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 - Revenue for the year ended December 31, 2024, reached RMB 7,355,677 thousand, representing a 23.6% increase from RMB 5,952,028 thousand in 2023[8] - Operating profit for 2024 was RMB 1,172,946 thousand, a significant increase of 101.9% compared to RMB 580,971 thousand in 2023[8] - The adjusted net profit for 2024 was RMB 2,710,711 thousand, reflecting a 25.7% growth from RMB 2,156,185 thousand in 2023[8] - The pre-tax profit for 2024 was RMB 1,832,660 thousand, a 50.0% increase from RMB 1,221,789 thousand in 2023[8] - The company reported a net profit increase of 42.5% from RMB 1,099.2 million in 2023 to RMB 1,567.0 million in 2024[26] - The adjusted operating profit margin reached a historical high of 31.5% due to strong operational leverage and improved marketing and operational efficiency[26] User Engagement - The average monthly active users reached 53.0 million in 2024, up 25.3% from 42.3 million in 2023[12] - The average daily active users as a percentage of monthly active users reached 24.8% in 2024[12] Cost and Expenses - Operating costs increased by 17.0% from RMB 1,059.9 million in 2023 to RMB 1,239.7 million in 2024, mainly due to rising server and bandwidth costs[30] - Marketing expenses increased by 4.1% from RMB 1,991.2 million in 2023 to RMB 2,073.1 million in 2024, primarily due to increased employee-related costs, partially offset by a decrease in advertising and marketing expenses[31] - R&D expenses rose by 17.6% from RMB 1,543.6 million in 2023 to RMB 1,815.8 million in 2024, mainly due to increased technology investments[32] - General and administrative expenses increased by 34.7% from RMB 811.8 million in 2023 to RMB 1,093.9 million in 2024, primarily due to increased employee-related costs[33] Strategic Initiatives - The company plans to continue focusing on user growth and service innovation to enhance monetization capabilities in 2024[24] - The company aims to accelerate the application of AI technology in its products and services, particularly in enhancing job matching efficiency[25] - The company is exploring AI's value in enhancing operational efficiency and user experience, including AI resume polishing and interview simulation features[13] - The company has enhanced its blue-collar service capabilities, leading to significant growth in the manufacturing sector[12] Shareholder and Capital Management - The company has launched a new share repurchase plan, allowing for the repurchase of up to USD 150 million in shares over the next 12 months, reflecting confidence in future growth[23] - As of December 31, 2024, the total cash and cash equivalents, short-term deposits, and short-term investments amounted to RMB 14.7 billion, with a net cash flow from operating activities of RMB 3.5 billion for 2024[37] - The company had no interest-bearing bank loans or other borrowings as of December 31, 2024, resulting in a debt-to-equity ratio of zero[45] Corporate Governance - The board of directors includes five executive directors, with Mr. Zhao serving as the CEO and founder, bringing over 20 years of experience in the internet industry[100] - The board consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors[139] - The company has established a remuneration committee to determine the compensation policy for directors and senior management[116] - The company has a dual-class share structure, with Class A shares granting one vote and Class B shares granting ten votes per share[92] - The independent non-executive directors confirmed that the contractual arrangements continue to provide economic benefits to the group[91] Risk Management - The company faces significant risks including the inability to implement new technologies and respond to changing user preferences, which could adversely affect user growth and retention[63] - The company is subject to complex and evolving data protection and cybersecurity laws in mainland China, non-compliance may lead to penalties and operational impacts[64] - The company has confirmed that its risk management and internal control systems are effective and adequate as of the fiscal year ending December 31, 2024[178] Employee and Social Responsibility - The company had a total of 5,688 employees as of December 31, 2024, with 50.9% in sales and marketing, 23.4% in R&D, 17.7% in operations, and 8.0% in general administration[49] - The company made charitable donations amounting to RMB 2.5 million during the year ended December 31, 2024[58] - Training on anti-bribery and anti-corruption has been provided to all employees to enhance their understanding of the company's business ethics policies[136] Compliance and Regulatory Matters - The company is committed to maintaining compliance with listing rules and regulations, ensuring transparency and accountability in its operations[96] - The company has adopted a securities trading code that meets or exceeds the standards set out in the listing rules, regulating all securities transactions by directors and relevant employees[194] - The company has not disclosed any related party transactions that meet the definition of "related transactions" under listing rules[120]

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]

Investment Rating - The report maintains a rating of "Overweight" for the industry [4]. Core Insights - The AI Agent has reached a critical point of explosive growth, with all necessary components now integrated, leading to enhanced user experience and accelerated penetration into various sectors [5][10]. Summary by Sections Industry Overview - The industry comprises 131 listed companies with a total market value of 15,067.40 billion and a circulating market value of 13,714.81 billion [2]. Key Companies and Financials - Notable companies include: - Southern Media: Stock price 16.43, EPS 1.06 for 2022, projected EPS of 1.15 for 2026, rating "Buy" [4]. - Kaiying Network: Stock price 16.45, EPS 0.49 for 2022, projected EPS of 1.00 for 2026, rating "Buy" [4]. - Century Tianhong: Stock price 10.76, EPS 0.17 for 2022, projected EPS of 0.21 for 2026, rating "Overweight" [4]. Technological Evolution - The development of AI Agents is likened to building blocks, where previously isolated technologies are now integrated, enabling AI Agents to operate autonomously [5][10]. - Key advancements include: - Enhanced coding capabilities of large models, allowing for industry-level applications [5]. - The introduction of standardized tool invocation protocols like MCP, which simplifies the integration of various tools and data sources [31][32]. Market Dynamics - The report anticipates a surge in the availability of tools and software interfaces for large models, driven by the decreasing costs of token usage [5][20]. - The MCP platform has launched over 3,500 servers across multiple fields, indicating a robust ecosystem for AI Agents [5]. Computational Demand - A global AI Agent application with 1 billion daily active users is estimated to require approximately 141,500 NVIDIA H100 SXM GPUs for daily operations [66]. - The report provides a detailed sensitivity analysis on token consumption and computational needs based on user interaction patterns [54][60]. Investment Recommendations - The report suggests focusing on companies across various segments of the AI ecosystem, including hardware (NVIDIA, AMD), model development (Alphabet, Microsoft), and applications (Tesla, Salesforce) [9].

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]