证券研究报告 | 季报点评 gszqdatemark 2025 08 22 年 月 日 BOSS 直聘-W（02076.HK） 招聘求职供求关系改善，盈利能力持续增长 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。 用户数量与活跃度维持高位，招聘需求边际回暖。2025Q2 月均 MAU 6360 万（yoy+16.48%，qoq+10.42%），截至 2025Q2 付费企业客户达 650 万 （yoy+10.2%，qoq+1.6%），再创历史新高。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， ...

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 ...

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]