11月18日，在线招聘平台BOSS直聘（NASDAQ:BZ，HK:2076）正式发布了2025年第三季度财务业绩。 财报显示，第三季度实现营收21.6亿元，同比上涨13.2%；净利润达到7.75亿元。同时，AI大模型驱动 的产品功能在招聘端与求职端的渗透加快。 在AI技术加快渗透招聘与求职双端的当下，BOSS直聘在AI方向的潜力，正在转化为实实在在的经营效 率与市场壁垒。 11月23日，国信证券发布研报称，BOSS直聘龙头地位稳固，建议关注招聘需求恢复态势以及 AI 应用 进展，维持BOSS直聘"优于大市"评级。11月19日，招商证券（香港）在报告中提到，招聘需求增强、 AI产品进展推动收入进一步增长及成本节约、海外发展积极等因素将成为公司发展的催化剂。东吴证 券、华泰证券等也给予BOSS直聘"买入"评级。 研发超营销：靠技术驱动平台用户增长 数据显示，第三季度BOSS直聘研发投入达到4.08亿元，销售与营销费则同比大幅下降24.6%，缩减至 3.94亿元。公司研发费用首次超越营销费用，成为公司最大的单项支出。 值得一提的是，在大幅削减营销预算的情况下，BOSS直聘的用户规模并未萎缩，反而保持了健康增 长。第 ...

Core Viewpoint - BOSS Zhipin's Q3 2025 financial report indicates a revenue of 2.16 billion yuan, reflecting a year-on-year growth of 13.2%, amidst a recovering job market driven by macroeconomic factors and AI technology integration [1][3]. Group 1: Market Trends - The overall recruitment market is recovering, with blue-collar jobs and lower-tier markets emerging as new growth engines, while AI technology is enhancing efficiency for both users and companies [3][4]. - The national employment situation is improving, with the urban survey unemployment rate dropping to 5.1% in October, signaling a positive trend in job demand [4]. - BOSS Zhipin reported a 25% year-on-year increase in new job postings in Q3, with a notable shift where the number of active users on the employer side surpassed that of job seekers for the first time in three years, indicating improved supply-demand dynamics [4][6]. Group 2: Sector Performance - Blue-collar job performance is particularly strong, with manufacturing leading revenue growth for five consecutive quarters, and significant activity in transportation, logistics, and service industries [6]. - The income share of blue-collar jobs reached a historical high of 38% in Q3 2025, with a year-on-year growth of approximately 16%, outpacing white-collar sectors [6]. - Government initiatives aimed at stabilizing employment have led to increased demand for service sector jobs, with notable growth in positions such as kitchen staff and general laborers [6][7]. Group 3: Operational Efficiency - BOSS Zhipin's sales and marketing expenses decreased by 24.6% year-on-year to 394 million yuan, while the average monthly active users reached 63.8 million, reflecting a healthy expansion in user base [8]. - The company’s R&D investment in Q3 amounted to 408 million yuan, surpassing sales expenses, indicating a focus on AI and technology for product development and safety governance [8][9]. - The net profit for Q3 was 775 million yuan, with operating cash flow of 1.174 billion yuan, showcasing strong profitability and risk resilience [9]. Group 4: AI Integration - AI technology is transforming the recruitment process, with BOSS Zhipin launching an AI job assistant that enhances user interaction and improves job matching efficiency [11][12]. - The AI tools are designed to assist HR in efficiently screening candidates and automating responses to common inquiries, significantly improving recruitment speed and quality [11][12]. - The application of AI in internal management has led to reduced development cycles and improved service quality, while also enhancing safety measures against recruitment fraud [12][13]. Group 5: Future Outlook - The recruitment industry is entering a new cycle driven by policy support, consumer recovery, and industrial upgrades, with AI technology providing unprecedented efficiency [13]. - BOSS Zhipin's financial results serve as a roadmap for industry transformation, highlighting the potential for growth in blue-collar and lower-tier markets, as well as the shift from information matching to intelligent decision-making in recruitment [13]. - The ongoing evolution of AI models and regional economic revitalization is expected to create new structural opportunities in the recruitment sector [13].

Core Insights - BOSS Zhipin reported steady growth in revenue, profit, and user base in Q3 2025, driven by a recovering recruitment market and increased penetration in blue-collar and lower-tier cities [2][3][12] - The company emphasized the importance of operational efficiency and technological investment, which have begun to yield positive results [2][11] Financial Performance - In Q3 2025, BOSS Zhipin achieved revenue of 2.16 billion yuan, a year-on-year increase of 13.2% [2] - The number of paid enterprise clients reached 6.8 million, reflecting a 13.3% year-on-year growth [2] - Net profit for Q3 2025 rose to 775 million yuan, supported by a reduction in sales and marketing expenses by 24.6% [12] Market Trends - Recruitment demand has shown a steady increase, with the number of new job postings rising by 25% year-on-year in Q3 [2][3] - Blue-collar income growth continues to lead, with manufacturing showing the highest growth rate among sectors [3] AI Integration - The company has accelerated the integration of AI technologies in recruitment processes, enhancing efficiency in matching and communication [9][10] - AI tools, such as the job-seeking assistant and interview simulation tools, have seen increased usage, contributing to higher engagement rates among users [9] User Engagement - The average monthly active user count reached 63.8 million, a 10% year-on-year increase [12] - The platform's user base in the blue-collar segment has grown significantly, with a notable "snowball effect" enhancing its competitive edge [6] Safety and Governance - BOSS Zhipin has strengthened its safety governance framework, implementing an "AI + human" dual governance system to address risks such as recruitment fraud and harassment [13] - The company has actively collaborated with law enforcement, assisting in the resolution of 58 cases and the arrest of 607 suspects this year [13]