机构：国盛证券 研究员：顾晟/阮文佳 业绩概况：FY2025Q2 实现营收21.02 亿元（yoy+9.7%），略超此前业绩指引；经调整净利润9.41 亿元 （yoy+30.9%）。此外，公司预计2025Q3将实现营收21.3~21.6 亿元，同比增长11.4%~13.0%。2025Q2 宏观招聘需求持续恢复，招聘求职供求关系改善，有望推动后续季度持续复苏。 2025Q2 面向B 端的在线招聘服务营收实现20.78 亿元（yoy+9.8%），主要受益于付费企业用户数增 长，其中小微企业收入贡献显著，规模小于20 人的企业收入贡献占比接近20%。面向C 端的以候选人增 值服务为主的其他服务业务受益于用户基础扩大延续增长态势，2025Q2 实现营收2480 万元 （yoy+3.3%）。 AI 赋能下持续降本增效，利润水平超预期。公司2025Q2 毛利率达85.37%（ yoy+1.89PCTs ） ， 销售/ 研发/ 管理费用率分别为19.97%/19.79%/14.79%，同比-8.47/-3.36/+1.17PCTs，其中销售费用率随营销费 用管控有所下降，研发费用率下降主要是由于AI 赋能下云服务费下降，管 ...

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]