Financial Performance - In Q3 2025, the company generated total revenue of RMB 2.16 billion, representing a year-on-year increase of 13.2% [6][46] - Adjusted operating profit reached RMB 900 million, up 49.3% year on year [6] - GAAP net profit was RMB 780 million, a 67.2% increase year on year, with a net profit margin of 35.8% [8][50] - Share-based compensation expenses decreased by 21% year on year to RMB 220 million [8][47] - Net cash provided by operating activities was RMB 1.2 billion, up 45% year on year [51] Business Line Performance - The average verified monthly active users (MAU) on the BOSS Zhipin app reached 63.82 million, with over 40 million newly verified users acquired from January to October [10] - Newly posted job positions increased by 25% year on year, indicating a rebound in enterprise-side demand [12] - The number of paid enterprise customers grew by 13.3% year on year to 6.8 million [16][46] Market Performance - Blue-collar revenue growth led the sectors, with manufacturing industries showing the highest revenue growth for five consecutive quarters [19] - Participation from small and medium-sized enterprises in the white-collar industry increased, with a stable average spending per customer [28] - Demand in tier-one cities is rebounding, while revenue contribution from tier-three cities continues to rise [29] Company Strategy and Industry Competition - The company is focusing on integrating AI into its products and operations, with significant progress in AI Job Search Assistant and AI interview features [30][31] - The strategy includes improving the online job search environment for blue-collar workers and developing a user scale of double-sided users [20][26] - The competitive landscape is evolving, with traditional recruitment platforms facing pressure from AI companies entering the market [90][100] Management Comments on Operating Environment and Future Outlook - Management noted that recruitment activities from enterprises recovered in Q3, with improved hiring demand driving revenue growth [53][67] - The company expects total revenue for Q4 2025 to reach between RMB 2.05 billion and RMB 2.07 billion, indicating continued growth momentum [51] - The management emphasized a focus on profitability while also prioritizing user growth and market share expansion [86][87] Other Important Information - The company completed an annual dividend payment of approximately $80 million in October [45] - The overall ARPPU remained stable despite structural mix shifts [47] Q&A Session Summary Question: What is the overall recruitment demand recently? - Management confirmed that recruitment activities from enterprises recovered in Q3, with improved hiring demand driving accelerated revenue growth [53][67] Question: What is the perception of KA renewal willingness? - The company observed improving contract renewal rates, particularly in Q3, signaling a potential turning point in customer retention [69] Question: How can the company sustain above-peer growth? - The company highlighted that over 80% of paid enterprise customers are small and micro enterprises, indicating ample room for growth despite macro uncertainties [78] Question: What are the major investment areas for next year? - Management indicated that profitability will not be sacrificed for revenue growth, with a focus on user growth and maintaining a high margin profile [84][86]