BOSS ZHIPIN(BZ) - 2025 Q2 - Quarterly Results

Highlights of Second Quarter 2025 KANZHUN LIMITED reported strong Q2 2025 results, driven by user growth, revenue and profitability increases, and enhanced shareholder returns * Maintained industry-leading user growth momentum, with a strengthening user ecosystem and decent growth in enterprise user engagement and paying customers[3] * Continued to advance the integration and application of AI across technology, products, and operations, achieving positive progress in user experience, commercial service capabilities, and platform efficiency[3] * The company is enhancing shareholder returns by approving an annual dividend policy with an initial dividend of approximately US$80 million and announcing a share repurchase plan of up to US$250 million[4] Q2 2025 Key Operational and Financial Metrics (YoY) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Paid Enterprise Customers (TTM) | 6.5 million | 5.9 million | +10.2% | | Average Monthly Active Users (MAU) | 63.6 million | 54.6 million | +16.5% | | Revenues (RMB million) | 2,102.4 | 1,916.7 | +9.7% | | Income from Operations (RMB million) | 651.2 | 358.6 | +81.6% | | Adjusted Income from Operations (RMB million) | 880.9 | 660.1 | +33.4% | | Net Income (RMB million) | 711.2 | 417.3 | +70.4% | | Adjusted Net Income (RMB million) | 940.9 | 718.7 | +30.9% | Financial Results of Second Quarter 2025 The company achieved RMB 2,102.4 million revenue, a 9.7% YoY increase, driven by paid enterprise customer growth and improved profitability Revenues Total revenues for Q2 2025 increased by 9.7% year-over-year to RMB 2,102.4 million, primarily from online recruitment services to enterprise customers Q2 2025 Revenue Breakdown (YoY) | Revenue Source | Q2 2025 (RMB M) | Q2 2024 (RMB M) | YoY Growth | | :--- | :--- | :--- | :--- | | Online recruitment services | 2,077.6 | 1,892.7 | +9.8% | | Other services | 24.8 | 24.0 | +3.3% | | Total Revenues | 2,102.4 | 1,916.7 | +9.7% | Operating Cost and Expenses Total operating costs and expenses in Q2 2025 decreased by 7.2% year-over-year to RMB 1,454.4 million, mainly due to reduced sales and marketing expenses Q2 2025 Operating Expenses Breakdown (YoY) | Expense Category | Q2 2025 (RMB M) | Q2 2024 (RMB M) | YoY Change | | :--- | :--- | :--- | :--- | | Cost of revenues | 307.5 | 316.5 | -2.8% | | Sales and marketing | 419.9 | 545.2 | -23.0% | | Research and development | 416.0 | 443.7 | -6.2% | | General and administrative | 311.0 | 261.2 | +19.1% | | Total Operating Expenses | 1,454.4 | 1,566.6 | -7.2% | Income from Operations Income from operations for Q2 2025 surged by 81.6% to RMB 651.2 million, with adjusted income from operations growing 33.4% to RMB 880.9 million Q2 2025 Income from Operations (YoY) | Metric | Q2 2025 (RMB M) | Q2 2024 (RMB M) | YoY Growth | | :--- | :--- | :--- | :--- | | Income from Operations (GAAP) | 651.2 | 358.6 | +81.6% | | Adjusted Income from Operations (Non-GAAP) | 880.9 | 660.1 | +33.4% | Net Income Net income for Q2 2025 increased by 70.4% to RMB 711.2 million, while adjusted net income rose 30.9% to RMB 940.9 million Q2 2025 Net Income (YoY) | Metric | Q2 2025 (RMB M) | Q2 2024 (RMB M) | YoY Growth | | :--- | :--- | :--- | :--- | | Net Income (GAAP) | 711.2 | 417.3 | +70.4% | | Adjusted Net Income (Non-GAAP) | 940.9 | 718.7 | +30.9% | Earnings per ADS Diluted net income per ADS increased to RMB 1.58 in Q2 2025 from RMB 0.91 in Q2 2024, reflecting strong earnings growth Q2 2025 Net Income per ADS (YoY) | Metric | Q2 2025 (RMB) | Q2 2024 (RMB) | | :--- | :--- | :--- | | Basic Net Income per ADS | 1.62 | 0.95 | | Diluted Net Income per ADS | 1.58 | 0.91 | | Adjusted Basic Net Income per ADS | 2.14 | 1.63 | | Adjusted Diluted Net Income per ADS | 2.09 | 1.57 | Cash Flow and Cash Position The company generated strong net cash from operating activities of RMB 1,051.9 million in Q2 2025 and maintained a robust cash position of RMB 16,021.8 million * Net cash provided by operating activities was RMB 1,051.9 million for Q2 2025, an increase of 21.1% from RMB 868.6 million for Q2 2024[15] * As of June 30, 2025, the balance of cash and cash equivalents, short-term time deposits, and short-term investments was RMB 16,021.8 million (US$2,236.6 million)[16] Recent Developments The company has undertaken key capital management initiatives, including a share offer, a new annual dividend policy, and an expanded share repurchase program Share Offer In July 2025, the company completed a share offer of 34.5 million Class A ordinary shares, raising net proceeds of approximately HK$2.2 billion * Completed a share offer of 34,500,000 Class A ordinary shares in July 2025, raising net proceeds of approximately HK$2.2 billion[17] Dividend Policy On August 20, 2025, the Board approved a new annual dividend policy and declared an initial cash dividend of US$0.168 per ADS, totaling approximately US$80 million * The Board of Directors approved an annual dividend policy on August 20, 2025, to distribute a dividend each year at the Board's discretion[18] 2025 Annual Dividend Details | Detail | Value | | :--- | :--- | | Dividend per ADS | US$0.168 | | Total Dividend Amount | Approx. US$80 million | | Record Date (ADS) | October 8, 2025 (New York Time) | | Payment Date (ADS) | On or around October 23, 2025 | Share Repurchase Program The Board approved extending the share repurchase program through August 28, 2026, authorizing repurchases of up to US$250 million * The Board approved extending the share repurchase program for 12 months through August 28, 2026, authorizing repurchases of up to US$250 million[20] Business Outlook KANZHUN LIMITED projects Q3 2025 total revenues to be between RMB 2.13 billion and RMB 2.16 billion, representing 11.4% to 13.0% year-over-year growth Q3 2025 Revenue Guidance | Metric | Guidance Range | YoY Growth | | :--- | :--- | :--- | | Total Revenues | RMB 2.13B - RMB 2.16B | 11.4% - 13.0% | Financial Statements This section presents detailed unaudited financial data for Q2 2025, including statements of operations, balance sheets, cash flows, and GAAP to Non-GAAP reconciliations Unaudited Condensed Consolidated Statements of Operations The Q2 2025 statement shows a 9.7% increase in total revenues to RMB 2,102.4 million, with income from operations growing significantly to RMB 651.2 million Q2 2025 Statement of Operations Highlights (in RMB thousands) | Line Item | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenues | 2,102,433 | 1,916,743 | | Total operating cost and expenses | (1,454,350) | (1,566,640) | | Income from operations | 651,201 | 358,609 | | Net income | 711,174 | 417,250 | | Net income attributable to ordinary shareholders | 716,398 | 421,733 | Unaudited Condensed Consolidated Balance Sheets As of June 30, 2025, the balance sheet reflects a strong financial position with total assets at RMB 21,184.0 million and total shareholders' equity at RMB 16,837.0 million Balance Sheet Highlights (in RMB thousands) | Line Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and short-term investments | 16,021,837 | 14,681,110 | | Total current assets | 16,627,877 | 15,100,383 | | Total assets | 21,183,955 | 19,310,672 | | Total current liabilities | 4,237,752 | 4,192,056 | | Total liabilities | 4,346,992 | 4,347,852 | | Total shareholders' equity | 16,836,963 | 14,962,820 | Unaudited Condensed Consolidated Statements of Cash Flows Net cash provided by operating activities was robust at RMB 1,051.9 million in Q2 2025, contributing to a net increase in cash and cash equivalents of RMB 369.1 million Q2 2025 Cash Flow Highlights (in RMB thousands) | Cash Flow Activity | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | 1,051,896 | 868,556 | | Net cash used in investing activities | (824,453) | (72,309) | | Net cash (used in)/provided by financing activities | 144,272 | (81,847) | | Net increase in cash and cash equivalents | 369,086 | 725,224 | Unaudited Reconciliation of GAAP and Non-GAAP Results This section reconciles GAAP to Non-GAAP financial measures by excluding share-based compensation, showing adjusted income from operations of RMB 880.9 million and adjusted net income of RMB 940.9 million Q2 2025 GAAP to Non-GAAP Reconciliation (in RMB thousands) | Line Item | GAAP | Share-based Compensation | Non-GAAP | | :--- | :--- | :--- | :--- | | Income from operations | 358,609 | 301,443 | 660,052 | | Net income | 417,250 | 301,443 | 718,693 | | Net income attributable to ordinary shareholders | 421,733 | 301,443 | 723,176 | Other Information This section provides supplementary information for investors, including conference call details, exchange rates, Non-GAAP measure explanations, and forward-looking statements * The company will host a conference call on August 20, 2025, at 8:00 AM U.S. Eastern Time to discuss the financial results[22] * Non-GAAP financial measures are used to supplement GAAP results by excluding non-cash share-based compensation expenses to help identify underlying business trends[25] * The press release contains forward-looking statements, which involve inherent risks and uncertainties, and the company does not undertake any obligation to update them[29]