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- **Revenue Surge**: Q3 revenue up 13.3% YoY to RMB 2.16 billion, driven by 25% YoY job postings growth and 13.3% YoY paid enterprise customer expansion.
- **AI-Driven Efficiency**: Full rollout of AI job search assistant and AI Quick Hiring tools boosted user engagement, with reuse rates rising among recruiters.
- **Profitability Boost**: Net profit margin 35.8%, adjusted net margin 45.8%, up 7.2 percentage points YoY, supported by 21% YoY decline in share-based compensation.
- **SME Growth Engine**: 80% of paid customers are SMEs, with SME revenue contribution up 2.2 percentage points QoQ, signaling post-macro recovery strength.
- **Cautious AI Expansion**: Balancing AI adoption with user trust, focusing on high-quality data and incremental feature rollouts to maintain ecosystem balance.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 2025 revenue reached RMB 2.16 billion, up 13.3% YoY, driven by user growth and enterprise demand recovery. Adjusted operating profit rose 49.3% YoY to RMB 900 million.
- **User Expansion**: Acquired 40 million new verified users from January to October; MAU on BOSS Zhipin app reached 53.82 million in Q3, with strong DAU/MAU ratio.
- **Enterprise Demand**: Newly posted job positions increased 25% YoY, with enterprise users growing faster than job seekers. Paid enterprise customers rose 13.3% YoY to 6.8 million.
- **Industry Trends**: Blue-collar revenue contribution hit a record high, led by manufacturing. White-collar sectors like AI and Internet services saw growth, with small/medium enterprises (SMEs) driving paid user growth.
- **AI Integration**: Fully launched AI job search assistant, with interactions up QoQ. AI interview coaching and recruitment tools (e.g., AI Quick Hiring) showed improved user engagement and reuse rates.
- **Strategic Focus**: Prioritize user growth (35 million+ new users annually) while maintaining profitability, with cautious AI rollout to balance efficiency and ecosystem impact.

**【CFO Financial Commentary】**
- **Revenue Breakdown**: Total revenue RMB 2.2 billion (13% YoY growth). SME revenue contribution increased 2.2 percentage points, ARPPU stable.
- **Cost Efficiency**: Operating costs down 7% YoY to RMB 1.5 billion. Share-based compensation fell 21% YoY to RMB 216 million. Gross margin improved 2.2 percentage points YoY to 85.8%.
- **Profitability**: GAAP net profit RMB 775 million (67% YoY growth), net margin 35.8%. Adjusted net margin 45.8%, up 7.2 percentage points YoY.
- **Cash Flow**: Operating cash flow RMB 1.2 billion (45% YoY growth). Ending cash position RMB 19.2 billion.
- **Q4 Outlook**: Revenue expected RMB 2.05-2.07 billion (12.4-13.5% YoY growth), maintaining cost control and margin expansion.

**【Q&A Highlights】**
- **Demand Recovery**: CEO noted improved supply-demand balance, with enterprise users growing faster than job seekers. Fresh graduate job postings increased 20% YoY, easing pressure on job seekers.
- **Renewal Trends**: CFO reported net dollar retention rate bottoming out, with SME and key account renewal rates improving. This reflects macro recovery and customer satisfaction.
- **Market Share**: CEO emphasized serving SMEs (80% of paid customers) and China's 40 million SMEs, leaving ample growth room. Competitive advantage lies in ROI and service quality.
- **AI Competition**: CEO highlighted cautious AI integration to preserve user trust. High-quality data (e.g., job seeker/recruiter interactions) gives BOSS Zhipin an edge over AI-focused entrants.
- **Profit vs. Growth**: CEO prioritizes user growth and ecosystem strength over short-term margin gains, but expects margins to continue improving through operational efficiency.


Kanzhun Limited (BZ) Q3 2025 Earnings Call Transcript

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