机构：国盛证券 研究员：顾晟/阮文佳 业绩概况：FY2025Q2 实现营收21.02 亿元（yoy+9.7%），略超此前业绩指引；经调整净利润9.41 亿元 （yoy+30.9%）。此外，公司预计2025Q3将实现营收21.3~21.6 亿元，同比增长11.4%~13.0%。2025Q2 宏观招聘需求持续恢复，招聘求职供求关系改善，有望推动后续季度持续复苏。 2025Q2 面向B 端的在线招聘服务营收实现20.78 亿元（yoy+9.8%），主要受益于付费企业用户数增 长，其中小微企业收入贡献显著，规模小于20 人的企业收入贡献占比接近20%。面向C 端的以候选人增 值服务为主的其他服务业务受益于用户基础扩大延续增长态势，2025Q2 实现营收2480 万元 （yoy+3.3%）。 AI 赋能下持续降本增效，利润水平超预期。公司2025Q2 毛利率达85.37%（ yoy+1.89PCTs ） ， 销售/ 研发/ 管理费用率分别为19.97%/19.79%/14.79%，同比-8.47/-3.36/+1.17PCTs，其中销售费用率随营销费 用管控有所下降，研发费用率下降主要是由于AI 赋能下云服务费下降，管 ...

证券研究报告 | 公司点评报告 2025 年 08 月 21 日 BOSS 直聘（BZ.O） 费用优化提速利润释放，业绩表现超市场预期 消费品/商业 8 月 20 日，BOSS 直聘发布 25Q2 业绩，公司 2025Q2 实现营收 21.0 亿元 /+9.7%，经调整归母净利润 9.5 亿元/+30.8%，整体收入与指引基本一致，符合 市场预期，业绩表现超市场预期；25Q2 公司用户维持强劲增长， MAU（平均 月活跃用户）为 6360 万人/+16.5%，过去 12 个月付费企业客户总数为 650 万 /+10.2%。考虑到 25Q2 以来国内招聘行业需求稳步复苏，蓝领/制造业招聘 5 月以来边际回暖，小微企业加速恢复，叠加公司持续推进成本管控和降本增效， 看好 Q3 公司收入及业绩继续保持同比增长，我们小幅上调全年利润预期，维 持"强烈推荐"评级。 % 1m 6m 12m 绝对表现 16.9 43.4 58.5 相对表现 13.3 33.4 15.7 资料来源：公司数据、招商证券 -40 -20 0 20 40 60 Aug-24 Dec-24 Apr-25 % BOSS直聘 MSCI中国(美元) 相关 ...

BOSS直聘-W(02076)涨超5%，截至发稿，涨5.71%，报86.15港元，成交额988.49万港元。 此外，截至2025年6月30日止六个月内，集团的平均月活跃用户达到了6060万，比2024年同期内的5060 万增长了19.8%。截至2025年6月30日止六个月内，集团的平均日活跃用户╱月活跃用户达到25.0%。此 外，董事会批准了公司的年度股息政策，并确定本年度股息金额约为8000万美元；同时宣布了一期不超 过2.5亿美元的股份回购计划。 消息面上，BOSS直聘发布2025年中期业绩，期内实现总收入40.26亿元(人民币，下同)，同比增加 11.19%；股东应占净利润12.35亿元，同比增加85.17%。公告称，总收入增加主要是受付费企业客户增 长所推动。具体而言，对企业客户的线上招聘服务收入2024年同期的35.77亿元增加11.2%至报告期内的 39.79亿元。其他服务(主要包括向求职者提供的付费增值服务)收入2024年同期的4370万元增加6.9%至期 内的4670万元。 ...

8月20日，BOSS直聘(BZ)盘中上涨2.28%，截至22:42，报21.55美元/股，成交4353.71万美元，总市值 102.97亿美元。 财务数据显示，截至2025年03月31日，BOSS直聘收入总额19.23亿人民币，同比增长12.88%；归母净利 润5.18亿人民币，同比增长111.53%。 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、强大的技术能力、积累的 ...

Kanzhun (BZ) Q2 2025 Earnings Call August 20, 2025 08:00 AM ET Speaker0Ladies and gentlemen, thank you for standing by, and welcome to the Kalsyang Limited Second Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms.Wenbe Wang, Head of Investor Relations. Please go a ...

截至2025年6月30日止六个月内，集团的平均月活跃用户达到了6060万，比2024年同期内的5060万增长 了19.8%。截至2025年6月30日止六个月内，集团的平均日活跃用户╱月活跃用户达到25.0%。集团不仅 进一步巩固了市场领先地位，更通过蓝领用户、低线级城市及中小企业客户占比的提升，验证了平台向 多元化用户群体渗透的战略成效和持续的增长空间。 于2025年8月20日，董事会批准对2024年8月通过的现有股份回购计划的修订，将该计划延长12个月至 2026年8月28日，并授权于经延长12个月期间回购不超过2.5亿美元的公司股份(包括美国存托股)。 公告称，总收入增加主要是受付费企业客户增长所推动。具体而言，对企业客户的线上招聘服务收入 2024年同期的35.77亿元增加11.2%至报告期内的39.79亿元。其他服务(主要包括向求职者提供的付费增 值服务)收入2024年同期的4370万元增加6.9%至期内的4670万元。 BOSS直聘-W(02076)发布截至2025年6月30日止六个月的中期业绩，期内实现总收入40.26亿元(人民 币，下同)，同比增加11.19%;股东应占净利润12.35亿元，同比 ...

Group 1 - BOSS Zhipin (BZ) opened at $20.53 per share, up 2.09%, with a trading volume of $116 million and a total market capitalization of $9.81 billion as of August 8 [1] - As of March 31, 2025, BOSS Zhipin reported total revenue of 1.923 billion RMB, a year-on-year increase of 12.88%, and a net profit attributable to shareholders of 518 million RMB, reflecting a significant year-on-year growth of 111.53% [1] Group 2 - BOSS Zhipin is set to disclose its fiscal year 2025 mid-term report on August 27, with the actual disclosure date subject to company announcements [2] - Founded in 2014, BOSS Zhipin is currently the largest online recruitment platform in China by average monthly active users (MAU) [2] - The company has pioneered a disruptive "direct hiring" model in the Chinese online recruitment industry, facilitating instant communication between employers and job seekers through its mobile-native application [2] - BOSS Zhipin's operational philosophy emphasizes respect for job seekers, providing them with greater autonomy during the job search process [2] - The company's unique model, strong technological capabilities, and vast data accumulation are expected to create sustainable barriers in the industry and drive further scalable growth [2]

Core Viewpoint - BOSS Zhipin (BZ) shows positive financial performance with significant revenue and profit growth, indicating a strong market position in the online recruitment industry [1][2]. Financial Performance - As of March 31, 2025, BOSS Zhipin reported total revenue of 1.923 billion RMB, representing a year-on-year growth of 12.88% [1]. - The company's net profit attributable to shareholders reached 518 million RMB, marking a substantial year-on-year increase of 111.53% [1]. Company Overview - Founded in 2014, BOSS Zhipin is currently the largest online recruitment platform in China by average monthly active users (MAU) [2]. - The company pioneered a disruptive "direct hiring" model in the Chinese online recruitment industry, facilitating instant communication between employers and job seekers through its mobile-native application [2]. - BOSS Zhipin's platform connects a diverse range of job seekers (including white-collar, gold-collar, blue-collar workers, and students) with employers from various industries and sizes [2]. - The company's operational philosophy emphasizes respect for job seekers and aims to provide them with greater autonomy during the job search process [2]. - BOSS Zhipin is committed to enhancing user experience by offering efficient, direct, and convenient services throughout the recruitment cycle [2]. - The unique business model, strong technological capabilities, and vast data accumulation create sustainable barriers for the company, paving the way for further scalable growth [2].

Market Performance - The three major U.S. stock indices closed higher, with the Dow Jones up 0.52%, the S&P 500 up 0.54%, and the Nasdaq up 0.74% [1] - Major tech stocks mostly rose, with Microsoft up over 1%, Nvidia up nearly 1%, Google up 0.33%, and Amazon up 0.31%. However, Apple fell 0.07%, Facebook down 0.21%, and Tesla down 0.7% [1] - Popular Chinese concept stocks mostly increased, with Linklogis up over 10%, NIO up over 6%, Li Auto up over 6%, Legend Biotech up nearly 6%, and Daqo New Energy up over 5%. On the downside, Hesai Technology fell over 8%, Brainstorm Cell Therapeutics down over 2%, BOSS Zhipin down over 1%, and Trip.com down over 1% [1] - European stock indices also closed higher, with Germany's DAX up 1.51%, France's CAC40 up 1.29%, and the UK's FTSE 100 up 0.52% [1] Commodity Prices - International precious metal futures closed mixed, with COMEX gold futures down 0.41% at $3345.40 per ounce, while COMEX silver futures rose 0.83% to $38.44 per ounce [1] - International oil prices surged, with the main U.S. oil contract up 1.72% at $66.31 per barrel, and the main Brent crude contract up 1.55% at $69.58 per barrel [1] - London base metals closed higher, with LME zinc up 0.98% at $2737.50 per ton, LME tin up 0.83% at $33,070.00 per ton, and LME copper up 0.45% at $9678.00 per ton [1] Bond Yields - U.S. Treasury yields were mixed, with the 2-year yield up 1.06 basis points at 3.896%, the 3-year yield up 0.83 basis points at 3.872%, and the 5-year yield up 0.01 basis points at 3.989%. The 10-year yield fell 0.80 basis points to 4.449%, while the 30-year yield decreased by 0.53 basis points to 5.007% [1] - European bond yields mostly declined, with Germany's 10-year yield down 1.3 basis points at 2.672%, Italy's 10-year yield down 0.8 basis points at 3.532%, and Spain's 10-year yield down 0.6 basis points at 3.288%. The UK's 10-year yield rose by 1.5 basis points to 4.653%, while France's 10-year yield remained unchanged at 3.377% [1]

Core Insights - The report highlights the growing trend of live-streaming job recruitment in the blue-collar sector, driven by digital technology and public service integration, with significant potential for employment services [1][3] - The online recruitment market globally has reached a scale of billions, with an expected annual compound growth rate of 15% over the next decade [1][3] - The live-streaming recruitment model has emerged as a key strategy for companies to reduce hiring costs and improve employee retention rates [3][6] Industry Developments - The blue-collar workforce faces challenges such as low efficiency in supply-demand matching and high recruitment costs, prompting a shift towards digital recruitment solutions [3][6] - Companies like GoerTek and Meituan have adopted live-streaming as a regular recruitment method, significantly increasing their outreach to potential employees in lower-tier cities [5][6] - The government has recognized the importance of live-streaming technology in employment services, with initiatives launched as early as July 2020 to promote live-streaming recruitment [5][6] Technological Innovations - Kuaishou's "Kuaipin" service has rapidly scaled, with over 2.5 billion users seeking job opportunities monthly and nearly 550,000 live-streaming sessions conducted in 2023 [6][8] - The platform is leveraging AI technology to enhance recruitment efficiency, including features like intelligent dialogue and precise filtering of job seekers [8][12] - The introduction of the "live-streaming recruitment specialist" profession reflects the growing recognition of this new job category, with over 400,000 individuals engaged in live-streaming recruitment [6][8] Market Impact - Live-streaming recruitment has improved efficiency in the hiring process and addressed structural employment issues, becoming a new digital recruitment product following traditional methods [7][12] - The model allows for real-time interaction and precise matching between job seekers and employers, breaking geographical and temporal barriers [7][12] - Various regions in China are innovating in live-streaming recruitment practices, with collaborations between government, third-party agencies, and educational institutions to enhance service delivery [10][11]