Financial Performance - The company achieved GAAP revenue of RMB 1.92 billion, reflecting a 13% year-on-year increase [7] - Net income reached RMB 510 million, representing a 112% year-on-year growth [7] - Adjusted operating income was RMB 690 million, with an adjusted operating margin of 36%, up 13 percentage points year-on-year [7][28] - Total operating costs decreased by 8% year-on-year to RMB 1.5 billion, with share-based compensation expenses down by 13% year-on-year [27][29] - Net cash provided by operating activities was RMB 1 billion, up 11% year-on-year [30] Business Line Performance - The average verified monthly active users on the Foss Shipping app reached 57.56 million, up 24% year-on-year [10] - Revenue from enterprises with fewer than 100 employees hit a record high contribution for the period, driven by the growth of smaller-sized companies [11] - Blue collar new users accounted for over 45% of total users, driving their share of revenue up to more than 39% [11] Market Data - Average new job postings grew 17% year-on-year from January to April, with total paid enterprise customers increasing to 6.38 million, up 2012% year-on-year [12] - Recruitment demand for blue collar workers has been steadily rebounding since April, with manufacturing recruitment showing resilience despite tariff impacts [13] Company Strategy and Industry Competition - The company is focused on driving profitability and has made solid progress in AI applications to enhance operational efficiency [6][14] - Management remains cautious about the competitive landscape, noting that while AI technology is important, no revolutionary changes have been observed yet [56] Management Commentary on Operating Environment and Future Outlook - Management noted that the impact of the tariff war on business has not intensified, and hiring demand has shown a recovery trend since the Chinese New Year [6][12] - The company is optimistic about the year ahead, with plans to continue focusing on high-impact priorities to enhance operational certainty [7][23] Other Important Information - The company has a strong cash position of RMB 14.8 billion as of March 31, 2025, providing financial flexibility for growth initiatives [31] - For Q2 2025, the company expects total revenues to be between RMB 2.05 billion and RMB 2.08 billion, representing a year-on-year increase of 7% to 8% [31] Q&A Session Summary Question: How has hiring demand evolved since the start of the tariff war? - Management indicated that the overall supply and demand relationship has continued to improve, with new job postings maintaining good growth rates [35][36] Question: What feedback has been received regarding AI features, and what are the plans for monetization? - Management reported positive feedback from AI product testing, with plans for gradual monetization as efficiency improvements are observed [41][44] Question: Are there any expected changes in the competitive landscape due to AI adoption? - Management expressed a conservative view, noting that while AI is important, no significant changes have been observed in the competitive landscape yet [54][56]

Financial Performance - The company achieved GAAP revenue of RMB 1.92 billion, reflecting a 13% year-on-year increase [6][25] - Net income reached RMB 510 million, representing a 112% year-on-year growth [6] - Adjusted operating income was RMB 690 million, with an adjusted operating margin of 36%, up 13 percentage points year-on-year [6][27] - Total operating costs decreased by 8% year-on-year to RMB 1.5 billion, with share-based compensation expenses down by 13% year-on-year [27][28] - Net cash provided by operating activities was RMB 1 billion, up 11% year-on-year [30] Business Line Performance - The average verified monthly active users on the Foss Shipping app reached 57.56 million, up 24% year-on-year [9] - Revenue from enterprises with fewer than 100 employees hit a record high contribution for the period, driven by the growth of smaller-sized companies [11] - Blue-collar new users accounted for over 45% of total users, driving their share of revenue up to more than 39% [11] Market Data - Average new job postings grew 17% year-on-year from January to April, indicating a recovery in hiring demand [12] - Recruitment demand for blue-collar workers has been steadily rebounding since April, with manufacturing recruitment showing resilience [13] Company Strategy and Industry Competition - The company is focused on driving profitability and has made solid progress in AI applications to enhance operational efficiency [5][14] - Management remains cautious about the broad deployment of AI in recruitment, emphasizing the importance of human recruiters [17][53] - The competitive landscape is stable, with no revolutionary changes observed in the industry due to current AI technologies [53] Management Commentary on Operating Environment and Future Outlook - Management noted that the impact of the ongoing tariff war on business has not intensified, with hiring demand showing a recovery trend [5][12] - The company is optimistic about the year ahead, expecting total revenues for Q2 2025 to be between RMB 2.05 billion and RMB 2.08 billion, representing a year-on-year increase of 7% to 8% [31] Other Important Information - The company has a strong cash position of RMB 14.8 billion as of March 31, 2025, providing financial flexibility for growth initiatives [30] - The company is committed to shareholder returns, with ongoing share repurchase programs and assessments for other measures to enhance returns [49] Q&A Session Summary Question: How has hiring demand evolved since the start of the tariff war? - Management indicated that the impact of the tariff war on supply and demand has been limited, with a recovery trend in recruitment demand observed [35][36] Question: What feedback has been received regarding AI features and monetization plans? - Management reported positive feedback from AI product testing, with plans for gradual monetization as efficiency improvements are noted [41][44] Question: How does management view the competitive landscape with AI adoption? - Management expressed a conservative view, noting that while AI is important, no revolutionary changes have been observed in the competitive landscape yet [52][53]

Financial Performance - In Q4 2024, the company achieved GAAP revenue of RMB1.82 billion, a 15% year-on-year increase [4] - Adjusted net income for Q4 reached RMB720 million, reflecting a 15% year-on-year growth [4] - For the full year 2024, GAAP revenue was RMB7.36 billion, up 24% year-on-year [5] - Adjusted net income for the full year was RMB2.71 billion, a 26% year-on-year increase [5] - Adjusted operating income for 2024 was RMB2.32 billion, rising by 41% year-on-year [5] - Share-based compensation expenses as a percentage of revenue decreased by 2.3 percentage points compared to 2023 [5] - The company reported a historical high adjusted operating margin of 36.1% in Q4 [24] Business Lines and User Metrics - Average verified monthly active users (MAU) on the app increased by 28% year-on-year to 52.7 million in Q4 [4] - The company attracted nearly 49.5 million new verified users in 2024, setting a record for annual user growth [5] - Revenue contribution from blue-collar segments rose to 38% in 2024, with the manufacturing sector showing the fastest growth [8][9] - The number of paid enterprise customers reached 6.1 million, marking a 17% year-on-year growth [22] Market Data and Trends - The recruitment market showed signs of stabilization towards the end of 2024, despite challenges [21] - Post-Chinese New Year, key metrics such as active users and job postings reached historical highs [18] - AI-related job postings surged by over 50% year-on-year, indicating a revitalized ecosystem for emerging business [19] Company Strategy and Industry Competition - The company is committed to enhancing user experience through continuous product and service optimization [10] - AI implementation is a key focus, with applications aimed at improving management efficiency and reducing costs [16] - The company plans to explore AI applications further, with a roadmap for new services [41] Management Commentary on Future Outlook - Management expects total revenues for Q1 2025 to be between RMB1.9 billion and RMB1.92 billion, reflecting a year-on-year increase of 11.5% to 12.7% [29] - The company aims for a non-GAAP operating profit target of RMB3 billion for 2025, a 30% increase from 2024 [54] Other Important Information - The company repurchased approximately $229 million worth of shares in 2024, accounting for 3.7% of total outstanding shares [20] - Cash position stood at RMB14.7 billion as of December 31, 2024, supporting future growth initiatives [28] Q&A Session Summary Question: Impact of AI boom on online recruitment industry - Management noted a significant increase in AI-related job postings and active searches, indicating a shift in recruitment dynamics [32][34] Question: Future roadmap for AI product development - The company plans to continue investing in AI applications and has already established a strong computing power base [39][41] Question: Recruitment demand across different enterprise sizes and industries - Management highlighted strong sequential growth in recruitment demand, particularly in AI-related jobs [46] Question: Customer acquisition cost and marketing plans for 2025 - There are no major marketing campaigns planned for 2025, with a focus on user growth and brand awareness [52] Question: Revenue contribution from blue-collar business and client feedback - The blue-collar segment is growing, with significant contributions from the HaiLuo program [56]