Core Insights - The company has exceeded revenue expectations, driven by a significant recovery in demand, achieving growth targets despite restrained marketing investments [1][2] - The adjusted net profit forecasts for 2025, 2026, and 2027 have been raised to 3.71 billion, 4.20 billion, and 4.85 billion RMB respectively, reflecting a positive outlook [1] Revenue Performance - For Q3 2025, the company reported operating revenue of 2.163 billion RMB, representing a year-on-year increase of 13.17% [1] - The GAAP net profit reached 806 million RMB, up 72.22% year-on-year, while the adjusted net profit was 991 million RMB, reflecting a 34.23% increase [1] Demand Recovery Indicators - The number of new job postings increased by 25% year-on-year in Q3, indicating a clear improvement in recruitment demand [2] - The average daily active users on the recruiter side saw a significant increase, surpassing the job seeker side for the first time in three years [2] - The number of paid enterprise clients grew by 13.3% year-on-year, reaching 6.8 million by September 30, 2025 [2] Marketing and User Growth - The company reduced R&D expenses by 5.42 percentage points and sales expenses by 9.13 percentage points year-on-year, demonstrating effective cost control [2] - Despite restrained marketing efforts, the company added over 40 million new users from January to October 2025, indicating strong brand loyalty and platform stickiness [2] - The financial results reflect profit growth driven by recovering demand, with future contributions expected from AI enhancements in matching efficiency and new product offerings [2]
BOSS直聘-W(2076.HK)2025Q3业绩点评：需求回暖 带动业绩加速增长