Core Viewpoint - The report maintains a buy rating for BOSS Zhipin-W (02076), highlighting a slowdown in revenue growth due to macroeconomic fluctuations and mean reversion, but effective cost control has led to continued profit margin improvement [1] Group 1: Financial Performance - In Q2 2025, the company reported revenue of 2.102 billion RMB, a year-on-year increase of 9.7%, and a GAAP net profit of 711 million RMB, up 70.4% [2] - Adjusted net profit for Q2 2025 was 941 million RMB, reflecting a 30.9% increase [2] - The company announced a dividend of 80 million USD and a share repurchase plan of 250 million USD [2] Group 2: Profitability and Cost Management - The company experienced a significant improvement in cost efficiency, with sales expense ratio down by 8.47 percentage points and R&D expense ratio down by 3.36 percentage points [3] - The reduction in stock-based compensation (SBC) contributed to a lower SBC expense ratio of 10.93%, down by 4.80 percentage points [3] - BOSS Zhipin has consistently demonstrated strong performance in profit margins due to low customer acquisition costs and high efficiency in marketing investments [3] Group 3: Future Outlook - Revenue for Q3 2025 is expected to be between 2.13 billion and 2.16 billion RMB, representing a year-on-year increase of 11.4% to 13% [4] - The company has a clear and rational plan for the commercialization of AI in the human resources service sector, with product testing expected to contribute to revenue in the near future [4] - The company is positioned to benefit from improving recruitment demand and cash collection trends, with AI developments anticipated to act as a significant catalyst for revenue growth [4]
国泰海通:维持BOSS直聘-W增持评级 目标价109.66港元