BOSS直聘(02076) - 2025 - 中期业绩

Announcement Overview Company Information KANZHUN LIMITED released its unaudited interim condensed consolidated results for the six months ended June 30, 2025, with the Company incorporated in the Cayman Islands and listed under stock codes 2076 (HKEX) and BZ (NASDAQ) - KANZHUN LIMITED released its unaudited interim condensed consolidated results For the six months ended June 30, 2025[2] - The Company was incorporated in the Cayman Islands, with stock codes 2076 (HKEX) and BZ (NASDAQ)[2] Financial Performance Summary For the six months ended June 30, 2025, the Company's revenue increased year-over-year by 11.2%, operating profit significantly increased by 136.0%, net profit increased by 85.6%, and Adjusted Net Profit (Non-GAAP) increased by 36.4% Financial Performance Summary For the six months ended June 30, 2025 | Metric | 2024 (RMB thousands) | 2025 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Total 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 Profit | 658,974 | 1,223,268 | 85.6% | | Adjusted Net Profit (Non-GAAP) | 1,249,394 | 1,704,757 | 36.4% | Non-GAAP Financial Measures The Company uses Adjusted Net Profit (Non-GAAP) as a non-GAAP financial measure, defined as net profit excluding share-based compensation expenses, to provide a more comparable assessment of operating performance and additional useful information for investors - Adjusted Net Profit is defined as net profit excluding share-based compensation expenses, and share-based compensation expenses are non-cash in nature[5] - this metric helps compare operating performance across different periods and provides investors with the same evaluation perspective as management[5] Reconciliation of Adjusted Net Profit to Net Profit | Metric | 2024 (RMB thousands) | 2025 (RMB thousands) | | :--- | :--- | :--- | | Net Profit | 658,974 | 1,223,268 | | Add: Share-based Compensation Expenses | 590,420 | 481,489 | | Adjusted Net Profit (Non-GAAP) | 1,249,394 | 1,704,757 | Business Review and Outlook Business Review for the Reporting Period During the reporting period, the Company's Average Monthly Active Users (MAU) significantly increased by 19.8% to 60.6 million, successfully penetrating blue-collar users, lower-tier cities, and small and medium-sized enterprise (SME) clients; the Company continued to deepen AI technology application in products and operations, achieving an 'A' rating in the MSCI ESG assessment - For the six months ended June 30, 2025, Average Monthly Active Users (MAU) reached 60.6 million, increased year-over-year by 19.8%[7] - The diversified user group penetration strategy yielded significant results, with increased proportions of blue-collar users, lower-tier cities, and small and medium-sized enterprise (SME) clients[7] - The Company deepened the integrated application of AI across technology, products, business, and operations, launching features like an AI interview training robot, and achieved an 'A' rating in the MSCI ESG assessment[8] Management Statements Founder and CEO Zhao Peng emphasized user growth, deepening AI application, and commitment to shareholder returns (dividend policy and share repurchase); CFO Zhang Yu noted the company achieved high-quality growth in both revenue and profit margins, and enhanced market liquidity through its Hong Kong share offering - CEO Zhao Peng stated the Company maintained an industry-leading user growth momentum, with significant growth in enterprise user activity and paying client base, and continued to deepen AI application[10] - CEO Zhao Peng emphasized the Company prioritizes shareholder returns, having approved an annual dividend policy (approximately USD 80 million) and a share repurchase program of up to USD 250 million[10] - CFO Zhang Yu noted the company achieved high-quality growth in both revenue and profit margins, and enhanced market liquidity through its Hong Kong share offering (net proceeds of HKD 2.2 billion)[10] Platform and Services The Company's core platform is the BOSS Zhipin mobile application, which uses a 'direct hiring model' to connect job seekers with enterprise clients, providing an efficient and seamless recruitment experience; monetization primarily comes from paid services for enterprise clients, while user acquisition and sales efficiency are enhanced through a proprietary CRM system and diversified marketing strategies - The Company's core platform is the BOSS Zhipin mobile application, which uses a 'direct hiring model' to connect job seekers with enterprise clients, providing an efficient and seamless recruitment experience[10][11] - Monetization primarily comes from paid services for enterprise clients, including direct hiring services and value-added features; job seeker services are free but offer paid value-added features[13][14] - The Company utilizes a proprietary CRM system to empower its sales team and acquires user traffic through online third-party channels, word-of-mouth, and brand marketing activities[15] Business Outlook Looking ahead to the second half of 2025, the Company will maintain robust user growth momentum, expand market penetration, and continue to deepen the application of AI technology in its core business scenarios to provide an intelligent, one-stop recruitment service experience - Looking ahead to the second half of 2025, the Company will maintain robust user growth momentum and further penetrate more industries, regions, and client types[20] - The Company will continue to deepen the application and integration of AI technology in its core business scenarios, striving to provide intelligent, one-stop recruitment service experiences for a broader and more diverse user base[20] Recent Developments and Shareholder Returns Share Offering The Company completed a share offering in July 2025, totaling 34,500,000 shares, with net proceeds of approximately HKD 2.2 billion, aimed at enhancing financial flexibility, broadening the shareholder base, and increasing share liquidity - The Company completed a share offering on July 4, 2025, totaling 34,500,000 shares[16] - The net proceeds from the share offering were approximately HKD 2.2 billion, aimed at enhancing financial flexibility, broadening the shareholder base, and increasing share liquidity[16] Annual Dividend Policy and Declaration The Board has approved an annual dividend policy and declared an annual cash dividend of USD 0.084 per ordinary share or USD 0.168 per ADS, totaling approximately USD 80 million, expected to be paid in October 2025 - The Board has approved an annual dividend policy, and will declare and distribute dividends annually[17] - An annual cash dividend of USD 0.084 per ordinary share or USD 0.168 per ADS, totaling approximately USD 80 million, has been declared[18] - The dividend payment dates are expected to be October 16, 2025 (ordinary shares) and October 23, 2025 (ADSs)[18] Share Repurchase Program The Board approved extending the existing share repurchase program by 12 months to August 28, 2026, authorizing the repurchase of up to USD 250 million in company shares during this period - The Board approved extending the share repurchase program by 12 months to August 28, 2026[19] - Authorized to repurchase up to USD 250 million in company shares (including ADSs) during the extended period[19] Financial Performance Unaudited Condensed Consolidated Statements of Comprehensive Income For the six months ended June 30, 2025, the Company's total revenue reached RMB 4,025.7 million, operating profit was RMB 1,091.0 million, and net profit was RMB 1,223.3 million, demonstrating strong earnings growth Unaudited Condensed Consolidated Statements of Comprehensive Income (For the six months ended June 30) | Metric | 2024 (RMB thousands) | 2025 (RMB thousands) | | :--- | :--- | :--- | | Total Revenue | 3,620,496 | 4,025,710 | | Total Operating Costs and Expenses | (3,179,390) | (2,945,464) | | Operating Profit | 462,202 | 1,090,986 | | Profit Before Tax | 771,642 | 1,396,333 | | Income Tax Expense | (112,668) | (173,065) | | Net Profit | 658,974 | 1,223,268 | Revenue Analysis Total revenue increased year-over-year by 11.2% to RMB 4,025.7 million, primarily driven by growth in paying enterprise clients; specifically, online recruitment services revenue for enterprise clients increased by 11.2%, and other services revenue increased by 6.9% - Total revenue increased year-over-year by 11.2% to RMB 4,025.7 million, primarily driven by growth in paying enterprise clients[24] - Revenue growth was primarily driven by growth in paying enterprise clients[24] Revenue Composition and Year-over-Year Change | Revenue Source | 2024 (RMB thousands) | 2025 (RMB thousands) | Change (%) | | :--- | :--- | :--- | :--- | | Online Recruitment Services for Enterprise Clients | 3,576,810 | 3,978,981 | 11.2% | | Other Services | 43,686 | 46,729 | 6.9% | | Total Revenue | 3,620,496 | 4,025,710 | 11.2% | Operating Costs and Expenses Analysis During the reporting period, the Company effectively controlled sales and marketing expenses and research and development expenses, which decreased by 19.0% and 7.9% respectively, while cost of revenue remained relatively stable, and general and administrative expenses slightly increased - Cost of revenue was RMB 618.3 million, remained relatively stable with RMB 612.0 million in the prior year period[25] - Sales and marketing expenses decreased by 19.0% to RMB 911.1 million, primarily due to decreased advertising and marketing expenses and employee-related expenses[26] - Research and development expenses decreased by 7.9% to RMB 839.6 million, primarily due to decreased employee-related expenses and cloud service fees[27] - General and administrative expenses increased by 8.4% to RMB 576.5 million, primarily due to increased employee-related expenses[28] Operating Profit and Net Profit Due to revenue growth and expense control, the Company's operating profit significantly increased year-over-year by 136.0% to RMB 1,091.0 million, and net profit increased year-over-year by 85.6% to RMB 1,223.3 million - Operating profit increased year-over-year by 136.0% to RMB 1,091.0 million from RMB 462.2 million in the prior year period[29] - Net profit increased year-over-year by 85.6% to RMB 1,223.3 million from RMB 659.0 million in the prior year period[31] Income Tax Expense Income tax expense increased year-over-year by 53.6% to RMB 173.1 million, consistent with the company's significant improvement in profitability - Income tax expense increased year-over-year by 53.6% to RMB 173.1 million from RMB 112.7 million in the prior year period[30] Earnings Per Share For the six months ended June 30, 2025, basic net earnings per ordinary share attributable to ordinary shareholders was RMB 1.41, and diluted net earnings per ordinary share was RMB 1.37, both significantly increased from the prior year period Earnings Per Share (For the six months ended June 30) | Metric | 2024 (RMB) | 2025 (RMB) | | :--- | :--- | :--- | | Basic Net Earnings Per Share | 0.75 | 1.41 | | Diluted Net Earnings Per Share | 0.73 | 1.37 | Financial Position and Liquidity Liquidity and Capital Resources As of June 30, 2025, the Company had ample liquidity, with total cash and cash equivalents, short-term time deposits, and short-term investments amounting to RMB 16.0 billion, and net cash flows from operating activities of RMB 2.1 billion - As of June 30, 2025, total cash and cash equivalents, short-term time deposits, and short-term investments amounted to RMB 16.0 billion[32] - For the six months ended June 30, 2025, net cash flows from operating activities were RMB 2.1 billion[32] Interest-bearing Bank and Other Borrowings As of June 30, 2025, the Group had no interest-bearing bank and other borrowings, demonstrating its healthy capital structure - As of June 30, 2025, the Group had no interest-bearing bank and other borrowings[33] Debt-to-Equity Ratio As of June 30, 2025, the Group had no interest-bearing borrowings, resulting in a zero debt-to-equity ratio, indicating no external interest-bearing debt - As of June 30, 2025, the Group had no borrowings, resulting in a zero debt-to-equity ratio[38] Foreign Exchange Risk The vast majority of the Company's revenue and expenses are denominated in RMB; it does not use derivative financial instruments to hedge foreign exchange risk for USD-denominated cash and investments but regularly monitors foreign exchange rates and considers hedging significant risks when necessary - The vast majority of the Company's revenue and expenses are denominated in RMB; it does not use derivative financial instruments to hedge foreign exchange risk for USD-denominated cash and investments[39] - The Company regularly monitors foreign exchange rates and considers hedging significant foreign exchange risks when necessary[39] Capital Commitments As of June 30, 2025, the Group's capital commitments were approximately RMB 49.6 million - As of June 30, 2025, the Group's capital commitments were approximately RMB 49.6 million[41] Unaudited Condensed Consolidated Balance Sheets As of June 30, 2025, the Company's total assets increased to RMB 21,183.9 million, total current assets were RMB 16,627.9 million, total liabilities remained stable, and total shareholders' equity increased to RMB 16,837.0 million Unaudited Condensed Consolidated Balance Sheets (As of June 30) | Metric | Dec 31, 2024 (RMB thousands) | Jun 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Total Assets | 19,310,672 | 21,183,955 | | Total Current Assets | 15,100,383 | 16,627,877 | | Total Non-current Assets | 4,210,289 | 4,556,078 | | Total Liabilities | 4,347,852 | 4,346,992 | | Total Shareholders' Equity | 14,962,820 | 16,836,963 | Unaudited Condensed Consolidated Statements of Cash Flows For the six months ended June 30, 2025, net cash flows from operating activities were RMB 2,055.0 million, net cash flows used in investing activities were RMB (1,503.3) million, and net cash flows from financing activities were RMB 58.3 million Unaudited Condensed Consolidated Statements of Cash Flows (For the six months ended June 30) | 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 | | 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 | Corporate Governance and Other Information Employees and Remuneration Policy As of June 30, 2025, the Company had a total of 4,743 employees, with sales and marketing personnel accounting for the highest proportion (50.3%); the Company offers competitive salaries, share-based awards, and various benefits to attract and retain talent - As of June 30, 2025, the Group had a total of 4,743 employees[42] 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, share-based awards, and various benefits to attract and retain talent, and participates in various government statutory employee benefit plans[42] Corporate Governance The Company is committed to high standards of corporate governance and complies with the Corporate Governance Code of the Hong Kong Stock Exchange; although Mr. Zhao Peng serves as both Chairman and Chief Executive Officer, the Board believes this arrangement contributes to strategic planning and decision-making efficiency; the Audit Committee, composed of independent non-executive directors, has reviewed the interim financial statements - The Company is committed to high standards of corporate governance and complies with the Corporate Governance Code of the Hong Kong Stock Exchange; although Mr. Zhao Peng serves as both Chairman and Chief Executive Officer, the Board believes this arrangement contributes to ensures consistent leadership and efficient strategic planning[44][45] - The Company has adopted a management securities trading policy, which directors and relevant employees confirm compliance with[46][47] - The Audit Committee, comprising three independent non-executive directors with Ms. Dong Mengyuan as chairperson, has reviewed the Group's unaudited condensed consolidated financial statements for the six months ended June 30, 2025[48] Other Information During the reporting period, the Company did not purchase, sell, or redeem any listed securities, was not involved in any material litigation or arbitration, and the Board does not recommend the distribution of an interim dividend; no other material events occurred after the reporting period, except for disclosed subsequent events - During the reporting period, neither the Company nor its subsidiaries purchased, sold, or redeemed any listed securities[49] - During the reporting period, the Company was not involved in any material litigation or arbitration[50] - The Board does not recommend the distribution of any interim dividend for the six months ended June 30, 2025[51] - no material events occurred after the reporting period, except for disclosed subsequent events[52] Notes to the Unaudited Condensed Consolidated Financial Statements General Information KANZHUN LIMITED was incorporated in the Cayman Islands and primarily provides online recruitment services in Mainland China through the 'BOSS Zhipin' platform - The Company was incorporated on January 16, 2014, under the laws of the Cayman Islands[56] - The Group primarily provides online recruitment services in Mainland China through the 'BOSS Zhipin' platform[56] Basis of Presentation The unaudited condensed consolidated financial statements are prepared in accordance with U.S. GAAP and the disclosure requirements for interim financial information under the Hong Kong Stock Exchange Listing Rules, adopting the same accounting policies as the audited consolidated financial statements for the previous fiscal year - The financial statements are prepared in accordance with U.S. GAAP and the disclosure requirements for interim financial information under the Hong Kong Stock Exchange Listing Rules, adopting the same accounting policies as the audited consolidated financial statements for the previous fiscal year[57] - The principal accounting policies adopted are consistent with those used in the audited consolidated financial statements for the previous fiscal year[57] Business Acquisition In February 2024, the Group acquired approximately 77% equity interest in W.D Technology Investment Group Limited for approximately USD 52.7 million (RMB 374.3 million); the company primarily engages in blue-collar recruitment services, and this acquisition resulted in goodwill of RMB 839 thousand - On February 6, 2024, the Group completed the acquisition of approximately 77% equity interest in W.D Technology Investment Group Limited, a company primarily engaged in blue-collar recruitment services[58] - The consideration for this acquisition was approximately USD 52.7 million (approximately RMB 374.3 million)[58] - The acquisition resulted in goodwill of RMB 839 thousand, primarily from the expected future business growth from the acquisition[60] Notes to Revenue The Company categorizes enterprise clients into KA, medium-sized, and small-sized clients, presenting revenue sources by this classification; For the six months ended June 30, 2025, online recruitment services revenue for enterprise clients was RMB 3,979.0 million - The Group defines KA clients as those contributing RMB 50,000 or more annually, medium-sized clients as those contributing RMB 5,000 to RMB 50,000, and small-sized clients as those contributing RMB 5,000 or less[61] Revenue by Client Type (For the six months ended June 30) | Revenue Source | 2024 (RMB thousands) | 2025 (RMB thousands) | | :--- | :--- | :--- | | Online Recruitment Services for Enterprise Clients | 3,576,810 | 3,978,981 | | － KA clients | 812,146 | 967,233 | | － Medium-sized clients | 1,245,598 | 1,312,300 | | － Small-sized clients | 1,519,066 | 1,699,448 | | Other | 43,686 | 46,729 | | Total | 3,620,496 | 4,025,710 | - For the six months ended June 30, 2025, revenue recognized over time was RMB 3,179.2 million, and revenue recognized at a point in time was RMB 799.8 million[62] Notes to Income Tax The notes explain the tax policies in the Cayman Islands, Hong Kong, and Mainland China, including the 15% preferential tax rate for High and New Technology Enterprises in China and the 200% super deduction policy for R&D expenses - The Cayman Islands does not levy income or capital gains tax, and the Hong Kong profits tax rate is 16.5%[63][64] - High and New Technology Enterprises (HNTEs) in Mainland China enjoy a preferential tax rate of 15%, and effective January 1, 2023, the super deduction for research and development expenses is 200%[65] Composition of Income Tax Expense (For the six months ended June 30) | Item | 2024 (RMB thousands) | 2025 (RMB thousands) | | :--- | :--- | :--- | | Current Income Tax Expense | 114,690 | 173,672 | | Deferred Income Tax Benefit | (2,022) | (607) | | Total | 112,668 | 173,065 | Notes to Earnings Per Share Details the calculation process for basic and diluted net earnings per share for the six months ended June 30, 2025, including net profit attributable to ordinary shareholders and weighted average number of ordinary shares Earnings Per Share Calculation Details (For the six months ended June 30) | Metric | 2024 | 2025 | | :--- | :--- | :--- | | Net Profit Attributable to Ordinary Shareholders of KANZHUN LIMITED (RMB thousands) | 666,684 | 1,234,532 | | Weighted Average Number of Ordinary Shares Used in Calculating Basic Net Earnings Per Share | 884,833,645 | 876,959,135 | | Dilutive Effect of Share-based Awards | 30,845,133 | 24,277,910 | | Weighted Average Number of Ordinary Shares Used in Calculating Diluted Net Earnings Per Share | 915,678,778 | 901,237,045 | | Basic Net Earnings Per Share (RMB) | 0.75 | 1.41 | | Diluted Net Earnings Per Share (RMB) | 0.73 | 1.37 | Notes to Investments As of June 30, 2025, the Company's total short-term investments were RMB 7,383.2 million, primarily comprising wealth management products and fixed-rate notes; total long-term investments were RMB 1,879.2 million, primarily fixed-rate notes and equity securities of unlisted companies Investment Portfolio (As of June 30) | Investment Type | Dec 31, 2024 (RMB thousands) | Jun 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Total Short-term Investments | 6,639,389 | 7,383,188 | | － Wealth Management Products | 4,640,283 | 6,993,277 | | － Fixed-Rate Notes | 1,997,243 | 381,792 | | － Equity Securities of Listed Companies | 1,863 | 8,119 | | Total Long-term Investments | 1,914,530 | 1,879,156 | | － Fixed-Rate Notes | 1,607,361 | 1,643,227 | | － Equity Securities of Unlisted Companies | 206,391 | 235,929 | | － Wealth Management Products | 100,778 | – | Notes to Accounts and Notes Receivable, Net As of June 30, 2025, accounts and notes receivable, net, totaled RMB 32.1 million, with accounts receivable within 3 months accounting for the largest proportion Aging Analysis of Accounts and Notes Receivable (As of June 30) | Aging | Dec 31, 2024 (RMB thousands) | Jun 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 32,477 | 18,562 | | 3 to 6 months | 4,890 | 3,856 | | 6 months to 1 year | 2,050 | 7,895 | | Over 1 year | 1,296 | 1,813 | | Total | 40,713 | 32,126 | Notes to Prepayments and Other Current Assets As of June 30, 2025, total prepayments and other current assets were RMB 561.4 million, primarily including prepaid income tax and value-added tax, amounts due from third-party online payment platforms, and receivables from share-based award exercises Prepayments and Other Current Assets (As of June 30) | Item | Dec 31, 2024 (RMB thousands) | Jun 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Prepaid Income Tax and Value-Added Tax | 60,675 | 154,709 | | Amounts Due from Third-Party Online Payment Platforms | 49,814 | 151,009 | | Receivables from Share-based Award Exercises | 56,062 | 106,042 | | Deposits | 73,218 | 58,112 | | Prepaid Advertising and Service Fees | 44,799 | 22,919 | | Employee Loans and Advances | 14,429 | 13,864 | | Interest Receivable | 37,264 | 1,518 | | Other | 31,999 | 53,246 | | Total | 368,260 | 561,419 | Notes to Accounts Payable As of June 30, 2025, total accounts payable was RMB 97.5 million, primarily comprising payable for server hosting fees and advertising fees, with accounts payable within 3 months accounting for the largest proportion Composition of Accounts Payable (As of June 30) | Item | Dec 31, 2024 (RMB thousands) | Jun 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Payable for Server Hosting Fees | 39,391 | 39,705 | | Payable for Advertising Fees | 16,458 | 24,648 | | Payable for Property, Equipment and Software Purchases | 33,945 | 19,759 | | Other | 20,874 | 13,359 | | Total | 110,668 | 97,471 | Aging Analysis of Accounts Payable (As of June 30) | Aging | Dec 31, 2024 (RMB thousands) | Jun 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Within 3 months | 91,950 | 80,486 | | 3 to 6 months | 2,827 | 5,294 | | 6 months to 1 year | 8,467 | 4,273 | | Over 1 year | 7,424 | 7,418 | | Total | 110,668 | 97,471 | Notes to Other Payables and Accrued Liabilities As of June 30, 2025, total other payables and accrued liabilities were RMB 708.8 million, primarily including payable for salaries, welfare and bonuses, taxes payable, and customer advances Other Payables and Accrued Liabilities (As of June 30) | Item | Dec 31, 2024 (RMB thousands) | Jun 30, 2025 (RMB thousands) | | :--- | :--- | :--- | | Payable for Salaries, Welfare and Bonuses | 429,566 | 393,840 | | Taxes Payable | 115,192 | 143,140 | | Customer Advances | 90,161 | 99,499 | | Deposits | 51,402 | 44,007 | | Payable for Share Repurchases | 93,475 | – | | Other | 35,971 | 28,271 | | Total | 815,767 | 708,757 | Notes to Dividends For the six months ended June 30, 2024 and 2025, the Company did not declare any interim dividends - For the six months ended June 30, 2024 and 2025, the Company did not declare any interim dividends[72] Notes to Subsequent Events After the reporting period, the Company completed a share offering in July 2025 with net proceeds of approximately HKD 2.2 billion; the Board approved an annual dividend policy and declared a dividend of approximately USD 80 million in August 2025, while also extending the share repurchase program to August 28, 2026, authorizing the repurchase of up to USD 250 million in shares - After the reporting period, the Company completed a share offering in July 2025 with net proceeds of approximately HKD 2.2 billion[73] - On August 20, 2025, the Board approved an annual dividend policy and declared an annual cash dividend totaling approximately USD 80 million[73] - On August 20, 2025, the Board approved extending the share repurchase program by 12 months to August 28, 2026, authorizing the repurchase of up to USD 250 million in shares[73]