11月18日，在线招聘平台BOSS直聘（NASDAQ:BZ，HK:2076）正式发布了2025年第三季度财务业绩。 财报显示，第三季度实现营收21.6亿元，同比上涨13.2%；净利润达到7.75亿元。同时，AI大模型驱动 的产品功能在招聘端与求职端的渗透加快。 在AI技术加快渗透招聘与求职双端的当下，BOSS直聘在AI方向的潜力，正在转化为实实在在的经营效 率与市场壁垒。 11月23日，国信证券发布研报称，BOSS直聘龙头地位稳固，建议关注招聘需求恢复态势以及 AI 应用 进展，维持BOSS直聘"优于大市"评级。11月19日，招商证券（香港）在报告中提到，招聘需求增强、 AI产品进展推动收入进一步增长及成本节约、海外发展积极等因素将成为公司发展的催化剂。东吴证 券、华泰证券等也给予BOSS直聘"买入"评级。 研发超营销：靠技术驱动平台用户增长 数据显示，第三季度BOSS直聘研发投入达到4.08亿元，销售与营销费则同比大幅下降24.6%，缩减至 3.94亿元。公司研发费用首次超越营销费用，成为公司最大的单项支出。 值得一提的是，在大幅削减营销预算的情况下，BOSS直聘的用户规模并未萎缩，反而保持了健康增 长。第 ...

就业是最大的民生。综合信息显示，在宏观经济持续改善的背景下，就业市场出现积极变化，招聘需求 稳步回升，用工信心增强。 宏观经济稳中有进，为就业市场回暖奠定坚实基础 今年以来，各地区各部门坚持稳中求进工作总基调，加力稳就业、稳企业、稳市场、稳预期，推动经济 运行持续回升向好。2025年10月的中国采购经理指数显示，高技术制造业、装备制造业和消费品行业 PMI分别为50.5%、50.2%和50.1%，继续位于扩张区间。同时服务业商务活动指数继续扩张。 经济回升带来的生产扩张与服务需求增长，是企业增加岗位需求的根本动力。国家统计局数据显示，10 月份全国城镇调查失业率为5.1%，比上月下降0.1个百分点，31个大城市城镇调查失业率同样降至 5.1%。 Datayes招聘数据显示，2025年新增招聘贴、新增招聘公司数企稳复苏，整体保持同比上涨的趋势。 招聘平台BOSS直聘近期公布的数据同样显示，企业招聘需求稳步释放。受企业招聘需求增长带动，截 至9月底，BOSS直聘付费企业客户数达到680万，同比增长13.3%，第三季度公司营收21.6亿元，同比增 长13.2%。 第三季度BOSS直聘新发布职位数同比增长25%；新发 ...

Core Insights - BOSS Zhipin's Q3 2025 financial report highlights significant growth in the blue-collar job market, particularly in lower-tier cities and the manufacturing sector [1][2] Revenue Growth - In Q3, BOSS Zhipin reported revenue of 2.16 billion yuan, a year-on-year increase of 13.2%, primarily driven by online recruitment services for corporate clients [1] - The revenue from blue-collar jobs reached a historical high as a percentage of total income, indicating a robust demand in this segment [2] Blue-Collar Job Market Trends - The manufacturing sector shows the highest demand for blue-collar workers, with revenue growth leading among sub-industries for five consecutive quarters [2] - There is a notable shift towards technical positions in the blue-collar job market, with increasing demand for roles such as assembly engineers and mechanical engineers in high-end and smart manufacturing [4] Downstream Market Dynamics - Revenue from third-tier cities and below is on the rise, driven by industrial migration and local service sector growth [5] - The demand for local services in lower-tier cities, such as housekeeping and retail, is increasing, aligning well with the efficient nature of online recruitment platforms [5] Trust Mechanisms in Recruitment - The blue-collar recruitment market faces challenges such as information opacity and distrust between job seekers and employers [6] - BOSS Zhipin's "Conch Plan" aims to enhance the authenticity of job postings and build trust, which is crucial for standing out in a competitive market [7] - The success of the "Conch Preferred" initiative demonstrates the importance of trust in improving recruitment efficiency and employer branding [7]

Core Insights - BOSS Zhipin's stock rose by 3.95% to HKD 81.55 following the release of its Q3 2025 financial report, indicating a recovery in the recruitment market and increased penetration in blue-collar and lower-tier cities [1] Financial Performance - The company reported revenue of RMB 2.16 billion for Q3 2025, representing a year-on-year growth of 13.2% [1] - Revenue primarily came from online recruitment services for corporate clients, amounting to RMB 2.15 billion [1] - The number of paid corporate clients reached 6.8 million, a year-on-year increase of 13.3% [1] Management Commentary - The CEO highlighted high-quality business growth in Q3, with solid progress in user growth, commercialization, and AI technology implementation [2] - The recovery in corporate recruitment demand has accelerated revenue growth, while profit margins improved alongside stable user growth, reinforcing the company's leading position in China's online recruitment market [2] Profitability and Forecast - Non-GAAP net profit for Q3 2025 increased by 34% to RMB 999.2 million, exceeding consensus estimates by 9% and the expectations of CMB International by 15% [2] - This profit growth was attributed to effective control of sales and R&D expenses, which decreased by 25% and 12% year-on-year, respectively [2] - Positive indicators noted by management include improved ratios of recruiters to job seekers, increased corporate renewal rates, and higher net revenue retention rates, all suggesting a supportive environment for future revenue growth [2] - CMB International raised the company's earnings forecast for 2025-2027 by 6%-7% due to better-than-expected profit margin expansion [2]

Core Viewpoint - BOSS Zhipin's third-quarter financial results show significant growth in revenue and net profit, indicating a recovery in the recruitment market and increased penetration in various segments [1] Financial Performance - Revenue for the third quarter reached 2.16 billion yuan, representing a year-on-year increase of 13.2% [1] - Net profit for the same period was 775 million yuan, reflecting a substantial year-on-year growth of 67.2% [1] Business Segments - The majority of the company's revenue comes from online recruitment services for corporate clients, amounting to 2.15 billion yuan [1] - The number of paying corporate clients reached 6.8 million, marking a year-on-year growth of 13.3% [1] Market Trends - The recruitment market is showing steady recovery, with increased penetration in blue-collar jobs and in third-tier and lower cities [1] - The integration of AI-driven product features is accelerating in both recruitment and job-seeking segments [1]

Kanzhun (NasdaqGS:BZ) Q3 2025 Earnings Call November 18, 2025 07:00 AM ET Speaker3Ladies and gentlemen, thank you for standing by, and welcome to Kanzhun Limited's third quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Wenbei Wang, Head of Investor Relations. Please go ahead, ma' ...

在企业招聘需求回暖的背景下，中国最大的在线招聘平台BOSS直聘（看准科技）Q3收入21.63亿元，同比增长13.2%；净利润7.75亿元，同比增长 67.2%；净利润率达35.8%，创历史新高。 展望未来，公司预计第四季度总收入将介于人民币20.5亿元至20.7亿元之间，同比增长12.4%至13.5%，延续了当前的增长势头。 18日，BOSS直聘公布2025Q3财务报告： 降本增效成果显著 经营杠杆效应凸显 | | | 截至9月30日止三個月 | | | 截至9月30日止九個月 | | | --- | --- | --- | --- | --- | --- | --- | | | 2024年 | 2025年 | | 2024年 | 2025年 | | | | 人民幣 | 人民幣 | 美元 | 人民幣 | 人民幣 | 美元 | | 收入 | | | | | | | | 對企業客戶的線上招聘服務 | 1,889,102 | 2.146.843 | 301,565 | 5,465,912 | 6.125,824 | 860,489 | | 其他 | 22,473 | 16,438 | 2,309 | 66,159 ...

格隆汇11月18日｜BOSS直聘(NASDAQ:BZ，HK:2076)11月18日发布了2025年第三季度财报。第三季度 招聘市场稳步回暖，公司服务在蓝领、三线及以下城市等增量市场的渗透率持续提升。报告期内， BOSS直聘取得营收21.6亿元，同比增长13.2%。公司收入以招聘端为主，来自对企业客户的线上招聘服 务收入为21.5亿元。截至2025年9月30日止的十二个月内，公司付费企业客户数达到680万，同比增长 13.3%。 ...

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]