Financial Performance - The company achieved total revenue of RMB 2.1 billion, reflecting a year-on-year increase of 9.7% [5] - Net income reached RMB 710 million, showing a significant year-on-year growth of 70.4% and a net profit margin exceeding 33% [5] - Adjusted operating profit was RMB 880 million, up 33% year on year, with share-based compensation expenses decreasing by nearly 10% quarter on quarter [5][24] - The average verified monthly active users reached 63.56 million, up 16.5% year on year [5] Business Line Performance - Revenue contributions from blue-collar workers, lower-tier cities, and small and medium-sized enterprises increased compared to last year [6] - The total number of paid enterprise customers reached 6.5 million, up 10% year on year [9][22] - Recruitment demand from small and medium-sized enterprises showed pronounced recovery, driving revenue contributions [22] Market Dynamics - The recruitment market showed recovery, with job postings increasing by approximately 20% year on year in July [8] - The number of new job postings for fresh graduates grew by over 18% year on year [7] - The company observed a recovery in the internet industry, with active job postings reaching a new high since 2021 [9] Company Strategy and Industry Competition - The company is making ongoing progress in AI, enhancing user experience and operational efficiency [4][10] - AI tools are being integrated into recruitment processes, improving job seeker safety and operational efficiency [11][18] - The company completed a Hong Kong secondary share offering of HKD 2.2 billion to enhance liquidity and broaden the shareholder base [19][28] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of recruitment demand recovery, citing improved job seeker to recruiter ratios [36] - The company expects revenue growth to accelerate, projecting total revenues for 2025 to be between RMB 2.13 billion and RMB 2.16 billion, a year-on-year increase of 11.4% to 13% [29] - Management emphasized the importance of shareholder returns, announcing an annual dividend policy and a share repurchase program [20][63] Other Important Information - The company reported a strong cash position of RMB 16 billion and net cash provided by operating activities of RMB 1.052 billion, up 21% year on year [27][28] - Share-based compensation expenses have been controlled, decreasing for four consecutive quarters [24][66] 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% to revenue [33] - The impact of food delivery competition on recruitment demand was observed to be minor [34] 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 [40][41] Question: What are the plans for capital markets and liquidity improvement? - The company aims to improve liquidity in Hong Kong through public offerings and has successfully increased trading volume post-offering [62][63]