Kanzhun Ltd Q4 FY2024 earnings call

• Financial performance: Fourth quarter GAAP revenue RMB 1.82B (+15% y-o-y), adjusted net income RMB 720M (+15% y-o-y); full year 2024 GAAP revenue RMB 7.36B (+24% y-o-y), adjusted net income RMB 2.71B (+26% y-o-y), adjusted operating income (excluding other income) RMB 2.32B (+41% y-o-y).
• User growth: Fourth quarter average verified MAU on BOSS Zhipin app increased 28% y-o-y to 52.7M; full year 2024 MAU on BOSS Zhipin app was 53M (+25.3% y-o-y); facilitated over 1.85 billion successful resume exchanges. As of Dec 31, 2024, served over 225M users and 16.6M enterprises.
• AI implementation: BOSS Zhipin app version 13.030 launched with AI features for job seekers (question-based search, interview coaching bot) and recruiters (AI agent for candidate curation, communication). AI leveraged for security review improved audit efficiency by 30%.
• Spring recruitment season: Post Chinese New Year 2024, key metrics like active users, job postings hit historical highs; average daily new job postings +10% y-o-y; AI-related job postings surged +60% y-o-y.
• Shareholder returns: Repurchased approximately $229 million worth of shares in 2024, accounting for 3.7% of total outstanding shares.

In 2024, the revenue contribution from blue-collar segments increased to 38%, with the manufacturing sector showing the fastest growth among all industries. The revenue contribution from non-Tier 1 cities and micro and small enterprises (fewer than 20 employees) continued to grow. In the fourth quarter, GAAP revenue was RMB 1.82 billion, up 15% year-on-year, and adjusted net income (excluding share-based compensation) was RMB 720 million, up 15% year-on-year. For the full year 2024, GAAP revenue was RMB 7.36 billion, up 24% year-on-year, and adjusted net income was RMB 2.71 billion, up 26% year-on-year. Adjusted operating income (excluding other income like wealth management) for the full year was RMB 2.32 billion, up 41% year-on-year.

• For Q1 2025, expected total revenues between RMB 1.9 billion and RMB 1.92 billion, a year-on-year increase of 11.5% to 12.7%.
• Set full year 2025 non-GAAP operating profit target at RMB 3 billion, which is 30% higher than the 2024 non-GAAP operating profit of RMB 2.3 billion.
• Share-based compensation expenses expected to further decline in absolute value and proportion of revenue in 2025.

• Concern about AI-generated content polluting resumes and job descriptions, with a large number of AI-generated resumes and job descriptions potentially leading to issues with matching actual human backgrounds and needs.

Q: Share thoughts on how the AI boom driven by DeepSeek impacts the online recruitment industry, including technology/products, market demand, and competitive advantage.

A:短期内招聘需求有变化，如招聘者侧AI相关新岗位日均新增超64%，现有AI相关岗位日均在线活跃数增超24%；求职者侧与AI相关的主动搜索关键词活跃数同比增超34%。AI在简历和职位描述表达上有影响，同时需警惕AI生成内容泛滥可能带来的匹配问题。公司优势在于过去2年持续AI科研投入，有自研预训练模型Nanbeige，有众多AI应用场景和独特数据。 Q:关于AI R&D投资策略调整及未来AI产品开发 roadmap。 A:过去因GPU购买限制等情况在技术投资上有尴尬，DeepSeek的开源让中等规模互联网公司有与大公司同等AI能力，未来会更聚焦AI应用、AI代理等，现有面向招聘者的AI产品可提升60%达成互认效率，节省超40%老板时间，受招聘者欢迎。 Q:分享不同企业规模和行业的招聘需求细节及需求展望可持续性，以及平台付费率和ARPPU提升计划。 A:2024年春节后招聘趋势强劲，白领行业稳定复苏，AI相关岗位助力部分互联网子行业回暖。ARPPU方面，无大幅激进提升计划，等待各行业和企业共同改善，过去一年ARPPU有良好增长且付费率稳定。 Q:当前客户获取成本及与几年前对比，2025年营销推广计划，长期可持续利润率。 A:2025年无大型营销活动，仍处快速用户增长阶段，用户获取成本较几年前降低，营销费用占比持续下降。期望2025年全年毛利率和运营利润率进一步提升，设定2025年非GAAP运营利润目标为30亿人民币，较2024年的2.3亿增长30%，股份支付费用预计进一步下降。 Q:蓝领业务的收入贡献、客户反馈、战略重点及收入结构变化。 A:海螺项目2024年全年合同额超2亿人民币，第四季度加入海螺的机构累计数环比增21%，服务超4000万求职者，AI赋能下蓝领业务相关情况可能变化，会持续探索闭环服务和招聘相关服务