Core Insights - KANZHUN LIMITED, operating the BOSS Zhipin platform, reported strong business growth in Q3 2025, driven by user growth, revenue acceleration, and AI technology integration [3][4]. Financial Performance - Revenues for Q3 2025 reached RMB 2,163.3 million (US$ 303.9 million), marking a 13.2% increase from RMB 1,911.6 million in Q3 2024 [4][5]. - Revenue from online recruitment services to enterprise customers was RMB 2,146.8 million (US$ 301.6 million), up 13.6% from RMB 1,889.1 million in the same quarter last year [4][5]. - The number of paid enterprise customers increased by 13.3% year-on-year to 6.8 million [5]. - Average monthly active users rose by 10.0% to 63.8 million compared to 58.0 million in Q3 2024 [5]. Profitability Metrics - Income from operations surged by 108.1% to RMB 687.1 million (US$ 96.5 million) from RMB 330.2 million in Q3 2024 [8]. - Adjusted income from operations increased by 49.3% to RMB 903.5 million (US$ 126.9 million) from RMB 605.3 million in the same quarter last year [8]. - Net income for Q3 2025 was RMB 775.4 million (US$ 108.9 million), a 67.2% increase from RMB 463.8 million in Q3 2024 [9]. - Adjusted net income rose by 34.2% to RMB 991.8 million (US$ 139.3 million) from RMB 738.9 million in the same quarter last year [9]. Cost Management - Total operating costs and expenses decreased by 7.0% to RMB 1,476.2 million (US$ 207.4 million) from RMB 1,586.9 million in Q3 2024 [7]. - Share-based compensation expenses fell by 21.3% to RMB 216.4 million (US$ 30.4 million) from RMB 275.1 million in the same quarter last year [7]. Cash Flow and Financial Position - Net cash provided by operating activities was RMB 1,173.8 million (US$ 164.9 million), a 44.5% increase from RMB 812.3 million in Q3 2024 [12]. - The balance of cash and cash equivalents, short-term time deposits, and short-term investments was RMB 19,214.4 million (US$ 2,699.0 million) as of September 30, 2025 [14]. Shareholder Returns - The company completed its annual dividend distribution in Q3 2025, fulfilling its commitment to shareholder returns [3]. - A share repurchase program was extended for an additional 12 months, allowing for repurchases of up to US$ 250 million [15]. Future Outlook - For Q4 2025, the company expects total revenues to be between RMB 2.05 billion and RMB 2.07 billion, reflecting a year-on-year increase of 12.4% to 13.5% [16].

Core Insights - The news highlights the necessity for companies to pay for job postings on platforms like BOSS Zhipin, emphasizing that the payment is for recruitment efficiency rather than just the act of posting jobs [1][2] - Companies are increasingly opting to pay for higher visibility and access to a larger pool of candidates, reflecting a common business model in the internet industry [2][3] Group 1: Recruitment Dynamics - Companies are required to pay for job postings to gain access to a larger "traffic" of potential candidates, which allows for quicker and more effective recruitment [1][2] - The competition for basic positions such as receptionists and service staff is intense, necessitating the use of paid platforms to attract suitable candidates [1] Group 2: Cost Efficiency - The payment for job postings is viewed as a rational expenditure by companies, as they are essentially trading money for time and efficiency in the recruitment process [3] - Companies that frequently hire for multiple positions may find it more cost-effective to purchase a package deal for job postings rather than paying for individual listings [2]

新京报贝壳财经讯(记者陈维城)11月7日，在智联招聘联合北京反诈中心举办的"2025就业有位来"求职 安全专场活动上，智联招聘首席技术官王昊从平台观察到求职市场的新趋势："线上化"与"视频化"求职 成为主流；"新技能岗位"涌现，而"传统职位"描述变得模糊；"人企匹配"模式更动态复杂。这些变化也 被不法分子利用，使得求职环境更显复杂。 北京市公安局刑侦总队警务技术一级主任、高级工程师赵炜强调，"刷单"堪称"诈骗之王"，求职者面对 异常收费，或对方索要银行卡号、验证码等敏感信息时，务必高度警惕；对"刷单返现""代运营"等附加 要求，应立即拒绝并举报。 北京理工大学就业指导中心副主任张炜用"焦虑探索、信息依赖、务实调整"三个词概括了当下毕业生的 求职现状。务必保持警惕，做到"多问、多查、多核实"，将求职安全意识转化为实实在在的防护行动。 王昊介绍，平台依托AI算法构建风险职位识别模型，对发布者资质、职位描述、薪资水平等进行多维 度校验，实时拦截异常信息；建立24小时审核响应机制，并将涉诈线索同步公安部门。 ...

Core Viewpoint - KANZHUN LIMITED, operating the BOSS Zhipin platform, will report its unaudited consolidated results for Q3 2025 on November 18, 2025, before the U.S. market opens [1] Group 1: Financial Reporting - The unaudited consolidated results for the third quarter ended September 30, 2025, will be announced before the U.S. market opens on November 18, 2025 [1] - A conference call to discuss the results will be held on November 18, 2025, at 8:00 PM Beijing Time [1] Group 2: Conference Call Details - Participants must pre-register for the conference call via a provided link to receive dial-in numbers and a unique personal PIN [2] - Pre-registration is available at any time, including up to and after the call start time [2] Group 3: Company Overview - KANZHUN LIMITED operates BOSS Zhipin, a leading online recruitment platform in China, facilitating efficient connections between job seekers and enterprises [4] - The platform promotes two-way communication and intelligent recommendations, enhancing the online recruiting process [4] - BOSS Zhipin benefits from a large and diverse user base, creating powerful network effects that drive recruitment efficiency and rapid expansion [4]

Group 1 - The article does not provide any relevant content regarding company or industry insights [1]

Financial Data and Key Metrics Changes - Revenue in Q3 2025 was $115 million, representing a 2% decline year-over-year but a 2% increase sequentially, exceeding the midpoint of guidance [10] - Quarterly paid employers reached 67,000, increasing 3% year-over-year and 1% sequentially, marking the first year-over-year growth since Q1 2022 [10][11] - Revenue per paid employer for Q3 2025 was $1,717, down 4% year-over-year but up 1% sequentially [11] - Net loss in Q3 2025 was $9.8 million, with adjusted EBITDA of $9.2 million, resulting in an adjusted EBITDA margin of 8% [11] - Cash, cash equivalents, and marketable securities totaled $411 million as of September 30, 2025 [11] Business Line Data and Key Metrics Changes - Performance-based revenue grew 12% quarter-over-quarter, making up 24% of total revenue in Q3 2025, up from 22% in the prior quarter [11] - Quarterly paid employers increased by 1% sequentially and 3% year-over-year, indicating strong brand value despite a subdued hiring market [7][11] - Enterprise customer adoption of automated campaign performance optimization increased by 19% quarter-over-quarter [8] Market Data and Key Metrics Changes - Job seeker visits from generative AI models increased by 140% sequentially, indicating a growing channel of job seeker traffic [5][9] - Breakroom, a workplace rating platform, published over 10,000 employer profiles, up from 8,000 in the prior quarter, powered by over 1 million ratings from workers [9] Company Strategy and Development Direction - The company is focused on product and technology investments to drive better matching and engagement across its marketplace [7] - The strategy includes optimizing for AI-driven discovery and enhancing the job seeker application experience through tools like ZipApply [5][6] - The company aims to capture market share as the labor market recovers, leveraging its strong brand and product offerings [6] Management's Comments on Operating Environment and Future Outlook - Management noted a persistently soft labor market but highlighted consistent revenue growth and paid employer growth from Q1 to Q3 2025 [4] - The guidance for Q4 2025 anticipates revenue between $109 million and $115 million, representing a 1% year-over-year increase [11][12] - Management expects continued stability in the hiring environment, with normal seasonal slowness during the holiday periods [12] Other Important Information - The company repurchased 2.2 million shares for a total of $10 million during Q3 2025 [11] - The adjusted EBITDA guidance midpoint for Q4 2025 is $14 million, implying a full-year adjusted EBITDA margin of 9% [12] Q&A Session Summary Question: Market reception for products like automated campaign optimization and ZipIntro - Management indicated that product strategy is working, with evidence of revenue and utilization growth despite macro challenges [14][15] Question: Macro view and guidance for Q4 - Management observed a modest decline in hiring but expects the current market trend to continue into Q4 [19][21] Question: Q4 margin strength versus earlier mid-single-digit characterization - Management explained that Q4 margins reflect typical seasonal patterns in marketing investments, with a focus on high ROI opportunities [22] Question: Drivers of quarterly paid employer trends - Growth is attributed to both new paid employers and reactivations of former employers, reflecting strong customer acquisition and engagement [32][33] Question: Conversion quality from generative AI traffic - Management noted that the quality of traffic from generative AI is on par with traditional sources, with ongoing optimization efforts [34][36]

Financial Highlights - Q3 2025 revenue reached $115 million[12] - Q3 2025 Adjusted EBITDA was $92 million, representing an 8% margin[12] - Q3 2025 Revenue per Paid Employer was $1,717[12] - The company achieved a healthy 16% Adjusted EBITDA margin for FY 2024[15] Market and Business Overview - The recruiting industry presents a large Total Addressable Market (TAM) exceeding $300 billion[15, 16, 61, 62] - The company connects over 4 million employers and over 170 million job seekers[15, 20] - The company delivered over 40 million Great Match candidates in 2024[15, 22] - 80% of employers using the platform receive a quality candidate within the first 24 hours[15, 22] - The company has achieved 80% aided brand awareness among U S employers and job seekers since its founding[15, 41] Revenue Model - 76% of revenue is generated from flat-rate pricing (daily, monthly, and annual subscription plans)[25] - 24% of revenue is generated from performance-based pricing (cost-per-click on job postings)[28]

Core Viewpoint - The article highlights the increasing prevalence of job scams, particularly those involving "resume tool people," and the efforts by BOSS Zhipin to combat these illegal activities through a special governance initiative [2][6][16]. Group 1: Special Governance Achievements - BOSS Zhipin reported the permanent banning of nearly 20,000 suspicious accounts involved in order fraud, with 80% of these being automatically intercepted by the system [2]. - The safety team provided leads to law enforcement, assisting in the resolution of 6 cases and the arrest of 144 suspects [2]. - During the third quarter, BOSS Zhipin optimized the feedback response time for reports of order fraud to a minute-level, pushing over 32 million fraud prevention messages [2][8]. Group 2: Identification of "Resume Tool People" - Two typical models of "tool people" were identified: "job resume tool people," who lure job seekers to create fake accounts and post false job listings, and "recruitment resume tool people," where some HR personnel sell resumes obtained through legitimate channels [7][6]. - A specific case revealed that a criminal group profited 70,000 yuan from this scheme, while an HR individual earned over 20,000 yuan from selling resumes [7]. Group 3: AI Technology in Risk Control - The introduction of AI technology has transformed BOSS Zhipin's risk control system from "matching" to "understanding," significantly improving the identification accuracy of suspicious activities to over 80% [10][11]. - AI's ability to analyze multiple data dimensions allows for rapid detection of abnormal behaviors, effectively shortening the lifespan of fraudulent accounts [11]. Group 4: Multi-faceted Protection Measures - The article emphasizes the need for collaboration among platforms, law enforcement, and individuals to strengthen job-seeking safety [13][16]. - Job seekers are advised to communicate through official channels, avoid believing in high-paying job offers, and utilize privacy protection features provided by the platform [13][15]. - Employers are encouraged to adhere to platform rules and enhance internal management to prevent illegal activities related to resume selling [15]. Group 5: Future Outlook - The ongoing efforts in governance and the application of AI technology are expected to further reduce the space for black and gray market activities in the job market [16]. - Continuous enhancement of technical capabilities and user awareness is essential for creating a safe and transparent job-seeking environment [16].

Core Insights - BOSS Zhipin has launched a special announcement addressing the crackdown on fraudulent activities such as "online brushing" and resume trafficking, revealing typical illegal cases and governance measures taken [1] Group 1: Governance Measures - In Q3 2025, BOSS Zhipin permanently banned nearly 20,000 suspicious accounts related to brushing scams, with approximately 80% of these being proactively intercepted by the system [1][4] - The safety team provided verified leads on scam groups to law enforcement, assisting in the resolution of 6 cases and the arrest of 144 suspects [1] - The response time for reports related to brushing scams has been optimized to a minute-level, with over 32 million anti-brushing scam messages pushed to users [1][5] Group 2: Resume Trafficking - The announcement highlights the emergence of "resume tools" where individuals are recruited to sell resumes obtained from legitimate recruitment processes to gray and black markets [2][3] - A case was cited where an HR manager sold resumes for 3 yuan each, earning over 20,000 yuan, and is currently under investigation [2] - BOSS Zhipin has implemented AI-driven risk control models to identify and ban HR accounts involved in resume trafficking, with several individuals already under investigation [2][3] Group 3: AI Utilization - BOSS Zhipin's safety team has deployed AI models to enhance governance efficiency, achieving an accuracy rate of over 80% in identifying scenarios where job seekers are induced to become "resume tools" [5] - The AI system allows for comprehensive monitoring and precise identification of risks, enabling human resources to focus on more critical issues [4][5] Group 4: New Scam Alerts - The company has issued warnings about new types of brushing scams where fraudsters lure job seekers with fake interview invitations, leading them to download unknown software and engage in fraudulent activities [6] - Job seekers are advised to communicate through official channels and to be cautious of unsolicited offers, especially those requiring interaction on third-party platforms [6]

Core Insights - BOSS Zhipin has released a special announcement addressing the governance of online job scams, particularly focusing on "刷单" (order brushing) and resume trafficking [1][8] - The company has implemented a dual mechanism of "technical inspection + manual review" to combat these illegal activities, resulting in the permanent banning of nearly 20,000 suspicious accounts in Q3 2025, with 80% of these being automatically intercepted by the system [1][7] Group 1: Governance Progress - BOSS Zhipin's security team has provided leads to law enforcement, aiding in the resolution of 6 cases and the arrest of 144 suspects [1] - The response time for reports related to order brushing scams has been optimized to a minute-level feedback system [1] - Over 32 million anti-order brushing scam messages were pushed to users, with more than 200,000 phone calls and SMS alerts sent from the platform or "96110" [1] Group 2: Resume Trafficking Issues - Criminals are recruiting current HR professionals on social media to act as "resume traffickers," selling candidate information obtained through legitimate recruitment channels [3][5] - A specific case involved an HR manager selling resumes for 3 yuan each, resulting in over 20,000 yuan in profit, leading to an investigation by local law enforcement [5] Group 3: Characteristics of Illegal Activities - The illegal activities are characterized by "concealment" and "professional division of labor," with criminals recruiting "tool people" on social networks and using third-party software for communication [6] - The term "兼职" (part-time) is often used to mislead job seekers, necessitating increased public awareness and targeted governance [6] Group 4: AI Empowerment in Governance - BOSS Zhipin has deployed AI models to enhance the efficiency of governance against order brushing and resume trafficking, achieving an identification accuracy rate exceeding 80% in Q3 [7] - The AI system allows for a more comprehensive view of recruiter characteristics and enables quicker identification of various types of violations [7] Group 5: New Types of Scams - A new type of order brushing scam involves criminals obtaining job seeker information and sending fraudulent interview invitations, leading candidates to download unknown software and recharge for order brushing [8] - Job seekers are advised to communicate through official channels and be cautious of unsolicited offers, especially if they have not applied to the company [10]