Core Viewpoint - The integration of AI into human resource management is transforming the industry, with over 70% of surveyed companies already applying AI to enhance employee experience and recruitment efficiency [1][14]. Group 1: Industry Trends - The human resource service industry in China is expected to grow rapidly, with a projected compound annual growth rate (CAGR) of 12.7% from 2023 to 2028, driven by the deepening application of AI [1]. - The global economic recovery is leading to a significant rebound in corporate recruitment demand, benefiting companies like BOSS Zhipin [4]. Group 2: Company Performance - BOSS Zhipin reported a total revenue of 7.356 billion yuan for the year 2024, exceeding market expectations of 6.8 billion yuan, representing a year-on-year growth of 23.6% [4]. - The company achieved a fourth-quarter revenue of 1.824 billion yuan, marking a 15.4% year-on-year increase and maintaining double-digit growth for six consecutive quarters [4]. - The number of job postings on BOSS Zhipin's platform increased by 28% year-on-year, indicating a recovery in hiring demand [4]. Group 3: User and Technology Growth - BOSS Zhipin's unique "user-technology" dual-driven model has contributed to its growth, with nearly 49.5 million new users added in 2024 [5][6]. - The platform served over 225 million users and more than 16.6 million enterprises, facilitating over 1.85 billion interactions [6]. - Monthly active users (MAU) reached over 53 million, with a year-on-year growth of 25.3% [6]. Group 4: Financial Metrics - The company’s operating cash flow exceeded 800 million yuan for six consecutive quarters, with a record high of 956 million yuan in the fourth quarter [9]. - BOSS Zhipin's net profit increased by 42.6% year-on-year, with adjusted net profit reaching 2.71 billion yuan, a 25.7% increase [10]. - The adjusted operating profit margin reached a historical high of 31.5% due to improved operational efficiency [9]. Group 5: AI Integration and Innovation - BOSS Zhipin accelerated its AI initiatives in 2024, integrating its self-developed recruitment-specific large language model "Nanbeige" into its product matrix [9]. - The company invested 1.816 billion yuan in research and development, reflecting a 17.6% year-on-year increase [9]. - AI applications are expected to enhance recruitment efficiency, with companies reporting a 30% reduction in HR department workload [14]. Group 6: Market Outlook and Investor Sentiment - Despite a year-to-date stock price increase of over 32%, BOSS Zhipin's shares remain at historically low levels, indicating potential for future growth [12]. - Major global investment firms, including Goldman Sachs and Morgan Stanley, have issued buy/hold ratings for BOSS Zhipin, reflecting positive market sentiment [12][13]. - The company projects a revenue growth of 11.5%-12.7% for Q1 2025, with net profit margin targets set between 22%-25% [13].