Q1 2024 Kanzhun Ltd Earnings Call
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Speaker Change: Ladies and gentlemen, and thank you for standing by and welcome to the Qiagen Ltd. First quarter 2020 full financial results conference call. At this time all participants are in listen every night.
Speaker Change: It's just presentation, there will be a Q&A session.
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Speaker Change: Please go ahead ma'am.
Operator: Thank you, operator. Good evening and good morning, everyone.
Speaker Change: Thank you operator, good evening.
Speaker Change: Everyone welcome to our first quarter to date in Q4 earnings Conference call. Joining me today, our founder Chairman and CEO, Mr. Jonathan Chou.
Operator: Welcome to our first quarter 2024 earnings conference call. Joining me today are our founder, chairman, and CEO, Mr. Jonathan Peng Zhao, and our director and CFO, Mr. Phil Zhang. Before we start, we would like to remind you that today's discussion may contain forward-looking statements, which are based on management's current expectations and observations that involve known and unknown risks, uncertainties, and other factors not under the company's control, which may cause actual results, performance, and achievements of the company to be materially different.
Speaker Change: And our director and the CFO, Mr. Phil Jones.
Speaker Change: Before we start we would like to remind you that today's discussion may contain forward looking statements, which are based on management's current expectations and observations that involve known and unknown risks uncertainties and other factors not under the company's control, which may cause actual results performance or achievements of the.
Speaker Change: Company to be materially different.
Speaker Change: The company cautions you not to place our reliance on forward looking statements and do not undertake any obligation to update this forward looking information except as required by law.
Speaker Change: During today's call management will also discuss certain non-GAAP financial measures for comparison purpose for.
Speaker Change: Well definitely shelf non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results. Please see the earnings release issued earlier today.
Speaker Change: In addition, a webcast replay of this conference call will be available on our website.
Operator: The company cautions you not to place undue reliance on forward-looking statements and does not undertake any obligation to update this forward-looking information, except as required by law. During today's call, management will also discuss certain non-gap financial measures for comparison purposes only. For a definition of non-gap financial measures and the reconsideration of gap to non-gap financial results, please see the earnings release issued earlier today. In addition, a webcast replay of this conference call will be available on our website at ir.jiping.com. With that, I will now turn the call over to Jonathan, our founder, chairman, and CEO.
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Speaker Change: He said I will now turn the call to Jonathan our founder Chairman and CEO.
Jonathan Peng Zhao: Hello everyone, welcome to our company's first quarterly sales announcement meeting in 2024. On behalf of all employees, management, and board of directors, I would like to thank the users and investors who have always trusted and supported us.
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Jonathan Peng Zhao: Hello everyone, welcome to our company's first quarter 2024 earnings conference call. On behalf of the company's employees, management team, and board of directors, I would like to thank our users and investors who have always believed in us and supported us.
Speaker Change: Hello, everyone welcome to our company's first quarter. It can be it can do for earnings conference call.
Speaker Change: Half of the company's employees management team and board of directors.
Speaker Change: Let me think how are you there isn't a metric we have always believed in us and supported us.
Jonathan Peng Zhao: Let me introduce the performance first. In the first quarter, the company received 20.5 billion yuan in cash. 24%, 15% Gup's income was $1.740 billion. 33%, 8% A net profit of 2.4 billion yuan was achieved in the first quarter. At the same time, the net profit after deducting the equity fund fee was adjusted to 5.3 billion yuan and increased by 117%.
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Jonathan Peng Zhao: Let me first introduce our financial performance. In the first quarter, the company achieved a calculated cash spilling of RMB 2.05 billion at 24% year-on-year and 15% quote-unquote. Our gap revenue reached RMB1.7 billion, up 33% year-on-year and 8% quote-unquote. We achieved a net profit of RMB240 million. Meanwhile, our adjusted net income, which excludes share-based compensation expenses, was RMB530m, up 117%.
Speaker Change: Let me first introduce our financial performance in the first quarter. The company achieved a calculated cash sitting from RMB 2.25 billion.
Speaker Change: 24% year on year, and 16% quote unquote.
Speaker Change: Our GAAP revenue reached RMB, one 7 billion I'm, such a 3% year on year and 8% quote unquote.
Speaker Change: We achieved a net proceeds of RMB 214 medium.
Speaker Change: Meanwhile.
Speaker Change: Adjusted net income, which excludes share based compensation expenses was RMB 514 medium mm 117%.
Jonathan Peng Zhao: In the first quarter, the average perfect MAU of the BOSchipping app reached 46.62 million, an increase of 17%. Compared with the same period last year, the growth of corporate end-users is faster this year.
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Jonathan Peng Zhao: In the first quarter, the average verified MAU on the bus chipping app reached 46.62 million, representing a 17% year-on-year growth. The growth rate of enterprise users is faster this quarter compared with the same period last year.
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Speaker Change: In the first quarter.
Speaker Change: Worldwide unmet you under the bus tripling App reached 46.62 million, representing a 17% year on year growth.
Speaker Change: The growth rate them into a place you start is factored this quarter compared with the same period last year.
Jonathan Peng Zhao: In March, the number of users of the BOSS App-based Perfect Moonlight exceeded 50 million for the first time and reached 55 million, which is a 24% increase. At the same time, the ratio of DAU to MU is stable.
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Jonathan Peng Zhao: In March, the number of verified MAU on the BOSchipping app exceeded 50 million for the first time, reaching 55 million, up 24% year-on-year. At the same time, the ratio of DAU to MAU remained stable.
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Jonathan Peng Zhao: From January to April this year, the company increased the number of users to 17 million. By the end of April, the total number of users had exceeded 190 million. The total number of corporate users had exceeded 14 million.
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Jonathan Peng Zhao: As of the end of April, the cumulative number of verified users served by our platform exceeded 190 million, with the cumulative number of verified enterprises surpassing 40 million, which means from January to April this year, the company attracted more than 70 million newly added verified users.
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Jonathan Peng Zhao: 2024331,... There are about 5.7 million applicants. They are distributed among more than 3.5 million companies. They are recruiting for free in Boston.
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Jonathan Peng Zhao: As of March 31st, 2024, approximately 5.7 million enterprise customers across more than 3.5 million enterprises conducted paid recruitment activities on BossJP during the past 12 months.
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Speaker Change: As of March 31st to meet the need for approximately 5.7 media enterprise customers across more than 3.5 media enterprises conducted pilot recruitment activities on block Jameson during the past 12 months.
Jonathan Peng Zhao: So in 12 months, there were more than 3.5 million companies paid by BOSS. This is a large number in the global enterprise service market, even more than the population of many countries. 4000 However, on China's overall scale of more than 40 million companies, the ratio is less than 10%. There is still a huge room for growth in the number of companies that pay annually.
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Jonathan Peng Zhao: In 12 months, more than 350 million companies have paid for our service. This number seems very large in terms of the global enterprise service market. It is even exceeding the total population of some countries. However, it only represents less than 10% of China's over 40 million enterprises. This means there is enormous growth potential for the number of paying companies for China's online recruitment service in the future.
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Speaker Change: In in 12 months, yeah, more than 315 million companies paid for our services.
Speaker Change: Number it seems very large in terms of the global enterprise service market.
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Ever it only represents less than 2% of tenants over 40 minutes and share prices, So which means there is enormous growth potential in the number of paying companies for China online from information in the future.
Jonathan Peng Zhao: And it's easy to see that the annual cost of each company is no more than 2,000 RMB 2B. This situation will continue to improve, and the number of APUs will gradually increase.
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Jonathan Peng Zhao: Furthermore, it is obvious to calculate that the average annual payment per enterprise currently is less than RMB 2,000. As the vast pool of Chinese enterprises gradually becomes more willing to pay for valuable and must-have 2B services, the situation will continue to improve, which means our pool will continue to rise.
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Speaker Change: Furthermore, it is others to calculate that the average annual payments enterprise is currently less than RMB to solve it.
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Jonathan Peng Zhao: Therefore, for HIV and HIV-positive patients, as well as for the entire online recruitment industry in China, whether it is the number of paid companies or the number of unpaid companies, there is a lot of room for growth in the future.
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Jonathan Peng Zhao: Therefore, for both boss shipping and the entire online recruitment industry in China, we see significant growth potential in both the number of paying enterprises and their output.
Speaker Change: Therefore look for market, both for stripping and the entire online recruitment industry in China, we see significant growth potential in both the number of payment until prices and there are true.
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Jonathan Peng Zhao: At the last event, we shared a few features of this year's Chinese New Year. Now we will also add some trends in recent updates.
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Jonathan Peng Zhao: In our last earnings call, we shared some key characteristics of this year's spring recruitment season. Today, we would like to provide additional insights and updates on recent trends.
Speaker Change: In our last earnings call, we shared some currency characteristics of this year's spring season today, we would like to provide additional insight updates on recent trends.
Jonathan Peng Zhao: First of all, I'd like to introduce LanLin. LanLin users and revenue scale continue to grow rapidly. In the first quarter, among our new users, the number of blue-faced users from absolute value to increase has exceeded 100. Lanling's income ratio has also increased by more than 35%.
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Jonathan Peng Zhao: The first will still be the blue-collar segment. The number of blue-collar users and this segment's revenue continue to grow rapidly. Among new users in the first quarter, both the absolute amount and the growth rate of blue-collar users surpassed that of white-collar users, with the blue-collar users' revenue contribution climbing up to over 35%.
Speaker Change: First still being Blue collar segment for a number of blue collar user and this segments revenue continued to grow rapidly.
Speaker Change: Among new users in the first quarter, both the absolute amount and the girl straight up blue collar users surpassed that helped the white collar users at least the blue collar use us revenue contribution timing up over 35%.
Jonathan Peng Zhao: It is worth mentioning that compared to last year, this year's manufacturing and logistics industries have significantly improved in the short term and maintained a steady upward trend. From the Spring Festival to the end of May, the number of new jobs in the manufacturing and logistics industry increased by about 40% compared to the same period last year. At the same time, the situation in Bailin has also improved compared to the same period last year.
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Jonathan Peng Zhao: It's worth mentioning that compared with last year, the manufacturing and logistics industries have seen a good improvement in business sentiment this year, maintaining a steady upward trend. From the post-spring festival to mid-May, the number of daily average newly added job positions in manufacturing and logistics industries increased by approximately 40% compared with the same period last year. At the same time, the white-collar sector has also shown some improvement trends.
Patty: It's worth mentioning that compared with last year, the manufacturing and the largest tech in this space have seen a good improvement in business sentiment this year, maintaining a steady upward tick.
Speaker Change: From the post Spring festival to mid May the number of daily average annuity added job positions in manufacturing and logistics industries increased by approximately 40% compared with the same period last year understanding.
Speaker Change: The white collar sector has also show some improvement.
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Jonathan Peng Zhao: With the rapid recovery of the white-collar industry, the hiring demand of large companies is better than that of small companies in terms of growth, which shows further recovery.
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Jonathan Peng Zhao: The second trend relates to enterprise size. Driven by the recovery in the white-collar sector, large companies' recruitment demand has increased better year on year compared to that of smaller enterprises, showing further recovery.
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Speaker Change: The second trend relates to enterprise site, driven by the recovery in the white collar sector. The large conference recruitment demand has increased better year on year compares that helped smaller enterprises showing no signs of recovery.
Jonathan Peng Zhao: Third, let's take a look at the city's county level. Second-tier and third-tier cities continue to grow in terms of user growth and income-to-value ratio. At the same time, looking at the trend of the same pen, the recruitment demand of the first-tier cities this year has also returned. And the third one is...
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Jonathan Peng Zhao: And the third one is by C.T. Cheers. Second tier, lower tier cities have shown a continued increase in both user growth and revenue contribution. However, the recruitment demand from first tier cities has also recovered to some degree this year compared to the same period last year.
Speaker Change: And the second one is by city tiers.
Speaker Change: Second tier lower tier cities have showed continued increase in both user growth and the revenue contribution. However, the recruitment demand from Chesapeake has also recovered to some degree this year compared to the same period last year.
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Jonathan Peng Zhao: In production, manufacturing, supply chain logistics, the Internet, AI technology, finance, procurement, and trade, etc., it is a relatively better branch industry in recent years.
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Jonathan Peng Zhao: Manufacturing, supply chain logistics, internet AI technology, finance, and procurement trade subsectors have shown relatively better growth momentum recently.
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Jonathan Peng Zhao: You may have noticed that we recently acquired a talent service platform for domestic leading manufacturing workers called My Working Network.
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Jonathan Peng Zhao: You may have noticed that we have recently acquired WD Technologies, the leading manufacturing talent delivery platform in China, or Dagong Wang.
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Jonathan Peng Zhao: At the same time, the company has been implementing the Hailuo project for several years. The number of companies and publishers who have registered is also growing rapidly. In the first quarter, the number of players selected by Hailong Submarine exceeded 260,000, covering more than 27 million players.
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Jonathan Peng Zhao: At the same time, the Conch project, which we have been running for several years, has shown very fast-growing numbers of job postings and enterprises. In the first quarter, the number of active job positions exceeded 260,000, covering more than 27 million job seekers.
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Speaker Change: Fast growing numbers of proteins and enterprises.
Speaker Change: In the first quarter.
Speaker Change: <unk> number of active job position exceeded 260, Sullivan covering more than 27 million job seekers.
Jonathan Peng Zhao: So we believe in the information on my working network. Over the past 11 years of industrial exploration and successful experience, combined with BOSS job-hunting, the exploration and user scale advantage of blue-chip services, we will... in the manufacturing industry in Lanling. In terms of service model and marketing, there are more mature and more visible explorations.
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Jonathan Peng Zhao: So we believe that with Wode Da Gong Wang, more than 11 years of exploration and industry experience, combined with both shipping apps, user scale, and our exploration in blue-collar service, we should be able to continue to explore more services, more mature services in the blue-collar manufacturing industry and also in our realm.
John: So we believe that we will do that go along more than 11 years of exploration and the industry experience combined with sports betting apps user scale and.
John: Our exploration in Blue collar service, we should be able to continue to explore more.
John: More service.
John: More.
Mature service in Blue collar manufacturing industry and also E overrun.
Jonathan Peng Zhao: That's all for my part. Next, we will have Phil from the CFO to talk about our financial situation. Thank you.
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Jonathan Peng Zhao: That concludes my part of the call. I will now turn it over to our thankful field for the review of our financials. Thank you.
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Speaker Change: That does concludes my part of the call I will now turn it over to our CFO.
Felicia: Felicia Thank you.
Phil Yu Zhang: Thanks Jonathan. Hello everyone. Now, let me walk you through the details of our financial results for the first quarter of 2024. We are happy to report a solid start to the year, characterized by continuous expansion of our user base and engagement, and sustained revenue growth. In this quarter, our revenues hit a new high and reached RMB 1.7 billion in the quarter, representing a solid 33% year-over-year growth. Calculated cash billions reached RMB 2.1 billion, up 24% year-over-year and 15% sequentially, showing continued growth momentum.
Jonathan Peng Zhao: Thanks, Jonathan Hello, everyone now, let me walk you through the details our financial results.
Felicia: First quarter of 2024.
Phil Yu Zhang: Our paid enterprise customers grew by 43% year-over-year to 5.7 million in the trailing 12 months ending March 31st. The faster growth rate of paid customers compared to that of total users indicates our increase in the paying ratio among enterprises and enterprise users. As Jonathan just mentioned, we noticed a recovery in recruitment demand from large companies.
Felicia: We are happy to report a solid start to the year.
Felicia: Characterized by continuous expansion in our user base and engagement and the sustained revenue growth in this quarter. Our revenue was hit a new high and reached RMB, one 7 billion in the quarter, representing a solid so.
Phil Yu Zhang: This trend is also demonstrated by the increased cash revenue contribution from key accounts in the quarter, which was up by 1.5 percentage points compared to the same period last year, while the downward trend of blended staff related APU due to the change in revenue structure mix has also been mitigated. Moving to the cost side, Total operating costs and expenses increased by 17% year-over-year to RMB1.6 billion in this quarter, excluding share-based compensation expenses.
Felicia: 33% year over year growth.
Felicia: Calculated cash billions reached RMB, two 1 billion.
Felicia: 4% yogurt year.
Felicia: 15% sequentially.
Felicia: Our continued growth momentum.
Felicia: Our payer and depressed customers grew by 43% year over year to $5 seven minutes.
Felicia: In 12 months ended March 31.
Felicia: The faster growth rate of paid customers compared to that of the total users indicates our increase the payout ratio.
Felicia: Prices and enterprise users.
Felicia: As Jonathan just mentioned, we noticed a recovery of recruitment demand from large companies. This trend is also demonstrated by the increase to cash revenue contributions from key accounts in the quarter.
Felicia: Which was up by one five percentage points.
Felicia: Compared to the same period last year, while the downward trend.
Speaker Change #100: Scott related to our pool.
Speaker Change #100: Due to the <unk>.
Speaker Change #100: <unk> revenue structure mix has also been mitigated.
Speaker Change #100: Moving to the cost of sites total operating costs and expenses increased by 17% year over year to RMB, one 6 billion in this quarter.
Speaker Change #100: Excluding share based compensation expenses, our adjusted operating cost and expenses increased by 14% to RMB, one 3 billion in this quarter.
Phil Yu Zhang: Adjusted operating costs and expenses increased by 14% to RMB1.3 billion in this quarter, and our adjusted operating margin was 23%, double that of 11% in the same quarter last year. The cost of revenues increased by 20% year-over-year to RMB 295 million in this quarter. This increase was primarily driven by increases in server and bandwidth costs, payment processing costs, and employee-related expenses. Gross margin went up by 2 percentage points compared to the same period last year, thanks to higher revenue growth.
Speaker Change #100: Our adjusted operating margin was 23% double than that of <unk>.
Speaker Change #100: 7% in the same quarter last year.
Speaker Change #100: Cost of revenues increased by 20% year over year to RMB $295 million in this quarter.
This increase was primarily driven by increases in silver and bandwidth costs.
Speaker Change #100: Payment processing costs.
Speaker Change #100: Employee related expenses.
Speaker Change #100: Gross margin went up by two percentage points compared to the same period last year, thanks to higher revenue growth.
Phil Yu Zhang: Our sales and marketing expenses decreased by 8% year-over-year to RMB579 million in this quarter. This decrease was mainly due to decreased advertising and marketing expenses partially offset by increased sales compensation associated with the cash revenue growth. Notably, despite the disciplined marketing investment, we still achieved a record high MEU and widened the gap with our industry peers.
Speaker Change #100: Our sales and marketing expenses decreased by 8% year over year to RMB $579 million in this quarter.
This decrease was mainly due to decreased advertising and marketing expenses, partially offset by an increase the sales compensation associated with the cash revenue growth.
Speaker Change #100: Notably despite the display and the marketing investments, we still achieved a record five Emmy and enlarge the gap with our industry peers.
Phil Yu Zhang: Our RMB expenses increased by 40% year-over-year to RMB 468 million in this quarter. This increase has two reasons. One is the increased employee-related expenses, including year-end bonuses and share-based compensation. The other even bigger reason is the result of our increased investment in generative AI development, which led to higher depreciation costs related to servers. Our GNA expenses increased by 64% year-over-year to RMB 270 million in this quarter, mainly due to increased employee-related expenses, including share-based compensation expenses.
Speaker Change #100: Our R&D expenses increased by 40% year over year to RMB 468 million in this quarter.
Speaker Change #100: This increase has two <unk> one is the increased employee related expenses, including year end bonus and share based compensation.
Speaker Change #100: Even bigger reason is the result of our increased investment in general.
Speaker Change #100: Development.
Speaker Change #100: Which led to higher depreciation costs related to two silvers.
Speaker Change #100: Our G&A expenses increased by 64% year over year to RMB $270 million in this quarter.
Speaker Change #100: Mainly due to increased employee related expenses, including share based compensation expenses.
Phil Yu Zhang: Our net income was RMB 292 million in this quarter compared to RMB 33 million for the same quarter last year. Our adjusted net income reached RMB 531 million, up 117% year-over-year, and adjusted net margin for this quarter was 31%, up by 12 percentage points year-over-year. Net cash provided by operating activities grew by 66% year-over-year to RMB906 million for this quarter, mainly contributed by increased cash
Speaker Change #100: Our net income was RMB 292 million in this quarter compared to RMB.
Speaker Change #100: $33 million for the same quarter last year.
Speaker Change #100: Our adjusted net income reached RMB $531 million up 11.
Speaker Change #100: 101.
17% year over year and adjusted our net margin for this quarter was 31%.
Speaker Change #100: Up by 12% points year over year.
Speaker Change #100: Net cash provided by operating activities grew by 66% year over year to RMB $906 million for this quarter, mainly contributed by increased our cash balance as of March 31, 2024, our cash and cash.
Phil Yu Zhang: As of March 31, 2024, our cash and cash equivalents, short-term time deposits, and short-term investments totaled RMB11.9 billion, and our long-term investments in time deposits and wealth management products were RMB3.4 billion. Now for our business outlook. For the second quarter of 2024, we expect our total revenues to be between RMB 1.91 billion and RMB 1.96 billion, a year-on-year increase of 28 to 32 percent
Speaker Change #100: Equivalents short term time deposits and short term investments totaled RMB 11 9 billion.
Speaker Change #100: Our long term investments in time deposits in the wealth management products or <unk>.
Speaker Change #100: RMB three 4 billion.
Speaker Change #100: And now for our business outlook for the second quarter of 2024, we expect our total revenues to be between RMB 191 billion and RMB 196 billion.
Speaker Change #100: Year on year increase of 28 to 32.
Operator: With that concludes our prepared remarks, and now we would like to answer questions. Operator, please go ahead with the queue. Thank you. To ask a question, you will need to press star 1.
Speaker Change #100: Percent.
Speaker Change #101: With that ill conclude our prepared remarks.
Speaker Change #102: We would like to answer your questions. Operator. Please go ahead.
Operator: Thank you. To ask a question, you will need to press star 1 and 1 on your telephone and wait for your name to be announced. To withdraw your question, please press star 1 and 1 again. Our first question comes from Robin Zhu from Bernstein. Please go ahead; your line is open.
Speaker Change #103: Thank you.
Speaker Change #104: Ask a question you will need to press star one on one on your telephone and wait for your name to be announced to withdraw your question. Please press star one again.
Speaker Change #104: Okay.
Speaker Change #104: Yes.
Speaker Change #104: Yeah.
Speaker Change #105: Our first question comes from the line of Robin <unk> from Bernstein. Please go ahead. Your line is open.
Robin Zhu: Thank you, Guan Yiceng. I have two questions.
Speaker Change #104: Yeah.
Speaker Change #106: Oh excuse me the guidance on <unk>.
Speaker Change #107: What's been the auto ones you bought.
Robin Zhu: Let me ask you some questions in Chinese first, and then I'll translate. First, I'd like to ask Guan Yiceng to share with us some trends in the first quarter and recent domestic recruitment demand, as well as the overall situation, such as the situation seen by companies such as Lanling, Bailing, KA, and S&B and whether there have been any changes in communication with investors in the same period last year or last quarter. Second, I'd like to ask the company to share with us some developments in its own business, as well as the situation with the various companies' growth drivers, and whether there are any business characteristics to the overall forecast for the second quarter, and whether there is any expectation of overall year-on-year growth.
Speaker Change #108: San Antonio and our own if any did you lose some clients American jobs.
Speaker Change #107: Yeah.
Speaker Change #107: Okay.
Bonnie: Sure Bonnie.
Speaker Change #110: <unk> been in.
Speaker Change #110: Great.
Speaker Change #110: Now that you've had some growth.
Speaker Change #111: <unk> <unk> hundred again, just is something that <unk> got almost a William Katz from Citigroup.
Speaker Change #110: Yes.
Speaker Change #112: Most of the things Shawn Johnston, Susan just been when those bonds.
Speaker Change #113: So it's a good question.
Speaker Change #114: So that would be the tundra and the driver of that uhm.
Speaker Change #114: Do.
Speaker Change #114: Do you see the <unk>.
Speaker Change #114: Yes.
John: Hello, John.
John: <unk>.
Robin Zhu: I don't know if April or May will be higher than last year's service industry, and whether it will have any impact on growth. [inaudible] Could management please share their observations on the state of recruitment demand in China by white collar, blue collar, KAs versus SMEs, etc., by industry, compared to a year ago and the company's expectations last quarter? And can you also share some thoughts on Boss Japan's own business trends in the more recent months, looking forward to the rest of Q2, thoughts on growth rates for the rest of the year and whether high comms in the service industry will have an impact on growth rates in the coming months?
John: It comes in.
Speaker Change #115: Roger just sue.
Speaker Change #115: <unk> and <unk>.
Speaker Change #116: We will go with it.
Speaker Change #117: Ladies and gentlemen.
So my questions.
Speaker Change #118: Good management share your observations on the state of recruitment demand in China by white collar or blue color.
Speaker Change #118: Versus SME et cetera.
Speaker Change #118: By industry.
Speaker Change #118: Two a year ago in the Companys expectations last quarter.
Speaker Change #119: And can you also share some thoughts on bulks depends on business trends.
Speaker Change #119: And the more recent months.
Speaker Change #119: Looking forward to the rest of Q2 thoughts on growth rates.
Speaker Change #119: And the rest of the year.
Speaker Change #119: Whether high comps in the service industry will have an impact on growth.
Speaker Change #119: Growth rates in the coming months. Thank you.
Speaker Change #119: Okay.
Speaker Change #119: Sure.
Jonathan Peng Zhao: Thank you.,,, and, In terms of the number of recruiters and the number of companies, they have reached a new historical level. [inaudible] and Zhao Bingzhu. [inaudible] 2023 will be a better year.
Speaker Change #119: Okay.
Speaker Change #119: <unk>.
Speaker Change #119: Consider.
Speaker Change #119: Hi, Julia tolerant aggregating hall.
Speaker Change #119: So <unk>.
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Speaker Change #119: Okay.
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Speaker Change #119: To the quarter.
Speaker Change #120: Moving to the short out consider short and sharp.
Speaker Change #120: Total tons.
Speaker Change #120: Sure.
Speaker Change #120: Chicago.
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Speaker Change #120: Chanel.
Speaker Change #120: Sure.
Speaker Change #120: <unk>.
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Speaker Change #120: Chico Pardo.
Speaker Change #120: P.
Speaker Change #120: Alright, thank you.
Speaker Change #120: Gotcha.
Jonathan Peng Zhao: Thank you for your question. If we look at the new job postings and their growth in their recruitment demand, we see that this year it's overall better compared to last year. So the, Every day, we continue to see a new historical high of daily active bosses and daily active enterprises. On an overall accumulated basis, we see that for the existing bosses, their activeness is also better compared to last year.
Speaker Change #120: Okay.
Speaker Change #120: Thank you for your question.
Speaker Change #120: If we look at.
Speaker Change #120: Doug Doug proteins, and Darren growth of Derek Kerr Mcgee Mountain, we saw that this year.
Speaker Change #120: Overall.
Speaker Change #120: Next year so.
Every day, we saw.
Speaker Change #120: We continue to see the new historical high.
Speaker Change #120: Cheap daily at two boxes, and David and Steven from plastics.
Speaker Change #120: Our overall accumulated basis, we saw that for the existing boxes they are opportunities.
Speaker Change #120: It's also better compared to last year.
Jonathan Peng Zhao: In the growth of the first quarter, we can see that the blue lead is still increasing very fast. I've already told you the number. I won't repeat it. This year, I want to emphasize that the highlights are production, manufacturing, and supply chain. Considering the situation this year, the performance of the service industry is not so strong.
Speaker Change #120: Okay.
Speaker Change #120: Okay.
Speaker Change #121: I'm doing a kind of a learning here in terms of if I'm correct.
Speaker Change #122: Sure sure, which one follow up.
Our senior Antonio HIV younger and tissue, which enhances also coming down.
Speaker Change #122: Now my opinion.
Speaker Change #122: <unk> full year that got shared mail.
Speaker Change #122: Charging.
Jonathan Peng Zhao: In the first quarter, as we have just said, blue collar is definitely a group fighter compared to other sectors, and we have just talked about numbers. And the highlight this year is still manufacturing and logistics. Urban surveys, compared to a high bay, are not as fast as the other two sectors.
Speaker Change #122: Okay.
Speaker Change #122: In the first quarter as we have just said blue collar definitely a group I chair.
Speaker Change #122: Private sector, and we have Jeff talk about numbers and highlight this year steel manufacturing.
Speaker Change #122: Logistics.
Speaker Change #122: Urban service compared to a high base not as fast.
The other two sectors.
Jonathan Peng Zhao: Based on the scale of the company, we made some predictions based on historical experience last year. That is, small and medium-sized enterprises...
Speaker Change #124: So once you bring them on Alcon, Chinan women Soho Asia G <unk>.
Speaker Change #123: Tricia shortage.
Jonathan Peng Zhao: The recovery speed will be relatively fast, and the big companies will be relatively slow. But once the big companies start to recover, they will have a different performance. This is what we predicted last year. Now it seems that the big companies are recovering, and their sustainability will be better. For example, in April, there were more than 500 large and medium-sized enterprises. The Japanese army's new number of commanders, compared to March, is 10%.
Speaker Change #123: Cleveland is totally which are quite touchy anomaly that.
Speaker Change #123: Cash at all.
Speaker Change #125: Cash equivalents totally hope we have addressed yet additional amount of generic.
Speaker Change #125: So shouldn't that kind of at.
Speaker Change #125: <unk> touch sat before.
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Speaker Change #125: You can click on hall.
Speaker Change #125: Surely you must reduce from Asia.
Speaker Change #126: Hi, Sean.
Speaker Change #127: Sean with Jamba Daunting challenge you have to match in CIT.
Speaker Change #127: Schindler traditional quantity sign from the high yield just sheer Johnson.
Jonathan Peng Zhao: In terms of the different company sizes, based on our historical experience and estimates, we talked about our view of the recovery of different-sized companies. So we saw that smaller companies had a faster recovery. I will share with you one number that in April, for enterprises with more than 500 persons, the daily newly added job positives compared to March grew by 10% month over month.
Speaker Change #128: In terms of the different sites.
Speaker Change #128: Based on our historical experience and the estimated lately.
Speaker Change #128: Our deal anticipate a recovery different size companies.
Speaker Change #128: We saw we saw that the smaller companies.
Sure.
Speaker Change #128: And the lack of competency take more time, but it was starting to recover.
Speaker Change #129: Ill get back performance compared to smaller companies.
Currency, we saw that.
Speaker Change #128: Larger companies.
Speaker Change #128: Investors are better at our.
Our ship share with one number that is a proxy for the enterprises with more than 500%.
Baby newly added hotels compared to Opex grew by 2%.
Speaker Change #128: Yes.
Speaker Change #130: So are you counting on Macau.
Jonathan Peng Zhao: [inaudible] new companies and the vitality of storage companies, blue-collar workers, especially manufacturing and supply. We also looked at medium-sized enterprises. These drivers are in line with the rules of our industry and also in line with the actual data we observed this year. And then there is also a low-end city that is in line with it. [inaudible] the driver of growth. This is actually a path that many companies have taken. First, in the first-tier cities... and then go to the underground city. It's the same for everyone.
Speaker Change #131: Uh huh.
Speaker Change #131: Symptoms.
Speaker Change #132: She told us.
Speaker Change #133: I will check out also to acquire tool.
Speaker Change #133: You issued it shows also a queen.
Speaker Change #134: I'll come back each year tissue drivers.
Speaker Change #135: While material.
Speaker Change #135: Yes.
Speaker Change #136: Genome quite kind of a traditional unit.
Speaker Change #137: Higher EBITDA year on year.
Speaker Change #138: Sure Andrew.
Speaker Change #139: Each one way to look at it.
Speaker Change #140: Sure so not much driver to the tissue <unk>.
Speaker Change #140: Sure.
Speaker Change #140: <unk>.
Speaker Change #140: Sure sure.
Speaker Change #141: Hunter, which ambitions in Chicago.
Speaker Change #141: Sure.
Speaker Change #141: Okay.
Jonathan Peng Zhao: We just talked about our newly added bosses. We talked about the activities of our existing bosses, about the highlights of the manufacturing and logistics sector, about medium and larger-sized companies, and those drivers are in line with our observations and expectations. And also, there is another driver, which is lower-tier cities, which has been successfully demonstrated by many other companies, where they started with the first tier cities and then further penetrated into lower tier cities.
Speaker Change #142: We just talk about our newly added <unk>, we took a pause.
Speaker Change #142: Attendees of our existing policy.
Speaker Change #142: About.
Speaker Change #142: A highlight of manufacturing and logistics experts about medium and larger size companies.
Speaker Change #142: Both drivers.
Speaker Change #142: In line with our observation and expectations and also there is another driver which is lower tier cities, which is also have been successfully demonstrated by many other companies or are they starting with your first tier cities and then further penetrate into lower tier cities.
Jonathan Peng Zhao: So overall, this year's... Looking at the current recruitment market, from the scale of the company, the industry, the region, etc., it seems that its growth is relatively stable, balanced, and normal.
Speaker Change #143: So John you kind of our opinion.
Speaker Change #142:
Speaker Change #144: Uh huh.
Carlos: Carlos Youre talking to.
Speaker Change #146: Oil and associated Grimoire hernia.
Speaker Change #146: Don't know about the Tundra Foundation accumulate.
Jonathan Peng Zhao: So, overall, this year's recruitment market, in terms of both size, industries, and readiness, we saw it as a more stable, more balanced, and more normal situation.
Speaker Change #146: So overall this year.
Speaker Change #146: Equipment market in China.
Speaker Change #146: So both sides industries on media.
Speaker Change #146: More stable and more balanced.
Jonathan Peng Zhao: Yes, I think normal is closer to what I see now, which is more normal. (inaudible)
Speaker Change #147: Okay normal agenda.
Speaker Change #148: Sure Ghansham, what kind of upstream opportunity, yes sure John.
Jonathan Peng Zhao: Normal is more consistent with what we have been observing recently.
Speaker Change #149: Got it.
Speaker Change #149: Normal is more consistent with what we had been.
Speaker Change #149: Sure.
Jonathan Peng Zhao: ,.., guidance Overall, the situation in Q2 is related to Q1, and the situation in Q1 is significantly better than the same period last year. In Q1, the time we gave is a little late; the time for guidance is a little late. Due to the stronger numbers at the end of March, Q1 was significantly better than the 12% increase when we gave guidance. The final result was a 15% increase in return. This time the performance time is a little early, and then May is not over, and June has not started yet.
Speaker Change #149: Okay.
Speaker Change #150: <unk> should it already with <unk>.
Speaker Change #150: Tusa.
Speaker Change #151: Guidance quarter through John Bonn, wholesaler and uncle <unk> inquiry.
Speaker Change #151: We'll.
Speaker Change #151: Drill hole for their furniture.
Speaker Change #151: Tony the actual QRS, which includes quota of two years somewhere in the <unk>.
Speaker Change #152: Hugo mentioned kosher Bcf for Aegean.
Speaker Change #152: So you won't get with assured in Chihuahua.
Three industry into a world, where you say you're going to do more of the foods the Georgetown pseudo QE means here.
Speaker Change #153: Okay sure.
Speaker Change #154: Sure let me if I.
Speaker Change #154: This chart some pool.
Speaker Change #154: Sure understood.
Speaker Change #154: Encore.
Speaker Change #155: Oh, yes, I'm easier for you Neil.
Jonathan Peng Zhao: So, based on the higher number of Q1, we currently expect that Q2 will continue to grow. Correspondingly, the growth of 28% to 32% is accelerated by 24% of Q1. The increase in return is probably in the low-unit number.
Speaker Change #156: So he is actual retail rotisserie chicken, Sean why don't you secure Joe with tissue syndrome.
Speaker Change #157: To me it's aimed at Archrock.
Speaker Change #158: <unk> <unk> you also jostle for Ms Andrea <unk>.
Speaker Change #158: And then they will show up on the terminal.
Jonathan Peng Zhao: [inaudible] I'll translate it, Q1 was a strong quarter, performing much better than the same period of 2023. Q1 CCB guidance was announced in the middle of March during our last earnings call. The final result of... Quarter over quarter, 15 percentage points of growth turned out to be clearly better backed by the momentum around the end of March. At this moment, about 10 days before the end of May, the second quarter, CCP guidance is still a bit early to tell.
Speaker Change #159: Well thank you.
Speaker Change #160: Q1 was a strong quarter performed much better than the same period of 2023.
Speaker Change #160: Q1, CCP guidance was announced.
Speaker Change #160: In the middle of March within our last earnings call.
Speaker Change #160: The final results.
Speaker Change #160: Quarter over quarter, 15 percentage points growth turned out to be clearly better bracketed by the momentum around the end of March.
Speaker Change #160: Around this moment about 10 days before the end of May.
Speaker Change #160: Second quarter's CCP CCP guidance is still early to tell.
Jonathan Peng Zhao: We now estimate that on top of Q1's high base, Q2 will continue to see sequential growth, but the magnitude will likely be in those single-digit percentage points, quarter over quarter. Its year-on-year growth rate will be in the range of 28% to 32%, faster than that of Q1, and our four years' outlook for CCP growth is unchanged. So this is our response to the second quarter and full year of the program. Okay, thank you for your time.
Speaker Change #160: We now estimate that on top of our Q1 high base Q2, we'll continue to see sequential growth.
Speaker Change #161: <unk> will be likely in low single single digit Hudson your points quarter over quarter.
Speaker Change #161: Year on year growth rate will be in the range of 28% to 32%.
Speaker Change #162: Mr. Then data for Q1.
Speaker Change #162: And our full year's outlook of CCP growth is unchanged.
Speaker Change #163: This is our answers to the second.
Speaker Change #163: Second quarter and full year outlook.
Operator: Okay, thank you for your question, and let's move on to the next question.
Speaker Change #164: Okay. Thank you.
Speaker Change #165: For your question and let's move on to the next step.
Speaker Change #164: Sure.
Speaker Change #166: Thank you.
Speaker Change #167: Please standby.
Operator: Our next question comes from the line of Eddy Wang from Morgan Stanley. Please go ahead; the line is open.
Speaker Change #168: Our next question comes from the line of Eddy Wang from Morgan Stanley. Please go ahead. Your line is open.
Eddy Wang: Good evening, Mr. Zhao and Mr. Wenbei. Thank you for accepting my question. I have two questions. The first question is that we have noticed that the number of users of the company has increased rapidly this quarter. I would like to know if you can give us a brief introduction of the current rate of users of the company and what changes have occurred in the past quarter based on the trend. Also, in terms of the growth of our CCB, can you tell us how much contribution has been made to the growth of the users of APU and how much contribution has been made to the different scale enterprises such as KAA, Middlesize, and Smallsize?
Speaker Change #168: Scott.
Speaker Change #168: Right.
Speaker Change #169: Okay got it and just over two one.
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Speaker Change #170: Can you go into just a little.
Speaker Change #171: Without durable.
Speaker Change #171: To achieve in order to go for your own portfolio.
Speaker Change #172: Chris Watson Charles to Sue.
Speaker Change #173: Somebody shot Josh.
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Speaker Change #175: Okay, Ohio, Joshua Diamond Jake.
Speaker Change #176: The agenda outbound Joel <unk> Joseph Genco.
Speaker Change #177: Poured a whole <expletive> you won't call. It <unk> <unk> middle sized small size tissue. It goes to the woman checks for sure.
Eddy Wang: This is the first question. The second question is that the graduation season is coming soon. Last year, the short-term increase in student supply during the graduation season actually affected the supply-demand relationship of the recruitment market. I would like to ask Mr. Zhao, what is your opinion on the situation for the whole graduation season this year? I will translate it myself.
Speaker Change #178: You go back to you Karl Thiago Monte just sure Juan <unk> Mahjong.
Speaker Change #177: Yes.
Speaker Change #177: Just kind of just a junior in tissue Jacob.
Speaker Change #179: Jen Jason Butler Sidoti <unk> <unk> sure how should you can count that Jerry the topics you talked about console question to somebody in Charlottesville, Virginia, and <unk> Ching Kwan accomplished with somebody else, but now what do you define yourself.
Eddy Wang: Thank you for taking my question. I have two questions. The first one is about the paying ratio. We have noticed that the company has had a very rapid growth in paying enterprise users. Could you please share with us the paying ratio trend in the past couple quarters? And on top of that, if you can share with us the breakdown of Apple user growth as well as the different sizes of the enterprise contribution in billions.
Speaker Change #180: Thank you for taking my question.
Speaker Change #181: I have two questions. The first one yes about the paying.
Speaker Change #182: <unk> ratio, we have noticed that the company has very rapid growth of the.
Speaker Change #183: Paying users.
Could you please share with us.
Speaker Change #183: Payout ratio trend in the past couple of quarters and on top of that if you can share us.
Speaker Change #183: Breakdown of.
Speaker Change #183: The Apple user growth as well as different.
Speaker Change #183: <unk>.
Speaker Change #184: Enterprise contribution on the billions.
Eddy Wang: And my second question is about the upcoming graduation season. So, we remember that if you look at last year, the surge of graduates during the summer actually hit the supply-demand dynamic in the recruitment market. Just want to hear your view on the upcoming season and whether you see this happening again. Thank you.
Speaker Change #185: My second question is about.
Yes.
Speaker Change #186: The upcoming question congratulation.
CFS, we remember that if you look at last year.
Speaker Change #186: The search of the.
Speaker Change #186: Graduates during the summer actually has hit on the supply demand dynamic in the recruitment market.
Speaker Change #187: Just want to hear your view.
Speaker Change #187: Upcoming.
Speaker Change #188: The season and do you see this will happen again, thank you.
Jonathan Peng Zhao: I'd like to start by saying that we... The basic strategy for social growth, I think... As of March 31st of this year, In the past 12 months, the company has paid an additional 3.5 million yuan, and accounted for less than 10% of China's employees. ??, [inaudible] So based on this, I think my main strategy for growth in the future is...??, [inaudible]??, Zhao Ren, and Fu Qian. This is my basic strategy.
Speaker Change #188: Okay.
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Speaker Change #190: Sorry.
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Speaker Change #190: Can be chunky.
Dave: Sure Dave I understood.
Speaker Change #192: <unk> Eugene.
Speaker Change #193: <unk>, yes, Joe element of small colon.
Speaker Change #194: Showroom, Russia the scenes Guangdong.
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Speaker Change #194: Sure Yes.
Neil: Hi, Neil.
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Speaker Change #196: And then goes to our team hotshot.
Speaker Change #196: China for sure.
Speaker Change #197: Tissue with a cheaper today.
Speaker Change #196: Okay.
Jonathan Peng Zhao: And thank you for your question. First, I will talk about our basic growth strategy for our company. By the end of March 31st, there are more than 350 million paid enterprise customers using our service, which is less than 10% of China's total number of enterprises. And also, we have initially verified and demonstrated that our business model, our service model, can adapt to a variety of websites, a range of different types of customers. So for me, for us, our future growth strategy is that we will continue to attract more and more enterprises to pay for our service for their recruitment. That's my basic growth strategy. (inaudible)
Speaker Change #198: And thank you for your question first I will talk about our basic growth strategy for our brand.
Speaker Change #196: Yeah.
Yes.
Speaker Change #196: End of March when you first there are more than 350 million okay.
Speaker Change #196: Enterprise customers.
Speaker Change #196: Using our service which is.
Speaker Change #196: 2% of China's total number until prices and also we had.
Speaker Change #199: Alright, initially very slight demonstrated that our business model our service model can't adapt to.
Speaker Change #200: <unk> West.
Speaker Change #200: Think of different type of calculation.
Speaker Change #200: For me for US our future growth strategy is that we will continue to attract more and more enterprises to pay for our service.
Speaker Change #200: That's my basic strategy.
Jonathan Peng Zhao: Based on such a strategy that focuses on improving the dollar market share, especially in our current... [inaudible] In other words, I will not be aggressive in pursuing the improvement of R2.
Okay.
Speaker Change #200: Joey.
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Michele: Sure Michele.
Speaker Change #203: Is that niche of data, so even Ohio elements you should change.
Speaker Change #204: Ego Langshan mail SaaS plan on shopping shops, which sure Jonathan.
Speaker Change #205: When we announced the launching tinder.
Speaker Change #205: Tysabri shortly.
Speaker Change #206: Clancy with TG industries for us for the call.
Speaker Change #206: Okay.
Jonathan Peng Zhao: And based on these premises, we will focus on improving the number of paid enterprises. But that will be our key target since our dollar market share is quite low. So based on that, we intend to be very cautious in dealing with companies who have not paid for recruitment services or online recruitment services before, which means the priority of output increase is not that high.
Speaker Change #206: And based on this our premises we will focused on to ensure.
Speaker Change #206: Our <unk>.
Speaker Change #206: Improve the number of paint enterprises.
Speaker Change #206: We think that will.
Speaker Change #206: <unk> will be our key target since our telematics shares quango, so based on that.
Speaker Change #206: We intend to be very cautious in theory. Please the companies who have not paid for the criminal semi automated matures before which means the priority of our put in place.
Jonathan Peng Zhao: In this case, if a large enterprise, a certain K&A, If there are more recruiters on the platform and more jobs are recruited, they will buy more recruitment accounts. If a small enterprise has more recruiters, [inaudible] Small and medium-sized enterprises, APU, all have a trend of increasing a little. This is actually due to the fact that in an average enterprise, there are people who are hiring, and the hiring demand of medium-sized enterprises was better in the first quarter of this year, which has had an impact.
Yes, John this mantra is Google docs, yet mark.
Speaker Change #207: Tayo condos are talking to us.
Speaker Change #208: Hi, Sean comparable congratulate Jonathan.
Speaker Change #208: Cardiome political macro into the trucking John Hall.
Speaker Change #209: Tony or John you can charge here, you're going to the covenant.
Jonathan: How much of it Jonathan.
Speaker Change #211: <unk> clinical Macondo the council sorry.
Speaker Change #212: When when Condor teenage Utah.
Speaker Change #213: How should I think of the accordion, Sean Dodge.
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Jonathan Peng Zhao: And based on those situations, for larger companies, key accounts, when there is a recruiter using our service, he will add to buy more accounts. And the same case is for smaller companies and SMEs. When there is one recruiter using us, then there will be more and more buying more accounts. So that leads to the result in the first quarter. We saw that in a cash revenue perspective, both large accounts meet small size companies. There is a pool increased, which means on an average basis, in every company, more users are using our service. And also demonstrate the better recovery trend of larger companies.
Speaker Change #214: Okay.
Speaker Change #215: And based on those situations for larger companies key accounts when there is a crew changes in our service.
Speaker Change #215: To buy more.
Speaker Change #215: In some cases for the smaller companies and Smes when Darren.
Speaker Change #215: I do think that and there won't be one.
Speaker Change #216: Uh huh.
Speaker Change #216: That is to the result in the first quarter, we saw that in our cash revenue.
Speaker Change #216: Both large accounts.
Speaker Change #216: Small size companies.
Speaker Change #216: Chris.
Speaker Change #217: Which means.
Speaker Change #217: Every.
Speaker Change #217: Average basic and your company more users are using the service.
Speaker Change #217: And also demonstrate the bandwidth current trend of larger complex.
Jonathan Peng Zhao: What does the payment rate have to do with anything? In an industry, if the number of recruiters is increasing, [inaudible] in order to maintain the balance of the ball. For example, There are a lot of recruiters who are willing to do this job, but there are not many people who are willing to do it. The pay rate is 100%. Every boss has to pay. These are just a few examples.
Speaker Change #217: Lisa.
Speaker Change #217: So even on a sequential legal questions.
Speaker Change #217: Industrial <unk> downhole.
Speaker Change #218: John you can roll it again.
Speaker Change #218: Sure.
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Speaker Change #219: You should have high impact youll say toward a passion.
Speaker Change #218: Sure.
Speaker Change #218: Now to the <unk>.
Speaker Change #218:
Speaker Change #220: Control legal.
Speaker Change #220: Gotcha.
Speaker Change #220: Sure.
Okay.
Speaker Change #220: Judy manage all right.
Speaker Change #220: Yes.
Speaker Change #220: They own them at all so it apart.
Speaker Change #221: How do you claim structure passenger back me Hugo boss Jacek.
Jonathan Peng Zhao: And the factors which are related to our paying ratio, which is within one industry for a particular role, the number of recruiters, and compared to that, the supply of job seekers; if the supply and demand continue to grow, then we will gradually start to charge for that type of role to maintain a balanced supply and demand. For example, for real estate agents, where a lot of people are recruiting; a lot of companies are recruiting real estate agents, but very few job seekers want to do that job. So for real estate agents, our paying ratio is actually 100%.
Speaker Change #221: Lisa.
Speaker Change #221: And the factors, which are related to our paying ratio which is.
Speaker Change #221: We do well in that space for a particular, no the number of recruiters and compared to that supply our subsea Cris.
Speaker Change #221: The supply and demand continue to grow then we let the well.
We're gradually starting to charge for that type of bill.
Speaker Change #221: To maintain a balanced supply and demand for example.
Speaker Change #221: <unk> agents.
Speaker Change #221: People are recruiting.
Speaker Change #221: Right.
Speaker Change #221: Alert until subsea cause one to do that.
Speaker Change #221: So for real estate agents, our paying ratio et cetera.
Jonathan Peng Zhao: In short, the more recruiters there are, the higher the pay rate will be. [inaudible]
Speaker Change #221: Correct.
Speaker Change #222: So each and then John just sure.
Speaker Change #223: Jordan, Utah.
Speaker Change #223: Felicia.
Speaker Change #223: Please yoplait CJR fashion, Shanghai and Jonathan.
Speaker Change #223: Sure.
Speaker Change #223: Could you actually do need.
Jonathan Peng Zhao: So the principle for the pay ratio is that with more recruiters, then in my industry and particular role, there will be a higher pay ratio and then related to the increased RPA.
Speaker Change #224: So the principle for the paying ratio is at least more recruiters.
Speaker Change #225: In like mystery.
Speaker Change #225: Sure.
Speaker Change #225: Will it be higher paying ratio and timing related to the increased.
Jonathan Peng Zhao: Because of this, things have become so chaotic, so I will continue to stick to it to improve the market share of our paid users. I will stick to this. Everything else will happen gradually.
Speaker Change #225: Yeah.
Speaker Change #225: Youll Youtube.
Speaker Change #225: <unk>.
Speaker Change #225: Okay.
Speaker Change #226: Switching your run Sheila Roger and John So you will have heard your tissue change.
Speaker Change #225: Sure.
Speaker Change #227: Check all of them will tell you.
Speaker Change #228: This quarter include our shutdown days, what Josh J, J Schiff number ciano switching shift towards fashion.
Jonathan Peng Zhao: Since we have been doing this type of monetization for quite a while and have been relatively successful with this model, so we will continue to go down this way. We are sticking to increase our penetration of paid enterprise customers, and if that happens, everything else will naturally fall.
Speaker Change #229: Since we have been doing this type of monetization for quite a while and have been.
Speaker Change #229: The HIV syphilis. Following this model. So we will continue to go down this wage so we must take sticky sticking to increase our penetration of pay.
Speaker Change #229: Enterprise customers and if that happens and we see now.
Speaker Change #229: Okay.
Jonathan Peng Zhao: The second question you asked is about the situation of college students. In fact, there was a problem last year which was... Because of the pandemic, first-year graduates and second-year graduates, in the case of not finding a job, you will be trampled on. We call it the trampling of graduates who have been promoted to two years or more in the second term. So the situation last year was more severe.
Speaker Change #230: Got you.
Speaker Change #231: Hello introduce your claim.
Speaker Change #232: The Qingdao.
Speaker Change #232: So that should ease off.
Hi.
Ciena: Ciena Ciena and Asher.
Ciena: Uhm.
<unk>.
Ciena: Sure.
Ciena: <unk>.
Ciena: Okay.
Ciena: Hi, Tom.
Ciena: Yes, Angie Chang <unk> Zackfia.
Speaker Change #234: So between energy management.
Jonathan Peng Zhao: about your second question about the coming graduation season. Last year, the situation was relatively difficult because, post-COVID, we have seen two or even three years of graduation coming up, turning to looking for jobs in a short period window, the summer graduation season. So we see they are competing heavily with each other.
Speaker Change #234: Yeah.
Speaker Change #234: Okay.
Speaker Change #234: About your second question.
Speaker Change #235: Congratulations Susan.
Last year the situation is wretchedly.
Speaker Change #235: Okay.
Speaker Change #235: Post Covid, we have seen.
Speaker Change #235: Two or three years of graduation comes fairly to looking for jobs initial shop here at <unk>.
Speaker Change #235: Graduation season, so we'll see the competing heavily with each hub.
Jonathan Peng Zhao: At the same time, last year's college students are not willing to go out to work, which is more serious than this year. We have observed two main reasons. The first reason is that I have been staying at home for a long time, and I don't want to go out. The second reason is that the absolute value of job opportunities is relatively low. So there were many students who didn't want to go out to work last year.
Speaker Change #235: <unk> hundred <unk>.
Speaker Change #235: Sure.
Speaker Change #236: Well Tiger and telephony.
Speaker Change #236: The two half <unk>.
Speaker Change #237: Well I'm glad you're all alone.
Speaker Change #237: Jamie This is John Davis.
Speaker Change #237: Yes.
Speaker Change #237: Okay.
Speaker Change #238: Any contrary.
Speaker Change #239: J J John shops were tuck.
Speaker Change #239: Sean.
Speaker Change #239: Shiny Josh.
Speaker Change #240: <unk> of the year, So Ya Qin Yan.
Speaker Change #240: Ashish on the duration.
Jonathan Peng Zhao: Last year, also, graduates who don't want to come out looking for jobs, that portion is larger compared to this year. There are two reasons for that. First, three years of COVID, they spend a lot of time at home, and they're just reluctant to come out. And secondly, the job opportunities are relatively few, and the job opportunities they find interesting are also relatively few, so they don't want to go out a lot looking for jobs.
Speaker Change #240: Last year also.
Speaker Change #241: Graduates, who doesn't want to come now looking for jobs.
Speaker Change #241: Porsche.
Speaker Change #241: Compared with this year, yes to arenas for that first three years of the coli.
Speaker Change #241: They spend a lot of time at home and data center.
Speaker Change #241: And secondly.
Speaker Change #241: Cabo.
Speaker Change #241: It's relatively flat and the double opinion state Brian entity.
Speaker Change #241: So they don't want to come out a lot.
Jonathan Peng Zhao: ???????????????????... [inaudible]
When are you engaging in Shenzhen and Guangzhou, the two hopefully the junior Youll.
Speaker Change #241: They are harsha.
Jonathan Peng Zhao: We expect this year the situation to be better compared to last year.
Speaker Change #241: We expect this year the situation should be better compared to last year.
Jonathan Peng Zhao: First of all, we have introduced the number of positions on the platform many times. It has always been at a new high in history and has increased significantly compared to last year. In addition, the recovery of large enterprises, and the recovery of white-collar jobs,
Speaker Change #241: So again, just looking at the dollar Shaw and material costs.
Jeff: Appreciate it each of Trudy shingle <unk> mentioned, it so I'm Jeff.
Speaker Change #243: She had a playful filing on the Swiss law.
Speaker Change #244: Dr. Tricia you wanted the playful.
Speaker Change #243: John.
Tyson Julia tissue onto play.
Speaker Change #245: These are the kind of thing.
Jonathan Peng Zhao: The first reason is that the active opening job postings on our platform, as we just discussed, have reached a historical high this year and obviously improved compared to last year. And secondly, large companies, white-collar workers, first-tier cities, their recovery should be largely helped by graduates finding a job.
Speaker Change #243: Yeah.
Speaker Change #246: First release.
Speaker Change #247: <unk> been active opening job postings.
Speaker Change #247: As we just discussed.
Speaker Change #248: Hi, <unk> this year and that obviously improved compared to last year.
Speaker Change #248: The large companies.
Colors.
Speaker Change #248: First tier cities their recovery should be largely helped with some.
Jonathan Peng Zhao: After the Spring Festival this year, in the middle of May, our platform took the initiative to invite students to join us. The number of full-time jobs has increased by 30% compared to last year.
Speaker Change #248: Graduates to find a job, but what do we.
Speaker Change #249: What kind of initial Tricia <unk>.
Speaker Change #250: <unk> gets a holdup tranche initial women P&I, Shawn Giordano job she Asia.
Speaker Change #249: Right.
Speaker Change #251: The answer to you by the change in call. It should you Shaun <unk>, Jonathan just Ashley.
Jonathan Peng Zhao: I noticed a number, so after the Spring Festival till the middle of May, we saw that full-time jobs, the bosses who post full-time jobs actively talk with those graduates, and the daily active job posting number grew by more than 30% year-on-year.
Speaker Change #252: Please go ahead member so after the spring festival until the Middle of May we saw that.
Speaker Change #252: <unk> tightened up the deposits, we'll post a full time jobs actively Hudson, we still scratch that day.
Speaker Change #252: Active job posting number grew by more than 30% year on year.
Speaker Change #252: Yeah.
Speaker Change #253: So you don't post stripping.
Speaker Change #254: Each of Tianjin China.
Speaker Change #255: Sure Michael downward.
Jonathan Peng Zhao: [inaudible] These newly graduated students. We will continue to work hard and wish them good luck.
Speaker Change #255: <unk> as a whole.
John: Thank you John.
Speaker Change #256: You too.
Jonathan Peng Zhao: As a matter of fact, Bob Shapin and I have tried our best to help those newly graduated children. We will continue to do that, and wish them all the best.
Speaker Change #256: Okay.
Speaker Change #257: At a macro effect.
Speaker Change #258: 15 have tried our best to help those newly graduated should we will continue to do that.
Jonathan Peng Zhao: That's all I have to say.
Speaker Change #257: Sure.
Speaker Change #259: Would you sort of the door.
Jonathan Peng Zhao: And that's my answer to all your questions, and I'll prepare us to move on to the next webinar. Thank you.
Speaker Change #260: And Thats my answer to all your questions and operator, let's move on to the next one.
Operator: Thank you, please stand by. Our next question comes from the line of Timothy Zhao from Goldman Sachs. Please go ahead, your line is open.
Speaker Change #261: Thank you please standby.
Speaker Change #261: Okay.
Speaker Change #262: Our next question comes from the line of Timothy Zhao from Goldman Sachs. Please go ahead. Your line is open.
Timothy Zhao: Thank you, Wei Xiong, for accepting my question. I have two questions to ask. The first one is about the market in Lanling. Especially after we acquired Vodafone, I would like to know what the current development plan for the entire BOSS business in Lanling is. You just mentioned the proportion of Lanling, including the size of the market in the city. What is the current situation in Lanling?
Speaker Change #264: Thank you Glen Santangelo with <unk> now with Japan, you Showdown Cowen key counts from Zoe San Diego into Hospital Ali.
Speaker Change #263: Sure Paul.
Speaker Change #265: The issue of women's Ashok <unk>.
Speaker Change #266: I'm, Joe Kelly Sal.
Speaker Change #266: I mentioned that to you John.
Speaker Change #267: Bossier would that be.
Speaker Change #266: Okay.
Speaker Change #266: I should have gone to them.
Speaker Change #266: All women.
Speaker Change #268: Quick question in Chicago.
Timothy Zhao: ??????????...
Speaker Change #268: Okay.
Todd Gipple: So Todd Gipple.
Timothy Zhao: The first question is, how do you think about the service for users? The second question is that the overall growth of our users this year has actually been quite good. Next, we would like to ask about the company's strategy for market placement. In particular, we can see that the Paris Olympics are coming soon. What is the overall strategy for the market placement of the Olympic Games? Can you share it with us? I will translate it quickly.
Speaker Change #270: Chip Wilson.
Speaker Change #270: There you go from.
Speaker Change #270: Heart rhythm with Dakota.
Glenn: Thank you Glenn.
Speaker Change #272: Carlo <unk> opinion, Dow Jones with <unk>.
Glenn: Yeah.
Glenn: Women, Sean. Thank you for constitute a question on Telefonica cardiac <unk> men and women you kind of like a dollar now Aman John Kudos to you guys.
Glenn: Each year.
Speaker Change #273: So you don't have a trajectory let me answer a couple of antibodies.
Timothy Zhao: Thank you everyone for taking my questions. I have two questions. The first question is regarding the blue-collar sector. Especially after the company acquired the WD technology, could you share your thoughts on how to develop the blue-collar business going forward? The user contribution from the lower tier cities is becoming...
Speaker Change #273: I will have Wifi Asia.
Speaker Change #274: Thank you management for taking my questions I have two questions. The first question is regarding the blue collar sector.
Speaker Change #274: After the company acquired at ability.
Speaker Change #275: <unk> you could share your thoughts on how to develop that but we'll call that business going forward.
Speaker Change #275: Contribution from the lower tier cities are becoming bigger and bigger going forward.
Jonathan Peng Zhao: is your thoughts on how to serve this kind of user going forward? And secondly, I think, as we see, user growth so far this year is pretty good. I'm just wondering, what is your self-marketing strategy? This year is given the Paris Olympics. It's a few months away, campaign thoughts around the Olympics. Thank you. [inaudible] Some places are similar. We all started our businesses in 2013. [inaudible], So I have known this company for a long time. In this sense, I define him as a survivor and a lucky guy.
What are your what are your views yourself on how to serve these kendall.
Speaker Change #275: Users going forward.
Speaker Change #275: Secondly, I think as we.
Speaker Change #276: <unk> growth. So far this year is pretty good I was just wondering what is your sales and marketing strategies.
Speaker Change #276: For the rest of this year is a feat given the Paris Olympics.
Speaker Change #277: It's a few months away could you share your marketing campaign.
Speaker Change #278: Around the Olympics. Thank you.
Speaker Change #277: Okay.
Speaker Change #277: Hum.
Speaker Change #277: Okay.
Speaker Change #277: Okay.
Speaker Change #277: <unk> was.
Speaker Change #277: It was about one one.
Speaker Change #277: And then the stripping.
Speaker Change #277: Sure.
Speaker Change #277: <unk> hundred in shop Windows understanding.
Speaker Change #277: Our women's at all.
Speaker Change #277: Danny.
Speaker Change #277: Yes.
Speaker Change #279: Tom could you answer that one Matt.
Speaker Change #280: So I'm trying to question and answers for Ghansham.
Speaker Change #280: Okay.
Speaker Change #281: So what is your non digital commerce dot com Amazon to lease on that job will get alethia.
Speaker Change #280: Sure.
Speaker Change #280: Unless you got lucky.
Speaker Change #280: Okay.
Jonathan Peng Zhao: So, thank you for your question. For the Da Gong Wang, which we will short for WD, is actually somehow similar to Foster King.
Speaker Change #280: Okay.
Speaker Change #282: So thank you for your question.
Speaker Change #282: Well then.
Speaker Change #282: We will.
Speaker Change #282: Short for <unk>.
Speaker Change #282: Actually somehow similar chips.
Jonathan Peng Zhao: So we both founded in 2013 and have been in this industry for more than 11 years. First, we started as a white-collar platform focusing on internet technology companies. And WD, they focused on and started with manufacturing, factory workers. And so I have known WD for quite a long time. So my definition for them is actually, they are survivors, lucky guys.
So we both funded and Easter and have been with system industry four <unk>.
Speaker Change #282: So bus we started ask white collar platform, focusing on Internet technology companies and double D <unk> and starting to lease manufacturing factory one and.
Speaker Change #283: And so.
Speaker Change #283: No.
Speaker Change #283: Quite a long time, so my definition for them actually.
Mike: Sure Mike.
Mike: Okay.
Mike: Yes.
Speaker Change #285: Thanks Anton.
Speaker Change #285: Sure.
Jonathan Peng Zhao: [inaudible] ????? ?????, ????? [inaudible] For example... ?????????????????????,?????????????????????, Tian Bocheng He was the first to do it, and he still does it to this day. ???????????…… This is also the reason why he was able to... ?????, [inaudible] ?????,?????,????? The boss of the region, the boss of the region, I think it is also, which reflects his creative spirit.
Speaker Change #285: Sure.
Speaker Change #285: Susan.
Speaker Change #285: Uh huh.
Speaker Change #285: Sure.
Speaker Change #285: <unk>.
Speaker Change #285: No chance here for the Asia.
Speaker Change #286: Our strategy in Asia.
Speaker Change #286: Beautiful.
Speaker Change #286: So it's all laid out for you.
Speaker Change #286: Sugar shortage of his question I had talked about some good.
Speaker Change #287: Tim Busch Chief.
Speaker Change #288: <unk> please.
Speaker Change #289: Please also what Jim's talking here.
Speaker Change #289: Julien caution of our colleagues around the globe.
Speaker Change #289: Settlement.
Speaker Change #289: Which is high energy.
Speaker Change #289: I'm going to show each year.
Speaker Change #289: <unk>.
Speaker Change #290: What's your thought.
Tidjane on how digital combos in shape.
Jonathan Peng Zhao: So WD is a pioneer in inventing some capability which is suitable for digital life which is combined with manufacturing-related recruitment. So, for example, they are one of the first to concentrate or prioritize the user experience of the job seekers and for the users, helping improve their user experience. So that's why today they can be the leading platforms for certain regions.
Speaker Change #290: Okay.
Speaker Change #291: So that'll be the Premier Inc.
Speaker Change #291: Some capability, which is suitable for.
Speaker Change #291: Which combined with manufacturing.
Speaker Change #291: Chip.
Speaker Change #291: So for example, the first two.
Speaker Change #291: Conference.
Speaker Change #291: Alright.
Speaker Change #291: The user experience.
Speaker Change #291: And for the users how can you improve that user experience. So that's why today they can be the leading.
Speaker Change #291: For certain regions.
Jonathan Peng Zhao: This is the first time BOSS has disclosed a merger case. I would like to say that what we are most concerned about is that it is very difficult for us to accumulate money through mergers. [inaudible] will be beneficial to the whole company and Shaoduo Wanlu.
Speaker Change #291: So it goes to the team.
Speaker Change #291: These are purely.
Speaker Change #292: Bingo, the haynesville well cement saw womens.
Speaker Change #292: England unknown tissue sequencing, Mr or metalworking Gulf split.
Speaker Change #292: So to your Chile should have to go on that.
Speaker Change #293: Oh excuse me.
Speaker Change #294: Ladies and gentlemen.
Speaker Change #294: Chile.
Speaker Change #294: So as you now need to work seamlessly.
Speaker Change #294: Sure.
Speaker Change #294: Jonathan.
Speaker Change #294: Jonathan.
Speaker Change #294: Yeah.
Speaker Change #294: Although our.
Speaker Change #294: Nicole.
Speaker Change #294: Jonathan I'm curious Jim Jarmusch itself.
Jonathan Peng Zhao: So this is the first time both of us have to discuss our acquisition. So I will also want to share that our acquisition strategy is we want to acquire some core abilities respectfully, which cannot be accumulated by our own. And that will help us to cut the chase and work together to achieve better results.
Speaker Change #295: So this is the first time box have to discuss about our.
Jonathan Peng Zhao: [inaudible]
Speaker Change #296: So I want to share that our acquisition strategy.
Speaker Change #296: One two.
Speaker Change #296: Some core.
Speaker Change #296: Abilities, respectfully, which cannot be.
Speaker Change #296: Accumulated.
Speaker Change #296: Our own and that will help us to cut the chase and dumps.
Speaker Change #296: Or together to achieve better results.
Speaker Change #297: So as you issue a tissue Michelle was about <unk> as one of the issue.
Jonathan Peng Zhao: assess our consideration for our collaboration with wdwater.com for your reference.
Speaker Change #296: Concord.
Speaker Change #296: Thus our consideration for our collaboration with F&B.
Speaker Change #296: F&B.
Jonathan Peng Zhao: Well, I can comment on Timothy's second question regarding user growth and marketing strategy. So basically, we will keep marketing expenses at a reasonable level and maintain a disciplined user growth approach. This is what we mentioned many, many times.
Speaker Change #296: Perfect.
Speaker Change #298: Well I can comment.
Speaker Change #299: Team sees second question regarding to the user growth and marketing strategy.
Speaker Change #299: So basically.
Speaker Change #299: We will keep marketing expenses.
Speaker Change #299: A reasonable level and maintain discipline that user growth approach. This is the way you mentioned it many many times.
Jonathan Peng Zhao: So definitely, we would like to leverage the Paris Olympic Games to enhance our brand, but we will have to spend appropriate money. Within the current democratic environment, a leading platform like us with a leap in voice, higher economy of scale, and better marketing efficiency, which means at a not heightened spending, our user growth is still satisfactory. Our new user growth totaled 17 million in the first four months this year, close to half of our annual target of 30 to 40 million new users. So with this situation, we don't need to be extra aggressive at this front, or provide answers to your questions.
Speaker Change #299: So definitely we will like to leverage Paris Olympic games.
Speaker Change #299: We enhanced our brand but will.
Speaker Change #300: Spend the appropriate appropriately.
Speaker Change #300: Within current marketing environments, leading platform like us with the leap is twice higher.
Speaker Change #300: Economy of scale and have a better marketing efficiency, which means.
Speaker Change #300: Not heightened spending our user growth is still satisfactory.
Speaker Change #300: Satisfactory.
Speaker Change #300: Our new user growth total already recorded at 17 billion in the first four months this year.
Speaker Change #300: To half of our annual target of.
Speaker Change #300: 30 to 40 million new users. So with this situation, we don't need to be extra aggressive at this point so my.
Speaker Change #301: Comment answers to your questions.
Operator: Okay, that's all of our answers and the pre-trial. Let's move on to the next question. Thank you.
Speaker Change #301: Okay.
Speaker Change #302: Our former office and operator, let's move on to you.
Operator: Thank you, please stand by. Our next question comes from the line of Yang Bai from CICC. Please go ahead, your line is open.
Speaker Change #303: Thank you please standby.
Speaker Change #303: Yes.
Speaker Change #303: Yeah.
Speaker Change #304: Our next question comes from the line of Yang <unk> from CIBC. Please go ahead. Your line is open.
Yang Bai: Thank you, Mr. Wang. I have two questions. The first question is, after the Spring Festival, have we seen any changes in the competitive pattern? The second question is, you mentioned the strategy of market investment this year. We also noticed that in the Internet industry, various companies have increased their development expenses related to AI, and our company's AI-related expenses have also increased. Will there be any adjustments to our future profit margins this year? I will translate it for myself.
Glenn: Is there any thought that Glenn here.
Speaker Change #304: <unk>.
Speaker Change #305: Does that trend data hall.
Speaker Change #306: And then could you.
Speaker Change #307: Joseph a personal lines this amount of pain.
Speaker Change #308: Darwin outlined so go ahead th nursing home telephone until Josh Joshua <unk>.
Speaker Change #309: Yeah 19, yeah good outcomes.
Speaker Change #310: And I think Glenn 19, capex due to poor quality.
I'm going to say on yields let them down.
Speaker Change #311: Women 18, yet how should even neither jamaat sure ill talk to you.
Yang Bai: The first one is, have we seen any change in the competitive landscape after the Spring recruitment? And the second one is, we have mentioned sales and marketing strategies for this year before. We have also noticed that internet companies are increasing their AI cutbacks, including our AI-related expenses. Have we adjusted our outlook on profit margin this year? Thank you.
Speaker Change #312: I will translate for myself.
Speaker Change #312: First of all I need.
Speaker Change #312: And any change in the competitive landscape after the spring recruitment.
Speaker Change #312: The second line.
We have mentioned south on the marketing strategy this year before.
Speaker Change #312: We also noted that to implement a combination.
Speaker Change #312: And their AI capex incurred.
Speaker Change #312: Including our AI related expenses.
Speaker Change #312: We adjusted our outlook perfect margin this year. Thank you.
Jonathan Peng Zhao: This year, we noticed that the main peers in the Spring Festival Gala were [inaudible] We spent a lot of money on them, but we noticed that the competition was fierce when we bought the seats. So when you see this, it's...??,??,??... When I was in the meeting, I actually analyzed why because... To be honest, I think everyone's income this year will be... [inaudible] will be willing to spend a lot of money. This is the first thing I want to say.
Speaker Change #313: Gina Gina element.
Hum.
Gina: She's on bolt ons.
Speaker Change #313: Neil.
Speaker Change #313: Sure.
Speaker Change #313: Peter.
Speaker Change #313: And climate change.
Speaker Change #315: We want to.
Speaker Change #313: <unk>.
Speaker Change #313: Romance, mathematics, Matt or.
Speaker Change #316: Jim Jones shipyard.
Speaker Change #316: So we cannot agents.
Speaker Change #317: What's your initial.
Speaker Change #317: How does the Assurant jumbo chicken lineup will show you that you do.
Or what's your shirt.
Speaker Change #317: Felicia.
Speaker Change #317: Sure sure how does that dynamic kind of onshore latasha youll.
Speaker Change #318: So at the pump.
Speaker Change #318: Okay.
Speaker Change #319: Julien, It's Armando the chair Fisher Jonathan.
Speaker Change #319: Okay.
Jonathan Peng Zhao: Thank you for your question. So for the first one regarding competition, this year, we have noticed that this spring, many of our peers, the majority of them, have been spending more aggressively this year during the spring fest equipment season. So we noticed that when we were also doing the same mapping, investment competition is more fierce, and so overall spending has increased. During the last earnings call, I also analyzed why, because this year, people feel that there is opportunity in the market, and that they would like to spend more to increase their revenue.
Speaker Change #320: Thank you.
Speaker Change #321: Question, So for the first one regarding competition.
Speaker Change #322: This year, we have noticed that the screen.
Speaker Change #322: Many of our service.
Speaker Change #322: The majority of them have spending more aggressively this year during this transition.
Speaker Change #322: So we noticed that.
Speaker Change #322: What's also impacted.
Speaker Change #322: So the competition is more fit.
<unk>.
Speaker Change #322: So the overall spending.
Has increased.
Speaker Change #322: During the last earnings call I had also analyst why because this year people feel that there is opportunity in the market that they would like to spend more to increase the rent.
Jonathan Peng Zhao: After the first quarter, [inaudible]
Speaker Change #323: Sure Kimberly.
Kimberly: Yes, you do you do with it.
Kimberly: So marketing Samekh envelope.
Speaker Change #325: Could you kind of decided on the.
Speaker Change #326: Thank you Bill.
Speaker Change #327: So that leaves us with your capital.
Speaker Change #328: Gino <unk> Yang.
Speaker Change #328: Sure.
Speaker Change #329: Not sure yet.
Speaker Change #330: Youll hear so would you say.
Speaker Change #330: Attrition they will travel.
Speaker Change #331: So clearly the cohesion travel Multiunit Moshe.
CSA International Womens.
Speaker Change #332: Tom will be John Schiller.
Speaker Change #332: And each generation.
Jonathan Peng Zhao: And after the competition for marketing in the first quarter, I think you have all already noticed that the third-party data in April, so the overall competitive landscape is very stable. And some data, some operating metrics in the past, we are still maybe a little bit below our peers. And in April, we surpassed all of our competitors.
Speaker Change #332: And after the call.
Speaker Change #332: Invitation marquee in the first quarter so I.
Speaker Change #333: I think that you have already noticed that this third party data.
Speaker Change #333: In April our.
Speaker Change #333: The overall competitive landscape is like.
Speaker Change #333: Stable and some data.
Speaker Change #333: So from some operating metrics in the past we are still maybe a little bit below our peers and in April we have surpassed all of our competitors in all operating metrics.
Speaker Change #334: So it's an easy, though the Chino Goodyear in Ohio.
Speaker Change #335: Sure sure sure.
Speaker Change #336: Choosing lines.
Speaker Change #336: Yes.
Speaker Change #336: <unk>.
Speaker Change #336: The <unk> unit.
Jonathan Peng Zhao: [inaudible] C B C B, to serve and provide the best products and services. It is still a very effective and even the only effective marketing method.
Speaker Change #336: This is also a woman agenda.
Speaker Change #336: Sit on for.
Speaker Change #337: Sofie dining hall.
Speaker Change #338: Q1, please on the timing of pool.
Speaker Change #339: Yes, sure frequently with Sean Shinji Radio Shack.
Speaker Change #339: Marketing shelter.
Speaker Change #339: Chinese economy market.
Jonathan Peng Zhao: And so, to conclude on the first quarter's competitive situation, we very much value and highly respect our peers' active marketing events. But we firmly believe that continuing to improve our service for both job seekers and recruiters is still the most effective, or maybe the only effective, way in terms of quote-unquote marketing strategies.
Speaker Change #339: And so to conclude.
Speaker Change #339: First quarter as compared to situation that we.
Speaker Change #340: Larry that is highly respect our peers.
Speaker Change #340: Martin.
Speaker Change #340: But.
Speaker Change #340: We firmly believe that to continue to improve our service for both Jobseekers and crude steel.
Speaker Change #340: It's still a very effective on may be the only effective way in terms of.
Speaker Change #340: Quote marketing strategies.
Jonathan Peng Zhao: To sum up, the numbers in terms of MAU, DAU, user frequency, user time, etc. Yeah, that's pretty good.
Speaker Change #340: And the number is definitely challenging.
Speaker Change #340: Diego.
Jonathan: What <unk> done over to Jonathan.
Speaker Change #341: Im not sure.
Speaker Change #342: The tissue shunted Omnichannel, we charge today.
Jonathan Peng Zhao: and our members, so both MAUDAU active, and the user time span, and all the operating metrics, we continue to maintain good momentum and advantages. And that's my answer to the comparative culture.
Speaker Change #343: Got you.
Speaker Change #343: And remember it's so.
Speaker Change #343: So.
Speaker Change #343: Or may you do you.
Speaker Change #343: And the user time spent.
Speaker Change #344: The metrics, we continue to maintain good momentum.
Speaker Change #344: Okay.
Speaker Change #345: Thanks for the question.
Jonathan Peng Zhao: And regarding your second question related to our modern... profile for the full year, so I could quickly run through the major cost and expenses items and mention our thoughts. Regarding the gross margin, so basically the line below the COX gross margin, we think that will slightly improve due to a higher economy of scale starting in the second quarter. So mainly, marketing expenses, we think we'll maintain at a current level, although the absolute amount will increase a little bit.
Speaker Change #345: Regarding your second question related to our.
Speaker Change #345: Martin.
Speaker Change #345: Profile for the for the full year, so I could quickly run through the meter caster.
Speaker Change #345: And the expenses item mentioned our thoughts.
Regarding the gross margin also basically the line below the cost.
Speaker Change #345: Gross margin and we think that will slightly improve due to a fire economy of scale.
Speaker Change #345: Starting from second quarter.
Speaker Change #345: And.
Speaker Change #345: So, namely marketing expenses, we think will maintain at the current level.
Speaker Change #345: Absolute amount will increase a little bit percentage wise will be flat or decline.
Jonathan Peng Zhao: Percentage-wise, it will be flat or decline. In terms of selling expense, which is mainly compensation for sales guys, its percentage to revenue will be flat or decline. So combined, the selling and marketing expenses, the total selling and marketing expense, its total percentage points to revenue will further improve in 2024. And then there are R&D expenses, which are related to, you just mentioned, AI spending. You're right that we increased our investment related to AI and, But that part could be offset by revenue in the full year. So the full year, percentage-wise, R&D expense would be flat, similar percentage points compared to last year. And then there is GNA.
In terms of selling expense, which is mainly compensation of sales guys.
Speaker Change #345: Percentage to revenue will be flat or decline, so combined the selling and the.
Speaker Change #345: Marketing expenses.
Speaker Change #345: Total selling and marketing expense is total percentage points.
Speaker Change #345: To revenue, we will further improve in 2024.
Speaker Change #346: Uh huh.
Speaker Change #347: And then as R&D expenses, which is related to you just mentioned AI spending you are right that we increase our investment related to the AI.
Speaker Change #346: Sure.
Speaker Change #348: But that part could it be.
Speaker Change #349: Offset by the revenue.
Speaker Change #349: In the full year. So the full year presented revised R&D expense would be flat.
Speaker Change #349: Similar send it points compared to last year.
Speaker Change #349: And then G&A, so G&A as a percentage.
Jonathan Peng Zhao: So the GNA percentage to revenue for the full year will be improved compared with last year. In the first quarter, it temporarily increased, but we expect the second quarter will drop. So the full-year percentage rise will be better compared with last year. The trend I just mentioned affects both our GAP numbers and our adjusted non-GAP numbers. So, all in all, our operating margin in 2024 would like to improve along with our continued revenue growth. So, that's my comment on the... most cost items and the overall margin for the company.
Speaker Change #349: To revenue.
Speaker Change #349: Full year will be improved compared with last year.
In the first quarter temporarily.
It's increased but we expect the second quarter will crop so the full year passenger wise will be.
Speaker Change #349: Better comparative with last year.
Speaker Change #349: So.
Speaker Change #350: The trends I, just mentioned seats, both for our GAAP numbers in our adjusted Linda.
Speaker Change #350: non-GAAP numbers, so all in all our operating model in.
Speaker Change #351: In 2024.
Speaker Change #351: We'd like to improve along with our continued revenue growth.
Thus my comments to the.
Most cost items and the overall margin for the company.
Operator: And that's all our answer to the question. Operator, please go ahead.
Speaker Change #352: In all of our answer to the question operator. Please go ahead.
Wenbei Wang: Due to time constraints, that concludes today's question-and-answer session. At this time, I will turn the conference back to Wenbei for any additional or closing remarks.
Speaker Change #353: Due to time constraints that concludes today's question and answer session. At this time I will turn the conference back to Wednesday for any additional or closing remarks.
Operator: Thank you once again for joining us today. If you have any further questions, please contact our redirect directly. Thank you.
Speaker Change #354: Thank you once again for joining us today, if you have any further questions. Please contact us.
Speaker Change #355: Great. Thank you.
Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Speakers, please stand by.
Speaker Change #356: This concludes today's conference call. Thank you for participating you may now disconnect speakers. Please standby.
Speaker Change #356: Yes.
Speaker Change #356: Okay.
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