Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The recruitment supply-demand relationship is improving, leading to continuous growth in profitability. The company achieved revenue of 2.102 billion yuan in FY2025Q2, a year-on-year increase of 9.7%, and an adjusted net profit of 941 million yuan, up 30.9% year-on-year. The company expects revenue for FY2025Q3 to be between 2.13 billion and 2.16 billion yuan, representing a year-on-year growth of 11.4% to 13.0% [1] - The company is benefiting from AI empowerment, which has led to cost reduction and efficiency improvement, resulting in a gross margin of 85.37% in FY2025Q2, an increase of 1.89 percentage points year-on-year. The net profit margin has improved to 33.83%, up 12.06 percentage points year-on-year [2] - The company is deepening its penetration in blue-collar and lower-tier markets, with revenue contributions from these segments increasing year-on-year. The recruitment supply-demand relationship has improved, with new job postings for fresh graduates increasing by over 18% year-on-year during the graduation season [3] Financial Summary - For FY2025, the company expects adjusted net profits of 3.529 billion yuan, representing a year-on-year growth of 30.2%. The projected revenue for FY2025 is 8.344 billion yuan, with a growth rate of 13.4% year-on-year [5] - The company’s financial metrics indicate a projected EPS of 2.54 yuan for FY2025, with a P/E ratio of 29.5 and a P/B ratio of 4.1 [5]

Investment Rating - The report maintains a "Strong Buy" rating for BOSS Zhipin (BZ.O) [4] Core Views - BOSS Zhipin's Q2 2025 performance exceeded market expectations, with revenue of 2.1 billion yuan (+9.7%) and adjusted net profit of 950 million yuan (+30.8%) [1][8] - The company continues to see strong user growth, with a monthly active user (MAU) count of 63.6 million (+16.5%) and a total of 6.5 million paying enterprise clients (+10.2%) over the past 12 months [1][8] - The report highlights the steady recovery in the domestic recruitment industry, particularly in blue-collar and manufacturing sectors, and anticipates continued revenue and profit growth in Q3 2025 [1][8] Financial Data and Valuation - Revenue projections for 2025-2027 are 8.204 billion yuan, 9.120 billion yuan, and 10.229 billion yuan, respectively, with year-on-year growth rates of 12%, 11%, and 12% [3][11] - Adjusted net profit estimates for the same period are 2.454 billion yuan, 2.911 billion yuan, and 3.477 billion yuan, reflecting growth rates of 55%, 19%, and 19% [3][11] - The report indicates a stable gross margin of 85.4% in Q2 2025, with a significant improvement in profitability due to cost control measures [1][8] Performance Metrics - The company achieved an adjusted net profit margin of 45.0% in Q2 2025, an increase of 7.3 percentage points year-on-year [1][8] - The price-to-earnings (PE) ratio based on non-GAAP earnings is projected to decrease from 25.8 in 2023 to 13.5 in 2027, indicating improving valuation [3][12] - Return on equity (ROE) is expected to rise from 11.72% in the trailing twelve months to 15.7% by 2027 [4][12]

Core Viewpoint - The company reported a strong performance in FY2025Q1 with revenue and adjusted net profit exceeding expectations, indicating a recovery in the recruitment market post-Spring Festival [1][2]. Group 1: Financial Performance - FY2025Q1 revenue reached 1.923 billion yuan, a year-over-year increase of 12.9%, slightly surpassing previous guidance [1] - Adjusted net profit for FY2025Q1 was 764 million yuan, reflecting a year-over-year growth of 43.9% [1] - The company anticipates Q2 2025 revenue between 2.05 billion and 2.08 billion yuan, representing a year-over-year growth of 6.9% to 8.5% [1] - Gross margin for FY2025Q1 was 83.84%, an increase of 1.18 percentage points year-over-year [2] - Net profit margin improved to 26.63%, up 12.44 percentage points year-over-year, with adjusted net profit margin at 39.72%, an increase of 8.57 percentage points [2] Group 2: User and Market Trends - Monthly active users (MAU) averaged 57.6 million in FY2025Q1, a year-over-year increase of 23.6% [1] - The number of paying enterprise clients reached 6.4 million, marking a year-over-year increase of 12.3% [1] - The company is focusing on deepening penetration in blue-collar and lower-tier markets, with over 45% of new users being from the blue-collar segment [3] - Revenue contribution from blue-collar recruitment increased to over 39%, with manufacturing and urban service sectors showing growth [3] - The average number of new job postings from January to April 2025 grew by 17% to 19% year-over-year [3] Group 3: AI and Technological Advancements - The company has launched AI interview robots for the consumer side and enhanced AI explanation logic for search results [3] - On the business side, the number of companies using AI resume submission services increased by 30%, with a 25% improvement in the success rate of smart recruitment assistants [3] - AI integration is expected to further enhance average revenue per user (ARPU) in the future [3]

Investment Rating - The report maintains a "Buy" rating for the company [3][5] Core Views - The company has shown continuous improvement in profitability, with Q1 FY2025 revenue reaching 1.923 billion yuan, a year-over-year increase of 12.9%, slightly exceeding previous guidance. Adjusted net profit for the same period was 764 million yuan, up 43.9% year-over-year [1] - The number of paying enterprise clients reached a record high of 6.4 million, reflecting a 12.3% year-over-year increase, indicating a recovery in recruitment demand [1][3] - The company is focusing on deepening penetration in the blue-collar sector and lower-tier cities, with over 45% of new users being from the blue-collar segment, contributing to a rise in revenue from this area [3] Summary by Sections Financial Performance - In Q1 FY2025, the gross margin was 83.84%, with a net profit margin of 26.63%, reflecting a year-over-year increase of 12.44 percentage points [2] - The company expects revenue for Q2 FY2025 to be between 2.05 billion and 2.08 billion yuan, representing a year-over-year growth of 6.9% to 8.5% [1] User Growth and Market Trends - Monthly active users (MAU) averaged 57.6 million in Q1 FY2025, a year-over-year increase of 23.6% [1] - The recruitment market is showing signs of recovery post-Spring Festival, with an average new job postings growth of 17%-19% from January to April [3] Future Projections - The adjusted net profit is projected to reach 3.31 billion yuan in FY2025, with year-over-year growth rates of 21.9%, 8.6%, and 10.9% for FY2026 and FY2027 respectively [3][4]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has shown continuous improvement in profitability, with Q1 FY2025 revenue reaching 1.923 billion yuan, a year-over-year increase of 12.9%, slightly exceeding previous guidance. Adjusted net profit for the same period was 764 million yuan, reflecting a year-over-year growth of 43.9% [1] - The number of paying enterprises has reached a new high, indicating a recovery in recruitment demand. The average monthly active users (MAU) for Q1 FY2025 was 57.6 million, up 23.6% year-over-year and 9.3% quarter-over-quarter. The number of paying enterprise clients reached 6.4 million, marking a year-over-year increase of 12.3% [1][3] - The company is focusing on deepening its penetration in the blue-collar sector and lower-tier cities, with over 45% of new users being from the blue-collar segment. This has led to an increase in revenue contribution from blue-collar enterprises to over 39% [3] Financial Performance - For Q1 FY2025, the gross margin was 83.84%, with sales, R&D, and management expense ratios at 25.54%, 22.02%, and 13.80%, respectively. The net profit margin improved to 26.63%, with an adjusted net profit margin of 39.72% [2] - The company expects revenue for Q2 FY2025 to be between 2.05 billion and 2.08 billion yuan, representing a year-over-year growth of 6.9% to 8.5% [1] - The projected adjusted net profits for FY2025, FY2026, and FY2027 are 3.305 billion, 3.589 billion, and 3.979 billion yuan, respectively, indicating year-over-year growth rates of 21.9%, 8.6%, and 10.9% [3] Valuation Metrics - The latest diluted EPS is projected to be 2.41 yuan for FY2025, with a P/E ratio of 27.5 and a P/B ratio of 3.5 [4] - The company’s total revenue is expected to grow from 5.952 billion yuan in FY2023 to 11.126 billion yuan in FY2027, with a CAGR of approximately 16.1% [4]

Investment Rating - The industry investment rating is "Positive" (maintained) [7] Core Viewpoints - March shows slight recovery signs as it enters the traditional recruitment peak season, but the certainty of the employment market's recovery still needs to be observed [1] - The urban surveyed unemployment rate in March 2025 is 5.2%, a decrease of 0.2 percentage points month-on-month [2] - The number of new job postings increased by 20% year-on-year as of April 16, indicating a recovery in confidence [3] - In March 2025, 75 out of 81 sub-sectors experienced year-on-year growth in recruitment positions, with notable increases in domestic services, group buying/takeout, wind power equipment, electric motors, and logistics [4] - The BOSS Zhipin app's monthly active users (MAU) reached approximately 52.7 million in Q4 2024, with strong year-on-year growth rates of 17%, 25%, 30%, and 28% across the four quarters [5] Summary by Sections Macro Level - The urban surveyed unemployment rate in March 2025 is 5.2%, down by 0.2 percentage points month-on-month. The labor survey unemployment rates for different age groups are 16.5% (16-24 years), 7.2% (25-29 years), and 4.1% (30-59 years) [2] Micro Level - As of April 16, 2025, the number of new job postings increased by 20% year-on-year. In March, the number of new recruiting companies grew by 2%, and the number of new job postings increased by 17% year-on-year, indicating a continuous recovery in recruiter confidence [3][5] Industry Analysis - In March 2025, 75 out of 81 sub-sectors showed year-on-year growth in recruitment positions, with the domestic services sector leading at 113% growth, followed by group buying/takeout at 54% and wind power equipment at 46% [4][12] - The recruitment trends in various sub-sectors are still under observation, as the specific recovery points remain unclear [4] Job Seeker Trends - The BOSS Zhipin app's MAU reached approximately 52.7 million in Q4 2024, with strong growth rates of 17%, 25%, 30%, and 28% year-on-year across the quarters [5][20] - The job search interest has not shown significant improvement since November, indicating that the period from October to the Lunar New Year is traditionally not a peak time for job seeking [5] Profit Forecast and Valuation - The report includes a valuation of comparable companies in the human resources service sector as of April 18, 2025, with BOSS Zhipin's market value at 462 billion and projected revenues for 2025 at 83 billion [23]