Guoxin Securities·2025-11-23 13:33Investment Rating - The report maintains an "Outperform" rating for BOSS Zhipin (BZ.O) [3][20][6] Core Insights - The company reported a revenue growth of 13% year-on-year, with an adjusted profit margin of 46% in Q3 2025. Revenue reached 2.16 billion RMB, exceeding the upper limit of the company's guidance for Q2 2025 [1][8] - The demand for recruitment is showing healthy recovery, particularly in the white-collar and fresh graduate sectors, with a notable increase in enterprise hiring needs [2][16] - The company expects Q4 2025 total revenue to be between 2.05 billion RMB and 2.07 billion RMB, reflecting a year-on-year increase of 12.4% to 13.5% [2][16] Financial Performance - In Q3 2025, the gross profit margin was 85.8%, with sales expenses controlled well at 390 million RMB, a decrease of 25% year-on-year [1][8] - Adjusted net profit for Q3 2025 was 990 million RMB, representing a 34% increase year-on-year, with an adjusted net profit margin of 46% [1][8] - The company anticipates continued profit margin improvement in 2026 due to operational leverage [1][8] User and Market Dynamics - The platform's monthly active users (MAU) reached 63.8 million, a 10% increase year-on-year, while the number of paid enterprises grew by 13% year-on-year to 6.8 million [2][16] - The average revenue per user (ARRPU) for the past 12 months was 1,116 RMB, showing a slight decline of 1% year-on-year [2][16] - The company aims to add over 35 million new users in the upcoming year, driven by a recovery in recruitment demand [2][16] Profit Forecast - The report projects adjusted profits of 3.52 billion RMB, 4.41 billion RMB, and 5.49 billion RMB for the years 2025, 2026, and 2027, respectively [3][20][22]