BEIJING, May 08, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (NASDAQ:BZ, HKEX: 2076))), a leading online recruitment platform in China, today announced that it will report its unaudited consolidated results for the first quarter ended March 31, 2024, before the U.S. market opens on Tuesday, May 21, 2024. The Company will host a conference call on Tuesday, May 21, 2024 at 8:00PM Beijing Time (8:00AM U.S. Eastern Time) to discuss the results. Participants are required to pre-regi ...

BEIJING, April 29, 2024 (GLOBE NEWSWIRE) -- KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (NASDAQ:BZ, HKEX: 2076))), a leading online recruitment platform in China, today announced it filed its annual report on Form 20-F for the fiscal year ended December 31, 2023 with the Securities and Exchange Commission on April 29, 2024, U.S. Eastern Time. The annual report can be accessed on the Company's investor relations website at https://ir.zhipin.com. The Company will provide a hard copy of its annual report ...

Financial Performance - Revenue increased by 31.9% to RMB 5,952.028 million in 2023 compared to RMB 4,511.062 million in 2022[5] - Net profit surged by 925.0% to RMB 1,099.218 million in 2023 from RMB 107.245 million in 2022[5] - Adjusted net profit (non-GAAP) rose by 169.7% to RMB 2,156.185 million in 2023 from RMB 799.449 million in 2022[5] - Annual cash receipts and revenue increased by 44.9% and 31.9% year-over-year, respectively, driven by strong user growth and increased payment ratio[9] - Total revenue increased by 31.9% from RMB 4,511.1 million in 2022 to RMB 5,952.0 million in 2023, primarily due to user growth and increased user engagement[18] - Revenue from online recruitment services for enterprise clients increased by 32.0% from RMB 4,461.3 million in 2022 to RMB 5,889.1 million in 2023[18] - Revenue from other services (mainly paid value-added services for job seekers) increased by 26.3% from RMB 49.8 million in 2022 to RMB 62.9 million in 2023[18] - Operating profit for 2023 was RMB 581.0 million, compared to an operating loss of RMB 129.5 million in 2022[23] - Net profit for 2023 increased to RMB 1,099.2 million, up significantly from RMB 107.2 million in 2022[24] - Interest and investment income rose by 167.9% to RMB 606.8 million in 2023, driven by increased investments in fixed deposits and financial products[24] - Total revenue increased to RMB 5,952,028 thousand in 2023, up 32% from RMB 4,511,062 thousand in 2022[163] - Net profit attributable to Kanzhun Ltd. shareholders surged to RMB 1,099,227 thousand in 2023, a significant increase from RMB 107,245 thousand in 2022[163] - Operating profit turned positive at RMB 580,971 thousand in 2023, recovering from an operating loss of RMB 129,519 thousand in 2022[163] - Basic earnings per share attributable to ordinary shareholders improved to RMB 1.26 in 2023 from RMB 0.12 in 2022[164] - Total comprehensive income attributable to Kanzhun Ltd. shareholders grew to RMB 1,302,853 thousand in 2023, up from RMB 1,060,194 thousand in 2022[164] - Net profit increased significantly from RMB 107,245 thousand in 2022 to RMB 1,099,218 thousand in 2023, representing a growth of approximately 925%[167] - Operating cash flow increased from RMB 1,003,042 thousand in 2022 to RMB 3,047,009 thousand in 2023, a growth of approximately 204%[167] - Total revenue for 2023 increased to RMB 5,867,883 thousand, up from RMB 4,498,131 thousand in 2022, representing a growth of approximately 30.4%[180] - Net profit for 2023 surged to RMB 697,038 thousand, a significant increase from RMB 117,298 thousand in 2022, reflecting a growth of approximately 494.3%[180] User Growth and Engagement - Average monthly active users (MAU) grew by 47.4% to 42.3 million in 2023 from 28.7 million in 2022[8] - The daily active users (DAU) to MAU ratio remained high at 26.3% in 2023, consistent with 2022 levels[8] - Blue-collar users, particularly in urban service industries, showed the fastest growth among all user segments in 2023[8] - Growth in lower-tier cities and small-to-medium enterprises outpaced that in first-tier cities and key account (KA) clients[8] - The company focused on improving personalized recommendation algorithms to serve diverse industries, regions, and company sizes[8] - User experience was enhanced for different types of job seekers, such as blue-collar workers and graduates[8] - More flexible and targeted commercial products were introduced to meet the recruitment needs of various industries and company sizes[8] Costs and Expenses - Operating costs increased by 40.4% from RMB 754.9 million in 2022 to RMB 1,059.9 million in 2023, mainly due to increased server and bandwidth costs and payment processing fees[19] - R&D expenses increased by 30.5% from RMB 1,182.7 million in 2022 to RMB 1,543.6 million in 2023, primarily due to increased employee-related expenses and technology investments[21] - General and administrative expenses increased by 12.8% from RMB 719.7 million in 2022 to RMB 811.8 million in 2023, mainly due to increased share-based compensation expenses[22] - R&D expenses increased to RMB 1,543,568 thousand in 2023, up 30.5% from RMB 1,182,716 thousand in 2022[163] - Advertising expenses for the years ended December 31, 2022, and 2023 were RMB 793.2 million and RMB 582.1 million, respectively[195] - Employee benefit expenses (including accrued but unpaid portions) for the years ended December 31, 2022, and 2023 were RMB 395.2 million and RMB 449.8 million, respectively[196] Cash Flow and Investments - Cash and cash equivalents, fixed deposits, and short-term investments totaled RMB 12.9 billion as of December 31, 2023, with net cash flow from operating activities at RMB 3.0 billion[25] - The company holds fixed-rate notes from Goldman Sachs and UBS AG, with a total fair value of approximately RMB 2.275 billion, representing 6.8% of total consolidated assets[26] - Capital commitments as of December 31, 2023, amounted to RMB 225.6 million, primarily related to server procurement[29] - Cash and cash equivalents decreased significantly from RMB 9,751,824 thousand in 2022 to RMB 2,472,959 thousand in 2023[157] - Fixed deposits increased from RMB 793,042 thousand in 2022 to RMB 6,922,803 thousand in 2023[157] - Short-term investments rose from RMB 2,665,047 thousand in 2022 to RMB 3,513,885 thousand in 2023[157] - Long-term investments were introduced in 2023, amounting to RMB 2,473,128 thousand[157] - Cash used in investing activities increased from RMB 2,816,581 thousand in 2022 to RMB 9,938,645 thousand in 2023, primarily due to increased purchases of property, equipment, and software, as well as long-term investments[167] - Cash and cash equivalents decreased from RMB 9,751,824 thousand at the beginning of 2023 to RMB 2,472,959 thousand at the end of 2023, a decrease of approximately 75%[168] - The company repurchased ordinary shares worth RMB 71,835 thousand in 2023, compared to RMB 918,894 thousand in 2022[168] - The company paid dividends of RMB 562,899 thousand in 2023, which was not done in the previous year[168] - Operating cash flow net amount: 893,078[182] - Investing cash flow net amount: (702,542)[182] - Financing cash flow net amount: (35,144)[182] - Net increase in cash and cash equivalents: 155,392[182] - Cash and cash equivalents at beginning of year: 864,851[182] - Cash and cash equivalents at end of year: 1,020,243[182] Corporate Governance and Compliance - The company has no interest-bearing bank or other borrowings, resulting in a debt-to-equity ratio of zero as of December 31, 2023[28] - The company had 5,346 full-time employees as of December 31, 2023, with 49.3% in sales and marketing and 26.1% in R&D[30][31] - A special cash dividend of $0.09 per ordinary share or $0.18 per ADS was paid in December 2023, with no annual dividend proposed for 2023[34] - The company made charitable donations of RMB 5.6 million in the fiscal year ending December 31, 2023[36] - The company did not issue any bonds during the fiscal year ending December 31, 2023[37] - The company faces risks related to technological innovation, user preferences, and competition in the online recruitment market, which could impact user growth and retention[38] - The company is exposed to risks from data protection and cybersecurity regulations in China, with potential penalties and operational impacts if compliance is not maintained[39] - The company's business is subject to risks from changes in China's economic, political, or social conditions, as well as government policies[39] - The company's U.S. depositary shares (ADS) may face delisting risks if PCAOB cannot inspect its auditors in China, potentially impacting investor value[39] - The company has contractual arrangements with consolidated affiliated entities, granting it control over their operations and economic benefits[40] - The company's foreign-invested enterprise, Beijing Hanlan Wolf, provides exclusive technical and service cooperation agreements to affiliated entities[41][42] - The consolidated affiliated entities generated revenue of RMB 5.8 billion during the reporting period, accounting for almost all of the company's revenue[46] - The total assets of the consolidated affiliated entities amounted to RMB 6.5 billion as of December 31, 2023, representing approximately 36.4% of the company's total consolidated assets[46] - The company operates through contractual arrangements due to restrictions on foreign investment in certain businesses, including "prohibited" and "restricted" categories under China's Negative List[47] - The company's A-class ordinary shares and American depositary shares represent ownership in a Cayman Islands holding company, not in the Chinese variable interest entities[47] - The contractual arrangements may be less effective than direct ownership in providing operational control over the variable interest entities[48] - The company's variable interest entity (VIE) structure may face significant adverse impacts if the VIE or its shareholders fail to fulfill their obligations under contractual arrangements, potentially affecting the company's operations and investment value[49] - The company is exposed to risks related to potential conflicts of interest between the VIE shareholders and the company, which could negatively impact its business[49] - The company's contractual arrangements with the VIE may be subject to scrutiny by Chinese tax authorities, potentially leading to additional tax liabilities and adverse effects on the company's financial condition[49] - The company's current corporate structure and business operations could be significantly affected by the Foreign Investment Law, which may impact the legality and enforceability of its VIE arrangements[49][50] - The company has implemented measures to ensure compliance with contractual arrangements, including regular board reviews and external legal consultations to address potential issues[49] - The company has obtained exemptions from the Hong Kong Stock Exchange regarding certain disclosure and approval requirements for its VIE-related transactions, allowing for greater flexibility in managing these arrangements[50][51] - The company's independent non-executive directors have confirmed that the transactions under the VIE arrangements are fair, reasonable, and in the best interests of shareholders[52] - The company's auditors have issued an unqualified opinion on the company's continuous connected transactions under the VIE arrangements, confirming compliance with relevant agreements and regulations[53] - The company operates under a dual-class share structure, where Class B shares hold 10 votes per share compared to Class A shares, granting significant voting control to certain beneficiaries despite their minority economic interest[54] - Zhao Peng controls 139,630,401 Class B shares, representing 15.8% of issued and outstanding shares and 65.3% of voting rights for non-reserved matters[55] - If all Class B shares are converted to Class A shares, the company would issue 139,630,401 Class A shares, accounting for 18.8% of total issued and outstanding Class A shares[55] - The company's senior management team consists of Zhao Peng, Zhang Yu, Chen Xu, and Zhang Tao, who are also executive directors[56] - Zhao Peng has over 19 years of experience in the internet industry and 25 years in human resource services[57] - Zhang Yu, CFO since 2019, has over 18 years of experience in research and investment in the technology, media, and telecom sectors[57] - Chen Xu, CMO since 2018, has over 23 years of marketing experience in Greater China[58] - Zhang Tao, CTO since the company's founding, has over 17 years of experience in software engineering and the internet industry[58] - Wang Xiehua, VP of Product since 2022, has over 11 years of experience in product management at internet companies[58] - Yu Haiyang, non-executive director since 2019, is currently VP of Tencent Investment and serves on the boards of DouYu and Waterdrop[59] - Sun Yonggang, independent non-executive director since 2021, is a partner at Zhongguancun M&A Fund and previously served as VP of Shougang Group[60] - The company's top five customers accounted for less than 1% of total revenue in 2023[71] - The top five suppliers accounted for approximately 42% of total procurement, with the largest supplier contributing around 12%[71] - No significant related party transactions requiring disclosure under Listing Rules Chapter 14A were identified during 2023[68] - The company maintained compliance with relevant laws and regulations impacting its business operations[72] - The company's public float remained in compliance with Listing Rules requirements as of the latest practicable date[73] - The company's board of directors includes two new independent non-executive directors appointed on October 18, 2023[61] - The company's directors and senior management are eligible participants in the 2020 equity incentive plan and post-IPO share plan[67] - No significant contracts or service agreements were entered into with the controlling shareholder or its subsidiaries during 2023[69] - The company's financial statements were audited by PricewaterhouseCoopers, which is proposed for re-election at the upcoming AGM[74] - The company's board has established a remuneration committee to formulate compensation policies[67] - The company adheres to high standards of corporate governance, ensuring shareholder interests and accountability, with compliance to all provisions of the Corporate Governance Code except for the separation of Chairman and CEO roles, which is currently held by Mr. Zhao[75] - The company emphasizes a healthy corporate culture, focusing on integrity, compliance, and risk control to achieve sustainable development and long-term shareholder value[76] - The company prioritizes user-first principles, leveraging deep learning and recommendation algorithms to enhance recruitment services, while maintaining high product quality and content governance[77] - The Board of Directors consists of nine members, including five executive directors, one non-executive director, and three independent non-executive directors, with Mr. Zhao serving as Chairman and CEO[78] - All directors participated in continuous professional development during the year, including training, seminars, and reading materials related to corporate governance and regulatory updates[80] - The company conducts anti-bribery and anti-corruption training for all employees, including full-time staff, interns, part-time workers, and contractors, to enhance awareness of business ethics[77] - The Board is responsible for major decisions, including policy, strategy, budget, internal control, risk management, and significant transactions, while management implements these decisions[78] - The company regularly reviews and updates internal policies, such as the Code of Business Conduct and Ethics, Anti-Corruption Policy, and Anti-Monopoly Compliance Guidelines, to align with legal requirements and business development[77] - External experts were invited to provide specialized training on business ethics and legal compliance for employees in legal, public affairs, and platform operations departments[77] - The company’s corporate governance framework ensures effective decision-making and leadership consistency, with Mr. Zhao’s dual role as Chairman and CEO facilitating strategic alignment and operational efficiency[75] - The company has received annual independence confirmation letters from independent non-executive directors, confirming their independence[82] - The Board of Directors held six meetings and one shareholders' meeting during the reporting period[83] - All directors attended the annual general meeting, with attendance rates for board meetings ranging from 5/6 to 6/6[84] - The company has established mechanisms to ensure the independence of the Board, including regular reviews by the Nomination and Remuneration Committees[85] - The Audit Committee, composed of three independent non-executive directors, held five meetings during the reporting period[86] - Reviewed the 2022 annual report, including corporate governance report, ESG report, board report, and financial statements[87] - Reviewed the 2023 interim report, including corporate governance report and unaudited condensed consolidated financial statements[87] - Reviewed the annual performance of the company and its subsidiaries for the years ending December 31, 2022, and 2023[87] - Reviewed the interim performance of the company and its subsidiaries for the six months ending June 30, 2023[87] - Reviewed the quarterly performance of the company and its subsidiaries for the periods ending March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023[87] - Reviewed the external auditor's plans, reports, and non-audit services[87] - Reviewed the internal auditor's plans and work[87] - Reviewed the financial reporting system, internal controls, risk management systems, and procedures[87] - Approved a one-time performance cash bonus for senior management, recognizing their contributions to the company[88] - Approved stock awards under the post-IPO share plan for Mr. Zhang Tao, recognizing his contributions and providing incentives for future performance[88] - The company's board diversity policy has resulted in a gender diversity ratio of 22.22%, with 2 out of 9 board members being female[92] - The company has achieved a group-wide gender diversity ratio of 47.9% female employees, with 41.9% of management positions held by women[92] - The company's board members possess a balanced mix of knowledge and skills, including expertise in business management, e-commerce, software engineering, product management, finance, and law[92] - The company's board members hold degrees in various fields such as law, engineering, business administration, and mathematics[92] - The company's governance committee is responsible for reviewing and monitoring risks related to the company's dual-class share structure and potential conflicts of interest[94] - The

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...

证券研究报告 | 2024年03月29日 BOSS 直聘（BZ.O）—2023 年第四季度业绩点评 买入 蓝领市场需求持续强劲，2024 新财年展望积极 核心观点 公司研究·海外公司财报点评 2023Q4收入增速超管理层指引。2023年，公司实现收入59.52亿元/+31.9%； 社会服务·专业服务 归母净利润10.99亿元/+925.0%，优于彭博一致预期(9.66亿元)；经调整净 证券分析师：曾光 证券分析师：钟潇 利润21.56亿元/+169.7%。2023Q4，公司实现收入15.80亿元/+46.0%，超 0755-82150809 0755-82132098 zengguang@guosen.com.cn zhongxiao@guosen.com.cn 过前期管理层指引（39.6-43.3%）；经调整归母净利润6.28亿元/+957.5%。 S0980511040003 S0980513100003 2023年，线上招聘业务收入58.89亿元/+32.0%，年内蓝领新增用户已与白 证券分析师：张鲁 证券分析师：张伦可 010-88005377 0755-81982651 领相当，占比提升至34%/+ ...

海外公司报告 | 公司动态研究 BOSS 直聘（BZ） 证券研究报告 2024年03月 29日 投资评级 23 年业绩表现亮眼，24Q1-2 基本面有望持续走强 6个月评级 买入（维持评级） 事件：boss 直聘发布 23 年业绩，全年业绩表现积极，Q4现金收款创新 作者 高超预期。（1）23年：公司23 年实现营收59.5亿元/yoy+31.9%，现金收 何富丽 分析师 SAC执业证书编号：S1110521120003 款66.9亿元/yoy+44.9%，经调整净利21.6亿元/yoy+169.7%。2023 年不含 hefuli@tfzq.com 理财等收益的经调整营业利润为16.4 亿元/yoy+191%、对应经调整营业利 孔蓉 分析师 SAC执业证书编号：S1110521020002 润率27.5%、同比提升15pct。（2）单Q4：公司23Q4 实现营收15.8 亿元 kongrong@tfzq.com /yoy+46.0%、环比持平，现金收款17.8 亿元/yoy+61.2%、环比增长9%，经 调整净利6.3亿元/yoy+956.5%。 相关报告 23 全年新增完善用户超额完成，蓝领及低线和小微企 ...

Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ.O) [1][2][7] Core Views - The company reported a 46% year-on-year revenue growth in Q4 2023, with an adjusted profit margin of 40%. The revenue for Q4 2023 was 1.58 billion yuan, exceeding the guidance of 40%-43% year-on-year growth provided in the previous quarter [1][4] - The demand from B-end enterprises continues to recover, with a 44% year-on-year increase in the number of paying enterprises. The platform's monthly active users (MAU) reached 41.2 million, a 33% year-on-year increase [1][6] - The company expects a positive outlook for recruitment demand in 2024, with significant growth in job postings and online positions since the Spring Festival [6][7] Summary by Sections Financial Performance - Revenue for Q4 2023 was 1.58 billion yuan, up 46% year-on-year, while cash billings increased by 61% to 1.78 billion yuan. The gross margin for the quarter was 83%, with an adjusted net profit of 630 million yuan, reflecting a 34 percentage point increase year-on-year [1][4] - The adjusted net profit margin reached 40%, with sales expenses controlled at 430 million yuan, resulting in a sales expense ratio of 27%, down 36 percentage points year-on-year [4][6] Market Demand and Growth - The report highlights a strong recovery in B-end recruitment demand, with large enterprises showing a 24% year-on-year increase in daily online job postings since the Spring Festival. The company anticipates a revenue growth of 28.3% to 30.7% year-on-year for Q4 2023 [6][7] - The company plans to repurchase up to 200 million USD of shares within the next 12 months, indicating a commitment to shareholder returns [2][7] Profit Forecast - The adjusted net profit forecasts for 2024-2026 are 2.67 billion, 3.58 billion, and 4.39 billion yuan, respectively, with a compound annual growth rate (CAGR) of 28% expected over this period [2][7]

[Table_Info1] [Table_Date] BOSS直聘(BZ.O) 专业服务/社会服务 发布时间：2024-03-14 [Table_Title] [Table_Invest] 证券研究报告 / 公司点评报告 买入 收入超预期，春节后招聘需求回暖释放积极信号 上次评级： 买入 --- BOSS直聘2023Q4业绩点评 事件： [股Ta票ble数_M据ark et] 2024/03/14 [2T0a2b3lQe_4S公um司m实ary现] 营收15.80亿元/+46%（超出此前指引上限），经计算的 6个月目标价（美元） 现金收款17.80亿元/+61.2%，Non-GAAP归母净利润6.29亿元/+957%。 收盘价（美元） 20.69 12个月股价区间（美元） 12.57~21.32 收入指引：公司预计2024Q1收入16.4~16.7亿元/+28.3%~30.7%。 总市值（亿美元） 89 点评： 总股本（亿股） 9 A股（亿股） 0 B端需求回暖现金收款及GAAP收入增长强劲，付费用户数量持续增长 B股/H股/N股（亿股） 0/0/9 再创新高。分业务看，网络招聘服务 2023Q4 实现营收 ...

[Table_Page] 季报点评|媒体Ⅱ 证券研究报告 [【Table_T广itle] 发传媒&海外】BOSS 直聘 [公Tab司le_评Inve级st] 买入 当前价格 20.79美元 （BZ） 合理价值 25.94美元 前次评级 买入 营收与利润增长稳健，蓝领与下沉市场用户占比提升 报告日期 2024-03-13 [ 核Tab 心le_S 观umm 点ary ：] 相[Ta对ble市_P场icQ表uot现e] 30% ⚫ 事件：BOSS直聘发布23Q4业绩，23Q4，公司实现营收15.80亿元 20% （人民币，下同），YoY/QoQ+46.0%/-1.6%，超过此前指引上限（15.5 10% 亿元）。其中，招聘服务业务营收15.67亿元，YoY/QoQ+46.5%/-1.6%； 0% 其他服务营收1351万元，YoY/QoQ+6.9%/-10.7%。23Q4，calculated -10% cash billings达17.80亿元，YoY/QoQ+61.2%/+8.8%。根据公司指引， -20% 24Q1，公司预计将实现营收 16.4~16.7 亿元，YoY+28.3%~30.7%。 -30% 利润 ...

证券研究报告 | 年报点评报告 2024年03月15日 BOSS 直聘（BZ.O） 营收、收款超预期，企业招聘需求向好 业绩概况：FY2023 公司营收同增 31.9%至 59.5 亿元，经调整净利润同增 169.7%至 买入（维持） 21.6 亿元。FY2023 实现营收 59.5 亿元（yoy+31.9%），经调整净利润 21.6 亿元 股票信息 （yoy+169.7%），其中2023Q4营收15.8亿元（yoy+46.0%），经调整净利润6.29亿元 （yoy+956.5%），实现淡季不淡，全年业绩超预期。此外，公司预计2024Q1营收16.4~16.7 行业 人力资源服务 亿元，同比增长28.3%~30.7%，预计春招旺季业绩有望进一步增长。 前次评级 买入 付费企业数量再创新高，主营业务收入增长延续快速修复趋势。2023年公司经营持续恢复， 1收盘价(美元) 19.60 2023Q4/FY2023月均MAU 4120万（yoy+33.3%）/4230万（yoy+47.4%），截至2023年 总市值(百万美元) 8853.99 末付费企业客户增至520万（同比+44.4%，环比+6.1%），再创历史新 ...