证券研究报告 BOSS 直聘 (BZ US) 2Q 收入符合预期，盈利能力显著提升 2025 年 8 月 21 日│美国 互联网 公司发布 25Q2 财报：25Q2 实现收入 21.02 亿元，略超华泰预测（20.7 亿 元），yoy+9.7%。25Q2 经调整归母净利润 9.46 亿元，显著超过华泰预测 （8.48 亿元），yoy+30.8%。尽管上半年宏观环境变化较多，但整体招聘 需求持续修复，供需关系进一步改善，蓝领招聘需求自 5 月起修复，互联网 行业招聘需求明显回暖。公司规模效应逐渐显现，叠加 AI 赋能降本增效， 盈利能力持续提升，随着宏观情况持续改善，公司产品有望进一步受益，维 持"买入"评级。 招聘需求持续回暖，供需关系进一步改善 25Q2 MAU 为 6360 万，同比增长 16.5%，平台用户呈现较高活跃度。25Q2 企业付费用户数为 650 万，yoy+10.2%，Q1 为 640 万。招聘者需求持续提 升，推动求职者和招聘者比例持续降低，供需关系进一步改善。7 月平台新 增职位数量同比增长约 20%，人均发布职位贴数也高于去年同期。招聘需 求呈现两大特点，1）互联网行业职位数量恢复至 ...

Core Insights - BOSS Zhipin reported a recovery in the recruitment market demand in Q2 2025, with significant improvements in user ecosystem and AI applications across various business areas [1][3]. Financial Performance - In Q2 2025, the company achieved revenue of 2.102 billion yuan, with 99% of this revenue coming from the recruitment segment, which contributed 2.078 billion yuan [1]. - The growth in recruitment revenue was driven by increased penetration in emerging markets, particularly among blue-collar workers, second-tier cities, and small to medium-sized enterprises [1]. User Engagement - The platform's user base continued to expand, with over 30 million new users added from January to July 2025. The average monthly active users (MAU) reached 63.6 million in Q2 2025 [1]. - There was a notable increase in job postings for fresh graduates, with new positions rising over 18% year-on-year during the peak hiring season in June and July [3]. AI Integration - The number of users utilizing AI tools for job searching and recruitment continued to grow in Q2 2025, with ongoing experiments and iterations of AI products enhancing user experience [4]. - AI tools were employed to assist job seekers with resume optimization and interview preparation, leading to improved efficiency in job matching [5]. Safety and Compliance - The company enhanced its risk control capabilities by increasing investments in AI technology for user safety, resulting in a higher detection rate of violations and fraudulent activities [6]. - In Q2 2025, over 50 million risk alerts were sent to users, warning them about common scams and fraudulent job offers [6]. Social Responsibility - BOSS Zhipin has been actively promoting employment for key demographics, including blue-collar workers and individuals with disabilities, through various initiatives and partnerships [7]. - The company has also contributed 3.25 million yuan for disaster relief and recovery efforts in several regions since June 30, 2025 [7].

Core Viewpoint - BOSS Zhipin (02076) reported a significant increase in revenue and net profit for the first half of 2025, driven by growth in paying enterprise clients and online recruitment services [1] Financial Performance - Total revenue for the period reached 4.026 billion RMB, representing an 11.19% year-on-year increase [1] - Net profit attributable to shareholders was 1.235 billion RMB, showing an impressive 85.17% year-on-year growth [1] - Revenue from online recruitment services for enterprise clients increased from 3.577 billion RMB in the same period of 2024 to 3.979 billion RMB, a rise of 11.2% [1] - Other services revenue, primarily from paid value-added services to job seekers, grew from 43.7 million RMB to 46.7 million RMB, marking a 6.9% increase [1] User Engagement - The average monthly active users reached 60.6 million, a 19.8% increase compared to 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio stood at 25.0% for the six months ending June 30, 2025 [1] Shareholder Returns - The board approved an annual dividend policy, with the dividend amount set at approximately 80 million USD for the year [1] - A share repurchase plan of up to 250 million USD was also announced [1]

Core Insights - BOSS Zhipin's stock price increased by over 5%, reaching HKD 86.15 with a trading volume of HKD 9.8849 million [1] Financial Performance - For the first half of 2025, BOSS Zhipin reported total revenue of RMB 4.026 billion, a year-on-year increase of 11.19% [1] - The net profit attributable to shareholders was RMB 1.235 billion, reflecting a significant year-on-year increase of 85.17% [1] - Revenue from online recruitment services for corporate clients rose from RMB 3.577 billion in the same period of 2024 to RMB 3.979 billion, an increase of 11.2% [1] - Other services revenue, primarily from paid value-added services to job seekers, increased from RMB 43.7 million to RMB 46.7 million, a growth of 6.9% [1] User Engagement - The average monthly active users reached 60.6 million, a 19.8% increase compared to 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio was 25.0% for the six months ending June 30, 2025 [1] Shareholder Returns - The board approved an annual dividend policy, with the dividend amount set at approximately USD 80 million for the year [1] - A share repurchase plan of up to USD 250 million was also announced [1]

于2025年8月20日，董事会批准对2024年8月通过的现有股份回购计划的修订，将该计划延长12个月至 2026年8月28日，并授权于经延长12个月期间回购不超过2.5亿美元的公司股份（包括美国存托股）。 来源：金融界 截至2025年6月30日止12个月的总付费企业客户为650万，较截至2024年6月30日止12个月的590万增加 10.2%。 2025年第二季度的平均月活跃用户为6360万，较2024年同季度增加16.5%。 公司目前预期2025年第三季度总收入介于人民币21.3亿元至人民币21.6亿元之间，同比增加11.4%至 13.0%。 8月21日消息，周三盘前，BOSS直聘发布2025第二季度财报业绩报告。数据显示，2025年第二季度，公 司实现营收21.02亿元，同比上涨9.7%。长期以来，公司收入结构以招聘端为主，占比达到99%。第二 季度，来自招聘端的收入为20.78亿元，同比上涨9.8%。2025年第二季度的经营利润为人民币6.51亿元 （9090万美元），较2024年同季度增加81.6%。2025年第二季度的经调整经营利润为人民币8.809亿元 （1.23亿美元），较2024年同季度增加3 ...

Core Viewpoint - BOSS Zhipin reported strong financial performance for Q2 2025, with revenue and profit growth driven by an expanding user base and effective cost management [2][6]. Financial Performance - Revenue for Q2 2025 reached 2.102 billion yuan, a year-on-year increase of 9.7%, exceeding market expectations [2]. - Net profit for the same period was 710 million yuan, showing significant growth, while adjusted operating profit rose by 33.4% to 880 million yuan [6]. - The company plans to distribute a cash dividend of approximately 80 million USD and extend its share buyback program to repurchase up to 250 million USD of its shares [7]. User Growth and Market Dynamics - The number of paying enterprise clients increased to 6.5 million, a year-on-year growth of 10.2% [4]. - The job market showed improvement, with new job postings for fresh graduates increasing by over 18% from June to July [9]. - The average monthly active users (MAU) reached 63.6 million, up 16.5% year-on-year [6]. AI Integration and Product Development - The company is actively integrating AI into its operations, enhancing user experience and operational efficiency [10][11]. - AI tools are being utilized for job matching and recruitment optimization, with a significant increase in users leveraging these features [10][11]. Market Sentiment and Institutional Support - Major financial institutions, including Goldman Sachs and Morgan Stanley, have issued buy/hold ratings for BOSS Zhipin, indicating positive market sentiment [8]. - The recent stock issuance in Hong Kong attracted significant interest, with oversubscription from both institutional and retail investors [7].

Group 1 - BOSS Zhipin's stock price increased by 2.28% to $21.55 per share, with a total market capitalization of $10.297 billion as of August 20 [1] - For the fiscal year ending March 31, 2025, BOSS Zhipin reported total revenue of 1.923 billion RMB, representing a year-on-year growth of 12.88%, and a net profit attributable to shareholders of 518 million RMB, reflecting a significant increase of 111.53% [1] - BOSS Zhipin is set to disclose its fiscal year 2025 interim report on August 20, 2023, before the market opens in the Eastern Time zone [1] Group 2 - Founded in 2014, BOSS Zhipin is currently the largest online recruitment platform in China by average monthly active users (MAU) [2] - The company introduced a disruptive "direct hiring" model that facilitates instant communication between employers and job seekers through its mobile application, supported by advanced AI algorithms and big data insights [2] - BOSS Zhipin's business model emphasizes respect for job seekers and provides them with greater autonomy during the job search process, aiming to enhance user experience throughout the recruitment cycle [2] - The company's unique model, strong technological capabilities, and vast data accumulation create sustainable barriers in the industry, paving the way for further scalable growth [2]

Core Viewpoint - BOSS Zhipin reported strong growth in user base, revenue, and profitability for Q2 2025, driven by improvements in the recruitment market and the application of AI technology across its operations [1][3][6] Financial Performance - In Q2 2025, the company achieved revenue of 2.102 billion yuan, a year-on-year increase of 9.7%, surpassing market expectations [1] - Revenue from the recruitment segment was 2.078 billion yuan, up 9.8% year-on-year [1] - Net profit reached 710 million yuan, showing significant growth, while adjusted operating profit was 880 million yuan, reflecting a 33.4% increase year-on-year [3] User Growth and Engagement - As of June 30, 2025, the number of paid enterprise clients reached 6.5 million, a year-on-year increase of 10.2% [1] - The average monthly active users (MAU) for the app rose to 63.6 million, a 16.5% increase year-on-year [1] AI Integration and Development - The company continues to enhance its AI capabilities, applying AI in product development, customer service, and operational efficiency [3][7] - The number of users utilizing AI tools for job searching and recruitment is on the rise, with AI-driven features improving user experience and efficiency [3][4] - AI tools are being used to optimize job postings and assist in candidate matching, with a focus on enhancing rather than replacing human roles [4][6] Market Outlook - Multiple institutions, including Goldman Sachs and Morgan Stanley, have positive outlooks on BOSS Zhipin, citing the potential of AI technology to enhance business development and user experience [6] - International long-term investors have increased their holdings in BOSS Zhipin during Q2 [6] Security Enhancements - The security team has intensified the use of AI to improve risk control capabilities, enhancing the identification of violations and improving user safety [7] - AI is being utilized for daily inspections and risk alerts, providing timely notifications to users [7]

Over the last four quarters, the company has surpassed consensus EPS estimates four times. Kanzhun, which belongs to the Zacks Internet - Software industry, posted revenues of $293.49 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 1.64%. This compares to year-ago revenues of $263.75 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released n ...

Core Insights - BOSS Zhipin reported Q2 2025 revenue of 2.102 billion yuan, a year-on-year increase of 9.7%, exceeding market expectations [1] - The revenue structure remains heavily reliant on the recruitment sector, which accounted for 99% of total revenue [1] - Revenue from the recruitment sector reached 2.078 billion yuan, reflecting a year-on-year growth of 9.8% [1] Revenue Growth Factors - The growth in recruitment revenue is attributed to increased penetration in incremental markets and higher contributions from corresponding clients [1] - There was a notable increase in revenue contributions from blue-collar workers, second-tier cities, and small to medium-sized enterprises during Q2 [1] - The number of new job postings for fresh graduates increased by over 18% year-on-year during June and July, addressing the previously observed mismatch between job seekers and available positions [1] User Engagement and Cost Management - From January to July 2025, BOSS Zhipin added over 30 million new users [1] - The average monthly active users reached 63.6 million in Q2, marking a year-on-year increase of 16.5% [1] - Sales and marketing expenses amounted to 420 million yuan, a decrease of 23% year-on-year, bringing the expense-to-revenue ratio to a historical low [1]