Core Insights - The company reported a revenue of 2.102 billion yuan for FY2025Q2, representing a year-over-year increase of 9.7%, slightly exceeding previous guidance [1] - Adjusted net profit for FY2025Q2 reached 941 million yuan, marking a year-over-year growth of 30.9% [1] - The company anticipates revenue for FY2025Q3 to be between 2.13 billion and 2.16 billion yuan, indicating a year-over-year growth of 11.4% to 13.0% [1] Financial Performance - The gross margin for FY2025Q2 was 85.37%, an increase of 1.89 percentage points year-over-year [2] - The net profit margin improved to 33.83%, reflecting a year-over-year increase of 12.06 percentage points, while the adjusted net profit margin was 44.75%, up 7.26 percentage points year-over-year [2] - Sales, R&D, and management expense ratios were 19.97%, 19.79%, and 14.79% respectively, with sales and R&D expenses decreasing due to cost control and AI efficiencies [2] Market Trends - The contribution from blue-collar workers and lower-tier markets has increased, with significant growth in revenue from small and medium enterprises [3] - The service industry saw accelerated growth in Q2, while the internet sector showed a notable recovery, with active job postings reaching a new high since 2021 [3] - The company’s AI capabilities are enhancing job matching and candidate support, with daily assistance for thousands of job postings [3] Investment Outlook - The macro recruitment demand is showing signs of recovery, and the company's profitability is expected to continue improving [3] - Projected adjusted net profits for 2025-2027 are 3.53 billion, 3.84 billion, and 4.30 billion yuan, reflecting year-over-year growth rates of 30.2%, 8.8%, and 11.9% respectively [3]