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]

Financial Overview - Total revenues for FY25Q1 reached CNY 1,923 million, reflecting a year-over-year growth of 12.9% and slightly exceeding consensus estimates by 0.33% [1] - Gross profit was CNY 1,612 million, with a gross margin of 83.8%, indicating a year-over-year increase of 14.5% [1] - Adjusted net profit stood at CNY 764 million, representing an 11.09% increase compared to the previous year [1] User Growth and Market Dynamics - Monthly active users (MAU) reached 57.6 million, a 24% year-over-year increase, with significant contributions from blue-collar users [4] - The number of paid enterprise customers increased to 6.4 million, up 22% year-over-year, with small businesses (under 100 employees) contributing a record high to revenue [4] - The company observed a 17%-19% year-over-year growth in job postings from January to April, indicating a recovery in recruitment demand post-Chinese New Year [5] Impact of Tariff Wars - The company did not observe significant impacts from the tariff wars on recruitment supply and demand, with a steady recovery in hiring needs [5] - Job posting volumes in sectors like blue-collar recruitment (e.g., food service, retail) have shown a steady rebound since April [6] AI Developments - The company has implemented AI features to enhance user experience, including an AI interview practice tool and an AI-driven resume submission service, which has seen a 30% increase in enterprise usage [9] - AI tools have improved recruitment outcomes, with a 25% increase in hiring success rates for users [9] Future Guidance - For Q2 2025, total revenue is projected to be between CNY 2,050 million and CNY 2,080 million, reflecting a year-over-year growth of 7.0%-8.5% [3] - The company aims to focus on profit growth while cautiously advancing the scale of AI technology in recruitment processes [12]