Core Viewpoint - BOSS Zhipin has become the largest online recruitment platform in China, benefiting from structural economic recovery and a rebound in the recruitment market, with a sustained growth in paid users and a gross margin around 85% [4][9]. Group 1: Company Growth and Market Position - BOSS Zhipin was founded in 2013, capitalizing on the mobile internet era without the burden of PC transformation, which significantly enhanced recruitment efficiency through mobile, intelligent matching, and direct communication [4]. - The number of new job postings on BOSS Zhipin increased by 25% year-on-year in Q3 2025, reflecting the recovery of the employment market [4]. - The demand for blue-collar workers has surged since 2023, with significant growth in service and manufacturing sectors, contributing to a change in user and revenue structure on the platform [5]. Group 2: Executive Compensation Strategy - BOSS Zhipin's high executive compensation strategy was established early on, with CEO Zhao Peng emphasizing the importance of sharing profits to attract and retain talent [6]. - In the latest annual report, Zhao Peng's total compensation was 6.986 million yuan, while other executives received significantly higher amounts, reflecting the company's commitment to incentivizing leadership [6][7]. Group 3: Financial Performance - In Q3, BOSS Zhipin reported growth in revenue, net profit, and cash flow, driven by an increase in enterprise clients and job postings [8]. - The total operating costs and expenses decreased by 7.0% to 1.476 billion yuan, while the gross margin remained stable around 85% [9]. - The net profit margin improved by 11.5 percentage points year-on-year, reaching 35.8% in Q3 [9]. Group 4: Blue-Collar Market Potential - The blue-collar workforce in China is projected to reach 425 million by 2024, with a significant portion of job changes occurring more frequently than in white-collar sectors [12]. - BOSS Zhipin's revenue from blue-collar services accounted for over 38% of total revenue, indicating a strong market presence in this segment [13]. Group 5: Challenges Ahead - BOSS Zhipin faces challenges from emerging competitors in the blue-collar market, particularly from short video platforms like Kuaishou and Douyin, which are leveraging their user bases to enter the recruitment space [15][16]. - The company must navigate a potential slowdown in growth rates for paid enterprise clients, with a projected decline in growth from 32.4% to 22.4% over the next year [10]. Group 6: Conclusion - The sustainability of BOSS Zhipin's growth amidst increasing competition and market dynamics remains uncertain, as the company explores opportunities in both blue-collar and white-collar markets [17].

法律关系性质的认定，关键在于实质而非形式。企业在招聘时，在制定合同条款时，应该遵循公平原则 和诚信精神。"下套式"招聘利用双方信息不对称，钻各种漏洞，不仅不合理地免除了企业自身责任，还 加重了应聘者的义务，限制了应聘者的权利，有违诚信原则。杜绝这种"灰色操作"，仅靠行业自律是不 够的，相关部门也应加强监管。 求职者也需要意识到，当一个岗位的薪资和条件过于偏离市场平均水平时，职位描述和对应条件的真实 性就有待进一步核实了。而对于所谓"合作机会"，更要擦亮眼睛保持审慎态度，对于书面合同中的各类 关键条款要仔细审阅，即便入职之后，也要保留好沟通记录和相关凭证，以便在发生纠纷时能维护自身 权益。 在移动互联网时代，新业态从业者的求职方式与传统模式有所不同，其更倾向于依赖线上渠道寻找就业 机会，也更加看重招聘信息的真实性和岗位的可靠性。而随着越来越多的社交平台利用自身既有的信息 资源以及社交实名制优势，开始拓展在线招聘业务，在线招聘平台正在面临竞争压力。与实际情况不符 的岗位信息，不仅会损害个人用户的合法权益，也会对平台企业的公信力产生不利影响。 在此情况下，岗位信息透明度高，打通双方的信息壁垒，才是在线招聘平台企业核 ...

Core Insights - BOSS Zhipin released a special announcement on December 17 regarding the crackdown on job-seeking fee-related violations, revealing that 16,700 accounts were dealt with in November and over 4 million risk warning messages were sent to job seekers [2][4]. Group 1: Violations and Actions - The special governance focused on typical violations such as charging fees for truck drivers, ride-hailing drivers, delivery riders, vehicle rentals and purchases, training and enrollment fees, and image packaging fees [2]. - The announcement also disclosed two significant cases of "套路运" (scam operations) and "黑中介" (black intermediaries) that were recently cracked down in cooperation with the police [2]. Group 2: Scam Characteristics - The prevalent scams, despite their evolving nature, fundamentally lure job seekers with promises of "quick employment" and "high and stable salaries" [4]. - Job seekers are advised to conduct communications and exchanges of contact information within the platform to avoid early transitions to third-party software; if such a transition occurs, they should stop communication immediately and retain evidence for reporting [4].

Group 1 - BOSS Zhipin has launched a special governance initiative to address the issue of charging job seekers under the guise of recruitment, focusing on illegal practices in various sectors such as freight drivers, ride-hailing drivers, and delivery personnel [1] - As of November 2025, BOSS Zhipin has dealt with 16,700 accounts involved in charging violations and sent over 4 million risk warning messages to job seekers [1] - The company has collaborated with 102 delivery companies to sign the first self-discipline agreement in the delivery sector, ensuring job transparency and compliance with platform management standards [1] Group 2 - BOSS Zhipin is implementing a strategy to control the publication of "real salary ranges" for job postings to create a transparent recruitment environment [1] - The company utilizes an "AI model semantic recognition + manual review" system to accurately identify violations, leveraging features such as job location and description to trace potential violators [1] - BOSS Zhipin advises job seekers to communicate and exchange contact information within the platform to avoid risks associated with third-party software [2]

新浪科技讯 12 月 17 日上午消息，今日， BOSS直聘发布《整治向求职者收费类违规专项治理公告》。 公告显示，为维护求职者合法权益，平台针对"名为招聘实则收费"的行为进行了专项治理，治理聚焦货 运司机、网约车司机、外卖骑手租车、买车，培训招生收费贷款，模卡与形象包装收费等典型违规违法 行为。 2025年11月，BOSS直聘共处置涉收费类违规违法账号1.67万个，向求职者推送超过400万次风险提示信 息。同时，BOSS直聘联合外卖平台，组织102家外卖配送企业共同签署了外卖配送领域的首个自律公 约。这些企业共同承诺，岗位真实透明、不诱导贷款购车、不收取不合理费用、遵守平台管理规范。 此外，BOSS直聘持续推进对招聘者发布岗位"真实薪资范围"管控策略的执行，为真实、干净的求职招 聘环境保驾护航。 责任编辑：江钰涵 新浪科技讯 12 月 17 日上午消息，今日， BOSS直聘发布《整治向求职者收费类违规专项治理公告》。 公告显示，为维护求职者合法权益，平台针对"名为招聘实则收费"的行为进行了专项治理，治理聚焦货 运司机、网约车司机、外卖骑手租车、买车，培训招生收费贷款，模卡与形象包装收费等典型违规违法 行为。 ...

据交易所数据显示，12月16日，BOSS直聘(BZ)开盘上涨2.25%，截至22:33，报20.48美元/股，成交 165.06万美元，总市值98.58亿美元。 财务数据显示，截至2025年09月30日，BOSS直聘收入总额61.89亿人民币，同比增长11.87%；归母净利 润20.41亿人民币，同比增长79.83%。 资料显示，看准科技有限公司成立于2014年,是目前国内平均月度活跃用户数(MAU)最大的在线招聘平 台。公司率先引入了一种改变中国在线招聘业的颠覆性模式—直聘模式。BOSS直聘的移动原生产品促 进了Boss和求职者之间的即时直接聊天,为双方提供精准的推荐,并由强大的人工智能算法和大数据洞察 提供支持。公司主要通过高度互动的BOSS直聘移动应用程序,以高效、无缝的方式连接求职者与企业端 用户,创建了一个覆盖各类求职者(白领、金领、蓝领和大学生)以及来自不同规模及行业的企业端用户 (包括雇主和专业招聘者)的活跃平台。BOSS直聘的经营理念是高度尊重求职者,并在求职过程中给予他 们更多的自主权。公司一直致力于提升用户体验,在整个招聘求职周期内为他们提供高效、直接和便利 的体验。公司的独特模式、强大的 ...

传统招聘平台增速放缓与供需落差催生变革契机 在数字化转型背景下，招聘本应借技术提质增效，但主导行业多年的B端预付费模式，却让"花钱招人"沦为高风险的"盲盒游戏"。企业预付费用却难获保 障，平台手握稳定收入而缺乏优化动力。 这场围绕付费逻辑的博弈，正催生在线招聘行业的深刻变革。杭州青荷职达科技有限公司（以下简称"青荷职达"）面向企业推出"免费为主+效果付费"的商 业模式，企业入驻可以免费发布职位、接收简历、在线沟通等一系列核心招聘功能，试图终结这场消耗行业信任的"简历游戏"。 当前，网络招聘行业的营收主要来源于B端企业付费，其模式多采用会员制，即企业在平台上发布职位或使用特定服务前需预先支付费用。 国内线上招聘龙头BOSS直聘的主要收入来源就是企业客户在线招聘服务。最新财报显示，BOSS直聘2025年第三季度营收为21.63亿元，其中对企业客户的 线上招聘服务收入为21.468亿元，占营收比超99%。值得注意的是，其付费企业客户数的增速已放缓，数据显示，截至2023年9月30日、2024年9月30日及 2025年9月30日止的十二个月内，BOSS直聘的总付费企业客户数同比增速呈现逐年放缓趋势，分别为32.4%、 ...

盈利预测与投资建议 结合三季报中需求明显回暖、但不同客群恢复节奏存在分化的情况，整体较前次报告小幅下调了盈利预 测。预计25-27年经调整净利润为26.95/30.99/33.7亿元（前次25-26年预测为31.92/37.50亿元）。估值方 面，仍采用自由现金流折现法，对应合理市值797.44亿元，按港币兑人民币0.9088折算，对应877.47亿 港元，目标价91.15港元/股，维持"买入"评级。 风险提示 利润端：高毛利结构巩固，经调整净利率再上台阶。25Q3单季，公司实现净利润7.75亿元，同比 +67.2%；经调整净利润9.92亿元，同比+34.2%，增速显著快于收入。单季毛利率约85.8%，较上年 +2.2pct，主要受高毛利的线上招聘服务占比提升，以及算法与AI工具带来合效率改善的带动。在收入 恢复的同时，公司在费用投入节奏上依然保持克制，从而带来更强的利润弹性。 分红与展望：常态化股东回报，AI与新职类拓展支撑中长期。三季度公司已完成年度股息派发，同时 于8月将股份回购计划延长至2026年8月，授权回购总额不超过2.5亿美元，"分红+回购"的股东回报框架 基本成型。业绩展望方面，公司预计25Q ...

Core Viewpoint - Haotong International initiates coverage on Boss Zhipin (02076) with an "Outperform" rating and a target price of HKD 105, highlighting its unique business model in China's online recruitment sector and the potential of GAI technology to strengthen its leading position [1] Group 1: User Growth and Market Position - The company continues to see growth in new user numbers, with an average monthly active users (MAU) of 63.8 million as of Q3 2025, representing a year-on-year increase of 10% and a quarter-on-quarter increase of 0.3% [1] - The total number of paid enterprise users increased by 13.3% year-on-year and 4.6% quarter-on-quarter, reaching 6.8 million by the end of Q3 2025 [1] - Boss Zhipin's daily active user (DAU) market share reached 43%, which is double that of the second competitor, indicating a strong market position [1] Group 2: Industry Supply and Demand Dynamics - In Q3, the company experienced its first instance in nearly three years where the average daily active users of enterprise clients outpaced that of job seekers, signaling a performance turning point [2] - Revenue from blue-collar business continues to outperform the overall platform, while the white-collar segment sees increased participation from small and medium enterprises [2] - The growth rate of new job postings in the white-collar sector has exceeded that of the same period in 2023, suggesting a positive trend for Q4 [2] Group 3: Operational Efficiency and Profitability - The company has improved operational efficiency, with estimated non-GAAP costs and operating expenses reduced by RMB 152 million in Q3, leading to an operating profit margin of 42% [3] - The company is expected to maintain prudent expense control and efficiency measures, with profit margins in Q4 projected to remain stable compared to Q3, and an overall improvement in profit margins anticipated for 2025 [3] Group 4: AI Business Development - The AI job-seeking assistant has been fully launched, resulting in a significant increase in user interaction rates [4] - The AI communication assistant has been integrated into existing commercial products, enhancing the average two-way conversion rate by 7% [4] - The company is cautiously exploring diversified AI management services and bulk recruitment solutions targeting high-end white-collar, gold-collar, and blue-collar sectors, with initial benefits being realized [4]

Core Insights - BOSS Zhipin reported Q3 2025 revenue of 2.16 billion yuan, a year-on-year increase of 13.2%, with net profit reaching 775 million yuan, driven by accelerated AI integration in recruitment and job-seeking processes [1] - The company has solidified its leading position in the market, with analysts recommending attention to the recovery of recruitment demand and advancements in AI applications [1][2] Financial Performance - Q3 revenue was 2.16 billion yuan, up 13.2% year-on-year, and net profit was 775 million yuan [1] - R&D expenditure reached 408 million yuan, surpassing sales and marketing expenses, which decreased by 24.6% to 394 million yuan [2] User Growth and Engagement - Average monthly active users (MAU) reached 63.8 million, a 10% increase year-on-year, with over 40 million new users added from January to October 2025 [2] - BOSS Zhipin's download volume ranks among the top three globally, significantly outpacing similar platforms in Europe and the US [2] AI Integration and Efficiency - AI technology is reshaping the recruitment industry, with 67% of organizations using AI in hiring, a 189% increase since 2022 [4] - AI tools can reduce recruitment time and costs by 33%, achieving an average ROI of 340% within 18 months [4] - AI capabilities have been integrated into product features, enhancing efficiency for both job seekers and recruiters [5] Job Seeker Support - The "AI Job Assistant" has become a frequently used tool, providing job recommendations, answering queries, and offering resume optimization suggestions [6] - AI features like "AI Mock Interviews" help alleviate the anxiety of inexperienced job seekers [6] Recruiter Support - AI tools such as "AI Fast Recruitment" and "AI Communication Assistant" streamline the recruitment process for small and medium enterprises [6] - The "AI Interview Summary" function provides real-time analysis and summaries of interview discussions, improving decision-making efficiency [6] Market Trends and Opportunities - The rise of the blue-collar market has opened new growth avenues, with blue-collar income reaching a historical high in Q3 [8] - The demand for high-end talent in AI and related fields has surged, with significant growth in positions like AI product managers and algorithm developers [8] Capital Market Response - BOSS Zhipin's long-term value has been recognized by major international funds, with institutions like Capital Group and BlackRock choosing to increase their holdings [9] - Future enhancements in matching efficiency and user engagement are anticipated as AI capabilities evolve [9]