Core Viewpoint - RWC Asset Advisors (US) LLC has reduced its stake in Kanzhun Limited, indicating a strategic shift amidst challenging market conditions for Chinese firms, despite Kanzhun's strong business performance [2][10]. Company Overview - Kanzhun Limited is a leading provider of online recruitment solutions in China, operating the BOSS Zhipin platform to connect job seekers with employers [5][8]. - The company reported a market capitalization of $6 billion, with a revenue of $1.16 billion and a net income of $360.59 million for the trailing twelve months (TTM) [4]. Recent Transaction Details - RWC Asset Advisors sold 834,689 shares of Kanzhun Limited, valued at approximately $18.03 million based on average pricing during the quarter [1][2]. - Following the sale, Kanzhun's position in RWC's portfolio decreased from 8.96% to 5.83% of their 13F reportable assets under management (AUM) [7]. Financial Performance - Kanzhun's revenue for the full year reached about $1.18 billion, with net income increasing by 72% year over year to approximately $385 million, indicating strong operational leverage [9]. - Despite the solid financial performance, Kanzhun's shares have declined by 34% over the past year, underperforming the S&P 500, which increased by 15% during the same period [7][10]. Market Context - The reduction in Kanzhun's stake by RWC Asset Advisors reflects a broader trend of risk management in response to macroeconomic and geopolitical challenges faced by Chinese firms [10][11]. - The portfolio of RWC Asset Advisors is heavily weighted towards commodities and emerging markets, suggesting a strategic pivot away from technology firms in China until market sentiment stabilizes [11].

KANZHUN LIMITED 4Q and FY 2025 Results Presentation Disclaimer This document does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge ...

Core Viewpoint - KANZHUN LIMITED has announced an amendment to its share repurchase program, increasing the total authorization to repurchase up to US$400 million of its shares, reflecting management's confidence in the company's future growth [2][5]. Share Repurchase Program - The Board has approved an increase in the share repurchase program, allowing for the repurchase of up to US$400 million of the company's shares, including American Depositary Shares (ADSs), through August 28, 2027 [2]. - This decision is seen as a sign of confidence in the company's continued growth [2]. Dividend Policy - In August 2025, the company established an annual dividend policy, intending to declare and distribute dividends each year based on its discretion and applicable laws [3]. - The company expects to allocate at least 50% of its adjusted net income from the preceding fiscal year for dividends and share repurchases over the next three years starting from 2026 [4]. - The Board retains the discretion to adjust the share repurchase and dividend plans based on financial performance and market conditions [4]. Commitment to Shareholders - These initiatives highlight the management's confidence in the company's long-term growth and commitment to delivering sustainable value to shareholders [5].

Core Insights - KANZHUN LIMITED, a leading online recruitment platform in China, reported strong financial results for the fourth quarter and full year of 2025, highlighting significant growth in revenues and profitability [1][2][3]. Financial Performance - Average Monthly Active Users (MAU) for 2025 reached 60.7 million, up 14.5% from 53.0 million in 2024 [2]. - Fourth quarter revenues were RMB2,078.5 million (US$297.2 million), a 14.0% increase from RMB1,823.6 million in Q4 2024 [2][7]. - Full year revenues totaled RMB8,267.5 million (US$1,182.2 million), reflecting a 12.4% increase from RMB7,355.7 million in 2024 [2][19]. - Income from operations for Q4 2025 was RMB686.0 million (US$98.1 million), marking an 80.2% increase from RMB380.6 million in Q4 2024 [2][9]. - Full year income from operations was RMB2,464.1 million (US$352.4 million), a 110.1% increase from RMB1,172.9 million in 2024 [2][22]. - Net income for Q4 2025 was RMB691.8 million (US$98.9 million), up 55.7% from RMB444.2 million in Q4 2024 [2][14]. - Full year net income reached RMB2,690.5 million (US$384.7 million), a 71.7% increase from RMB1,567.0 million in 2024 [2][24]. Operational Highlights - The company reported a total of 6.8 million paid enterprise customers for the year ending December 31, 2025, an increase of 11.5% from 6.1 million in 2024 [5]. - The average MAU for Q4 2025 was 58.0 million, a 10.1% increase from 52.7 million in Q4 2024 [5]. - The company achieved a record high profit margin for the full year, demonstrating strong operating leverage and cost control [6]. Strategic Initiatives - The company plans to allocate no less than 50% of the previous year's adjusted net income to share buybacks and dividends over the next three years starting from 2026, with a buyback limit raised to US$400 million [4][31][33]. - The CEO highlighted the structural recovery in the recruitment market and the positive impact of AI technologies on recruitment demand, particularly in white-collar technical industries [3]. Future Outlook - For Q1 2026, the company expects total revenues to be between RMB2.05 billion and RMB2.085 billion, representing a year-on-year increase of 6.6% to 8.4% [34].

Group 1 - KANZHUN LIMITED, operating the BOSS Zhipin platform, will report its unaudited consolidated results for Q4 and the full year ended December 31, 2025, on March 18, 2026 [1] - A conference call to discuss the results will take place on March 18, 2026, at 8:00 PM Beijing Time [1] - Participants must pre-register for the conference call to receive dial-in numbers and a unique personal PIN [2] Group 2 - KANZHUN LIMITED is a leading online recruitment platform in China, connecting job seekers and enterprises through its interactive mobile app [4] - The platform promotes two-way communication and focuses on intelligent recommendations, enhancing the online recruiting process [4] - BOSS Zhipin benefits from a large and diverse user base, creating powerful network effects that improve recruitment efficiency and drive rapid expansion [4]

Core Insights - Kanzhun Limited operates China's largest online recruitment marketplace, BOSS Zhipin, connecting job seekers with employers and generating revenue through recruitment-related services [5][10] - The company reported trailing twelve months (TTM) revenue of $1.09 billion and net income of $304.08 million through June 30, 2025, indicating strong financial performance [3][10] - As of November 13, 2025, Kanzhun's shares were priced at $20.88, reflecting a 51.4% increase over the past year, significantly outperforming the S&P 500 by 39.93 percentage points [3][4] Institutional Interest - CoreView Capital Management increased its stake in Kanzhun Limited by purchasing an additional 298,584 shares, bringing its total holdings to 9,447,889 shares valued at $220.70 million, which now represents 24.27% of CoreView's reportable U.S. equity assets [2][9] - The increase in stake occurred despite Kanzhun's strong recent performance, suggesting that CoreView views the company as a core holding rather than a short-term investment [9] Market Position - Kanzhun Limited has a market capitalization of $9.73 billion, positioning it as a significant player in the online recruitment industry [4] - The company serves a diverse range of corporate clients, from small and medium-sized enterprises to large organizations, indicating a broad market appeal [6] Future Considerations - The sustainability of Kanzhun's profitability in a potentially volatile hiring environment will be crucial for its long-term valuation, with a focus on enterprise spending behavior and margin stability [11] - Investors are encouraged to monitor Kanzhun's ability to maintain earnings without relying on a hiring boom, which would support its classification as a durable platform business [11]

Company Overview - Kanzhun Limited operates BOSS Zhipin, an online recruitment platform that connects job seekers with employers, generating revenue primarily from recruitment-related services [5] - The company has a market capitalization of $9.8 billion, with a revenue of $8 billion and a net income of $2.5 billion for the trailing twelve months [5] - Kanzhun Limited employs over 5,000 staff and is headquartered in Beijing, focusing on digital recruitment for enterprises of varying sizes [11] Investment Activity - Serenity Capital Management increased its stake in Kanzhun Limited by 1 million shares, bringing its total holding to 5 million shares valued at $117.6 million, which constitutes 29.9% of its reportable U.S. equity assets [3][6] - The additional shares were purchased for approximately $45.6 million, indicating a significant investment in the company [2][6] Market Performance - As of the latest report, Kanzhun Limited's shares were priced at $21.09, reflecting a 54% increase over the past year, significantly outperforming the S&P 500's 16% gain during the same period [4] - The company has shown operational improvements, with revenue rising 13% year over year to approximately $304 million, driven by growth in paid enterprise customers and monthly active users [10] Industry Context - The investment by Serenity Capital Management suggests a belief in the durability of the recovery in China's hiring market, moving beyond a cyclical rebound [9] - The company's focus on leveraging technology to streamline recruitment in China's competitive labor market positions it favorably as demand stabilizes [8][10]

Core Insights - KANZHUN LIMITED, operating the BOSS Zhipin platform, reported strong business growth in Q3 2025, driven by user growth, revenue acceleration, and AI technology integration [3][4]. Financial Performance - Revenues for Q3 2025 reached RMB 2,163.3 million (US$ 303.9 million), marking a 13.2% increase from RMB 1,911.6 million in Q3 2024 [4][5]. - Revenue from online recruitment services to enterprise customers was RMB 2,146.8 million (US$ 301.6 million), up 13.6% from RMB 1,889.1 million in the same quarter last year [4][5]. - The number of paid enterprise customers increased by 13.3% year-on-year to 6.8 million [5]. - Average monthly active users rose by 10.0% to 63.8 million compared to 58.0 million in Q3 2024 [5]. Profitability Metrics - Income from operations surged by 108.1% to RMB 687.1 million (US$ 96.5 million) from RMB 330.2 million in Q3 2024 [8]. - Adjusted income from operations increased by 49.3% to RMB 903.5 million (US$ 126.9 million) from RMB 605.3 million in the same quarter last year [8]. - Net income for Q3 2025 was RMB 775.4 million (US$ 108.9 million), a 67.2% increase from RMB 463.8 million in Q3 2024 [9]. - Adjusted net income rose by 34.2% to RMB 991.8 million (US$ 139.3 million) from RMB 738.9 million in the same quarter last year [9]. Cost Management - Total operating costs and expenses decreased by 7.0% to RMB 1,476.2 million (US$ 207.4 million) from RMB 1,586.9 million in Q3 2024 [7]. - Share-based compensation expenses fell by 21.3% to RMB 216.4 million (US$ 30.4 million) from RMB 275.1 million in the same quarter last year [7]. Cash Flow and Financial Position - Net cash provided by operating activities was RMB 1,173.8 million (US$ 164.9 million), a 44.5% increase from RMB 812.3 million in Q3 2024 [12]. - The balance of cash and cash equivalents, short-term time deposits, and short-term investments was RMB 19,214.4 million (US$ 2,699.0 million) as of September 30, 2025 [14]. Shareholder Returns - The company completed its annual dividend distribution in Q3 2025, fulfilling its commitment to shareholder returns [3]. - A share repurchase program was extended for an additional 12 months, allowing for repurchases of up to US$ 250 million [15]. Future Outlook - For Q4 2025, the company expects total revenues to be between RMB 2.05 billion and RMB 2.07 billion, reflecting a year-on-year increase of 12.4% to 13.5% [16].

Core Viewpoint - KANZHUN LIMITED, operating the BOSS Zhipin platform, will report its unaudited consolidated results for Q3 2025 on November 18, 2025, before the U.S. market opens [1] Group 1: Financial Reporting - The unaudited consolidated results for the third quarter ended September 30, 2025, will be announced before the U.S. market opens on November 18, 2025 [1] - A conference call to discuss the results will be held on November 18, 2025, at 8:00 PM Beijing Time [1] Group 2: Conference Call Details - Participants must pre-register for the conference call via a provided link to receive dial-in numbers and a unique personal PIN [2] - Pre-registration is available at any time, including up to and after the call start time [2] Group 3: Company Overview - KANZHUN LIMITED operates BOSS Zhipin, a leading online recruitment platform in China, facilitating efficient connections between job seekers and enterprises [4] - The platform promotes two-way communication and intelligent recommendations, enhancing the online recruiting process [4] - BOSS Zhipin benefits from a large and diverse user base, creating powerful network effects that drive recruitment efficiency and rapid expansion [4]

Core Insights - Investors are increasingly turning to gold and low-beta stocks due to rising economic and geopolitical uncertainties, with analysts predicting continued volatility in the U.S. stock market [1] - Low-beta stocks such as Cheniere Energy Inc. (LNG), Kanzhun (BZ), and Agnico Eagle Mines Limited (AEM) are highlighted as potential safe havens for investors [1][8] Stock Analysis - **Cheniere Energy**: A leading producer and exporter of LNG, well-positioned to benefit from the growing global demand for cleaner fuel, particularly in Asia and Europe. The company has a strong balance sheet and relies on long-term contracts for stable cash flows [6][8] - **Kanzhun**: Operates BOSS Zhipin, China's top job-hunting app, with a strong cash position exceeding RMB 16 billion and generating over RMB 1 billion in cash every three months, indicating robust operational performance [7][8] - **Agnico Eagle Mines**: The world's second-largest gold producer, benefiting from high gold prices and having a pipeline of developments in exploration and production, poised to generate incremental cash flows [9][8] Investment Criteria - Stocks screened for low volatility have a beta between 0 and 0.6, ensuring they are less volatile than the market. Additional criteria include positive price movement over the last month, average trading volume greater than 50,000, a minimum price of $5, and a Zacks Rank of 1 (Strong Buy) [4][5]