2024-08-28 16:09Financial Data and Key Metrics Changes - In Q2 2024, Kanzhun Limited achieved calculated cash billings of RMB1.95 billion, representing a 20% year-on-year increase [5] - GAAP revenue reached RMB1.92 billion, up 29% year-on-year [5] - Net profit was RMB420 million, while adjusted net income rose to RMB720 million, up 26% year-on-year [5][13] - Average verified MAU on the BOSS Zhipin app grew by 25% year-on-year to 54.6 million [5] - Total paid enterprise customers reached 5.9 million, reflecting a 31% year-on-year growth [5][14] Business Line Data and Key Metrics Changes - Average monthly active enterprise users grew by 17% year-on-year [13] - Revenue contributions from blue-collar sectors and small to medium-sized enterprises continued to increase [13] - Adjusted operating profit was RMB660 million, up 52% year-on-year, with an adjusted operating margin of 34.4%, marking an all-time high [14] Market Data and Key Metrics Changes - The company observed a weaker demand from the recruitment side in the latter half of Q2, leading to a high CB ratio [6][7] - Newly added enterprise users in Q2 were higher than the same period last year, indicating a positive growth trend [7] Company Strategy and Development Direction - The company aims to ensure full-year profit targets, emphasizing the importance of confidence during challenging times [9] - Plans to invest more resources in new growth drivers, particularly in the blue-collar manufacturing industry [9][10] - The management believes long-term structural growth opportunities remain strong due to the large Chinese market and persistent labor supply shortages [8] Management Comments on Operating Environment and Future Outlook - Management views the current competitive landscape as stable, with strong user engagement metrics [20] - The company expects total revenues for Q3 2024 to be between RMB1.9 billion and RMB1.92 billion, reflecting a year-on-year increase of 18.2% to 19.5% [17] - Management is focused on controlling overall spending to achieve profit targets amidst a challenging macro environment [21][22] Other Important Information - The company has repurchased shares totaling US$88 million in the past four months, demonstrating commitment to shareholder returns [12][17] - Adjusted operating costs increased by 20% year-on-year, primarily due to investments in customer acquisition and R&D [14][15] Q&A Session Summary Question: User growth and market share outlook - Management believes the competitive landscape is stable, with historical highs in MAU and DAU metrics [20] - The full-year user growth target is set at RMB40 million to RMB45 million, with a focus on controlling marketing spending to achieve profit targets [21] Question: Recruitment demand improvement - Management noted that blue-collar recruitment demand peaked during the spring festival but fell back in Q2, although year-on-year growth remained strong [29] - The manufacturing industry continues to outperform other sectors, with improvements in the enterprise-to-job seeker ratio observed in August [31] Question: Developments regarding WD acquisition and AI investments - The acquisition of WD technology is aimed at enhancing capabilities in the manufacturing industry, with ongoing collaboration on development and monetization projects [35][36] - The company is cautious about investing heavily in generative AI, focusing instead on internal applications and understanding advancements in the field [38] Question: Share buybacks and dividends - The company has a $200 million share buyback program and has already repurchased $88 million worth of shares [39] - Discussions regarding a potential dividend plan are ongoing, but no decisions have been made yet [39]