Kanzhun Limited's Q4 2024: Conflicting Insights on AI Strategy, Recruitment Demand, and Market Sustainability

These are the key contradictions discussed in Kanzhun Limited's latest 2024Q4 earnings call, specifically including: AI Investment Strategy, Recruitment Demand and Market Share, and Sustainability of Recruitment Demand:



Revenue Growth and User Expansion:
- Kanzhun Limited reported a GAAP revenue of RMB 1.82 billion in Q4, up 15% year-on-year, and a full-year revenue of RMB 7.36 billion, up 24% year-on-year.
- The growth was driven by a significant increase in average verified monthly active users (MAU) on the BOSS Zhipin app, which rose by 28% year-on-year to 52.7 million in Q4, and a MAU of 53 million for the full year.

Blue-Collar and Non-Tier 1 City Revenue Contributions:
- The revenue contribution from blue-collar segments increased to 38% in 2024, with the manufacturing sector experiencing the fastest growth among all industries.
- This was due to structural shifts in user growth, particularly among blue-collar workers in the manufacturing sector and lower-tier cities.

AI Integration and Product Development:
- Kanzhun Limited has been investing heavily in AI, with the introduction of AI-powered question-based search and interview coaching for job seekers, as well as AI agents for recruiters.
- DeepSeek and other AI models are helping the company enhance efficiency, improve customer experience, and drive business growth.

Spring Recruitment Season and AI Job Demand:
- The company witnessed a surge in AI-related job postings, with a 60% increase in average daily AI-related job postings since the Spring Festival.
- This increase in demand, especially for AI-related roles, has fueled sequential momentum in demand for product and technical positions.