BOSS直聘(02076) - 2025 - 中期财报

2025-09-29 11:00
[Company Information](index=3&type=section&id=Company%20Information) This section provides an overview of the company's board composition, committees, contact details, and professional advisors [Board Members and Committees](index=3&type=section&id=Board%20Members%20and%20Committees) The company's board comprises executive, non-executive, and independent non-executive directors, with committees ensuring robust corporate governance - Executive Directors include Mr. Zhao Peng (Founder, Chairman, and CEO), Mr. Chen Xu, Mr. Zhang Yu, Mr. Zhang Tao, and Ms. Wang Xiehua[5](index=5&type=chunk) - Independent Non-Executive Directors include Mr. Sun Yonggang, Mr. Li Yan, Ms. Liu Hongyu (effective May 22, 2025), and Ms. Dong Mengyuan (resigned on August 20, 2025)[5](index=5&type=chunk) - The Audit Committee Chair is Ms. Liu Hongyu (effective August 20, 2025), the Remuneration Committee Chair is Mr. Sun Yonggang, the Nomination Committee Chair is Mr. Li Yan, and the Corporate Governance Committee Chair is Mr. Li Yan[5](index=5&type=chunk) [Company Contact and Professional Advisors](index=3&type=section&id=Company%20Contact%20and%20Professional%20Advisors) The company's headquarters are in Beijing, with a principal place of business in Hong Kong, supported by PwC as auditor and Guotai Junan as compliance advisor - The headquarters and principal place of business in China are located on the 21st floor of Guanjie Building, Taiyanggong Middle Road, Chaoyang District, Beijing, People's Republic of China[5](index=5&type=chunk) - The auditor is PricewaterhouseCoopers, and the Hong Kong Share Registrar is Hong Kong Central Share Registrar Limited[8](index=8&type=chunk) - The company's shares are listed on the Hong Kong Stock Exchange (stock code: 2076) and Nasdaq (ticker symbol: BZ)[8](index=8&type=chunk) [Financial Performance Summary](index=5&type=section&id=Financial%20Performance%20Summary) This section highlights key financial metrics for the interim period, including revenue, operating profit, net income, and adjusted net income [Interim Financial Performance Overview](index=5&type=section&id=Interim%20Financial%20Performance%20Overview) For the six months ended June 30, 2025, the company reported significant year-over-year growth in revenue, operating profit, and net income, driven by reduced share-based compensation expenses Summary of Financial Performance for the Six Months Ended June 30 (RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | Change (%) | | :--- | :--- | :--- | :--- | | Revenue | 3,620,496 | 4,025,710 | 11.2% | | Operating Profit | 462,202 | 1,090,986 | 136.0% | | Profit Before Tax | 771,642 | 1,396,333 | 81.0% | | Net Income | 658,974 | 1,223,268 | 85.6% | | Adjusted Net Income (Non-GAAP) | 1,249,394 | 1,704,757 | 36.4% | - Adjusted net income is defined as net income excluding share-based compensation expenses, which are non-cash in nature, aiding in the comparison of operating performance across periods[11](index=11&type=chunk) Reconciliation of Adjusted Net Income to Net Income (RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Net Income | 658,974 | 1,223,268 | | Add: Share-based Compensation Expenses | 590,420 | 481,489 | | Adjusted Net Income (Non-GAAP) | 1,249,394 | 1,704,757 | [Business Review and Outlook](index=6&type=section&id=Business%20Review%20and%20Outlook) This section covers the company's operational achievements, management's perspectives, platform services, marketing strategies, recent developments, and future business prospects [Business Review for the Reporting Period](index=6&type=section&id=Business%20Review%20for%20the%20Reporting%20Period) For the six months ended June 30, 2025, the company achieved substantial MAU growth, expanded user penetration, integrated AI technology, and received an "A" MSCI ESG rating - For the six months ended June 30, 2025, Average Monthly Active Users (MAU) reached **60.6 million**, a **19.8% year-over-year increase**[15](index=15&type=chunk) - The platform strategically penetrated diverse user groups, with increased proportions of blue-collar users, lower-tier cities, and SME clients[15](index=15&type=chunk) - The company deepened AI integration across technology, product, business, and operations, launching features like an AI interview training robot and AI-assisted search, and enhancing language generation and information retrieval with its self-developed Nanbeige large model[16](index=16&type=chunk) - The company received an **"A" rating in the MSCI ESG assessment** and was included in the S&P Global Sustainability Yearbook 2025 (Global and China editions)[16](index=16&type=chunk) [Management Commentary](index=6&type=section&id=Management%20Commentary) CEO Zhao Peng highlighted user growth, AI integration, and shareholder returns, while CFO Zhang Yu emphasized high-quality revenue and profit growth and the impact of the Hong Kong share offering - CEO Mr. Zhao Peng stated that in the first half of 2025, the company maintained industry-leading user growth, with a recovering recruitment market and significant increases in enterprise user activity and paying client base[17](index=17&type=chunk) - The Board approved an annual dividend policy, with an approximate **USD 80 million** dividend for the current year, and announced a share repurchase program of up to **USD 250 million**[17](index=17&type=chunk) - CFO Mr. Zhang Yu noted the company achieved high-quality growth in both revenue and profit margins, and the share offering completed in July (net proceeds of **HKD 2.2 billion**) enhanced stock trading liquidity in the Hong Kong market[17](index=17&type=chunk) [Platform and Services](index=7&type=section&id=Platform%20and%20Services) The company primarily offers efficient job-seeking and recruitment services through the BOSS Zhipin mobile app, utilizing a "direct hiring model" and generating revenue from enterprise-paid services - The core platform is the BOSS Zhipin mobile application, employing a "direct hiring model" to connect job seekers with enterprise users, emphasizing two-way communication and bilateral recommendations[18](index=18&type=chunk) - Revenue primarily derives from paid online recruitment services provided to enterprise users, including job postings, candidate recommendations, direct communication, and value-added features[20](index=20&type=chunk) - Free job-seeking services are offered to job seekers, along with paid value-added features to enhance job preparation and competitiveness[20](index=20&type=chunk)[22](index=22&type=chunk) [Sales and Marketing Strategy](index=7&type=section&id=Sales%20and%20Marketing%20Strategy) The company leverages a proprietary CRM system for targeted sales, acquires users through online third-party channels and brand reputation, and promotes its image via diverse marketing initiatives - A proprietary CRM system assists the sales team in identifying recruiters with bulk purchasing or customized service needs, integrating data-driven insights to drive paid conversions[21](index=21&type=chunk) - User traffic primarily originates from paid acquisition through online third-party channels (app stores, search engines, news feeds, and social networking platforms), as well as organic traffic from word-of-mouth and brand recognition[21](index=21&type=chunk) - Brand image is promoted through outdoor advertising, TV commercials, video advertisements, and major domestic and international events[21](index=21&type=chunk) [Recent Developments](index=8&type=section&id=Recent%20Developments) The company completed a share offering in July 2025, approved an annual dividend policy, and extended its share repurchase program, enhancing financial flexibility and shareholder returns - A share offering was completed on July 4, 2025, involving 34,500,000 shares, with net proceeds of approximately **HKD 2.2 billion**[24](index=24&type=chunk) - The Board approved an annual dividend policy, proposing an annual cash dividend of **USD 0.084 per ordinary share** or **USD 0.168 per American Depositary Share**, totaling approximately **USD 80 million**[25](index=25&type=chunk) - The share repurchase program was extended by 12 months to August 28, 2026, authorizing repurchases of up to **USD 250 million** in shares[27](index=27&type=chunk) [Business Outlook](index=9&type=section&id=Business%20Outlook) For the second half of 2025, the company aims to sustain user growth, deepen AI integration, and provide intelligent, one-stop recruitment services to diverse user groups - In the second half of 2025, the company will continue to maintain robust user growth and further penetrate more industries, regions, and diverse enterprise types[28](index=28&type=chunk) - The company will continuously deepen the application and integration of AI technology in its core business scenarios, optimizing algorithmic models and expanding the boundaries of intelligent applications to provide an intelligent, one-stop recruitment service experience[28](index=28&type=chunk) [Management Discussion and Analysis](index=10&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's financial results, including revenue, cost, profit, tax, liquidity, capital resources, and employee information [Financial Performance Overview](index=10&type=section&id=Financial%20Performance%20Overview) For the six months ended June 30, 2025, the company reported total revenue of RMB 4.026 billion, with significant increases in operating profit and net income Condensed Consolidated Statements of Comprehensive Income for the Six Months Ended June 30 (RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | **Revenue** | | | | Online Recruitment Services to Enterprise Clients | 3,576,810 | 3,978,981 | | Others | 43,686 | 46,729 | | **Total Revenue** | **3,620,496** | **4,025,710** | | **Operating Costs and Expenses** | | | | Cost of Revenue | (611,971) | (618,265) | | Sales and Marketing Expenses | (1,124,439) | (911,100) | | Research and Development Expenses | (911,298) | (839,614) | | General and Administrative Expenses | (531,682) | (576,485) | | **Total Operating Costs and Expenses** | **(3,179,390)** | **(2,945,464)** | | Other Operating Income, Net | 21,096 | 10,740 | | **Operating Profit** | **462,202** | **1,090,986** | | Interest and Investment Income, Net | 309,870 | 306,461 | | Foreign Exchange Gain | 93 | 54 | | Other Expenses, Net | (523) | (1,168) | | **Profit Before Tax** | **771,642** | **1,396,333** | | Income Tax Expense | (112,668) | (173,065) | | **Net Income** | **658,974** | **1,223,268** | Allocation of Share-based Compensation Expenses (RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Cost of Revenue | 22,416 | 16,507 | | Sales and Marketing Expenses | 141,954 | 126,593 | | Research and Development Expenses | 212,673 | 166,598 | | General and Administrative Expenses | 213,377 | 171,791 | | **Total** | **590,420** | **481,489** | [Revenue and Cost Analysis](index=11&type=section&id=Revenue%20and%20Cost%20Analysis) Total revenue increased by 11.2% year-over-year, driven by paid enterprise clients, while marketing and R&D expenses decreased, and general and administrative expenses rose - Total revenue increased by **11.2%** from **RMB 3.6205 billion** in the first half of 2024 to **RMB 4.0257 billion** in the first half of 2025, primarily driven by growth in paying enterprise clients[33](index=33&type=chunk) - Sales and marketing expenses decreased by **19.0%** to **RMB 911.1 million**, mainly due to lower advertising and marketing expenses and employee-related costs[35](index=35&type=chunk) - Research and development expenses decreased by **7.9%** to **RMB 839.6 million**, primarily due to lower employee-related costs and cloud service expenses[36](index=36&type=chunk) - General and administrative expenses increased by **8.4%** to **RMB 576.5 million**, mainly due to higher employee-related costs[37](index=37&type=chunk) [Profit and Taxation](index=12&type=section&id=Profit%20and%20Taxation) Operating profit surged by 136.0% and net income by 85.6% year-over-year, while income tax expense also increased by 53.6% - Operating profit increased by **136.0%** from **RMB 462.2 million** in the first half of 2024 to **RMB 1.091 billion** in the first half of 2025[39](index=39&type=chunk) - Net income increased by **85.6%** from **RMB 659.0 million** in the first half of 2024 to **RMB 1.2233 billion** in the first half of 2025[41](index=41&type=chunk) - Income tax expense increased by **53.6%** to **RMB 173.1 million**[40](index=40&type=chunk) [Liquidity and Capital Resources](index=12&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company maintained strong liquidity with RMB 16.0 billion in cash, deposits, and investments, no interest-bearing debt, and significant operating cash inflow - As of June 30, 2025, total cash and cash equivalents, short-term time deposits, and short-term investments amounted to **RMB 16.0 billion**[42](index=42&type=chunk) - For the six months ended June 30, 2025, net cash flow from operating activities was **RMB 2.1 billion**[42](index=42&type=chunk) - As of June 30, 2025, the Group had no interest-bearing bank or other borrowings, resulting in a **zero debt-to-equity ratio**[43](index=43&type=chunk)[48](index=48&type=chunk) - As of June 30, 2025, the Group had no significant investments, acquisitions, disposals, asset pledges, or material contingent liabilities[44](index=44&type=chunk)[45](index=45&type=chunk)[46](index=46&type=chunk)[50](index=50&type=chunk) - As of June 30, 2025, capital commitments were approximately **RMB 49.6 million**, primarily related to server purchases[51](index=51&type=chunk) [Employees and Compensation Policy](index=13&type=section&id=Employees%20and%20Compensation%20Policy) As of June 30, 2025, the company had 4,743 employees, with sales and marketing personnel forming the largest group, supported by competitive compensation and benefits - As of June 30, 2025, the Group had a total of **4,743 employees**[52](index=52&type=chunk) Total Full-time Employees by Function as of June 30, 2025 | Function | Number of Employees | Percentage of Total | | :--- | :--- | :--- | | Sales and Marketing | 2,384 | 50.3% | | Research and Development | 1,192 | 25.1% | | Operations | 771 | 16.3% | | General and Administrative | 396 | 8.3% | | **Total** | **4,743** | **100.0%** | - The company offers competitive salaries, incentive share grants, and other benefits, and participates in various government statutory employee benefit plans[52](index=52&type=chunk) [Corporate Governance](index=13&type=section&id=Corporate%20Governance) This section details the company's corporate governance framework, including its Weighted Voting Rights structure, compliance with governance codes, and the functions of its board committees [Weighted Voting Rights (WVR) Structure](index=14&type=section&id=Weighted%20Voting%20Rights%20(WVR)%20Structure) The company operates with a WVR structure, granting Class B ordinary shares ten votes per share (except for reserved matters), with Mr. Zhao Peng as the WVR beneficiary - The company's share capital includes Class A ordinary shares (one vote per share) and Class B ordinary shares (ten votes per share), except for resolutions related to reserved matters[54](index=54&type=chunk) - Mr. Zhao Peng is the WVR beneficiary, and as of June 30, 2025, beneficially owned and controlled approximately **14.7%** of the issued shares through Techwolf Limited, but held approximately **63.3%** of the voting rights for shareholder resolutions concerning matters other than reserved matters[55](index=55&type=chunk) - The WVR structure will terminate upon the death of the WVR beneficiary, their cessation as a Board member, transfer of beneficial ownership of Class B ordinary shares, or conversion of all Class B ordinary shares to Class A ordinary shares[56](index=56&type=chunk)[57](index=57&type=chunk) [Compliance with Corporate Governance Code and Model Code](index=15&type=section&id=Compliance%20with%20Corporate%20Governance%20Code%20and%20Model%20Code) The company generally complied with the Corporate Governance Code, with a noted deviation regarding the separation of Chairman and CEO roles, and adhered to its securities dealing code - The company deviated from Corporate Governance Code Provision C.2.1, as Mr. Zhao Peng serves as both Chairman and CEO, an arrangement the Board believes ensures consistent leadership and efficient strategic planning[58](index=58&type=chunk) - The company adopted a code (no less exacting than the Model Code) as its securities dealing code, governing securities transactions by directors and relevant employees[59](index=59&type=chunk) - All directors and relevant employees confirmed compliance with the code throughout the reporting period[60](index=60&type=chunk) [Functions of Board Committees](index=15&type=section&id=Functions%20of%20Board%20Committees) The Board has established Audit, Remuneration, Nomination, and Corporate Governance Committees, each with defined mandates to ensure oversight and adherence to governance principles - The Board has established an Audit Committee, a Remuneration Committee, a Nomination Committee, and a Corporate Governance Committee, each with clearly defined written terms of reference[61](index=61&type=chunk) - The Audit Committee's primary responsibilities include monitoring the integrity of financial statements, compliance with laws and regulations, and reviewing internal controls and related party transactions[63](index=63&type=chunk) - The Corporate Governance Committee's primary responsibilities include ensuring the company's operations and management align with the interests of all shareholders, complying with listing rules, maintaining the WVR structure, and formulating corporate governance guidelines[64](index=64&type=chunk) - The Corporate Governance Committee confirmed that the WVR beneficiary remained a Board member throughout the reporting period and complied with relevant listing rules[66](index=66&type=chunk) [Other Information](index=18&type=section&id=Other%20Information) This section provides disclosures on directors' and major shareholders' interests, share incentive plans, and other significant events or non-events during and after the reporting period [Interests of Directors and Chief Executive](index=18&type=section&id=Interests%20of%20Directors%20and%20Chief%20Executive) As of June 30, 2025, Mr. Zhao Peng held 100% of Class B ordinary shares through a controlled entity, while other directors held varying amounts of Class A ordinary shares Directors' and Chief Executive's Interests in Shares (as of June 30, 2025) | Name | Nature of Interest | Number of Shares | Approximate Percentage of Interest in Each Class of Shares | | :--- | :--- | :--- | :--- | | Mr. Zhao | Interest through Controlled Corporation | 134,587,401 Class B Ordinary Shares (L) | 100.00% | | Mr. Zhang Yu | Beneficial Interest | 7,196,950 Class A Ordinary Shares (L) | 0.92% | | Mr. Chen Xu | Beneficial Interest | 1,912,916 Class A Ordinary Shares (L) | 0.24% | | Mr. Zhang Tao | Beneficial Interest | 3,023,258 Class A Ordinary Shares (L) | 0.39% | | Ms. Wang Xiehua | Beneficial Interest | 989,176 Class A Ordinary Shares (L) | 0.13% | | Mr. Sun Yonggang | Beneficial Interest | 22,370 Class A Ordinary Shares (L) | 0.00% | | Mr. Li Yan | Beneficial Interest | 8,424 Class A Ordinary Shares (L) | 0.00% | | Ms. Dong Mengyuan | Beneficial Interest | 8,424 Class A Ordinary Shares (L) | 0.00% | | Ms. Liu Hongyu | Beneficial Interest | 8,424 Class A Ordinary Shares (L) | 0.00% | - Mr. Zhao's Class B ordinary shares are held by Techwolf Limited, a British Virgin Islands company, whose entire interest is held by a trust established by Mr. Zhao for his and his family's benefit[71](index=71&type=chunk) [Major Shareholders' Interests](index=20&type=section&id=Major%20Shareholders'%20Interests) As of June 30, 2025, JPMorgan Chase & Co., The Capital Group Companies, Inc., and Tencent Holdings Limited (through Image Frame Investment (Hong Kong) Limited) were major holders of Class A ordinary shares, while UBS Trustees and Techwolf Limited held Class B ordinary shares Major Shareholders' Interests in Shares (as of June 30, 2025) | Name | Capacity / Nature of Interest | Number of Shares | Approximate Percentage of Interest in Each Class of Shares | | :--- | :--- | :--- | :--- | | **Class A Ordinary Shares** | | | | | JPMorgan Chase & Co. | Investment Manager / Beneficial Owner, etc. | 125,249,737 (L) | 16.02% | | | | 101,396,041 (P) | 12.97% | | | | 6,031,201 (S) | 0.77% | | The Capital Group Companies, Inc. | Interest through Controlled Corporation | 94,065,248 (L) | 12.03% | | Image Frame Investment (Hong Kong) Limited | Beneficial Interest | 73,975,773 (L) | 9.46% | | Tencent Holdings Limited | Interest through Controlled Corporation | 73,975,773 (L) | 9.46% | | **Class B Ordinary Shares** | | | | | UBS Trustees (B.V.I.) Limited | Trustee | 134,587,401 (L) | 100.00% | | Techwolf Limited | Beneficial Interest | 134,587,401 (L) | 100.00% | | Mr. Zhao | Interest through Controlled Corporation, etc. | 134,587,401 (L) | 100.00% | - JPMorgan Chase & Co. held long positions, lending positions, and short positions in Class A ordinary shares[79](index=79&type=chunk) - Tencent Holdings Limited held interests in Class A ordinary shares through its subsidiary, Image Frame Investment (Hong Kong) Limited[79](index=79&type=chunk) [Share Incentive Plans](index=21&type=section&id=Share%20Incentive%20Plans) The company operates the 2020 Share Incentive Plan and the Post-IPO Share Plan, with outstanding share options and restricted share units under both as of June 30, 2025 - The company currently has two share incentive plans: the 2020 Share Incentive Plan and the Post-IPO Share Plan[76](index=76&type=chunk) - No further incentives have been granted under the 2020 Share Incentive Plan since the listing[78](index=78&type=chunk) Details of Outstanding Share Options under the 2020 Share Incentive Plan (as of June 30, 2025) | Name/Category | Outstanding as of January 1, 2025 | Exercised during the Reporting Period | Cancelled during the Reporting Period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Directors | 10,717,928 | 1,727,612 | – | 9,981,316 | | Other Grantees | 33,839,300 | 8,402,086 | 438,172 | 24,999,042 | | **Total** | **44,558,228** | **10,129,698** | **438,172** | **33,990,358** | Details of Outstanding Restricted Share Units under the 2020 Share Incentive Plan (as of June 30, 2025) | Name/Category | Outstanding as of January 1, 2025 | Vested and Settled during the Reporting Period | Cancelled during the Reporting Period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | | Directors | 964,424 | 67,210 | – | 997,134 | | Other Grantees | 7,242,526 | 1,184,202 | 822,368 | 5,235,956 | | **Total** | **8,206,950** | **1,251,412** | **822,368** | **6,133,170** | - As of June 30, 2025, **52,444,000 Class A ordinary shares** were available for grant under the Post-IPO Share Plan[87](index=87&type=chunk) Details of Outstanding Share Options under the Post-IPO Share Plan (as of June 30, 2025) | Name/Category | Outstanding as of January 1, 2025 | Granted during the Reporting Period | Exercised during the Reporting Period | Forfeited during the Reporting Period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Employee Participants | 120,000 | – | – | – | 120,000 | | **Total** | **120,000** | **–** | **–** | **–** | **120,000** | Details of Outstanding Restricted Share Units under the Post-IPO Share Plan (as of June 30, 2025) | Name/Category | Outstanding as of January 1, 2025 | Granted during the Reporting Period | Vested and Settled during the Reporting Period | Forfeited during the Reporting Period | Outstanding as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | | Directors | 80,450 | 16,848 | 28,220 | – | 52,238 | | Employee Participants | 23,254,626 | 4,114,696 | 4,937,144 | 1,003,426 | 21,428,752 | | **Total** | **23,330,864** | **4,131,544** | **4,969,576** | **1,003,426** | **21,489,406** | [Other Disclosures](index=26&type=section&id=Other%20Disclosures) During the reporting period, the company did not engage in securities transactions, major litigation, or director changes, and post-period, completed a share offering, approved a dividend, and extended its share repurchase program - During the reporting period, neither the company nor any of its subsidiaries purchased, sold, or redeemed any listed securities[93](index=93&type=chunk) - For the six months ended June 30, 2025, the company was not involved in any material litigation or arbitration[95](index=95&type=chunk) - The Board does not recommend the distribution of any interim dividend for the six months ended June 30, 2025[96](index=96&type=chunk) - Subsequent to the reporting period, the company completed a share offering in July 2025, raising net proceeds of approximately **HKD 2.2 billion**; approved an annual dividend policy on August 20, 2025, proposing a total cash dividend of approximately **USD 80 million**; and extended its share repurchase program to August 28, 2026, authorizing repurchases of up to **USD 250 million** in shares[147](index=147&type=chunk) [Review Report on Interim Financial Information](index=28&type=section&id=Review%20Report%20on%20Interim%20Financial%20Information) This section presents the auditor's review report on the company's interim financial information, confirming its preparation in accordance with U.S. GAAP [Auditor's Review Report](index=28&type=section&id=Auditor's%20Review%20Report) PwC reviewed the company's interim financial information for the six months ended June 30, 2025, in accordance with ISRE 2410, finding no material non-compliance with U.S. GAAP - PricewaterhouseCoopers reviewed the company's interim financial information for the six months ended June 30, 2025[102](index=102&type=chunk) - The review was conducted in accordance with International Standard on Review Engagements 2410, with a scope smaller than an audit, thus no audit opinion is expressed[103](index=103&type=chunk) - The auditor found no matters leading them to believe that the interim financial information was not prepared, in all material respects, in accordance with U.S. GAAP[104](index=104&type=chunk) [Unaudited Condensed Consolidated Financial Statements and Notes](index=28&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements%20and%20Notes) This section includes the unaudited condensed consolidated financial statements and their accompanying notes, providing detailed financial position, performance, and cash flow information [Unaudited Condensed Consolidated Balance Sheets](index=29&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) As of June 30, 2025, the company reported total assets of RMB 21.184 billion, with significant liquidity, total liabilities of RMB 4.347 billion, and total shareholders' equity of RMB 16.837 billion Unaudited Condensed Consolidated Balance Sheets (Summary, RMB thousands) | Metric | As of December 31, 2024 | As of June 30, 2025 | | :--- | :--- | :--- | | **Assets** | | | | Total Current Assets | 15,100,383 | 16,627,877 | | Total Non-current Assets | 4,210,289 | 4,556,078 | | **Total Assets** | **19,310,672** | **21,183,955** | | **Liabilities and Shareholders' Equity** | | | | Total Current Liabilities | 4,192,056 | 4,237,752 | | Total Non-current Liabilities | 155,796 | 109,240 | | **Total Liabilities** | **4,347,852** | **4,346,992** | | Total Shareholders' Equity of Kanzhun Limited | 14,867,371 | 16,752,836 | | Non-controlling Interests | 95,449 | 84,127 | | **Total Shareholders' Equity** | **14,962,820** | **16,836,963** | | **Total Liabilities and Shareholders' Equity** | **19,310,672** | **21,183,955** | - As of June 30, 2025, cash and cash equivalents were **RMB 3.160 billion**, short-term time deposits were **RMB 5.479 billion**, and short-term investments were **RMB 7.383 billion**[106](index=106&type=chunk) - As of June 30, 2025, deferred revenue was **RMB 3.301 billion**, and other payables and accrued liabilities were **RMB 709 million**[106](index=106&type=chunk) [Unaudited Condensed Consolidated Statements of Comprehensive Income](index=31&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income) For the six months ended June 30, 2025, the company achieved total revenue of RMB 4.026 billion and net income of RMB 1.223 billion, with basic and diluted net income per share of RMB 1.41 and RMB 1.37, respectively Unaudited Condensed Consolidated Statements of Comprehensive Income (Summary, RMB thousands) | Metric | 2024 (Unaudited) | 2025 (Unaudited) | | :--- | :--- | :--- | | Total Revenue | 3,620,496 | 4,025,710 | | Operating Profit | 462,202 | 1,090,986 | | Net Income | 658,974 | 1,223,268 | | Net Income Attributable to Ordinary Shareholders of Kanzhun Limited | 666,684 | 1,234,532 | | Basic Net Income Per Share | 0.75 | 1.41 | | Diluted Net Income Per Share | 0.73 | 1.37 | | Total Comprehensive Income | 724,880 | 1,205,411 | - The weighted average number of ordinary shares used to calculate basic net income per share was **876,959,135 shares**, and for diluted net income per share was **901,237,045 shares**[111](index=111&type=chunk) - Total other comprehensive income was **RMB (17.86) million**, primarily impacted by foreign currency translation adjustments[111](index=111&type=chunk) [Unaudited Condensed Consolidated Statements of Cash Flows](index=33&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, the company generated RMB 2.055 billion in net cash from operating activities, used RMB 1.503 billion in investing activities, and had RMB 58.28 million in net cash from financing activities Unaudited Condensed Consolidated Statements of Cash Flows (Summary, RMB thousands) | Metric | 2024 (RMB thousands) | 2025 (RMB thousands) | | :--- | :--- | :--- | | Net Cash Flows from Operating Activities | 1,774,097 | 2,055,005 | | Net Cash Flows Used in Investing Activities | (595,771) | (1,503,279) | | Net Cash Flows (Used in) / From Financing Activities | (186,425) | 58,278 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | 7,530 | (3,588) | | Net Increase in Cash and Cash Equivalents | 999,431 | 606,416 | | Cash and Cash Equivalents at End of Period | 3,472,390 | 3,159,506 | - Cash outflow from investing activities increased, primarily due to increased purchases of short-term and long-term investments[112](index=112&type=chunk) - Cash flow from financing activities shifted from a net outflow to a net inflow, mainly influenced by increased proceeds from share-based compensation exercises and reduced share repurchase payments[114](index=114&type=chunk) [Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity](index=35&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Shareholders'%20Equity) As of June 30, 2025, total shareholders' equity increased to RMB 16.837 billion, primarily influenced by net income, share-based compensation, and share option exercises Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity (Summary, RMB thousands) | Metric | Balance as of January 1, 2025 | Net Income | Foreign Currency Translation Adjustment | Unrealized Gain on Available-for-Sale Investments | Share-based Compensation Expenses | Exercise of Share Options and Vesting of RSUs | Issuance of Ordinary Shares as Treasury Shares | Balance as of June 30, 2025 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Ordinary Shares Amount | 571 | – | – | – | – | – | 15 | 586 | | Treasury Shares | (1,519,708) | – | – | – | – | 799,323 | (15) | (720,400) | | Capital Surplus | 16,234,535 | – | – | – | 481,489 | (612,080) | – | 16,103,944 | | Accumulated Other Comprehensive Income | 1,054,562 | – | (41,592) | 23,793 | – | – | – | 1,036,763 | | Retained Earnings / (Accumulated Deficit) | (917,640) | 1,234,532 | – | – | – | – | – | 316,892 | | Non-controlling Interests | 95,449 | (11,264) | (58) | – | – | – | – | 84,127 | | **Total Shareholders' Equity** | **14,962,820** | **1,223,268** | **(41,650)** | **23,793** | **481,489** | **187,243** | **–** | **16,836,963** | [Notes to the Unaudited Condensed Consolidated Financial Statements](index=36&type=section&id=Notes%20to%20the%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) These notes provide comprehensive details on the company's accounting policies, business acquisitions, investments, various financial accounts, revenue breakdown, operating leases, taxation, share-based compensation, related party transactions, commitments, and U.S. GAAP to IFRS reconciliation - The company completed the acquisition of approximately **77% equity interest** in W.D Technology Investment Group Limited on February 6, 2024, for a consideration of approximately **RMB 374.3 million**, resulting in goodwill of **RMB 0.839 million**[119](index=119&type=chunk)[120](index=120&type=chunk) Investment Portfolio (RMB thousands) | Investment Type | As of December 31, 2024 | As of June 30, 2025 | | :--- | :--- | :--- | | Total Short-term Investments | 6,639,389 | 7,383,188 | | Total Long-term Investments | 1,914,530 | 1,879,156 | - As of June 30, 2025, net accounts receivable and notes were **RMB 32.13 million**, with the highest proportion due within 3 months[121](index=121&type=chunk) - As of June 30, 2025, prepayments and other current assets were **RMB 561.4 million**, primarily comprising prepaid income tax and VAT, receivables from third-party online payment platforms, and receivables from share-based compensation exercises[123](index=123&type=chunk) - As of June 30, 2025, net property, equipment, and software amounted to **RMB 1.5141 billion**, and net intangible assets were **RMB 234.4 million**[124](index=124&type=chunk)[125](index=125&type=chunk) - As of June 30, 2025, accounts payable were **RMB 97.47 million**, and other payables and accrued liabilities were **RMB 708.8 million**[126](index=126&type=chunk)[127](index=127&type=chunk) Online Recruitment Services Revenue to Enterprise Clients by Client Type (RMB thousands) | Client Type | 2024 (RMB thousands) | 2025 (RMB thousands) | | :--- | :--- | :--- | | Key Account Clients | 812,146 | 967,233 | | Medium-sized Clients | 1,245,598 | 1,312,300 | | Small Clients | 1,519,066 | 1,699,448 | - As of June 30, 2025, total operating lease liabilities were **RMB 199.5 million**, with a weighted average remaining lease term of **2.01 years**[129](index=129&type=chunk) - The company's consolidated variable interest entity in mainland China, Beijing Huapin Borei Network Technology Co., Ltd., enjoys a **15% preferential tax rate** for high-tech enterprises and applies a **200% super deduction ratio** for R&D expenses[134](index=134&type=chunk) - As of June 30, 2025, unrecognized compensation expense related to share options was **USD 0.1 million**, and related to restricted share units was **USD 217.8 million**[138](index=138&type=chunk)[139](index=139&type=chunk) - The company has related party transactions with Tencent Group, primarily for procuring cloud services and online payment platform settlement services[142](index=142&type=chunk) - Significant differences exist between U.S. GAAP and IFRS regarding share-based compensation expenses, operating leases, long-term investments, preferred shares, and listing fees, with detailed reconciliations provided in the notes[148](index=148&type=chunk)[150](index=150&type=chunk)[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk) [Definitions](index=55&type=section&id=Definitions) This section provides definitions for key terms and abbreviations used throughout the report, ensuring clarity and consistent understanding for readers [Glossary of Terms](index=55&type=section&id=Glossary%20of%20Terms) This glossary defines essential terms, company names, share types, accounting standards, user metrics, committee names, and relevant regulations to facilitate report comprehension
阳光100中国(02608) - 2025 - 中期财报
2025-09-29 10:58
INTERIM REPORT 中期報告 2025 中期報告 ( 於開曼群島註冊成立的有限公司 ) (Incorporated in the Cayman Islands with limited liability) 股份代號 Stock Code:2608 INTERIM REPORT 2025 Sunshine 100 China Holdings Ltd 陽光 100 中國控股有限公司 目錄 CONTENTS | 公司資料 | 2 | Corporate Information | | --- | --- | --- | | 主席報告 | 5 | Chairman's Statement | | 管理層討論及分析 | 7 | Management Discussion and Analysis | | 企業管治 | 42 | Corporate Governance | | 披露權益資料 | 46 | Disclosure of the Interests Information | | 其他資料 | 56 | Other Information | | 簡明綜合全面收益表 | 59 | Condens ...
中裕能源(03633) - 2025 - 中期财报
2025-09-29 10:50
截至二零二五年六月三十日止六個月 財務及營運摘要 | | 截至六月三十日止六個月╱ | | | | --- | --- | --- | --- | | | 於六月三十日 | | | | | 二零二五年 | 二零二四年 | 變動 | | (未經審核) | 千港元 | 千港元 | % | | 營業額 | 6,575,509 | 7,255,090 | (9.4)% | | 本公司擁有人應佔溢利 | 245,510 | 239,077 | 2.7% | | 每股基本盈利(港仙) | 8.89 | 8.57 | 3.7% | | 天然氣銷售量(千立方米) | 1,688,073 | 1,738,419 | (2.9)% | | 液化天然氣批發客戶的 天然氣銷售量(千立方米) | | | 100.7% | | | 357,900 | 178,291 | | | 為工商業客戶而設的 | | | | | 新增管道燃氣接駁 | 1,757 | 1,345 | 30.6% | | 累計綜合能源項目數量 | 262 | 216 | 21.3% | 1 中裕能源控股有限公司(「本公司」)之董事會(「董事會」或「董事」)欣然宣佈 本 ...
粤港湾控股(01396) - 2025 - 中期财报
2025-09-29 10:45
CONTENTS 目錄 | Corporate Profile | 2 | | --- | --- | | 公司簡介 | | | Corporate Information | 3 | | 公司資料 | | | Management Discussion and Analysis | 6 | | 管理層討論及分析 | | | Disclosure of Interest | 13 | | 權益披露 | | | Corporate Governance and Other Information | 17 | | 公司管治及其他資料 | | | Independent Review Report | 25 | | 獨立審閱報告 | | | Condensed Consolidated Statement of Profit or Loss | 28 | | 簡明綜合損益表 | | | Condensed Consolidated Statement of Comprehensive Income | 29 | | 簡明綜合全面收入表 | | | Condensed Consolidated Statement ...
中泰期货(01461) - 2025 - 中期财报
2025-09-29 10:43
ZHONGTAI FUTURES Company Limited 中泰期貨股份有限公司 (股份代號:01461) (在中華人民共和國註冊成立的股份有限公司) 中期報告 2025 目 錄 | 釋 義 | | 2 | | --- | --- | --- | | 公司資料 | | 4 | | 財務概要 | | 6 | | 管理層討論與分析 | | 8 | | 一、 報告期內經濟環境 | | 8 | | 二、 | 報告期內期貨市場狀況 | 10 | | 三、 總體經營情況 | | 12 | | 四、 主要業務情況分析 | | 13 | | 五、 信息技術建設 | | 15 | | 六、 下半年發展計劃 | | 16 | | 七、 | 流動資金、財務資源和資本結構 | 16 | | 八、 | 本集團重大融資情況 | 17 | | 九、 | 本集團重大投資情況 | 17 | | 十、 | 重大資產收購、出售及對外擔保、抵押、質押和 | | | 重大或有負債 | | 17 | | 十一、員 工、薪酬政策及培訓情況 | | 18 | | 十二、可能面臨的風險、不確定性及應對措施 | | 19 | | 企業管治報告 | | 2 ...
中国诚通发展集团(00217) - 2025 - 中期财报
2025-09-29 10:43
目錄 2 公司資料 3 簡明綜合財務報表審閱報告 4 簡明綜合損益表 5 簡明綜合損益及其他全面收益表 6–7 簡明綜合財務狀況表 8–9 簡明綜合權益變動表 10 簡明綜合現金流量表 11–32 簡明綜合財務報表附註 33–45 管理層討論與分析 46–48 其他資料 公司資料 董事會 執行董事 酈 千 (主席) 孫 洁 獨立非執行董事 李萬全 何 佳 劉 磊 審核委員會 李萬全 (主席) 何 佳 劉 磊 薪酬委員會 何 佳 (主席) 李萬全 酈 千 提名委員會 劉 磊 (主席) 李萬全 孫 洁 環境、社會及管治委員會 孫 洁 (主席) 何 佳 劉 磊 公司秘書 潘子健 核數師 天職香港會計師事務所有限公司 執業會計師 註冊公眾利益實體核數師 香港鰂魚涌 英皇道728號8樓 主要往來銀行 中國銀行(香港)有限公司 交通銀行股份有限公司 東亞銀行有限公司 招商銀行股份有限公司 創興銀行有限公司 富邦華一銀行有限公司 恆生銀行(中國)有限公司 中國郵政儲備銀行股份有限公司 上海浦東發展銀行股份有限公司 網址: www.hk217.com 電子郵件: public@hk217.com 股份過戶登記處 香港中央證券 ...
森浩集团(08285) - 2025 - 中期财报
2025-09-29 10:42
股 份 代 號: 8285 ( 於 開 曼 群 島 註 冊 成 立 的 有 限 公 司) 中期報 告 2025 2025 INTERIM REPORT Stock code: 8285 (Incorporated in the Cayman Islands with limited liability) 香 港 聯 合 交 易 所 有 限 公 司(「聯 交 所」) GEM的特色 GEM的定位乃為相比起聯交所主板上市 的其他公司帶有更高投資風險的中小型公 司提供上市的市場。有意投資者應了解投 資於此類公司的潛在風險,並應經審慎周 詳考慮後方作出投資決定。 由於在GEM上市的公司一般為中小型公 司,在GEM買賣的證券可能會承受較於聯 交所主板買賣的證券為高的市場波動風 險,同時亦無法保證在GEM買賣的證券會 有高流通量的市場。 香港交易及結算所有限公司及聯交所對本 報告的內容概不負責,對其準確性或完整 性亦不發表任何聲明,並明確表示概不會 對本報告的全部或任何部分內容所產生或 因依賴該等內容而引致的任何損失承擔任 何責任。 本報告乃遵照聯交所GEM證券上市規則 (「GEM上市規則」)的規定提供有關森浩 集團股份有 ...
SHANGHAI GROWTH(00770) - 2025 - 中期财报
2025-09-29 10:42
2025 中期報告 目錄 | | 頁 | | --- | --- | | 公司資料 | 2 | | 中期簡明財務資料 | | | 中期簡明損益及其他全面收益表 | 3 | | 中期簡明財務狀況表 | 4 | | 中期簡明權益變動表 | 5 | | 中期簡明現金流量表 | 7 | | 中期簡明財務資料附註 | 8 | | 管理層討論及分析 | 21 | | 其他資料 | 30 | SHANGHAI INTERNATIONAL SHANGHAI GROWTH INVESTMENT LIMITED 公司資料 董事 執行董事: 趙恬先生 獨立非執行董事: 蔡德輝先生 (於二零二五年二月十四日獲委任) 劉美雪女士 華民博士 (於二零二五年六月二十七日退任) 王家泰先生 (於二零二五年一月二十九日辭任) 易永發先生 (於二零二五年二月十四日辭任) 非執行董事: 程爵生先生 (於二零二五年三月二十五日獲委任) 施美伶女士 (於二零二五年八月二十九日獲委任) 林維蕆先生 (於二零二五年三月二十五日獲委任 並於二零二五年八月二十九日辭任) 陸雪方先生 (於二零二五年三月二十五日辭任) 公司秘書 張月芬女士 基金管理公司 上實資 ...
PALADIN(00495) - 2025 - 年度业绩
2025-09-29 10:40
香港交易及結算所有限公司及香港聯合交易所有限公司對本公佈的內容概不負責, 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明,並 明 確 表 示,概 不 對 因 本 公 佈 全 部 或 任 何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 PALADIN LIMITED (於百慕達註冊成立之有限公司) (股份代號:495) 截至二零二 五 年六月三十日止年度 | | | 二零二五年 | 二零二四年 | | --- | --- | --- | --- | | | 附 註 | 千港元 | 千港元 | | 收 益 | 3 | 43,805 | 22,733 | | 銷售及服務成本 | | (20,434) | (9,142) | | 毛 利 | | 23,371 | 13,591 | | 其他收入 | 5 | 630 | 314 | | 其他收益及虧損 | 6 | (122,506) | (96,558) | | 行政及其他經營開支 | | (40,563) | (44,800) | | 經營虧損 | | (139,068) | (127,453) | | 融資成本 | 7 | (6, ...
纽曼思(02530) - 2025 - 中期财报
2025-09-29 10:36
Numans Health Food Holdings Company Limited 紐曼思健康食品控股有限公司 (於開曼群島註冊成立的有限公司) 股份代號:2530 中期報告 Numans Health Food Holdings Company Limited 紐曼思健康食品控股有限公司 (Incorporated in the Cayman Islands with limited liability) Stock code : 2530 2025 INTERIM REPORT 2025 Numans Health Food Holdings Company Limited INTERIM REPORT 中期報告 2025 紐曼思健康食品控股有限公司 目錄 | | | 3 管理層討論及分析 8 企業管治及其他資料 18 簡明綜合損益及其他全面收益表 19 簡明綜合財務狀況表 21 簡明綜合權益變動表 22 簡明綜合現金流量表 23 簡明綜合中期財務報表附註 非執行董事 陳學良先生 獨立非執行董事 嚴詠怡女士 劉國煇先生 余子敖先生 公司秘書 鄧子駿先生 (於二零二五年二月一日辭任) 鄭璟瑭先生 (於二 ...