User Metrics - Average monthly active users (MAU) for the full year of 2024 were 53.0 million, an increase of 25.3% from 42.3 million in 2023[2] - Total paid enterprise customers increased by 17.3% to 6.1 million for the twelve months ended December 31, 2024, up from 5.2 million in 2023[4] Financial Performance - Revenues for the fourth quarter of 2024 were RMB1,823.6 million (US$249.8 million), an increase of 15.4% from RMB1,580.2 million in the same quarter of 2023[4] - Net income for the full year of 2024 was RMB1,567.0 million (US$214.7 million), representing an increase of 42.6% from RMB1,099.2 million in 2023[18] - Adjusted net income for the full year of 2024 was RMB2,710.7 million (US$371.4 million), an increase of 25.7% from RMB2,156.2 million in 2023[18] - The company reported an adjusted net income attributable to ordinary shareholders of RMB 449,608 for Q4 2024, up from RMB 331,250 in Q4 2023[35] - Net income for the year ended December 31, 2024, was RMB 1,567,026, representing a 42.5% increase from RMB 1,099,218 in 2023[35] Operating Efficiency - Adjusted operating margin reached a record high of 31.5% in 2024, benefiting from strong operating leverage and improved efficiency[3] - Operating expenses for Q4 2024 totaled RMB 1,456,255, a rise of 6.8% from RMB 1,363,251 in Q4 2023[35] Cash and Assets - Cash and cash equivalents as of December 31, 2024, totaled RMB14,681.1 million (US$2,011.3 million)[13] - Cash and cash equivalents at the end of the period for the year ended December 31, 2024, were RMB 2,553,090 thousand, an increase from RMB 2,472,959 thousand for the year ended December 31, 2023[40] - Total assets increased to RMB 19,310,672 as of December 31, 2024, from RMB 17,940,048 in 2023[38] - The company’s total liabilities decreased to RMB 4,347,852 in 2024 from RMB 4,510,855 in 2023[38] Shareholder Returns - The company repurchased over US$90 million of its shares in Q4 2024, totaling around US$229 million for the year, representing 3.7% of the issued shares[23] Future Outlook - For Q1 2025, the company expects total revenues to be between RMB1.90 billion and RMB1.92 billion, reflecting a year-on-year increase of 11.5% to 12.7%[24] - The company aims to enhance its online recruitment platform, BOSS Zhipin, to improve user engagement and recruitment efficiency[32] - Future outlook includes continued investment in research and development to drive innovation and market expansion[32] Product Development - The company launched a series of AI-powered products, including the AI agent, leveraging its proprietary large language model "Nanbeige" and DeepSeek technology[3] Quarterly Performance - For the three months ended December 31, 2023, net income was RMB 331,241 thousand, an increase from RMB 1,099,218 thousand for the year ended December 31, 2023[42] - Adjusted net income for the three months ended December 31, 2023, was RMB 628,647 thousand, compared to RMB 2,156,185 thousand for the year ended December 31, 2023[42] - Income from operations for the three months ended December 31, 2023, was RMB 222,252 thousand, up from RMB 580,971 thousand for the year ended December 31, 2023[42] - Net cash provided by operating activities for the three months ended December 31, 2023, was RMB 926,837 thousand, compared to RMB 3,047,009 thousand for the year ended December 31, 2023[40] - Adjusted net income per ordinary share (diluted) for the three months ended December 31, 2024, was RMB 0.81, compared to RMB 0.70 for the three months ended December 31, 2023[42] - The weighted average number of ordinary shares used in computing adjusted net income per share (diluted) was 898,715,743 for the three months ended December 31, 2024[42] Investment Activities - Net cash used in investing activities for the year ended December 31, 2024, was RMB (2,016,899) thousand, a significant decrease from RMB (9,938,645) thousand for the year ended December 31, 2023[40] - The company reported a net increase in cash and cash equivalents of RMB 80,131 thousand for the year ended December 31, 2024, compared to a net decrease of RMB (7,278,865) thousand for the year ended December 31, 2023[40] - Share-based compensation expenses for the year ended December 31, 2024, were RMB 1,143,685 thousand, compared to RMB 1,056,967 thousand for the year ended December 31, 2023[42]

Core Insights - KANZHUN LIMITED, operating the BOSS Zhipin platform, published its 2024 ESG report, emphasizing its commitment to a responsible and sustainable recruitment platform [1][2] Group 1: ESG Achievements - The report highlights achievements across seven key ESG dimensions: governance, product optimization, employee growth, green development, sustainable supply chain, community engagement, and corporate governance [2] - The company aims to create an ecosystem that promotes opportunity, equity, and innovation by embedding sustainability into its core operations [2] Group 2: Company Overview - KANZHUN LIMITED operates BOSS Zhipin, a leading online recruitment platform in China, facilitating efficient connections between job seekers and enterprises through an interactive mobile app [4] - The platform focuses on intelligent recommendations and two-way communication, enhancing recruitment efficiency and driving rapid expansion due to its large and diverse user base [4]

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

Group 1 - The article discusses Kanzhun Ltd. (NASDAQ: BZ) and previously assigned a buy rating due to a dip in share price, which was seen as an attractive entry point based on solid fundamentals and growth outlook [1] - The author emphasizes a diverse investing background, incorporating fundamental, technical, and momentum investing strategies to enhance the investment process [1] - The purpose of writing on Seeking Alpha is to track investment ideas' performance and connect with like-minded investors [1] Group 2 - There are no stock, option, or similar derivative positions held by the author in any mentioned companies, nor plans to initiate such positions in the near future [2] - The article expresses the author's personal opinions and is not compensated for it, aside from Seeking Alpha [2] - Seeking Alpha clarifies that past performance does not guarantee future results and that the views expressed may not reflect the platform's overall stance [3]

Investment Rating - The investment rating for BOSS Zhipin (BZ.O) is "Outperform the Market" [5][13]. Core Views - The report highlights a stabilization and recovery in recruitment demand, with a focus on the progress of AI products. The company reported a revenue growth of 15% year-on-year, with an adjusted profit margin of 40% [1][3]. - The company anticipates a Non-GAAP operating profit of 3 billion in 2025, representing a year-on-year growth of approximately 30% [1][3]. - The report emphasizes the company's strong user growth trajectory, setting a target of over 35 million users, with nearly 49.5 million new users added in 2024 [1][3]. Summary by Sections Financial Performance - In Q4 2024, the company's operating revenue was 1.82 billion, up 15% year-on-year, but down 5% quarter-on-quarter, slightly exceeding the company's guidance [1][8]. - The cash bill revenue for Q4 2024 was 1.84 billion, reflecting a year-on-year increase of 3% and a quarter-on-quarter increase of 2% [1][8]. - The gross margin for the quarter was 83%, with a year-on-year increase of 0 percentage points and a quarter-on-quarter decrease of 1 percentage point [1][8]. - Adjusted net profit for Q4 2024 was 720 million, maintaining a net profit margin of 40% [1][8]. User and Market Dynamics - The platform's monthly active users (MAU) reached 52.7 million in Q4 2024, representing a year-on-year increase of 28% but a quarter-on-quarter decrease of 9% [2][11]. - The number of paid enterprises increased by 17% year-on-year, totaling 6.1 million [2][11]. - The average revenue per user (ARRPU) for the past 12 months was 1,192 yuan, showing a year-on-year growth of 5% [2][11]. AI Product Development - The company is actively expanding its AI Agent capabilities, which are expected to enhance user experience and revenue potential [2][12]. - AI products have shown significant efficiency improvements, with a 60% increase in bilateral matching effectiveness and a 40% reduction in recruiters' time spent [2][12]. - The company plans to launch AI accounts with features such as automated chat initiation, which is expected to significantly boost ARRPU [2][12]. Financial Forecasts - The adjusted net profit forecast for 2025 has been slightly lowered to 3.35 billion, a decrease of 4.9%, while the 2026 forecast remains at 4.31 billion [3][4]. - Revenue projections for 2024, 2025, 2026, and 2027 are 7.36 billion, 8.32 billion, 9.55 billion, and 10.89 billion respectively, with corresponding growth rates of 23.6%, 13.0%, 14.9%, and 14.0% [4][17].

Investment Rating - The investment rating for BOSS Zhipin (BZ.O) is "Outperform the Market" [5][13]. Core Views - The report highlights a stabilization and recovery in recruitment demand, with a focus on the progress of AI products. The company reported a 15% year-on-year revenue growth, with an adjusted profit margin of 40% [1][3]. - The company anticipates a Non-GAAP operating profit of 3 billion in 2025, representing a year-on-year growth of approximately 30% [1][3]. - The report emphasizes the company's ongoing user growth phase without large-scale marketing activities, targeting over 35 million users [1][3]. Summary by Sections Financial Performance - In Q4 2024, the company's operating revenue was 1.82 billion, up 15% year-on-year but down 5% quarter-on-quarter, slightly exceeding the company's guidance [1][8]. - The cash bill revenue for Q4 2024 was 1.84 billion, reflecting a 3% year-on-year increase and a 2% quarter-on-quarter increase [1][8]. - The gross margin for the quarter was 83%, with a year-on-year increase of 0 percentage points and a quarter-on-quarter decrease of 1 percentage point [1][8]. - Adjusted net profit for Q4 2024 was 720 million, maintaining a net profit margin of 40% [1][8]. User and Market Dynamics - The platform's monthly active users (MAU) reached 52.7 million in Q4 2024, representing a 28% year-on-year increase but a 9% quarter-on-quarter decrease [2][11]. - The number of paid enterprises increased by 17% year-on-year, totaling 6.1 million [2][11]. - The Average Revenue Per User (ARRPU) for the last 12 months was 1,192 yuan, showing a 5% year-on-year growth [2][11]. AI Product Development - The company is actively expanding its AI Agent capabilities, which are expected to enhance ARRPU. The AI products have shown a 60% improvement in bilateral matching efficiency and a 40% reduction in recruiters' time [2][12]. - The report notes that the AI product for recruiters has been in gray testing for about a year, indicating positive results in operational efficiency [2][12]. Future Outlook - The report projects a slight downward adjustment in the 2025 adjusted net profit forecast to 3.35 billion, a decrease of 4.9%, while maintaining the 2026 forecast at 4.31 billion [3][13]. - The anticipated revenue growth rates for 2025, 2026, and 2027 are 23.6%, 28.8%, and 22.1%, respectively, with corresponding price-to-earnings (PE) ratios of 19.1, 14.9, and 12.2 [3][4].

Investment Rating - The investment rating for the company is "Outperform the Market" [4][16][21] Core Views - The company reported a revenue of 73.6 billion yuan in 2024, representing a year-on-year growth of 23.6%, with a net profit of 27.3 billion yuan, up 26.5% [1][7] - In Q4 2024, the revenue was 18.2 billion yuan, reflecting a 15.4% increase, slightly exceeding management's guidance [1][7] - The company is focusing on AI integration, with AI-related job postings increasing by 64% year-on-year, enhancing recruitment efficiency by 60% and saving 40% of time [3][15][16] Summary by Sections Financial Performance - In Q4 2024, the adjusted net profit was 7.3 billion yuan, up 15.8%, surpassing Bloomberg's consensus estimate of 7.0 billion yuan [1][7] - The gross margin for Q4 2024 was 82.8%, with an operating profit margin of 20.9%, showing a significant year-on-year improvement [2][11] - The annual ARPU (Average Revenue Per User) for 2024 was 1192 yuan, a 5.2% increase year-on-year [2][9] User Growth and Market Position - The number of paid enterprise users reached a record high of 610,000 in 2024, a 17% increase year-on-year [2][9] - Daily active users (DAU) on the job seeker side increased by 28% year-on-year, reaching 52.7 million [2][9] Future Outlook - For Q1 2025, the company expects revenue growth of 11.5% to 12.7%, driven by a favorable recruitment environment [3][15] - The adjusted net profit forecast for 2025 is set at 33.5 billion yuan, reflecting a slight downward adjustment of 4.9% [3][16] - The company anticipates continued improvements in gross and operating profit margins in 2025 due to enhanced brand recognition and reduced customer acquisition costs [15][16]

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin [9] Core Views - The company achieved revenue of 1.824 billion yuan in Q4 2024, representing a year-on-year increase of 15.4%, exceeding the upper limit of the previous guidance [1] - Non-GAAP operating profit reached 659 million yuan, up 26.8%, while Non-GAAP net profit was 722 million yuan, an increase of 14.9% [1] - The company expects Q1 2025 revenue to be between 1.90 billion and 1.92 billion yuan, reflecting a growth of 11.5% to 12.7% [1] - The spring recruitment data shows a positive improvement trend, with the number of active job postings and new job postings reaching historical highs [3] - The company continues to invest in AI technology, which is expected to drive cost reduction and new product revenue [3] Financial Summary - In Q4 2024, B-end revenue was 1.804 billion yuan, up 15.2%, with a total of 6.1 million enterprise paying customers, a 17.3% increase [2] - The average monthly active users (MAU) reached 52.7 million, a 27.9% increase year-on-year [2] - The company's gross margin for Q4 2024 was 82.8%, with a Non-GAAP operating profit margin of 36.1% [2] - The financial forecast for 2025-2027 estimates Non-GAAP operating profits of 3.044 billion, 3.530 billion, and 3.953 billion yuan, respectively [3] - Non-GAAP net profits are projected to be 3.247 billion, 3.630 billion, and 3.990 billion yuan for the same period [3] Market Position - The company has established a competitive advantage in the online recruitment sector through its "mobile + intelligent matching + direct chat" business model [3] - The contribution of key accounts (KA) to B-end revenue increased by 3 percentage points year-on-year, with KA customers generating 1.772 billion yuan in revenue, a 40% increase [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][15][16] Core Views - The company reported a revenue of 73.6 billion yuan in 2024, representing a year-on-year growth of 23.6%, with a net profit of 27.3 billion yuan, up 26.5% [1][6] - In Q4 2024, the revenue was 18.2 billion yuan, a 15.4% increase, slightly exceeding management's guidance [1][6] - The company is focusing on AI development, with AI-related job postings increasing by 64% year-on-year, contributing to a positive hiring environment [1][3][14] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 73.56 billion yuan, with an adjusted net profit of 27.28 billion yuan, reflecting a growth of 26.5% [6][7] - The Q4 2024 revenue was 18.2 billion yuan, slightly above the management's guidance of 13.6%-14.6% [1][6] - The adjusted net profit for Q4 2024 was 7.3 billion yuan, exceeding Bloomberg's consensus estimate of 7.0 billion yuan [1][6] User Growth and Engagement - The number of paid enterprise users reached a record high of 610,000 in 2024, a 17% year-on-year increase [2][8] - Daily active users (DAU) on the job seeker side increased by 28% year-on-year, reaching 52.7 million in Q4 2024 [2][8] Profitability Metrics - The gross margin for Q4 2024 was 82.8%, with an operating profit margin of 20.9%, reflecting a year-on-year increase of 6.8 percentage points [10][12] - The adjusted net profit margin for Q4 2024 was 39.9%, slightly up by 0.1 percentage points [12] Future Outlook - For Q1 2025, the company expects revenue growth of 11.5%-12.7%, driven by a positive hiring environment post-Spring Festival [3][14] - The company plans to continue investing in AI, with expected improvements in recruitment efficiency and user experience [3][14][15] - The adjusted net profit forecast for 2025 is set at 33.5 billion yuan, with further projections for 2026 and 2027 at 43.1 billion yuan and 52.7 billion yuan, respectively [15][17]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's performance in Q4 2024 slightly exceeded expectations, with total revenue reaching 18.2 billion yuan, a year-on-year increase of 15%. Adjusted net profit was 7.2 billion yuan, also up 15% year-on-year [4][9] - The demand for recruitment is expected to recover in 2025, driven by the growth in blue-collar jobs and AI-related positions, with a significant increase in job postings related to AI [3][4] - The company anticipates adjusted operating profit to reach 3 billion yuan in 2025, supported by improved customer acquisition efficiency and cost reductions through AI [4] Financial Projections - Total revenue projections for the company are as follows: - 2023: 5,952 million yuan - 2024: 7,356 million yuan (24% YoY growth) - 2025: 8,397 million yuan (14% YoY growth) - 2026: 9,538 million yuan (14% YoY growth) - 2027: 10,580 million yuan (11% YoY growth) [1] - Adjusted net profit projections are: - 2023: 1,099 million yuan - 2024: 1,585 million yuan (44% YoY growth) - 2025: 2,275 million yuan (44% YoY growth) - 2026: 3,066 million yuan (35% YoY growth) - 2027: 3,747 million yuan (22% YoY growth) [1] - Non-GAAP net profit projections are: - 2023: 2,156 million yuan - 2024: 2,711 million yuan (26% YoY growth) - 2025: 3,332 million yuan (23% YoY growth) - 2026: 4,113 million yuan (23% YoY growth) - 2027: 4,786 million yuan (16% YoY growth) [1] Operational Efficiency - The company has improved customer acquisition efficiency, with adjusted sales expense ratio decreasing by 3.5 percentage points year-on-year. The adjusted operating profit margin increased to 36.1% [4] - The average monthly active users (MAU) for the BOSS Zhipin app reached 53 million in 2024, a 25% increase year-on-year, indicating strong user engagement [9]