Group 1 - Kanzhun Ltd. (BZ) has solid revenue growth momentum and recovering profitability, with positive progress in AI monetization, maintaining a buy rating [1] - The author emphasizes a diverse investment approach, incorporating fundamental, technical, and momentum investing strategies to enhance the investment process [1] Group 2 - The article serves as a platform for tracking investment ideas and connecting with like-minded investors [1]

Group 1 - The company BOSS Zhipin (02076) announced the issuance of a total of 114,100 shares due to the exercise of stock options from December 5 to December 16, 2025 [1] - Additionally, the company will issue a total of 1,425,600 shares due to the vesting and settlement of restricted stock units during the same period [1]

Core Insights - BOSS Zhipin has initiated a special governance program to combat "套路收费" (trick charging) in recruitment, focusing on preemptive management and collaboration with delivery platforms [1][12] - The company has signed the first self-regulatory convention in the rider recruitment sector with 102 delivery service companies, emphasizing transparency and integrity in job postings [3][15] - BOSS Zhipin has reported the disposal of 16,700 accounts involved in charging violations by November 2025, and has provided over 4 million risk alerts to job seekers during the governance period [1][12] Group 1: Self-Regulatory Convention - The self-regulatory convention aims to ensure job postings are truthful and do not induce job seekers to take loans or incur unreasonable fees [3][15] - Participating companies have committed to not publishing misleading job information and to ensure that key details such as income and job requirements are accurate and updated [3][15] - The convention also prohibits charging unreasonable fees under various pretexts, ensuring that any necessary costs are clearly communicated to job seekers [3][15] Group 2: Combating Illegal Practices - BOSS Zhipin has actively collaborated with law enforcement to crack down on illegal practices, including "套路运" (trick transportation) and black market intermediaries [5][17] - Recent police actions based on BOSS Zhipin's tips have led to the dismantling of three "套路运" gangs, resulting in the arrest of 39 suspects [5][17] - Another case involved a black market intermediary that charged inflated fees for medical examinations, disguising themselves as legitimate healthcare providers [9][21] Group 3: AI and Risk Management - BOSS Zhipin employs an AI model combined with human review to identify and manage violations effectively, using features like job descriptions and titles to detect anomalies [10][22] - The platform has implemented a "salary range standard" mechanism to ensure that job postings reflect realistic salary expectations based on industry benchmarks [10][22] - In the last three months, only 23 out of 100 recruiters adhering to the salary range strategy were able to provide valid documentation, indicating a significant issue with compliance [11][23]

Core Insights - BOSS Zhipin has made significant progress in addressing "套路收费" (trick charging) during the recruitment process, focusing on sectors such as freight drivers, ride-hailing drivers, and delivery riders [1] Group 1: Governance Actions - The platform has targeted illegal charging practices related to vehicle rentals, purchases, training enrollment loans, and other deceptive fees, with a total of 16,700 accounts involved in such violations being addressed by November 2025 [1] - BOSS Zhipin's safety team has provided leads to law enforcement to conduct targeted strikes against black intermediaries and "套路运" (trick transport) gangs [1] Group 2: Safety Measures - The platform has enhanced the richness and frequency of job seeker safety alerts, pushing over 4 million risk warnings to job seekers during the special period [1] - In collaboration with delivery platforms, BOSS Zhipin organized 102 delivery companies to sign the first self-regulatory agreement in the delivery sector, committing to transparency in job postings, avoiding inducements for vehicle loans, and refraining from unreasonable fees [1]

Core Viewpoint - BOSS Zhipin continues to advance its share repurchase plan, demonstrating commitment to shareholder returns through significant financial actions [1] Group 1: Share Repurchase Plan - The company has spent over 35 million RMB to repurchase approximately 500,000 ordinary shares [1] - Under the existing repurchase plan, BOSS Zhipin can repurchase up to 250 million USD worth of shares by the end of August 2026 [1] Group 2: Dividend Distribution - In October, BOSS Zhipin completed an annual dividend distribution of approximately 80 million USD [1]

Summary of ZipRecruiter Conference Call Company Overview - **Company**: ZipRecruiter (NYSE: ZIP) - **Industry**: Online Job Marketplace - **Core Business**: Matches employers with job seekers using advanced technology and AI algorithms to improve job matching quality [5][6] Recent Developments - **New Features**: - **ZipIntro**: A feature allowing employers to have live conversations with qualified candidates, resulting in a 90% satisfaction rate among job seekers [7][8] - **Resume Database**: Enhanced tool for employers to proactively search for candidates, with a 12% increase in resume reviews quarter-over-quarter [8][9] - **Acquisition of Breakroom**: A UK-based company that has successfully created over 10,000 employer pages and gathered over a million ratings from employees [9] Market Position and Competition - **Competitors**: Main competitors include LinkedIn and Indeed, with ZipRecruiter focusing on individualized matches rather than social media or vertical search engines [12] - **Market Size**: The total addressable market (TAM) for recruitment in the U.S. is approximately $300 billion, with only 5% currently online, indicating significant growth potential for online platforms [15] Employer and Job Seeker Perspectives - **Employer Needs**: Employers seek to streamline the hiring process and make quality hires quickly, with tools like preset job templates and ZipIntro facilitating this [16] - **Job Seeker Needs**: Job seekers require a more personalized job search experience, which ZipRecruiter aims to provide through data-driven matching [17] Traffic and Growth - **Brand Awareness**: ZipRecruiter has achieved 80% aided brand awareness, with significant growth in traffic from LLM-based sources, increasing by 140% quarter-over-quarter [18] - **Revenue Growth**: Despite a challenging macro environment, ZipRecruiter reported a 12% quarter-over-quarter revenue growth in its enterprise business [28][29] Macro Environment - **Current State**: The labor market has been stable but soft, with a noted decline in hiring activity. However, ZipRecruiter has managed to grow its paid employer numbers [28][29] - **Future Outlook**: The company is prepared for various economic scenarios, aiming for growth in 2026 while maintaining flexibility in its operations [31][32] Financial Performance and Guidance - **Revenue per Paid Employer**: This metric has faced pressure due to overall hiring declines, but the company remains confident in long-term growth driven by enterprise market share and customer maturity [36][37] - **Margins**: ZipRecruiter expects margins to stabilize in Q4, with a long-term target of 30% adjusted margins [41][45] Capital Deployment Strategy - **Investment Priorities**: Focus on organic business growth, maintaining balance sheet flexibility for opportunistic M&A, and shareholder returns through buybacks or debt retirement [47][49] Conclusion - **Long-term Potential**: ZipRecruiter remains optimistic about the U.S. labor market and its growth potential, with a focus on leveraging AI and data to enhance its platform and user experience [53][56]

Core Viewpoint - BOSS Zhipin has achieved remarkable financial results in Q3 2025, with a revenue increase of 13.2% year-on-year to 2.163 billion RMB and a GAAP net profit surge of 67.2% to 775 million RMB, despite a challenging employment market [4][5]. Financial Performance - The company reported total revenue of 2.163 billion RMB, a 13.2% increase year-on-year, and a GAAP net profit of 775 million RMB, reflecting a 67.2% year-on-year growth [5]. - Adjusted net profit reached 999 million RMB, up 34.2% year-on-year, marking a historical high in both profit scale and growth rate [4][5]. - The number of paid enterprise clients reached 6.8 million, a 13.3% increase year-on-year, driving the core revenue segment of online recruitment services for enterprise clients to 2.15 billion RMB, a 13.6% increase [5]. Cost Management and Profitability - The core strategy for profit growth is "cost reduction and efficiency enhancement," with total operating costs and expenses decreasing by 7.0% to 1.476 billion RMB [6]. - Marketing expenses were significantly reduced from 522 million RMB to 394 million RMB, a decline of 24.6%, due to improved customer acquisition efficiency [6]. - GAAP net profit margin reached 35.8%, up 11.5 percentage points year-on-year, while adjusted operating profit margin increased to 41.8%, up 10.1 percentage points [6]. Management Changes - BOSS Zhipin appointed a President, Chen Xu, to enhance operational efficiency and reduce internal communication costs, allowing the CEO to focus on strategic issues [10][12]. - Chen Xu's promotion reflects a shift in focus from growth to efficiency, as the company navigates a more competitive landscape [12]. AI Integration and Competitive Advantage - BOSS Zhipin has established a strong foundation in AI technology, launching its first vertical large language model in early 2024, enhancing job matching capabilities [13][14]. - AI tools are integrated across the platform, improving user experience and operational efficiency, with AI services expected to increase recruitment efficiency by approximately 25% [14]. - The platform has maintained a leading position in the industry, with a monthly active user count of 63 million, significantly surpassing competitors [15]. Market Challenges - Despite its strong performance, BOSS Zhipin faces challenges such as slowing industry growth and rising user acquisition costs, which may impact long-term platform vitality [16]. - The risk of technology homogenization is increasing as competitors invest in AI recruitment solutions, potentially threatening BOSS Zhipin's market position [16]. - The management remains optimistic about the integration of AI in recruitment, emphasizing the importance of high-quality data as a competitive advantage [17].

Core Viewpoint - BOSS Zhipin has successfully navigated challenges in the recruitment platform industry, achieving significant growth under the leadership of Zhao Peng, who has implemented innovative marketing strategies and technology integration to enhance user experience and operational efficiency [1][2][8]. Financial Performance - For the third quarter of 2025, BOSS Zhipin reported revenue of 21.63 billion yuan, a year-on-year increase of 13.2% [9][10]. - The net profit for the same period was 7.75 billion yuan, reflecting a 67.2% year-on-year growth, while adjusted net profit reached 9.92 billion yuan, up 34.2% [9][10]. - The number of paid enterprise clients reached 6.8 million, marking a 13.3% increase year-on-year [10]. Marketing Strategy - Zhao Peng's decision to invest over 100 million yuan in advertising during the 2018 World Cup significantly boosted BOSS Zhipin's user base, propelling the company into the top three in the industry [5][8]. - The marketing campaign, despite being criticized as "brainwashing," effectively doubled the user count and established a strong market presence [5][6]. User Engagement and Technology Integration - BOSS Zhipin has initiated the "Conch Plan" to improve the job-seeking environment, particularly for blue-collar workers, and has seen a historical high in revenue contribution from this segment [8]. - The company has integrated AI technology into its processes, enhancing user interaction and operational efficiency, with AI job assistants launched in the third quarter [11][12]. Challenges and Complaints - Despite the growth in paid clients, BOSS Zhipin faces challenges regarding service quality, with over 7,136 complaints reported, primarily concerning customer service and refund issues [11]. - The company is addressing the balance between scaling operations and maintaining service quality, with plans to enhance the review process through AI [11][12].

Financial Data and Key Metrics Changes - In Q3 2025, the company generated total revenue of RMB 2.16 billion, representing a year-on-year increase of 13.2% [5] - Adjusted operating profit reached RMB 900 million, up 49.3% year on year [5] - GAAP net profit was RMB 780 million, reflecting a 67.2% year-on-year increase, with a net profit margin of 35.8% [5][21] - Share-based compensation expenses decreased to RMB 220 million, marking a 21% year-on-year drop [5] - Net cash provided by operating activities reached RMB 1.2 billion, up 45% year on year [22] Business Line Data and Key Metrics Changes - The average verified monthly active users (MAU) on the BOSS Zhipin app reached 63.82 million, with user activity remaining strong [6] - Newly posted job positions increased by 25% year on year, indicating a rebound in enterprise-side demand [7] - The number of paid enterprise customers grew by 13.3% year on year to 6.8 million [7][17] Market Data and Key Metrics Changes - Blue-collar revenue growth led the market, with manufacturing industries showing the highest revenue growth for five consecutive quarters [8] - Demand in tier-one cities is rebounding, while tier-two cities remain stable, and revenue contribution from tier-three cities continues to rise [10] Company Strategy and Development Direction - The company is focusing on integrating AI into its products and operations, with significant progress in AI Job Search Assistant and AI interview features [11][12] - The strategy includes improving the online job search environment for blue-collar workers and enhancing user trust through initiatives like the KONGE Project [9] Management's Comments on Operating Environment and Future Outlook - Management noted a recovery in recruitment activities, with improved hiring demand contributing to accelerated revenue growth [25][28] - The company expects total revenue for Q4 2025 to be between RMB 2.05 billion and RMB 2.07 billion, indicating continued growth momentum [22] Other Important Information - The company completed an annual dividend payment of approximately $80 million in October [16] - The overall ARPPU remained stable despite structural shifts in customer mix [17] Q&A Session Summary Question: What is the overall recruitment demand recently? - Management observed that recruitment activities from enterprises recovered in Q3, with a faster growth rate of enterprise users compared to job seekers, alleviating pressure on the platform [25][26] Question: What is the perception of KA renewal willingness? - The company noted improving contract renewal rates, particularly in Q3, signaling a potential turning point in company-level net dollar retention rates [30] Question: How much more market share can the company gain over peers? - The company highlighted that over 80% of paid enterprise customers are small and micro enterprises, indicating ample room for growth in market share [35] Question: What are the major investment areas for next year? - Management indicated that profitability will not be sacrificed for revenue growth, with a focus on user service and revenue growth as higher priorities [37] Question: What is the impact of AI on the recruitment industry? - The company is cautiously exploring AI applications in recruitment, noting that high-quality data is critical for success in this evolving landscape [45]

Financial Data and Key Metrics Changes - In Q3 2025, the company generated total revenue of RMB 2.16 billion, representing a year-on-year increase of 13.2% [5] - Adjusted operating profit reached RMB 900 million, up 49.3% year-on-year, while GAAP net profit was RMB 780 million, up 67.2% year-on-year, with a net profit margin of 35.8% [5][18] - Share-based compensation expenses decreased to RMB 220 million, marking a 21% year-on-year drop [5] - Net cash provided by operating activities reached RMB 1.2 billion, up 45% year-on-year, with a strong cash position of RMB 19.2 billion as of September 30, 2025 [22] Business Line Data and Key Metrics Changes - The average verified monthly active users (MAU) on the BOSS Zhipin app reached 63.82 million, with user activity remaining strong [6] - Newly posted job positions increased by 25% year-on-year, with the number of paid enterprise customers growing by 13.3% year-on-year to 6.8 million [7][17] - The average number of daily active enterprise users grew faster than job seekers for the first time in three years [7] Market Data and Key Metrics Changes - Blue-collar revenue growth led the market, with manufacturing industries showing the highest revenue growth for five consecutive quarters [8] - Demand in tier-one cities is rebounding, while revenue contribution from tier-three cities continues to rise [10] - Mid-to-large enterprises are growing the fastest among different enterprise sizes [10] Company Strategy and Development Direction - The company is focusing on integrating AI into its products and operations, with significant progress in AI Job Search Assistant and AI interview features [11][12] - The KONGE Project aims to improve the job search environment for blue-collar workers, enhancing user trust and combating false information [9] - The company plans to continue strengthening its core business capabilities while fulfilling commitments to shareholders [16] Management's Comments on Operating Environment and Future Outlook - Management noted a recovery in recruitment demand, with improved hiring conditions contributing to accelerated revenue growth [25][28] - The company expects total revenue for Q4 2025 to reach between RMB 2.05 billion and RMB 2.07 billion, indicating continued growth momentum [22] - Management expressed confidence in sustaining growth despite potential competitive pressures as the macro environment improves [35] Other Important Information - The company completed an annual dividend payment of approximately $80 million in October [16] - The overall ARPPU remained stable despite structural shifts in customer mix [18] Q&A Session Summary Question: What is the overall recruitment demand recently? - Management observed a recovery in recruitment activities, with improved ratios between job seekers and recruiters, indicating a healthier hiring environment [25][26] Question: What is the perception of KA renewal willingness? - The company noted improving contract renewal rates, particularly in Q3, signaling a potential turning point in customer retention and spending [30] Question: How can the company sustain above-peer growth? - The company highlighted that over 80% of paid enterprise customers are small and micro enterprises, indicating ample room for growth in market share [35] Question: What are the major investment areas for next year? - Management indicated that profitability will not be sacrificed for revenue growth, with a focus on user service and revenue growth as higher priorities [38] Question: What progress has been made in different verticals within the recruitment industry? - The company is cautiously exploring new services while integrating AI, with ongoing experiments showing promising results [42][44]