Core Insights - BOSS Zhipin reported a recovery in the recruitment market demand in Q2 2025, with significant improvements in user ecosystem and AI applications across various business areas [1][3]. Financial Performance - In Q2 2025, the company achieved revenue of 2.102 billion yuan, with 99% of this revenue coming from the recruitment segment, which contributed 2.078 billion yuan [1]. - The growth in recruitment revenue was driven by increased penetration in emerging markets, particularly among blue-collar workers, second-tier cities, and small to medium-sized enterprises [1]. User Engagement - The platform's user base continued to expand, with over 30 million new users added from January to July 2025. The average monthly active users (MAU) reached 63.6 million in Q2 2025 [1]. - There was a notable increase in job postings for fresh graduates, with new positions rising over 18% year-on-year during the peak hiring season in June and July [3]. AI Integration - The number of users utilizing AI tools for job searching and recruitment continued to grow in Q2 2025, with ongoing experiments and iterations of AI products enhancing user experience [4]. - AI tools were employed to assist job seekers with resume optimization and interview preparation, leading to improved efficiency in job matching [5]. Safety and Compliance - The company enhanced its risk control capabilities by increasing investments in AI technology for user safety, resulting in a higher detection rate of violations and fraudulent activities [6]. - In Q2 2025, over 50 million risk alerts were sent to users, warning them about common scams and fraudulent job offers [6]. Social Responsibility - BOSS Zhipin has been actively promoting employment for key demographics, including blue-collar workers and individuals with disabilities, through various initiatives and partnerships [7]. - The company has also contributed 3.25 million yuan for disaster relief and recovery efforts in several regions since June 30, 2025 [7].

Financial Performance - The company achieved total revenue of RMB 2.1 billion, reflecting a year-on-year increase of 9.7% [6] - Net income reached RMB 710 million, showing a significant year-on-year growth of 70.4%, with a net profit margin exceeding 33% [6] - Adjusted operating profit was RMB 880 million, up 33% year on year, with share-based compensation expenses decreasing by nearly 10% quarter on quarter [7][24] - The adjusted operating margin reached 41.9%, up by 7.5 percentage points year on year, marking a record high [26] Business Line Performance - The number of paid enterprise customers increased by 10% year on year to 6.5 million [24] - Revenue contributions from small and medium-sized enterprises (SMEs) showed pronounced recovery, particularly in the recruitment demand from SMEs [25] - The average verified monthly active users on the platform reached 63.56 million, up 16.5% year on year [7] Market Dynamics - The recruitment market showed recovery, with job postings for fresh graduates growing by over 18% year on year [9] - The number of newly posted jobs on the platform increased by approximately 20% year on year in July [10] - The company observed a recovery in the internet industry, with active job postings reaching a new high since 2021 [11] Company Strategy and Industry Competition - The company is focusing on ongoing progress in AI, enhancing user experience and operational efficiency [5][12] - AI tools are being integrated into various functions, including job seeker safety and recruitment optimization [13][20] - The company completed a secondary share offering in Hong Kong to enhance liquidity and broaden its shareholder base [21][30] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the recruitment demand recovery, citing improved job seeker to recruiter ratios [37] - The company expects revenue growth to accelerate, projecting total revenues for 2025 to be between RMB 2.13 billion and RMB 2.16 billion, representing an 11.4% to 13% year-on-year increase [31] - The company plans to continue investing in R&D and innovation while maintaining a focus on shareholder returns [42][63] Other Important Information - The company announced an annual dividend policy with a planned payout of USD 80 million for the current fiscal year [22] - A new share repurchase program was launched, intending to repurchase up to USD 250 million of shares over the next twelve months [22] Q&A Session Summary Question: What are the drivers behind the recruitment demand recovery? - Management noted that smaller enterprises are recovering faster, with companies having fewer than 20 employees contributing nearly 20% of revenue [35] - The impact of food delivery competition on recruitment demand was observed to be minor [36] Question: How should margins be viewed going forward? - Management indicated that margin improvement is expected to be gradual, driven by the company's business model and effective cost control [41][42] Question: How does competition affect marketing and user acquisition costs? - The company has observed increased advertising investments from peers, but the impact on its marketing costs has been limited due to high user acquisition efficiency [45][46] Question: What are the plans for AI applications and capital markets? - Management highlighted ongoing AI product development, including a recruitment agent called HAMR, and emphasized the importance of improving liquidity in Hong Kong markets through recent financing activities [55][61]

Core Insights - BOSS Zhipin reported a positive financial performance for Q2 2025, with revenue growth driven by an expanding user base and improved market conditions in the recruitment sector [1][2] Revenue and Market Performance - In Q2 2025, the company achieved revenue of 2.102 billion yuan, a year-on-year increase of 9.7%, surpassing market expectations [1] - Revenue from the recruitment segment was 2.078 billion yuan, up 9.8% year-on-year, primarily due to increased market penetration and contributions from blue-collar jobs and small to medium enterprises [1][2] - The number of new job postings on the platform increased by approximately 20% year-on-year in July, indicating a recovery in the overall recruitment market [2] Profitability and Cost Management - The company reported a net profit of 710 million yuan for Q2 2025, showing significant growth, while adjusted operating profit rose by 33.4% to 880 million yuan [3] - Sales and marketing expenses decreased by 23% year-on-year to 420 million yuan, marking a historical low as a percentage of revenue [3] Shareholder Returns - BOSS Zhipin announced an annual dividend policy, with an expected total cash dividend of approximately 80 million USD to be distributed in October 2025 [4] - The existing share buyback plan was extended for an additional 12 months, with a maximum buyback amount increased to 250 million USD [5] AI Integration and User Engagement - The number of users utilizing AI tools for job searching and recruitment continued to grow, with AI applications enhancing user experience and operational efficiency [6] - AI tools provided job seekers with personalized content and improved matching capabilities, leading to higher success rates in job placements [6] User Safety and Security Measures - The company enhanced its risk control capabilities through AI, improving the identification of violations and reducing response times for user reports [7] - Over 50 million risk alerts were sent to users in Q2 2025, warning them about common scams and fraudulent activities [7]