自4月3日美国总统特朗普正式宣布"对等关税"以来，中美之间多次互相提高关税，目前双方相互加征的关税都已在100%以上。且随着贸易摩擦的升温，中美两国 之间的角力有着进一步向其他领域扩散的风险。 值得关注的是：① 近日美国财政部长曾表示， 不排除以在美上市的中概公司强制退市，作为两国间谈判的筹码之一；② 2月21日， 白宫发布了"America First Investment Policy"备忘录中，也提及了在一定情况下限制美国资金投资于部分中国公司/资产的可能性。 虽然上述两条潜在的风险截至目前仅停留在口头阶段，美国政府尚没有进行任何实质性的动作。但历史上，中概退市威胁并非没有先例： 2020年~2022年间美国政 府就曾以HFCAA法案下，无法获得中概上市公司的审计监管权的原因，正式推进过中概在美退市。 尽管后续中美两国政府达成了协议，中概从美股全面退市并没真正发生，但仍有中移动等公司在争端期间被美政府强制退市，后有如中国石油等在争端缓解后仍 主动选择退市。 由此可见，无论是 强制中概从美股退市、抑或禁止美国资金投资中国资产，虽然最终落地的概率应当非常小，但属于存在先例、不能视而不见的"黑天鹅"风险。 海 ...

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 - 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]