中金发表研报指，BOSS直聘次季收入21亿元，按年增长9.7%，小幅超出该行预期；非通用会计准则净 利润9.46亿元，高于预期，主要是毛利率表现较好，销售、研发费用率控制得当。第三季收入指引为 21.3亿至21.6亿元，符合预期。 中金维持对BOSS直聘今年及明年收入预测不变，基于公司费控得当，分别上调其非通用会计准则净利 润预测8%及6%，至35.2亿及37.5亿元。该行上调其美股目标价9.5%至23美元，维持"跑赢行业"评级， 认为招聘需求持续改善，公司费用控制超预期。 ...

证券研究报告 | 2025年08月21日 BOSS 直聘（BZ.O） 优于大市 经营利润率创季度新高，下一季度收入展望提速 2025Q2 收入同增 9.7%超出管理层指引，预计下一季度现金收款有望提速。 2025Q2，公司实现收入 21.02 亿元/+9.7%，超出管理层指引（6.9-8.5%）； Non-GAAP 经营利润 8.81 亿元/+33.5%；Non-GAAP 归母净利润 9.46 亿元 /+18.2%。2025 年第二季度，公司实现现金收款 20.62 亿元/+5.7%，延 续年初以来稳步复苏态势，考虑到 2024 年三季度基数较低以及渐进复 苏的招聘大环境，我们预计下一季度公司现金收款增速有望提速。 分业务看，企业线上招聘业务（B 端）收入 20.78 亿元/+9.8%，截至 2025 年 6 月底，过去 12 个月付费企业客户数为 650 万，同比+10.2%，付费 企业数续创历史新高；过去 12 个月平均 ARPU 值为 1180 元，同比+3.4%， 各类型客户支付意愿稳步上行；其他业务（主要系为求职者提供付费增 值服务）实现收入 2483 万元/+3.4%，二季度月活求职者数为 636 ...

花旗发表研究报告指，BOSS直聘第二季业绩表现稳健，收入及盈利胜预期，宣派股息及新股份回购计 划属正面。花旗将其2025至2027年盈利预测分别上调5%、4%及3%，美股目标价从21美元上调至26美 元，维持"买入"评级。(格隆汇) Boss直聘(BZ.US)盘前续涨超3.2%，报22.8美元；该股昨日收涨约4.8%。 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，同比增加11.19%；股东应占净 利润12.35亿元，同比增加85.17%。期内平均月活跃用户达6060万，比2024年同期内的5060万增长 19.8%。此外，董事会批准年度股息政策，确定本年度股息金额约为8000万美元；同时将现有股份回购 计划延长12个月至2026年8月底，期间公司将回购最多为2.5亿美元(此前计划为1.5亿美元)的股份。 ...

每年，数百万求职者都会仔细研读招聘启事，精心调整简历，力求匹配雇主所宣称看重的特定技能与资 质。与此同时，招聘经理们一场接一场地进行面试，坚信自己能有效地评估候选人是否符合要求。 但倘若这种关于招聘运作方式的基本假设是错误的呢？ 如今，我们首次能够用数据而非猜测来回答这个问题。得益于面试录音与转录技术的进步，我们现在得 以窥探招聘的 "黑匣子"，了解候选人和面试官坐在一起时究竟发生了什么。结果揭示出一种脱节现 象，这可能正在影响各个行业的招聘决策。 这些结果源自BrightHire与哈佛商学院 "管理未来工作" 项目近期联合开展的一项全面分析，该分析涵盖 了44家公司1311个职位的23000份面试转录文本。分析发现，尽管招聘启事犹如详细路线图，指明雇主 所宣称的需求，但面试过程却常常偏离正轨。更值得注意的是，随着人工智能以前所未有的速度重塑技 能格局，各公司在很大程度上未能评估候选人是否具备任何人工智能相关经验。 系统性评估的错觉 最初的数据看似令人安心。仅一轮面试后，招聘启事中列出的技能，近80% 都被提及。到第二轮面试 时，这一比例攀升至91%。表面上看，这表明招聘流程按预期运作，即依据明确定义的标准系 ...

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）。 来源：金融界 截至2025年6月30日止12个月的总付费企业客户为650万，较截至2024年6月30日止12个月的590万增加 10.2%。 2025年第二季度的平均月活跃用户为6360万，较2024年同季度增加16.5%。 公司目前预期2025年第三季度总收入介于人民币21.3亿元至人民币21.6亿元之间，同比增加11.4%至 13.0%。 8月21日消息，周三盘前，BOSS直聘发布2025第二季度财报业绩报告。数据显示，2025年第二季度，公 司实现营收21.02亿元，同比上涨9.7%。长期以来，公司收入结构以招聘端为主，占比达到99%。第二 季度，来自招聘端的收入为20.78亿元，同比上涨9.8%。2025年第二季度的经营利润为人民币6.51亿元 （9090万美元），较2024年同季度增加81.6%。2025年第二季度的经调整经营利润为人民币8.809亿元 （1.23亿美元），较2024年同季度增加3 ...

Core Viewpoint - BOSS Zhipin reported strong growth in user base, revenue, and profitability for Q2 2025, driven by improvements in the recruitment market and the application of AI technology across its operations [1][3][6] Financial Performance - In Q2 2025, the company achieved revenue of 2.102 billion yuan, a year-on-year increase of 9.7%, surpassing market expectations [1] - Revenue from the recruitment segment was 2.078 billion yuan, up 9.8% year-on-year [1] - Net profit reached 710 million yuan, showing significant growth, while adjusted operating profit was 880 million yuan, reflecting a 33.4% increase year-on-year [3] User Growth and Engagement - As of June 30, 2025, the number of paid enterprise clients reached 6.5 million, a year-on-year increase of 10.2% [1] - The average monthly active users (MAU) for the app rose to 63.6 million, a 16.5% increase year-on-year [1] AI Integration and Development - The company continues to enhance its AI capabilities, applying AI in product development, customer service, and operational efficiency [3][7] - The number of users utilizing AI tools for job searching and recruitment is on the rise, with AI-driven features improving user experience and efficiency [3][4] - AI tools are being used to optimize job postings and assist in candidate matching, with a focus on enhancing rather than replacing human roles [4][6] Market Outlook - Multiple institutions, including Goldman Sachs and Morgan Stanley, have positive outlooks on BOSS Zhipin, citing the potential of AI technology to enhance business development and user experience [6] - International long-term investors have increased their holdings in BOSS Zhipin during Q2 [6] Security Enhancements - The security team has intensified the use of AI to improve risk control capabilities, enhancing the identification of violations and improving user safety [7] - AI is being utilized for daily inspections and risk alerts, providing timely notifications to users [7]

BOSS直聘-W(02076)发布截至2025年6月30日止第二季度的未经审计财务业绩，期内实现总收入21.02亿 元(人民币，下同)，同比增加9.69%;股东应占净利润7.16亿元，同比增加69.87%;每股基本净利润0.81 元。 公告称，2025年第二季度的对企业客户的线上招聘服务收入为20.78亿元，较2024年同季度的18.93亿元 增加9.8%。该增加主要受付费企业客户的增长所带动。 据悉，截至2025年6月30日止十二个月的总付费企业客户为650万，较截至2024年6月30日止十二个月的 590万增加10.2%。2025年第二季度的平均月活跃用户为6360万，较2024年同季度的5460万增加16.5%。 公司创始人、董事长兼首席执行官赵鹏先生表示："今年二季度，我们继续保持行业领先的用户增长态 势。随着近期招聘市场需求持续回暖，平台用户生态不断改善，企业端用户活跃度和付费客户规模也实 现了可观的增长。我们持续深化AI在技术、产品、商业及运营等各领域的融合和应用探索，在提升用 户体验、商业产品服务能力、平台运营管理效率等方面均取得了积极的进展。 本公司积极重视股东回报，董事会批准了本公司的年度股 ...

我发现所有出海东南亚的朋友，都在和我抱怨：招人很难。 我当时并不理解这句话，直到我自己注册公司开始招聘时，才意识到，这边的招聘到底和中国有什么区别。 这是我上个星期的面试记录，一共15个面试，我这一个月几乎天天忙招聘，加上电话沟通，初筛，应该不下100个简历，覆盖人群从马来人到华人，瑞典人 再到新加坡人。 我觉得我的招聘经验应该比绝大多数老板要高得多得多。 很简单，因为我们交付的是智力产品，既不是商品，也不是固定的服务，所以导致我们需要大量和首选人进行沟通。不瞒大家说，每个线下面试基本上1个 小时起步，有时候聊high了，甚至到2个小时，并且全程英文交流，难度可想而知。 坦白来说，只要你在当地开展业务，不论你经营什么业务，什么公司，都不可避免会遇到招人的问题。 而招人是中国企业在这边遇到最大的问题之一。 我自己花了1个月研究外加和认识的马来HR交流沟通，基本上总结出一些招聘技巧和方法，如果觉得有用，可以先收藏。 首先是招聘渠道。 以马来西亚为例，这边主流的招聘渠道是job street，也是全马最大的综合类招聘平台。它的界面和传统的招聘网站区别不大，有些类似boss直聘，区别在 于，它不是以牛皮癣广告位为主， ...

Financial Data and Key Metrics Changes - For Q2 2025, the company reported revenue of $35.5 million, a slight decrease year over year in constant currency, while adjusted net revenue increased by 5.1% year over year in constant currency to $18.6 million [5] - Adjusted EBITDA for Q2 was $1.3 million, improving from $700,000 a year ago, while the net loss was $700,000 or $0.23 per diluted share compared to a net loss of $400,000 or $0.15 per diluted share in the same period last year [5] - On an adjusted basis, Q2 2025 adjusted net income per share was $0.12 compared to net income of $0.04 in the second quarter of last year [5] Business Line Data and Key Metrics Changes - Revenue for the Americas business increased by 2%, while adjusted net revenue decreased by 1% year over year in constant currency, with adjusted EBITDA of $700,000 compared to $600,000 last year [7] - Asia Pacific revenue decreased by 3%, but adjusted net revenue increased by 17% year over year in constant currency, with adjusted EBITDA rising to $1.9 million from $800,000 a year ago [7] - EMEA revenue increased by 6% year over year in constant currency, while adjusted net revenue decreased by 9%, resulting in an adjusted EBITDA loss of $400,000 compared to a gain of $300,000 in the previous year [8] Market Data and Key Metrics Changes - The company ended Q2 2025 with $17.5 million in cash, including $700,000 of restricted cash, and reported a cash flow from operations inflow of $100,000 compared to an outflow of $4.3 million in the previous year [10] - Days sales outstanding remained unchanged at 56 days as of June 30, 2025 [9] Company Strategy and Development Direction - The growth strategy focuses on organic expansion, targeted bolt-on acquisitions, and cross-regional service integration initiatives to broaden the client base and extend geographic footprint [6] - Recent strategic transactions include the acquisition of Alpha Consulting Group to enter the Japanese market and the integration of Mackenzie's CMO Group to enhance brand strategy and talent engagement capabilities [13] - The company is committed to investing in high-impact areas that deliver long-term value to clients and shareholders, with a focus on expanding geographical reach and service offerings [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business turning a corner, with expectations for continued growth through the end of 2025 and into 2026 despite a mixed macro environment for talent [6] - The company is well-positioned for strong future growth and aims to outperform peers, with operational improvements expected to strengthen bottom-line performance [15] - Management highlighted the importance of the upcoming merger with Star Equity, which is anticipated to deliver significant value through greater scale and enhanced revenue diversification [15] Other Important Information - The company invested approximately $1.4 million in sales, marketing, and technology above maintenance levels to enhance future growth [6] - The merger with Star Equity is scheduled for a special meeting on August 21, 2025, and shareholders are encouraged to vote in favor [15] Q&A Session Summary Question: What led to higher margins in Asia? - Management indicated that the previous year's revenue was depressed due to a slowdown in hiring in the financial sector, and the current results reflect a return to normal activity levels [20] Question: What contributed to revenue growth in the Americas despite a poor jobs report? - Management attributed growth to new logo sales and a land and expand strategy, which has seen an increase in clients and service offerings [22] Question: What explains the outperformance in Europe? - Management noted traction from investments in the Middle East and an uptick in boutique executive search services, contributing to revenue growth [25] Question: Is the ACG acquisition immediately accretive to the bottom line? - Management expects immediate revenue growth from the ACG acquisition but indicated it would be roughly breakeven initially due to the previous struggles of the acquired business [39] Question: What are the capital allocation priorities post-merger? - The top priority is to make profitable investments in existing businesses, followed by potential bolt-on acquisitions and share buybacks once the merger is completed [57]

Financial Data and Key Metrics Changes - The company experienced a return to growth in net fee income, with a 0.1% year-on-year increase on a constant currency like-for-like basis, indicating modest growth despite macro pressures [3][4] - Reported net fee income declined by 8% to £23.4 million, primarily due to foreign exchange headwinds and strategic business exits [5] - Adjusted operating profit grew by 55% on a constant currency like-for-like basis and 70% on a reported basis, reaching £1.7 million, leading to a reduction in adjusted diluted loss per share to 0.8p [5][6] Business Line Data and Key Metrics Changes - In the US, net fee income increased by 38% year-on-year, driven mainly by healthcare services [4][15] - Offshore services saw a net fee income increase of 11% on a constant currency like-for-like basis, with adjusted profit rising to £3.2 million [16][17] - The UK experienced a 9% decline in net fee income, although permanent placements improved by 31% [14][15] Market Data and Key Metrics Changes - The UK market remains challenging, with a significant drop in temporary contracts by 19% due to a key client moving to an MSP relationship [14] - In Asia, net fee income fell by 20%, reflecting a lag in market recovery compared to Europe and the US [20] - Chile and Peru showed strong growth, with net fee income up 25%, while Germany and Austria faced challenges with a 13% decline [18] Company Strategy and Development Direction - The company is focused on diversifying service offerings and client bases in offshore services to accelerate growth and improve resilience [7][8] - Investments in sales training and brand transformation are prioritized to enhance market positioning and client experience [8][10] - Non-core asset divestments are progressing well, with multiple active discussions underway [10][22] Management's Comments on Operating Environment and Future Outlook - Management expressed encouragement from the directional improvements in core operations despite mixed market conditions [5][22] - There are limited signs of market recovery, and the company is maintaining a focus on improving performance within the current environment [22] - The company believes it is well-positioned to continue delivering improved performance in the second half of the year [23] Other Important Information - Net debt increased to $16.1 million, primarily due to adverse foreign exchange movements, but average net debt remained stable at $15.1 million [6][12] - Cost controls have been effective across the group, reducing the impact of declining net fee income on profits [21] Q&A Session Summary Question: What does the company feel is needed to return the UK business to profitability? - Management noted that the UK has made good progress despite market headwinds and is investing in sales teams and exploring new growth areas [26][27] Question: Is there further upside from cost optimization initiatives in non-core operations? - Management indicated that significant cost optimization has already been implemented, and further actions would depend on market conditions [28][29]