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]

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]