Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $32.4 million, down 10% year-over-year and roughly flat compared to Q3 2025 [15] - Total bookings for the quarter were $31.2 million, down 5% year-over-year [15] - Adjusted EBITDA for Q4 was $9.4 million, with a margin of 30%, compared to $9.2 million and a margin of 26% in the prior year [20] - Net income for Q4 was $1.3 million or $0.03 per diluted share, compared to $1 million or $0.02 per diluted share in the prior year [20] Business Line Data and Key Metrics Changes - ClearanceJobs revenue was $13.9 million, up 1% year-over-year, with bookings of $14.6 million, up 3% year-over-year [16] - Dice revenue was $17.4 million, down 17% year-over-year, with bookings of $16.6 million, down 11% year-over-year [17] - ClearanceJobs had a revenue renewal rate of 90% and a retention rate of 109% [16] - Dice's revenue renewal rate was 78% and its retention rate was 94% [17] Market Data and Key Metrics Changes - The U.S. defense budget for fiscal year 2026 is projected to increase significantly, which is expected to benefit ClearanceJobs [8] - Tech staffing trends are showing improvement, with a projected decline of 2% in 2025 and anticipated growth in 2026 [11] - At the end of 2025, 55% of Dice job postings required AI-related skills, up from 28% a year earlier [12] Company Strategy and Development Direction - The company aims to leverage the strong defense spending environment to drive growth in ClearanceJobs [8][14] - The introduction of the Dice Employer Experience platform is expected to improve operating efficiency and expand the addressable market [11] - The company is focused on delivering long-term, sustainable, and profitable revenue growth, targeting an adjusted EBITDA margin of 25% for DHI [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing the record-breaking defense budget as a growth driver for ClearanceJobs [26] - The company anticipates that the commercial tech hiring environment will stabilize, leading to potential growth for Dice [26] - Management noted that while the hiring environment has been challenging, there are signs of recovery in the tech staffing market [26] Other Important Information - The company repurchased 2.9 million shares for $5.2 million in Q4 and has authorized a new $10 million stock repurchase program [23][24] - The total committed contract backlog at the end of the quarter was $99.6 million, down 5% year-over-year [23] Q&A Session Summary Question: What are the assumptions around the bookings trajectory for ClearanceJobs? - Management indicated that improved sales execution and the new defense budget are expected to drive bookings growth in 2026 [30] Question: How is the growth of AI-related job postings affecting Dice? - Management believes that demand for AI professionals is increasing, but the overall commercial activity remains subdued [34] Question: What is causing the margin compression for Dice? - Margin compression is primarily due to lower revenue, with ongoing investments in the platform expected to improve efficiency [36] Question: Can you elaborate on the new Premium subscription package for ClearanceJobs? - The Premium subscription offers features such as profile visibility to recruiters and job matching scores, with a promising initial take rate [40][41] Question: What encouraging signs are being observed in the macro environment? - Management noted the positive impact of the defense budget and improving trends in tech staffing demand as encouraging signs [49]

Market Overview - A-shares opened high but closed lower, with the Shanghai Composite Index at 4,132.61 points, down 0.09%[15] - U.S. stock indices continued to rise, with the S&P 500 nearing 6,950 points, up 0.5%[10] - European markets showed mixed results, with the Euro Stoxx 600 up 0.2%[7] Commodity and Currency Trends - Gold prices surpassed $5,000 per ounce for the first time, with a 2.1% increase on Tuesday[27] - The U.S. dollar weakened, with the dollar index down 0.6% to 97.04[27] - Oil prices fell slightly, with WTI crude at $60.63 per barrel, down 0.72%[27] Fixed Income Market - U.S. Treasury yields saw a slight decline, with the 2-year yield at 3.59%, down 0.4 basis points[31] - Strong demand was noted in the 2-year Treasury auction, with a bid-to-cover ratio of 2.75[31] - Thai government pension fund plans to reduce holdings in U.S. and Japanese bonds[31] Sector Performance - In the Hong Kong market, energy stocks surged by 4.1%, while technology stocks fell by 1.9%[12] - The healthcare sector in A-shares saw a decline of 0.2%, while energy stocks rose by 4.2%[16] - The materials sector in Latin America showed strong performance, with the S&P Mexico IPC index up 0.75%[10] Corporate News - Netflix's revenue and profit exceeded expectations, but the company faces short-term uncertainty due to acquisition plans[8] - Intel's first-quarter guidance was weak, but the company is optimistic about its data center business driven by AI demand[8]

Summary of the Conference Call for Lianpin (猎聘) Company Overview - Lianpin is focused on AI recruitment products, targeting both enterprise (B2B) and consumer (C2C) markets, with a significant presence in the high-end talent recruitment sector in China, holding 70%-80% market share in this segment [2][13]. Key Points and Arguments AI Product Development - By 2025, Lianpin aims to establish a comprehensive AI product matrix, achieving over 100 million RMB in cash receipts [2]. - The core business is AI recruitment, contributing approximately 80-90 million RMB in revenue, with AI interviews generating around 10 million RMB [2][5]. - The AI recruitment products include "Intended Candidates" priced at 200 RMB per resume, with a repeat initiation rate exceeding 60%, and "AI Account" priced at 4,000 RMB per year, enhancing HR efficiency [2][4]. Market Strategy and Growth - Lianpin plans to expand AI product revenue and enhance user experience by continuously launching new tools [4]. - The C-end strategy involves offering free AI services to attract users, charging only for the interview phase, which has effectively increased platform activity and user registrations [2][5]. - The company has a goal to increase the penetration rate of online recruitment for mid-to-high-end white-collar jobs from the current 2%-3% to at least 10% [15]. Financial Performance and Projections - In 2025, Lianpin will focus on high-margin online products, abandoning low-profit offline projects to attract new clients [3][24]. - The company plans to return at least 50% of adjusted net profit to shareholders through dividends and aims for a 10% annual stock buyback starting in 2026 [28]. - Long-term revenue target is to return to pre-pandemic levels of 2.6 billion RMB, with a focus on high-margin online products [29]. Competitive Landscape - Lianpin's platform has a significant advantage due to its extensive database of 110 million high-end talent resumes, which is unmatched by traditional recruitment firms [13][14]. - The company believes that its first-mover advantage and data barriers provide a competitive edge against potential rivals in the AI recruitment space [12]. Industry Trends and Challenges - The high-end recruitment market has seen a revenue decline of 10%-15% in 2025, but Lianpin has shown signs of recovery with improved cash receipts in the latter half of the year [25]. - The overall online recruitment market is expected to stabilize, with Lianpin positioned to benefit from the recovery of the macroeconomic environment [30]. Technology and Innovation - Continuous updates and iterations of AI technology have improved model accuracy, supported by extensive application data collected in 2025 [11]. - The company has secured national patent technology, enhancing its competitive position in the market [11]. Customer Engagement and Retention - Lianpin has achieved a 90% coverage rate of its recruitment products among existing clients, with plans to reach 100% in 2026 [8]. - The customer retention rate remains above 50%, despite a decline from previous years due to changing market conditions [36][37]. Additional Important Insights - The AI interview product is primarily used in campus recruitment and manufacturing sectors, with pricing set between 10 to 20 RMB per interview [19][18]. - The sales team is focused on promoting AI products, with a significant portion of marketing costs attributed to personnel expenses [27]. - The online recruitment market has seen stable competition, with no significant price wars or aggressive advertising strategies among major players [34]. This summary encapsulates the key insights from the conference call, highlighting Lianpin's strategic direction, market positioning, and financial outlook in the evolving landscape of AI recruitment.

Investment Rating - The investment rating for the company is "Outperform the Market" [5][21]. Core Insights - The company reported better-than-expected operating profit for Q1 2025, with a revenue of 1.923 billion RMB, reflecting a year-on-year growth of 12.9% [1][7]. - Non-GAAP operating profit reached 691 million RMB, up 76.2% year-on-year, and Non-GAAP net profit attributable to shareholders was 770 million RMB, an increase of 44.2% [1][7]. - Cash collections for Q1 2025 were 2.180 billion RMB, showing a 6.3% year-on-year increase, indicating improved willingness of companies to pay for recruitment services [1][7]. Business Segmentation - The B-end online recruitment business generated 1.901 billion RMB in revenue, also reflecting a 12.9% year-on-year growth, with the number of paying enterprise clients reaching 6.38 million, a 12.3% increase [2][8]. - The average revenue per user (ARPU) was 1,170 RMB, up 5.6% year-on-year [2][8]. - The C-end revenue was 21.9 million RMB, growing 11.2% year-on-year, driven by an expanding job seeker base, with monthly active job seekers reaching 57.6 million, a 23.6% increase [2][8]. Financial Performance - The Non-GAAP operating profit margin for Q1 2025 was 36.0%, an increase of 13.0 percentage points year-on-year, with a gross margin of 83.8% [3][15]. - The company has optimized its sales, R&D, and management expense ratios, leading to significant improvements in profitability [3][15]. - Revenue growth is expected to continue in Q2 2025, with projections of 2.05 to 2.08 billion RMB, reflecting a year-on-year increase of 6.9% to 8.5% [3][16]. Future Outlook - The company anticipates continued revenue growth driven by improved cash collection rates and the gradual commercialization of AI tools [3][16]. - The adjusted profit forecasts for 2025 to 2027 are 3.35 billion RMB, 4.31 billion RMB, and 5.27 billion RMB, respectively, with year-on-year growth rates of 24%, 29%, and 22% [3][16].