Boss直聘：小龙头稳坐"Boss"位，只是周期太苦了

Core Viewpoint - BOSS Zhipin's Q1 report indicates a challenging business environment, necessitating a focus on internal efficiency and maintaining a "small but beautiful" approach [1] Group 1: To C Brand Mindset - In Q1, the platform's user base increased by 4.9 million to reach 57.6 million, indicating a solid brand presence among job seekers [2][10] - The decline in sales expenses, excluding stock-based compensation, by 18% year-on-year suggests that user growth is driven by natural traffic rather than heavy marketing [2][10] - The focus on increasing active users is crucial as it attracts more B-end enterprises to the platform, differentiating BOSS Zhipin from traditional recruitment platforms [10] Group 2: To B Recruitment Environment - Total revenue for Q1 was CNY 1.92 billion, a year-on-year increase of 12.7%, slightly exceeding market expectations [18] - The revenue from B-end recruitment services was CNY 1.9 billion, also reflecting a 12.9% year-on-year growth, but the guidance for Q2 indicates a slowdown with expected growth of 7% to 8.5% [18][22] - The number of paid enterprise accounts reached 6.4 million, with an average payment amount increasing by 5.6% year-on-year, indicating stability among larger enterprises [22][26] Group 3: Cost Control and Efficiency Improvement - The gross margin remained stable at 83.8%, with core operating profit reaching CNY 432 million, significantly exceeding market expectations [3][34] - The company has continued to reduce sales expenses by 15% year-on-year, reflecting a commitment to cost control amid external pressures [37][39] - R&D expenses have also decreased year-on-year, indicating a focus on improving operational efficiency [39][41] Group 4: Financial Performance Metrics - The core operating profit margin improved to 22.5%, up from 5.3% year-on-year, showcasing enhanced operational efficiency [3][34] - Non-GAAP operating profit for Q1 was CNY 684 million, with a profit margin of 35.6%, indicating strong financial health despite revenue pressures [41] - The long-term target for Non-GAAP operating profit margin is set at 40%, suggesting potential for further profitability improvements [41]