Investment Rating - The industry investment rating is "Overweight" for the internet sector, maintaining a positive outlook on recruitment platforms [6]. Core Insights - The recruitment industry is showing signs of recovery driven by macroeconomic improvement and targeted policy support, with expectations for growth in the second half of 2025 [1]. - There is a notable divergence in revenue trends among leading recruitment platforms, with BOSS Zhipin experiencing a year-on-year revenue increase of 11.2% in the first half of 2025, while Zhilian and Liepin saw declines of 13.2% and 10% respectively [2]. - The recovery in payment collections and new job postings is evident, with BOSS Zhipin projected to see a year-on-year revenue growth of 14.6% in Q3 2025, indicating a positive trend [3]. - Small and medium-sized enterprises (SMEs) are driving significant growth in job postings, particularly in the blue-collar sector, with BOSS Zhipin's blue-collar revenue growth outpacing white-collar growth [4]. - The recruitment platforms are expected to see improved earnings performance in the latter half of 2025, with BOSS Zhipin's strong performance validating its competitive position and potential for valuation increase [5]. Summary by Sections Recruitment Trends - Recruitment demand is recovering, with online platforms showing a positive trend in job postings and revenue collections [1][3]. Revenue Performance - BOSS Zhipin reported a revenue of 40.3 billion in H1 2025, while Zhilian and Liepin faced declines, highlighting a shift in market dynamics [2]. Job Postings - New job postings are on the rise, with BOSS Zhipin seeing a 20% year-on-year increase in July 2025, indicating a strong recovery in recruitment demand [3]. SME Growth - SMEs are increasingly contributing to job postings, with BOSS Zhipin seeing significant growth in positions from companies with fewer than 100 employees [4]. Earnings Outlook - The earnings outlook for recruitment platforms is optimistic, with BOSS Zhipin expected to continue outperforming market expectations [5].

Core Insights - BOSS Zhipin-W (02076) saw a stock price increase of over 5%, closing at HKD 86.15 with a trading volume of HKD 9.8849 million [1] Financial Performance - For the first half of 2025, BOSS Zhipin reported total revenue of RMB 4.026 billion, a year-on-year increase of 11.19% [1] - The net profit attributable to shareholders reached RMB 1.235 billion, reflecting a significant year-on-year increase of 85.17% [1] - Revenue from online recruitment services for corporate clients increased from RMB 3.577 billion in the same period of 2024 to RMB 3.979 billion, marking an increase of 11.2% [1] - Other services revenue, primarily from paid value-added services to job seekers, rose from RMB 43.7 million in 2024 to RMB 46.7 million, a growth of 6.9% [1] User Engagement - The average monthly active users reached 60.6 million, a 19.8% increase compared to 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio stood at 25.0% for the six months ending June 30, 2025 [1] Shareholder Returns - The board approved an annual dividend policy, with the dividend amount set at approximately USD 80 million for the year [1] - A share repurchase plan of up to USD 250 million was also announced [1]

Core Viewpoint - BOSS Zhipin (02076) reported a significant increase in revenue and net profit for the first half of 2025, driven by growth in paying enterprise clients and online recruitment services [1] Financial Performance - Total revenue for the period reached 4.026 billion RMB, representing an 11.19% year-on-year increase [1] - Net profit attributable to shareholders was 1.235 billion RMB, showing an impressive 85.17% year-on-year growth [1] - Revenue from online recruitment services for enterprise clients increased from 3.577 billion RMB in the same period of 2024 to 3.979 billion RMB, a rise of 11.2% [1] - Other services revenue, primarily from paid value-added services to job seekers, grew from 43.7 million RMB to 46.7 million RMB, marking a 6.9% increase [1] User Engagement - The average monthly active users reached 60.6 million, a 19.8% increase compared to 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio stood at 25.0% for the six months ending June 30, 2025 [1] Shareholder Returns - The board approved an annual dividend policy, with the dividend amount set at approximately 80 million USD for the year [1] - A share repurchase plan of up to 250 million USD was also announced [1]

Group 1: Financial Performance - The company reported total revenue of 4.026 billion RMB for the six months ending June 30, 2025, representing a year-on-year increase of 11.19% [1] - Net profit attributable to shareholders reached 1.235 billion RMB, a significant year-on-year increase of 85.17% [1] - Basic earnings per share were 1.41 RMB [1] Group 2: Revenue Breakdown - Revenue from online recruitment services for corporate clients increased from 3.577 billion RMB in the same period of 2024 to 3.979 billion RMB, marking an increase of 11.2% [1] - Other services revenue, primarily from paid value-added services to job seekers, rose from 43.7 million RMB in 2024 to 46.7 million RMB, reflecting a 6.9% increase [1] Group 3: User Engagement - The average monthly active users reached 60.6 million, up 19.8% from 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio was 25.0% [1] - The company has strengthened its market leadership and demonstrated effective penetration into diverse user groups, including blue-collar workers, lower-tier cities, and small to medium-sized enterprises [1] Group 4: Share Buyback Plan - The board approved an extension of the existing share repurchase plan for an additional 12 months until August 28, 2026 [2] - The revised plan allows for the repurchase of up to 250 million USD of company shares, including American Depositary Shares [2]

Group 1 - The company BOSS Zhipin-W (02076) reported total revenue of 4.026 billion RMB for the six months ending June 30, 2025, representing an 11.19% year-on-year increase [1] - Shareholder net profit reached 1.235 billion RMB, marking an 85.17% increase compared to the same period in 2024 [1] - Basic earnings per share were 1.41 RMB [1] Group 2 - The increase in total revenue was primarily driven by the growth in paying enterprise clients, with online recruitment service revenue rising from 3.577 billion RMB in 2024 to 3.979 billion RMB in the reporting period, an increase of 11.2% [1] - Other services revenue, mainly from paid value-added services provided to job seekers, increased from 43.7 million RMB in 2024 to 46.7 million RMB, a growth of 6.9% [1] Group 3 - The average monthly active users reached 60.6 million, a 19.8% increase from 50.6 million in the same period of 2024 [1] - The average daily active users to monthly active users ratio was 25.0% [1] - The company has strengthened its market leadership and demonstrated the effectiveness of its strategy to penetrate a diversified user base, including blue-collar users, lower-tier cities, and small to medium-sized enterprise clients [1] Group 4 - On August 20, 2025, the board approved an extension of the existing share buyback plan, originally approved in August 2024, extending it for an additional 12 months until August 28, 2026 [2] - The company is authorized to repurchase up to 250 million USD of its shares during the extended period, including American Depositary Shares [2]

Group 1 - The company reported total revenue of 2.102 billion RMB for the second quarter ending June 30, 2025, representing a year-on-year increase of 9.69% [1] - The net profit attributable to shareholders was 716 million RMB, a significant year-on-year increase of 69.87% [1] - The basic earnings per share were 0.81 RMB [1] Group 2 - Online recruitment service revenue for enterprise clients reached 2.078 billion RMB in Q2 2025, up 9.8% from 1.893 billion RMB in the same quarter of 2024, driven by an increase in paying enterprise clients [1] - The total number of paying enterprise clients increased to 6.5 million, a 10.2% rise from 5.9 million in the twelve months ending June 30, 2024 [1] - The average monthly active users for Q2 2025 were 63.6 million, reflecting a 16.5% increase from 54.6 million in the same quarter of 2024 [1] Group 3 - The company announced an annual dividend policy with a total dividend amount of approximately 80 million USD and a share buyback plan of up to 250 million USD [2] - The CFO highlighted the dual high-quality growth in revenue and profit margins, affirming the effectiveness of the company's business model and cost control strategies [2] - The company completed a share issuance in July, raising a net amount of 2.2 billion HKD to enhance stock trading activity in the Hong Kong market [2]

Investment Rating - The report assigns a "Buy" rating for BOSS Zhipin-W (02076) with a target price based on the last closing price of 67.55 [1][16]. Core Insights - BOSS Zhipin reported a revenue of 7.356 billion yuan for 2024, representing a year-on-year growth of 23.6%, and a net profit of 1.567 billion yuan, which is a significant increase of 42.6% [3][4]. - The company achieved a strong performance in Q4 2024, with revenue of 1.824 billion yuan, up 15.4% year-on-year, and a net profit of 444 million yuan, reflecting a growth of 34.1% [3][5]. - The core growth drivers for 2024 included a substantial increase in both user scale and paying customers, with an average monthly active user (MAU) count reaching 53 million, a 25.3% increase year-on-year, and the number of paying enterprise customers rising to 6.1 million, a 17.3% increase [4][5]. Financial Performance Summary - Revenue and profit growth are driven by online recruitment services, which accounted for 98.8% of total revenue, with a year-on-year increase of 23.4% to 7.27 billion yuan [4]. - The marketing expense ratio decreased to a historical low of 28.18%, and Q4 marketing expenses fell by 1.64% to 426 million yuan, further narrowing the expense ratio to 23.38% [4]. - Research and development expenses reached 1.816 billion yuan, a 17.6% increase, supporting technological innovation and product iteration [4]. - Operating profit doubled to 1.173 billion yuan, with an operating profit margin of 15.9%, and an adjusted operating profit margin of 31.5%, marking a historical high [4]. Future Projections - For Q1 2025, the company expects revenue between 1.9 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [6]. - Projections for 2025 to 2027 include revenues of 8.726 billion, 10.212 billion, and 11.836 billion yuan, with growth rates of 19%, 17%, and 16% respectively [8][9]. - The expected net profits for the same period are 2.086 billion, 2.606 billion, and 3.220 billion yuan, with growth rates of 32%, 25%, and 24% respectively [8][9].

Investment Rating - The report assigns a "Buy" rating for BOSS Zhipin-W (02076) with a target price based on the last closing price of 67.55 [1][16]. Core Insights - BOSS Zhipin reported a revenue of 7.356 billion yuan for 2024, representing a year-on-year growth of 23.6%, and a net profit of 1.567 billion yuan, which is a significant increase of 42.6% year-on-year [3][4]. - The company achieved a strong performance in Q4 2024, with revenue of 1.824 billion yuan, up 15.4% year-on-year, and a net profit of 444 million yuan, reflecting a growth of 34.1% [3][5]. - The core growth drivers for 2024 included a significant increase in both user scale and paying customers, with an average monthly active user (MAU) count reaching 53 million, a 25.3% increase year-on-year, and the number of paying enterprise customers rising to 6.1 million, a 17.3% increase [4][5]. Financial Performance - The total market capitalization of BOSS Zhipin is 60.814 billion HKD, with a total share capital of 900 million shares [3]. - The company maintained a low marketing expense ratio of 28.18%, with Q4 marketing expenses decreasing by 1.64% year-on-year to 426 million yuan [4]. - Research and development expenses increased to 1.816 billion yuan, a 17.6% year-on-year growth, supporting technological innovation and product iteration [4]. Future Projections - For Q1 2025, BOSS Zhipin expects revenue between 1.9 billion and 1.92 billion yuan, indicating a year-on-year growth of 11.5% to 12.7% [6]. - The company forecasts revenues of 8.726 billion, 10.212 billion, and 11.836 billion yuan for 2025, 2026, and 2027 respectively, with expected growth rates of 19%, 17%, and 16% [8][9]. - The projected net profit for the same years is 2.086 billion, 2.606 billion, and 3.220 billion yuan, with growth rates of 32%, 25%, and 24% respectively [8][9].