Kanzhun Ltd (BZ) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Kanzhun Limited first quarter 2025 financial results conference call. (Operator Instructions) Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Wenbei Wang, Head of Investor Relations. Please go ahead, ma'am.

女士們，先生們，感謝大家的支持，歡迎參加看準有限公司 2025 年第一季財務業績電話會議。（操作員指示）今天的會議正在錄製。現在，我想將會議交給投資人關係主管王文貝女士。請繼續，女士。

Thank you, operator. Good evening, and good morning, everyone. Welcome to our first quarter 2025 earnings conference call. Joining me today are our Founder, Chairman and CEO, Mr. Jonathan Peng Zhao; and our Director and CFO, Mr. Phil Yu Zhang.

謝謝您，接線生。大家晚上好，早安。歡迎參加我們的 2025 年第一季財報電話會議。今天與我一起出席的還有我們的創辦人、董事長兼執行長趙鵬先生，以及我們的董事兼財務長張宇先生。

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.

在開始之前，我們想提醒您，今天的討論可能包含前瞻性陳述，這些陳述基於管理層當前的預期和觀察，涉及已知和未知的風險、不確定性和其他公司無法控制的因素，這可能會導致公司的實際結果、業績或成就產生重大差異。

The Company cautions you not to place undue reliance on forward-looking statements and do 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.

本公司提醒您不要過度依賴前瞻性陳述，並且不承擔更新此前瞻性資訊的任何義務，除非法律要求。在今天的電話會議中，管理階層還將討論某些非公認會計準則財務指標，僅供比較之用。

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

有關非公認會計準則 (non-GAAP) 財務指標的定義以及公認會計準則 (GAAP) 與非公認會計準則 (non-GAAP) 財務結果的調節，請參閱今天早些時候發布的收益報告。此外，本次電話會議的網路重播將在我們的網站ir.zhipin.com上提供。

Now I will turn the call to Jonathan, our Founder, Chairman and CEO.

現在我將把電話轉給我們的創辦人、董事長兼執行長喬納森。

(spoken in foreign language)

（用外語說）

Hello, everyone. Thank you for joining our Company's first quarter 2025 earnings conference call. On behalf of the Company's employees, management team and Board of Directors, I would like to extend our sincere gratitude to our users, investors and friends who have continuously believed and supported us.

大家好。感謝您參加本公司 2025 年第一季財報電話會議。我謹代表公司全體員工、管理團隊和董事會，向一直以來信任和支持我們的用戶、投資人和朋友們表達最誠摯的感謝。

(spoken in foreign language)

（用外語說）

In response to key investor conference, I would like to report on a few main topics. First, we have remained focused on driving profitability with encouraging results. Second, regarding the ongoing tariff war, which is a concern for many, my observation is that its impact on our business has not intensified. Third, we have continued to make solid progress on the AI front.

針對本次重點投資人見面會，我想報告幾個主要議題。首先，我們始終致力於提高獲利能力，並且取得了令人鼓舞的成果。第二，關於目前很多人關心的關稅戰，我的觀察是，它對我們業務的影響並沒有加劇。第三，我們在人工智慧領域持續取得紮實進展。

(spoken in foreign language)

（用外語說）

Let me start with an overview of our financial performance. In the first quarter, the Company achieved a GAAP revenue of RMB1.92 billion, up 13% year-on-year. Our net income reached RMB510 million, reflecting a 112% year-on-year growth.

首先讓我概述一下我們的財務表現。第一季度，公司實現美國通用會計準則營業收入19.2億元，年增13%。淨利達5.1億元，年增112%。

(spoken in foreign language)

（用外語說）

The various uncertainties of recent years have prompted the Company to formulate a strategy, which is to focus intensely on very few high-impact priorities to enhance operational certainty. Based on this, at the end of last year, we clearly proposed to guarantee profits.

近年來的各種不確定性促使公司製定了一項策略，即集中精力於極少數影響重大的優先事項，以提高營運確定性。基於此，我們在去年底就明確提出要保證利潤。

(spoken in foreign language)

（用外語說）

Excluding other income such as wealth management income, our adjusted operating income was RMB690 million for the first quarter. Adjusted operating margin was 36%, up 13 percentage-points year-on-year compared to 23% in the same period last year.

剔除理財收入等其他收入，第一季調整後營業收入為6.9億元。調整後營業利益率為36%，較去年同期的23%年增13個百分點。

Overall, this achievement demonstrated the Company's capability to implement strategic goals and exceptional operational leverages.

總體而言，這項成就證明了公司實現策略目標的能力和卓越的營運槓桿。

(spoken in foreign language)

（用外語說）

Increasing profitability involves both cost control and revenue growth. With respect to costs, there are two things worth mentioning.

提高獲利能力涉及成本控制和收入成長。關於成本，有兩件事值得一提。

(spoken in foreign language)

（用外語說）

First is the decrease of SBC expenses. Our share-based compensation expenses this quarter were down by 10% quarter-on-quarter. As a proportion of revenue, this represents a narrowing of nearly 4 percentage-points year-on-year. We have previously predicted that the longer-time passes since the IPO as well as the growth of our revenue, the impact of SBC expenses on profits will decline in both absolute value and percentage. This trend will continue.

首先是SBC費用的減少。本季我們的股權激勵費用較上季下降了 10%。佔收入的比例較去年同期下降了近4個百分點。我們先前曾預測，隨著IPO時間的延長以及收入的成長，SBC費用對利潤的影響在絕對值和百分比上都會下降。這一趨勢將會持續下去。

(spoken in foreign language)

（用外語說）

Second is the improvement of market efficiency. From January to April this year, the Company added over 15 million verified new users. In the first quarter, the average verified and monthly active users on the BOSS Zhipin App reached 57.56 million, up 24% year-on-year. Post-Chinese New Year, monthly active users in March approached 65 million. The average number of achievements per user continuing to increase both quarter-on-quarter and year-on-year.

二是市場效率提高。今年1月至4月，公司新增驗證用戶超過1,500萬人。一季度，BOSS直聘App平均認證及每月活躍用戶數達5,756萬，較去年同期成長24%。春節過後，3月月活躍用戶接近6,500萬人。每位用戶的平均成就數量較上季和年比持續增加。

(spoken in foreign language)

（用外語說）

We maintain robust user growth despite the decrease in marketing expenses, benefiting from the two-sided network effects of our model and our continued focus on improving user satisfaction.

儘管行銷費用有所下降，但我們仍保持著強勁的用戶成長，這得益於我們模式的雙邊網路效應以及我們對提高用戶滿意度的持續關注。

(spoken in foreign language)

（用外語說）

Our core revenue growth drivers are still the growth of users and the increase in penetration rate. Therefore, revenue growth and user growth showed a highly correlated structural change.

我們的核心收入成長動力仍然是用戶的成長和滲透率的提高。因此，收入成長與用戶成長呈現高度相關的結構性變化。

(spoken in foreign language)

（用外語說）

First, blue-collar new users accounted for over 45% of our total new users in the first quarter, driving their shares of revenue up to more than 39%.

首先，藍領新增用戶在第一季佔比達45%以上，帶動其營收佔比提升至39%以上。

(spoken in foreign language)

（用外語說）

Second, alongside with the higher growth rate of new users among Tier 3 and lower Tier cities, the revenue contribution from Tier 3 and below goes up by 3 percentage points to over 23%.

其次，隨著三線及以下城市新增用戶成長加快，三線及以下城市收入貢獻提升3個百分點至23%以上。

(spoken in foreign language)

（用外語說）

Third, revenue from enterprises with fewer than 100 employees hit a record high contribution for the period due to the higher growth rate of the smaller size companies.

第三是受小型企業成長速度加快影響，百人以下企業收入貢獻創當期歷史新高。

(spoken in foreign language)

（用外語說）

Many people are concerned about the impact of the tariff war. We also take it seriously. So far, our overall conclusion is: with regard to the job seeking and recruitment supply and demand relationship, no severe impact of the war has been observed so far.

許多人擔心關稅戰的影響。我們也非常重視。到目前為止，我們的總體結論是：就求職和招募的供需關係而言，目前尚未觀察到戰爭造成的嚴重影響。

(spoken in foreign language)

（用外語說）

In general, we observed that hiring demand from enterprises has continued to show recovery trend since Chinese New Year. From January to April, average new job postings grew 17% year-on-year, while the paying ratio improved sequentially, boosting total paid enterprise customers in the 12 months ended March 31 to 6.38 million, up 12% year-on-year.

整體來看，我們觀察到農曆新年以來企業的招募需求持續呈現復甦趨勢。1-4月，平均新增職缺年增17%，付費率較上季提升，帶動截至3月31日的12個月內企業付費客戶總數達到638萬戶，較去年同期成長12%。

(spoken in foreign language)

（用外語說）

From industry perspective, recruitment demand for blue-collar workers represented by urban service sectors such as catering and retail has been continuously and steadily rebounding since April. Manufacturing recruitment has demonstrated resilience despite the impact of tariffs, with the number of new job postings maintaining year-on-year growth in April.

從業界來看，以餐飲、零售等城市服務業為代表的藍領招募需求自4月以來持續穩定回升。儘管受到關稅的影響，製造業招聘仍表現出韌性，4月份新招聘職位數量保持同比增長。

(spoken in foreign language)

（用外語說）

Meanwhile, recruitment demand for white-collar has also stabilized and begun to recover, with industries such as advertising, professional services, Internet, finance and automotive leading in year-on-year growth rate.

同時，白領招募需求也趨於穩定並開始復甦，廣告、專業服務、網路、金融、汽車等產業較去年同期成長率領先。

(spoken in foreign language)

（用外語說）

Since last quarter, market has been very concerned about AI. We also attach great importance to AI in our own daily operations in the recent three years. In this quarter, in terms of products and services, we continue to deepen application of AI technology and expand the scale and the penetration rate of AI testing users. Now allow me to expand on our AI developments. We'll break it down into three key aspects: AI to C (to job seekers), AI to B (to recruiters) and AI to Management.

自上個季度以來，市場對人工智慧非常關注。近三年來，我們在自己的日常營運中也非常重視人工智慧。本季度，在產品和服務方面，我們持續深化人工智慧技術的應用，擴大人工智慧測試用戶規模和滲透率。現在請容許我詳細介紹一下我們的人工智慧發展。我們將其分為三個關鍵面向：AI to C（求職者）、AI to B（招募人員）和AI to 管理階層。

(spoken in foreign language)

（用外語說）

First, AI to C. The first item is the gray scale testing also known as phased rollout we mentioned in our last earnings call, which is - after our user conducts a search - we do not only need to give the result, but also provide an explanation by AI, why the result is what it is. Initial outcomes showed promising results, and we have now rolled it out to all users.

第一是AI到C。第一項是我們在上次財報電話會議上提到的灰階測試，也叫分階段推出，也就是在我們的用戶進行搜尋之後，我們不僅需要給出結果，還要透過AI來解釋為什麼結果是這樣的。初步結果顯示出良好的效果，現在我們已將其推廣至所有用戶。

(spoken in foreign language)

（用外語說）

The second thing of AI to C, which we also mentioned during our last call, is our AI-powered interview robot designed to help users practice interview skills. Our experiments have shown that it can meaningfully enhance the recommendation system’s understanding of individual user behaviors, and the outcome is quite significant. Now we have officially launched it for all students and young people with up to three years of work experience.

AI to C 的第二件事，我們在上次電話會議中也提到過，就是我們的人工智慧面試機器人，旨在幫助使用者練習面試技巧。我們的實驗表明，它可以顯著增強推薦系統對個人使用者行為的理解，而且效果非常顯著。現在我們正式向所有學生和擁有三年以下工作經驗的年輕人推出。

(spoken in foreign language)

（用外語說）

Moving on to AI to recruiters. One is the application of AI technology which has, to some extent, supported our exploration in closed-loop services. The result is in the first quarter; the number of enterprises we provide placement-like services grew by about 30% quarter-over-quarter. We are now starting to see some cash ins.

向招募人員推廣人工智慧。一是人工智慧技術的應用，某種程度上支持了我們在閉環服務的探索。結果是，第一季度，我們提供安置類服務的企業數量較上季增加了約30%。我們現在開始看到一些現金流入。

(spoken in foreign language)

（用外語說）

The other one is an agent, which can interact with the users. That agent can guide enterprise users to convey their personalized recruitment demand and proactively search for suitable candidates across the platform. The agent is still evolving, but we have witnessed that this agent can effectively improve the matching accuracy. Enterprise users who have used the agent seeing a 25% increase in achieving recruitment results.

另一個是代理，可以與使用者互動。該代理商可以引導企業用戶傳達個人化的招募需求，並在平台上主動搜尋合適的候選人。該代理商仍在不斷發展，但我們已經見證了該代理商能夠有效提高匹配準確率。使用該代理商的企業用戶的招募結果提高了 25%。

(spoken in foreign language)

（用外語說）

That said, we remain extremely cautious about broadly expanding the robot’s role or allowing it to even somehow partially replace human recruiters. Our current strategy is as follows: First, we placed no limits on building the recruitment robot’s capabilities. Second, we are extremely prudent about when and how readily we will deploy the robot.

儘管如此，我們仍然對擴大機器人的作用或允許其以某種方式部分取代人類招募人員持極其謹慎的態度。我們目前的策略是：首先，我們對招募機器人的能力建構不設任何限制。其次，我們對何時以及如何部署機器人非常謹慎。

(spoken in foreign language)

（用外語說）

Third is AI to Management. There are two things to talk about – first is the reformation of weekly report. Now after one finish their week report, we have our proprietary AI system to help create a concise summary version, which can still be revised by you. That way, you have two reports sent to your higher-up: one is the summative AI-plus modified and the other one is your original version. Until now, the supervisor's behavior tend to check the concise version first, then move on to the longer one.

第三是人工智慧管理。有兩件事要講，第一是周報改革。現在，在人們完成周報告後，我們有專有的人工智慧系統來幫助創建一個簡潔的摘要版本，您仍然可以對其進行修改。這樣，您就會向上級發送兩份報告：一份是總結性的 AI-plus 修改版，另一份是您的原始版本。到目前為止，主管的行為傾向於先檢查簡潔版本，然後再檢查較長的版本。

(spoken in foreign language)

（用外語說）

So that’s some basic applications today. How to realize the value is that the AI will study your historical weekly reports and also read across weekly reports from related departments. If there are too many projects that have not closed the loop, or the content is empty, or there are too many big works, AI will remind you. This is a supplement to human capabilities.

這就是今天的一些基本應用。如何實現價值是，AI會研究你的歷史週報，也會閱讀相關部門的週報。如果有太多項目沒有閉環，或是內容空洞，或是大工程太多，AI都會提醒你。這是對人類能力的補充。

(spoken in foreign language)

（用外語說）

The second thing on AI to Management is the use case for talent evaluation. When we merely rely on humans for performance appraisal even so-called 360 degrees, there might be interference from two noisy sources.

人工智慧在管理的第二點是人才評估的用例。當我們僅僅依靠人類進行績效評估時，即使是所謂的360度，也可能受到來自兩個噪音源的干擾。

(spoken in foreign language)

（用外語說）

The first thing is forgetfulness, for example, a person previous contributions will be downplayed and the recent performance will be more important. It is quite a human nature, but this might not be appropriate as a long-term evaluation.

首先是健忘，例如一個人以前的貢獻就會被淡化，而最近的表現就會變得更重要。這是很人性化的事情，但作為長期評估，這可能並不合適。

(spoken in foreign language)

（用外語說）

The second thing is also quite according to human nature. So [people] (corrected by company after the call) will see what others want you to see. One’s superior may consciously or unconsciously, filter and change their subordinates’ information before presenting it upward.

第二件事也挺符合人性的。因此（公司在通話後糾正道）[人們]會看到別人希望你看到的東西。上級可能會有意或無意地過濾和改變下屬的訊息，然後再向上傳達。

(spoken in foreign language)

（用外語說）

However, AI is objective. Under the premises of protecting employee’s privacy and dignity, AI can see the objective changes in past performance data. AI will not like an employee because it likes their characters, nor will it evaluate them badly because it dislikes the employee. So AI is neutral and impartial in terms of human resource applications.

然而，人工智慧是客觀的。在保護員工隱私和尊嚴的前提下，AI可以看到過去績效數據的客觀變化。AI不會因為喜歡一個員工的個性而喜歡他，也不會因為不喜歡一個員工而給他負評。所以人工智慧在人力資源應用方面是中立、公正的。

(spoken in foreign language)

（用外語說）

To sum up, for the AI to job seekers, to enterprise users, and to management, these three aspects, our exploration and the research are equally important. To sum up, the first quarter of 2025 was solid. On the whole, we are positive for the year ahead, and we will continue to work hard.

總結一下，AI對於求職者、對於企業用戶、對於管理這三個方面，我們的探索和研究都同樣重要。總而言之，2025 年第一季表現穩健。總體來說，我們對新的一年充滿信心，並將繼續努力。

(spoken in foreign language)

（用外語說）

That concludes my part of the call.

我的通話部分到此結束。

I will now turn it over to our CFO, Phil for the interview -- for the review of our financials. Thank you.

現在我將把採訪交給我們的財務長菲爾——以審查我們的財務狀況。謝謝。

Thanks, Jonathan. Hello, everyone. Now let me walk through the details of our financial results of the first quarter of 2025. We are delighted to report a solid start to the year, characterized by continuous expansion in our user base and engagement and sustainable revenue growth.

謝謝，喬納森。大家好。現在讓我詳細介紹一下我們 2025 年第一季的財務表現。我們很高興地報告今年開局良好，其特點是用戶群和參與度不斷擴大以及收入可持續增長。

In this quarter, our revenues reached RMB1.9 billion, representing a 13% year-on-year growth. We experienced a decent spring recruitment season with continuous improvement in enterprise hiring demand, evidenced by the growth of our cash collections, which has bottomed out from the last quarter. Revenues from key accounts and small-sized accounts both contributed higher growth rates in the quarter.

本季，我們的營業收入達到人民幣19億元，年增13%。我們經歷了一個不錯的春季招聘季，企業招聘需求持續改善，這從我們的現金收款增長中可以看出，我們的現金收款已從上個季度觸底。本季大客戶收入和小客戶收入均貢獻了較​​高的成長率。

Our paid enterprise customers grew by 12% year-on-year to 6.4 million in the trialing 12 months ended March 31, primarily driven by the growth of enterprise users. Paying ratio among active enterprise users increased on a sequential basis, as the supply to demand situation of the labor market improved from previous quarter.

截至 3 月 31 日的 12 個月試用期內，我們的付費企業客戶年增 12%，達到 640 萬，這主要得益於企業用戶的成長。由於勞動市場供需狀況較上季有所改善，企業活躍用戶付費比例較上季上升。

ARPPU increased by 5% year-on-year, mainly due to the expansion of paying amounts from key accounts. Moving to the cost side. Total operating costs and expenses decreased by 8% year-on-year to RMB1.5 billion in the first quarter. Share-based compensation expenses dropped by 13% year-on-year and 10% quarter-over-quarter to RMB252 million, shrinking for the third consecutive quarters.

ARPPU年增5%，主要由於大客戶付費金額擴大。轉向成本方面。第一季總營業成本及費用較去年同期下降8%至人民幣15億元。股權激勵費用為2.52億元，年減13%，季減10%，連續第三季下降。

Excluding share-based compensation expenses, adjusted operating cost and expenses decreased by 6% year-on-year to RMB1.2 billion. And our adjusted operating margin reached 36%, up by 13 percentage-points year-on-year. A showcase of our disciplined cost control and high operating leverage, despite Q1 normally having the lowest margin within the full year due to seasonality.

扣除股權激勵費用，調整後營業成本及費用年減6%至人民幣12億元。調整後營業利益率達36%，較去年同期成長13個百分點。儘管由於季節性因素，第一季通常是全年利潤率最低的季度，但這仍顯示了我們嚴格的成本控制和高營運槓桿。

Cost of revenues increased by 5% year-on-year to RMB311 million this quarter. Gross margin went up by 1.1 percentage-points to 83.8% compared to the same period of last year, as a testimony of our AI’s application to improve our operating efficiency. Sales and marketing expenses decreased by 15% year-on-year to RMB491 million during this quarter, primarily due to decreases in advertising and marketing expenses and employee-related expenses.

本季營業成本年增5%至人民幣3.11億元。毛利率較去年同期上升1.1個百分點至83.8%，證明了我們應用人工智慧來提高營運效率。本季銷售及行銷費用年減15%至人民幣4.91億元，主要由於廣告及行銷費用及員工相關費用的減少。

However, our strong brand recognition, enhanced marketing efficiency and superior user engagement guaranteed that we can still maintain robust user growth momentum. Our R&D expenses decreased by 9% year-on-year to RMB424 million in this quarter and was relatively stable sequentially. This decrease was primarily driven by lower employee-related expenses and reduced public cloud expenses related to AI.

然而，我們強大的品牌知名度、增強的行銷效率和卓越的用戶參與度保證我們仍然可以保持強勁的用戶成長動能。本季我們的研發費用年減 9% 至 4.24 億元，與上一季相比相對穩定。這一下降主要是由於員工相關費用的降低以及與人工智慧相關的公有雲費用的減少。

Our G&A expenses were RMB266 million in this quarter, remaining relatively stable, both year-on-year and quarter-over-quarter.

本季我們的一般及行政開支為人民幣 2.66 億元，較去年同期和季比均保持相對穩定。

Our net income reached RMB512 million in this quarter, up 112% year-on-year, while adjusted net income increased by 44% to RMB764 million. Net margin improved to 26.6%, up 12 percentage-points year-on-year, while our adjusted net margin increased to 39.7%, up 8.6 percentage-points year-on-year.

本季我們的淨利潤達到人民幣5.12億元，年增112%，而調整後淨利成長44%至人民幣7.64億元。淨利率提升至26.6%，較去年同期上升12個百分點；調整後淨利率提升至39.7%，較去年同期上升8.6個百分點。

Net cash provided by operating activities reached RMB1.0 billion this quarter, up 11% year-on-year. Our cash position totaled RMB14.8 billion as of March 31, 2025. Our strong cash generation and robust cash position provide financial flexibility to execute growth initiatives and enhance shareholder returns.

本季經營活動產生的淨現金達10億元人民幣，較去年同期成長11%。截至 2025 年 3 月 31 日，我們的現金狀況總計 148 億元。我們強大的現金產生能力和穩健的現金狀況為執行成長計畫和提高股東回報提供了財務靈活性。

And now for our business outlook. For the second quarter of 2025, we expect our total revenues to be between RMB2.05 billion and RMB2.08 billion with a year-on-year increase of 7.0% to 8.5%. Please note, this growth rate will also bottom out this quarter, driven by continued improvement of cash collection growth in the year.

現在談談我們的業務展望。2025年第二季度，我們預計總營收在20.5億元至20.8億元之間，年增7.0%至8.5%。請注意，受今年現金收款成長持續改善的推動，此成長率也將在本季觸底。

That concludes our prepared remarks. And now we would like to answer questions. Operator, please go ahead.

我們的準備好的演講到此結束。現在我們想回答問題。接線員，請繼續。

Thank you.

謝謝。

We will now begin the question-and-answer session. (Operator Instructions)

我們現在開始問答環節。（操作員指示）

Eddy Wang, Morgan Stanley.

摩根士丹利的 Eddy Wang。

(spoken in foreign language)

（用外語說）

I have two questions. The first one is that would you please give us the brief of how the hiring demand evolved over the past months from the start of the tariff war till it eases? And have you seen any signs of the recovery in recruitment demand recently?

我有兩個問題。第一個問題，您能否簡單介紹一下從關稅戰開始到緩和的幾個月裡，招募需求是如何改變的？您最近有沒有看到招募需求復甦的跡象？

And the second question is that, if I remember correctly, after May last year, macro weakness coincided with a graduation season has led to a deterioration of recruitment demand. How does the current recruitment demand trend in April and May compared with the same period last year. And have we seen different trends among different industries and different sizes of the enterprises, will such trend continue into the graduate season in June and July?

第二個問題，如果我沒有記錯的話，去年5月份以後，宏觀經濟疲軟，又恰逢畢業季，導致招募需求惡化。目前四、五月份的招募需求趨勢與去年同期相比如何？而我們是否看到不同產業、不同規模的企業呈現不同的趨勢，這種趨勢是否會延續到六、七月份的畢業生就業季？

(spoken in foreign language)

（用外語說）

Thank you for your question. About the first one, which is tariff war everybody is concerning. We are still looking from the supply and demand perspective of job-seeker posting job expectations and recruiters post job postings. So this is the most important for our platform. In general speaking, the recovery on recruitment trend, continued recruitment trend is still the case. That is undoubtfully.

感謝您的提問。關於第一個問題，也就是大家關心的關稅戰。我們也是從求職者發布職缺期望、招募人員發布職缺資訊的供需角度來看。所以這對我們的平台來說是最重要的。整體來看，招募趨勢復甦、持續招募的態勢依然如此。這是毫無疑問的。

(spoken in foreign language)

（用外語說）

The view we talked during our prepared remarks, which is quite serious that in general speaking, the tariff war impact on our overall supply and demand relationship is still quite limited.

我們在準備好的發言中談到的觀點是，整體來說，關稅戰對我們整體供需關係的影響還是比較有限的。

(spoken in foreign language)

（用外語說）

Objectively speaking, we have a quite diversified industry and location distribution. So the export-related industries both in terms of revenue and numbers of job posting contribution are quite low.

客觀來說，我們的產業、地區分佈較為多元化。所以出口相關產業無論從營收或就業的貢獻率來看都比較低。

(spoken in foreign language)

（用外語說）

If we look at the detailed numbers, for example, in April and May, the total number of new job postings and active job postings have kept a good growth rate. We haven't seen any significant pull back compared to March.

如果我們看具體的數字，例如4月份和5月份，新增職位總數和活躍崗位總數都保持了較好的成長速度。與三月相比，我們沒有看到任何明顯的回落。

(spoken in foreign language)

（用外語說）

For industries which affected bigger by the tariffs, such as export-related jobs. So we saw some slowing in terms of growth rate in the beginning of April, but it has recovered after mid-May.

對於受關稅影響較大的產業，例如與出口相關的工作。因此，我們看到 4 月初成長率有所放緩，但 5 月中旬之後已經恢復。

(spoken in foreign language)

（用外語說）

The second question regarding the overall recruitment market. So the overall supply and demand relationship has continued to improve in this year. Let's take a detailed look at the days after May compared to the same days after the spring festival. So this year, we saw better growth trend compared to last year after May, especially after Labor Day holiday and after spring festival.

第二個問題是關於整體招募市場。所以今年整體的供需關係是持續改善的。讓我們來詳細看看五一之後和春節之後的比較。所以今年我們在5月以後，特別是五一勞動節和春節以後，我們看到的成長趨勢比去年好。

(spoken in foreign language)

（用外語說）

Let's look at some detailed numbers. So since April till today, the number of newly posted jobs and number of recruiters who posted jobs, the sequential trends are better compared to last year.

讓我們來看一些詳細的數字。所以從四月到今天，新發布的職位數量，以及發布職位的招聘人員數量，與去年相比，連續的趨勢是好的。

(spoken in foreign language)

（用外語說）

Among which the blue-collar sector, especially urban service blue-collar sector, the year-on-year growth rate continue to enlarge from March to May.

其中藍領產業特別是城市服務業藍領產業，3-5月年增速持續擴大。

(spoken in foreign language)

（用外語說）

And about our prediction for June and July – the graduation season, it's hard to say we can predict precisely. But according to my personal feeling, it could be okay, since is coming.

關於我們對六月和七月（畢業季）的預測，很難說我們能夠準確預測。不過就我個人感覺來說，應該還可以，反正已經來了。

(spoken in foreign language)

（用外語說）

And that's my answer to your question, Eddy. And operator, let's move on to the next one.

這就是我對你的問題的回答，艾迪。操作員，我們繼續下一個。

Timothy Zhao, Goldman Sachs.

高盛的趙蒂姆。

(spoken in foreign language)

（用外語說）

Thank you much for taking my questions. Two questions here from my side. First, we understand that the Company has been internally testing the AI features for both enterprises and the job seekers. Could management share what is the feedback so far? And what is the plan for the Company to launch the AI monetization features.

非常感謝您回答我的問題。我這裡有兩個問題。首先，我們了解到公司一直在內部測試針對企業和求職者的人工智慧功能。管理階層能否分享目前的回饋？公司推出 AI 貨幣化功能的計畫是什麼？

Secondly is considering the latest macro environment as well as the monetization rate as well as user growth. Just wondering how does management see the RMB3 billion non-GAAP operating profit target for this year? And into the second half, what are our leverage to make sure this RMB3 billion target is achievable and what is the longer-term margin expansion room for the Company? And additionally, could management share about our plan for capital allocation. Thank you.

其次是考慮最新的宏觀環境以及貨幣化率和用戶成長。只是想知道管理階層如何看待今年 30 億元的非公認會計準則營業利潤目標？進入下半年，我們有什麼槓桿來確保實現30億元的目標，以及公司的長期利潤率成長空間有多大？此外，管理層能否分享我們的資本配置計劃。謝謝。

(spoken in foreign language)

（用外語說）

Thank you for your question. I will take the first one regarding AI and our CFO will answer the second question regarding the margin. So about AI, it's good to summarize that our series of phase rollout AI product testing has quite positive feedback, as we have just mentioned. And this is based on that we have been and continued to be very cautious in terms of using AI. And I think investors who are familiar with us knows our views.

感謝您的提問。我將回答第一個有關人工智慧的問題，我們的財務長將回答第二個有關利潤率的問題。關於人工智慧，正如我們剛才提到的，我們一系列階段性推出的人工智慧產品測試得到了相當正面的回饋。這是基於我們在使用人工智慧方面一直非常謹慎。我認為熟悉我們的投資者都知道我們的觀點。

(spoken in foreign language)

（用外語說）

And we just mentioned that some of our testing products have already opened to all of our users. It is a gradual process.

而且我們剛才提到，我們的一些測試產品已經向所有用戶開放。這是一個漸進的過程。

(spoken in foreign language)

（用外語說）

And regarding the monetization, I would like to share two data with you.

關於貨幣化，我想和大家分享兩個數據。

(spoken in foreign language)

（用外語說）

For the recruiters who have gray-scale used our AI recruitment function, their efficiency of achievement increased by 25% under the same amount of communication.

對於灰階使用我們AI招募功能的招募人員來說，在同樣的溝通量下，他們的成交效率提高了25%。

(spoken in foreign language)

（用外語說）

The AI communication assistant has accumulatively served over 9 million conversations during our massive gray scale test. So the job seekers who have been responded by the AI communication assistant, their achievement rate increased by 15%.

AI通訊助理在我們大規模灰階測試中累積服務超過900萬次對話。因此，經過AI溝通助理回覆的求職者，求職成功率提高了15%。

(spoken in foreign language)

（用外語說）

So in principle, the AI products can improve the efficiency, increase your using experience and the saving some time. But in reality, we are still quite cautious. So my view is that we might be relatively gradual and slow on the AI adoption of monetization, but it must be some real money.

所以從原則上來說，AI產品可以提高效率，增加你的使用體驗，節省一些時間。但實際上，我們還是比較謹慎的。所以我的觀點是，我們在人工智慧貨幣化應用方面可能會相對循序漸進，但一定是真正的錢。

So I'd like to answer the profitability and margin question. So as Jonathan mentioned in the prepared remarks earlier, even under current conditions with many external uncertainties, the Company's overall goal for this year is to secure a solid bottom line growth first, then try our best to grow faster with our business.

所以我想回答獲利能力和利潤率的問題。因此，正如喬納森在之前的準備好的發言中提到的那樣，即使在當前存在許多外部不確定性的情況下，公司今年的總體目標仍然是首先確保穩健的底線增長，然後盡最大努力實現業務的更快增長。

In first quarter, we had a good start, and we managed to reduce cost to improve overall efficiency for most cost and expenses items. Our marketing fees dropped in absolute amount versus last year, but we still achieved satisfactory new user growth. We had higher revenue but our sales guys - number of our sales guys - dropped.

第一季度，我們取得了良好的開端，並成功降低成本，提高了大多數成本和費用項目的整體效率。我們的行銷費用絕對金額與去年相比有所下降，但我們仍然實現了令人滿意的新用戶成長。我們的收入增加了，但是銷售人員的數量卻減少了。

Headcount for R&D, administrative cost and operation functions kept stable. Our internal AI tools keep building in to platforms, operation and verification jobs, which leads to improvement of our gross margin. You should know that our margin in the first quarter is the lowest due to the seasonality. With all the measures mentioned above, there is still room to improve in second half of the year. So we are confident with our RMB3 billion non-GAAP operating profit target for the full year. This is a comment for the profitability and margin.

研發人員數量、行政成本和營運職能維持穩定。我們的內部AI工具不斷融入平台、營運和驗證工作中，從而提高了我們的毛利率。您應該知道，由於季節性因素，我們第一季的利潤率是最低的。透過以上措施，下半年仍有改善的空間。因此，我們對全年30億元非公認會計準則營業利潤的目標充滿信心。這是對盈利能力和利潤率的評論。

And regarding the shareholder return topic, the Company currently has more than USD2 billion cash and equivalents on hand. We consider shareholder returns a very important topic, and we like to do whatever fits us.

關於股東回報主題，公司目前擁有超過 20 億美元的現金和等價物。我們認為股東回報是一個非常重要的議題，我們願意做任何適合我們的事情。

Currently, our share repurchase program is still ongoing, and we definitely will continue. At the same time, we are studying and doing some assessment for other means, other measures to increase our shareholder return. So please stay tuned we would like to do it step by step.

目前，我們的股票回購計畫仍在進行中，而且我們肯定會繼續下去。同時，我們正在研究和評估其他手段、措施來增加股東回報。所以請繼續關注，我們希望一步一步地做到。

Okay. That's our answer to those two questions, and operator, let's move on to the next question.

好的。這就是我們對這兩個問題的回答，接線員，我們繼續下一個問題。

Wei Xiong, UBS.

熊偉，瑞銀。

(spoken in foreign language)

（用外語說）

Thank you, Manager for taking my question. First, with the wider adoption of AI in human resources industry, are we seeing any changes or expecting any potential changes in the competitive landscape? And can we leverage AI to actually further expand our service offerings. And secondly, could management share more updates regarding our blue-collar recruiting business - what are the key KPIs for this year? And how is our progress in the new businesses, such as placement services. Thank you.

謝謝經理回答我的問題。首先，隨著人工智慧在人力資源產業的廣泛應用，我們是否看到競爭格局發生任何變化或預期發生任何潛在變化？我們能否利用人工智慧來進一步擴展我們的服務產品？其次，管理階層能否分享更多關於我們藍領招募業務的最新情況—今年的關鍵 KPI 是什麼？我們在安置服務等新業務方面進展如何？謝謝。

(spoken in foreign language)

（用外語說）

About your first question of how AI will impact the competitive landscape. My view is relatively conservative. So my assessment is, for this generation of AI technology and all the AI application we can observe from the market, we haven't seen any revolutionary or disruptive changes. So the competitive landscape is relatively stable.

關於您的第一個問題，人工智慧將如何影響競爭格局。我的觀點是比較保守的。所以我的評估是，對於這一代人工智慧技術和我們從市場上觀察到的所有人工智慧應用，我們還沒有看到任何革命性或顛覆性的變化。因此競爭格局相對穩定。

(spoken in foreign language)

（用外語說）

But I also have some predictions that if globally, amongst the human resource industries, there is a new generation of AI products that can change the overall landscape, then there must be pushed by the new generation of AI technology, which may be like the 1.5 or 2.0 generation.

但我也有一些預測，如果在全球範圍內，在人力資源產業中，出現了能夠改變整體格局的新一代人工智慧產品，那麼一定是由新一代人工智慧技術推動的，可能就像1.5代或2.0代。

(spoken in foreign language)

（用外語說）

Even though we haven't observed any revolutionary changes of the industry, and we still place very high importance of AI and AI-related investment. For example, last year, since actually since 2023, we have bought more than RMB1 billion of chips, which is enough for us to conduct self-drive research and small scale inference.

儘管我們還沒有觀察到產業發生任何革命性的變化，但我們仍然非常重視人工智慧和與人工智慧相關的投資。比如說去年，實際上從2023年到現在，我們已經購買了超過10億人民幣的晶片，足夠我們進行自動駕駛的研究和小規模的推理。

(spoken in foreign language)

（用外語說）

In terms of AI science, we still maintain a small scale lab for us to be able to conduct pretraining of our own model and replicate all those open source models.

在人工智慧科學方面，我們仍然維護著一個小規模的實驗室，以便我們能夠對我們自己的模型進行預先訓練並複製所有這些開源模型。

(spoken in foreign language)

（用外語說）

In fact, we are actually quite confident that in terms of using AI science for AI application, our business scenario is actually quite suitable to applicate the power of AI and for AI to have some impacts on our business.

事實上，我們實際上非常有信心，在使用人工智慧科學進行人工智慧應用方面，我們的業務場景實際上非常適合應用人工智慧的力量，並且人工智慧會對我們的業務產生一些影響。

(spoken in foreign language)

（用外語說）

Compared to the first emergence of ChatGPT, when we felt a little bit panic or curious at that time. Now we have more certainty on the AI technology can actually help with our business with more real feelings.

比起ChatGPT剛出現的時候，我們當時心裡還有點小小的恐慌或好奇。現在我們更加確信人工智慧技術確實能夠以更真實的感覺幫助我們的業務。

(spoken in foreign language)

（用外語說）

And more view to share that a lot of online recruitment platform have long been pursuing the closed-loop placement service. Now with the help of AI technology, we have more certainty to confirm that whether we can achieve closed-loop service in a big scale or not.

更有觀點分享，許多網路招募平台早已奉行閉環式的招募服務。現在有了AI技術的幫助，我們能夠更確定能否大規模實現閉環服務。

(spoken in foreign language)

（用外語說）

And with blue-collar sector new user contribution more than 45%, revenue contribution more than 39%, and the increased revenue contribution from third tier and below cities, this aspect actually are becoming more and more important for our daily operations.

而藍領階級的新用戶貢獻超過45%，收入貢獻超過39%，以及三線及以下城市的收入貢獻不斷增加，這方面實際上對我們的日常營運變得越來越重要。

(spoken in foreign language)

（用外語說）

And if we want one word to summarize our future efforts to serve the blue-collar and lower-tier city users is our service and products will be more simple and clear.

如果用一個詞來概括我們未來服務藍領和二、三線城市用戶的努力，那就是我們的服務和產品將更加簡單、清晰。

(spoken in foreign language)

（用外語說）

And in terms of placement business, especially on the blue-collar placement, we have been spending a lot of resources at times. The key point is to guarantee the efficiency and reliability of our results. So if AI application can really help with those two aspects, then we do feel some confidence in this perspective, and that's why we want to further invest in this area.

在安置業務方面，特別是藍領安置，我們有時會投入大量資源。關鍵在於保證結果的效率和可靠性。因此，如果人工智慧應用確實能夠在這兩個方面提供幫助，那麼我們對這個觀點確實充滿信心，這就是我們想要進一步投資這一領域的原因。

(spoken in foreign language)

（用外語說）

And that's my answer to your question.

這就是我對你的問題的回答。

Operator, I think that's the last one due to the time constraint.

接線員，由於時間限制，我認為這是最後一個了。

Thank you. Due to time constraint, that concludes today's question-and-answer session. So at this time, I'll turn the conference back to Wenbei for any additional or closing remarks.

謝謝。由於時間限制，今天的問答環節到此結束。因此，現在我將把會議交還給文貝，請他發表任何補充演講或結束語。

Thank you, operator, and thank you, everyone, for joining our call today. And if you have any further questions, please contact our team directly or TPG Investor Relations.

謝謝接線員，也謝謝大家今天參加我們的電話會議。如果您還有其他問題，請直接聯絡我們的團隊或 TPG 投資者關係部門。

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

感謝大家參加今天的會議。該計劃確實就此結束。現在您可以斷開線路了。