Flow - Cash and cash equivalents as of June 30, 2022, were RMB 4,065 million, compared to RMB 3,467 million as of June 30, 2021[74]. - Net cash used in operating activities for the six months ended June 30, 2022, was RMB 271 million, a decrease from net cash generated of RMB 1,435 million for the same period in 2021, primarily due to delayed collections related to COVID-19[77]. - Net cash generated from investing activities for the six months ended June 30, 2022, was RMB 713 million, compared to net cash used of RMB 2,521 million for the same period in 2021[78]. - The company incurred a net cash outflow from financing activities of RMB (136,206) thousand, compared to RMB (64,390) thousand in the same period of 2021, indicating increased financing costs[147]. Shareholder Structure and Equity - Mr. Dai Kuo-bin holds 288,517,178 shares, representing approximately 55.05% of the total issued share capital as of June 30, 2022[95]. - The company has a significant concentration of ownership, with major shareholders holding substantial percentages of the total issued share capital[100]. - The company has granted options to purchase up to 42,865,895 shares, which is approximately 8.18% of the total issued share capital as of June 30, 2022[111]. - The total number of share options granted under the post-IPO share option plan is 49,555,946 shares, representing approximately 9.45% of the company's issued shares as of the report date[116]. - The company has established a trust structure for certain shareholders, indicating a complex ownership arrangement[106]. Governance and Compliance - The company has adopted the Corporate Governance Code and has complied with its provisions, except for the deviation regarding the roles of Chairman and CEO being held by the same individual[130]. - The Audit Committee consists of three members, two of whom are independent non-executive directors, and has reviewed the interim financial results for the six months ending June 30, 2022[132]. - The company has confirmed that all directors have complied with the standard code for securities transactions during the six months ending June 30, 2022[131].

Financial Performance - For the first quarter of 2022, Tongdao Liepin Group reported revenue of RMB 648.6 million, an increase of 24.0% compared to RMB 523.0 million in the first quarter of 2021[3]. - The gross profit for the first quarter of 2022 was RMB 519.7 million, up 24.6% from RMB 417.0 million in the same period last year[3]. - The net profit for the first quarter of 2022 reached RMB 13.2 million, a significant increase of 344.5% from RMB 3.0 million in the first quarter of 2021[3]. - The non-GAAP operating profit for the first quarter of 2022 was RMB 56.1 million, representing a 51.6% increase from RMB 37.0 million in the first quarter of 2021, with a non-GAAP operating profit margin of 8.7%[3][12]. - The total comprehensive income for the first quarter of 2022 was RMB 7.2 million, compared to RMB 11.7 million in the first quarter of 2021[5]. - The operating profit margin for the first quarter of 2022 was 4.2%, compared to 1.8% in the first quarter of 2021[13]. Assets and Equity - As of March 31, 2022, the total assets less current liabilities amounted to RMB 3,258.2 million, down from RMB 3,302.0 million as of December 31, 2021[10]. - The company's equity attributable to shareholders was RMB 2,936.4 million as of March 31, 2022, compared to RMB 2,982.6 million at the end of 2021[11]. - The company reported a decrease in cash and cash equivalents to RMB 320.1 million as of March 31, 2022, down from RMB 495.8 million at the end of 2021[9]. User Growth and Engagement - As of March 31, 2022, the number of registered individual users reached 76.9 million, an increase of 16.8% from 65.8 million in the same period last year[14]. - The number of verified enterprise users rose to 1,045,468, marking a year-on-year increase of 28.9% from 810,914[14]. Revenue Streams - Revenue from talent development services for individual users was RMB 96.8 million, up 24.6% from RMB 77.7 million in the same quarter last year[17]. - Revenue for the first quarter of 2022 was approximately RMB 648.6 million, reflecting a 24.0% year-on-year growth[16]. - Gross profit for the same period was approximately RMB 519.7 million, which is a 24.6% increase compared to the previous year[16]. Product Development and Innovation - The company launched an upgraded professional recruitment SaaS product, enhancing user experience and flexibility in recruitment processes[19]. - The company has developed an internal algorithm platform to improve matching accuracy and product performance, covering thousands of job types[20]. - The company’s training and assessment SaaS platform offers video-based training, including leadership and professional skills courses, particularly aiding companies in talent development during the pandemic[23]. Market Conditions and Strategy - The ongoing COVID-19 pandemic has created uncertainties in operational earnings and profits, with potential impacts reflected in the fiscal year ending December 31, 2022[26]. - The unemployment rate in urban areas reached 5.5% in the first quarter of 2022, with a notably higher rate of 16.0% among the 16-24 age group[14]. - The company achieved healthy growth in Q1 2022 despite challenging market conditions, validating its business model and long-term strategy[24]. - The company aims to enhance operational efficiency and support the digital transformation of enterprises, emphasizing the value of professional talent services in high-quality development[25]. - The company plans to further penetrate the SaaS business in 2022, providing comprehensive research solutions across various scenarios[22]. Compliance and Risk Management - The company is committed to protecting user information and ensuring compliance with industry standards and regulations[20]. - The board cautioned that the financial and business data provided are based on internal records and have not been reviewed by auditors, advising shareholders to exercise caution[27]. - Forward-looking statements are subject to known and unknown risks, and actual performance may differ significantly from these projections[28]. Future Outlook - The company is focused on attracting young talent, which is expected to drive long-term digitalization in talent services[24]. - The company will continue to refine its enterprise user segmentation and promote diverse products to meet varying user needs[24]. - Over 300 live recruitment events were held by March 2022, connecting enterprises and talent effectively[20]. - The company issued over 161 million surveys and collected nearly 12 billion samples by the end of March 2022, maintaining a leading position in the online research service industry[22].