Investment Strategy - The individual investor employs a diversified investment approach, incorporating fundamental investing (e.g., bottoms-up analysis), technical investing (e.g., historical chart analysis), and momentum investing (e.g., share price reaction post-earnings) to refine their investment process [1] - The investor uses Seeking Alpha as a platform to track the performance of their investment ideas and connect with like-minded investors who share similar investment interests [1] Kanzhun Ltd (BZ) Analysis - The investor previously issued a buy rating for Kanzhun Ltd (NASDAQ: BZ) in September, citing strong fundamentals despite a drop in share price [3] - The investor reiterates the buy rating for BZ, maintaining confidence in the company's fundamentals [3]

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ) [1] Core Views - BOSS Zhipin's Q3 2024 performance met expectations, with revenue growth of 19% YoY to RMB 1.912 billion and adjusted net profit of RMB 739 million, up 4% YoY, exceeding Bloomberg consensus estimates [2] - The company expects Q4 2024 revenue to be between RMB 1.795-1.810 billion, representing a YoY increase of 13.6%-14.6% [2] - BOSS Zhipin repurchased USD 220 million worth of shares in 2024 [2] User Metrics and Market Trends - Q3 2024 MAU reached 58 million, up 30% YoY and 6% QoQ, hitting a record high [2] - Paid enterprise customers totaled 6 million in the 12 months ending September 30, 2024, up 22% YoY and 2% QoQ [2] - The ratio of job seekers to enterprise users improved QoQ, potentially shortening recruitment cycles and temporarily slowing enterprise customer payment growth [2] Blue-Collar Business Performance - Blue-collar recruitment revenue exceeded 38% of total revenue in Q3 2024, with manufacturing revenue up 45% YoY [3] - The "Hailuo Preferred" project saw a 45% QoQ increase in attracted enterprises and a 40% QoQ rise in contract value [3] - Large enterprise revenue grew over 30% YoY, with ARPU up 5% YoY and flat QoQ [3] Financial Performance and Projections - Q3 2024 adjusted operating profit was RMB 605 million, representing 31.7% of revenue [3] - Adjusted net profit margin was 38.7%, down 5.8% YoY due to higher tax rates [3] - 2024-2026 Non-GAAP net profit forecasts are RMB 2.6/3.2/4.1 billion, with corresponding Non-GAAP P/E ratios of 18/15/11x [4] Financial Ratios and Valuation - 2024-2026 ROE projections are 10.4%/12.8%/15.9% [10] - 2024-2026 gross margin forecasts are 83.3%/84.4%/84.9% [10] - 2024-2026 net profit margin estimates are 20.5%/25.5%/31.3% [10] - The stock closed at USD 14.58 with a market cap of USD 6.373 billion [4] Cash Flow and Balance Sheet - 2024-2026 operating cash flow projections are RMB 2.974/4.352/4.548 billion [8] - 2024-2026 net cash increase forecasts are RMB 337 million/1.634 billion/1.711 billion [8] - Total assets are projected to grow from RMB 19.096 billion in 2024E to RMB 24.175 billion in 2026E [9]

请务必阅读正文之后的免责声明及其项下所有内容 BOSS 直聘（BZ.O） 优于大市 2024 年第三季度经营平稳增长，政策助力呈现边际改善信号 2024Q3 收入同增 19%，符合前期指引。2024Q3 公司收入 19.1 亿元/+19.0%， 符合管理层前期指引（18.2%-19.5%）；剔除股权激励费用影响，实现经调 经营利润 6.1 亿元/+9.0%；经调归母净利润 7.4 亿元/+4.1%。分业务来看， 2024Q3，B 端收入 18.9 亿元/+18.7%，C 端收入 2250 万元/+49.0%。分行业 来看，Q3 蓝领招聘仍好于白领，收入占比提升至 38%以上，其中制造业、物 流仓储、汽车表现最优，制造业单季收入同比+45%，城市服务业仍较疲软。 分企业规模来看，Q3 过万人规模的大客户增速最快，其次为小微企业。 付费用户增速放缓，但存量付费用户 ARPPU 稳步提升。Q3 平均月活用户+30% 创新高，达到 5800 万，增速环比+4.8pct。前三季度新增认证用户约 4000 万，望超额完成全年目标 4200 万。12 个月付费企业客户数达 600 万/+22%。 但招聘市场求职需求与人才需 ...

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ) with a target price of $19.11 per ADS, based on a 20X PE multiple for 2025 [5] Core Views - BOSS Zhipin's 24Q3 revenue grew 18.98% YoY to RMB 19.12 billion, with recruitment services contributing RMB 18.89 billion (up 18.7% YoY) [2] - The company's adjusted net profit reached RMB 739 million in 24Q3, up 3.5% YoY and 2.8% QoQ [2] - BOSS Zhipin's MAU grew 30% YoY to 58 million in 24Q3, with 40 million new users added in the first nine months [3] - The company's blue-collar recruitment business now accounts for 38% of total revenue, showing significant growth potential [3] Financial Performance - Revenue is expected to grow 23.3% to RMB 7.34 billion in 2024 and 10.1% to RMB 8.08 billion in 2025 [4] - Non-GAAP net profit is projected to reach RMB 2.72 billion in 2024 and RMB 3.10 billion in 2025 [4] - The company's P/E ratio is expected to decrease from 22 in 2023 to 15 in 2025, indicating improving valuation metrics [4] Operational Highlights - Paid enterprise users reached 6 million in the past 12 months, up 22.4% YoY [3] - New job postings increased 18% YoY in 24Q3, driven by efficient business models and market share gains [3] - The company has been actively repurchasing shares, with $220 million repurchased this year and an additional $150 million authorized [3] Industry Position - BOSS Zhipin is recognized as a leading online recruitment platform in China, benefiting from strong network effects [3] - The company's focus on blue-collar recruitment is expected to drive further growth and market expansion [3]

Financial Data and Key Metrics - Revenue for Q3 2024 reached RMB1.91 billion, up 19% year-on-year [8] - Net income was RMB460 million, with adjusted operating income at RMB610 million, reflecting a 10% year-on-year growth [8] - Share-based compensation expenses declined both year-on-year and quarter-on-quarter, entering a phase of gradual reduction [11] - Net cash provided by operating activities was RMB812 million, relatively stable compared to the same period last year [34] - Cash and cash equivalents, short-term time deposits, and short-term investments totaled RMB14.6 billion as of September 30, 2024 [35] Business Line Performance - Average monthly active users on the BOSS Zhipin app reached 58 million, a 30% year-on-year increase [13] - Newly posted job positions increased by 18% year-on-year, driven by user growth and market share expansion [14] - Paid enterprise customers reached 6 million in the trailing 12 months, up 22% year-on-year [18] - Blue-collar business revenue contribution increased to over 38% of total revenue, with the Hailuo Conch-led project growing by 45% quarter-on-quarter [19] - The platform facilitated an average of nearly 200 million monthly mutual achievements, indicating successful interactions between enterprise users and job seekers [20] Market Performance - The job seeker-to-enterprise user ratio continued its upward trend, shortening recruitment cycles for enterprises [16] - Retention rates for enterprise users remained solid, with the number of paid enterprise customers experiencing decent growth [15][17] - Blue-collar sectors, particularly manufacturing, logistics, and automobile industries, showed strong performance, with manufacturing revenue growing over 45% year-on-year [52][53] Strategic Direction and Industry Competition - The company remains focused on user growth, paying ratio stability, and ARPU improvement as key revenue drivers [43][44][46] - Investments in technology and operational efficiency continue, with a focus on sustainable cost control and strong operating leverage [27][30] - The company repurchased $130 million worth of shares, bringing the total repurchase for the year to $220 million, demonstrating confidence in long-term growth [22][36] Management Commentary on Operating Environment and Future Outlook - Management noted that the recruitment market remains challenging but highlighted positive results from focusing on key growth drivers [12] - The company expects Q4 2024 revenue to be between RMB1.795 billion and RMB1.81 billion, a year-on-year increase of 13.6% to 14.6% [36] - For 2025, the company anticipates maintaining a 15% user growth rate and improving profitability through operating leverage and cost control [43][69][70] Other Important Information - The company allocated additional resources to brand promotion during the Paris 2024 Olympic Games and Euro Cup 2024, leading to increased marketing expenses [9] - R&D expenses increased by 12% year-on-year to RMB464 million, with adjusted R&D expenses up 18% year-on-year [31] - G&A expenses rose by 31% year-on-year due to higher employee-related expenses and one-off expenditures [32] Q&A Session Summary Question 1: Impact of Government Policies and Revenue Growth in 2025 - The company observed improvements in newly added enterprise users since October, indicating positive effects from government policies [40] - Key revenue drivers for 2025 include user growth, paying ratio stability, and ARPU improvement, with blue-collar business contributing significantly [43][44][46][47] Question 2: Blue-Collar vs. White-Collar Performance and User Growth Potential - Blue-collar revenue growth outpaced white-collar, with manufacturing, logistics, and automobile industries performing well [51][52] - The company estimates China's marketable employees at over 400 million, indicating significant growth potential for both individual and enterprise users [56][57] Question 3: Blue-Collar Recruitment Strategy and Profitability Outlook - The company's blue-collar strategy focuses on creating a balanced ecosystem for factories, intermediaries, workers, and platforms [63][64] - Profitability in 2025 is expected to improve through gross margin stability, sales efficiency, and disciplined spending on new business initiatives [70] Question 4: Overseas Business and AI Applications - Overseas business investments will remain limited in 2025, with a focus on small-scale experiments [74][75] - AI applications are being used to enhance user safety and operational efficiency, with no immediate plans for large-scale AI hardware investments [76][79][80]

KANZHUN LIMITED Sponsored ADR (BZ) came out with quarterly earnings of $0.23 per share, beating the Zacks Consensus Estimate of $0.22 per share. This compares to earnings of $0.22 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 4.55%. A quarter ago, it was expected that this company would post earnings of $0.20 per share when it actually produced earnings of $0.22, delivering a surprise of 10%.Over the last four quarters, the ...

Exhibit 99.1 KANZHUN LIMITED Announces Third Quarter 2024 Financial Results BEIJING, December 11, 2024 – KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter ended September 30, 2024. Third Quarter 2024 Highlights · Total paid enterprise customers in the twelve months ended September 30, 2024 were 6.0 million, an increase of 22.4% from 4.9 million in the twelve months ended S ...

BEIJING, Dec. 11, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter ended September 30, 2024. Third Quarter 2024 Highlights Total paid enterprise customers1 in the twelve months ended September 30, 2024 were 6.0 million, an increase of 22.4% from 4.9 million in the twelve months ended September 30, 2023.Average monthly active users (MAU)2 for the t ...

证券研究报告·海外公司点评·其他互联网服务 BOSS 直聘（BZ） 24Q3 业绩前瞻：企业招聘需求仍待回暖，利 润稳健释放 2024 年 12 月 09 日 买入（维持） | --- | --- | --- | --- | --- | --- | |-------------------------------|-------|--------------------------------|-------|-------|-------| | [ 盈利预测与估值 Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | | 4,511 5,952 7,334 8,255 10,101 | | | | | 同比（ % ） | 6% | 32% | 23% | 13% | 22% | | 归母净利润（百万元） | | 107 1,099 1,454 2,070 3,141 | | | | | 同比（ % ） | -109% | 925% | 32% | 42% | 52% | | Non-GAAP 净利润（百万元） | | 799 ...

证券研究报告 | 2024年12月02日 BOSS 直聘（BZ.O）-2024Q3 业绩前瞻 优于大市 企业招聘意愿仍待回暖，精细化运营保障利润端 宏观环境温和复苏，2024Q3 企业付款以及招聘意愿仍处低位。考虑到国内经 济偏温和复苏的现状，我们分析预计 2024Q3 公司现金收款同增约 10%，略低 于我们此前预期（2024Q3 现金收款同增 17.8%），同比增速环比 2024Q1/Q2 （24%/21%）也有所下行；目前企业招聘意愿仍处低位，我们预计 2024Q3 收 入同增约 14%，也略低于我们此前预期（2024Q3 收入同增+19.2%）。分行业 来看，2024 三季度，进出口相关行业、制造业和运输业相对表现较好，而与 零售相关的服务业、餐饮业表现承压明显。 成本精细化管控，盈利能力有望保持稳定。当前经营的核心矛盾在于企业招 聘意愿恢复相对缓慢，而非 C 端用户增长不足，故在市场营销获客方面，我 们分析公司在投放上会更为审慎，且更具针对性和目的性。此外，2024 年公 司在奥运会期间进行了一次性品牌投入，2025 年事件营销投入的减少也将进 一步显现公司的经营杠杆。此外，公司预计公司研发投入也有 ...