Core Viewpoint - EPWK Holdings Ltd. has received three deficiency letters from Nasdaq regarding non-compliance with listing requirements, but this does not immediately affect the trading of its shares [1][2]. Compliance Issues - The company failed to meet the minimum bid price requirement, with its Class A ordinary shares trading below $1.00 for 31 consecutive business days, and has until January 19, 2026, to regain compliance [7]. - The market value of the company's listed securities was below $50 million for 32 consecutive business days, with the same compliance deadline of January 19, 2026 [7]. - The market value of publicly held shares was below $15 million for 31 consecutive business days, also requiring compliance by January 19, 2026 [7]. Company Overview - EPWK Holdings Ltd. connects businesses with talent through an integrated crowdsourcing platform, focusing on creative transaction services for small and medium-sized enterprises [3].

Summary of Key Points from the Conference Call Industry Overview - **Industry Focus**: China Internet and AI Services - **Overall Industry View**: Attractive outlook for the China Internet sector, particularly in AI applications and services [3][4][19] Core Insights - **AI Adoption**: - 18% of enterprise workload is expected to be replaced by AI within three years [20] - Rapid enterprise adoption of AI is noted, but monetization of AI applications may lag behind [14][19] - **Investment Trends**: - Major players in the industry are ramping up capital expenditures (capex) on AI technologies [8][27] - Total capex by top internet players is projected to reach Rmb 383.768 billion by 2030 [25] - **Consumer and Enterprise AI Demand**: - Consumer usage of AI is projected to grow from Rmb 5.801 million in 2023 to Rmb 555.975 million by 2030, reflecting a compound annual growth rate (CAGR) of 39% [25] - Enterprise AI software spending is expected to increase significantly, with projections of Rmb 249.860 billion by 2030 [25] Company-Specific Insights - **Tencent**: - Strong visibility in consumer AI monetization, particularly through advertising [34][39] - Daily active users (DAU) for Yuanbao, Tencent's AI assistant, are ramping up, integrating AI into WeChat [41] - Long-term annual ad revenue from Video Accounts is estimated to reach Rmb 50 billion [47][50] - **Alibaba**: - Alicloud revenue is expected to double in three years, indicating strong growth potential [52] - Facing near-term earnings pressure due to intense competition in food delivery and quick commerce [56][62] - **Baidu**: - Limited visibility in core advertising turnaround, with core revenue under pressure [92][100] - Ernie Bot has seen significant user growth, with plans for further enhancements in AI capabilities [100][102] - **Meituan**: - Intense competition in the food delivery sector is expected to lower long-term profitability [62][75] - Quick commerce market share is projected to be split among multiple players, impacting profitability [75][78] - **PDD Holdings**: - Strong momentum for Temu, with expectations of GMV growth of 45% year-over-year to US$77 billion in 2025 [114][116] Market Dynamics - **Competition**: - The food delivery market is experiencing aggressive competition, with significant investments from major players like JD and Alibaba [74][75] - Price wars are leading to unsustainable practices, prompting regulatory scrutiny [74][75] - **E-commerce Growth**: - The e-commerce market in China is projected to continue expanding, with online retail sales growing by 6.3% year-over-year in 2Q25 [103][104] Additional Insights - **AI Model Development**: - Major Chinese tech firms are developing proprietary AI models and integrating them into their platforms, enhancing their competitive edge [9][10] - **Consumer Behavior**: - Increased consumer engagement with AI applications is expected to drive growth across various sectors, including e-commerce and social media [25][27] This summary encapsulates the key points discussed in the conference call, highlighting the trends, company-specific insights, and market dynamics within the China Internet and AI services sector.

Core Viewpoint - Fish Bubble Direct Recruitment is aggressively expanding its market presence through significant advertising investments, aiming to transition from a blue-collar job platform to a more comprehensive recruitment service that includes white-collar positions [3][11]. Company Overview - Founded in 2017 in Chengdu, Fish Bubble Direct Recruitment initially focused on providing job opportunities for blue-collar workers, particularly in the construction industry [3][4]. - The company has received substantial financial backing, including over 1.5 billion yuan in investments, with notable support from Lei Jun's Shunwei Capital [5][8]. Advertising Strategy - The company has invested over 1.5 billion yuan in advertising to promote its brand and attract more users, with campaigns launched in major cities across China [7][11]. - The advertising strategy includes leveraging the founder's personal story to create a relatable brand image, aiming to enhance brand recognition and user engagement [8][11]. Market Expansion - Fish Bubble Direct Recruitment is attempting to penetrate the white-collar job market, despite currently having a limited number of white-collar job listings on its platform [11][13]. - The company plans to acquire and integrate other recruitment platforms, such as the acquisition of Haotou Network, to bolster its presence in the white-collar recruitment sector [11]. Financial Performance - In 2022, the company's revenue and user base reportedly tripled, reaching several billion yuan in revenue, partly due to the introduction of new insurance services [5][8]. - The company claims to have surpassed 10 billion yuan in annual revenue and achieved a valuation of 4 billion yuan [8][11]. Competitive Landscape - The recruitment market is highly competitive, with established players like Zhaopin, Boss Zhipin, and others already dominating the space, making it challenging for Fish Bubble Direct Recruitment to gain traction in the white-collar segment [11][13].

Core Viewpoint - BOSS Zhipin has taken immediate action in response to a recent incident involving a fake female job seeker spreading vulgar information, leading to the arrest of the perpetrator [2][4]. Group 1: Incident Overview - A male individual impersonated a female job seeker named "Wang Moxiang" on the BOSS Zhipin platform, creating a profile with vulgar content [2][5]. - The account was quickly banned by BOSS Zhipin, which is cooperating with local police for further investigation [4][8]. - The incident has gained significant attention on social media, with the related hashtag trending on Weibo [4]. Group 2: Company Response - BOSS Zhipin has stated that the platform has strict qualifications for employers but applies a minimal necessary principle for job seeker information, which complicates the detection of such issues [8]. - The company emphasized that the incident has caused substantial harm to its reputation and should not be solely blamed on the platform [8]. Group 3: Historical Context - This is not the first time BOSS Zhipin has faced allegations of inappropriate content; previous incidents have also been reported, including a case in 2022 involving a job posting that required inappropriate relationships [9]. - BOSS Zhipin was founded in 2014 and has become the largest online recruitment platform in China by monthly active users, listing on NASDAQ in June 2021 and on the Hong Kong Stock Exchange in December 2022 [9]. Group 4: Financial Information - As of July 28, BOSS Zhipin's stock price was HKD 78.65 per share, with a total market capitalization of HKD 748.05 billion [10].

BOSS直聘官方微博7月28日发文： 近日，网络流传BOSS直聘平台一自称"王某香"的"求职者"与招聘方沟通中存在低俗信息。我们对此高 度重视，第一时间封禁了涉事账号，并配合山东属地警方开展查证。 此前报道 近日，在BOSS直聘平台，名为王怡香的求职者"简历"及"对话"涉黄一事引发网友热议。 7月25日，记者从BOSS直聘方面获悉，该公司已关注到上述事件，目前涉事账号已被平台永久封禁。 经与警方核实，账号使用人为一尹姓男子，为寻求刺激，盗用他人信息，冒充女性求职，并恶意编造包 含性暗示的虚假信息，对被冒用女性造成恶劣影响。目前该男子已被属地警方刑事拘留。 BOSS直聘提示用户：在求职招聘过程中，如遇到不法侵害，请通过平台【举报】功能及时向我们反 馈。我们将第一时间开展查证工作，对于违规账号坚决予以封禁；涉嫌违法犯罪的线索将主动移交公安 机关处理。 编辑：闫嘉欣 责编：张曦 而网传的涉事女子"啵啵蕾"，也在其小红书个人账号上发文辟谣：被盗图，不是本人，所有造谣诽谤、 侵犯隐私、恶意骚扰的私信与评论都已留证报警，后期将走法律程序，切勿传播不实信息！ | 啵啵膏 a. 作者 | | | --- | --- | | ...

Summary of China Wage Tracker Conference Call Industry Overview - The focus is on the **Chinese labor market**, specifically wage growth trends and their implications for household income and consumption [3][4][26]. Key Points and Arguments 1. **Wage Growth Trends**: - The revamped wage tracker indicates a **downward trend in wage growth** since Q1 2023, following the exit from the zero-Covid policy. Wage growth dropped to **3.9% year-over-year (yoy)** in Q2 2025, the lowest reading outside of the Covid pandemic [3][26]. - In Q1 2025, wage growth was **4.2% yoy**, down from **4.5% yoy** in Q4 2024 [26]. 2. **Challenges in Data Collection**: - Tracking wage data in China is challenging due to **scarcity and measurement issues**. The release of the PBOC survey data has been significantly delayed, with the most recent data available being from **2024Q4** [3][4][5]. - The online recruiting platform Zhaopin.com ceased data publication in Q4 2024, further complicating data tracking [5]. 3. **Revamped Wage Tracker Methodology**: - The new wage tracker incorporates two alternative labor market indicators: - **Employment sub-indices from various PMI surveys**, which correlate highly with wage growth and indicate the labor market is near its weakest in a decade [3][11]. - **Unemployment insurance expenditure**, which correlates positively with the official unemployment rate and negatively with wage growth [14][19]. 4. **Economic Implications**: - Despite a **5.3% real GDP growth** in the first half of 2025, sluggish wage growth may pose headwinds to consumption growth in the latter half of the year [11][26]. - The correlation between increased labor market pressure and declining wage growth has become more pronounced since the onset of the Covid pandemic [19]. 5. **Comparison with Official Data**: - The new wage tracker suggests that the reported wage growth figures are around **1 percentage point lower** than the official figures provided by the NBS, which reported **5.2% and 4.7% yoy** for Q1 and Q2 2025, respectively [26]. Additional Important Insights - The revamped wage tracker was first introduced in **2016** and last modified in **June 2024**. The current modifications aim to provide a more accurate reflection of the labor market conditions in China [4][24]. - The unemployment insurance program serves as a valuable indicator of labor market pressure, with increased expenditure often coinciding with slower wage growth [14][19]. - The methodology for the new wage tracker includes regression analysis based on historical data from **2020 to 2024**, ensuring that the new estimates are grounded in empirical evidence [24][26]. This summary encapsulates the critical insights from the conference call regarding the state of wage growth in China, the challenges faced in data collection, and the implications for the broader economy.

Core Viewpoint - The article discusses the challenges and transformations in the job market, particularly focusing on the rise of live-streaming job recruitment methods amidst a record number of graduates entering the workforce in 2025, with 12.22 million graduates expected [3][4]. Group 1: Job Market Dynamics - The job market is facing a significant imbalance with a high number of job seekers and limited opportunities, leading to a phenomenon termed "slow employment" [3]. - Live-streaming recruitment has emerged as a new method for job seekers to find opportunities, leveraging the popularity of short video platforms [4][12]. Group 2: Risks in Live-Streaming Recruitment - There are concerns regarding misleading job postings and hidden fees associated with job offers, which can be likened to "cyber pie-in-the-sky" schemes [5][10]. - Job seekers have reported experiences of being asked to pay upfront fees for job placements, raising red flags about the legitimacy of such offers [9]. Group 3: Industry Adaptation - The live-streaming job recruitment industry is rapidly evolving, with many companies integrating it into their talent acquisition strategies. The Ministry of Human Resources and Social Security plans to include "live-streaming recruitment specialists" in the national occupational classification [12]. - Major platforms like Kuaishou and Douyin are becoming central to live-streaming recruitment, with significant user engagement and participation [14]. Group 4: Future Outlook - The live-streaming job market is projected to expand further, with an expected annual compound growth rate of 15% over the next decade, indicating a shift towards more streamlined and efficient recruitment processes [14][15]. - The industry is moving from a phase of rapid growth to one of regulatory compliance, emphasizing the need for better risk management practices [15].

Core Insights - The job market is facing a significant challenge as the number of college graduates is expected to reach a historical peak of 12.22 million in 2025, leading to a highly competitive environment for job seekers [2][4] - The rise of live-streaming job recruitment has transformed the employment landscape, providing a new avenue for job seekers to connect with potential employers [4][14] - However, this new recruitment method is fraught with risks, including misleading job offers and upfront fees, which can lead to exploitation of job seekers [5][10] Group 1: Job Market Dynamics - The convergence of graduation and job-seeking seasons has created a "surplus of job seekers" situation, making it difficult for many to secure employment [2][3] - Live-streaming platforms are increasingly being used for job recruitment, with many job offers being advertised as high-paying and accessible to a wide range of applicants [4][6] - The job market is characterized by a mismatch between the high number of applicants and the availability of quality job opportunities, leading to increased anxiety among job seekers [2][9] Group 2: Live-Streaming Recruitment - Live-streaming job recruitment has gained popularity, with platforms like Kuaishou and Douyin becoming central to this trend, attracting millions of job seekers [18][19] - Companies are leveraging live-streaming to showcase job environments and engage with potential candidates in real-time, enhancing the recruitment process [13][21] - Despite its advantages, the live-streaming recruitment model has raised concerns about the authenticity of job offers and the potential for scams, as seen in the experiences of job seekers who faced unexpected fees and misleading job descriptions [7][10][12] Group 3: Industry Trends and Future Outlook - The online recruitment market is projected to reach a scale of hundreds of billions, with an expected annual growth rate of 15% over the next decade [24] - The integration of technology, such as AI and VR, is expected to further enhance the live-streaming recruitment experience, although it also presents new challenges [13][19] - The industry is moving towards a more structured and regulated approach, with the inclusion of new job roles like "live-stream recruitment specialists" in national occupational classifications [14][25]

Core Viewpoint - KANZHUN LIMITED, operating the online recruitment platform BOSS Zhipin, has announced a share offer of 30,000,000 Class A ordinary shares to enhance financial flexibility and support sustainable development [1][4]. Share Offer Details - The share offer consists of a Hong Kong public offering of 3,000,000 shares and an international offering of 27,000,000 shares, with the possibility of reallocating shares based on demand [1][2]. - An additional 4,500,000 shares may be offered, representing a 15% increase over the initial offering, subject to market conditions [2]. - The maximum offer price for the Hong Kong Public Offering is set at HK$78.00 per share, with the international offer price potentially being higher or the same [3]. Use of Proceeds - The net proceeds from the share offer will be allocated towards technology investments, new business initiatives, strategic acquisitions, and general corporate purposes [4]. Underwriters - Goldman Sachs (Asia) L.L.C. and Morgan Stanley Asia Limited are acting as overall coordinators, with additional firms involved as joint global coordinators and bookrunners [5]. Company Overview - KANZHUN LIMITED operates BOSS Zhipin, a leading online recruitment platform in China, facilitating efficient connections between job seekers and enterprises through a highly interactive mobile app [10].

Financial Highlights - Q1 2025 revenue reached $110.1 million[12] - Q1 2025 Adjusted EBITDA was $5.9 million, representing a 5% margin[12] - Q1 2025 Revenue per Paid Employer was $1,734[12] - For FY 2024, the Adjusted EBITDA margin was a healthy 16%[15] Market Opportunity and Growth - The recruiting industry presents a Total Addressable Market (TAM) of over $300 billion[15, 63] - Online recruiting is growing faster than the overall recruiting category[65] - ZipRecruiter's revenue grew at a 15.6% Compound Annual Growth Rate (CAGR) from 2020-2023, outpacing the online recruiting market's 5.6% CAGR[70] - Flat-rate pricing accounts for 78% of revenue, while performance-based pricing accounts for 22% based on the three months ended March 31, 2025[26, 29, 30] Platform and User Engagement - ZipRecruiter connects over 4 million employers and over 170 million job seekers[15, 21] - Over 40 million "Great Match" candidates were delivered in 2024[15, 23] - 80% of employers receive a quality candidate within the first 24 hours of posting a job on ZipRecruiter[23] - ZipRecruiter has achieved over 80% aided brand awareness among U S employers and job seekers[15, 42]