Q1 2026 Kanzhun Ltd Earnings Call

May 20, 2026

Operator: Ladies and gentlemen, thank you for standing by and welcome to Kanzhun Limited Q1 2026 Financial Results Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question and answer 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: After the speaker's presentation, there will be a question-and-answer session. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Laura Chen, Senior Manager of Investor Relations. Please go ahead, ma'am.

Speaker #2: Thank you, Operator. Good evening and good morning, everyone. Welcome to our first quarter 2026 earnings conference call. Joining me today are our founder, chairman, and CEO, Mr. Jonathan Peng Zhao, and our Deputy CFO, Ms. Wenbei Wang.

Wenbei Zhen: Thank you, operator. Good evening and good morning, everyone. Welcome to our Q1 2026 Earnings Conference Call. Joining me today are our Founder, Chairman, and CEO, Mr. 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 does not undertake any obligation to update this forward-looking information, except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only.

Laura Chan: Thank you, operator. Good evening and good morning, everyone. Welcome to our Q1 2026 Earnings Conference Call. Joining me today are our Founder, Chairman, and CEO, Mr. 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 does not undertake any obligation to update this forward-looking information, except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purpose only.

Speaker #2: 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 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 this forward-looking information, except as required by law.

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

Wenbei Zhen: For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. A webcast replay of this conference call will be available on our website at ir.zhipin.com.

Laura Chan: For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial results, please see the earnings release issued earlier today. A webcast replay of this conference call will be available on our website at ir.zhipin.com.

Speaker #2: In addition, a webcast replay of this conference call will be available on our website at ir.jpn.com.

Peng Zhao: Hello, everyone. Welcome to our Q1 2026 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 our investors for their continuous support.

Speaker #3: 大家好，欢迎参加公司2026年一季度业绩发布会。我仅代表公司全体员工、管理层和董事会，向长期信赖我们的用户、支持我们的投资人致以诚挚的谢意。

Speaker #2: Hello, everyone. Welcome to our first quarter 2026 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 our investors for their continued support.

Wenbei Zhen: Hello, everyone. Welcome to our Q1 2026 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 our investors for their continuous support.

Speaker #3: 今天我的报告主要聚焦四个部分：一、一季度的增长；二、我平台求职者和招聘者的一些趋势；三、公司对AI的看法和战略；四、股东回报。

Peng Zhao: 今天我的报告主要聚焦四个部分。一，一季度的增长。二，我平台求职者和招聘者的一些趋势。三，公司对AI的看法和战略。四，股东回报。

Speaker #2: Today's presentation will cover four main parts: First, our growth in the first quarter; second, key trends among job seekers and enterprise users on our platform; third, the company's perspectives on AI and its strategic approach; and finally, the shareholder returns.

Wenbei Zhen: Today's presentation will cover four main parts. First, our growth in Q1. Second, key trends among job seekers and enterprise users on our platform. Third, the company's perspectives on AI and its strategic approach. Finally, the shareholder returns.

Peng Zhao: Today's presentation will cover four main parts. First, our growth in Q1. Second, key trends among job seekers and enterprise users on our platform. Third, the company's perspectives on AI and its strategic approach. Finally, the shareholder returns.

Speaker #3: 第一个话题，一季度的增长。作为一个双边平台，我们的C端求职者和B端招聘者保持了强劲的增长。今年回看一到四月，公司累计新增完善用户超过1500万人，预计全年新增完善用户数超过4000万人。实现的难度不大。

Peng Zhao: 第一个话题，一季度的增长。作为一个双边平台，我们的C端求职者和B端招聘者保持了强劲的增长。今年回看1到4月，公司累计新增完善用户超过1,500万人，预计全年新增完善用户数超过4,000万人，实现的难度不大。

Wenbei Zhen: Let me start with our Q1 growth. As a double-sided platform, we continue to see strong growth from both job seekers and enterprise user sides. Looking back to January to April this year, we acquired over 15 million newly verified users. Looking ahead, we believe that achieving over 14 million newly verified users for the full year should be achievable.

Peng Zhao: Let me start with our Q1 growth. As a double-sided platform, we continue to see strong growth from both job seekers and enterprise user sides. Looking back to January to April this year, we acquired over 15 million newly verified users. Looking ahead, we believe that achieving over 14 million newly verified users for the full year should be achievable.

Speaker #2: Let me start with our first quarter growth. As a double-sided platform, we continue to see strong growth from both job seekers and enterprise user sides.

Speaker #2: Looking back to January to April this year, we acquired over 15 million newly verified users. Looking ahead, we believe that achieving our 14 million newly verified users for the full year should be achievable.

Speaker #3: 单独看一下付费客户的情况，截止到3月31日的过去12个月，企业端的付费客户数达到710万。同比增长10.09%。10.9%环比增长4.4%。

Peng Zhao: 单独看一下付费客户的情况。截止到3月31日的过去12个月，企业端的付费客户数达到710万，同比增长10.9%，环比增长4.4%。

Speaker #2: Looking at paid enterprise customers' conditions, the number of paid enterprise customers reached 7.1 million for the 12 months ended March 31st, up 10.9% year on year, and 4.4% quarter on quarter.

Wenbei Zhen: Looking at paid enterprise customers condition. The number of paid enterprise customers reached 7.1 million for the 12 months ended 31 March, up 10.9% year on year and 4.4% quarter on quarter.

Peng Zhao: Looking at paid enterprise customers condition. The number of paid enterprise customers reached 7.1 million for the 12 months ended 31 March, up 10.9% year on year and 4.4% quarter on quarter.

Speaker #3: 一季度BOSS指定APP端的平均月活规模也就是MAU达到6090万，同比增长5.7%。3月份的MAU突破7200万，同比增长12.6%。之所以3月份比一季度平均数高出1000多万，是因为今年的春节晚，因此今年的招聘旺季也到来得晚。

Peng Zhao: 一季度BOSS直聘APP端的平均月活规模，也就是MAU，达到6,090万，同比增长5.7%。3月份的MAU突破7,200万，同比增长12.6%。之所以3月份比一季度平均数高出1,000多万，是因为今年的春节晚，因此今年的招聘旺季也到来得晚。

Speaker #2: In the first quarter, the average monthly active users or MAU on the BOSS JPN app reached 16.9 million, up 5.7% year on year, in March MAU exceeded 72 million, up 12.6% year on year.

Wenbei Zhen: In Q1, the average monthly active users, or MAU, on the BOSS 直聘 app reached 16.9 million, up 5.7% year-on-year. In March, MAU exceeded 17.2 million, up 12.6% year-on-year. The reason our MAU in March was more than 10 million higher than the Q1 average is that the Chinese New Year occurred later this year, resulting in a later peak recruitment season.

Peng Zhao: In Q1, the average monthly active users, or MAU, on the BOSS 直聘 app reached 16.9 million, up 5.7% year-on-year. In March, MAU exceeded 17.2 million, up 12.6% year-on-year. The reason our MAU in March was more than 10 million higher than the Q1 average is that the Chinese New Year occurred later this year, resulting in a later peak recruitment season.

Speaker #2: The reason our MAU in March was more than 10 million higher than the first quarter average is that the Chinese New Year occurred later this year, resulting in a later peak recruitment season.

Speaker #3: 2026年的春节是2月17号，2025年的春节是1月29号。所以从春节后的招聘旺季看，今年的招聘旺季roughly仅覆盖3月。2025年的春节后的旺季roughly覆盖2月和3月。

Peng Zhao: 2026年的春节是2月17号，2025年的春节是1月29号。所以从春节后的招聘旺季看，今年的招聘旺季roughly仅覆盖3月。2025年的春节后的旺季roughly覆盖2月和3月。

Wenbei Zhen: The 2026 Chinese New Year fell on 17 February 2026, while the 2025 New Year was on 29 January 2025. Hence, this year the peak recruitment season only fell within March, whereas the peak recruitment season fell within both February and March in 2025.

Peng Zhao: The 2026 Chinese New Year fell on 17 February 2026, while the 2025 New Year was on 29 January 2025. Hence, this year the peak recruitment season only fell within March, whereas the peak recruitment season fell within both February and March in 2025.

Speaker #2: The 2026 Chinese New Year fell on February 17th, while the 2025 New Year was on January 29th. Hence, this year the peak recruitment season only fell within March, whereas the peak recruitment season fell within both February and March in 2025.

Speaker #3: 说一下收入，一季度公司实现收入20.7亿元，同比增长7.6%。请各位留意，这个数字同样是2026年一个月的旺季，versus 2025年两个月旺季的结果。我们很有信心地预计，今年二季度和全年的收入增长相比一季度都将更为强劲。

Peng Zhao: 说一下收入。一季度公司实现收入20.7亿元，同比增长7.6%。请各位留意，这个数字同样是2026年一个月的旺季versus 2025年两个月旺季的结果。我们很有信心地预计，今年二季度和全年的收入增长相比，一季度都将更为强劲。

Wenbei Zhen: Let me discuss our revenue. In Q1, the company achieved revenue of RMB 2.07 billion, up 7.6% year on year. Please kindly note that this figure also reflects the comparison between 1 month of peak season in 2026 versus 2 months of peak season in 2025. Looking ahead, we are confident that our revenue growth in Q2 and for the full year will be stronger than what we delivered in Q1.

Peng Zhao: Let me discuss our revenue. In Q1, the company achieved revenue of RMB 2.07 billion, up 7.6% year on year. Please kindly note that this figure also reflects the comparison between 1 month of peak season in 2026 versus 2 months of peak season in 2025. Looking ahead, we are confident that our revenue growth in Q2 and for the full year will be stronger than what we delivered in Q1.

Speaker #2: Let me discuss our revenue. In the first quarter, the company achieved revenue of R&B 2.07 billion, up 7.6% year on year. Please kindly note that this figure also reflects the comparison between one month of peak season in 2026 versus two months of peak season in 2025.

Speaker #2: Looking ahead, we are confident that our revenue growth in the second quarter and for the full year will be stronger than what we delivered in the first quarter.

Speaker #3: 利润方面的情况，一季度扣除股权激励后，的经调整利润超过8.1亿元，同比增长17.8%。经调整后的营业利润率39.4%，同比提升了3.4个百分点。

Peng Zhao: 利润方面的情况。一季度扣除股权激励后的经调整利润超过8.1亿元，同比增长17.8%。经调整后的营业利润率39.4%，同比提升了3.4个百分点。

Wenbei Zhen: On the profit perspective, in Q1, the adjusted operating income, excluding share-based compensation expenses, reached over RMB 810 million, up 17.8% year on year. The adjusted operating margin was 39.4%, up 3.4 percentage points year on year.

Peng Zhao: On the profit perspective, in Q1, the adjusted operating income, excluding share-based compensation expenses, reached over RMB 810 million, up 17.8% year on year. The adjusted operating margin was 39.4%, up 3.4 percentage points year on year.

Speaker #2: From the profit perspective, in the first quarter, the adjusted operating income, excluding share-based compensation expenses, reached over RMB 810 million, up 17.8% year on year.

Speaker #2: The adjusted operating margin was 39.4%, up 3.4 percentage points year on year.

Peng Zhao: 第二个话题，我平台招聘者和求职者的一些趋势。

Speaker #3: 第二个话题，我平台招聘者和求职者的一些趋势。

Wenbei Zhen: Second, key trends among enterprise users and job seekers on our platform.

Peng Zhao: Second, key trends among enterprise users and job seekers on our platform.

Speaker #2: Second key trends among enterprise users and job seekers on our platform.

Speaker #3: 正如之前多次表达过的一个观点，我平台是对于不同的县级的城市和不同类型的劳动者和不同的行业在中国具有广泛的适应性。

Peng Zhao: 正如之前多次表达过的一个观点，我平台是对于不同的县级的城市和不同类型的劳动者和不同的行业在中国具有广泛的适应性。

Wenbei Zhen: As discussed multiple times earlier, our platform is suitable in different tier cities and different types of industries.

Peng Zhao: As discussed multiple times earlier, our platform is suitable in different tier cities and different types of industries.

Speaker #2: As discussed multiple times earlier, our platform is suitable for use in different tier cities and different types of industries.

Speaker #3: 总体看，我们持续地高速的用户增长，在今年一季度带动了蓝领、低县级城市和中小企业继续保持了快速增长。同时，白领和大型企业的招聘需求也得到持续改善。

Peng Zhao: 总体看，我们持续的高速的用户增长，在今年一季度带动了蓝领、低线级城市和中小企业继续保持了快速增长。同时，白领和大型企业的招聘需求也得到持续改善。

Wenbei Zhen: Overall, our continued rapid user growth has driven sustained rapid growth among blue-collar workers, lower-tier cities, and small and medium-size enterprises on our platform. At the same time, recruitment demand from white-collar workers and large enterprises has continued to improve.

Peng Zhao: Overall, our continued rapid user growth has driven sustained rapid growth among blue-collar workers, lower-tier cities, and small and medium-size enterprises on our platform. At the same time, recruitment demand from white-collar workers and large enterprises has continued to improve.

Speaker #2: Overall, our continued rapid user growth has driven sustained rapid growth among blue-collar workers, lower tier cities, and small platform. At the same time, recruitment demand from white-collar workers and large enterprises has continued to improve.

Speaker #3: 从用户增长的角度看，截止到4月底，今年的新增用户当中，非应届生部分的近2/3是蓝领。

Peng Zhao: 从用户增长的角度看，截止到4月底，今年的新增用户当中，非应届生部分的近三分之二是蓝领。

Wenbei Zhen: From the user growth perspective, as of 30 April, among the newly acquired users in this year, excluding fresh graduates, nearly two-thirds were blue-collar workers.

Peng Zhao: From the user growth perspective, as of 30 April, among the newly acquired users in this year, excluding fresh graduates, nearly two-thirds were blue-collar workers.

Speaker #2: From the user growth perspective, as of April 13th, among the newly acquired users in this year, excluding fresh graduates, nearly two-thirds were blue-collar workers.

Speaker #3: 从收入的角度看，一季度在蓝领的收入占比首次超过了全平台收入的40%。

Peng Zhao: 从收入的角度看，一季度在蓝领的收入占比首次超过了全平台收入的40%。

Wenbei Zhen: From a revenue perspective, in Q1, blue-collar revenue exceeded 40% of our total revenue for the first time.

Peng Zhao: From a revenue perspective, in Q1, blue-collar revenue exceeded 40% of our total revenue for the first time.

Speaker #2: From revenue perspective, in the first quarter, blue-collar revenue exceeded 40% of our total revenue for the first time.

Speaker #3: 白领行业在春节后至今，相比去年同期已有所加速。从细分的行业看，软件工程师的活跃招聘职位1到4月份与2025年相比同比增加10.9%。

Peng Zhao: 白领行业在春节后至今相比去年同期有所加速。从细分的行业看，软件工程师的活跃招聘职位1到4月份与2025年相比，同比增加10.9%。

Wenbei Zhen: White-collar recruitment demand has also accelerated after Chinese New Year compared to the same period last year. Looking into the specific subsectors, active job postings for software engineers increased by 10.9% from January to April compared to 2025.

Peng Zhao: White-collar recruitment demand has also accelerated after Chinese New Year compared to the same period last year. Looking into the specific subsectors, active job postings for software engineers increased by 10.9% from January to April compared to 2025.

Speaker #2: White-collar recruitment demand has also accelerated after the Chinese New Year compared to the same period last year. Looking into the specific sub-sectors, active job postings for software engineers, increased by 10.9% from January to April compared to 2025.

Speaker #3: 软件工程师的这组数据与我们的一些美国同行在近期的观察有相似之处。从他们的官方数据看，2026年1到4月美国的活跃的软件工程师开发岗位同比增长是9.1%。我们比他们要高个大约两个点吧。

Peng Zhao: 软件工程师的这组数据与我们的一些美国同行在近期的观察有相似之处。从他们的官方数据看，2026年1到4月，美国的活跃的软件工程师开发岗位同比增长是9.1%，我们比他们要高个大约两个点。

Speaker #2: This is consistent with the recent observations from our US peers. Referring to their public data, their active software development job postings in the United States grew by 9.1% year on year from January to April 2026, whereas Q percentage point higher than their number.

Wenbei Zhen: This is consistent with the recent observations from our US peers. Referring to their public data, their active software development job postings in the United States grew by 9.1% year-on-year from January to April 2026. We are 2 percentage points higher than their number.

Peng Zhao: This is consistent with the recent observations from our US peers. Referring to their public data, their active software development job postings in the United States grew by 9.1% year-on-year from January to April 2026. We are 2 percentage points higher than their number.

Speaker #3: 从我平台情况看，迄今没有出现程序员职位大规模减少，这种令人恐慌的事情。与此同时，我平台人工智能相关的岗位带来的收入在涨幅上超过100%。所以简单地说，人工智能的发展给我们带来了更多的收入，但是迄今尚未发现大规模的招聘职位下降。

Peng Zhao: 从我平台情况看，迄今没有出现程序员职位大规模减少这种令人恐慌的事情。与此同时，我平台人工智能相关的岗位带来的收入在涨幅上超过100%。所以简单地说，人工智能的发展给我们带来了更多的收入，但是迄今尚未发现大规模的招聘职位下降。

Wenbei Zhen: On our platform, we have not seen the kind of alarming large-scale reduction in programmer positions that some have feared. At the same time, revenue from AI-related roles on our platform has grown by over 100%. Simply put, the development of AI has brought us more revenue, but we have not yet seen a large decline in job postings.

Peng Zhao: On our platform, we have not seen the kind of alarming large-scale reduction in programmer positions that some have feared. At the same time, revenue from AI-related roles on our platform has grown by over 100%. Simply put, the development of AI has brought us more revenue, but we have not yet seen a large decline in job postings.

Speaker #2: On our platform, we have not seen the kind of alarming, large-scale reduction in programmer positions that some have feared. At the same time, revenue from AI-related roles on our platform has grown by over 100%.

Speaker #2: Simply put, the development of AI has brought us more revenue, and we have not yet seen a large decline in job postings.

Speaker #3: 从其他一些行业的情况看，制造业、电子通信与半导体、交通运输业、服务业和各类的专业服务在同比增速上相对领先。

Peng Zhao: 从其他一些行业的情况看，制造业、电子通信与半导体、交通运输业、服务业和各类的专业服务在同比增速上相对领先。

Wenbei Zhen: Among other industries, manufacturing, electronics, telecommunications, semiconductors, transportation and logistics, urban services, and various professional services led in year-on-year growth on our platform.

Peng Zhao: Among other industries, manufacturing, electronics, telecommunications, semiconductors, transportation and logistics, urban services, and various professional services led in year-on-year growth on our platform.

Speaker #2: Among other industries, manufacturing, electronics, telecommunications, semiconductors, transportation, and various professional services led in year-on-year growth on our platform.

Speaker #3: 说一下大企业的招聘需求，今年在春招当中能够看到大企业的招聘有明显的回暖。一季度1000人到1万人左右的规模的企业，从我们的收入增速上同比是最快的。其次是500人到1000人的企业。每个招聘者人均发布的职位数也有小幅的提升。

Peng Zhao: 说一下大企业的招聘需求。今年在春招当中能够看到大企业的招聘有明显的回暖。一季度，1000人到1万人左右规模的企业，从我们的收入增速上同比是最快的，其次是500人到1000人的企业。每个招聘者人均发布的职位数也有小幅的提升。

Wenbei Zhen: For large enterprises, their recruitment demand, we saw a notably recovering trend during this year's spring recruitment season. In Q1, companies with 1,000 to less than 10,000 employees recorded the fastest growing year-on-year revenue growth, followed by those with 500 to less than 1,000 employees. This average number of job postings per enterprise user also increased modestly.

Peng Zhao: For large enterprises, their recruitment demand, we saw a notably recovering trend during this year's spring recruitment season. In Q1, companies with 1,000 to less than 10,000 employees recorded the fastest growing year-on-year revenue growth, followed by those with 500 to less than 1,000 employees. This average number of job postings per enterprise user also increased modestly.

Speaker #2: For large enterprises, their recruitment demand we saw a notably recovering trend during this year's spring recruitment season. In the first quarter, companies with 1000 to less than 10,000 employees recorded fastest growing year-on-year revenue growth.

Speaker #2: Followed by those with 500 to less than 1,000 employees. This average number of job posting per enterprise users also increased modestly.

Speaker #3: 这里可以做个比较，在上个季度的业绩会的时候，我们向大家报告了一下，实际上是小微企业的招聘需求增长。相对是最快的。那么这个季度的话，大企业带给我们的收入增速是同比最快的。

Peng Zhao: 这里可以做个比较。在上个季度的业绩会的时候，我们向大家报告了一下，实际上是小微企业的招聘需求增长相对是最快的。这个季度的话，大企业带来我们的收入增速是同比最快的。

Speaker #2: If we compare it to the last quarter, back then we shared that the strongest growth in hiring demand was coming from small and micro enterprises.

Wenbei Zhen: If we compare it to the last quarter, back then, we shared that the strongest growth in hiring demand was coming from small and micro-enterprises. This quarter, however, if we compare it to last quarter, back then, we shared that the strongest growth in hiring demand was coming from small and micro-enterprises. In this quarter, however, it is large enterprises that are delivering our fastest revenue growth year on year

Peng Zhao: If we compare it to the last quarter, back then, we shared that the strongest growth in hiring demand was coming from small and micro-enterprises. This quarter, however, if we compare it to last quarter, back then, we shared that the strongest growth in hiring demand was coming from small and micro-enterprises. In this quarter, however, it is large enterprises that are delivering our fastest revenue growth year on year

Speaker #2: This quarter, however, if we compare it to last quarter—back then we shared that the strongest growth in hiring demand was coming from small and micro enterprises. This quarter, however, it is large enterprises that are delivering our fastest revenue growth year on year.

Speaker #3: 以上的是我们平台招聘者端跟求职者端一些趋势。那么接下来我想报告一下大家也都很关心、很纠结关于公司对AI的两个方面的看法和我们实际上做事情的四点战略。

Peng Zhao: 以上是我们平台招聘者端跟求职者端一些趋势。那么接下来我想报告一下大家也很关心、很纠结关于公司对AI的两个方面的看法，和我们实际上做事情的四点战略。

Wenbei Zhen: That concludes the recent trend on enterprise users and job seekers on our platform. We will discuss 2 views and 4 strategic pillars on AI that we all concern.

Peng Zhao: That concludes the recent trend on enterprise users and job seekers on our platform. We will discuss 2 views and 4 strategic pillars on AI that we all concern.

Speaker #2: That concludes the recent trend on enterprise users and job seekers on our platform. And then we will discuss Q views and four strategic pillars on AI that we all concerns.

Speaker #3: 从2023年3月ChatGPT 4.0发布以来，这一范式的AI给我们带来了激动人心的38个月。结合最近一些国家政府关于不明飞行物的官方的资料披露，这让我们这代人、我们这些活着的人处在一个前所未有的境地之下。视野日益广阔，内心的震荡日益强烈。实际上整个文明的挑战也是无法回避的话题。曾经很多熟悉的事情变得陌生，其中也包括我们如何看待公司。你们如何看待投资以及竞争。

Peng Zhao: 从2023年3月GPT-4发布以来，这一范式的AI给我们带来了激动人心的38个月。结合最近一些国家政府关于不明飞行物的官方的资料披露，这让我们这代人，我们这些活着的人处在一个前所未有的境地之下，视野日益广阔，内心的震荡日益强烈。实际上，整个文明的挑战也是无法回避的话题。曾经很多熟悉的事情变得陌生，其中也包括我们如何看待公司，你们如何看待投资以及竞争。

Wenbei Zhen: Since the ChatGPT 4.0 launch in March 2023, this AI paradigm has given us 38 transformative months. Meanwhile, recent government disclosure of unidentified aerial phenomena have put our generation in an unprecedented territory. Our perspectives are broadening, our convictions are being reshaped. Civilization is facing new challenges, which is unavoidable. Many things that once felt familiar are now becoming less so, including how we think about our companies and how you think about investment and competition.

Peng Zhao: Since the ChatGPT 4.0 launch in March 2023, this AI paradigm has given us 38 transformative months. Meanwhile, recent government disclosure of unidentified aerial phenomena have put our generation in an unprecedented territory. Our perspectives are broadening, our convictions are being reshaped. Civilization is facing new challenges, which is unavoidable. Many things that once felt familiar are now becoming less so, including how we think about our companies and how you think about investment and competition.

Speaker #2: Since the ChatGPT 4.0 launched in March 2023, this AI paradigm has given us 38 transformative months. Meanwhile, recent government disclosure of unidentified aerial phenomena has put our generation in unprecedented territory.

Speaker #2: Our perspectives are broadening. Our convictions are being reshaped. Civilization is facing new challenges, which is unavoidable. Many things that once felt familiar are now becoming less so, including how we think about our companies and how you think about investment and competition.

Speaker #3: 我们公司作为全球招聘行业的一个模式创新者，和中国的行业领导者，以及我本人作为一个创业者，围绕我们自己的职责，这三年以来一直在希望新技术可以解决重大的问题。和担心新技术会带来破坏性的冲击之间，一边纠结，一边期待，一边探索。

Peng Zhao: 我们公司作为全球招聘行业的一个模式创新者和中国的行业领导者，以及我本人作为一个创业者，围绕我们自己的职责，这三年以来一直在希望新技术可以解决重大的问题，和担心新技术会带来破坏性的冲击之间，一边纠结，一边期待，一边探索。

Wenbei Zhen: As one of the leaders in the worldwide and Chinese recruitment industry, and as an entrepreneur myself, I've spent the past three years navigating between two mindsets, hoping that new technologies could solve major problems, while at the same time worrying about technology's potential disruptive impact. I have been torn, yet hopeful and continuously exploring all within the scope of my responsibilities.

Peng Zhao: As one of the leaders in the worldwide and Chinese recruitment industry, and as an entrepreneur myself, I've spent the past three years navigating between two mindsets, hoping that new technologies could solve major problems, while at the same time worrying about technology's potential disruptive impact. I have been torn, yet hopeful and continuously exploring all within the scope of my responsibilities.

Speaker #2: As one of the leaders, in the worldwide and Chinese recruitment industry, and as an entrepreneur myself, I've spent the past three years navigating between two mindsets.

Speaker #2: Hoping that new technologies could solve major problems while at the same time worrying about technology's potential disruptive impact. I have been torn, yet hopeful and continuously exploring all within the scope of my responsibilities.

Speaker #3: 我们的股东和我们的员工也是，一会儿担心，一会儿高兴。一会儿爱我们，一会儿又不爱我们了。大家一起做了一阵子的过山车。

Peng Zhao: 我们的股东和我们的员工也是一会儿担心，一会儿高兴，一会儿爱我们，一会儿又不爱我们了。大家一起坐了一阵子的过山车。

Wenbei Zhen: Our shareholders and employees have also gone through ups and downs, concerned at all times, excited as others, sometimes they have been with us, sometimes less so. Together we have all been on quite a rollercoaster ride.

Peng Zhao: Our shareholders and employees have also gone through ups and downs, concerned at all times, excited as others, sometimes they have been with us, sometimes less so. Together we have all been on quite a rollercoaster ride.

Speaker #2: Our shareholders and employees have also gone through ups and downs, concerned at all times, excited as others, sometimes they have been with us, sometimes less so, together we have all been on quite a roller coaster ride.

Speaker #3: 回顾这三年的经历，公司应该向股东和公众以及员工进行一次阶段性的汇报。我们关于AI的两点看法和四点战略如下。第一个看法，迄今为止公司认为AI对于公司的商业模式和行业地位而言带来的机会大于带来的风险。

Peng Zhao: 回顾这三年的经历，公司应该向股东和公众以及员工进行一次阶段性的汇报。我们关于AI的两点看法和四点战略如下。第一个看法，迄今为止，公司认为AI对于公司的商业模式和行业地位而言，带来的机会大于带来的风险。

Speaker #2: Looking back on the past three years, we believe it is time for the company to provide a progress report to our shareholders, the public, and our employees. This will be organized around two key observations and four main strategies.

Wenbei Zhen: Looking back on the past 3 years, we believe it is time for the company to provide a progress report to our shareholders, the public, and our employees. This will be organized around 2 key observations and 4 main strategies. Our first observation is that to date, for the company's business model and industry position, the opportunities brought by AI technology have outweighed the risks.

Peng Zhao: Looking back on the past 3 years, we believe it is time for the company to provide a progress report to our shareholders, the public, and our employees. This will be organized around 2 key observations and 4 main strategies. Our first observation is that to date, for the company's business model and industry position, the opportunities brought by AI technology have outweighed the risks.

Speaker #2: Our first observation is that, to date, for the company's business model and industry position, the opportunities brought by AI technology have outweighed the risks.

Peng Zhao: 从第三方公开数据、上市公司发布的数据，并结合我公司自己的数据，可以得出一个明确的结论：三年来，我公司的市场地位进一步提高，用户的收获进一步提升，在各类艰苦环境下保持了稳步增长。

Speaker #3: 以从数据上第三方的公开数据上市公司发布的数据，并结合我公司自己的数据，可以得出一个明确的结论：三年来我公司的市场地位进一步提高，用户的收获进一步提升，在各类监控环境下保持了稳步增长。

Wenbei Zhen: First, based on reliable third-party public data, credible data released by listed companies, and our own internal data, we have concluded that over the past 3 years, the company's market-leading position has been further strengthened. User achievements have continued to increase, and we have maintained steady growth surrounded by challenging environments.

Peng Zhao: First, based on reliable third-party public data, credible data released by listed companies, and our own internal data, we have concluded that over the past 3 years, the company's market-leading position has been further strengthened. User achievements have continued to increase, and we have maintained steady growth surrounded by challenging environments.

Speaker #2: First, based on reliable third-party public data, credible data released by listed companies, and our own internal data, we have concluded that over the past three years the company's market-leading position has been further strengthened.

Speaker #2: Due to achievements have continued to increase, and we have maintained steady growth surrounded by challenging environments.

Peng Zhao: 第二，众所周知，token成本的降低促进了AI的应用在公司内部运营和用户服务中的普及。对我们来说，今年一季度平均每个月平台超过1000万人使用AI服务，它的前提是成本降低。

Speaker #3: 第二，众所周知TOKEN成本的降低促进了AI的应用，在公司内部运营和用户服务中的普及。对我们来说，今年一季度平均每个月平台超过1000万人使用AI服务，它的前提是成本降低。

Wenbei Zhen: Second, as we know, lower token costs have accelerated the proliferation of AI applications in both our internal operations and user services. In the past quarter, the ability for over 10 millions of users on our platform to be able to access to AI services has been made possible by this reduction in cost

Peng Zhao: Second, as we know, lower token costs have accelerated the proliferation of AI applications in both our internal operations and user services. In the past quarter, the ability for over 10 millions of users on our platform to be able to access to AI services has been made possible by this reduction in cost

Speaker #2: Second, as we know, lower TOKEN costs have accelerated the proliferation of AI applications in both our internal operations and user services. In the past quarter, the ability for our platform, the ability for over 10 million users on our platform to be able to access Q AI services has been made possible by this reduction in cost.

Peng Zhao: 第三，在大模型训练和应用上的广泛探索，加速了我们公司年轻员工的成长，包括在荣誉感、凝聚力和公司内部的地位。AI技术用得越多，解决的问题越有说服力，则年轻人崛起的速度就越快，迈入年轻化的过程就越顺利。从长远看，我觉得有利于公司的熵增会放缓。

Speaker #3: 第三，在大模型训练和应用上的广泛探索，加速了我公司年轻员工的成长，包括在荣誉感、凝聚力和公司内部的地位。AI技术用得越多，解决的问题越有说服力，则年轻人崛起的速度就越快。看过年轻化的过程就越顺利，从长远看，我觉得有利于公司的商增会放缓。

Wenbei Zhen: Third, extensive exploration in large model pretraining and application has accelerated growth of our young employees, including their sense of pride, cohesion, and standing with the company. The more widely AI technology are used, the more convincingly they solve real problems, the faster young talent will rise, and the smoother the process of rejuvenation of our leadership team will become. In the long term, this helps slow down the corporate entropy.

Peng Zhao: Third, extensive exploration in large model pretraining and application has accelerated growth of our young employees, including their sense of pride, cohesion, and standing with the company. The more widely AI technology are used, the more convincingly they solve real problems, the faster young talent will rise, and the smoother the process of rejuvenation of our leadership team will become. In the long term, this helps slow down the corporate entropy.

Speaker #2: Third, extensive exploration in large model pre-training and application has accelerated growth of our young employees, including their sense of pride, cohesion, and standing with the company.

Speaker #2: The more widely AI technology is used, the more convincingly it solves real problems, the faster young talent will rise, and the smoother the process of rejuvenation of our leadership team will become.

Speaker #2: In the long term, this helps slow down the corporate entropy.

Peng Zhao: 干部在组织体系中的成长，其本质上是一个个人的欲望和他的进步，与这个企业组织已经形成的共识体系之间能够相一致的结果。那么AI加年轻人，本质上是年轻人得以尽快取得了共识体系的认可，并且可以脱颖而出。实际上，这也是每一次技术革命和认知革命当中，为什么年轻人容易很快冒出来的原因。

Speaker #3: 干部在组织体系中的成长，其本质上是一个个人的欲望和他的进步，与这个企业组织已经形成了共识体系之间能够相一致的结果。那么AI+年轻人本质上是年轻人得以尽快取得了共识体系的认可，并且可以脱颖而出。实际上，这也是每一次技术革命和认知革命当中为什么年轻人容易很快冒出来的原因。

Wenbei Zhen: The growth of leaders within an organization is, at its core, a result of individual aspirations and progress aligning with the company's shared vision. AI plus young talent essentially means that young people can more quickly gain recognition from the organization's shared system and stand out. This also explains why in every wave of technological and cognitive revolution, young people tend to emerge as leaders.

Peng Zhao: The growth of leaders within an organization is, at its core, a result of individual aspirations and progress aligning with the company's shared vision. AI plus young talent essentially means that young people can more quickly gain recognition from the organization's shared system and stand out. This also explains why in every wave of technological and cognitive revolution, young people tend to emerge as leaders.

Speaker #2: The growth of leaders within organization is, at its core, a result of individual aspirations and progress aligning with the company's shared vision. AI+ young talent essentially means that young people can more quickly gain recognition from the organization's shared system and stand out.

Speaker #2: This also explains why in every wave of technological and cognitive revolution, young people tend to emerge as leaders.

Speaker #3: 补充一句，我觉得非常多的技术公司，非常多崇尚技术的公司，在这次AI技术的洗礼下，都能够享受到年轻人快速成长和整个企业商增放缓的红利。

Peng Zhao: 补充一句，我觉得非常多崇尚技术的公司在这次AI技术的洗礼下，都能够享受到年轻人快速成长和整个企业熵增放缓的红利。

Wenbei Zhen: Add to that, those technological oriented companies will enjoy the rise of young people and the reduce of corporate entropy.

Peng Zhao: Add to that, those technological oriented companies will enjoy the rise of young people and the reduce of corporate entropy.

Speaker #2: Additionally, those technology-oriented companies will benefit from the rise of young people and the reduced corporate entropy.

Speaker #3: 我们关于AI的第二个看法，迄今为止，不论是代表B端还是代表C端的单边的agent，都不足以挑战公司现有的模式。反之，将agent嵌入一个双边的网络生态后，基于平台的用户积累和长期的数据积累，却可以积极地发挥正面的作用。

Peng Zhao: 我们关于AI的第二个看法，迄今为止，不论是代表B端还是代表C端的单边的agent，都不足以挑战公司现有的模式。反之，将agent嵌入一个双边的网络生态后，基于平台的用户积累和长期的数据积累，却可以积极地发挥正面的作用。

Speaker #2: 而second observation is that to date neither enterprise side nor job seeker side standalone agents have been capable of challenging the company's business current model.

Wenbei Zhen: Our second observation is that to date, neither enterprise side or job seeker side standalone agents have been capable of challenging the company's business current model. On the contrary, once agents are embedded with our double-sided network ecosystem, they leverage companies' accumulated user base and data to play a positive and constructive role.

Peng Zhao: Our second observation is that to date, neither enterprise side or job seeker side standalone agents have been capable of challenging the company's business current model. On the contrary, once agents are embedded with our double-sided network ecosystem, they leverage companies' accumulated user base and data to play a positive and constructive role.

Speaker #2: On the contrary, once agents are embedded within our double-sided network ecosystem, they leverage the company's accumulated user base and data to play a positive and constructive role.

Speaker #3: 求职和招聘从来都是一个多对多的游戏。

Peng Zhao: 求职和招聘从来都是一个多对多的游戏。

Speaker #2: Recruitment and job seeking is always a multiple-people-to-multiple-people game.

Wenbei Zhen: Recruitment and job seeking is always a multiple people to multiple people game.

Peng Zhao: Recruitment and job seeking is always a multiple people to multiple people game.

Speaker #3: 这个劳动合同到底能不能签，未来在一起的每天是不是愉快，归根到底是两大部分人类之间最终两个人之间能够做决定的事情，是一副对手牌。

Peng Zhao: 这个劳动合同到底能不能签，未来在一起的每天是不是愉快，归根到底是两大部分人类之间，最终两个人之间能够做决定的事情，是一副对手牌。

Speaker #2: Whether a labor contract should be signed or not, or whether every day after work goes smoothly, ultimately comes down to a man-to-man game between two large groups of people.

Wenbei Zhen: Whether a labor contract should be signed or not, or whether every day thereafter will go smoothly, ultimately comes down to a many-to-many game between two large groups of people.

Peng Zhao: Whether a labor contract should be signed or not, or whether every day thereafter will go smoothly, ultimately comes down to a many-to-many game between two large groups of people.

Speaker #3: Boss直聘搭建12年以来的双边网络，基于12年对于双边数亿用户的了解和记忆，始终在反映着人类社会当中关于求职招聘这件事情的真实情况。

Peng Zhao: BOSS 直聘搭建12年以来的双边网络，基于12年对于双边数亿用户的了解和记忆，始终在反映着人类社会当中关于求职招聘这件事情的真实情况。

Speaker #2: The double-sided network that Boss直聘 has been built for over the past 12 years and our understanding on users for the past 12 years has always been designed to reflect the real dynamics of job seeking and recruitment in human society.

Wenbei Zhen: The double-sided network that BOSS Zhipin has been built for over the past 12 years and our understanding on users for the past 12 years has always been designed to reflect the real dynamics of job seeking and recruitment in human society.

Peng Zhao: The double-sided network that BOSS Zhipin has been built for over the past 12 years and our understanding on users for the past 12 years has always been designed to reflect the real dynamics of job seeking and recruitment in human society.

Speaker #3: 本质上，嵌入了各种各样的AI agent之后，再双边网络当中促进了信息的收集、处理和传播。

Peng Zhao: 本质上，嵌入了各种各样的AI agents之后，在双边网络当中促进了信息的收集、处理和传播。

Speaker #2: In essence, embedding various AI agents into our double-sided network serves as a driving force that enhances information collection, processing, and dissemination.

Wenbei Zhen: In essence, embedding various AI agents into our double-sided network serves as a driving force that enhances information collection, processing, and dissemination.

Peng Zhao: In essence, embedding various AI agents into our double-sided network serves as a driving force that enhances information collection, processing, and dissemination.

Speaker #3: 从今年一季度的数据看，第一，第一个例子，agent的应用让参与实验的人从打一次招呼到获得一个双边的达成，时间效率提升了60%。

Peng Zhao: 从今年一季度的数据看，第一个例子，agent的应用让参与实验的人从打一次招呼到获得一个双边的达成，时间效率提升了60%。

Speaker #2: Looking at our first quarter data, first, the application of AI agents has improved the time efficiency from an initial chat to a successful mutual consent conversion rate by 50%.

Wenbei Zhen: Looking at our Q1 data, first, the application of AI agents has improved the time efficiency from an initial chat to a successful mutual consent conversion rate by 60%.

Peng Zhao: Looking at our Q1 data, first, the application of AI agents has improved the time efficiency from an initial chat to a successful mutual consent conversion rate by 60%.

Speaker #3: 第二，广泛的各类AI agent的应用使得全平台的用户存留情况达到了2020年到现在的最高水平。

Peng Zhao: 第二，广泛的各类AI agents的应用，使得全平台的用户存留情况达到了2020年到现在的最高水平。

Speaker #2: Second, the large-scale application of AI enabled user retention reached its highest level since the pandemic in 2020.

Wenbei Zhen: Second, the large scale application of AI enabled user retention, which is highest level since the pandemic in 2020.

Peng Zhao: Second, the large scale application of AI enabled user retention, which is highest level since the pandemic in 2020.

Speaker #3: 第三，全平台的Boss端人均收获提升了两位数的百分比。

Peng Zhao: 第三，全平台的BOSS端人均收入提升了两位数的百分比。

Speaker #2: Third, the average per-enterprise user achievements increased by a double-digit percentage.

Wenbei Zhen: Third, the average per enterprise user achievements increased by a double-digit percentage.

Peng Zhao: Third, the average per enterprise user achievements increased by a double-digit percentage.

Speaker #3: 综上，我们的实验和数据以及我们对理论的研究告诉我们，AI agent是我们的朋友，而不是敌人。

Peng Zhao: 综上，我们的实验和数据以及我们对理论的研究告诉我们，AI不只是我们的朋友，而是敌人。

Speaker #2: Overall, our study in data and theories told us that AI is our friend instead of the enemy.

Wenbei Zhen: Overall, our study in data and theories told us that AI is our friend instead of the enemy.

Peng Zhao: Overall, our study in data and theories told us that AI is our friend instead of the enemy.

Speaker #3: 说一下我们公司在AI这件事情上的四方面战略上的考虑。第一个战略，投入AI技术促进闭环模式的实现。我们坚定地认为，我们这个招聘行业能够给每一个付费的Boss提供的价值，实际上最终价值在于有人入职。

Peng Zhao: 说一下我们公司在AI这件事情上的四方面战略上的考虑。第一个战略，投入AI技术促进闭环模式的实现。我们坚定地认为，我们这个招聘行业能够给每一个付费的BOSS提供的价值，实际上最终价值在于有人入职。

Speaker #2: Now let me walk you through our four strategic considerations of AI. First, investing in AI to advance the closed-loop business model. We firmly believe that in the recruitment industry, the important thing is that we could deliver the onboarding and replacement of placement of candidates for enterprise users.

Wenbei Zhen: Now let me walk you through our four strategic considerations of AI. First, investing in AI to advance the closed-loop business model. We firmly believe that in the recruitment industry, the important thing is that we could deliver the onboarding and placement of candidates for enterprise users.

Peng Zhao: Now let me walk you through our four strategic considerations of AI. First, investing in AI to advance the closed-loop business model. We firmly believe that in the recruitment industry, the important thing is that we could deliver the onboarding and placement of candidates for enterprise users.

Speaker #3: 实际上，做调研或者不做调研，结果都一样。每一个招聘者其实都是愿意为结果付费，而不是为了职位曝光付费，而不是为了职位点击付费。

Peng Zhao: 实际上，做调研或者不做调研结果都一样，每一个招聘者其实都是愿意为结果付费，而不是为了职位曝光付费，而不是为了职位点击付费。

Speaker #2: No matter we do survey or not do the survey, every enterprise user is willing to pay for the delivering of candidates instead of the traffic exploration or the click on the candidates.

Wenbei Zhen: No matter we do survey or not to do the survey, every enterprise user is willing to pay for the delivering of candidates instead of the traffic exploration or the click on the candidates.

Peng Zhao: No matter we do survey or not to do the survey, every enterprise user is willing to pay for the delivering of candidates instead of the traffic exploration or the click on the candidates.

Speaker #3: 我们坚定地认为，在AI技术的支持下，已交付结果为导向的商业模式是有机会在平台实现的。

Peng Zhao: 我们坚定地认为，在AI技术的支持下，以交付结果为导向的商业模式是有机会在平台实现的。

Speaker #2: We firmly believe that within the support of the AI technology and results-oriented business model, it is achievable on our platform.

Wenbei Zhen: We firmly believe that with the support of the AI technology, a result-oriented business model is achievable on our platform.

Peng Zhao: We firmly believe that with the support of the AI technology, a result-oriented business model is achievable on our platform.

Speaker #3: 这是公司AI战略的重要组成部分。我们会持续投入资源以断一段去做，并且我们愿意在保护好高端求职者感受的前提下，利用新的技术和新的作业系统与外部那些搞闭环服务的企业进行合作。

Peng Zhao: 这是公司AI战略的重要组成部分。我们会持续投入资源一段一段去做，并且我们愿意在保护好高端求职者感受的前提下，利用新的技术和新的作业系统，与外部那些搞闭环服务的企业进行合作。

Speaker #2: It is very important part of our company and we will continue to allocate resources to this effort. And while we protecting the experience of the high-end job seekers, we are also open to leverage new technologies and new operating systems to collaborate with the external companies that specialize in the closed-loop services.

Wenbei Zhen: It is very important part of our company, and we will continue to allocate resources to this effort. While we're protecting the experience of the high-end job seekers, we are also open to leveraging new technologies and new operating systems to collaborate with the external companies that specialize in the closed-loop services.

Peng Zhao: It is very important part of our company, and we will continue to allocate resources to this effort. While we're protecting the experience of the high-end job seekers, we are also open to leveraging new technologies and new operating systems to collaborate with the external companies that specialize in the closed-loop services.

Speaker #3: 我说三个数据来支撑我们说的第一件事，数据一，公司自建的一个猎头库，目前高频使用AI的顾问，其交付的推荐报告候选人当中有20%来自于AI的作业。

Peng Zhao: 我说三个数据来支撑我们说的第一件事。数据一，公司自建的一个猎头部目前高频使用AI的顾问，其交付的推荐报告候选人当中有20%来自于AI的作业。

Wenbei Zhen: I will share three data with you. First, within the company's in-house headhunting team, for consultants who frequently use AI, 20% of the candidate recommendations they deliver already come from AI-driven operations.

Peng Zhao: I will share three data with you. First, within the company's in-house headhunting team, for consultants who frequently use AI, 20% of the candidate recommendations they deliver already come from AI-driven operations.

Speaker #2: I will share three data with you. First, within the company's in-house headhunting team, for consultants who frequently use AI, 20% of the candidate recommendations they deliver already come from the AI-driven operations.

Peng Zhao: 第二，公司另外一个闭环实验的项目上，人加agent的综合人效在今年一季度之内提升了4倍，这已经超过了行业内平均一个熟练猎头的水平。

Speaker #3: 第二，公司另外一个闭环实验的项目上，人家agent的综合人效在今年一季度之内提升了4倍，这已经超过了行业内平均一个熟练猎头的水平。

Speaker #2: Second, our another closed-loop pilot project, the combined productivity of human plus agent, increased by four times in the first quarter, already exceeding the average productivity level of headhunters in the industry.

Wenbei Zhen: Second, our another closed-loop pilot project, the combined productivity of human plus agent, increased by four times in Q1, already exceeding the average productivity level of headhunters in the industry.

Peng Zhao: Second, our another closed-loop pilot project, the combined productivity of human plus agent, increased by four times in Q1, already exceeding the average productivity level of headhunters in the industry.

Peng Zhao: 第三，公司对外提供了一个人加agent的一个校园招聘的服务项目，在一季度带来的同比收入已经超过50%的增长。

Speaker #3: 第三，公司对外提供的一个人家agent的一个校验招聘的服务项目，项目在一季度带来的同比收入已经超过50%的增长。

Wenbei Zhen: Third, for the human plus agent campus recruitment service the company offers externally, revenue grew by more than 50% year on year in Q1.

Peng Zhao: Third, for the human plus agent campus recruitment service the company offers externally, revenue grew by more than 50% year on year in Q1.

Speaker #2: Third, for the human-plus-agent campus recruitment service, the company offers externally. Revenue grew by more than 50% year on year in the first quarter.

Speaker #3: 因此，AI加AI促进闭环是我们的第一个战略方向。第二个战略是我们会保持一部分资源在AI science上。当前主要是聚焦在小模型的训练和开发，有以下五个方面的原因。

Peng Zhao: 因此，AI促进闭环是我们的第一个战略方向。第二个战略是我们会保持一部分资源在AI science上，当前主要是聚焦在小模型的训练和开发。有以下五个方面的原因。

Speaker #2: Therefore, the AI-powered closed-loop service is one of our core strategy. Second, we are also maintaining a proportion of our resources in AI science, currently focused primarily on the training and development of small models.

Wenbei Zhen: Therefore, the AI-powered closed-loop service is one of our core strategy. Second, we are also maintaining a proportion of our resources in AI science, currently focused primarily on the training and development of small models. There are five reasons for this.

Peng Zhao: Therefore, the AI-powered closed-loop service is one of our core strategy. Second, we are also maintaining a proportion of our resources in AI science, currently focused primarily on the training and development of small models. There are five reasons for this.

Speaker #2: They are five reasons for this.

Speaker #3: 第一，小尺寸的模型我们自己用起来成本也比较低。

Peng Zhao: 第一，小尺寸的模型我们自己用起来成本也比较低。

Speaker #2: First, small models are less expensive for us to use internally.

Wenbei Zhen: First, small models are less expensive for us to use internally.

Peng Zhao: First, small models are less expensive for us to use internally.

Speaker #3: 第二，持续保持自研的话有助于我们提升业务的可控性。形成面向招聘垂直场景之下的我们长期的技术能力。

Peng Zhao: 第二，持续保持自研的话，有助于我们提升业务的可控性，形成面向招聘垂直场景之下的我们长期的技术能力。

Speaker #2: Second, continuous in-house R&D helps us enhance the business controllability and enables the development of long-term technical capabilities tailored to vertical recruitment scenarios.

Wenbei Zhen: Second, continuous in-house R&D helps us enhance the business controllability and enables the development of long-term technical capabilities tailored to vertical recruitment scenarios.

Peng Zhao: Second, continuous in-house R&D helps us enhance the business controllability and enables the development of long-term technical capabilities tailored to vertical recruitment scenarios.

Speaker #3: 第三，小尺寸的模型也日益受到了业界的重视，所以我们的科学家团队他们的荣誉感是有保障的。

Peng Zhao: 第三，小尺寸的模型也日益受到了业界的重视，所以我们的科学家团队他们的荣誉感是有保障的。

Wenbei Zhen: Third, small models are increasingly gaining attention across the industry, which helps ensure a sense of pride and recognition for our science team.

Peng Zhao: Third, small models are increasingly gaining attention across the industry, which helps ensure a sense of pride and recognition for our science team.

Speaker #2: Third, small models are increasingly gaining attention across the industry. Which helps ensure a sense of pride and recognition for our science team.

Speaker #3: 第四，我们的自研的小模型在我们自己的搜索和推荐业务当中，得到了已经得到了有效的应用。在效率层面和效果层面，相比更大尺寸的模型，都显现了优势。

Peng Zhao: 第四，我们的自研的小模型在我们自己的搜索和推荐业务当中已经得到了有效的应用，在效率层面和效果层面相比更大尺寸的模型都显现了优势。

Wenbei Zhen: Fourth, our in-house small model has also been effectively applied to our search and recommendation functions, demonstrating advantages in both efficiency and effectiveness compared to large models.

Peng Zhao: Fourth, our in-house small model has also been effectively applied to our search and recommendation functions, demonstrating advantages in both efficiency and effectiveness compared to large models.

Speaker #2: Fourth, our in-house small model has also been effectively applied to our search and recommendation functions. Demonstrating advantages in both efficiency and effectiveness compared to large models.

Speaker #3: 第五，超大规模的模型弄不起。

Peng Zhao: 第五，超大规模的模型弄不起。

Wenbei Zhen: Under the current paradigm, the large models are too costly for us to pursue.

Peng Zhao: Under the current paradigm, the large models are too costly for us to pursue.

Speaker #2: The last, under the current paradigm, the large models are too costly for us to pursue.

Speaker #3: 我们在AI方面的第三个战略就是继续保持，继续保持大规模的在AI运营上的投入。主要的考察点，主要的考察点是AI的应用对于双边的求职招聘网络生态是否有帮助。

Peng Zhao: 我们的AI方面的第三个战略就是继续保持大规模的在AI应用上的投入。主要的考察点是AI的应用对于双边的求职招聘网络生态是否有帮助。

Wenbei Zhen: Our third strategy on AI is that we will continue to invest heavily in AI applications. Our primary evaluation criterion is that how AI helps our double-sided job seeking and recruitment network ecosystem.

Peng Zhao: Our third strategy on AI is that we will continue to invest heavily in AI applications. Our primary evaluation criterion is that how AI helps our double-sided job seeking and recruitment network ecosystem.

Speaker #2: Our third strategy on AI is that we will continue to invest heavily in AI applications. Our primary evaluation criteria is how AI helps our double-sided job-seeking and recruitment network ecosystem.

Speaker #3: 根据过去12年的新的模式探索当中，已经形成的企业共识，常识和逻辑部分根据这些作为基础。去年12月探索当中，已经形成了企业共识，常识和逻辑部分作为基础。以此把AI技术作为进一步发现问题和解决现有问题的有力工具。

Peng Zhao: 根据过去12年的新的模式探索当中已经形成的企业共识、常识和逻辑部分，根据这些作为基础。去年12月探索当中已经形成的企业共识、常识和逻辑部分作为基础。以此把AI技术作为进一步发现问题和解决现有问题的有力工具。

Speaker #2: According to the investigation for the past 12 months, we have formed some logical and common sense for on these and we believe that we will treat AI technology as a value-added tool for identifying and solving problems.

Wenbei Zhen: According to the investigation for the past 12 months, we have formed some logical and common sense on this, and we believe that we will treat AI technology as a value-added tool for identifying and solving problems.

Peng Zhao: According to the investigation for the past 12 months, we have formed some logical and common sense on this, and we believe that we will treat AI technology as a value-added tool for identifying and solving problems.

Speaker #3: 从企业的奖励和荣誉资源以及岗位资源的倾斜，奖励、荣誉和岗位资源的倾斜上看，对于小模型训练和对于用AI发现并解决重要问题，我们同样会给予倾斜。

Peng Zhao: 从企业的奖励和荣誉资源以及岗位资源的倾斜上看，对于小模型训练和对于用AI发现并解决重要问题，我们同样会给予倾斜。

Speaker #2: Regarding the reward and bonus on regarding the reward and bonus on the related areas, we the teams that use AI to discover and resolve issues will be generally rewarded by us.

Wenbei Zhen: Regarding the reward and bonus on the related areas, the teams that use AI to discover and resolve issues will be generally rewarded by us.

Peng Zhao: Regarding the reward and bonus on the related areas, the teams that use AI to discover and resolve issues will be generally rewarded by us.

Speaker #3: 那么so far我们认为对AI技术的应用探索会坚持在双边生态的理论框架和数据基础的之上进行。

Peng Zhao: 那么so far，我们认为对AI技术的应用探索会坚持在双边生态的理论框架和数据基础之上进行。

Speaker #2: So far we believe that our exploration investigation in investment in AI will be based on our double-sided ecosystem theoretical framework.

Wenbei Zhen: So far, we believe that our exploration, investigation, and investment in AI will be based on our double-sided ecosystem theoretical frameworks.

Peng Zhao: So far, we believe that our exploration, investigation, and investment in AI will be based on our double-sided ecosystem theoretical frameworks.

Speaker #3: 我们在AI战略上的第四个部分，我们认为AI促进收入是一个自然的过程，是一个结果。

Peng Zhao: 我们在AI战略上的第四个部分，我们认为AI促进收入是一个自然的过程，是一个结果。

Speaker #2: Our fourth strategy is that we believe AI-driven revenue growth is a natural process and a natural result.

Wenbei Zhen: Our fourth strategy is that we believe that AI driven revenue growth is a natural process and a natural result.

Peng Zhao: Our fourth strategy is that we believe that AI driven revenue growth is a natural process and a natural result.

Speaker #3: 随着AI技术带来平台效能的提升，就会促进用户收获的提升。促进用户满意度的提升，促进用户口碑的提升。从而带来收入的持续提升。我们认为这样一个过程会更加顺滑，更加低风险和更加的可持续。

Peng Zhao: 随着AI技术带来平台效能的提升，就会促进用户收获的提升，促进用户满意度的提升，促进用户口碑的提升，从而带来收入的持续提升。我们认为这样的一个过程会更加顺滑，更加低风险和更加的可持续。

Speaker #2: As AI technology improves platform efficiencies, it will lead to higher user achievement, better satisfaction, and a stronger brand reputation among users. This, in turn, will drive sustained revenue growth.

Wenbei Zhen: As AI technology improves platform efficiency, it will lead to higher user achievements, better satisfaction, and stronger brand reputation among users. This in turn will drive sustained revenue growth. We see this as a smoother, lower risk, and more sustainable path.

Peng Zhao: As AI technology improves platform efficiency, it will lead to higher user achievements, better satisfaction, and stronger brand reputation among users. This in turn will drive sustained revenue growth. We see this as a smoother, lower risk, and more sustainable path.

Speaker #2: We see this as a smoother, lower risk, and more sustainable path.

Speaker #3: 熟悉我们的投资人了解我们的商业模式是一个原创的东西。我们不卖广告，我们也不卖位置。我们归根到底实际上是我们的商业产品是有利于保护我们的双边生态的。

Peng Zhao: 熟悉我们的投资人了解我们的商业模式是一个原创的东西。我们不卖广告，我们也不卖位置。我们归根到底，实际上我们的商业产品是有利于保护我们的双边生态的。

Speaker #2: Investors who are familiar with us understand that we are a very original, self-developed monetization model, which means we don't sell advertisement. We don't sell click.

Wenbei Zhen: Investors who are familiar with us understand that we are a very original self-developed monetization model, which we don't sell advertisement, we don't sell click. Our business model is based on protection of our double side network ecosystem.

Peng Zhao: Investors who are familiar with us understand that we are a very original self-developed monetization model, which we don't sell advertisement, we don't sell click. Our business model is based on protection of our double side network ecosystem.

Speaker #2: Our business model is based on protection of our double-side network ecosystem.

Speaker #3: 所以我们认为从本质上沿着已经充分验证了的收入模式来发挥AI的效能，是更为安全和更为可持续的一种方法。

Peng Zhao: 所以我们认为从本质上沿着已经充分验证过的收入模式来发挥AI的效能，是更为安全和更为可持续的一种方法。

Wenbei Zhen: We believe that essentially to undergoing this current AI driven model is already fully verified this model and very functional method.

Speaker #2: So we believe that essentially to undergoing this current AI development model is already fully verified this model and very functional method.

Peng Zhao: We believe that essentially to undergoing this current AI driven model is already fully verified this model and very functional method.

Speaker #3: 在今年涨50%还是五年每年涨15%上。我觉得我们愿意选择第二种。今天的AI跟我们的生态和组织的嵌入和互动会非常的让我们有信心来实现第二种的选择。

Peng Zhao: 在今年涨50%还是五年每年涨15%以上，我觉得我们愿意选择第二种。今天的AI跟我们的生态和组织的嵌入和互动，会非常地让我们有信心来实现第二种的选择。

Speaker #2: So whether to do by 50% for this year or 15% for the next five years, we choose the latter and we believe the combination of our technology and our organization will support the second path very smoothly.

Wenbei Zhen: Whether to grow by 50% for this year or 15% for the next 5 years, we choose the latter. We believe the combination of our technology and our organizations will support the second path very smoothly.

Peng Zhao: Whether to grow by 50% for this year or 15% for the next 5 years, we choose the latter. We believe the combination of our technology and our organizations will support the second path very smoothly.

Speaker #3: 我们不能过于自满的认为我们进行了三年的探索之后对于AI跟我们的生意之间的两个关系以及我们自己在AI上的投入和期待的四个策略吧。我们不能骄傲的觉得自己有多么对，但是我想告诉尊敬的投资人，关心我们的公众和我们今天在听电话的员工。我想告诉你们这些是我们自己实实在在探索出来的东西。我也一直在AI的一线跟我们同学们一起做事。同时来讲刚才的这些观点也吸收了我们也经过了我们团队内部在AI上做事情的有代表性的几个团队长的看法，所以的话我觉得至少它是真实的负责任的。

Peng Zhao: 我们不能过于自满地认为我们进行了三年的探索之后，对于AI跟我们的生意之间的两个关系，以及我们自己在AI上的投入和期待的四个策略，我们不能骄傲地觉得自己有多么的对。但是我想告诉尊敬的投资人、关心我们的公众和我们今天在听电话的员工，我想告诉你们，这些是我们自己实实在在探索出来的东西。我也一直在AI的一线跟我们同学们一起做事，同时来讲，刚才的这些观点也经过了我们团队内部在AI上做事情的、有代表性的几个团队长的看法。所以我觉得至少它是真实的、负责任的。

Speaker #2: So after three years of exploration, those two points and the four strategies we just talked about, it actually has been fully verified. It's not that it's our pride, but we have been doing that for a long time.

Wenbei Wang: After 3 years of exploration, those 2 points and the 4 strategies we just talked about actually have been fully verified. It is not that our pride, as we have been doing that for a long time. For the investors who cared about us, for the public who listen to us, and our internal employees, I want to say that the strategies we just discussed are based on our real exploration, and our employees who work at the front line of our AI development and all the team leaders of our core AI teams have all contributed to the point I just discussed.

Peng Zhao: After 3 years of exploration, those 2 points and the 4 strategies we just talked about actually have been fully verified. It is not that our pride, as we have been doing that for a long time. For the investors who cared about us, for the public who listen to us, and our internal employees, I want to say that the strategies we just discussed are based on our real exploration, and our employees who work at the front line of our AI development and all the team leaders of our core AI teams have all contributed to the point I just discussed.

Speaker #2: So for the investors who cared about us, for the public who listened to us and our internal employees, I want to say that the strategies we just discussed is based on our real exploration and our employees who work at the front line of our AI development and all the team leaders of our core AI team have all contributed to the points I just discussed.

Speaker #3: 所以我跟你们说的这些也就是我们其实在企业内部做的事情，就是一回事。那么接下来接下来说第四个方面股东回报的事情。公司一如既往的落实在股东回报上的承诺。今年以来公司已经累计回购了超过2亿美金，回购的股份占到公司总股本超过大约3%吧，大约3%。总的来看在2022年起到现在我们累计回购了接近公司总股本10%的股份。

Peng Zhao: 所以我跟你们说的这些，也就是我们其实在企业内部做的事情，这是一回事。那么接下来说第四个方面，股东回报的事情。公司一如既往地落实在股东回报上的承诺。今年以来，公司已经累计回购了超过2亿美金，回购的股份占到公司总股本大约3%。总的来看，在2022年起到现在，我们累计回购了接近公司总股本10%的股份。

Speaker #2: Finally, our shareholder returns. We have remained fully committed to delivering on our shareholder return promises. Since the start of this year, we have repurchased over $200 million in shares.

Wenbei Wang: Finally, on shareholder returns, we have remained fully committed to delivering on our shareholder return promises. Since the start of this year, we have repurchased over $200 million in shares, or around 3% of our total outstanding shares. In aggregate since 2022, we have bought back close to 10% of our total shares.

Peng Zhao: Finally, on shareholder returns, we have remained fully committed to delivering on our shareholder return promises. Since the start of this year, we have repurchased over $200 million in shares, or around 3% of our total outstanding shares. In aggregate since 2022, we have bought back close to 10% of our total shares.

Speaker #2: Or around 3% of our total outstanding shares. In aggregate, since 2022, we have bought back close to 10% of our total shares.

Speaker #3: 上个季度我们公布了一个股东回报的计划。也就是在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%。大家看到我们正在一步一步的落实。

Peng Zhao: 上个季度我们公布了一个股东回报的计划，也就是在未来三年，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%。大家看到我们正在一步一步地落实。

Speaker #2: As a reminder, last quarter we announced that a shareholder return plan committing that over the next three years the annual amount we allocate to buybacks and dividends will be no less than 50% of the prior year's adjusted net income.

Wenbei Wang: As a reminder, last quarter, we announced a shareholder return plan committing that over the next 3 years, the annual amount we allocate to buybacks and dividends will be no less than 50% of the prior year's adjusted net income. We are following through on that commitment, as we all see.

Peng Zhao: As a reminder, last quarter, we announced a shareholder return plan committing that over the next 3 years, the annual amount we allocate to buybacks and dividends will be no less than 50% of the prior year's adjusted net income. We are following through on that commitment, as we all see.

Speaker #2: And we are following through on that commitment as we all see.

Speaker #3: 我的介绍就到这里。接下来请我们的代表的CFO文贝为大家介绍财务的情况。

Peng Zhao: 我的介绍就到这里。接下来请我们的Deputy CFO文蓓为大家介绍财务的情况。

Speaker #2: With that, I will now turn to our deputy CFO文贝 to review our financials. Thank you.

Wenbei Wang: With that, I will now turn to our Deputy CFO, Wenbei, to review our financials. Thank you. Thanks, Jonathan. Now, let me quickly walk through the details of our financial results for the first quarter. We are delighted to report a solid start to this year, characterized by continuous expansion in our user base and engagement, alongside sustained revenue growth. Despite a later Chinese New Year, which meant a shorter window of the peak recruitment season fell within this quarter, our revenue reached RMB 2.1 billion, up 8% year on year. We are witnessing accelerated revenue as well as cash collection growth post-Chinese New Year, supported by a robust spring recruitment season. Our paid enterprise customers grew by 11% year on year to 7.1 million in the 12 months ended 31 March 2026, primarily driven by the growth of enterprise users.

Peng Zhao: With that, I will now turn to our Deputy CFO, Wenbei, to review our financials. Thank you.

Speaker #4: Thanks, Jonathan. Now let me quickly walk through the details of our financial results for the first quarter. So we are delighted to report a solid start to this year, characterized by continuous expansion in our user base and engagement.

Wenbei Wang: Thanks, Peng Zhao. Now, let me quickly walk through the details of our financial results for the first quarter. We are delighted to report a solid start to this year, characterized by continuous expansion in our user base and engagement, alongside sustained revenue growth. Despite a later Chinese New Year, which meant a shorter window of the peak recruitment season fell within this quarter, our revenue reached RMB 2.1 billion, up 8% year on year. We are witnessing accelerated revenue as well as cash collection growth post-Chinese New Year, supported by a robust spring recruitment season. Our paid enterprise customers grew by 11% year on year to 7.1 million in the 12 months ended 31 March 2026, primarily driven by the growth of enterprise users.

Speaker #4: Alongside sustained revenue growth, despite a later Chinese New Year which meant a shorter window of the peak recruitment season felt within this quarter, our revenue reached R&B 2.1 billion, up 8% year on year.

Speaker #4: We are witnessing accelerated revenue as well as cash collection growth post-Chinese New Year, supported by a robust pre-recruitment season. Our paid enterprise customers grew by 11% year-on-year to 7.1 million in the 12 months ending March 31, 2026.

Speaker #4: Primarily driven by the growth of enterprise users, paying ratio among active enterprise users increased on a sequential basis. Growth from key accounts and large size companies showed better trend compared to the same period last year.

Wenbei Wang: Paying ratio among active enterprise users increased on a sequential basis. Growth from key accounts and large-size companies showed better trend compared to the same period last year, a more balanced structure. As a result, our ARPU in Q1 increased 2% year on year. Moving to the cost side, our total operating costs and expenses decreased by 3% year on year to RMB 1.4 billion Q1. Total share-based compensation expenses dropped by 24% year on year and 11% quarter on quarter to RMB 191 million. As a percentage of revenue wise, share-based compensation accounted for 9.2% of total revenue for Q1, went down by 3.9 percentage points year on year and 1.1 percentage points sequentially. We expect SBC expenses as a percentage of revenue to stay around 9% in 2026.

Speaker #4: A more balanced structure. As a result, our pool in the first quarter increased 2% year-on-year. Moving to the cost side, our total operating costs and expenses decreased by 3% year-on-year to RMB 1.4 billion this quarter.

Speaker #4: Total share base compensation expenses dropped by 24% year on year and 11% quarter on quarter to R&B 181 million. As percentage of revenue wise, share base compensation accounted for 9.2% of total revenue for this quarter, went down by 3.9 percentage points year on year and 1.1 percentage points sequentially.

Speaker #4: We expect SPC expenses as a percentage of revenue to stay around 9% in 2026. Excluding share-based compensation expenses, our adjusted operating costs and expenses for R&B are RMB 1.3 billion, remaining relatively stable year on year.

Wenbei Wang: Excluding share-based compensation expenses, our adjusted operating costs and expenses were RMB 1.3 billion, remaining relatively stable year-on-year. Our adjusted operating income increased to RMB 815 million, up 18% year-on-year, representing an adjusted operating margin of 39.4%, up by 3.4 percentage points year-on-year, despite Q1 normally having the lowest margin within the full year due to seasonality. We believe there remains substantial room for further margin improvement in our core business segment due to the robust operating leverage of our business model. Considering our continued investment in AI, necessary marketing spending for long-term brand recognition, and investment in new businesses, along with the corresponding margin dilution brought by those new businesses, we can still expect a modest margin expansion for the coming years. Looking into each segment, cost of revenue decreased by 4% to RMB 298 million this quarter.

Speaker #4: Our adjusted operating income increased R&B 8.15 million up 18% year on year representing an adjusted operating margin of 39.4% up by 3.4 percentage points year on year.

Speaker #4: Despite Q1 normally having the lowest margin within the full year due to seasonality, we believe there remains substantial room for further margin improvement in our core business segment due to the robust operating leverage of our business model.

Speaker #4: But considering our continued investment in AI, necessary marketing spending for long-term brand recognition and investment in new businesses along with the corresponding margin dilution brought by those new businesses, we can still expect a modest margin expansion for the coming year.

Speaker #4: Looking into each segment, cost of revenue decreased by 4% to RMB 298 million this quarter. This decrease was primarily due to lower employee-related expenses resulting from enhanced operating efficiency and partially offset by higher server and bandwidth costs.

Wenbei Wang: This decrease was primarily due to lower employee-related expenses resulting from enhanced operating efficiency and partially offset by higher server and bandwidth costs. As a result, our gross margin went up by 1.8 percentage points to 85.6%. Additionally, the reduction in app store commission fees starting in March also contributed to gross margin improvement. Sales and marketing expenses increased by 2% year-on-year to RMB 502 million this quarter, primarily due to increase in advertising and marketing expenses, which partially offset by decrease in sales employee-related compensations as a result of our continued endeavor to improve sales efficiency. R&D expenses were RMB 424 million this quarter, remaining relatively stable year-on-year. Excluding SBC expenses, our adjusted R&D expenses increased by 5% year-on-year to RMB 351 million, primarily due to higher cloud service fees and server depreciation expenses relating to AI infrastructure.

Speaker #4: As a result, our gross margin went up by 1.8 percentage points to 85.6%. Additionally, the reduction in app store commission fees starting in March also contributed to gross margin improvement.

Speaker #4: Sales and marketing expenses increased by 2% year on year to R&B 502 million this quarter. Primarily due to increase in advertising and marketing expenses, which partially offset by decrease in sales employee rate compensations as a result of our continued endeavor to improve sales efficiency.

Speaker #4: R&D expenses were R&B 424 million this quarter remaining relatively stable year on year. Excluding SPC expenses, our adjusted R&D expenses increased by 5% year on year to R&B 351 million primarily due to higher cloud service fees and server depreciation expenses relating to AI infrastructure.

Speaker #4: Our G&A expenses decreased by 16% year on year to R&B 222 million this quarter primarily driven by lower share base compensation expenses. Our interest and investment income was R&B 781 million this quarter.

Wenbei Wang: Our G&A expenses decreased by 16% year-on-year to RMB 222 million this quarter, primarily driven by lower share-based compensation expenses. Our interest and investment income was RMB 781 million this quarter, up 422% year-on-year. This increase was primarily driven by investment income of RMB 640 million arising from fair value changes of one of our invested companies, which went public in January 2026. Income tax expenses were RMB 299 million this quarter, up 293% year-on-year. This increase was also primarily due to those tax impact from the aforementioned investment income of RMB 154 million, as well as the provision of RMB 15 million top-up tax under the Pillar Two tax rule and the withholding tax of RMB 8 million, as well as higher income from operations. Our net income reached RMB 1.1 billion this quarter.

Speaker #4: Up 422% year on year. This increase was primarily driven by investment income of R&B 640 million arising from fair value changes of one of our invested companies which went public in January 2026.

Speaker #4: Income tax expenses were R&B 299 million this quarter up 293% year on year this increase was also primarily due to those tax impact from the aforementioned investment incomes of R&B 154 million as well as the provision of R&B 16 million top-up tax under the Pillar 2 tax rule and the withholding tax of R&B 8 million as well as higher income from operations.

Speaker #4: Our net income reached R&B 1.1 billion this quarter. Excluding share base compensations, net gains from the aforementioned investment, our adjusted net income increased by 12% to R&B 856 million.

Wenbei Wang: Excluding share-based compensations, net gains from the aforementioned investment, our adjusted net income increased by 12% to RMB 856 million. Net margin improved to 54.4%, while the adjusted net margin increased to 41.4%, up 1.7 percentage points year-on-year. Net cash provided by operating activities reached RMB 1.2 billion this quarter, up 19% year-on-year. Our cash position, including cash equivalent, short-term time deposits, and short-term investments, by excluding investment in securities, stood at RMB 19.8 billion as of 31 March 2026. Our strong cash position and cash generative capability will support us to continue to deliver our commitment in shareholder returns. As Jonathan just mentioned, we have purchased a total over $200 million worth of shares, representing approximately 3% of our total outstanding shares. We will continue to maintain substantial shareholder return efforts, including share buyback and dividend based on specific market and operating conditions.

Speaker #4: Net margin improved to 54.4% while the adjusted net margin increased to 41.4% up 1.7 percentage points year on year. Net cash provided by operating activities reached R&B 1.2 billion this quarter up 19% year on year our cash position including cash, cash equivalent, short-term term deposits, and short-term investment by excluding investment insecurities stood at R&B 19.8 billion as of March 31st, 2026.

Speaker #4: Our strong cash position and cash generative capability were supported to continue to deliver our commitment in shareholder returns. As Jonathan just mentioned, we have purchased a total of over US$200 million worth of shares.

Speaker #4: Representing approximately 3% of our total outstanding shares. We will continue to maintain substantial shareholder return efforts including share buyback and dividend based on specific market and operating conditions.

Speaker #4: And now for our business outlook, for the second quarter of 2026, we expect our total revenues to be between R&B 2.38 billion and R&B 2.42 billion a year on year increase of 13.2% to 15.1%.

Wenbei Wang: Now for our business outlook. For Q2 2026, we expect our total revenues to be between RMB 2.38 to 2.42 billion, a year-on-year increase of 13.2% to 15.1%. That concludes our prepared remarks. Now we would like to take other questions. Operator, please go ahead.

Speaker #4: That concludes our prepared remarks, and now we would like to take questions. Operator, please go ahead.

Speaker #2: Thank you. We will now begin the question-and-answer session. To ask a question now, please press *11 on your telephone and wait for your name to be announced.

Operator: Thank you. We will now begin the question and answer session. We will now proceed to take our first question. The question comes from the line of Wei Xiong of UBS. Please ask your question. Wei, your line is open.

Speaker #2: To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. We will now proceed to take our first question.

Speaker #2: And the question comes from the line of Wei Xiong of UBS. Please ask your question, Wei your line is open.

Speaker #3: 哎好的呃叫做文贝Laura晚上好呃感谢接受我的提问。我有两个问题想请教嗯首先是咱们刚才有提到啊今年春节比较滞后的这个季节性影响呃那能不能请管理层介绍介绍一下就如果我们只是考虑春节之后的这个预季度然后也包括咱们二季度目前看到的这个情况那我们同比的这个增速是不是有进一步的改善呃如果有的话那么哪些行业和岗位类型的改善是最明显的嗯第二个呢是还想再请教一下这个还是关于我们刚才已经介绍了很多的AI disruption哈嗯那目前咱们公司看到这个岗位发布的情况有没有受到呃潜在的影响然后另外呢如果考虑到呃咱们的白领业务已经比较成熟那么蓝领其实潜在的这个AI disruption受影响是更小的未来咱们是不是会加速拓展蓝领业务嗯那还有就是咱们其实也之前谈到呃想进一步的利用AI来拓展啊闭环服务的这个机会那这方面最新的进展是什么样的那如果像是中介啊猎头啊这些传统的行业参与者的反馈是怎么样的呃我也自己翻译一下。嗯thank you management for taking my question嗯I have two questions嗯so first you mentioned about the business impact from a delayed Chinese New Year this year嗯may I ask if we only consider the days in in first quarter post CNY嗯as well as the second quarter based on our expectation呃do we see an improvement in the young year growth rate嗯and which industries or job postings have seen more notable improvement嗯and second regarding the AI disruption嗯have we seen any impact on the job postings on our platform嗯considering we already have a very mature white collar business but the AI disruption to blue collar is theoretically smaller嗯will we accelerate嗯blue collar business going forward嗯and also regarding the AI powered closed loop services嗯could management give an update on the latest from industry participants such as agencies and head hackers thank you.

Wei Xiong: 好的。赵总、文蓓、Laura，晚上好。感谢接受我的提问。我有两个问题想请教。首先是咱们刚才有提到今年春节比较滞后的这个季节性影响。那能不能请管理层介绍一下，就如果我们只是考虑春节之后的这个一季度，然后也包括咱们二季度目前看到的这个情况，那我们同比的这个增速是不是有进一步的改善？如果有的话，那么哪些行业和岗位类型的改善是最明显的？第二个是还想再请教一下，这个还是关于我们刚才已经介绍了很多的AI disruption。那目前咱们公司看到这个岗位发布的情况有没有受到潜在的影响？然后另外呢，如果考虑到咱们的白领业务已经比较成熟，那么蓝领其实潜在的这个AI disruption受影响是更小的。未来咱们是不是会加速拓展蓝领业务？那还有就是咱们其实也之前谈到想进一步地利用AI来拓展闭环服务的这个机会，那这方面最新的进展是什么样的？那如果像是中介、猎头这些传统的行业参与者的反馈是怎么样的？我也自己翻译一下。Thank you management for taking my question.

Wei Xiong: Thank you management for taking my question. I have two questions. First, you mentioned about the business impact from a delayed Chinese New Year this year. May I ask if we only consider the days in Q1 post CNY, as well as Q2 based on our expectation, do we see an improvement in the year-on-year growth rate? Which industries or job postings have seen more notable improvement? Second, regarding the AI disruption, have we seen any impact on the job postings on our platform? Considering we already have a very mature white collar business, that the AI disruption to blue collar is theoretically smaller, will we accelerate blue collar business going forward? Also regarding the AI-powered closed loop services, could management give an update on the latest progress, as well as the feedback from industry participants such as agencies and headhunters?

Wei Xiong: I have two questions. First, you mentioned about the business impact from a delayed Chinese New Year this year. May I ask if we only consider the days in Q1 post CNY, as well as Q2 based on our expectation, do we see an improvement in the year-on-year growth rate? Which industries or job postings have seen more notable improvement? Second, regarding the AI disruption, have we seen any impact on the job postings on our platform? Considering we already have a very mature white collar business, that the AI disruption to blue collar is theoretically smaller, will we accelerate blue collar business going forward? Also regarding the AI-powered closed loop services, could management give an update on the latest progress, as well as the feedback from industry participants such as agencies and headhunters?

Wenbei Wang: Thank you.

Wei Xiong: Thank you.

Speaker #4: 哦给你说几个数吧然后你观点刚才说了很多了哈嗯一个数就是我倒着说哈你最后一个最后一个问题就是关于我们讲的这个AI支持闭环业务的部分嗯就是关于这件事我们在一季度的所有业务当中的增速实际上在AI支持下的闭环业务的探索嗯各个实验组的增速都是最快的那么有的就超过100%然后刚才有的呢其实在50%我跟你们说了嗯这个收入的规模呢还比较小今年一季度我们在AI辅助闭环的探索上的收入规模嗯大概在人民币5,000万左右这是关于我们嗯想坚定去的一个方向关于闭环嗯。

Peng Zhao: 我给你说几个数吧，因为观点刚才说了很多了。倒着说，最后一个问题就是关于我们讲的这个AI支持闭环业务。关于这件事，我们在一季度的所有业务当中的增速，实际上在AI支持下的闭环业务的探索，各个实验组的增速都是最快。有的超过100%，有的其实在50%，我跟你们说了。这个收入的规模还比较小。今年一季度，我们在AI辅助闭环的探索上的收入规模大概在人民币5000万左右。这是关于我们想坚定去的一个方向，关于闭环。

Speaker #3: So I I will take your second question first about the closed loop service呃I I actually we talk a lot about opinions I will give you several numbers the first number is呃among all of our different business in the first quarter actually the AI supported the closed loop service is the fastest among different experimental groups some呃 have been have a growth rate over 100% some have 50% but yes the overall revenue scale is relatively small so for the first quarter our AI facilitated the closed loop service have a total revenue size of around R&B 50 million。

Wenbei Wang: I will take your second question first about the closed-loop service. Actually, we have talked a lot about opinions, I will give you some numbers. The first number is, among all of our different business in Q1, actually the AI supported closed-loop service is the fastest among different experimental groups. Some have a growth rate over 100%, some have 50%. Yes, the overall revenue scale is relatively small. For Q1, our AI facilitated closed-loop service has a total revenue size of around RMB 50 million.

Peng Zhao: I will take your second question first about the closed-loop service. Actually, we have talked a lot about opinions, I will give you some numbers. The first number is, among all of our different business in Q1, actually the AI supported closed-loop service is the fastest among different experimental groups. Some have a growth rate over 100%, some have 50%. Yes, the overall revenue scale is relatively small. For Q1, our AI facilitated closed-loop service has a total revenue size of around RMB 50 million.

Speaker #4: 然后你关心的这个今年春季之后的春节之后春招这个情况呃也可以用数据说一下就是我们一季度的MAU在6,000万左右3月份在7,000多万那么4月份呢也是远超一季度平均更接近于呃3月份的这样一个情况所以我觉得这个数据就比较明确的能够说了呃今年春节之后嗯这个嗯这个行业比较兴旺嗯一个前提就是说它的新增用户的BC比是健康的啊按照这个的话就容易理解今年春季之后是很旺盛的。

Peng Zhao: 然后你关心的今年春节之后春招的情况，也可以用数据说一下。我们一季度的MAU在6000万左右，3月份在7000多万，那么4月份也是远超一季度平均，更接近于3月份的这样一个情况。所以我觉得这个数据就比较明确地能够说明今年春节之后，这个行业比较兴旺。一个前提就是说它的新增用户的BC比是健康的，按照这个的话就容易理解，今年春季之后是很旺盛的。

Speaker #3: And about your first question regarding the spring recruitment season, uh, I also can support you with data. So our average monthly active users for the first quarter is around 60 million. However, the MAU for March is over 70 million, and MAU for April is also close to the number of March. So, I think that's a very representative number, uh, that the overall industry has been relatively robust after the spring season. And on a premise, the ratio between, uh, supply and demand—which is enterprise users and the recruiters—is healthy. So it's quite easy to understand it is a very good spring recruitment season.

Wenbei Wang: About your first question regarding the spring recruitment season, I also can support you with data. Our average monthly active users for Q1 is around CNY 60 million. However, the MAU for March is over CNY 70 million, and MAU for April is also close to the number of March. I think that's a very representative number, that the overall industry have been relatively robust after spring season. On the premises that the ratio between supply and demand, that which is enterprise users and recruiters, is healthy. It's quite easy to understand it's a very good spring recruitment season.

Peng Zhao: About your first question regarding the spring recruitment season, I also can support you with data. Our average monthly active users for Q1 is around CNY 60 million. However, the MAU for March is over CNY 70 million, and MAU for April is also close to the number of March. I think that's a very representative number, that the overall industry have been relatively robust after spring season. On the premises that the ratio between supply and demand, that which is enterprise users and recruiters, is healthy. It's quite easy to understand it's a very good spring recruitment season.

Speaker #4: 这个时期的新增的职位数同比是涨了10%左右。

Peng Zhao: 这个时期新增的职位数同比是涨了10%左右。

Speaker #3: The overall newly added job posting number increased by 10% young year。

Wenbei Wang: The overall newly added job posting number increased by 10% year on year.

Peng Zhao: The overall newly added job posting number increased by 10% year on year.

Speaker #4: 然后我们看到上半年的情况的话嗯嗯乃至于全年的情况的话我觉得嗯说点实在的吧就是我们上半年的情况全年的情况我觉得现金回款的情况都会比去年加速全年至少要保持两位数以上的增长这个是很显然的。

Peng Zhao: 然后我们看到上半年的情况，乃至于全年的情况，我觉得，说点实在的，我们上半年的情况，全年的情况，我觉得现金回款的情况都会比去年加速，全年至少要保持两位数以上的增长，这个是很显然的。

Speaker #3: And and even to be more practical so for the first half and overall this year I think the呃 growth rate of our cash cash collection will be accelerating compared to last year so for the full year we are looking at at least double digit number of young year growth。

Wenbei Wang: Even to be more practical. For H1 and overall this year, I think the growth rate of our cash collection will be accelerating compared to last year. For the full year, we are looking at at least a double-digit number of year-on-year growth.

Peng Zhao: Even to be more practical. For H1 and overall this year, I think the growth rate of our cash collection will be accelerating compared to last year. For the full year, we are looking at at least a double-digit number of year-on-year growth.

Speaker #4: 这个是你关心的就是春节之后的这个情况然后嗯稍微说一下就是关于嗯AI会让什么样的岗位没了然后会促进什么样的岗位说实话那个各位投资人那个真真尊敬的熊伟同学我们是真的很严肃的嗯投入资源来我们想做出自己的解读关于一个严肃的实证的一个解读也会及时的向公众包括嗯投资人来讲就是到底这一波啊这个范式的AI因为什么原因让某一个role就怎么了这件事我们是希望做出自己的解读但是到今天为止我们观察到的数据是我没有发现嗯软件开发工程师有任何职位新增活跃下降的情况反而有10.9%的增长我觉得我我会继续努力然后我会把这个课题自己做我们有一些论文实际上是他们想发然后说实话我说再推敲推敲吧因为这个事挺严肃的我不想这个别人说什么我就跟着说什么毕竟我手里有有资源有数据我也有心去做这个研究所以嗯我觉得你在你们在给我两个季度吧我觉得你们在给我两个季度的时间我能够关于暴露在AI之下这件事情啊我能够说的更清楚一些嗯会比别人说的更清楚一些给我点时间。

Peng Zhao: 这个是你关心的，就是春节之后的情况。然后稍微说一下，关于AI会让什么样的岗位没了，会促进什么样的岗位。说实话，各位投资人，尊敬的寻伟同学，我们是真的很严肃地投入资源，我们想做出自己的解读，关于一个严肃的实证的解读，也会及时地向公众包括投资人来讲，到底这一波这个范式的AI，因为什么原因让某一个role就怎么了这件事，我们是希望做出自己的结论。但是到今天为止，我们观察到的数据是我没有发现软件开发工程师有任何职位新增活跃下降的情况，反而有10.9%的增长。我觉得我会继续努力，我会把这个课题自己做。我们有一些论文实际上是他们想发，说实话我说再推敲推敲吧，因为这个事挺严肃的，我不想别人说什么我就跟着说什么，毕竟我手里有资源，有数据，我也有心去做这个研究。所以我觉得你们再给我两个季度的时间，我能够关于暴露在AI之下这件事情，我能够说得更清楚一些，会比别人说得更清楚一些，给我点时间。

Speaker #3: And呃about another question you or most people have been quite concerned about which is what kind of jobs will be impacted by the AI or even replaced by AI so to be honest呃 our dear investors and熊伟 I have been doing呃input serious resources into this matter and want to make our own conclusion a very serious呃and呃 scientific conclusion and once we have our呃 report we will呃呃 we will open to the public but呃till today our observation is that the haven't experienced any decline in job posting on the contrary the active number of job posting increased by 10.9% so I will continue to work on this topic and呃 our team want to呃 papers but I want to呃 take more time so just give me like two seasons呃 two呃 quarters of time and I maybe give you more clear answer to this question。

Wenbei Wang: About another question most people have been quite concerned about, which is what kind of jobs will be impacted by AI or even replaced by AI. To be honest, our dear investors and Wei Xiong, I have been putting serious resources into this matter and want to make our own conclusion a very serious and scientific conclusion. Once we have our report, we will open to the public. Till today, our observation is that the software development engineer haven't experienced any decline in job posting. On the contrary, the absolute number of job posting increased by 10.9%. I will continue to work on this topic. Our team want to publish some papers, but I want to take more time. Just give me like 2 quarters of time, and I may give you more clear answer to this question.

Peng Zhao: About another question most people have been quite concerned about, which is what kind of jobs will be impacted by AI or even replaced by AI. To be honest, our dear investors and Wei Xiong, I have been putting serious resources into this matter and want to make our own conclusion a very serious and scientific conclusion. Once we have our report, we will open to the public. Till today, our observation is that the software development engineer haven't experienced any decline in job posting. On the contrary, the absolute number of job posting increased by 10.9%. I will continue to work on this topic. Our team want to publish some papers, but I want to take more time. Just give me like 2 quarters of time, and I may give you more clear answer to this question.

Speaker #4: 哦对这就是一些看法。

Peng Zhao: 对，这就是一些看法。

Speaker #3: Yes that's some of our views。 And open to。

Wenbei Wang: Yes, that's some of our views.

Peng Zhao: Yes, that's some of our views.

Operator: Thank you.

Wenbei Wang: Open source.

Peng Zhao: Open source.

Speaker #2: Thank you. We would now take our next question from the line of Eddie Wong of Morgan Stanley. Please ask your question, Eddie. Your line is open.

Operator: Thank you. We will now take our next question from the line of Eddy Wang of Morgan Stanley. Please ask your question. Eddy, your line is open.

Speaker #4: 赵总晚辈呃Laura感谢接受我的提问那我这边的问题可能也是跟AI比较相关的嗯因为最近也关注到我们国外的同行recruit上周最新的业绩当中提到的AI对他们收入提升有非常大的帮助尤其是对单位招聘职位带来的收入就上涨其实比较明显的所以我想问一下赵总这边就是说咱们是否能借助AI提升自身这个单位职位的价值吧啊能提升多少以及如何才能做到这样的提升然后可能要跟着这个这个问题再再问下去就是说呃关于recruit这个AI提升的这个假设当中那在中国招聘市场会不会出现那些比如说匹配效率没有我们高的这个招聘平台反而会受到呃就是AI呃反而是就是呃大受呃更大的受益于AI然后我们是怎么看待未来行业竞争格局的变化那我自己可能翻译一下thank you management for taking my question呃my question is also related to to AI呃we have noticed that recruit呃 our呃offering peer company mentioned in its latest earnings that AI has greatly contributed to the increase of their revenue especially the average revenue per job呃can boss Japan enhance the呃revenue呃 per job listing呃with the help of AI as well and how much can it be enhanced and呃how can呃 this be achieved and呃呃a follow up question is that in the Chinese呃 recruitment market呃could there be recruitment platform with lower matching efficiency they are than ours呃than might benefit more from AI呃how does company feel the change in the future industry competition呃patterns thank you。 Okay我也注意到我们的前辈啊成立于1962年的recruit最近的一些说法我们也也也也非也非常的为我们同行取得的进步高兴嗯从我们的角度看中国的市场目前是我们主要服务的市场我们觉得能够从AI的帮助下能够获得更高的收入这件事情我大概要把它分成这么三件事来谈我们在顺序上我觉得第一个顺序我们坚持的还是先提供更高的价值然后再charge更高的价格这是第一个路径啊第二呢中国的市场4,000万家以上的企业还有一多半呢嗯从未使用过互联网招聘所以我觉得还有一个从一片生地啊慢慢变成一片就是充分耕耘过的熟地这样一个过程那么第三个第三个顺序呢我觉得嗯实际上是我们这个行业嗯今天也说过好多次了嗯它的一个根本矛盾就是你卖给这个招聘者的到底是一个曝光还是一个入职那么从曝光到入职对吧it's a long way it's a long journey中间其实有一段又一段的事啊大家都在这个从卖了一个卖了一个职位曝光到卖了一个求职者过了试用期甚至于变成了一个DU的员工啊甚至于得到了提拔我们到底在给客户提供什么我觉得确确实实大家都经历了这个探索的过程那么在这三个我认为的这个过程当中我们在AI的帮助下呃现在在哪呢我觉得我觉得毫无疑问AI可以帮助我们让中国的嗯从未使用过互联网招聘服务的人可以把他的数字化网络化和AI化三合一所以可以更好的帮助好中国的客户我觉得这是我们最早要做的然后我们要去在AI的支持下做闭环服务从最早的1997年的网络招聘就卖一个广告曝光嗯到未来的某一天我们在技术的帮助下跟你说恭喜这个人可以入职了你付我钱这是我们所坚持的东西。

Eddy Wang: 赵总，文蓓，Laura，感谢接受我的提问。我这边的问题可能也是跟AI比较相关。因为最近也关注到我们国外的同行Recruit上周最新的业绩当中提到的AI对他们的收入提升有非常大的帮助，尤其是对单位招聘职位带来的收入的上涨其实比较明显的。所以我想问一下赵总这边，51job是否能借助AI提升自身这个单位职位的价值？能提升多少，以及如何才能做到这样的提升？然后可能要跟着这个问题再问下去，关于Recruit这个AI提升的这个假设当中，那在中国招聘市场会不会出现那些比如说匹配效率没有我们高的招聘平台，反而会受到更大的受益于AI？然后我们是怎么看待未来行业竞争格局的变化？那我自己可能翻译一下。Thank you management for taking my question. My question is also related to AI. We have noticed that Recruit, our foreign peer company, mentioned in its latest earnings that AI has greatly contributed to the increase of their revenue, especially the average revenue per job. Can BOSS Zhipin enhance the revenue per job listing with the help of AI as well?

Eddy Wang: Thank you management for taking my question. My question is also related to AI. We have noticed that Recruit, our foreign peer company, mentioned in its latest earnings that AI has greatly contributed to the increase of their revenue, especially the average revenue per job. Can BOSS Zhipin enhance the revenue per job listing with the help of AI as well? How much can be enhanced and how can this be achieved? A follow-up question is that in the Chinese recruitment market, could there be recruiting platform with lower matching efficiency than ours that might benefit more from AI? How does company view the change in the future industry competition patterns? Thank you.

Eddy Wang: How much can be enhanced and how can this be achieved? A follow-up question is that in the Chinese recruitment market, could there be recruiting platform with lower matching efficiency than ours that might benefit more from AI? How does company view the change in the future industry competition patterns? Thank you.

Peng Zhao: 我也注意到我们的前辈，成立于1962年的Recruit，最近的一些说法，我们也非常地为我们同行取得的进步高兴。从我们的角度看，中国的市场目前是我们主要服务的市场，我们觉得能够在AI的帮助下获得更高的收入这件事情，我大概要把它分成这么三件事来谈。在顺序上，我觉得第一个顺序我们坚持的还是先提供更高的价值，然后再charge更高的价格，这是第一个路径。第二，中国的市场4,000万家以上的企业，还有1亿多从未使用过互联网招聘，所以我觉得还有一个从一片生地慢慢变成一片充分耕耘过的熟地这样一个过程。那么第三个顺序，我觉得实际上是我们这个行业今天也说过好多次了，它的一个根本矛盾就是你卖给这个招聘者的到底是一个曝光还是一个入职？那么从曝光到入职，it's a long way，it's a long journey。中间其实有一段又一段的事，大家都在从卖了一个职位曝光，到卖了一个求职者，过了试用期，甚至于变成了一个优的员工，甚至于得到了提拔。我们到底在给客户提供什么？我觉得确确实实大家都经历了探索的过程。那么在这三个我认为的过程当中，我们在AI的帮助下，现在在哪儿呢？我觉得毫无疑问，AI可以帮助我们让中国的从未使用过互联网招聘服务的人，可以把他的数字化、网络化和AI化三合一，所以可以更好地帮助到中国的客户。我觉得这是我们最早要做的。然后我们要去在AI的支持下做闭环服务。从最早的1997年的网络招聘，就卖一个广告曝光，到未来的某一天，我们在技术的帮助下跟你说："恭喜这个人可以入职了，你付我钱。"这是我们所坚持的东西。

Speaker #3: And thank you for your question we also notice that our predecessor who呃established1962 have been呃making some呃statement like you said and we are quite happy for the progress they have they have got from our perspective so the Chinese domestic market is is our current main focused area and呃呃how it can help us to achieve higher revenue growth I think I will divide it by呃 three point so呃in the in the in the order of呃considering this I think the first thing we insist is still to first呃provide better value and then we charge higher price so that the first pass and second is in China呃domestic market there are over40 million enterprises which more than half of them have never used online commerce service before so I think there is a process that from a raw area a raw land to a fully呃cultivated呃呃呃markets so the third thing is that I have actually talked a lot in our industry that a very basic contradictory orcontroversy is that whether you are selling呃exposure to the recruiter or onboarding so from the exposure to onboarding there are very very long journey and there are many many different steps so we are all experiencing from selling one job exposure to selling one job candidate and even after the呃 testing period you becoming a very good employees or even get promotion so what are we providing to our customers I think everybody is going through this exploration process so in all those three呃point I just discussed we always help where currently are we standing I think without a doubt that can let us to help with all those呃people who haven't used the online common service in China to use their digitalized and network data to better help us to serve our clients and that's the first thing we need to do and now we are using it to support our closer services so from the earliest呃online recruitment service in1997 from selling呃advertisement exposure to someday in the future with help of our technology we can tell you I can help you to deliver onboarding and you can pay me based on that that's what is we have been呃insisting。

Wenbei Wang: Thank you for your question. We also noticed that our predecessor who established in 1962, have been making some statement like you said, we are quite happy for the progress they have got. From our perspective, the Chinese domestic market is our current main focused area. How it can help us to achieve higher revenue growth, I think I will divide it by 3 points. In the order of considering this, I think the first thing we insist is still to first provide better value, then we charge higher price. That's the first part. The second is in China domestic market, there are over 40 million enterprises, which more than half of them have never used online recruitment service before. I think there is a process that from a raw area, a raw land to a fully cultivated market.

Peng Zhao: Thank you for your question. We also noticed that our predecessor who established in 1962, have been making some statement like you said, we are quite happy for the progress they have got. From our perspective, the Chinese domestic market is our current main focused area. How it can help us to achieve higher revenue growth, I think I will divide it by 3 points. In the order of considering this, I think the first thing we insist is still to first provide better value, then we charge higher price. That's the first part. The second is in China domestic market, there are over 40 million enterprises, which more than half of them have never used online recruitment service before. I think there is a process that from a raw area, a raw land to a fully cultivated market.

Wenbei Wang: The third thing is that I have actually talked a lot in our industry that a very basic contradictory or controversy is that whether you are selling exposure to the recruiter or onboarding. From the exposure to onboarding, there are very, very long journeys and there are many, many different steps. We are all experiencing from selling 1 job exposure to selling 1 job candidate. Even after the testing period, you becoming a very good employee or even get promotion. What are we providing to our customers? I think everybody is going through the exploration process. In all those 3 points I just discussed with our help, where currently are we standing?

Peng Zhao: The third thing is that I have actually talked a lot in our industry that a very basic contradictory or controversy is that whether you are selling exposure to the recruiter or onboarding. From the exposure to onboarding, there are very, very long journeys and there are many, many different steps. We are all experiencing from selling 1 job exposure to selling 1 job candidate. Even after the testing period, you becoming a very good employee or even get promotion. What are we providing to our customers? I think everybody is going through the exploration process. In all those 3 points I just discussed with our help, where currently are we standing?

Wenbei Wang: I think without a doubt that let us to help with all those people who haven't used the online recruitment service in China to use their digitalized and network data to better help us to serve our clients. That's the first thing we need to do. Now we are using it to support our closed-loop services. From the earliest online recruitment service in 1997, from selling advertisement exposure to someday in the future with help of our technology, we can tell you, I can help you to deliver onboarding, and you can pay me based on that. That's what we have been insisting.

Peng Zhao: I think without a doubt that let us to help with all those people who haven't used the online recruitment service in China to use their digitalized and network data to better help us to serve our clients. That's the first thing we need to do. Now we are using it to support our closed-loop services. From the earliest online recruitment service in 1997, from selling advertisement exposure to someday in the future with help of our technology, we can tell you, I can help you to deliver onboarding, and you can pay me based on that. That's what we have been insisting.

Peng Zhao: 然后我想跟你一起回顾一个数字，就是我们在截止到3月31号，我们的付费的bosses 710万人，同比涨了10%多，环比涨了4.4%。我为什么想说这个数呢？因为这个数的同比涨10%，上一次是600多万到710万。这其实不仅代表了我在商业上的进步，而且代表了我用先进的技术和招聘求职的理念，和一个双边的平台，帮助中国从未使用过网络招聘服务，别说AI的超过2000万的enterprises在一步一步地走向一个更加跟求职者充分沟通的一个更加文明的一种招聘方式。那么这个时候要讲一下涨价这个词，因为710万人付了我多少钱呢？我一年80多个亿的revenue，是吧？平均一个付费的人付给我1000多块钱一年。那么我觉得所有人都会看到这里面有巨大的卖得更贵的潜力。但是我想说的不是今天。在我卖得更贵，和有710万、有910万、有1900万个付费者当中，我今天选择我从0个付费者、1个付费者走到710万个付费者，我还要去1900万个付费者，所以我今天选这条路。但是我觉得从这个价格上来讲，我的潜力非常大，这是毫无疑问的，只是这不是我的优先级。

Wenbei Wang: I also want to remind you that our number of paid enterprise customers is over 7.1 million by end of this quarter. Grew by 10.9% year-on-year and 4.4% quarter-on-quarter. Why I want to talk about this number is because this 10% increase not only representing a progress of our commercialization, but also means for us, we are helping more and more users in China who have not used online service before to going step by step to a more civilized way for hiring and job seeking. Now we are talking about price hiking, because for all those 7.1 million people, how many they are paying us by each individual? Our revenue is around CNY 8 billion per year. On average, every paying customer is paying us around CNY 1,000.

Peng Zhao: I also want to remind you that our number of paid enterprise customers is over 7.1 million by end of this quarter. Grew by 10.9% year-on-year and 4.4% quarter-on-quarter. Why I want to talk about this number is because this 10% increase not only representing a progress of our commercialization, but also means for us, we are helping more and more users in China who have not used online service before to going step by step to a more civilized way for hiring and job seeking. Now we are talking about price hiking, because for all those 7.1 million people, how many they are paying us by each individual? Our revenue is around CNY 8 billion per year. On average, every paying customer is paying us around CNY 1,000.

Wenbei Wang: I think everybody can see there are huge potential in here for higher price, but between more paying customer, for example, we have 7.1 million today. In the future, we can have 9.1 or even 19 million paying customers. I choose to grow our number of paying customers first, and by that time, I think we still have huge potential to further increase our price. That's without doubt.

Peng Zhao: I think everybody can see there are huge potential in here for higher price, but between more paying customer, for example, we have 7.1 million today. In the future, we can have 9.1 or even 19 million paying customers. I choose to grow our number of paying customers first, and by that time, I think we still have huge potential to further increase our price. That's without doubt.

Peng Zhao: 我的这些看法有一天也许会变，然后我会及时地跟关心我们的人汇报这些变化。但是迄今为止，我觉得我们会有耐心地去做我们认为正确的事情。然后关于你说会不会有一个人用AI来在竞争当中取得优势。我想怎么回答呢？这个可能性肯定是存在的，但是基于我自己从非常害怕，有一点好奇，到有一点了解，没那么害怕，到今天有了一点自己的看法和strategy，我觉得我们其实是更加务实的那种人，跟AI在一起解决问题。所以我现在不担心在中国的行业当中，有人他的匹配效率不如我，但是拿着AI有一天突然反超我们。我今天不是很担心，它也不会很突然。

Wenbei Wang: My idea about growing paying users or the price might change for one day, I will communicate with people who concern about us timely about the changes. About whether there are potential for the AI empowering our peers who have maybe weaker technology than us to maybe exceeding us. I think their possibility definitely exists. Based on my experience, when I have experiencing from maybe a little bit concerned about AI and more curious and less concerned, now we have our own views and strategies, we are actually more practical people and solving questions together. Today, I'm not that worried that our peers in China's recruiting industry who have maybe a weaker matching efficiency that maybe one day to exceeding us or disrupt us, I'm not that worried and it won't be quite sudden. Yeah, that's our answer to the question.

Peng Zhao: My idea about growing paying users or the price might change for one day, I will communicate with people who concern about us timely about the changes. About whether there are potential for the AI empowering our peers who have maybe weaker technology than us to maybe exceeding us. I think their possibility definitely exists. Based on my experience, when I have experiencing from maybe a little bit concerned about AI and more curious and less concerned, now we have our own views and strategies, we are actually more practical people and solving questions together. Today, I'm not that worried that our peers in China's recruiting industry who have maybe a weaker matching efficiency that maybe one day to exceeding us or disrupt us, I'm not that worried and it won't be quite sudden. Yeah, that's our answer to the question.

Wenbei Wang: Operator, let's proceed to our last question.

Peng Zhao: Operator, let's proceed to our last question.

Operator: Thank you. Our final question today comes from Timothy Zhao of Goldman Sachs. Please ask your question, Timothy. Your line is open.

Timothy Zhao: 好的，赵总，我们是Laura，感谢接受我的提问。我这边有两条问题，第一个问题是关于我们的费用情况，想请教一下我们今年对于营销费用，特别是世界杯相关的市场费用以及研发费用是怎样去规划的？我们对于全年的利润率的展望有哪些更新？同时我们也看到在今年以来，公司在市场上面加大了回购的力度，想请教一下我们对于今年和中期的股东回报的政策有没有更新？这是第一条问题。第二条问题是关于我们的海外业务，看到OfferToday在香港市场的发展其实很快，可否分享一下我们现在OfferToday的用户量和商业化的最新进展，以及我们在一季度投入的金额有多少？我们在其他的海外市场有没有更进一步的计划或者是打算？我很快翻译一下。Thank you management for taking my question.

Timothy Zhao: Thank you management for taking my question. My first question is regarding your operating expenses, is regarding the World Cup marketing expenses and R&D expenses on AI. Just wondering if you can share some more detailed color and what is your outlook for this year's overall profit margin. Also, I note that you have been increased your buyback from the public market. Just wondering if there's any updates on your shareholder return plans for this year and in the midterm. Secondly is regarding your overseas expansion. We note that OfferToday has been growing very rapidly in the Hong Kong market. Just wondering if you can share some color on the latest user base and the monetization updates in Hong Kong and any investments that you have made in Hong Kong in the Q1. Do you have any other plan to further expand into new overseas markets? Thank you.

Timothy Zhao: My first question is regarding your operating expenses, is regarding the World Cup marketing expenses and R&D expenses on AI. Just wondering if you can share some more detailed color and what is your outlook for this year's overall profit margin. Also, I note that you have been increased your buyback from the public market. Just wondering if there's any updates on your shareholder return plans for this year and in the midterm. Secondly is regarding your overseas expansion. We note that OfferToday has been growing very rapidly in the Hong Kong market. Just wondering if you can share some color on the latest user base and the monetization updates in Hong Kong and any investments that you have made in Hong Kong in the Q1. Do you have any other plan to further expand into new overseas markets? Thank you.

Peng Zhao: World Cup总是一个很好的、在比较短的时间内可以跟比较多的用户有沟通的营销机会。不过到底怎么弄呢？还是要最后看性价比的情况如何。毕竟有利的地方在于场次多，时间长，并且不利的地方也很显著，因为每家做World Cup，我们的时差还是差不多正好倒过来。所以这个我们还是在继续沟通的一个过程中，但是最终看性价比，所以其实我现在还不能确定地跟你说一个结果。这是关于你关心的World Cup花不花钱的事儿，怎么花的事儿。第二个就是AI上面，我们今年还是会继续地进行投入，主要是两个部分，第一个部分其实是大家也知道，现在因为各种原因，所以某些AI的公司和一些AI的岗位，其实人的收入可以说是非常高，又进行了一轮变化。我们如果没有办法去match，就会导致团队不稳定，所以我们要想办法去找到合适的人，并且把现在的人能够提高，这是一块花在人身上的钱。还有一个就是在云上面租算力，包括应用当中租training用的钱也是要花的，所以今年还是会继续扩大。这是关于花钱的两件事。

Wenbei Wang: Thank you for your question. The World Cup is always a very good thing, which we can communicate with a lot of users during a very short period of time. How much we will invest on World Cup, it depends on the ROI. The advantage for this year is that there are more games and longer period of the World Cup events. The disadvantage is also quite clear, because of the time difference. We are still under communication and looking at the final ROI. I will communicate once we have our results. Secondly, it's about the AI.

Peng Zhao: Thank you for your question. The World Cup is always a very good thing, which we can communicate with a lot of users during a very short period of time. How much we will invest on World Cup, it depends on the ROI. The advantage for this year is that there are more games and longer period of the World Cup events. The disadvantage is also quite clear, because of the time difference. We are still under communication and looking at the final ROI. I will communicate once we have our results. Secondly, it's about the AI.

Wenbei Wang: We will continue to invest. This year, the one major change you have all witnessed that for some companies and some very critical jobs, the companies can offer very high salary for top talents, so we should pay and find appropriate person to maintain our AI related development capabilities. Another one is on the computing power, including rental service and the referring cost. We will also invest on that and maybe further expanding our expenses.

Peng Zhao: We will continue to invest. This year, the one major change you have all witnessed that for some companies and some very critical jobs, the companies can offer very high salary for top talents, so we should pay and find appropriate person to maintain our AI related development capabilities. Another one is on the computing power, including rental service and the referring cost. We will also invest on that and maybe further expanding our expenses.

Uh, second is about the AI who are continuing uh, to invest. But this year, the the 1 major change, you have all witnessed that for some some companies and some very critical jobs. They, uh, companies can offer very high salary for top talents. So we should pay, uh, and find appropriate person to maintain our uh, AI related development capabilities. And another 1 is on the computing power including uh, rental service and uh, referring cost. So, we are also invest on that and maybe further expanding our expenses,

Peng Zhao: 然后这些投入应该不会对于整个公司今年年初所计划的整个利润情况有很大的影响。我们目前的核心业务的利润率是超过50%的，但是考虑到还是会有一些投入，所以我们会看到一个利润小幅提升，大概是这么一个预期。

For.

Wenbei Wang: For our margin perspective, I will call this margin is quite high, over 50%. Considering all those investment on this World Cup sponsorship and the new business, I think it just a similar expectation for us from the beginning of this year, we are expecting a smaller increase in our adjusted operating margin.

Peng Zhao: For our margin perspective, I will call this margin is quite high, over 50%. Considering all those investment on this World Cup sponsorship and the new business, I think it just a similar expectation for us from the beginning of this year, we are expecting a smaller increase in our adjusted operating margin.

Um, so for our uh, margin productive or poor business quite high for 50%, but considering all those investment on the World Cup sponsorship and the new business. So I think is just similar expectation for us. From the beginning of this year, we are expecting a smaller increase in our adjusted operating margin.

Peng Zhao: 然后从股东回报这个地方再说一下，我们其实从年初到现在，不到半年的时间，我们的回购是2亿美元左右，总股本的30%。如果从每个季度看的话，这个回购力度是比较大的，也超过了我们当时的一个打算。两个原因，第一个原因主要还是因为这个价格，我们愿意多回购一点，花钱的效率比较高。还有一个原因也就是这个时候我觉得公司自己对业务有信心，也应该有所表达。我觉得这个对于我们继续在一起的员工、管理层和投资人来说，都是一个比较好的做法，所以我们就继续会这么做。

uh,

Wenbei Wang: About shareholder return from buyback, I want to re-emphasize that year to date, we have spent more than $200 million to bought over 3% of total shares. If you're looking at quarterly payout ratio is already exceeding what we planned in the first. There are two reasons we are doing this. First is actually our valuation is quite good, so it's very efficient to spend money. Also we want to provide more confidence. We have confidence in our company and we want to express that, share that view with all those employees and investors who have been standing with us. We will continue to do that.

Peng Zhao: About shareholder return from buyback, I want to re-emphasize that year to date, we have spent more than $200 million to bought over 3% of total shares. If you're looking at quarterly payout ratio is already exceeding what we planned in the first. There are two reasons we are doing this. First is actually our valuation is quite good, so it's very efficient to spend money. Also we want to provide more confidence. We have confidence in our company and we want to express that, share that view with all those employees and investors who have been standing with us. We will continue to do that.

And about the shareholder returns and back. I want to, uh, re-emphasize that here. Today, we have spent more than 200 million US dollars to Port over 3% of the total shares. If you're looking at the quarterly, uh, uh, Power ratio is already exceeding. What we spend in the first and there are 2 reasons, we we are doing this. First is a is actually where our valuation is, is quite good. So it's very efficient to spend money and also we want to provide a more confidence. Uh we have confidence in our company and we want to express that. Share that view with all those employees and managers who have been standing with us.

So we will continue to do that.

Peng Zhao: 另外，谢谢你提到了我们在香港的业务的发展。OfferToday在香港市场发展很快，从它的用户服务规模的情况看的话，仅看这个APP，因为网站我们先不说，我们在香港还是小，我们的优势跟声音还是更多在移动端。所以仅看这个APP的话，我们DAU接近6万这样一个水平，这个也没什么不可说的，说吧。实际上你可以这样理解，就是300多万香港的上班族，平均每50个人就有一个人在使用这个OfferToday。这样的话，我们给招聘者端提供了大量的活跃的、有效的、今天就能沟通的供给。反向呢，这些招聘者也是很高效地用这个新的模式跟求职者沟通，从而逐步趋近于越来越多的人可以获得OfferToday。这是我们的一个情况。然后发展香港这边的业务有两个核心原因，一个就是To C业务模式，这个双边的生态模式的一个理解，是否可以在我们相对离得近的地方，虽然也有区别，能够得到验证。还有一个就是未来我们真正要向国际化发展的时候，实际上我觉得它的核心是队伍。那么我们也有希望在香港能够逐渐强化一支更具国际化特点的队伍，所以这是我们目前的priority。那么从收入的角度不是我们的priority，然后投入的话，我觉得说法是一个合理的投入。这个是我们在香港这边的一个业务。我们以前跟投资人说过，跟员工也说过，我们现在还是这个说法，我们有能力，也有决心能够把OfferToday变成一个香港本地的客户侧和用户侧最满意的一个求职招聘的APP。这个OKR一天都没有变过，我们会继续投入，继续努力。也希望你继续关注吧。

Over today.

Of today.

Find.

Priority.

Over today.

Wenbei Wang: Thank you for asking about OfferToday. Actually, we did developing quite well in Hong Kong. Looking at the mobile side, which we have more advantages. Now currently our daily active users is approximately 50,000 daily active users. If you can understand like this way, for the 3 million Hong Kong workers, 1 out of 50 are using us every day. Actually, we are providing our enterprise customers with a large amount of active, effective suppliers who can communicate today. That's why the recruiters are using a very efficient and new model to communicate with job seekers, more and more people can get OfferToday. That's our current situation. There are 2 reasons we are developing our Hong Kong business. First is whether our business model based on double-side ecosystem can get verified in a market quite close to the mainland. Another more important reason is when we are developing internationally, we want to cultivate a very important and core team for us to go further. That's our purpose. Our priority, revenue is not our current priority, and we are investing a reasonable amount. I have been communicating with our employees and our investors that before, we still have done well today, and we have confidence that we can turn OfferToday to Hong Kong local most satisfied job seeking and recruitment platform for both job seekers and recruiters. That OKR has not changed for a day, we are continue to invest and continue to make more efforts and hope you can keep following on us. That all of our answers to the questions today. Operator.

Peng Zhao: Thank you for asking about OfferToday. Actually, we did developing quite well in Hong Kong. Looking at the mobile side, which we have more advantages. Now currently our daily active users is approximately 50,000 daily active users. If you can understand like this way, for the 3 million Hong Kong workers, 1 out of 50 are using us every day. Actually, we are providing our enterprise customers with a large amount of active, effective suppliers who can communicate today. That's why the recruiters are using a very efficient and new model to communicate with job seekers, more and more people can get OfferToday.

Peng Zhao: That's our current situation. There are 2 reasons we are developing our Hong Kong business. First is whether our business model based on double-side ecosystem can get verified in a market quite close to the mainland. Another more important reason is when we are developing internationally, we want to cultivate a very important and core team for us to go further. That's our purpose. Our priority, revenue is not our current priority, and we are investing a reasonable amount.

Uh, thank you for asking about all for today. And, uh, uh, actually we, we, we did, uh, developing quite, uh, uh, well, uh, in Hong Kong, uh, looking at the model site, which we have more advanced. So, we all we have now currently our daily active users is, uh, approximately, uh, 60,000, uh, daily activities. So if you can understand like this way. So for the 3 million Hong Kong, uh, workers, the, uh, 1 out of 50 are using us every day. So actually we are providing our enterprise customer with, uh, a large amount of active, effective, uh, supplies who can communicate today. So that's, that's why the recruiters are using, uh, very efficient and new model to communicate with job seekers, so where every more and more people can get over today. So that's our kind of situation and there are 2

we are developing our home business first is the

Peng Zhao: I have been communicating with our employees and our investors that before, we still have done well today, and we have confidence that we can turn OfferToday to Hong Kong local most satisfied job seeking and recruitment platform for both job seekers and recruiters. That OKR has not changed for a day, we are continue to invest and continue to make more efforts and hope you can keep following on us. That all of our answers to the questions today. Operator.

Uh, whether our business models based on double site, ecosystems can, uh, get verified in the market quite clear, close to the main line. And now, and another more important reasons, when we are developing internationally, we want to cultivate a very important and important for us to go, uh, further. So that, uh, so that's our purpose, our priority. Uh, revenue is not our current priority and we are investing in a reasonable amount.

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

So I have been uh, communicating with our employees and our uh, investors that before. And we are still have that role today and we have, uh, confidence that we can turn over today to uh, uh uh, Hong Kong local, uh, most satisfied job, seeking recruitment platform for both job Seekers and cultures that okr has not changed for me. I will continue to invest and continue to make more efforts and hope you can uh keep following us.

And that's all of our answers to the questions today.

Operator, thank you.

Wenbei Zhen: Thank you once again for joining us today. If you have any further questions, please contact our IR team directly. Thank you.

Laura Chan: Thank you once again for joining us today. If you have any further questions, please contact our IR team directly. Thank you.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

Thank you, once again for joining us today. If you have any further questions please contact our IR team directly. Thank you.

Thank you for your participation. In today's conference, this does conclude the program. You may now disconnect your line.

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