Q4 2025 Kanzhun Ltd Earnings Call

March 18, 2026

Speaker #1: Ladies and gentlemen , thank you for standing by and welcome to Kanzhun Limited , fourth quarter and fiscal year 2025 Financial Results conference call At this time , all participants are in a listen only mode After the speaker's presentation , there will be a Q&A session This conference is being recorded .

Operator 1: Ladies and gentlemen, thank you for standing by, and welcome to Kanzhun Limited Q4 and fiscal year 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Laura Chan, Senior Manager of Investor Relations. Please go ahead, ma'am.

Operator: Ladies and gentlemen, thank you for standing by, and welcome to Kanzhun Limited Q4 and fiscal year 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Laura Chan, Senior Manager of Investor Relations. Please go ahead, ma'am.

Speaker #1: At this time , I'd like to turn the conference over to Miss Laura Chan , senior manager of Investor Relations . Please go ahead , ma'am .

Speaker #2: Thank you . Operator . Good evening . Good morning everyone . Welcome to our fourth quarter and fiscal year 2025 earnings conference call .

Laura Chan: Thank you, operator. Good evening. Good morning, everyone. Welcome to our Q4 and fiscal year 2025 earnings conference call. Joining me today are our Founder, Chairman, and CEO, Mr. Jonathan Peng Zhao, and our Deputy CFO, Ms. Wenbei Wang. 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 company to be materially different. The company cautions you not to place undue reliance on forward-looking statements and do not undertake any obligation to update its forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only.

Speaker #2: Joining me today are founder , chairman and CEO . Mr. Jonathan Peng Zhao , and our deputy CFO , Miss Wenbei Wang 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 company to be materially different .

Speaker #2: The company cautions you not to place undue reliance on forward-looking statements and does not undertake any obligation to update these forward-looking information, except as required by law.

Speaker #2: During today's call, management will also discuss certain non-GAAP financial measures, for comparison purposes only. For the definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial measures, please see the earnings release issued earlier today.

Laura Chan: For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial measures, 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.zhipin.com. With that, I will now turn the call to Jonathan Peng Zhao, our Founder, Chairman, and CEO.

Speaker #2: In addition , a webcast replay of this conference call will be available on our website at . With that , I will now turn the call to Jonathan , our founder , chairman and CEO

Jonathan Peng Zhao: 大家好，欢迎参加公司二零二五年第四季度及全年业绩发布会，我谨代表公司全体员工、管理层和董事会，向长期信任和支持我们的用户和投资人表示诚挚的感谢。

Speaker #3: For In 2020 .

Speaker #2: Hello , everyone . Thank you for joining our company's fourth quarter and full year 2025 earnings conference call . On behalf of the company's employees , management Team and Board of Directors .

Laura Chan: Hello, everyone. Thank you for joining our company's Q4 and full year 2025 Earnings Conference Call. On behalf of the company's employees, management team, and board of directors, I would like to extend our sincere gratitude to our users and investors who have continuously believed in and supported us.

[Translator]: Hello, everyone. Thank you for joining our company's Q4 and full year 2025 Earnings Conference Call. On behalf of the company's employees, management team, and board of directors, I would like to extend our sincere gratitude to our users and investors who have continuously believed in and supported us.

Speaker #2: We would like to extend our sincere gratitude to our users and investors who have continuously believed in and supported us.

Jonathan Peng Zhao: 今天的内容主要分四个部分。第一，2025年四季度及全年的业绩。第二，今年春招呈现出供需两旺的良好增长势头。第三，公司在AI上的一些进展。第四，进一步加强股东回报的力度。

Speaker #3: Through often, the Peng Zhao. The AI Lead.

Speaker #2: Today's presentation will cover four main parts First , our financial results for the fourth quarter and full year of 2025 . Second , the robust growth momentum we are seeing in both supply and demand during the spring recruitment season this year Third , an update on our AI progress and fourth for the strengthen our commitment to shareholder returns

Laura Chan: Today's presentation will cover four main parts. First, our financial results for Q4 and full year of 2025. Second, the robust growth momentum we are seeing in both supply and demand during the spring recruitment season this year. Third, an update on our AI progress. Fourth, further strengthen our commitment to shareholder returns.

[Translator]: Today's presentation will cover four main parts. First, our financial results for Q4 and full year of 2025. Second, the robust growth momentum we are seeing in both supply and demand during the spring recruitment season this year. Third, an update on our AI progress. Fourth, further strengthen our commitment to shareholder returns.

Jonathan Peng Zhao: 首先简要汇报公司2025年第四季度和全年的业绩情况。2025年第四季度公司实现20.8亿元收入，同比增长14%。扣除股权激励费用后，经调整营业利润为9亿元，同比增长37%。

Speaker #3: By Wei Zhao Yuan

Speaker #2: First , let me briefly review the company's performance for the fourth quarter and full year of 2025 . In the fourth quarter , we generated a total revenue of RMB 2.08 billion , up year .

Laura Chan: First, let me briefly review the company's performance for the Q4 and full year of 2025. In the Q4, we generated a total revenue of RMB 2.08 billion, up 14% year-on-year. Excluding share-based compensation expenses, our adjusted operating profit reached RMB 900 million, up 37% year-on-year.

[Translator]: First, let me briefly review the company's performance for the Q4 and full year of 2025. In the Q4, we generated a total revenue of RMB 2.08 billion, up 14% year-on-year. Excluding share-based compensation expenses, our adjusted operating profit reached RMB 900 million, up 37% year-on-year.

Speaker #2: Excluding share-based compensation expenses, adjusted operating profit reached RMB 900 million, up 37% year on year.

Jonathan Peng Zhao: 四季度是中国传统的一个招聘淡季，但是剔除季节性的因素后，企业端招聘需求延续了年前年初以来的一个稳步恢复的趋势，求职和招聘的供需比也都保持在一个健康的区间。

Speaker #3: For the

Speaker #2: The fourth quarter is traditionally a low season for recruitment in China. However, after adjusting for seasonality, the hiring demand from enterprises continued a steady recovery trend.

Laura Chan: Q4 is traditionally a low season for recruitment in China. However, after adjusting for seasonality, the hiring demand from enterprises continued the steady recovery trend since the beginning of this year. The supply and demand ratio also remained within a healthy range.

[Translator]: Q4 is traditionally a low season for recruitment in China. However, after adjusting for seasonality, the hiring demand from enterprises continued the steady recovery trend since the beginning of this year. The supply and demand ratio also remained within a healthy range.

Speaker #2: Since the beginning of this year . The supply and demand ratio also remained within a healthy range

Jonathan Peng Zhao: 分行业看，制造业、电子通信、半导体表现突出，服务业、汽车和消费品零售增速相对领先。互联网技术行业在四季度同比增长比三季度进一步加快。

Speaker #3: For Peng Zhao Zhongshu , Ling Xian I 20 .

Speaker #2: By sector manufacturing electronics , communications and semiconductors industries stood out Urban service , automotive and consumer retail industries saw faster growth . The internet technology industry achieved a faster on year growth rate in the fourth quarter , compared to the third quarter

Laura Chan: By sector, manufacturing, electronics, communications, and semiconductors industries stood out. Urban service, automotive, and consumer retail industries saw faster growth. The internet technology industry achieved a faster year-on-year growth rate in Q4 compared to Q3.

[Translator]: By sector, manufacturing, electronics, communications, and semiconductors industries stood out. Urban service, automotive, and consumer retail industries saw faster growth. The internet technology industry achieved a faster year-on-year growth rate in Q4 compared to Q3.

Speaker #3: 20 . 20 . Yuan And Yuan for GDP Yuan and Shi . Xiaojing

Jonathan Peng Zhao: 全年来看，2025年公司实现收入82.7亿元，同比增长12.4%，净利润20.27亿，净利润27.0亿元。剔除理财等非经营性收益及股权激励费用之后，经调整的营业利润为33.8亿元，同比增长45.7%。经调整营业利润率为40.8%。

Speaker #2: Are in full year 2025 . The company generated a total revenue of RMB 8.27 billion , up 12.4% year on year . Net income reached RMB 2.7 billion , excluding other income such as investment gains and share based compensation expenses .

Laura Chan: In full year 2025, the company generated a total revenue of RMB 80.27 billion, up 12.4% year-on-year. Net income reached RMB 2.7 billion. Excluding other income such as investment gains and share-based compensation expenses, our adjusted operating profit reached RMB 3.38 billion, up 45.7% year-on-year. Our adjusted operating profit margin reached 40.8%.

[Translator]: In full year 2025, the company generated a total revenue of RMB 80.27 billion, up 12.4% year-on-year. Net income reached RMB 2.7 billion. Excluding other income such as investment gains and share-based compensation expenses, our adjusted operating profit reached RMB 3.38 billion, up 45.7% year-on-year. Our adjusted operating profit margin reached 40.8%.

Speaker #2: Our adjusted operating profit reached $3.38 billion, up 45.7% year on year. Our adjusted operating profit margin reached 40.8%.

Jonathan Peng Zhao: 公司的用户增长的趋势仍在持续。2025年全年新增完善用户接近4,600万人。截止至2025年末，平台累计服务超过2.5亿求职者，3,600万招聘者，服务企业总数突破2,000万家。

Speaker #3: One . More Than we And ginger , 42 .

Speaker #2: The upward growth momentum in user continues in 2025 . The company acquired nearly 46 million newly verified users as of the end of 2025 .

Laura Chan: The upward growth momentum in users continues. In 2025, the company acquired nearly 46 million newly verified users. As of the end of 2025, the platform had cumulatively served over 250 million job seekers and 36 million enterprise users, with the total number of enterprises served exceeding 20 million.

[Translator]: The upward growth momentum in users continues. In 2025, the company acquired nearly 46 million newly verified users. As of the end of 2025, the platform had cumulatively served over 250 million job seekers and 36 million enterprise users, with the total number of enterprises served exceeding 20 million.

Speaker #2: The platform had cumulatively served over 250 million job seekers and 36 million enterprise users, with the total number of enterprises served exceeding 20 million.

Jonathan Peng Zhao: 2025年全年，BOSS直聘APP端平均月活用户规模超过6,070万，同比增长14.5%。平台全年为超过22.7亿人次的用户提供了基于双方同意的简历或者联系方式的交换，也就是我们在日常经营中所说的达成。这一数字同比增长22.4%。求职者人均收获的达成同比增长7%。这一切都显示了平台强大的双边网络效应。

Speaker #3: By stripping app The Yu Zhang Key

Speaker #2: In 2025 . The average monthly active users . The MOU of the . Of the app reached over 60.7 million , representing a year on year increase of 14.5% in 2025 .

Laura Chan: In 2025, the average monthly active users, the MAU of the BOSS Zhipin app, reached over 60.7 million, representing a year-on-year increase of 14.5%. In 2025, the platform facilitated over 2.27 billion instances of mutually consented exchanges of resume or contact information, what we commonly refer to as mutual consent, representing a year-on-year growth of 22.4%. The average number of mutual consent per job seeker also rose by 7% year-on-year. This demonstrates our strong double-sided network effect on our platform.

[Translator]: In 2025, the average monthly active users, the MAU of the BOSS Zhipin app, reached over 60.7 million, representing a year-on-year increase of 14.5%. In 2025, the platform facilitated over 2.27 billion instances of mutually consented exchanges of resume or contact information, what we commonly refer to as mutual consent, representing a year-on-year growth of 22.4%. The average number of mutual consent per job seeker also rose by 7% year-on-year. This demonstrates our strong double-sided network effect on our platform.

Speaker #2: The platform facilitated over 2.27 billion instances of mutually consented exchanges of resume or contact information . What we commonly refer to as mutual consent , representing a young growth of 22.4% .

Speaker #2: The average number of mutual consents per jobseeker also rose by 7% year on year. This demonstrates our strong double-sided network effects on our platform.

Jonathan Peng Zhao: 2025年，公司持续保持向蓝领、低线级城市和中小企业的渗透。蓝领用户的增速领跑大盘，蓝领收入的占比进一步提升。白领招聘需求也稳步回暖，互联网技术、通讯、半导体等行业增速较2024年显著提升，呈现出结构性的改善。

Speaker #3: The New

Speaker #2: In 2025 , the company continued its momentum in penetrating the blue collar sector . Lower tier cities and small and medium sized enterprises .

Laura Chan: In 2025, the company continued its momentum in penetrating the blue-collar sector, lower-tier cities, and small and medium-sized enterprises. The growth rate of blue-collar users led the overall user base, with their contribution to revenue further increasing. Meanwhile, white-collar recruitment demand also recovered steadily, with sectors such as internet technology and communications, semiconductors, achieved higher growth rates compared to 2024, reflecting a structural improvement.

[Translator]: In 2025, the company continued its momentum in penetrating the blue-collar sector, lower-tier cities, and small and medium-sized enterprises. The growth rate of blue-collar users led the overall user base, with their contribution to revenue further increasing. Meanwhile, white-collar recruitment demand also recovered steadily, with sectors such as internet technology and communications, semiconductors, achieved higher growth rates compared to 2024, reflecting a structural improvement.

Speaker #2: The growth rate of blue collar users led . Overall user base with their contribution to revenue . Further increasing Meanwhile , white collar recruitment demand also recovered steadily , with sectors such as internet technology and communications .

Speaker #2: Semiconductors achieved higher growth rates compared to 2024, reflecting a structural improvement.

Jonathan Peng Zhao: 从城市的层级看，四季度三线以及以下的城市收入占比已经接近25%。可以说是四年的时间实现了翻番吧。这充分说明我们在下沉市场的用户渗透策略正在稳步见效，公司的品牌认知度在进一步打开。从企业规模看，2025年100人以下的中小企业所贡献的收入首次突破50%，中小企业的贡献大，成为平台持续增长的动力。

Speaker #3: In The

Speaker #2: From city perspective . Revenue contribution from third tier and low tier cities . Approached 25% in the fourth quarter , doubling compared to four years ago .

Laura Chan: From city tier perspective, revenue contribution from third-tier and lower tier cities approached 25% in Q4, doubling compared to 4 years ago. This clearly demonstrates that our user penetration strategy in lower tier markets is steadily gaining traction while our brand awareness has continued to expand. In 2025, revenue contributed by enterprises with fewer than 100 employees exceeded 50% for the first time. The substantial contribution from SMEs become a key driver of the platform's continuous growth.

[Translator]: From city tier perspective, revenue contribution from third-tier and lower tier cities approached 25% in Q4, doubling compared to 4 years ago. This clearly demonstrates that our user penetration strategy in lower tier markets is steadily gaining traction while our brand awareness has continued to expand. In 2025, revenue contributed by enterprises with fewer than 100 employees exceeded 50% for the first time. The substantial contribution from SMEs become a key driver of the platform's continuous growth.

Speaker #2: This clearly demonstrates that our user penetration strategy in lower tier markets is steadily gaining traction . While our brand awareness has continued to expand in 2025 .

Speaker #2: Revenue contributed by enterprises with fewer than 100 employees exceeded 50% for the first time . The substantial contribution from SMEs becomes a key driver of the platform's continuous growth

Jonathan Peng Zhao: 在商业化方面，截止到2025年底的过去的十二个月，也就是2025年的全年，我们付费的企业端用户数达到683万，同比增长11.6%，季度环比增长1.3%。活跃用户付费率保持小幅增长。受中小企业收入占比提高等影响，单个客户的付费金额也就是ARPU总体保持稳定。

Speaker #3: The, the woman San, so Yu Zhang. Thank you.

Speaker #2: Other . Monetization . Front in the 12 months ended December 31st , 2025 , which is full year 2025 . The number of paid enterprise customers reached 6.83 million , up 11.6% year on year and 1.3% quarter on quarter .

Laura Chan: On the monetization front, in the 12 months ended 31 December 2025, which is full year 2025, the number of paid enterprise customers reached 6.83 million, up 11.6% year-over-year and 1.3% quarter-over-quarter. The paying user monthly active users continued to see modest growth. Due to the increased revenue contribution from SMEs, the average revenue per paying user, which is the ARPU, remained broadly stable.

[Translator]: On the monetization front, in the 12 months ended 31 December 2025, which is full year 2025, the number of paid enterprise customers reached 6.83 million, up 11.6% year-over-year and 1.3% quarter-over-quarter. The paying user monthly active users continued to see modest growth. Due to the increased revenue contribution from SMEs, the average revenue per paying user, which is the ARPU, remained broadly stable.

Speaker #2: The ratio among active users continues to see more growth due to the increased revenue contribution from SMEs. The average revenue per paying user, which is the ARPPU, remained broadly stable. Second, we are seeing robust momentum on both the supply and demand sides during the spring recruitment season this year.

Jonathan Peng Zhao: 接下来说第二个方面，今年我们看到春招呈现出一个供需两旺的良好势头。

Laura Chan: Second, we are seeing robust momentum in both supply and demand sides during the spring recruitment season this year.

[Translator]: Second, we are seeing robust momentum in both supply and demand sides during the spring recruitment season this year.

Jonathan Peng Zhao: 众所周知，研究行业的人都知道，中国的这个求职招聘的旺季每年就是在春节之后发生。

Speaker #3: For the

Speaker #2: As we know, the peak season for recruitment in China is after Spring Festival every year.

Laura Chan: As we know, the peak season for recruitment in China is after Spring Festival every year.

[Translator]: As we know, the peak season for recruitment in China is after Spring Festival every year.

Jonathan Peng Zhao: 所以我们按照农历对齐的方法进行了研究。今年Spring Festival之后，日新增的用户规模，包括招聘者和求职者，均好于去年同期水平。APP端的活跃用户达到新的历史新高。

Speaker #3: And Dropping In the Single

Speaker #2: Adjusted for the Chinese New Year holiday . The average daily . Newly verified users , including both job seekers and enterprise users , exceeded the same period last year and active users are up to Spring Festival , which are a record high

Laura Chan: Adjusted for the Chinese New Year holiday, the average daily newly verified users, including both job seekers and enterprise users, exceeded the same period last year. Active users upwards after Spring Festival, which at a record high.

[Translator]: Adjusted for the Chinese New Year holiday, the average daily newly verified users, including both job seekers and enterprise users, exceeded the same period last year. Active users upwards after Spring Festival, which at a record high.

Jonathan Peng Zhao: 春节复工之后的十五天日均看新增的职位数同比增长超过两位数%。从供需关系来看，平台求职者与招聘者的比例，也就是C/B比，持续保持在一个合理健康的区间。

Speaker #3: The CBB

Speaker #2: The average daily job postings in the 15 days after the Supreme grew by a double-digit percentage year on year in terms of supply and demand dynamics.

Laura Chan: The average daily job postings in the 15 days after the Spring Festival grew by a double-digit percentage year-over-year. In terms of supply and demand dynamics, the ratio of job seekers to enterprise users, which is the C-to-B ratio on our platform, remained within a healthy and reasonable range.

[Translator]: The average daily job postings in the 15 days after the Spring Festival grew by a double-digit percentage year-over-year. In terms of supply and demand dynamics, the ratio of job seekers to enterprise users, which is the C-to-B ratio on our platform, remained within a healthy and reasonable range.

Speaker #2: The ratio of job seekers to enterprise users , which is the key to be ratio on our platform , remained within a healthy and reasonable range .

Speaker #3: So higher Can be Your shout When you Can I Can be 20 .

Jonathan Peng Zhao: 从行业维度上来看，制造业、电子通讯、半导体、汽车、广告传媒业、服务业等领域的活跃职位数增速领先于其他行业。考虑到今年的春节时间比较晚，跟去年比，那么目前距离节后复工也就小几周时间。通常看白领以及大型企业复工的节奏会略晚于蓝领和小型企业。但从目前数据看，互联网、AI、技术等等领域的新增和活跃职位同比增速居于去年同期，已呈现出加快的迹象。

Speaker #2: The industry sector active job postings in areas such as manufacturing , electronics and communication . Semiconductors . Automotive advertising and media and urban services grew at a faster pace compared to other industries Given that the Spring Festival fell later this year compared to last year , and it has been only a few weeks since the holiday period ended , white collar and large enterprises typically resume operations slightly later than blue collar , and SME sectors However , based on our current data , both newly added and active job postings in fields such as internet , AI and technology are already showing signs of accelerated year on year growth compared to the same period last year

Laura Chan: By industry sectors, active job postings in areas such as manufacturing, electronics and communications, semiconductors, automotive, advertising and media, and urban services grew at a faster pace compared to other industries. Given that the Spring Festival fell later this year compared to last year, and it has been only a few weeks since the holiday period ended, white-collar and large enterprises typically resume operations slightly later than blue-collar and SME sectors. However, based on our current data, both newly added and active job postings in fields such as internet, AI, and technology are already showing signs of accelerated year-over-year growth compared to the same period last year.

[Translator]: By industry sectors, active job postings in areas such as manufacturing, electronics and communications, semiconductors, automotive, advertising and media, and urban services grew at a faster pace compared to other industries. Given that the Spring Festival fell later this year compared to last year, and it has been only a few weeks since the holiday period ended, white-collar and large enterprises typically resume operations slightly later than blue-collar and SME sectors. However, based on our current data, both newly added and active job postings in fields such as internet, AI, and technology are already showing signs of accelerated year-over-year growth compared to the same period last year.

Speaker #3: Are essential For Wenbei Wang . For the

Jonathan Peng Zhao: 在AI的赋能之下，公司提供闭环服务的机会显著增强。招聘者的目的是有合适的人入职，求职者的目的是能够入职合适的岗位。从这个意义上来讲，互联网招聘自诞生以来所提供的价值，迄今为止是整个事情的一小部分。

Speaker #2: Third , our AI progress . First with the empowerment of AI . The company now has significantly greater opportunities to deliver closed loop services for enterprise users .

Laura Chan: Third, our AI progress. First, with the empowerment of AI, the company now has significantly greater opportunities to deliver closed-loop services. For enterprise users, the target is to bring the right people on board. For job seekers, it's about securing a suitable position. In this sense, the value that online recruitment has provided since its inception represents only a small part of the big picture so far.

[Translator]: Third, our AI progress. First, with the empowerment of AI, the company now has significantly greater opportunities to deliver closed-loop services. For enterprise users, the target is to bring the right people on board. For job seekers, it's about securing a suitable position. In this sense, the value that online recruitment has provided since its inception represents only a small part of the big picture so far.

Speaker #2: The goal is to bring the right people on board for job seekers. It's about securing a suitable position. In this sense, the value that online recruitment has provided since its inception represents only a small part of the big picture so far.

Jonathan Peng Zhao: 过去互联网的招聘广告平台提供的价值主要是供求双方的信息传递。现在BOSS直聘和一些类似模式的players提供的主要价值是在BC之间提供缔结劳动合约的概率和机会。那么接下来互联网招聘行业在AI的帮助下，有机会进化到闭环服务，AI可以帮助公司完成最后一公里的劳动。

Speaker #3: The 20 . The players A , B , C , D e the Job For AI

Speaker #2: In the past , online recruitment . Advertising platforms primarily offered value through information dissemination between supply and demand side Now , platforms like POS , GP focused on increasing the profitability and opportunity of establishing labor contracts between enterprise users and job seekers .

Laura Chan: In the past, online recruitment advertising platforms primarily offered value through information dissemination between supply and demand side. Now, platforms like BOSS Zhipin focus on increasing the profitability and opportunity of establishing labor contracts between enterprise users and job seekers. Moving forward, the online recruitment industry has the opportunity to evolve towards a closed-loop model. AI can assist companies in completing the last mile of work.

[Translator]: In the past, online recruitment advertising platforms primarily offered value through information dissemination between supply and demand side. Now, platforms like BOSS Zhipin focus on increasing the profitability and opportunity of establishing labor contracts between enterprise users and job seekers. Moving forward, the online recruitment industry has the opportunity to evolve towards a closed-loop model. AI can assist companies in completing the last mile of work.

Speaker #2: Moving forward, the online recruitment industry has the opportunity to evolve towards a closed-loop model. AI can assist companies in completing the last mile of work.

Jonathan Peng Zhao: 2025年，公司在AI能力的支持下尝试开展闭环业务服务，营收已经达到亿这样的数量级。迄今为止，这部分业务在发展速度上超过我们平台的其他业务。那么实际上，AI可以帮助就不只是我们公司，就是宏观地看，AI其实可以帮助整个经济运行过程中任何一个岗位跟人的匹配效率，这是大家都看得到的。那从我们做业务的角度来讲，AI可以通过更好地数字化双边的需求，更好地提高基层人员的工作效率，更好地降低大团队同质性的管理成本，从而能够让大规模的闭环服务对于互联网招聘平台来说成为一种现实。

Speaker #3: Can and ensure using the AI. You AI model for the.

Speaker #2: By 2025, with the support of AI capabilities, the revenue from closed-loop services has already reached the scale of hundreds of millions of RMB to date.

Laura Chan: By 2025, with the support of AI capabilities, the revenue from closed-loop services has already reached the scale of hundreds of millions RMB. To date, this segment has been growing faster than other businesses on our platform. In fact, many have recognized that AI can improve the matching efficiency for any roles in the economy. In simple terms, AI enables large-scale closed-loop services by better digitalizing both sides of demand, enhancing the efficiency of frontline workers, and reducing the management costs of large teams.

[Translator]: By 2025, with the support of AI capabilities, the revenue from closed-loop services has already reached the scale of hundreds of millions RMB. To date, this segment has been growing faster than other businesses on our platform. In fact, many have recognized that AI can improve the matching efficiency for any roles in the economy. In simple terms, AI enables large-scale closed-loop services by better digitalizing both sides of demand, enhancing the efficiency of frontline workers, and reducing the management costs of large teams.

Speaker #2: This segment has been growing faster than other businesses on our platform. Many have recognized that AI can improve the matching efficiency for any roles in the economy.

Speaker #2: In simple terms , AI enables large scale , closed loop services by better digitalizing both sides of demand , enhancing the efficiency of frontline workers and reducing the cost of large teams

Jonathan Peng Zhao: 另外一项AI上的进展我分两部分讲，一个对B说一下，一个对C说一下。B端来说呢，就是基于一部分有更高的招聘要求，同时也有更高的付费能力的用户，我们一直在迭代的AI速招这样一个工具取得了较好的效果，目前正在扩大实验范围。该功能的本质可以简单地解释为更好地记忆和分析特定的客户招聘者的需求和喜好，自动地在我们两点五亿求职者的大库当中开展搜索。这个搜索的过程就是一个相对繁杂重复的过程。与此同时，持续与我们的特定的用户进行交互，从而提升命中率。目前，这个服务AI速招的付用率极高，我认为它具备很好的商业化前景。

Speaker #3: B, C, D, often the AI, I, she. Will also use the new can. For the... For.

Speaker #2: Another . Progress . Our . Describe . It . Between . The enterprise user side and . Job seeker side . The AI .

Laura Chan: Another progress I will describe it between the enterprise user side and job seeker side. The AI quick hiring tool developed for high-end users with demanding recruitment requirements and strong willingness to pay has achieved positive results, and is now being scaled up for broader trials. The core function of the tool is to better remember and understand the specific needs and preferences of targeted clients, automatically conduct searches within a database of 250 million job seekers, and the continuous interaction with users to improve hit rates. The feature demonstrates high usability, and we believe that it holds strong commercial potential.

[Translator]: Another progress I will describe it between the enterprise user side and job seeker side. The AI quick hiring tool developed for high-end users with demanding recruitment requirements and strong willingness to pay has achieved positive results, and is now being scaled up for broader trials. The core function of the tool is to better remember and understand the specific needs and preferences of targeted clients, automatically conduct searches within a database of 250 million job seekers, and the continuous interaction with users to improve hit rates. The feature demonstrates high usability, and we believe that it holds strong commercial potential.

Speaker #2: The quick hiring tool, developed for high-end users with demanding recruitment requirements and a strong willingness to pay, has achieved positive results and is now being scaled up for broader trials.

Speaker #2: The core function of the tool is to better remember and understand the specific needs and preferences of targeted clients, automatically conduct searches within a database of 250 million job seekers, and continue interaction with users to improve hit rates.

Speaker #2: The feature demonstrates high reusability, and we believe that it holds strong commercial potential.

Speaker #3: Do you see the domain in the new you?

Jonathan Peng Zhao: 对于C端来说，我们一项实验就是在BOSS Zhipin的面试间的用户，我们提供AI辅助面试功能，促进了我们的面试间的用户使用率。我指的就是它的付用比例在明显地提升。这件事情还有一个价值，当然就是帮助平台通过参与这个过程，回收了非常多的高价值的面试数据，从而能够对用户提供帮助。

Speaker #2: From the job seeker side, our AI-assisted interview feature experiment has been fully rolled out to users within both GPS interview rooms.

Laura Chan: From the job seeker side, our AI-assisted interview feature experiment has been fully rolled out to users within both Boss Zhipin's interview rooms. This has significantly increased both the usage and reusability of the company's proprietary interview rooms while also enabling the platform to collect a greater volume of high-value interview data.

[Translator]: From the job seeker side, our AI-assisted interview feature experiment has been fully rolled out to users within both Boss Zhipin's interview rooms. This has significantly increased both the usage and reusability of the company's proprietary interview rooms while also enabling the platform to collect a greater volume of high-value interview data.

Speaker #2: This has significantly increased both the usage and . And reusability of the company's proprietary interview rooms . While . While also enabling the platform to collect a greater volume of high value interview data

Speaker #3: Descend upon in the agent bound to the job in the Shopping Agent session. The key.

Jonathan Peng Zhao: 第三个方面的进展其实跟我们的一个策略有关，就是最近我们在使用AI Agent帮助特定的招聘者的过程当中，采取了更加激进的态度。简单地讲，就是比如批量招聘普工、批量招聘主播等等。在类似的场景当中，我们扩大了使用AI Agent的全面托管和筛选功能。当然了，对于招聘者来说，效率有显著的提高。与此同时，我们还是在坚持要告诉求职者，你面对的是一个智能体。迄今为止反响还可以，然后招聘者的满意度很高。

Speaker #2: The field progress is that the company has adopted a proactive approach in applying AI agent to assist specific enterprise users by leveraging AI hosting and screening capabilities to capture delivery. Efficiency has significantly improved in situations like hiring scenarios, such as for manufacturing workers and large streamers.

Laura Chan: The third progress is that the company has adopted a proactive approach in applying AI Agent to assist the specific enterprise users by leveraging AI hosting and screening capabilities. Productive delivery efficiency has significantly improved in a situation like bulk hiring scenarios such as for manufacturing workers and live streamers. This progress make a business model based on successful hires or interviews viable on a large scale. We consistently inform job seekers that they are interacting with AI Agent, and we believe that the job seekers' response is quite positive and enterprise user satisfaction rate is high.

[Translator]: The third progress is that the company has adopted a proactive approach in applying AI Agent to assist the specific enterprise users by leveraging AI hosting and screening capabilities. Productive delivery efficiency has significantly improved in a situation like bulk hiring scenarios such as for manufacturing workers and live streamers. This progress make a business model based on successful hires or interviews viable on a large scale. We consistently inform job seekers that they are interacting with AI Agent, and we believe that the job seekers' response is quite positive and enterprise user satisfaction rate is high.

Speaker #2: This progress makes a business model based on successful hires or interviews viable on a large scale . We consistently inform jobseekers that they are interacting with AI agents , and we believe that the job seekers response is quite positive and enterprise user satisfaction rate is high

Speaker #3: Our AI AI Baker Machine in . Can be the central Channel to The hugging . Face machine

Jonathan Peng Zhao: 我们在AI的进展上，最后一个我报告一下我们在AI science上的一项进展。在科研上，我们公司的南北阁实验室的科学家在小模型的智力和能力上限上取得了一些行业领先的探索。其中前段时间开源的Nanbeige4.1-3B模型，仅用3B的参数在多个测评任务上越级超越了Qwen三系列，从4B到32B的模型。没有非要跟谁比，就是超越了一下。二月下旬，在Hugging Face全球模型趋势榜当中，我们开源的这款模型有一段时间站在文本模型榜的榜一，这是一个我们在科研上的一个成绩。

Speaker #2: The last approach in terms of scientific research, the scientists. The scientists at our company's lab have made some industry-leading exploration into the intelligence and capability ceiling of small models.

Laura Chan: The last approach in terms of scientific research, the scientists at our company's Nanbeige Lab have made some industry-leading exploration into the intelligence and capability ceiling of small models. Among these, the recently open-source Nanbeige4.1-3B model with only 3 billion parameters surpassed models from the Qwen3 series, ranging from 4 billion to 32 billion parameters on multiple evaluation tasks. We do not intend to compare with others on this scale. In late February, it ranked first in Hugging Face trending list for the text generation models.

[Translator]: The last approach in terms of scientific research, the scientists at our company's Nanbeige Lab have made some industry-leading exploration into the intelligence and capability ceiling of small models. Among these, the recently open-source Nanbeige4.1-3B model with only 3 billion parameters surpassed models from the Qwen3 series, ranging from 4 billion to 32 billion parameters on multiple evaluation tasks. We do not intend to compare with others on this scale. In late February, it ranked first in Hugging Face trending list for the text generation models.

Speaker #2: Among these . The recently open sourced dynamic . 4.13 B model with only 3 billion parameters , surpassed models from the three series , ranging from 4 billion to 32 billion parameters on multiple evaluation tasks .

Speaker #2: We are not intend to compare with others on this scale in late in late February , it ranked first in hugging face trending list for the text generation models

Jonathan Peng Zhao: 最后一项，我汇报一下，就是在股东回报方面，我们一些打算。今天董事会通过一项决议，公司计划从2026年起，未来三年每年用于股票回购和分红的金额不低于上一个年度经调整净利润的50%。同时，我们将2025年8月通过的一项2.5亿美元的回购额度上限提升至4亿美元。公司将视情况加大回购的力度，应对市场环境的变化。我想说这体现了我们公司对于自身的信心，以及在一些特殊的情况下，甚至于就是从长期看，我们也愿意以更大的力度和诚意来回报支持和相信公司的股东。

Speaker #3: Feng Hongxiang, you easily can. Chen Yi, the golden.

Speaker #2: Force . Our plan for shareholder returns today . The board passed a resolution approving a plan to allocate no less than 50% of the prior year's adjusted net income for dividends and share repurchase over the three year period , starting from 2026 .

Laura Chan: Fourth, our plan for shareholder returns. Today, the board passed a resolution approving a plan to allocate no less than 50% of the prior year's adjusted net income for dividends and share repurchase over the three-year period starting from 2026. Meanwhile, the company will increase the share repurchase program upper limit from $250 million to $400 million initially approved in August 2025. We will scale up repurchase as appropriate in response to changing market conditions, and we believe that it fully demonstrates our confidence in the company's long-term growth, as well as our long-run commitment to delivering value to our shareholders and friends who supported and believe in us.

[Translator]: Fourth, our plan for shareholder returns. Today, the board passed a resolution approving a plan to allocate no less than 50% of the prior year's adjusted net income for dividends and share repurchase over the three-year period starting from 2026. Meanwhile, the company will increase the share repurchase program upper limit from $250 million to $400 million initially approved in August 2025. We will scale up repurchase as appropriate in response to changing market conditions, and we believe that it fully demonstrates our confidence in the company's long-term growth, as well as our long-run commitment to delivering value to our shareholders and friends who supported and believe in us.

Speaker #2: Meanwhile , the company will increase the share repurchase program upper limit from $250 million to $400 million . Initially approved in August 2025 .

Speaker #2: We will scale up repurchase as appropriate in response to changing market conditions, and we believe that this fully demonstrates our confidence in the company's long-term growth as well as our long-run commitment to delivering value to our shareholders and friends who supported and believed in us.

Jonathan Peng Zhao: 我的介绍就到这。接下来由我们的Deputy CFO文蓓为大家详细介绍一下财务情况。

Speaker #3: So, the CFO will be

Speaker #2: That concludes my part of the call . I will now turn it over to our deputy CFO for the review of our financials .

Laura Chan: That concludes my part of the call. I will now turn it over to our Deputy CFO, Wenbei Wang, for the review of our financials. Thank you.

[Translator]: That concludes my part of the call. I will now turn it over to our Deputy CFO, Wenbei Wang, for the review of our financials. Thank you.

Speaker #2: Thank you . Thanks , Jonathan . Hello , everyone . Now let me walk through the details of our financial results of the fourth quarter and full year of 2025 .

Wenbei Wang: Thanks, Jonathan. Hello, everyone. Now let me walk through the details of our financial results of the Q4 and full year of 2025. We are pleased to deliver a quality set of financial results for the Q4 and the full year with revenue growth continued its accelerating momentum and enlarged profitability. In the Q4, the recruitment market sustained its steady recovery trend throughout the year. Under such condition, our revenues reached RMB 2.1 billion during this quarter, with growth rate accelerating to 14% year-on-year and grew by 12.4% to RMB 8.3 billion for the full year. Our number of paid enterprise customers for 2025 expanded to 6.8 million, marking a 12% year-on-year growth and 1.3 percentage point increase compared to the trailing twelve months ending September 30.

Speaker #2: We are pleased to deliver a quality set of financial results for the fourth quarter and full year . With revenue growth continued , its accelerating momentum and enlarged profitability in the fourth quarter .

Speaker #2: The recruitment market sustained its steady recovery trend throughout the year. Under such conditions, our revenues reached RMB 2.1 billion during this quarter, with the growth rate accelerating to 14% year on year, and grew by 12.4% to RMB 8.3 billion for the full year.

Speaker #2: Our number of paid enterprise customers for 2025 expanded to 6.8 million, marking a 12% year-on-year growth and a 1.3 percentage increase compared to the trailing 12 months.

Speaker #2: Ended September 30th . We witnessed a more balanced this year , with faster revenue growth from both key accounts and small size accounts .

Wenbei Wang: We witnessed a more balanced growth this year, with faster revenue growth from both key accounts and small size accounts. In Q4, in particular, revenue from small size accounts grew 21% year-on-year, outpacing mid-size accounts and key accounts. As a result of this structural impact, overall ARPU remains stable, but ARPU for each segment all showed increasing trend. Moving to the cost and expenses side, our total operating cost and expenses decreased by 7% year-on-year to RMB 1.4 billion during Q4, and by 7% to RMB 5.8 billion for the full year. Total share-based compensation expenses decreased by 23% and 20% year-on-year, respectively, in this quarter and the full year. As percentage of revenue-wise, SBC went down by 5 percentage points year-on-year, both for the quarter and the full year. We also expect this trend to continue.

Speaker #2: In the fourth quarter . In particular , revenue from small size accounts grew 21% year on year , outpacing midsize accounts and key accounts .

Speaker #2: As a result of this structural impact , overall output remains stable , but RPO for each segment all showed increasing trend . Moving to the cost and expenses side , our total operating cost and expenses decreased by 7% year on year to RB 1.4 billion during the fourth quarter , and by 7% to RMB 5.8 billion for the full year .

Speaker #2: Total share based compensation expenses decreased by 23 and 20% year on year , respectively , in this quarter and full year , as percentage of revenue wise , SBC went down by five percentage points year on year , both for the quarter and full year , and we also expect this trend to continue excluding share based compensation expenses .

Wenbei Wang: Excluding share-based compensation expenses, our adjusted income from operations grew by 37% to RMB 900 million and 46% to RMB 3.5 billion, respectively, for the quarter and the full year. The adjusted operating margin for Q4 reached a quarterly historical high of 43.3%, while the annual adjusted operating margin improved by 9 percentage points to 14.8% in 2025, continuing to demonstrate our strong operating leverage and unwavering commitment to financial discipline. Cost of revenues decreased by 1% year-on-year to RMB 309 million during Q4, and decreased by 0.4% to RMB 1.2 billion for the full year. This decrease was primarily due to decrease in employee-related expenses and rental expenses, partially offset by an increase in payment processing cost.

Speaker #2: Our adjusted income from operations grew by 37% to R&B 900,000,046% to RMB 3.5 billion , respectively . For the quarter and full year adjusted operating margin for the fourth quarter reached a quarterly historical high of 43.3% , while the annual adjusted operating margin improved by nine percentage points to 40.8% in 2025 , continuing to demonstrate our strong operating leverage and unwavering commitment to financial discipline .

Speaker #2: Cost of revenues decreased by 1% year-on-year to RMB 309 million during the fourth quarter, and decreased by 0.4% to RMB 1.2 billion for the full year.

Speaker #2: This decrease was primarily due to a decrease in employee-related expenses and rental expenses, partially offset by an increase in payment processing costs.

Speaker #2: As a result, our gross margin went up by two percentage points to 85.1% in 2025, marking the second year of increasing sales, and marketing expenses decreased by 9% year on year to RMB 389 million.

Wenbei Wang: As a result, our gross margin went up by 2 percentage points to 85.1% in 2025, marking the second year of increasing. Sales and marketing expenses decreased by 9% year-on-year to RMB 389 million during this quarter, and decreased by 18% to RMB 1.7 billion for the full year. The decrease for the quarter was primarily due to improved sales efficiency, which led to a decrease in employee-related expenses. No major market campaign in this year also further decreased sales and marketing expenses for the full year. R&D expenses decreased by 8% year-on-year to RMB 406 million this quarter, and decreased by 9% to RMB 1.7 billion for the full year.

Speaker #2: During this quarter and decreased by 18% to RMB 1.7 billion for the full year . The decrease for the quarter was primarily due to improved sales efficiency , which led to a decreased employee related expenses .

Speaker #2: There was no major market campaign this year. Also, we further decreased sales and marketing expenses for the full year. R&D expenses decreased by 8% year-on-year to RMB 406 million this quarter, and decreased by 9% to RMB 1.7 billion for the full year.

Speaker #2: Excluding share based compensation expenses , our adjusted R&D decreased by 4% year on year to RMB 1.3 billion . For the full year and stayed relatively flat year on year and sequentially for this quarter G and expenses decreased by 7% year on year to RMB 256 million .

Wenbei Wang: Excluding share-based compensation expenses, our adjusted R&D expenses decreased by 4% year-on-year to RMB 1.3 billion for the full year, and stayed relatively flat year-on-year and sequentially for this quarter. G&A expenses decreased by 7% year-on-year to RMB 256 million during this quarter, which was mainly due to decreased employee-related expenses. G&A expenses increased by 10% to RMB 1.2 billion for the full year, primarily due to a one-off impairment of intangible asset booked in Q3. Income tax expenses were RMB 165 million this quarter, up 81% year-on-year. This was primarily driven by higher income before income tax expenses, as well as the provision of a top-up tax of RMB 38 million related to the OECD Pillar Two global minimum tax rules.

Speaker #2: During this quarter, which was mainly due to decreased employee-related expenses and other expenses. Expenses increased by 10% to RMB 1.2 billion for the full year, primarily due to a one-off impairment of intangible assets booked in the third quarter. Income tax expenses were only RMB 165 million this quarter, up 81% year on year.

Speaker #2: This was primarily driven by higher income before income tax expenses , as well as the provision of a top up tax of RMB 38 million related to the OECD pillar two global minimum tax rules Our net income reach RMB 682 million in the quarter , and 2.7 billion in 2025 .

Wenbei Wang: Our net income reached RMB 682 million in the quarter, and 2.7 billion in 2025. Our adjusted net income increased by 25% year-over-year to RMB 906 million in Q4, and 33% year-over-year to RMB 3.6 billion for the full year. Adjusted net margin continued to expand in 2025 and reached a historical high of 43.6%. Net cash provided by operating activities amounted to RMB 1.3 billion during Q4 and increased by 29% year-over-year to RMB 4.6 billion for the full year. Our cash position stood at RMB 19.9 billion as of 31 December 2025. We will leverage our strong cash position and profitability to invest in future growth initiatives as well as shareholder returns.

Speaker #2: Our adjusted net income increased by 25% year on year to RMB 906 million in the fourth quarter, and 33% year on year to RMB 3.6 billion for the full year.

Speaker #2: Adjusted net margin continued to expand for the fifth consecutive quarter and reached a historical high of 43.6%. Net cash provided by operating activities amounted to RMB 1.3 billion during the fourth quarter, and increased by 29% year on year to RMB 4.6 billion.

Speaker #2: For the full year . And our cash position stood at RMB 19.9 billion as of December 31st , 2025 . We will leverage our strong cash position and profitability to invest in future growth initiatives , as well as shareholder returns in 2025 .

Wenbei Wang: In 2025, we declared a dividend of $80 million, and as of year to date in 2026, we have already repurchased a total of $50 million worth of shares. Furthermore, as Jonathan just announced, the board has approved a new shareholder return policy that, for each year in the next three years starting from 2026, we will allocate no less than 50% of the company's adjusted net income of the preceding fiscal year for dividend distribution, share repurchases, and upsize our share repurchase program to a total of $400 million through 28 August 2027. Now for our business outlook.

Speaker #2: We declared a dividend of US dollars 80 million and as of year to date in 2026 , we have already repatriated repurchased a total of US dollars 50 million worth of shares .

Speaker #2: Furthermore , as Jonathan just announced , the board has approved a new shareholder return policy that for each year in the next three years , starting from 2026 , we will allocate no less than 50% of the company's adjusted net income of the preceding fiscal year .

Speaker #2: For dividend distribution and share repurchases , and upsize our share repurchase program to a total of USD 400 million through August 28th , 2027 , and now for our business outlook for the first quarter of 2026 , we expect our total revenues to be between RMB 2.50 billion and RMB 2.085 billion .

Wenbei Wang: For Q1 2026, we expect our total revenues to be between RMB 2.050 billion and 2.085 billion, a year-on-year increase of 6.6% to 8.4%. This Q1 figure reflects a different seasonality this year as the later Chinese New Year meant a shorter window of the peak recruitment season fell within this quarter. This timing difference aside, our underlying momentum remains strong. With the strong demand we are seeing throughout the spring season, we expect a clear acceleration in revenues over the coming quarters. That concludes our prepared remarks. Now we'd like to answer questions. Operator, please go ahead. Operator, please open for questions. Hello? Hello, operator. Hello? Hello, Eddie. Are you able to speak now? Okay. Eddie, I think your line is open. You can start asking questions.

Speaker #2: A year on year increase of 6.6% to 8.4% . This Q1 figure reflects a different seasonality in this year , as the later Chinese New Year meant a shorter window of the peak recruitment season fell within this quarter .

Speaker #2: This timing difference aside, our underlying momentum remains strong. With the strong demand we are seeing throughout the spring season, we expect a clear acceleration in revenues over the coming quarters.

Speaker #2: That concludes our prepared remarks . And now we like to answer questions Operator , please go ahead Operator we can open for questions Hello .

Speaker #2: Hello , operator Hello . Hello , Eddie . Are you able to speak now Eddie , I think your line is open . You can start asking questions Our first question comes from Eddie Wang from Morgan Stanley .

Wenbei Wang: Our first question comes from Eddie Wang from Morgan Stanley. Eddie, you may now speak.

Operator: Our first question comes from Eddie Wang from Morgan Stanley. Eddie, you may now speak.

Speaker #2: Eddie , you may now speak

Eddie Wang: 谢谢赵总，文蓓，感谢接受我的提问。那我的提问可能还是跟AI相关的，因为最近可能不管是中国还是美国吧，就是关于整个AI替代叙事有非常多的讨论，我相信投资人和市场对于AI整个对公司的影响，其实我觉得主要集中在两方面，所以就想请管理层share一下自己的看法。那第一方面呢，就是说这个AI Agent应用的普及是否会导致未来白领招聘的需求大幅减少，从而影响招聘市场长期的这个增长的空间。这个想请赵总就是share一下你的想法。第二个问题，是关于AI技术这个发展很快，对于我们公司本身的这个竞争优势和业务的壁垒，会不会形成一个比较大的挑战。好，那我自己翻译一下。Uh, thank you management for taking my question.

Eddy Wang: 谢谢赵总，文蓓，感谢接受我的提问。那我的提问可能还是跟AI相关的，因为最近可能不管是中国还是美国吧，就是关于整个AI替代叙事有非常多的讨论，我相信投资人和市场对于AI整个对公司的影响，其实我觉得主要集中在两方面，所以就想请管理层share一下自己的看法。那第一方面呢，就是说这个AI Agent应用的普及是否会导致未来白领招聘的需求大幅减少，从而影响招聘市场长期的这个增长的空间。这个想请赵总就是share一下你的想法。第二个问题，是关于AI技术这个发展很快，对于我们公司本身的这个竞争优势和业务的壁垒，会不会形成一个比较大的挑战。好，那我自己翻译一下。Uh, thank you management for taking my question.

Speaker #4: Q1 . Now , I And . AI Yu Zhang Can . For the user agent in the Li Tissue When the We Thank you .

Speaker #4: For taking my question . I have you know , recently we have . C you know , very extensive debate around the narratives of AI disruption and substitution .

Eddie Wang: You know, recently we have seen, you know, very extensive debate around the narratives of AI disruption and substitution. I think the market and investors have two key concerns regarding the impact of AI on the industry and on our company. I would appreciate your insights on two questions. First is that will the adoption of AI agents significantly reduce the future demand of the white-collar hiring and the jobs and affecting the long-term growth potential of the recruitment market in China? The second question is, does the development of AI technology pose a very big challenge to BOSS Zhipin's competitive advantage and its business moat in the future? Thank you.

Eddy Wang: You know, recently we have seen, you know, very extensive debate around the narratives of AI disruption and substitution. I think the market and investors have two key concerns regarding the impact of AI on the industry and on our company. I would appreciate your insights on two questions. First is that will the adoption of AI agents significantly reduce the future demand of the white-collar hiring and the jobs and affecting the long-term growth potential of the recruitment market in China? The second question is, does the development of AI technology pose a very big challenge to BOSS Zhipin's competitive advantage and its business moat in the future? Thank you.

Speaker #4: I think the market and investors have to. Key concerns regarding the impact of AI on the industry and on our company. So I would appreciate your insights on two questions.

Speaker #4: First is that will the adoption of AI agents significantly reduce the future demand of the white collar hiring and the jobs and affecting the long term growth potential of the recruitment market in China ?

Speaker #4: And the second question is, does the development of AI technology pose a very big challenge to both Japan's competitive advantage and business model in the future?

Speaker #4: Thank you

Speaker #3: Oh, we're having to add AI binding for the—the—

Jonathan Peng Zhao: 我也做了一些观察跟思考，我也注意到在美国有一些关于AI替代劳动者岗位，尤其是白领，特别是最近Manus比较火，言必称Manus。这个提到这个对人类的工作机会的抢夺，我也注意到了这些。

Wenbei Wang: Thank you for your question. I also made certain observation and consideration that I noticed in America, both domestically, some discussions about AI capability to replace human labor force, especially for white collar. You know, the OpenAI is quite popular recently. Everybody is talking about OpenAI, so that might taken some opportunities for human work. I noticed that.

Speaker #2: Thank you for your question. I also made certain observations and considerations that I noticed in America, both domestically. There have been some discussions about AI's capability to replace the human labor force, especially for white-collar jobs.

[Translator]: Thank you for your question. I also made certain observation and consideration that I noticed in America, both domestically, some discussions about AI capability to replace human labor force, especially for white collar. You know, the OpenAI is quite popular recently. Everybody is talking about OpenAI, so that might taken some opportunities for human work. I noticed that.

Speaker #2: And , you know , the open claw is quite popular recently . Everybody is talking about open class . So that might take some opportunities for human , human work .

Speaker #2: I noticed that

Jonathan Peng Zhao: 然而，我自己的思考，我觉得我还是会基于——更多基于我这个面临的市场来看。我想说的第一个观点是，我认为AI的发展，AI对于人类劳动效率的这个帮助，我认为对中国来说是一个未来的十到二十年，是一个劳动力人口的一个补充。

Speaker #3: The AI , the

Speaker #2: But my own thinking is that, based more on the market we are facing, my first opinion is that the development of AI.

Wenbei Wang: My own thinking is that more based on the market we are facing. My first opinion is that the development of AI, the improvement AI can have to the human labor efficiency, I think is a very good supplement to the overall labor force in the coming 20 years.

[Translator]: My own thinking is that more based on the market we are facing. My first opinion is that the development of AI, the improvement AI can have to the human labor efficiency, I think is a very good supplement to the overall labor force in the coming 20 years.

Speaker #2: The . In the improvement . AI can have to . The human labor efficiency . I think , is a very good supplement to the overall labor force in the coming 2 to 20 years

Jonathan Peng Zhao: 我们找了一些数据，一些彼此可以印证的，我们获得了一些数据，公开发表的数据，然后做了一个简单的计算。那么按照16到59岁这个比较宽泛的劳动人口年龄的话，在2026年大概在8.8亿左右。那么按照今年的实际情况推算，到2036年这个数据会下降9%左右，到2046年这个数据会下降20%左右，到6.9亿人。这是我们根据这些数据和一个推算的结果。而实际上，十到二十年，大概9%到20%这个数据的下降，我觉得是一个挺大的、挺严峻的挑战。那么目前指得上的倒还真的是AI的发展，尤其是AI在人类实际工作当中的落地。

Speaker #3: The Body and by you The To the The The AI . The usage . AI . I Body .

Speaker #2: So we have made some quite reasonable and practical calculations that . If we consider age between 16 and 59 , a broader age for labor force .

Wenbei Wang: We have made some quite reasonable and practical calculations that if we consider age between 16 and 59, a broader age for labor force, that number in 2026 is about 880 million. According to the current situation, we refer that in 2036, that number will go down by around 9%, and till 2046 the number will further go down by 20% to 690 million. This is just a result based on our calculation and some factual data. In fact, this 9% to 20% in the coming 10 to 20 years, that decrease in the number I think is a quite challenging, quite a severe challenge. What we can see can help with this situation is actually the application of AI in the daily work.

[Translator]: We have made some quite reasonable and practical calculations that if we consider age between 16 and 59, a broader age for labor force, that number in 2026 is about 880 million. According to the current situation, we refer that in 2036, that number will go down by around 9%, and till 2046 the number will further go down by 20% to 690 million. This is just a result based on our calculation and some factual data. In fact, this 9% to 20% in the coming 10 to 20 years, that decrease in the number I think is a quite challenging, quite a severe challenge. What we can see can help with this situation is actually the application of AI in the daily work.

Speaker #2: That number . In 2026 is about 880 million and according to the current situation , we refer that in 2036 , that number will go down by around 9% and till 2046 , the number will further go down by 20% to 690 million .

Speaker #2: So this is just a result based on our calculation and some factor data. So, in fact, this 9% to 20% in the coming 10 to 20 years, that decrease in the number, I think is quite challenging, quite a severe challenge.

Speaker #2: And what we can see can help with this situation is actually the application of AI in the daily work.

Jonathan Peng Zhao: 另外我们也想说一下，就是，美国关于AI替代劳动者的这个叙事跟中国还有两个挺不一样的地方，首先就是蓝领跟白领的这个比例关系不太一样，美国大概一亿五六千万人，白领呢就要占到一个亿，这样它是一个二比一的关系。那么从中国的角度来讲呢，是反过来的，就是我们的蓝领人口更多一些。

Speaker #3: You are IT, running, compiling the filing. That, too, is the planning.

Speaker #2: And another thing different about this AI discussion in replacing discussion in the US that two different points between US and China . First is a ratio between blue collar and white collar is different .

Wenbei Wang: Another thing different about this AI discussion replacing discussion in the US that two different points between US and China. First is the ratio between blue collar and white collar is different, so there are around like 150 or 160 million labor force in the US, and white collar has around 100 million. It's like a 2 to 1 ratio. From China's perspective, it is the other way around, which is we have more blue collar population.

[Translator]: Another thing different about this AI discussion replacing discussion in the US that two different points between US and China. First is the ratio between blue collar and white collar is different, so there are around like 150 or 160 million labor force in the US, and white collar has around 100 million. It's like a 2 to 1 ratio. From China's perspective, it is the other way around, which is we have more blue collar population.

Speaker #2: So there are around 150 or 160 million in the labor force in the US, and the white-collar portion is around 100 million. So it's like a 2-to-1 ratio.

Speaker #2: But from China's perspective , this is a is other way around that , which means we have more blue collar population

Speaker #3: In The In the In the In A Us By the Way The Was In the In the You . Under the The Address for the .

Jonathan Peng Zhao: 另外一点不一样的就是我们看一下企业的状况，就是雇主的情况。那么中国这边的就是我们大家共识吧，就是活跃的正在经营的企业，那么至少是在四千万往上这样一个水平。那么根据我们可以获得的公开数据看，98%以上的企业是中小微企业。那么从一个中小微企业的角度来讲，也许大家还记得之前为什么很多非常成功的SaaS，那么在中国这样一个以98%以上的中小微企业不容易能够得到认可，因为就是雇八个人跟雇九个人相比，可能并没有多大的困难。那么我觉得同理可证，我四千多万个企业雇佣了4.2亿左右的城镇劳动人口，平均一个企业雇十多个人。因为AI的发展，我要从雇十个人变成雇九个人，我觉得这件事情可以参照为什么过去很多的企业服务软件在中国其实并不成功，我觉得这是由我们的企业雇员规模、企业发展阶段所决定的。

Wenbei Wang: Another different point between US and China is the situation of the enterprises, which is employers. There is a commonly agreed that in China, the number of active operational enterprises is around like 40 million. According to the public data, we can get 98% of which are mid, small, or even micro size enterprises. From SMBs' perspective, maybe you can recall that a lot of very successful SaaS companies are not that easily to achieve same kind of success in China, because where in China, 98% of companies are SMBs, when they are hiring people, for example, they are hiring 8-person compared to 9-person, the difference is not that huge and it's not that difficult. It's the same situation here.

Speaker #2: Another different point between us and China is the situation of the enterprises, which is employers. So there is a common...

[Translator]: Another different point between US and China is the situation of the enterprises, which is employers. There is a commonly agreed that in China, the number of active operational enterprises is around like 40 million. According to the public data, we can get 98% of which are mid, small, or even micro size enterprises. From SMBs' perspective, maybe you can recall that a lot of very successful SaaS companies are not that easily to achieve same kind of success in China, because where in China, 98% of companies are SMBs, when they are hiring people, for example, they are hiring 8-person compared to 9-person, the difference is not that huge and it's not that difficult. It's the same situation here.

Speaker #2: It is commonly agreed that in China, the number of active and operational enterprises is around 40 million. According to public data, we can see that 98% of these are mid, small, or even micro-sized enterprises.

Speaker #2: So from SMEs perspective , that maybe , maybe you can recall that a lot of very successful SaaS company and not that easy to to achieve same kind of success in China because where the , where in China , 98% of companies are SMEs when they're hiring people , for example , they're hiring 8% compared to 9% .

Speaker #2: The difference is not that huge . And it's not that difficult . So it's the same situation here . But around 40 million enterprises in China hired around like 420 million urban employees .

Wenbei Wang: Around 40 million enterprises in China hired around like 420 million urban employees. On average, one company hire around 10 person. Because the development AI, the company might hire 9 person instead of this 10. I think that can explain why a lot of software or tech company not that successful in China, but that is actually determined by the size of the company and the different stage of the development of the companies.

[Translator]: Around 40 million enterprises in China hired around like 420 million urban employees. On average, one company hire around 10 person. Because the development AI, the company might hire 9 person instead of this 10. I think that can explain why a lot of software or tech company not that successful in China, but that is actually determined by the size of the company and the different stage of the development of the companies.

Speaker #2: So on average , one company hired around 10% because the development of AI , the company might hire 9% instead of ten . I think that's can explain why the a lot of software or SaaS company not successful in China .

Speaker #2: So that is actually determined by the size of the company and the different stage of the development of the companies

Jonathan Peng Zhao: 当然刚才这个讨论是我心里在想，在这个AI——这一代AI的发展和AI agents的发展会所谓大规模侵夺白领劳动者这么一个假设的情况下进行了讨论。那接下来我想说我看到的实际的数据。一个数据呢，就是众所周知，AI的发展带来了中国一大波科技企业创业的热潮，我们实际上看到是招聘AI相关的人才的增量需求。Spring Festival后看岗位需求，人工智能的新增岗位同比涨了172%，这是新增。然后在线的职位，招人工智能的在线的职位同比涨了80%，这个是一个挺大的变化。

Speaker #3: In AI , AI , the agent , the Binding to make Sure . What kind Sure AI For AI . The The

Speaker #2: Of course. The discussion before was based on the assumption that the AI will largely take jobs from human beings, and now I will share another real data point I have observed recently: that this AI development has brought about a very good enthusiasm among the entrepreneurs of technology companies, and also a surge in demand for AI-related talents.

Wenbei Wang: Of course, the discussion before was based on the assumption that the AIs are largely taking jobs from the human beings. Now I will share another real data I have observed recently that this AI development has brought about a very good influence about the entrepreneurs of technology companies, and also a surge in demand from AI related talents. This year, after the Spring Festival, from the demand of the enterprise customers, the AI related artificial intelligence related newly posted jobs grew by 72% year-over-year, and the active online jobs increased by 80%. That's a very huge improvement.

[Translator]: Of course, the discussion before was based on the assumption that the AIs are largely taking jobs from the human beings. Now I will share another real data I have observed recently that this AI development has brought about a very good influence about the entrepreneurs of technology companies, and also a surge in demand from AI related talents. This year, after the Spring Festival, from the demand of the enterprise customers, the AI related artificial intelligence related newly posted jobs grew by 72% year-over-year, and the active online jobs increased by 80%. That's a very huge improvement.

Speaker #2: So this year , after the spring Festival , from the demand of the enterprise , enterprise customers , the AI related artificial intelligence related newly posted jobs grew by 172% , 72% year on year , and the active online jobs increased by 80% .

Speaker #2: That's a very huge improvement.

Speaker #3: So the I AI plus The AI the AI Acceleration

Jonathan Peng Zhao: 说完这个直截了当的招AI人才以后，说一下这个AI plus，这个词也不算我发明的，大家可以回忆一下互联网加这个词，就是非常多的企业，包括目前我们看到已经不仅是一线城市，现在到很多省会城市的很多企业，它都在招一些有相关AI技能要求或者背景要求的人，在增加一些新的岗位。那么我现在反正就先把它叫AI加，那么实际上这个岗位是越来越普世化，在县级城市上越来越下沉，在salary上越来越不是那么贵。

Speaker #2: Now about the AI beyond . Direct . AI . Related jobs . We have another concept about AI . Plus , if you can recall , the concept of internet plus .

Wenbei Wang: Now about the direct AI beyond direct AI related jobs, we have another concept about AI plus, if you can recall the concept of internet plus. More and more companies, not only in the first-tier cities, but also more and more like second-tier cities in the center of the provinces, the companies are recruiting talents or background related to AI and increasingly creating new roles. Now we can call that, AI plus for now. Actually those jobs are more and more commonly adopted and more and more further going into lower-tier cities and more and more common or lower in the salary range.

[Translator]: Now about the direct AI beyond direct AI related jobs, we have another concept about AI plus, if you can recall the concept of internet plus. More and more companies, not only in the first-tier cities, but also more and more like second-tier cities in the center of the provinces, the companies are recruiting talents or background related to AI and increasingly creating new roles. Now we can call that, AI plus for now. Actually those jobs are more and more commonly adopted and more and more further going into lower-tier cities and more and more common or lower in the salary range.

Speaker #2: So more , more and more companies , not only in the first tier cities , but also more and more like second tier cities in the center of the provinces .

Speaker #2: They companies are recruiting talents or background related to AI and increasing creating new roles . Now we can call that AI plus for now , actually , those jobs are more and more commonly adopted and more and more further , further going into lower tier cities .

Speaker #2: And more and more common or lower in the salary range

Jonathan Peng Zhao: 另外就是白领职位吧，总的白领职位，我刚才其实在我那个汇报里面说了，就是我们其实看到总的职位是在增加的，而且我们还特别看到像互联网行业啊，像信息半导体，像汽车这些领域，其实它的增加速度还领先于整个平台岗位的增加速度。另外，我也看到有研究者拿这个大洋彼岸的数据啊，拿这个Indeed的数据或者谁的数据看，白领的岗位也是增加的。所以的话，说完刚才的那个对比的理论，我就说一下我看到的这个数据，我们整个白领的岗位数量是增加的。

Speaker #3: By One . Who are The . You And Should indeed , you . You can ensure you . The Woman by . In the sofa

Speaker #2: And now for the overall number of jobs for the white collar, I actually mentioned in my report earlier that this year, the overall number of white collar jobs increased, especially like internet.

Wenbei Wang: Now, for the overall number of jobs for the white collars, I actually mentioned in my report earlier that this year, the overall number of white-collar jobs increased, especially like internet, like, information communications, and architectures and automobiles. They actually are outgrowing the overall platform. If you compare to the like other side, in the US, from Indeed, their data also show that the number of white-collar jobs increased this year.

[Translator]: Now, for the overall number of jobs for the white collars, I actually mentioned in my report earlier that this year, the overall number of white-collar jobs increased, especially like internet, like, information communications, and architectures and automobiles. They actually are outgrowing the overall platform. If you compare to the like other side, in the US, from Indeed, their data also show that the number of white-collar jobs increased this year.

Speaker #2: Like information communication , semiconductors and automobiles . They actually are outgrowing the overall platform . And if you compare to the other side , in the US from India , their data also show that the number of white collar jobs increased this year

Speaker #3: The whole AI To ChatGPT moment You

Jonathan Peng Zhao: 非常感谢您关心AI技术的发展对我们公司处境的影响。这也是我们自己从2023年初ChatGPT 3.5 moment开始到现在，持续关注的一件事。

Speaker #2: And I quite appreciate your concern about our own challenges, which have arisen from AI itself. We have been paying a lot of attention to this since the beginning of 2023.

Wenbei Wang: I quite appreciate your concern about our own challenge arisen by the AI itself. We have been paying a lot of attention to this since beginning of 2023, since ChatGPT 3.5 moment.

[Translator]: I quite appreciate your concern about our own challenge arisen by the AI itself. We have been paying a lot of attention to this since beginning of 2023, since ChatGPT 3.5 moment.

Speaker #2: Since ChatGPT 3.5 moment .

Jonathan Peng Zhao: 首先我觉得我们一个不变的事情，AI没有办法改变的事情，就是BOSS直聘其实是一个人的游戏，是一个碳基人类的游戏，双边都是活人，活人要找份工作，然后养家糊口，活人要请一个兄弟回来干活。那么双边都是活人，供求双方都是活人，这是一个活人的double side的一个marketplace，这件事情我觉得从根本上是没有变化的。

Speaker #3: The AI in the double-sided marketplace

Speaker #2: First, one thing has not changed, and AI also cannot change that. It is actually a platform for the game of people, for a carbon-based human being. On both sides are live people who are looking for a job to provide for his family.

Wenbei Wang: First, one thing has not changed, the AI also cannot change that boss recruiting is actually a platform for the game of people, for a common based human needs. Both sides are live people who are looking for a job to provide for his family. The person need somebody to help him to do the job and both sides need to be real person. From the supply side, demand side, so that there's a marketplace for real person of majority of the population.

[Translator]: First, one thing has not changed, the AI also cannot change that boss recruiting is actually a platform for the game of people, for a common based human needs. Both sides are live people who are looking for a job to provide for his family. The person need somebody to help him to do the job and both sides need to be real person. From the supply side, demand side, so that there's a marketplace for real person of majority of the population.

Speaker #2: So the person needs somebody to help him to do the job, and both sides need to be real people—from the supply side and the demand side.

Speaker #2: So that's a marketplace for real people, for the majority of the population.

Speaker #3: So, the a woman mentioned you should

Jonathan Peng Zhao: 此外，就是熟悉我们的分析师跟投资人了解，我们其实有一个，过去是个预言，现在是个现实，就是我们已经有很大的一个双边的网络效应，这导致我们的用户在增加的过程当中，单用户的收获也同时在增加。这个我觉得，目前我们没有感到我们本身的这个优势，没有感到任何是会被AI挑战，甚至于其实AI技术我觉得是会帮助我们来巩固这个优势。

Speaker #2: Use another point that the enlisted investor, who has been known quite well, knows that one point, which is a prediction, has now passed into reality.

Wenbei Wang: Another point that the analyst and investor who have known us quite well knows that one point, which is a prediction in the past, but is a reality now, that we have a very strong bilateral network effect, which caused that in addition of our users continue to grow, the individual achievement a user can get also increases. Until now we haven't felt any challenge arisen or posed to ourselves. On the contrary, due to our unique data, I think AI can help us to better solidify these advantages.

[Translator]: Another point that the analyst and investor who have known us quite well knows that one point, which is a prediction in the past, but is a reality now, that we have a very strong bilateral network effect, which caused that in addition of our users continue to grow, the individual achievement a user can get also increases. Until now we haven't felt any challenge arisen or posed to ourselves. On the contrary, due to our unique data, I think AI can help us to better solidify these advantages.

Speaker #2: Now that we have a very strong bilateral network effect, which caused that to. In addition, as our users continue to grow, the individual achievement a user can get also increases.

Speaker #2: So till now , we haven't failed any challenge arise . The posted to ourselves . On the contrary , the . Due to our unique data , I think AI can help us to better solidify these advantages

Speaker #3: Highly . Which I hope all the AI Data to the Full joyful In your online shopping login , the online recruiting platform . You .

Jonathan Peng Zhao: 还有一个，其实我在汇报的内容当中说了，就是我们其实已经看到，已经明确看到，在AI的赋能之下，我们可以大踏步地进入一个大几百亿的交付市场，也就是实际上从1997年开始有online招聘产业，到如今第一次online recruiting platform有机会去挣照结果收费。我觉得我在这个里面其实看到的也是AI在帮忙。

Speaker #3: Yu Zhang Yes

Speaker #2: And another point is , I . As I mentioned in my prepared remarks that we now can clearly see that with the empowerment of AI , we can move forward .

Wenbei Wang: Another point is, I, as I mentioned in my prepared remarks, that we now can clearly see that with the empowerment of AI, we can move forward very aggressively into this placement market with a multi hundreds of billions of market size, which is actually since the beginning of online recruitment industry in 1997, and now the first time for the online recruitment platform to have opportunity to achieve like a business model based on results. AI is actually helping us with that.

[Translator]: Another point is, I, as I mentioned in my prepared remarks, that we now can clearly see that with the empowerment of AI, we can move forward very aggressively into this placement market with a multi hundreds of billions of market size, which is actually since the beginning of online recruitment industry in 1997, and now the first time for the online recruitment platform to have opportunity to achieve like a business model based on results. AI is actually helping us with that.

Speaker #2: The very aggressively into this placement market with the multi multi hundreds of billions of market size , which is actually since the beginning of online recruitment industry in And now for the first time for the online recruitment platform to have opportunity to , to achieve like a business model based on results .

Speaker #2: And AI is actually helping us with that .

Speaker #3: So , so you , Eddie , so you can you You You , you , you , the AI woman globally as a white collar Or the you

Jonathan Peng Zhao: 所以，Eddie，你看我其实没有太多去，我觉得我也不是特别合适去有独有的见解，或者有很多研究去谈这个对于未来的这个预言，预言到底这波 AI 能给我们 globally 给我们这些 white collar 带来什么样的灭顶之灾，我没有办法去预言这件事情。我的答案都是基于我实在做的工作和我每天看见的事情，啊，仅以此作为这个对你的这个回答吧，Eddie。

Speaker #2: So you can see I don't have any like unique point to predict or I'm not well positioned to predict what kind of influence or might even disaster AI can bring about to to the real world .

Wenbei Wang: Eddie, you can see I don't have any like unique point to predict or not well-positioned to predict what kind of influence or might even disastrous AI can bring about to the real world. I just provide you some observations based on current data, based on our daily work. That's my answer to your question.

[Translator]: Eddie, you can see I don't have any like unique point to predict or not well-positioned to predict what kind of influence or might even disastrous AI can bring about to the real world. I just provide you some observations based on current data, based on our daily work. That's my answer to your question.

Speaker #2: I just provided you some observations based on current data, based on our daily work. So, that's the answer to your question.

Speaker #1: Thank you for the question. One moment for the next question. Our next question comes from Timothy Zhao of Goldman Sachs. Please go ahead.

Operator 2: Thank you for the question. This is all. One moment for the next question. Our next question comes from Timothy Zhao of Goldman Sachs. Please go ahead.

Operator: Thank you for the question. This is all. One moment for the next question. Our next question comes from Timothy Zhao of Goldman Sachs. Please go ahead.

Timothy Zhao: 好的，赵总，文蓓，Laura，感谢接受我的提问。那我这边有两条问题，第一个可能还是关于AI的一些跟进的问题。那刚刚赵总也分享了我们关于AI的在去年的一些动作，那想请教一下，第一个就是我们在AI产品方面，今年的测试和推出的计划是什么样子的？那我们在什么时候可以看到AI产品的货币化上面有更多的成效？那另外我们也关注到南北阁的模型最近也取得了不错的进展，那请教一下，我们持续投入和更新南北阁作为一个小尺寸模型的原因是什么？那我们想通过这个模型做到的目标和应用是哪些？这个可能是第一个问题。第二问题是想再详细请教一下我们看到春节之后的这个招聘的趋势。那可否请各位再分享一些更多的细节，特别是与往年相比，那我们在今年有哪些特别值得注意的一些特点呢？ Thank you, management, for taking my question. The first question is more of a follow-up question on the AI and AI progress. Could management share what is your plan for the AI product in terms of testing and in terms of new product launch? And regarding the AI product monetization, what kind of expectations should we have for this year? We also note that for your 南北阁大模型实验室 large language model, just wondering what is the rationale behind your consistent investments, and what are your expectations in terms of the 南北阁大模型实验室 large language model application this year? Secondly, regarding the recruitment demand or the recruitment trend after Chinese New Year, just wondering if you can elaborate more details, and especially compared to the previous years, what are the special points about the recruitment demand for this year after Chinese New Year? Thank you.

Speaker #5: With the your AI 20 . Eight . AI AI the Woman . The The 20 . You Thank you for taking my question .

Speaker #5: The first question is more . Follow up question on the AI and AI progress . Could you share . What is your plan for the AI portal in terms of testing ?

Speaker #5: In terms of new product launch and regarding the AI Pot edition, what kind of expectations should we have for this year?

Speaker #5: And we also note that for your large language model, just wondering, what is the rationale behind your consistent investments, and what are your expectations in terms of the number of large model applications this year?

Speaker #5: Secondly , is regarding the recruitment demand of the recruitment trend . After twice new year , just wondering if you can elaborate more details and especially compared to the previous year's , what are the special points about the recruitment demand for this year ?

Speaker #5: After Chinese New Year? Thank you.

Jonathan Peng Zhao: 对我们今年，我们今年说通过AI能力的放到生产环节上能够产生什么钱，我说还是比较明确的，还是去年我们在闭环服务上有达到亿这样数量级的收入，那么今年我们觉得是会有个几倍的增长吧。这个是我觉得比较确定的。然后另外就是其实这也不能说它是个AI产品，它其实只是AI能力帮助下的。那么如果把讨论的范畴拉回到在AI能力的帮助下，我们有没有一些就是变现的货币化的这个产品呢？这个也是有的，我宁可把它说成是一个，它是一个就是在各个生产环节广泛在用的东西，就是非常多的生产环节看到AI在帮忙。我还是掏不出来一个说这就是一个native AI online recruitment product并且赚了钱。So far我还是没有这个。但是我们生产里面有很多，这是关于AI赚钱这个事。

Speaker #3: I need to Find out So That you AI is AI Fan . AI need a . The user Is that A native AI online recruitment product .

Speaker #3: So far, for you, AI.

Speaker #2: So about AI commercialization . So the first thing is about the closed loop placement service , which . Last year we have already made like millions level 100,000,000th level of revenue .

Wenbei Wang: About AI commercialization. The first thing is about the closed-loop placement service, which last year we have already made like CNY millions level, CNY 100 million level of revenue this year. We expect that number to double or triple, even have multiple growth. That's quite sure. Another thing is not like a native AI product, but I would rather say AI is empowering all aspects of our operation and technology and the product to help us to provide better solutions and better user experience to our customers.

[Translator]: About AI commercialization. The first thing is about the closed-loop placement service, which last year we have already made like CNY millions level, CNY 100 million level of revenue this year. We expect that number to double or triple, even have multiple growth. That's quite sure. Another thing is not like a native AI product, but I would rather say AI is empowering all aspects of our operation and technology and the product to help us to provide better solutions and better user experience to our customers.

Speaker #2: And this year we expect that number to , to , to double or triple , even have multiple growth . That's quite , quite sure .

Speaker #2: Another thing is not like a not like a native AI product , but I would rather say is AI is empowering all , all aspects of our operation and the technology and the , and the product to help us to provide better solutions and better user , user experience to our customers .

Speaker #3: The The AI applications , the AI And The Will be outside the New A Email You You . The

Jonathan Peng Zhao: 然后南北阁这个事儿嘛，就是我们心里面还是觉得我们应该保持在科研上的一些投入。公司有大规模的AI applications的投入，包括资源、产品经理、分析师，同时在AI science上也有一个小团队，这个团队人不多，我们也没有那么多芯片。然后南北阁的这个事儿，我觉得它的合理性就在于，我觉得我们有必要在一个AI发展如此迅速的过程中保持住我们所谓的尾灯战略，就是一定要有一些团队清醒地、彻底地盯着最先进的公司，他们怎么了，在干什么。这是南北阁实验室就是我们存在的一个原因，我们不能只是变成一个下载别人一个开源的东西。然后科学家，我们家的科学家告诉我说，如果你只是能下载别人的东西，如果你没有自己在比较前沿的领域做预训练的话，那么实际上有一天你可能会下载下来一个你不太看得懂的东西。这是我为什么会保持一个尾灯的，我们叫尾灯战略，就是不求超越，但是不要跟丢了。

Speaker #2: So . Actually . Company has made a very significant investment in AI applications , including resources , product managers and technology team . In the meanwhile , we also kept a relatively smaller size team to develop our model .

Wenbei Wang: Actually company has made a very significant investment in like AI applications, including resources, product managers and technology team. In the meanwhile, we also kept a relatively smaller science team to develop our Nanbeige model. The thing about keeping our own proprietary pre-training models, the reason is that I feel that we are necessary to keep our so-called tail-light strategy in a world that AI is developing very, very fast. We must have a team who can clearly follow the most advanced leading company to see what they are doing. That's the reason why the Nanbeige science lab exists. We cannot only become the company only download open source platform, and then sometimes they tell us if we can only download other people's stuff, then we might not understand what is happening and download something we cannot properly use that. That's why we kept this tail-light strategy. We don't want to exceed, we just don't want to lag behind.

[Translator]: Actually company has made a very significant investment in like AI applications, including resources, product managers and technology team. In the meanwhile, we also kept a relatively smaller science team to develop our Nanbeige model. The thing about keeping our own proprietary pre-training models, the reason is that I feel that we are necessary to keep our so-called tail-light strategy in a world that AI is developing very, very fast. We must have a team who can clearly follow the most advanced leading company to see what they are doing. That's the reason why the Nanbeige science lab exists. We cannot only become the company only download open source platform, and then sometimes they tell us if we can only download other people's stuff, then we might not understand what is happening and download something we cannot properly use that. That's why we kept this tail-light strategy. We don't want to exceed, we just don't want to lag behind.

Speaker #2: So the thing about keeping . Keeping our own proprietary pre-training model , the reason is that we . I feel that we are necessary to keep to keep our taillight strategy during our work that AI is developing very , very fast .

Speaker #2: So we , we must have a team who can clearly follow the most advanced leading company to see what they're doing . So that's the reason why the number is science lab exists .

Speaker #2: We can not only become the . The company only download the open source platform and then the . Sometimes the . Some scientists tell us if we can only download other stuff , then we might not understand what is happening and download something we can properly use that .

Speaker #2: That's why we kept this tail-light strategy, so we don't want to exceed. We just don't want to lose.

Jonathan Peng Zhao: 另外做这个小模型呢，我觉得也很容易看得懂，就是它的训练和推理成本是低的，然后它需要更多，就是你有一些聪明的想法，然后这个对于我们自己在实际工作当中肯定是有价值的。我们显然做小模型是为了自己在工业上要用得到的时候的方便，这是毫无疑问的。另外就是我们家的科学家人很少啊，就是非常年轻，非常少的人。我们有一个，我想借这个机会说一下他们跟我说的话。他们说，有一天不是比谁更耗电，然后更消耗算力，谁有更多数据，然后谁开得出更高的年薪。这个通过比这四件事情，恐怕恰好是这一个范式的大语言模型遇到的一个障碍，发展的障碍。而实际上科学它从来不属于金钱，它应该是属于那些极具探索精神的人。所以其实我们，我们家的科学家说要弄小模型的时候，我也没有说你赶紧明天弄个模型出来，我工业上要用。我想说，我们不是那种特别有钱的公司，Timothy，我们不是。但是在这一场人类技术革命的进军当中，我们的 Hugging Face 占到文本的榜一这件事情，代表了说就是很小的公司在一次大的技术革命的进军中也可以表达自己的声音。

Speaker #3: The A The fun to share how the Woman . Yoga . . For sure can be Find . Should You You . Woman Timothy .

Speaker #3: Sure. Yu Zhang, woman. Face. The

Wenbei Wang: Okay, another point that is quite easy to understand why we are doing this smaller scale model, because it has a relatively very low cost for training and reasoning, and it needs more smart or intelligent ideas, which is quite useful to our daily work. Apparently we are doing this smaller size model to further help our industrial applications. That's undoubtedly. Another thing is our scientists, which number relatively smaller, but they are very, very, very young and talented. I would like to take this opportunity to tell you something they are sharing with me that they said that one day there is one day is not that compared to who can consume more electricity, who can consume more computing power, who have more data, who can give a higher salary, compared to all those four things.

[Translator]: Okay, another point that is quite easy to understand why we are doing this smaller scale model, because it has a relatively very low cost for training and reasoning, and it needs more smart or intelligent ideas, which is quite useful to our daily work. Apparently we are doing this smaller size model to further help our industrial applications. That's undoubtedly. Another thing is our scientists, which number relatively smaller, but they are very, very, very young and talented. I would like to take this opportunity to tell you something they are sharing with me that they said that one day there is one day is not that compared to who can consume more electricity, who can consume more computing power, who have more data, who can give a higher salary, compared to all those four things.

Speaker #2: Okay. Another point that is quite easy to understand is why we are doing this smaller-scale model, because it has a relatively very low cost for training and reasoning, and the—

Speaker #2: It needs more smart or intelligent ideas , which is quite useful to our daily work and the . Apparently we are doing this smaller size model to further help our industrial applications that are allowed .

Speaker #2: And another thing is our scientists , which number is relatively smaller , but they are very , very , very young and talented .

Speaker #2: I would like to take this opportunity to tell you something . They are sharing with me that they said that one day there is one day .

Speaker #2: It's not that compared to who can consume more electricity , who can consume more computing power , who have more data , who can give a higher salary compared to all those four things ?

Wenbei Wang: Actually, it's the obstacle that current paradigm are facing for the current model. Actually the science is not belong to the money, it belong to the people who have very strong exploring spirits. Actually when our scientists talking about making developing a smaller model, I didn't tell them to do it by tomorrow for my industrial application. I want to say that we are not a very wealthy company. We are not. In this progress of human technology revolution, we once have taken the number one of the Hugging Face text ranking. It means that a smaller size company can express their own voice during this huge technology revolution.

[Translator]: Actually, it's the obstacle that current paradigm are facing for the current model. Actually the science is not belong to the money, it belong to the people who have very strong exploring spirits. Actually when our scientists talking about making developing a smaller model, I didn't tell them to do it by tomorrow for my industrial application. I want to say that we are not a very wealthy company. We are not. In this progress of human technology revolution, we once have taken the number one of the Hugging Face text ranking. It means that a smaller size company can express their own voice during this huge technology revolution.

Speaker #2: Actually , it's the obstacle that current paradigm are facing for the current model . But so actually the science is not belong to the money .

Speaker #2: It belongs to people who have very strong exploring, exploring experience. So actually, when our scientists are talking about making, developing a smaller model, I didn't tell them to do it by tomorrow for my industrial application. I want to say that we are not a very wealthy company.

Speaker #2: We are not . But in this progress of human technology revolution , we are . We once have taken the number one of the hugging face text ranking means that a smaller size company can express their own voice during this huge technology evolution And

Jonathan Peng Zhao: 对，这个就是。对，AI吧，我们因为都在其中，然后那个季节的，就是春节之后的这个数，我觉得，请我们的Deputy CFO文蓓来跟你说一下。

Speaker #3: AI, the... and the CFO will be...

Wenbei Wang: Yes, about the spring recruitment Spring Festival recruitment season this year, as Jonathan just mentioned, this year we actually saw a very strong recruitment demand with both new and active enterprise data showing significant year-on-year growth, and the situation remains stable. But I'd like to point out there is one difference this year that the later Chinese New Year actually will result in a weaker year-on-year data for Q4, especially on a GAAP basis, because there are actually, if you count, there are 20 fewer days for revenue recognition after the holiday compared to last year, 14 in Q1. That might have a bigger impact on the GAAP numbers Q4.

[Translator]: Yes, about the spring recruitment Spring Festival recruitment season this year, as Jonathan just mentioned, this year we actually saw a very strong recruitment demand with both new and active enterprise data showing significant year-on-year growth, and the situation remains stable. But I'd like to point out there is one difference this year that the later Chinese New Year actually will result in a weaker year-on-year data for Q4, especially on a GAAP basis, because there are actually, if you count, there are 20 fewer days for revenue recognition after the holiday compared to last year, 14 in Q1. That might have a bigger impact on the GAAP numbers Q4.

Speaker #2: Yes . About the spring recruitment . Spring Festival recruitment season this year , as Jonathan just mentioned , this year we actually saw very strong recruitment demand with both new and active enterprise data showing significant year on year growth and the CV ratio remains stable .

Speaker #2: So . But I like to point out there is one difference . This year that the later Chinese New Year actually will result a weaker year on year .

Speaker #2: Data for the fourth quarter , especially , especially on a GAAP basis , because there are actually , if you count , there are 20 fewer days for revenue recognition after the holiday compared to last year foreseen within the first quarter .

Speaker #2: So that might have a bigger impact on the gas numbers for the quarter. But on the full year, if we're looking at the lunar calendar alignment, our cash position growth is positive, and we are expecting to accelerate further throughout the year compared to 2025.

Wenbei Wang: On the full year, if you're looking at the lunar calendar alignment, our cash collection growth is positive, and we are expecting to accelerate further throughout the year compared to 2025. Yeah, that's all on the question. Given the time constraint, I think we can take the last question.

[Translator]: On the full year, if you're looking at the lunar calendar alignment, our cash collection growth is positive, and we are expecting to accelerate further throughout the year compared to 2025. Yeah, that's all on the question. Given the time constraint, I think we can take the last question.

Speaker #2: And yeah, that's our answer to the question. And given the time constraint, I think we can take the last question.

Operator 1: Certainly. Allow me to open up the last question. The last question comes from Wei Xiong of UBS. Please go ahead.

Operator: Certainly. Allow me to open up the last question. The last question comes from Wei Xiong of UBS. Please go ahead.

Speaker #1: Certainly allow me to open up the last question . The last question comes from Wei Zheng of UBS . Please go ahead

Wei Xiong: 赵总、文蓓、Laura 晚上好，感谢接受我的提问。那我也有两个问题想请教，第一个是能不能请管理层更新一下咱们今年的用户增长目标，然后考虑到今年额外的这个营销和 AI 方面的投入，咱们应该怎么看 2026 年的利润率的展望，包括未来的利润率提高的节奏和空间，我们应该怎么去想？那第二个我也想请教一下咱们海外业务的进展，因为最近我们也看到 OfferToday 在香港的用户增长是很快的，那咱们下一步的计划是什么？So thank you management for taking my question.

Speaker #6: Hey , hold on . We met Laura I Can Offer today So thank you for taking my question . Firstly , could management update our user growth target for 2026 and considering the additional investment in sales , marketing and AI this year , how should we think about the margin trend as well as the future room for margin expansion ?

Wei Xiong: Firstly, could management update our user growth target for 2026? Considering the additional investment in sales, marketing, and AI this year, how should we think about the margin trend as well as the future room for margin expansion? Secondly, regarding our overseas business, could management please give an update there as well? We know there's very rapid user growth of OfferToday in Hong Kong. What's our plan for the next stage of development? Thank you.

Speaker #6: And secondly , regarding our overseas business , could management please give an update there as well ? We know this rapid user growth of our today in Hong Kong .

Speaker #6: So what's our plan for the next stage of development ? Thank you .

Wenbei Wang: Thank you for your question. I will answer the first one regarding margin, and then Jonathan Peng Zhao will take the overseas question. For 2026, we are still looking at a very robust user growth that we want to add at least 40 million of newly verified users this year. In terms of investment, as you said, we might further invest in AI like computing powers, buying servers, and maybe renting some computing power. About the World Cup, we have not decided yet, but even considering those, we expect that given our strong leverage of our operations, we expect the overall adjusted operating profit operating margin can slightly increase compared to last year, even considering the World Cup and AI investment.

Speaker #2: Thank you for your question . I will answer the first one regarding margin . And then Jonathan will take the question . So for 2026 , we are still looking at a very robust user growth that at least we we want to add at least 40 million of newly verified users this year .

Speaker #2: And in terms of investment , as you said , we might further invest in AI like computing power spying servers , and maybe renting , renting some computing power , and the About the World Cup , we have not decided yet , but even considering those .

Speaker #2: We expect that, given our strong leverage of our operating operations, the overall adjusted operating profit will improve. Operating margin can slightly increase compared to last year.

Speaker #2: Even taking . Consider of the World Cup . Last World Cup and AI investment from the long term , we still have a quite huge upside potential for our main recruitment domestic business and we maintain a steady growth of young year going forward .

Wenbei Wang: From the long term, we still have quite a huge upside potential for our main recruitment and domestic business, and we'll maintain a steady growth of year-on-year going forward. However, as Jonathan just mentioned, we have if we have opportunities in new initiatives like closed placement, AI overseas, we will not hesitate to invest, and we will communicate with the market if that impact timely. But at least till now, we are expecting our margin to improve slightly in the coming years. Thank you for noticing OfferToday.

Speaker #2: However , as Jonathan just mentioned , we have if we have opportunities in new initiatives like closed loop placement , AI is overseas , we will not hesitate to invest and we will communicate with market better , impact timely .

Speaker #2: But at least till now , we are expecting our margin , our margin to improve . Suddenly in the coming years

Speaker #3: The offer today . The Are . I don't on the Dow women Will be Women may sugar to may After the . Her Easing up to date The

Speaker #2: Thank you for noticing . Offer today . So this . This time we're coming . Coming to Hong Kong to do . Earnings .

Wenbei Wang: This time I'm coming to Hong Kong to do the earnings. I have a slightly different feelings, especially now OfferToday has ranked number one in Hong Kong in terms of daily active users on the mobile app. If you compare different platforms like mobile and PC, among the 3 million workforce in Hong Kong, I can say every 50 Hong Kong workers, one of them is using OfferToday daily to looking for opportunities. Some of them have already secured new work opportunities through OfferToday. Now when we are working on the road, I'm looking at all the potential users for me. I feel quite happy. OfferToday is not a simple replica of BOSS Zhipin in mainland China, but the core is actually the same.

Speaker #2: We . I have a slightly different feelings , especially now for today I have now ranked the number one in Hong Kong in terms of daily active users on the mobile .

Speaker #2: And if you compare compare different platforms like mobile and PC . So among the 3 million workforce in Hong Kong , I can say every 50 Hong Kong workers .

Speaker #2: One of them is using Offer Today daily to look for opportunities. Some of them have already secured new work opportunities through Offer Today, but now when I'm working on the road, I'm looking at all the potential users.

Speaker #2: For me , I felt quite happy .

Speaker #3: After today So sure , native app I Could Use For All the The A reader . Manager . Director

Speaker #2: Or, for today, it is not a simple replica of Boss in China Mainland, but the core is actually the same.

Wenbei Wang: In some way, the BOSS Zhipin as a native app has received a certain recognition in the Hong Kong market. Our follow-up job is to further push forward the localization, including two parts. First is the localization of our product, and the second is the localization of our team, especially, we are expecting more and more native Hong Kong young talents to join us, becoming the leader, manager of this product. Moving beyond OfferToday about our other international approaches. I can say that we will be more active in looking for opportunities to cooperate with local institutions for offers like that. Actually, we are making some progress, but it's still not time yet to make the report. Okay.

Speaker #2: So in sum , the boss . Shipping as a native app has received certain recognition in the Hong Kong market , but our follow up is to .

Speaker #2: To further push forward the localization , including two parts . First is the localization of our product , and secondly , the localization of our team , especially , when are expecting more and more native Hong Kong young talents to join us .

Speaker #2: Becoming the leader , manager of our of this product

Speaker #3: Offer today. And you know, A, the you, woman should have all know.

Speaker #2: And moving beyond what we offer today, about our other international approaches, I can say that we will be more active in looking for opportunities to cooperate locally with local institutions.

Speaker #2: For updates like that . Actually , we are making some progress by . Still not timing yet to make . To make the report I just want to clarify with Hong Kong is part of China .

Wenbei Wang: I just want to clarify. Hong Kong is part of China, so beyond the Hong Kong, the overseas market. All the answers for the question.

Speaker #2: So beyond the Hong Kong , the the overseas markets , so that's all the answers for the question .

Operator 1: Thank you. Due to time constraint, that concludes today's question and answer session. At this time, I will turn the conference back to Laura for any additional or closing remarks.

Operator: Thank you. Due to time constraint, that concludes today's question and answer session. At this time, I will turn the conference back to Laura for any additional or closing remarks.

Speaker #1: Thank you . Due to time constraints , that concludes today's question and answer session . At this time I will turn the conference back to Laura for any additional or closing remarks .

Laura Chan: Thank you once again for joining us today. If you have any further questions, please feel free to contact us. Thank you.

Speaker #2: Thank you once again for joining us today. If you have any further questions, please feel free to contact us. Thank you.

Operator 1: That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

Operator: That concludes today's conference call. Thank you for your participation. You may now disconnect your lines.

Q4 2025 Kanzhun Ltd Earnings Call

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