BOSS ZHIPIN(BZ)2025-03-11 17:49Financial Performance - In Q4 2024, the company achieved GAAP revenue of RMB 1.82 billion, up 15% year-on-year, and adjusted net income of RMB 720 million, reflecting a 15% year-on-year growth [7][8] - For the full year 2024, GAAP revenue reached RMB 7.36 billion, up 24% year-on-year, with adjusted net income of RMB 2.71 billion, up 26% year-on-year [8][9] - Adjusted operating income for the full year was RMB 2.32 billion, rising by 41% year-on-year, with share-based compensation expenses as a percentage of revenue decreasing by 2.3 percentage points compared to 2023 [9][10] User and Business Metrics - Average verified monthly active users (MAU) on the BOSS Zhipin app increased by 28% year-on-year to 52.7 million in Q4 2024, with full-year MAU reaching 53 million, a 25.3% increase [8][11] - The company facilitated over 1.85 billion successful resume exchanges in 2024, indicating strong operational performance [11] - The revenue contribution from blue-collar segments grew to 38% in 2024, with the manufacturing sector showing the fastest growth rate [13][15] Market and Competitive Landscape - Recruitment demand from white-collar and large enterprises stabilized, with enterprises over 10,000 employees showing the fastest quarter-on-quarter revenue growth in Q4 [16] - The company noted a significant increase in recruitment demand for AI-related jobs, with average daily postings surging by over 60% year-on-year [28] Strategic Initiatives and AI Implementation - The company is focusing on enhancing user experience through continuous product and service optimization, particularly in blue-collar recruitment [15] - AI applications are being integrated into the recruitment process, with features like AI-powered job search and interview coaching being introduced [19][20] - The company has invested significantly in AI infrastructure, with plans to continue exploring AI applications and product development [56][58] Management Commentary on Future Outlook - Management expressed optimism about the recruitment market's recovery post-Chinese New Year, expecting Q1 2025 revenues to be between RMB 1.9 billion and RMB 1.92 billion, a year-on-year increase of 11.5% to 12.7% [40] - The company aims for a non-GAAP operating profit target of RMB 3 billion for 2025, which is 30% higher than the previous year [74] Other Important Information - The company repurchased approximately $229 million worth of shares in 2024, accounting for 3.7% of total outstanding shares, reflecting confidence in long-term growth [29][39] - Total cash position stood at RMB 14.7 billion as of December 31, 2024, providing a strong foundation for future growth initiatives [38] Q&A Session Summary Question: Impact of AI boom on online recruitment industry - Management noted a surge in AI-related job postings and active searches, indicating a significant shift in recruitment dynamics [44][46] - Concerns were raised about the potential oversaturation of AI-generated resumes and job descriptions [50][51] Question: Recruitment demand across different enterprise sizes and industries - Management highlighted strong sequential growth in online active job postings, particularly in white-collar industries and AI-related sectors [63][64] Question: Customer acquisition cost and marketing plans for 2025 - Management indicated no major marketing campaigns planned for 2025, focusing instead on user growth and brand awareness [72] Question: Revenue contribution and strategy for blue-collar business - The blue-collar segment is expected to continue growing, with strategic investments in AI and closed-loop services [78]