Investment Rating - The report maintains a "Buy" rating for BOSS Zhipin (BZ) [1] Core Views - The recruitment demand continues to recover, with positive signals across multiple industries, particularly in blue-collar and small enterprises [3] - The company demonstrates strong cost control, leading to improved profitability [3] - The long-term growth potential is supported by the company's competitive advantages in the online recruitment sector and its active engagement in AI business [3] Financial Performance Summary - Total revenue for 2023 is projected at 5,952.03 million RMB, with a year-on-year growth of 31.94% [1] - The net profit attributable to the parent company is expected to reach 1,099.23 million RMB in 2023, reflecting a significant year-on-year increase of 924.97% [1] - Non-GAAP net profit is forecasted at 2,156.19 million RMB for 2023, showing a year-on-year growth of 169.71% [1] - The adjusted EPS is estimated to be 4.71 RMB per ADS for 2023, with a PE ratio of 25.84 based on Non-GAAP earnings [1] Market and User Growth - The blue-collar business's contribution to revenue has increased to over 39%, driven by a significant growth in blue-collar users [3] - The revenue contribution from users in third-tier cities and below has increased by 3 percentage points to over 23% [3] - The number of paid enterprise clients reached 6.38 million, marking a year-on-year growth of 12.3% [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown better-than-expected performance in Q1 2025, with a continued recovery in recruitment demand [3] - The company is expected to maintain a competitive advantage in the online recruitment sector while actively expanding its AI business, which is anticipated to enhance long-term growth potential [3] Financial Performance Summary - Total revenue for 2023 is projected at 5,952.03 million RMB, with a year-on-year growth of 31.94%. For 2024, revenue is expected to reach 7,355.68 million RMB, growing by 23.58% [1] - The net profit attributable to the parent company is forecasted to be 1,099.23 million RMB in 2023, with a staggering year-on-year increase of 924.97%. By 2024, this is expected to rise to 1,584.66 million RMB, reflecting a growth of 44.16% [1] - Non-GAAP net profit is estimated at 2,156.19 million RMB for 2023, with a year-on-year growth of 169.71%. The projection for 2024 is 2,710.71 million RMB, indicating a growth of 25.72% [1] - The adjusted EPS is expected to be 4.71 RMB in 2023, increasing to 5.92 RMB in 2024 [1] Market Trends and Insights - There are positive signals in recruitment demand across multiple industries, with blue-collar and small enterprise contributions continuing to rise [3] - The company has seen an increase in blue-collar business contributions to over 39% of revenue, driven by user growth in this segment [3] - The company has effectively controlled costs, leading to an improvement in profitability, with a gross margin increase of 1.2 percentage points to 84% in Q1 2025 [3] Future Projections - The company maintains a guidance of 3 billion RMB for adjusted operating profit in 2025, supported by improved customer acquisition efficiency and AI-driven cost reductions [3] - Non-GAAP net profit forecasts for 2025, 2026, and 2027 are 3.3 billion RMB, 4.1 billion RMB, and 4.8 billion RMB respectively, with corresponding PE ratios of 17x, 14x, and 12x [3]

Core Insights - BOSS Zhipin reported a revenue of 1.923 billion yuan and a net profit of 512 million yuan for Q1 2025, continuing to expand its user base and improve operational efficiency [1][2] - The company has focused on increasing its presence in blue-collar and lower-tier cities, with blue-collar revenue now accounting for 39% of total revenue [2][4] Financial Performance - Revenue for Q1 2025 increased by 12.9% year-on-year, exceeding previous expectations [2] - The number of paid enterprise clients reached 6.4 million, a 12.3% increase year-on-year [2] - Net profit surged by 111.9% year-on-year, driven by effective cost control measures [9] User Growth and Market Expansion - The average monthly active users (MAU) reached 57.6 million, a 23.6% increase year-on-year [6] - Over 45% of new users in Q1 2025 were from the blue-collar segment, contributing to a rise in blue-collar revenue [2][5] - The company has seen a compound annual growth rate (CAGR) of 36.7% in blue-collar user numbers from 2021 to 2024 [2] Operational Efficiency - Sales and marketing expenses decreased by 15% year-on-year, with the expense ratio dropping to 26% of revenue [9] - Research and development expenses fell by 9%, while general administrative expenses decreased by 2% [9] AI Integration - BOSS Zhipin is leveraging AI technology to enhance operational efficiency and user experience, with AI tools improving recruitment matching accuracy by 25% [10][11] - The company is actively expanding its AI user testing and application across various business scenarios [10]

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company has shown continuous improvement in profitability, with Q1 FY2025 revenue reaching 1.923 billion yuan, a year-over-year increase of 12.9%, slightly exceeding previous guidance. Adjusted net profit for the same period was 764 million yuan, up 43.9% year-over-year [1] - The number of paying enterprise clients reached a record high of 6.4 million, reflecting a 12.3% year-over-year increase, indicating a recovery in recruitment demand [1][3] - The company is focusing on deepening penetration in the blue-collar sector and lower-tier cities, with over 45% of new users being from the blue-collar segment, contributing to a rise in revenue from this area [3] Summary by Sections Financial Performance - In Q1 FY2025, the gross margin was 83.84%, with a net profit margin of 26.63%, reflecting a year-over-year increase of 12.44 percentage points [2] - The company expects revenue for Q2 FY2025 to be between 2.05 billion and 2.08 billion yuan, representing a year-over-year growth of 6.9% to 8.5% [1] User Growth and Market Trends - Monthly active users (MAU) averaged 57.6 million in Q1 FY2025, a year-over-year increase of 23.6% [1] - The recruitment market is showing signs of recovery post-Spring Festival, with an average new job postings growth of 17%-19% from January to April [3] Future Projections - The adjusted net profit is projected to reach 3.31 billion yuan in FY2025, with year-over-year growth rates of 21.9%, 8.6%, and 10.9% for FY2026 and FY2027 respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability, with Q1 FY2025 revenue reaching 1.923 billion yuan, a year-over-year increase of 12.9%, slightly exceeding previous guidance. Adjusted net profit for the same period was 764 million yuan, reflecting a year-over-year growth of 43.9% [1] - The number of paying enterprises has reached a new high, indicating a recovery in recruitment demand. The average monthly active users (MAU) for Q1 FY2025 was 57.6 million, up 23.6% year-over-year and 9.3% quarter-over-quarter. The number of paying enterprise clients reached 6.4 million, marking a year-over-year increase of 12.3% [1][3] - The company is focusing on deepening its penetration in the blue-collar sector and lower-tier cities, with over 45% of new users being from the blue-collar segment. This has led to an increase in revenue contribution from blue-collar enterprises to over 39% [3] Financial Performance - For Q1 FY2025, the gross margin was 83.84%, with sales, R&D, and management expense ratios at 25.54%, 22.02%, and 13.80%, respectively. The net profit margin improved to 26.63%, with an adjusted net profit margin of 39.72% [2] - The company expects revenue for Q2 FY2025 to be between 2.05 billion and 2.08 billion yuan, representing a year-over-year growth of 6.9% to 8.5% [1] - The projected adjusted net profits for FY2025, FY2026, and FY2027 are 3.305 billion, 3.589 billion, and 3.979 billion yuan, respectively, indicating year-over-year growth rates of 21.9%, 8.6%, and 10.9% [3] Valuation Metrics - The latest diluted EPS is projected to be 2.41 yuan for FY2025, with a P/E ratio of 27.5 and a P/B ratio of 3.5 [4] - The company’s total revenue is expected to grow from 5.952 billion yuan in FY2023 to 11.126 billion yuan in FY2027, with a CAGR of approximately 16.1% [4]

KANZHUN LIMITED 1Q 2025 Results Presentation Disclaimer The following document has been prepared by KANZHUN LIMITED ("BOSS Zhipin" or the "Company") solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, or ...

Group 1 - The core issue highlighted is the imbalance between the commercial interests of online recruitment platforms and the job-seeking needs of users, leading to a dual dilemma for both job seekers and employers [1][2][10] - Job seekers report a response rate of less than 5% when applying through various platforms, indicating a significant inefficiency in the job matching process [2][4] - Many job postings remain active on platforms even after positions are filled, primarily to avoid additional costs for employers, resulting in a proliferation of "zombie jobs" that complicate the job search for applicants [2][9] Group 2 - Recruitment platforms often charge job seekers for premium services that promise enhanced visibility and response rates, but the actual benefits are often limited and may not justify the costs [4][5][6] - The pricing structure for resume optimization services varies based on the applicant's work experience, with costs ranging from ¥398 to ¥898, which may disadvantage economically weaker candidates [6][9] - A significant portion of the revenue for recruitment platforms comes from employers, with platforms like BOSS Zhipin deriving over 99% of their income from the employer side, rather than from job seekers [11][12] Group 3 - The current job market is characterized by a structural mismatch between the supply of job seekers and the demand for positions, exacerbated by the concentration of applicants on a limited number of popular roles [11][12] - The challenges faced by job seekers, particularly those from economically disadvantaged backgrounds, are compounded by their limited access to resources and networks, which can hinder their job search efforts [7][9] - Experts suggest that recruitment platforms need to evolve beyond merely serving as matching tools and should actively work to improve the efficiency of job connections and user experience [10][12]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of $23.11 [6][4] Core Insights - The company reported Q1 2025 revenue of 1.923 billion RMB, slightly exceeding expectations, with a year-over-year growth of 12.9%. Adjusted net profit reached 692 million RMB, reflecting a significant year-over-year increase of 76.2% [1][2] - The demand for recruitment is gradually recovering, with a notable increase in blue-collar job seekers, which now account for over 45% of new users, contributing to a revenue share of over 39% [2][3] - The company has successfully reduced its expense ratio, achieving a gross margin of 83.8% and a profit margin of 36% in Q1 2025, indicating ongoing improvements in profitability [3][4] Revenue and Profit Forecast - The revenue forecast for FY25-FY27 has been slightly revised upwards to 8.18 billion RMB, 9.38 billion RMB, and 10.67 billion RMB respectively. The adjusted net profit estimates have also been increased to 3.32 billion RMB, 3.5 billion RMB, and 3.96 billion RMB for the same period [4][11] - The company expects Q2 2025 revenue to be between 2.05 billion RMB and 2.08 billion RMB, which aligns with market expectations [2][4] Financial Metrics - The company achieved a cash collection of 2.18 billion RMB in Q1 2025, reflecting a year-over-year increase of 6.3% [2] - The adjusted operating profit for Q1 2025 was 692 million RMB, with a profit margin of 36%, indicating better-than-expected profit release [3][4] - The report projects an adjusted operating profit of 3.07 billion RMB for the full year 2025 [3][4] Valuation - Based on a DCF valuation method, the target price is set at $23.11, reflecting a perpetual growth assumption of 3% and a WACC of 8.95% [4][11][13] - The company's market capitalization is approximately $7.904 billion, with a closing price of $17.90 as of May 21 [7][6]

5月22日，据教育部官网消息，根据《中华人民共和国高等教育法》《普通高等学校设置暂行条例》 《普通本科学校设置暂行规定》《本科层次职业学校设置标准（试行）》等有关规定以及第八届全国高 等学校设置评议委员会考察评议结果，经教育部党组会议审议，拟同意设置安徽第二医学院等32所学 校，现予公示。根据名单，教育部拟同意设置安徽第二医学院、天津警察学院、成都航空职业技术大 学、苏州职业技术大学等学校。 5月22日，BOSS直聘公布2025年第一季度未经审计财务业绩，报告期内，BOSS直聘营收19.23亿元，同 比上涨12.9%；净利润5.12亿元，同比增长111.9%。 【2】北京城市副中心将添多所高校 5月22日，据"首都教育"微信公众号消息，北京城市副中心近年来积极引入多所高校，推动教育资源优 化布局。目前，清华大学、中国人民大学、北京工业大学、北京服装学院等高校已选址副中心，在通州 设立校区。其中，中国人民大学通州校区将于2025年秋季学期全面正式投用；北京服装学院将于2025年 下半年搬迁入驻通州校区。 【3】BOSS直聘2025年一季度净利润同比增长111.9% 【1】教育部拟同意设置32所本科高等学校 【4 ...

Investment Rating - The report maintains a "Buy" rating for Kanzhun Limited, with a target price adjusted to $21.00, reflecting a 17.3% increase from the previous target price of $19.50 [1][5][12]. Core Insights - The company reported a total revenue of RMB 1.92 billion for Q1 2025, representing a year-on-year growth of 13%, which aligns with market expectations. The non-GAAP net profit increased by 44% to RMB 764 million, exceeding market expectations by 11 percentage points due to strong operational leverage and effective cost control [1][2]. - For Q2 2025, management anticipates a revenue growth of 6.9%-8.5%, projecting total revenue between RMB 20.5 billion and RMB 20.8 billion, consistent with market expectations [1][2]. - The company remains optimistic about achieving its full-year non-GAAP operating profit target of RMB 3 billion despite macroeconomic uncertainties and trade tensions [1][3]. Revenue and Profitability Forecast - Revenue projections for FY25E are set at RMB 8.098 billion, with a gross margin of 84.0% and an adjusted net profit of RMB 3.207 billion, reflecting an 18.3% year-on-year growth [4][10]. - The non-GAAP operating profit margin is expected to be 25.3% for FY25E, with a continued focus on efficiency and cost control [3][10]. User Growth and Market Demand - The total number of paid enterprise clients reached 6.4 million, a 12% increase year-on-year, indicating resilient recruitment demand despite macroeconomic challenges [2]. - The company added over 15 million verified users from January to April 2025, with daily active users increasing by 24% year-on-year to 57.6 million [2]. Artificial Intelligence Strategy - The company is making steady progress in artificial intelligence, enhancing recruitment efficiency by 25% through AI functionalities, while maintaining caution regarding large-scale deployment to avoid replacing human recruiters [2][3]. Financial Summary - The financial outlook shows a consistent increase in revenue and profitability, with projected revenues growing from RMB 5.952 billion in FY23A to RMB 8.098 billion in FY25E, alongside a steady improvement in gross margins [4][15].