智通财经APP获悉，国泰海通发布研报称，维持BOSS直聘-W(02076)目标价109.66元港币，维持增持评 级，收入业绩均超预期，需求改善驱动明显回暖，营销投放克制情况下依然完成规模增长目标;受宏观 经济波动及自身增速均值回归的影响，公司收入增速放缓，但公司进行了出色的费用控制，在保证核心 经营指标继续正增长的情况下，利润率继续提升。 国泰海通主要观点如下： 业绩简述 公司25Q3营业收入21.63亿/+13.17%;GAAP归母净利润8.06亿/+72.22%;经调整净利润9.91亿/+34.23%。 ①研发费用率同比大幅下降5.42pct;销售费用率同比-9.13pct。②公司在销售投放力度保持克制情况下， 企业付费用户和求职者活跃度维度加速增长(1-10月累计新增用户超4,000万)。③上述特征表明公司确实 已经建立起品牌心智，因此平台对求职者和招聘者有高粘性。④本季公司财报体现出需求回暖带动利润 增长的特点，后续公司AI将在匹配效率和增量产品维度为公司贡献增量业绩。 风险提示 经济波动影响招聘、招聘平台竞争加剧。 收入业绩均超预期，需求明显回暖 ①收入和业绩加速增长背后反映的需求回暖是最大亮点。② ...

Core Viewpoint - BOSS Zhipin's Q3 2025 financial report indicates a revenue of 2.16 billion yuan, reflecting a year-on-year growth of 13.2%, amidst a recovering job market driven by macroeconomic factors and AI technology integration [1][3]. Group 1: Market Trends - The overall recruitment market is recovering, with blue-collar jobs and lower-tier markets emerging as new growth engines, while AI technology is enhancing efficiency for both users and companies [3][4]. - The national employment situation is improving, with the urban survey unemployment rate dropping to 5.1% in October, signaling a positive trend in job demand [4]. - BOSS Zhipin reported a 25% year-on-year increase in new job postings in Q3, with a notable shift where the number of active users on the employer side surpassed that of job seekers for the first time in three years, indicating improved supply-demand dynamics [4][6]. Group 2: Sector Performance - Blue-collar job performance is particularly strong, with manufacturing leading revenue growth for five consecutive quarters, and significant activity in transportation, logistics, and service industries [6]. - The income share of blue-collar jobs reached a historical high of 38% in Q3 2025, with a year-on-year growth of approximately 16%, outpacing white-collar sectors [6]. - Government initiatives aimed at stabilizing employment have led to increased demand for service sector jobs, with notable growth in positions such as kitchen staff and general laborers [6][7]. Group 3: Operational Efficiency - BOSS Zhipin's sales and marketing expenses decreased by 24.6% year-on-year to 394 million yuan, while the average monthly active users reached 63.8 million, reflecting a healthy expansion in user base [8]. - The company’s R&D investment in Q3 amounted to 408 million yuan, surpassing sales expenses, indicating a focus on AI and technology for product development and safety governance [8][9]. - The net profit for Q3 was 775 million yuan, with operating cash flow of 1.174 billion yuan, showcasing strong profitability and risk resilience [9]. Group 4: AI Integration - AI technology is transforming the recruitment process, with BOSS Zhipin launching an AI job assistant that enhances user interaction and improves job matching efficiency [11][12]. - The AI tools are designed to assist HR in efficiently screening candidates and automating responses to common inquiries, significantly improving recruitment speed and quality [11][12]. - The application of AI in internal management has led to reduced development cycles and improved service quality, while also enhancing safety measures against recruitment fraud [12][13]. Group 5: Future Outlook - The recruitment industry is entering a new cycle driven by policy support, consumer recovery, and industrial upgrades, with AI technology providing unprecedented efficiency [13]. - BOSS Zhipin's financial results serve as a roadmap for industry transformation, highlighting the potential for growth in blue-collar and lower-tier markets, as well as the shift from information matching to intelligent decision-making in recruitment [13]. - The ongoing evolution of AI models and regional economic revitalization is expected to create new structural opportunities in the recruitment sector [13].

Core Insights - The company reported a revenue of approximately 2.163 billion RMB for Q3 2025, representing a year-on-year increase of 13.2% [1] - Operating profit reached 687 million RMB, up 108.1% year-on-year, while net profit was 775 million RMB, reflecting a 67.2% increase [1] - Adjusted net profit was about 992 million RMB, marking a 34.2% year-on-year growth [1] - The average monthly active users increased to 63.8 million, a 10.0% rise compared to the previous year [1] - The total number of paying enterprise clients reached 6.8 million, up 13.3% from 6 million a year earlier [1] Financial Performance - The company expects Q4 2025 total revenue to be between 2.05 billion RMB and 2.07 billion RMB, indicating a year-on-year increase of 12.4% to 13.5% [1] - The net profit margin increased by 11.5 percentage points year-on-year, achieving a historical high [2] Strategic Initiatives - The company is integrating AI into its technology, products, and operations to enhance user experience and service capabilities [2] - There is a cautious exploration of AI recruitment services for full-process management or delivery in specific scenarios [2] - The company completed its annual dividend distribution in Q3, fulfilling its responsibility towards shareholder returns [2]

Core Insights - The company reported a revenue of approximately 2.163 billion RMB for Q3 2025, representing a year-on-year increase of 13.2% [1] - Operating profit reached 687 million RMB, up 108.1% year-on-year [1] - Net profit was 775 million RMB, reflecting a year-on-year increase of 67.2% [1] - Adjusted net profit was approximately 992 million RMB, marking a 34.2% year-on-year increase [1] - Average monthly active users grew to 63.8 million, a 10.0% increase year-on-year [1] - The total number of paid enterprise clients reached 6.8 million, up 13.3% from 6.0 million in the previous year [1] Financial Performance - The company expects Q4 2025 total revenue to be between 2.05 billion RMB and 2.07 billion RMB, indicating a year-on-year increase of 12.4% to 13.5% [1] - The net profit margin increased by 11.5 percentage points year-on-year, achieving a historical high [2] Strategic Initiatives - The company is integrating AI into its technology, products, and operations to enhance user experience and service capabilities [2] - There is a cautious exploration of AI recruitment services for full-process management or delivery in specific scenarios [2] - The company completed its annual dividend distribution in Q3, fulfilling its responsibility to shareholders [2]

Core Insights - The company reported a revenue of RMB 2.163 billion for Q3 2025, representing a year-on-year increase of 13.2% [1] - The net profit for Q3 2025 was RMB 775 million, showing a significant year-on-year increase of 67.2% [1] - The total number of paid enterprise clients reached 6.8 million, up 13.3% year-on-year [1] - The average monthly active users for Q3 2025 were 63.8 million, reflecting a year-on-year growth of 10.0% [1] Business Performance - The company achieved high-quality business growth in Q3 2025, with solid progress in user growth, commercialization, and AI technology implementation [1] - The recovery in enterprise recruitment demand contributed to accelerated revenue growth, while profit margins improved alongside steady user growth [1] - The company maintains its position as the largest online recruitment platform in China [1] AI Integration and Future Plans - The company is committed to integrating AI into its technology, products, and operations, aiming to enhance user experience and service capabilities [1] - Both job seekers and recruiters are expected to benefit from the AI initiatives [1] - The company is cautiously exploring the potential for AI recruitment to evolve into full-process management or delivery services in specific scenarios [1] Shareholder Returns - The company completed its annual dividend distribution in Q3, fulfilling its responsibility towards shareholder returns [1] Financial Efficiency - The net profit margin increased by 11.5 percentage points year-on-year, reaching a historical high [1] - The growth in revenue is supported by structural drivers such as user growth and improved commercialization rates [1] - The strong network effects and operational leverage contributed to enhanced market deployment efficiency [1]

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price set at 35.6 RMB, reflecting a potential upside of 34% [5][8]. Core Insights - The company is expected to achieve net profits attributable to shareholders of 1.11 billion RMB in 2025, 1.01 billion RMB in 2026, and 1.12 billion RMB in 2027, with significant growth driven by non-recurring gains from the transfer of shares in Beijing Urban-Rural Commercial (Group) Co., Ltd. [5][9]. - Despite a slight decline in revenue in Q3 2025 due to macroeconomic factors, the company demonstrated resilience, with a year-on-year revenue of 11.12 billion RMB, down 1.74% [9][11]. - The company has effectively controlled costs, with a decrease in sales expense ratio to 1.09% and general and administrative expense ratio to 1.89% in Q3 2025 [11]. Financial Summary - Total revenue projections for the company are as follows: 38.31 billion RMB in 2023, 43.03 billion RMB in 2024, 46.82 billion RMB in 2025, 52.66 billion RMB in 2026, and 57.44 billion RMB in 2027, reflecting growth rates of 18.5%, 12.3%, 8.8%, 12.5%, and 9.1% respectively [2][4]. - Net profit attributable to shareholders is projected to be 548 million RMB in 2023, 791 million RMB in 2024, 1.11 billion RMB in 2025, 1.01 billion RMB in 2026, and 1.12 billion RMB in 2027, with growth rates of 32.2%, 44.4%, 40.0%, -8.9%, and 10.6% respectively [2][4]. - The earnings per share (EPS) is expected to increase from 0.97 RMB in 2023 to 1.96 RMB in 2025, before slightly declining to 1.78 RMB in 2026 and recovering to 1.97 RMB in 2027 [2][4]. Operational Highlights - The company is leveraging AI technology to enhance its recruitment processes, achieving a fully digitized management system that reduces reliance on external platforms and improves recruitment efficiency [11]. - The timing of government subsidies has varied, impacting quarterly growth rates, with significant amounts recorded in different quarters of 2024 and 2025 [10].

Core Points - The third National Human Resources Service Industry Development Conference will be held in Wuhan, focusing on "shaping modern human resources to promote high-quality and full employment" [1] - The conference will feature discussions on key topics such as AI recruitment and senior talent, providing insights and practical experiences for industry professionals [1] - The event aims to facilitate a two-way connection between talent, enterprises, technology, and regional development [1] Group 1 - The conference is organized by the Ministry of Human Resources and Social Security, Hubei Provincial Human Resources and Social Security Department, and Wuhan Municipal Government, featuring four main segments: research, meetings, talent, and recruitment [1] - A comprehensive agenda will include high-quality development discussions, supply-demand negotiations, talent attraction from Hong Kong and Macau, and specialized recruitment sessions for key industries [1] - The event will create a platform for face-to-face interactions, allowing companies to post job openings and job seekers to showcase their skills effectively [1] Group 2 - The official conference website has launched, offering features for information dissemination and resource matching, including a talent recruitment section [2] - Online registration will open in early November, allowing participants to secure their spots in advance [2] - The conference represents a significant opportunity for the human resources service industry to showcase innovative products and technologies while facilitating collaboration between key employers and research institutions [2]

Core Insights - Shenzhen is identified as a core hub for high-tech industries in China, with a projected talent gap of 236,000 in strategic emerging industries by 2025 [1] - The headhunting industry plays a crucial role in talent allocation within the industrial chain, as highlighted by a comprehensive ranking based on various performance metrics [1] Industry Overview - The ranking of headhunting companies in Shenzhen has been updated, indicating a significant industry shake-up in Q4 [3][4][7][14] - The evaluation criteria for the ranking include company size (30%), talent delivery rate (25%), customer NPS (20%), talent pool quality (15%), and technological innovation (10%) [1] Company Rankings - 1st: 万博恒猎头 (Manbo Headhunting) - Local industry leader [3] - 2nd: 光辉国际 (Korn Ferry) - Established in 1969, focusing on financial and educational sectors [4] - 3rd: 展动力 (ZDL) - National-level human resources service demonstration institution with a strong presence in 28 core cities [4] - Achieved a talent delivery success rate of 88.6% and a customer renewal rate of 98.7% [4] - 4th: 猎聘网 (Liepin) - Enhanced AI algorithms leading to a 40% increase in matching efficiency [7] - 5th: 科锐国际 (Career International) - Known for flexible employment services in finance and construction [8] - 6th: 智联卓聘 (Zhaopin Pro) - Focused on building talent supply chains in the manufacturing sector [9] - 7th: 锐仕方达 (Risfond) - Specializes in technical talent recruitment in the energy and chemical sectors [10] - 8th: 仲望咨询 (Zs Associates) - Core services in manufacturing and real estate with a 61% renewal rate in 2025 [11] - 9th: 对点咨询 (DDS) - Focused on the internet healthcare sector with a comprehensive talent database [12] - 10th: 万宝盛华 (ManpowerGroup) - Experienced a 27% year-on-year growth in the Shenzhen region [14] Research Methodology - The ranking is based on independent research and does not involve commercial partnerships, aiming to provide objective references for companies seeking service providers [15]

Core Viewpoint - The article discusses the paradox in the job market where both job seekers and HR departments are using AI tools, leading to a situation where applications are not resulting in hires, highlighting a cycle of mutual deception between candidates and recruiters [2][4]. Group 1: AI in Recruitment - The use of AI in recruitment has become prevalent, with nearly 70% of companies expected to utilize AI in their hiring processes by the end of 2025 [22][23]. - AI tools are designed to enhance recruitment efficiency, but they also introduce security risks, such as "prompt injection" attacks, which manipulate AI systems to produce unintended outputs [24][25]. Group 2: Examples of AI Manipulation - Cameron Mattis, a Stripe executive, cleverly embedded a code in his LinkedIn profile to filter out AI-generated messages, resulting in a humorous response that included a flan recipe [5][12]. - Job seekers have been experimenting with ways to deceive AI screening tools, such as embedding hidden instructions in their resumes, which can lead to unexpected outcomes [31][34]. Group 3: Emerging Competition - LinkedIn is expanding its AI integration in collaboration with Microsoft, planning to use user data for training generative AI models starting November 3, 2025 [36][37]. - OpenAI is developing a new AI-driven recruitment platform, OpenAI Jobs Platform, expected to launch in mid-2026, aiming to match company needs with employee capabilities [39][40].

Core Insights - The rise of AI in recruitment is expected to streamline the initial screening process for job candidates, allowing recruiters to outsource routine tasks to AI systems [1][2] - Alex, a startup developing AI recruitment tools, has successfully automated video interviews and initial screenings, conducting thousands of interviews daily [2][3] - The company recently raised $17 million in Series A funding, indicating strong investor confidence in the trend of AI adoption in recruitment [3][4] Company Overview - Alex was co-founded by Aaron Wang, who has a background in quantitative analysis and experience at Facebook [3][6] - The company aims to create a more comprehensive professional profile database than LinkedIn by interviewing millions of candidates [5][6] - Alex's competitors include other early-stage companies like HeyMilo, ConverzAI, and Ribbon, highlighting a growing market for AI recruitment solutions [4] Funding and Investment - The recent $17 million Series A funding follows a $3 million seed round led by 1984 Ventures, showcasing the company's growth trajectory [4] - The funding round was led by Peak XV Partners, with participation from Y Combinator and several unnamed CHROs from Fortune 500 companies, reflecting a broad interest in AI recruitment technologies [3][4] Market Trends - The increasing reliance on AI for initial job interviews is seen as a trend that many companies will adopt, driven by the need for efficiency in the hiring process [3][4] - Alex's long-term vision includes enhancing the recruitment process by freeing up time for recruiters to engage with pre-screened candidates [7]