智通财经APP获悉，国泰海通发布研报称，维持BOSS直聘-W(02076)目标价109.66元港币，维持增持评 级，收入业绩均超预期，需求改善驱动明显回暖，营销投放克制情况下依然完成规模增长目标;受宏观 经济波动及自身增速均值回归的影响，公司收入增速放缓，但公司进行了出色的费用控制，在保证核心 经营指标继续正增长的情况下，利润率继续提升。 国泰海通主要观点如下： 业绩简述 公司25Q3营业收入21.63亿/+13.17%;GAAP归母净利润8.06亿/+72.22%;经调整净利润9.91亿/+34.23%。 ①研发费用率同比大幅下降5.42pct;销售费用率同比-9.13pct。②公司在销售投放力度保持克制情况下， 企业付费用户和求职者活跃度维度加速增长(1-10月累计新增用户超4,000万)。③上述特征表明公司确实 已经建立起品牌心智，因此平台对求职者和招聘者有高粘性。④本季公司财报体现出需求回暖带动利润 增长的特点，后续公司AI将在匹配效率和增量产品维度为公司贡献增量业绩。 风险提示 经济波动影响招聘、招聘平台竞争加剧。 收入业绩均超预期，需求明显回暖 ①收入和业绩加速增长背后反映的需求回暖是最大亮点。② ...

Core Insights - BOSS Zhipin reported Q3 2025 revenue of 2.16 billion yuan, a year-on-year increase of 13.2%, with the number of paid enterprise clients growing by 13.3% to 6.8 million [1] - The job market is showing signs of recovery, with new job postings on the platform increasing by 25% year-on-year, indicating a positive shift in employer confidence [1][8] - Multiple brokerage firms have a positive outlook on BOSS Zhipin's long-term value, issuing "buy" ratings following the earnings report [1][2] Financial Performance - The company achieved a revenue of 2.16 billion yuan in Q3 2025, reflecting a 13.2% year-on-year growth [1] - Sales and marketing expenses decreased by 24.6% year-on-year, while average monthly active users reached 63.8 million, a 10% increase [3] - R&D investment reached 408 million yuan, accounting for 21% of the projected revenue for 2025, indicating a strong focus on technological advancement [2][7] Market Dynamics - The increase in daily active users (DAU) for employers has outpaced that of job seekers for the first time in three years, signaling a recovery in employer recruitment confidence [1] - The blue-collar and lower-tier markets are identified as key growth drivers, with blue-collar recruitment revenue growth leading the overall performance [8][9] - The manufacturing sector has shown significant growth, being the fastest-growing sub-sector for five consecutive quarters [8] Strategic Initiatives - The company is focusing on enhancing the job-seeking environment for blue-collar workers through initiatives like the "Sea Cucumber Plan," aimed at improving job authenticity and user trust [8][11] - BOSS Zhipin's AI-driven recruitment platform is enhancing user experience and matching efficiency through various tools for both job seekers and employers [7] - The "Sea Cucumber Preferred" program has attracted more clients from the manufacturing sector, successfully recruiting over 3,000 workers for a major electronics manufacturer [11]

BOSS 直聘 (BZ US) 看好 26 年招聘需求端弹性 2025 年 11 月 19 日│美国 互联网 公司发布 25Q3 财报：25Q3 实现收入 21.63 亿元，略超华泰预测（21.45 亿元），yoy+13.2%。25Q3 经调整归母净利润 10.23 亿元，显著超过华泰 预测（9.24 亿元），yoy+37.6%。收入基本符合预期，利润超预期主因销 售费用下降、利息及投资收益上升。公司业务延续环比改善趋势，收入端增 长有所提速，结构上互联网科技等行业在 AI 需求带动下招聘需求恢复，蓝 领依然保持较快增长。我们认为随着宏观经济目标逐渐确立，26 年宏观需 求具有较强支撑，利润弹性较大，维持"买入"评级。 竞争地位稳固，Q3 招聘需求回升 此前市场担心新兴平台的竞争态势，结合 QM 的数据显示，以 DAU 作为衡 量标准，TOP30 招聘相关平台中 BOSS 直聘的 DAU 份额从 22Q3 的 34.1% 提升至 25Q3 的 43.1%，鱼泡网等投入未带来格局的明显变化。同时，行业 层面看到招聘需求的修复，58 同城数据显示，服务业与制造业驱动下，25Q3 全国企业招聘需求环比增长 3.4% ...

Core Insights - The news highlights the necessity for companies to pay for job postings on platforms like BOSS Zhipin, emphasizing that the payment is for recruitment efficiency rather than just the act of posting jobs [1][2] - Companies are increasingly opting to pay for higher visibility and access to a larger pool of candidates, reflecting a common business model in the internet industry [2][3] Group 1: Recruitment Dynamics - Companies are required to pay for job postings to gain access to a larger "traffic" of potential candidates, which allows for quicker and more effective recruitment [1][2] - The competition for basic positions such as receptionists and service staff is intense, necessitating the use of paid platforms to attract suitable candidates [1] Group 2: Cost Efficiency - The payment for job postings is viewed as a rational expenditure by companies, as they are essentially trading money for time and efficiency in the recruitment process [3] - Companies that frequently hire for multiple positions may find it more cost-effective to purchase a package deal for job postings rather than paying for individual listings [2]

Core Insights - BOSS Zhipin has released a special announcement addressing the crackdown on online job scams, including resume trafficking and "刷单" (fake order) schemes, highlighting the progress and typical cases of illegal activities [1][3] Group 1: Governance and Enforcement Actions - In Q3 2025, BOSS Zhipin permanently banned nearly 20,000 suspicious accounts involved in "刷单" scams, with 80% of these being proactively intercepted by the system [1][7] - The safety team provided verified leads to law enforcement, assisting in the resolution of 6 cases and the arrest of 144 suspects [1] - The response time for reports related to "刷单" scams has been optimized to a minute-level feedback system, with over 32 million anti-scam messages pushed to users [1][7] Group 2: Resume Trafficking Issues - The announcement highlights the emergence of "resume tools" where individuals are recruited under the guise of legitimate HR roles to sell candidate information to illegal markets [3][6] - A case was cited where an individual sold resumes for 3 yuan each, earning over 20,000 yuan, and is currently under investigation by local authorities [5] - The safety team has implemented AI-driven risk control models to detect and ban HR accounts involved in resume trafficking, with numerous leads forwarded to law enforcement [5][6] Group 3: AI and Technology in Risk Management - BOSS Zhipin's safety team has deployed AI models to enhance the efficiency of governance against "刷单" and resume trafficking, achieving an identification accuracy rate exceeding 80% for detecting "resume tools" [7] - The AI system allows for comprehensive monitoring and rapid identification of various types of violations, significantly reducing the lifespan of fraudulent accounts [7] Group 4: New Scam Alerts - The company has issued warnings about new types of "刷单" scams where criminals lure job seekers with fake interview invitations, leading them to download dubious software and engage in fraudulent activities [8][10] - Job seekers are advised to communicate through official channels and to be cautious of unsolicited job offers, especially those requiring communication on third-party platforms [10]

Core Insights - BOSS Zhipin has launched a special announcement addressing the crackdown on fraudulent activities such as "online brushing" and resume trafficking, revealing typical illegal cases and governance measures taken [1] Group 1: Governance Measures - In Q3 2025, BOSS Zhipin permanently banned nearly 20,000 suspicious accounts related to brushing scams, with approximately 80% of these being proactively intercepted by the system [1][4] - The safety team provided verified leads on scam groups to law enforcement, assisting in the resolution of 6 cases and the arrest of 144 suspects [1] - The response time for reports related to brushing scams has been optimized to a minute-level, with over 32 million anti-brushing scam messages pushed to users [1][5] Group 2: Resume Trafficking - The announcement highlights the emergence of "resume tools" where individuals are recruited to sell resumes obtained from legitimate recruitment processes to gray and black markets [2][3] - A case was cited where an HR manager sold resumes for 3 yuan each, earning over 20,000 yuan, and is currently under investigation [2] - BOSS Zhipin has implemented AI-driven risk control models to identify and ban HR accounts involved in resume trafficking, with several individuals already under investigation [2][3] Group 3: AI Utilization - BOSS Zhipin's safety team has deployed AI models to enhance governance efficiency, achieving an accuracy rate of over 80% in identifying scenarios where job seekers are induced to become "resume tools" [5] - The AI system allows for comprehensive monitoring and precise identification of risks, enabling human resources to focus on more critical issues [4][5] Group 4: New Scam Alerts - The company has issued warnings about new types of brushing scams where fraudsters lure job seekers with fake interview invitations, leading them to download unknown software and engage in fraudulent activities [6] - Job seekers are advised to communicate through official channels and to be cautious of unsolicited offers, especially those requiring interaction on third-party platforms [6]

Core Insights - BOSS Zhipin has released a special announcement addressing the governance of online job scams, particularly focusing on "刷单" (order brushing) and resume trafficking [1][8] - The company has implemented a dual mechanism of "technical inspection + manual review" to combat these illegal activities, resulting in the permanent banning of nearly 20,000 suspicious accounts in Q3 2025, with 80% of these being automatically intercepted by the system [1][7] Group 1: Governance Progress - BOSS Zhipin's security team has provided leads to law enforcement, aiding in the resolution of 6 cases and the arrest of 144 suspects [1] - The response time for reports related to order brushing scams has been optimized to a minute-level feedback system [1] - Over 32 million anti-order brushing scam messages were pushed to users, with more than 200,000 phone calls and SMS alerts sent from the platform or "96110" [1] Group 2: Resume Trafficking Issues - Criminals are recruiting current HR professionals on social media to act as "resume traffickers," selling candidate information obtained through legitimate recruitment channels [3][5] - A specific case involved an HR manager selling resumes for 3 yuan each, resulting in over 20,000 yuan in profit, leading to an investigation by local law enforcement [5] Group 3: Characteristics of Illegal Activities - The illegal activities are characterized by "concealment" and "professional division of labor," with criminals recruiting "tool people" on social networks and using third-party software for communication [6] - The term "兼职" (part-time) is often used to mislead job seekers, necessitating increased public awareness and targeted governance [6] Group 4: AI Empowerment in Governance - BOSS Zhipin has deployed AI models to enhance the efficiency of governance against order brushing and resume trafficking, achieving an identification accuracy rate exceeding 80% in Q3 [7] - The AI system allows for a more comprehensive view of recruiter characteristics and enables quicker identification of various types of violations [7] Group 5: New Types of Scams - A new type of order brushing scam involves criminals obtaining job seeker information and sending fraudulent interview invitations, leading candidates to download unknown software and recharge for order brushing [8] - Job seekers are advised to communicate through official channels and be cautious of unsolicited offers, especially if they have not applied to the company [10]

Core Insights - BOSS Zhipin has initiated a special governance program to address inappropriate recruitment behaviors, including sexual harassment and the promotion of implicit sexual positions, resulting in the banning of 2,000 accounts from June to August [1][19]. Group 1: Governance Actions - The platform has reported serious violations to the companies employing the offending recruiters, recommending internal handling and training rectifications [1][14]. - Many companies have responded positively, committing to enhance their management of recruiters, with some reporting the termination of involved employees [1][14]. Group 2: Reporting and Response Efficiency - Over 80% of reports related to sexual harassment and inappropriate job postings are processed within three minutes [5][19]. - The platform has been intercepting an average of over 200 risky job postings daily, with 20% of these being identified through AI technology [6][4]. Group 3: User Guidance and Safety Measures - Users are advised to keep records of communications and report any suspicious behavior, with the platform ensuring prompt investigation and action [16][19]. - The company emphasizes the importance of a collaborative effort among users, employers, and the platform to effectively combat inappropriate recruitment practices [19][21].

Core Insights - BOSS Zhipin has launched a special governance initiative to combat three types of violations related to recruitment, including sexual harassment and the posting of inappropriate job listings [1][2] - The platform has banned an average of over 300 accounts related to sexual harassment and over 330 accounts related to recruiting for inappropriate positions each month, totaling nearly 2,000 accounts during the governance period [1] - AI technology plays a crucial role in identifying and intercepting inappropriate content, with the system able to preemptively block over 200 risky job postings daily, of which approximately 20% are identified by AI [1] Group 1 - The platform is enhancing its reporting and feedback process, with over 80% of related reports being processed and responded to within 3 minutes [1] - BOSS Zhipin emphasizes that violations are a "high-pressure line" for the platform, and the upgraded measures from the governance initiative will be normalized moving forward [1] - The company is increasing investment in a dual review system of "human + AI" to further improve risk identification capabilities [1] Group 2 - For serious violations, BOSS Zhipin will report the offending recruiters to their respective companies, encouraging internal management and training rectifications [2] - Some companies have responded positively, committing to enhance their recruitment management, while others have terminated the employment of involved staff [2] - The platform warns job seekers to communicate within the platform to preserve chat records and to be cautious if communication shifts to third-party platforms [2]

Core Viewpoint - BOSS Zhipin is actively addressing violations in the recruitment process to ensure a safe, equal, and friendly job-seeking environment, focusing on specific types of misconduct from June to August 2025 [1][2][3] Group 1: Types of Violations - The platform is targeting three main types of violations: 1. Sexual harassment against job seekers during online communication [1] 2. Inappropriate job postings disguised as "sexual assistant" positions [2] 3. Guiding job seekers towards sexual positions after initially posting legitimate job offers [3] Group 2: Enforcement Actions - During the special governance period, nearly 2,000 accounts related to these violations were banned [3] - In cases with clear evidence and serious circumstances, the safety team reported the violations to the respective companies for internal handling and training rectification [3] Group 3: Recommendations for Job Seekers - BOSS Zhipin advises job seekers to communicate primarily within the platform and to save chat records [3] - If communication leads to ambiguous, suggestive, or inappropriate job descriptions or comments, job seekers should immediately cease communication and report through the platform [3]