2025-08-20 13:00Financial Performance - The company achieved total revenue of RMB 2.1 billion, reflecting a year-on-year increase of 9.7% [6] - Net income reached RMB 710 million, showing a significant year-on-year growth of 70.4%, with a net profit margin exceeding 33% [6] - Adjusted operating profit was RMB 880 million, up 33% year on year, with share-based compensation expenses decreasing by nearly 10% quarter on quarter [7][24] - The adjusted operating margin reached 41.9%, up by 7.5 percentage points year on year, marking a record high [26] Business Line Performance - The number of paid enterprise customers increased by 10% year on year to 6.5 million [24] - Revenue contributions from small and medium-sized enterprises (SMEs) showed pronounced recovery, particularly in the recruitment demand from SMEs [25] - The average verified monthly active users on the platform reached 63.56 million, up 16.5% year on year [7] Market Dynamics - The recruitment market showed recovery, with job postings for fresh graduates growing by over 18% year on year [9] - The number of newly posted jobs on the platform increased by approximately 20% year on year in July [10] - The company observed a recovery in the internet industry, with active job postings reaching a new high since 2021 [11] Company Strategy and Industry Competition - The company is focusing on ongoing progress in AI, enhancing user experience and operational efficiency [5][12] - AI tools are being integrated into various functions, including job seeker safety and recruitment optimization [13][20] - The company completed a secondary share offering in Hong Kong to enhance liquidity and broaden its shareholder base [21][30] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the sustainability of the recruitment demand recovery, citing improved job seeker to recruiter ratios [37] - The company expects revenue growth to accelerate, projecting total revenues for 2025 to be between RMB 2.13 billion and RMB 2.16 billion, representing an 11.4% to 13% year-on-year increase [31] - The company plans to continue investing in R&D and innovation while maintaining a focus on shareholder returns [42][63] Other Important Information - The company announced an annual dividend policy with a planned payout of USD 80 million for the current fiscal year [22] - A new share repurchase program was launched, intending to repurchase up to USD 250 million of shares over the next twelve months [22] 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% of revenue [35] - The impact of food delivery competition on recruitment demand was observed to be minor [36] 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 [41][42] Question: How does competition affect marketing and user acquisition costs? - The company has observed increased advertising investments from peers, but the impact on its marketing costs has been limited due to high user acquisition efficiency [45][46] Question: What are the plans for AI applications and capital markets? - Management highlighted ongoing AI product development, including a recruitment agent called HAMR, and emphasized the importance of improving liquidity in Hong Kong markets through recent financing activities [55][61]