证券研究报告：宏观报告 发布时间：2025-11-25 研究所 分析师:袁野 SAC 登记编号:S1340523010002 Email:yuanye@cnpsec.com 研究助理:苑西恒 SAC 登记编号:S1340124020005 Email:yuanxiheng@cnpsec.com 近期研究报告 《扩内需亟待发力，关注服务消费和 新基建投资机会》 - 2025.11.17 宏观研究 高频数据显示经济增速有所放缓，符合预期 核心观点 从高频数据来看，11 月居民生活半径有所回升，但"双 11"电商 节销售额或仅小幅回升，且汽车销售有所放缓，11 月社零或小幅增 长；工业需求有所分化，螺纹钢需求弱复苏，沥青需求环比走弱，整 体来看工业需求或维持阶段低位；我国对美发船数量环比小幅下降， 海上丝路指数环比走弱，但韩国前 20 日出口较为明显回升，11 月我 国出口或小幅回落；生产端或小幅放缓，上游生产环比走弱，中下游 生产分化，半钢胎生产率环比回升，PTA 开工率放缓。综上，在去年 四季度高基数的影响下，11 月经济或小幅放缓，供需寻求再平衡。 向后看，考虑去年四季度基数走高，11 月经济或小幅放缓，亦是 ...

就业是最大的民生。综合信息显示，在宏观经济持续改善的背景下，就业市场出现积极变化，招聘需求 稳步回升，用工信心增强。 宏观经济稳中有进，为就业市场回暖奠定坚实基础 今年以来，各地区各部门坚持稳中求进工作总基调，加力稳就业、稳企业、稳市场、稳预期，推动经济 运行持续回升向好。2025年10月的中国采购经理指数显示，高技术制造业、装备制造业和消费品行业 PMI分别为50.5%、50.2%和50.1%，继续位于扩张区间。同时服务业商务活动指数继续扩张。 经济回升带来的生产扩张与服务需求增长，是企业增加岗位需求的根本动力。国家统计局数据显示，10 月份全国城镇调查失业率为5.1%，比上月下降0.1个百分点，31个大城市城镇调查失业率同样降至 5.1%。 Datayes招聘数据显示，2025年新增招聘贴、新增招聘公司数企稳复苏，整体保持同比上涨的趋势。 招聘平台BOSS直聘近期公布的数据同样显示，企业招聘需求稳步释放。受企业招聘需求增长带动，截 至9月底，BOSS直聘付费企业客户数达到680万，同比增长13.3%，第三季度公司营收21.6亿元，同比增 长13.2%。 第三季度BOSS直聘新发布职位数同比增长25%；新发 ...

Core Viewpoint - BOSS Zhipin-W (02076.HK) experienced a nearly 4% increase in stock price following its earnings report, with a current price of 80.95 HKD and a trading volume of 569.34 million HKD [1] Group 1 - The stock price rose by 3.19% at the time of reporting [1] - The trading volume reached 569.34 million HKD, indicating significant market activity [1]

Core Viewpoint - The article highlights the increasing prevalence of job scams, particularly those involving "resume tool people," and the efforts by BOSS Zhipin to combat these illegal activities through a special governance initiative [2][6][16]. Group 1: Special Governance Achievements - BOSS Zhipin reported the permanent banning of nearly 20,000 suspicious accounts involved in order fraud, with 80% of these being automatically intercepted by the system [2]. - The safety team provided leads to law enforcement, assisting in the resolution of 6 cases and the arrest of 144 suspects [2]. - During the third quarter, BOSS Zhipin optimized the feedback response time for reports of order fraud to a minute-level, pushing over 32 million fraud prevention messages [2][8]. Group 2: Identification of "Resume Tool People" - Two typical models of "tool people" were identified: "job resume tool people," who lure job seekers to create fake accounts and post false job listings, and "recruitment resume tool people," where some HR personnel sell resumes obtained through legitimate channels [7][6]. - A specific case revealed that a criminal group profited 70,000 yuan from this scheme, while an HR individual earned over 20,000 yuan from selling resumes [7]. Group 3: AI Technology in Risk Control - The introduction of AI technology has transformed BOSS Zhipin's risk control system from "matching" to "understanding," significantly improving the identification accuracy of suspicious activities to over 80% [10][11]. - AI's ability to analyze multiple data dimensions allows for rapid detection of abnormal behaviors, effectively shortening the lifespan of fraudulent accounts [11]. Group 4: Multi-faceted Protection Measures - The article emphasizes the need for collaboration among platforms, law enforcement, and individuals to strengthen job-seeking safety [13][16]. - Job seekers are advised to communicate through official channels, avoid believing in high-paying job offers, and utilize privacy protection features provided by the platform [13][15]. - Employers are encouraged to adhere to platform rules and enhance internal management to prevent illegal activities related to resume selling [15]. Group 5: Future Outlook - The ongoing efforts in governance and the application of AI technology are expected to further reduce the space for black and gray market activities in the job market [16]. - Continuous enhancement of technical capabilities and user awareness is essential for creating a safe and transparent job-seeking environment [16].

Core Viewpoint - BOSS Zhipin is facing significant challenges related to sexual harassment and inappropriate job postings on its platform, prompting the company to implement measures to address these issues and protect job seekers [2][10]. Group 1: Issues of Sexual Harassment and Inappropriate Job Postings - BOSS Zhipin has reported the banning of 2,000 accounts from June to August due to violations including implicit sexual job postings and harassment of job seekers [2]. - The platform has initiated a mechanism to report companies involved in sexual harassment, with serious offenders facing account bans and notifications sent to their employers [2]. - Reports from job seekers indicate a prevalence of inappropriate behavior, including direct harassment through messaging platforms [4][9]. Group 2: Legal and Consumer Complaints - BOSS Zhipin has been involved in multiple legal disputes, including personality rights and tort liability issues, which could impact its reputation and user satisfaction [12]. - Consumer complaints have surged, with 5,207 total complaints reported, primarily concerning account suspensions, refund issues, and service dissatisfaction [15]. - A significant portion of complaints (54.545%) relates to "unfair terms" in service agreements, indicating potential legal vulnerabilities for the platform [12]. Group 3: Financial Performance and Business Model - In Q2 2025, BOSS Zhipin achieved revenue of 2.102 billion yuan, a year-on-year increase of 9.7%, with the enterprise online recruitment service contributing 2.078 billion yuan, reflecting a 9.8% growth [12]. - Despite the revenue growth, the company faces challenges in maintaining user satisfaction, which is critical for retention and monetization [12].

Core Viewpoint - BOSS Zhipin is facing significant challenges related to sexual harassment and inappropriate job postings on its platform, prompting the company to implement measures to address these issues and protect job seekers [2][10]. Group 1: Company Actions and Responses - BOSS Zhipin has reported the banning of 2,000 accounts from June to August due to violations related to implicit sexual job postings and harassment [2]. - The company has initiated a mechanism to report companies involved in sexual harassment, with severe violators facing account bans and notifications sent to their employers [2]. - The platform has been criticized for not adequately screening job postings, leading to a rise in inappropriate content and harassment incidents [10]. Group 2: Incidents of Harassment - Reports have surfaced of job seekers experiencing harassment, including a case where a female applicant was coerced into sexual activities during a job trial [3]. - Users have reported receiving unsolicited and inappropriate messages from employers after applying for jobs on BOSS Zhipin [5][7]. - There are numerous complaints about receiving harassment calls after registering on the platform, indicating a broader issue of user privacy and safety [8]. Group 3: Financial Performance and Legal Issues - BOSS Zhipin achieved a revenue of 2.102 billion yuan in Q2 2025, marking a 9.7% year-on-year increase, with the enterprise online recruitment service contributing significantly to this revenue [11]. - The company is currently involved in multiple legal disputes, including issues related to personality rights and improper benefits, which could impact its reputation and operations [11]. - Consumer complaints have highlighted issues such as account suspensions and difficulties in obtaining refunds, with a total of 5,207 complaints recorded [13].

智通财经APP讯，BOSS直聘-W(02076)发布公告，于2025年9月16日，公司根据首次公开发售后股份计 划，以受限制股份单位的形式向49名雇员授予总计108.61万份股份奖励(代表相同数目的A类普通股)。 ...

Core Viewpoint - Boss Zhipin (BZ.US) shows strong performance with a pre-market increase of over 3.2%, reaching $22.8, following a previous day increase of approximately 4.8% [1] Financial Performance - For the mid-year 2025, Boss Zhipin reported total revenue of 4.026 billion yuan, a year-on-year increase of 11.19% [1] - The net profit attributable to shareholders reached 1.235 billion yuan, reflecting a significant year-on-year increase of 85.17% [1] - The average monthly active users reached 60.6 million, up 19.8% from 50.6 million in the same period of 2024 [1] Dividend and Share Buyback - The board approved an annual dividend policy, setting the dividend amount for this year at approximately $80 million [1] - The existing share buyback plan has been extended by 12 months until the end of August 2026, with a maximum buyback amount increased to $250 million from the previous $150 million [1] Analyst Ratings - Citigroup published a research report indicating that Boss Zhipin's Q2 performance was robust, with revenue and profit exceeding expectations [1] - The firm raised its earnings forecasts for 2025 to 2027 by 5%, 4%, and 3% respectively, and increased the target price for the stock from $21 to $26, maintaining a "Buy" rating [1]

Kanzhun (BZ) Q2 2025 Earnings Call August 20, 2025 08:00 AM ET Speaker0Ladies and gentlemen, thank you for standing by, and welcome to the Kalsyang Limited Second Quarter twenty twenty five Financial Results Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer session. Today's conference is being recorded. At this time, I would like to turn the conference over to Ms.Wenbe Wang, Head of Investor Relations. Please go a ...

Core Viewpoint - The A-share market has surpassed 3700 points, reaching a new high since October 2020, indicating the onset of a "slow bull market" where investors focus more on long-term value rather than short-term growth strategies [1] Company Developments - BOSS Zhipin's stock price has been steadily rising, with its Hong Kong stock reaching a one-and-a-half-year high of 88 HKD. The company's founder, Zhao Peng, emphasized the importance of early action in accumulating a dual-sided network effect between recruiters and job seekers, enhancing platform efficiency and creating a deeper competitive moat [1] - BOSS Zhipin launched a public offering of 30 million Class A ordinary shares, representing 3.2% of the total share capital post-issuance [3] - The recent share issuance is notable for including 10% (3 million shares) allocated to individual investors, contrasting with typical institutional placements. The international offering was oversubscribed by more than three times, attracting many high-quality long-term investors [5] Financial Performance - For Q1 2025, BOSS Zhipin reported revenues of 1.923 billion CNY and a net profit of 512 million CNY. The number of paid enterprise clients reached 6.4 million [5] - Contrary to common perceptions, nearly 99% of BOSS Zhipin's revenue comes from enterprise recruitment fees, with only 1% derived from job seeker payments [5] Strategic Focus - The company is concentrating on two key markets: the blue-collar sector and AI technology. Zhao Peng stated that focusing on a few correct initiatives can enhance operational certainty amid increasing uncertainties [5] - The blue-collar market has become a significant growth driver, contributing 39% of the company's revenue in Q1 2025, with over 45% of new users from this demographic [6] - BOSS Zhipin has initiated the "Sea Conch Preferred" program to ensure job authenticity for blue-collar positions, leading to steady growth in key metrics [6] Technological Advancements - BOSS Zhipin is investing in AI technology, utilizing models like DeepSeek-R1 and its proprietary "Nanbei Pavilion" model to enhance business applications and user engagement [9] - The AI tools improve matching accuracy for employers and provide personalized services for job seekers, with a reported 25% efficiency increase for recruiters using the AI Agent service [9] - AI integration has also improved safety and risk identification processes, increasing review efficiency by 30% [9] - The average monthly active users (MAU) reached 57.6 million in Q1 2025, with over 15 million new users added from January to April 2025 [9]