Core Viewpoint - The report from Guotai Junan maintains a buy rating for BOSS Zhipin-W (02076), highlighting a slowdown in revenue growth due to macroeconomic fluctuations and a return to average growth rates, 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, an 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 buyback plan of 250 million USD [2]. Group 2: Cost Efficiency - The company has shown significant improvement in cost efficiency, with a reduction in sales expense ratio by 8.47 percentage points and R&D expense ratio down by 3.36 percentage points [2]. - The stock-based compensation (SBC) expense ratio decreased by 4.80 percentage points to 10.93% [2]. - The company has maintained strong profit margins due to low customer acquisition costs and high efficiency in marketing investments [2]. Group 3: Future Outlook - Revenue growth is expected to improve sequentially, with Q3 2025 revenue projected between 2.13 billion and 2.16 billion RMB, representing a year-on-year increase of 11.4% to 13% [3]. - The company has a clear and rational plan for the commercialization of AI in the human resources service sector, with products in 2B, 2C, and 2M segments undergoing gray testing [3]. - The company is positioned well in the market with a solid brand presence and matching efficiency, reducing concerns about competition [3].