香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部份內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 KANZHUN LIMITED 看準科技有限公司 （於開曼群島註冊成立以同股不同權控制的有限責任公司） （股份代號：2076） （納斯達克股份代碼：BZ） 內幕消息 截至2025年6月30日止第二季度的未經審計財務業績 本公告乃根據《香港聯合交易所有限公司證券上市規則》第13.09條及《證券及期 貨條例》（香港法例第571章）第XIVA部刊發。 看準科技有限公司（「本公司」）欣然公佈根據美國證券交易委員會（「美國證監會」） 的適用規則刊發的本公司、其附屬公司及合併聯屬實體截至2025年6月30日止三 個月的未經審計合併業績（「2025年第二季度財務業績」）。 創始人、董事長兼首席執行官 趙鵬先生 香港，2025年8月20日 於本公告日期，本公司董事會包括執行董事趙鵬先生、陳旭先生、張宇先生、張 濤先生及王燮華女士，非執行董事余海洋先生，以及獨立非執行董事孫永剛先 生、李延先生及劉虹瑜女士。 2025年第二 ...

Core Viewpoint - The A-share market has surpassed 3700 points, reaching a new high since October 2020, indicating the onset of a "slow bull market" where investors focus more on long-term value rather than short-term growth strategies [1] Company Developments - BOSS Zhipin's stock price has been steadily rising, with its Hong Kong stock reaching a one-and-a-half-year high of 88 HKD. The company's founder, Zhao Peng, emphasized the importance of early action in accumulating a dual-sided network effect between recruiters and job seekers, enhancing platform efficiency and creating a deeper competitive moat [1] - BOSS Zhipin launched a public offering of 30 million Class A ordinary shares, representing 3.2% of the total share capital post-issuance [3] - The recent share issuance is notable for including 10% (3 million shares) allocated to individual investors, contrasting with typical institutional placements. The international offering was oversubscribed by more than three times, attracting many high-quality long-term investors [5] Financial Performance - For Q1 2025, BOSS Zhipin reported revenues of 1.923 billion CNY and a net profit of 512 million CNY. The number of paid enterprise clients reached 6.4 million [5] - Contrary to common perceptions, nearly 99% of BOSS Zhipin's revenue comes from enterprise recruitment fees, with only 1% derived from job seeker payments [5] Strategic Focus - The company is concentrating on two key markets: the blue-collar sector and AI technology. Zhao Peng stated that focusing on a few correct initiatives can enhance operational certainty amid increasing uncertainties [5] - The blue-collar market has become a significant growth driver, contributing 39% of the company's revenue in Q1 2025, with over 45% of new users from this demographic [6] - BOSS Zhipin has initiated the "Sea Conch Preferred" program to ensure job authenticity for blue-collar positions, leading to steady growth in key metrics [6] Technological Advancements - BOSS Zhipin is investing in AI technology, utilizing models like DeepSeek-R1 and its proprietary "Nanbei Pavilion" model to enhance business applications and user engagement [9] - The AI tools improve matching accuracy for employers and provide personalized services for job seekers, with a reported 25% efficiency increase for recruiters using the AI Agent service [9] - AI integration has also improved safety and risk identification processes, increasing review efficiency by 30% [9] - The average monthly active users (MAU) reached 57.6 million in Q1 2025, with over 15 million new users added from January to April 2025 [9]

Report Industry Investment Rating No information provided in the content. Core Viewpoints of the Report Through macro - fundamental analysis and technical analysis using tools like the golden ratio line, horizontal line, and moving average, the report predicts the likely trends of various futures contracts on August 15, 2025. It also analyzes the performance of these contracts on August 14, 2025, and provides long - term (August 2025) trend expectations for some contracts [2]. Summary by Relevant Catalogs 1. Futures Market Forecast on August 15, 2025 - **Stock Index Futures**: Expected to fluctuate and consolidate. For example, IF2509 has resistance levels at 4176 and 4213 points and support levels at 4150 and 4138 points [2][21]. - **Treasury Bond Futures**: The ten - year T2509 and thirty - year TL2509 are likely to fluctuate weakly. T2509 has support at 108.21 and 108.13 yuan and resistance at 108.40 and 108.47 yuan; TL2509 has support at 117.6 and 117.3 yuan and resistance at 118.1 and 118.5 yuan [2][39]. - **Precious Metal Futures**: Gold (AU2510) and silver (AG2510) are likely to fluctuate weakly. Gold has support at 771.4 and 768.6 yuan/g and resistance at 778.7 and 781.8 yuan/g; silver has support at 9166 and 9130 yuan/kg and resistance at 9281 and 9346 yuan/kg [2][3]. - **Base Metal Futures**: Copper (CU2509) is expected to fluctuate and consolidate; aluminum (AL2509) is likely to fluctuate strongly; alumina (AO2601) is likely to fluctuate weakly; industrial silicon (SI2511) is expected to have wide - range fluctuations; polycrystalline silicon (PS2511) is likely to have weakly wide - range fluctuations; and lithium carbonate (LC2511) is expected to have wide - range fluctuations [3]. - **Ferrous Metal Futures**: Iron ore (I2601) is likely to fluctuate strongly; coking coal (JM2601) is likely to have strongly wide - range fluctuations; rebar (RB2510) and hot - rolled coil (HC2510) are expected to have wide - range fluctuations; glass (FG601) and soda ash (SA601) are expected to have wide - range fluctuations, with soda ash potentially accumulating strength to attack resistance levels [3][4][6]. - **Energy Futures**: Crude oil (SC2509), PTA (TA601), PVC (V2601), and methanol (MA601) are likely to fluctuate strongly [6]. - **Agricultural Futures**: Rapeseed meal (RM601), rapeseed oil (OI601), soybean meal (M2601), and soybean oil (Y2601) are likely to fluctuate weakly; palm oil (P2601) and natural rubber (RU2601) are expected to have wide - range fluctuations [6][7]. 2. Macro - news and Trading Tips - The central bank will conduct 500 billion yuan of outright reverse repurchase operations on August 15, 2025, with a 6 - month term. The cumulative outright reverse repurchase operations this month have exceeded the maturing amount by 30 billion yuan, effectively injecting medium - term liquidity. The market expects the central bank to increase the volume of MLF roll - overs after the 300 billion yuan MLF matures this month [8]. - The State Council has decided to modify the regulations on the entry and exit of foreigners, adding a new K - type visa to the general visa category for foreign young scientific and technological talents [8]. - China's total computing power ranks second globally. This year, more than 10 systems such as data property rights will be introduced, and a number of data industry cluster area construction pilots will be planned. By the end of the year, the number of data circulation node cities will be expanded to about 50 [8]. - The National Development and Reform Commission is working on the "15th Five - Year Plan" for marine economic development and special plans for related fields, aiming to break through a number of key core technologies and develop emerging marine industries [8]. - The market's expectation of a Fed rate cut in September has been frustrated. The US PPI in July soared to 3.3% year - on - year, and San Francisco Fed President Daly and Chicago Fed President Goolsbee oppose a large - scale rate cut [9]. - US President Trump has signed an executive order to relax commercial space regulations [9]. - US Treasury Secretary Yellen has clarified that she is not pressuring the Fed to cut rates [9]. - The number of initial jobless claims in the US last week decreased by 3,000 to 224,000, and the number of continuing jobless claims decreased to 1.953 million [10]. - The UK's GDP in the second quarter increased by 0.3% quarter - on - quarter [10]. 3. International Commodity Futures Performance on August 14, 2025 - **Precious Metals**: COMEX gold futures fell 0.76% to $3382.30/oz, and COMEX silver futures fell 1.47% to $38.04/oz [12]. - **Crude Oil**: New York Mercantile Exchange's light crude oil futures for September delivery rose $1.31 to $63.96/barrel, and Brent crude oil futures for October delivery rose $1.21 to $66.84/barrel [12]. - **Base Metals**: LME copper fell $37 to $9766/ton; LME aluminum rose $4 to $2620/ton; LME zinc rose $20 to $2848/ton; LME lead rose $2 to $1990/ton; LME nickel fell $233 to $15031/ton; LME tin fell $266 to $33464/ton; LME cobalt remained flat at $33335/ton [13]. - **Agricultural Products**: ICE raw sugar futures fell 1.60%, ICE white sugar futures rose 0.55%, ICE cotton futures fell 0.21%, the Bloomberg grain classification index fell 0.77%, CBOT corn futures rose 0.31%, CBOT wheat futures fell 0.57%, CBOT soybean futures fell 1.27%, soybean meal futures fell 0.57%, and soybean oil futures fell 2.49% [13]. - **Foreign Exchange**: The on - shore RMB against the US dollar closed at 7.1730 at 16:30, up 25 points from the previous trading day, and closed at 7.1795 at night. The central parity rate of the RMB against the US dollar was set at 7.1337, up 13 points. The US dollar index rose 0.42% to 98.21, and most non - US currencies fell [14]. 4. Futures Market Analysis on August 14, 2025 - **Stock Index Futures**: The three major A - share indexes declined collectively. The Shanghai Composite Index fell 0.46% to 3666.44 points, the Shenzhen Component Index fell 0.87% to 11451.43 points, and the ChiNext Index fell 1.08% to 2469.66 points. The trading volume of the two markets exceeded 2 trillion yuan for two consecutive days [17]. - **Treasury Bond Futures**: The domestic bond market continued to be weak. The yields of major inter - bank interest - rate bonds generally rose, and treasury bond futures closed down across the board [38]. - **Precious Metal Futures**: Gold futures rose slightly, and silver futures had a mixed performance [41][49]. - **Base Metal Futures**: Copper, aluminum, and alumina futures declined; industrial silicon futures had a slight increase; polycrystalline silicon futures declined; and lithium carbonate futures had a slight increase [54][59][69]. - **Ferrous Metal Futures**: Iron ore, coking coal, rebar, and hot - rolled coil futures declined; glass and soda ash futures had mixed performances [78][82][89]. - **Energy Futures**: Crude oil, PTA, PVC, and methanol futures declined [104][110][113][116]. - **Agricultural Futures**: Rapeseed meal, rapeseed oil, soybean meal, soybean oil, palm oil, and natural rubber futures declined [118][119][121][124][126][129].

Group 1: Investment Trends in Chinese Stocks - Prominent private equity firms such as Hillhouse, Gao Yi, and Jinglin have heavily invested in Chinese concept stocks, indicating confidence in the long-term development of the Chinese economy and the investment value of these stocks [1][2][6] - Hillhouse's HHLR Advisors reported a market value of $3.105 billion in U.S. stocks as of Q2 2025, with over 90% allocated to Chinese concept stocks, highlighting a strong preference for quality Chinese assets [2] - In HHLR's top ten holdings, eight are Chinese concept stocks, with Pinduoduo being the largest, having increased by 18% this year, and Futu Holdings doubling with a 118% increase [2] Group 2: Jinglin Asset Management's Adjustments - Jinglin Asset Management disclosed a U.S. stock holding of $2.873 billion as of Q2 2025, with significant adjustments in its top ten holdings, including both Chinese and foreign internet giants [3][6] - Jinglin has notably increased its position in NVIDIA, purchasing 630,000 shares during Q2, as NVIDIA's stock rebounded significantly after a decline earlier in the year [4][5] Group 3: Gao Yi Asset Management's Strategy - Gao Yi Asset Management reported a significant reduction in its U.S. stock holdings, with a market value of $397 million as of Q2, indicating a strategic shift away from several stocks [7][9] - The largest holding for Gao Yi is Huazhu, valued at $168 million, which constitutes 42.19% of its portfolio, while Pinduoduo is the second largest at $137 million, making up 34.57% [8][9]

Domestic Market Overview - The domestic market experienced a pullback after reaching a high, with the Shanghai Composite Index closing at 3666.44 points, down 0.46%, and the Shenzhen Component Index at 11451.43 points, down 0.87% [1][4][8] - Among 30 sectors, 29 saw declines, with the defense, telecommunications, and comprehensive sectors leading the losses, while only the non-bank financial sector recorded a slight increase [1][4][8] - The total trading volume of the A-share market reached 23063 billion, continuing to rise compared to the previous day [1][4][8] Overseas Market Overview - The three major U.S. stock indices closed mixed, with the Dow Jones down 0.02%, the S&P 500 up 0.03%, and the Nasdaq down 0.01% [2][4] - Amazon saw a significant increase of over 2%, while 3M and Home Depot led the Dow's decline, falling more than 2% and 1% respectively [2][4] News Highlights - The State Council decided to amend the regulations on the entry and exit of foreigners, introducing a new K visa for foreign youth in technology, allowing them to engage in educational, technological, and cultural exchanges as well as business activities [3][9][11] - The first domestically produced commercial electron beam lithography machine has entered application testing, marking a significant advancement in quantum chip research [15] - A self-regulatory convention for air passenger transport was published, aiming to enhance service quality and operational efficiency in the aviation industry [12][14]

Monetary Policy and Economic Indicators - The People's Bank of China announced a 500 billion yuan reverse repurchase operation on August 15, with a six-month term, following a 700 billion yuan operation on August 8, indicating a total liquidity injection of 3 trillion yuan this month [1] - The U.S. July PPI surged to 3.3% year-on-year, exceeding expectations and raising concerns about inflation, which may impact the Federal Reserve's interest rate decisions [1][12] - The U.S. initial jobless claims decreased by 3,000 to 224,000, remaining at a low level since November 2021, indicating a resilient labor market [12] Stock Market Performance - A-shares experienced a pullback, with the Shanghai Composite Index closing down 0.46% at 3666.44 points, while the Shenzhen Component and ChiNext Index fell by 0.87% and 1.08%, respectively [2] - The Hong Kong Hang Seng Index declined by 0.37% to 25,519.32 points, with a net inflow of southbound funds amounting to 1.034 billion HKD [2] Corporate Earnings and Developments - JD Group reported a second-quarter revenue of 356.7 billion yuan, a year-on-year increase of 22.4%, marking the highest revenue growth in nearly three years [4] - NetEase's second-quarter revenue reached 27.9 billion yuan, growing 9.4% year-on-year, but fell short of market expectations [4] - Foxconn's second-quarter revenue increased by 16% to 1.79 trillion New Taiwan dollars, with a net profit growth of 27% [4] IPO and Market Trends - The trend of A+H share listings is accelerating, with speculation about a potential minimum market capitalization requirement for IPOs in Hong Kong [3] - The number of investors participating in margin trading reached a new high of 523,400 on August 13, surpassing the previous record set in February [3] Regulatory and Policy Changes - The State Council of China has amended regulations to introduce a new K visa for foreign youth in technology, allowing them to engage in educational and entrepreneurial activities [1] - The National Development and Reform Commission is working on the "14th Five-Year" marine economy development plan, focusing on emerging industries like offshore wind power and marine biomedicine [2]

Market Performance - On August 14, the three major U.S. stock indices showed mixed results, with the Dow Jones Industrial Average down 0.02%, the S&P 500 up 0.03% marking its third consecutive day of record highs, and the Nasdaq down 0.01% [1][3] - The S&P 500 closed at 6468.54 points, while the Dow closed at 44911.26 points and the Nasdaq at 21710.67 points [3] Economic Data - The U.S. Producer Price Index (PPI) for July rose by 0.9% month-over-month, significantly exceeding the Dow Jones forecast of 0.2%, marking the largest monthly increase since June 2022 [8] - Year-over-year, the PPI increased by 3.3%, the highest since February of this year, notably above the Federal Reserve's 2% inflation target [8] - Following the PPI report, market expectations for a Federal Reserve rate cut in September were slightly reduced [8] Sector Performance - Major technology stocks mostly rose, with the Wind U.S. Technology Seven Giants Index increasing by 0.42% [5] - Individual stock performances included Amazon up over 2.8%, Google up 0.39%, Microsoft up 0.36%, and Meta up 0.26%, while Apple fell 0.24% and Tesla dropped over 1% [5][6] Commodity Market - In the commodities market, international precious metals futures generally declined, with COMEX gold futures down 0.76% to $3382.30 per ounce and COMEX silver futures down 1.47% to $38.04 per ounce [7] - The oil market saw an increase, with NYMEX light crude oil futures for September rising by $1.31 to $63.96 per barrel, a 2.09% increase, and October Brent crude oil futures up $1.21 to $66.84 per barrel, a 1.84% increase [7]

Group 1 - The Producer Price Index (PPI) for July rose by 0.9%, marking the largest monthly increase since June 2022, significantly exceeding the economists' expectation of a 0.2% rise [3] - The core PPI, excluding food and energy, also increased by 0.9%, far above the anticipated 0.3% [3] - Year-over-year, the PPI increased by 3.3%, the largest 12-month increase since February, surpassing the Federal Reserve's 2% inflation target [3] Group 2 - Following the PPI announcement, U.S. stock index futures experienced a sharp decline, with the Dow futures down 0.4%, Nasdaq futures down 0.27%, and S&P 500 futures down 0.25% [4] - Semiconductor stocks were particularly affected, with the Philadelphia Semiconductor Index dropping over 1%, and notable declines in companies like Coherent, which fell over 20% [4] - The Nasdaq Golden Dragon China Index fell by 1.9%, with significant drops in Chinese companies such as Xpeng Motors and Li Auto [4] Group 3 - The cryptocurrency market faced severe losses, with Bitcoin and Ethereum both dropping over 3%, and over 210,000 traders liquidated in the past 24 hours [4] - Precious metals also declined, with spot gold down 0.4% and spot silver down 1% [4] Group 4 - Federal Reserve officials have begun to express caution regarding aggressive rate cut expectations, with San Francisco Fed President Mary Daly opposing a 50 basis point cut in September [5] - Daly supports a gradual adjustment towards a more neutral policy stance over the next year, suggesting two rate cuts this year may be reasonable [6] - Atlanta Fed President Raphael Bostic also expressed a cautious view, indicating that a rate cut in 2025 would be appropriate if the job market remains stable [6]

Group 1 - The expectation for a Federal Reserve interest rate cut has cooled due to unexpectedly high PPI data, which raised inflation concerns and altered market sentiment regarding potential rate cuts in September [1][4][6] - The July PPI increased by 0.9% month-over-month, significantly exceeding the market expectation of 0.2%, marking the largest increase since June 2022 [2][4] - Core PPI, excluding food and energy, also rose by 0.9% month-over-month and 3.7% year-over-year, both surpassing expectations, indicating persistent inflationary pressures [4][8] Group 2 - Major U.S. stock indices experienced volatility, with semiconductor stocks declining sharply, particularly the Philadelphia Semiconductor Index, which fell over 1% [2][3] - Chinese concept stocks also faced significant declines, with the Nasdaq Golden Dragon China Index dropping by 1.9% [2] - Labor market data showed initial jobless claims at 224,000, slightly below expectations, suggesting stability in the labor market [5] Group 3 - Federal Reserve officials, including San Francisco Fed President Mary Daly, expressed opposition to a substantial 50 basis point rate cut in September, indicating a preference for a gradual approach to policy adjustments [7][8] - Daly suggested that two rate cuts this year could be reasonable if labor market conditions weaken, but emphasized the need to monitor inflation closely [8][9] - Atlanta Fed President Bostic indicated that a single rate cut in 2025 might be appropriate, contingent on the labor market remaining stable [8]

Market Overview - US stock market opened lower on August 14, with the Dow Jones down 0.4%, Nasdaq down 0.27%, and S&P 500 down 0.25% [1] - Semiconductor stocks fell sharply, with the Philadelphia Semiconductor Index dropping over 1%, and notable declines in companies like Coherent (down over 20%) and others like NXP, AMD, and TSMC ADR [3] - Chinese concept stocks also experienced significant declines, with the Nasdaq Golden Dragon China Index down 1.9% [3] Cryptocurrency Market - Bitcoin dropped over 3%, falling below $120,000, while Ethereum and Avalanche also saw declines exceeding 3% and 6% respectively [4] - Over 21,000 individuals experienced liquidation in the cryptocurrency market within 24 hours, with total liquidations amounting to $1.047 billion [6][7] Commodity Market - Gold prices fell slightly, with spot gold down 0.4% and silver down 1% [8] - The energy sector saw a rise, with NYMEX WTI crude oil increasing by 1.68% to $63.70 [8] Economic Indicators - The US Producer Price Index (PPI) rose by 0.9% month-on-month in July, marking the largest single-month increase since June 2022, significantly above the expected 0.2% [9] - Year-on-year, the PPI increased by 3.3%, the highest since February, exceeding the Federal Reserve's 2% inflation target [10] Federal Reserve Commentary - Federal Reserve officials are tempering aggressive rate cut expectations, with San Francisco Fed President Mary Daly opposing a 50 basis point cut in September [11] - Daly supports gradual policy adjustments, suggesting two rate cuts this year may be reasonable, depending on labor market conditions and inflation trends [12]