KANZHUN LIMITED (BZ) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Kanzhun Ltd first-quarter 2026 financial results conference call. (Operator Instructions) Today's conference is being recorded.

各位女士、先生，感謝您撥冗等候，歡迎參加看準有限公司 2026 年第一季度財務業績電話會議。（接線員指示）今天的會議將被錄音。

At this time, I'd like to turn the conference over to Ms. Laura Zhan, Senior Manager of Investor Relations. Please go ahead, ma'am.

此刻，我想把會議交給投資者關係資深經理詹勞拉女士。女士，請開始。

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.

謝謝接線員。各位晚上好、早上好，歡迎參加我們 2026 年第一季度業績電話會議。今天與我一同出席的有：我們的創辦人、董事長兼首席執行官趙鵬先生；以及我們的副首席財務官王文蓓女士。

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，我們提醒各位，今天的討論可能包含前瞻性陳述。此類陳述基於管理層目前的預期與觀察，並涉及公司無法控制的已知與未知風險、不確定性及其他因素，可能導致公司的實際結果、表現或成就出現重大差異。

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 purposes only.

公司提醒您不要過度依賴前瞻性陳述，且除法律要求外，公司不承擔更新此等前瞻性資訊的任何義務。在今天的電話會議中，管理層亦將討論若干非 GAAP 財務指標，僅供比較之用。

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. In addition, a webcast replay of this conference call will be available on our website at ir.zhipin.com/.

有關非 GAAP 財務指標的定義以及 GAAP 與非 GAAP 財務結果的調節，請參閱我們今日稍早發布的業績新聞稿。此外，本次電話會議的網路重播將於我們網站 ir.zhipin.com/ 提供。

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.

大家好，歡迎參加我們 2026 年第一季度業績電話會議。我謹代表公司全體員工、管理團隊及董事會，向我們的用戶與投資者長期以來的支持致以誠摯的感謝。

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 perspective on AI and strategic approach, and finally, the shareholder returns.

今天的簡報將涵蓋四個主要部分：第一，我們第一季度的成長；第二，我們平台上求職者與企業用戶的關鍵趨勢；第三，公司對 AI 的觀點與策略方法；最後，股東回報。

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. Looking back to January to April this year, we acquired over 15 million newly verified users. Looking ahead, we believe that achieving over 40 million newly verified users for the full year should be achievable.

我先從第一季度的成長談起。作為雙邊平台，我們持續看到求職者端與企業用戶端的強勁成長。回顧今年 1 月至 4 月，我們新增超過 1,500 萬名新驗證用戶。展望未來，我們認為全年新增超過 4,000 萬名新驗證用戶是可以達成的。

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

從付費企業客戶情況來看，截至 3 月 31 日止的過去 12 個月，付費企業客戶數達到 710 萬家，較去年同期成長 10.9%，較上季成長 4.4%。

In the first quarter, the average monthly active users, or MAU, on the BOSS Zhipin app reached 60.9 million up 5.7% year-on-year. In March, MAU exceeded 72 million, up 12.6% year-on-year. 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. The 2026 Chinese New Year fell on February 17, while the 2025 New Year was on January 29. Hence, this year, the peak recruitment season only fell within March, whereas the peak recruitment season fell within both February and March in 2025.

第一季度，BOSS 直聘 App 的平均月活躍用戶數（MAU）達到 6,090 萬，較去年同期成長 5.7%。3 月 MAU 超過 7,200 萬，較去年同期成長 12.6%。3 月 MAU 較第一季度平均值高出逾 1,000 萬的原因在於今年農曆新年較晚，導致招聘旺季高峰後移。2026 年農曆新年為 2 月 17 日，而 2025 年為 1 月 29 日。因此，今年的招聘旺季高峰僅落在 3 月；而 2025 年的旺季高峰則同時落在 2 月與 3 月。

Let me discuss our revenues. In the first quarter, the Company achieved revenue of RMB2.07 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. 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.

接下來談收入。第一季度，公司實現收入人民幣 20.7 億元，較去年同期成長 7.6%。請注意，該數字亦反映了 2026 年僅有 1 個月旺季、而 2025 年有 2 個月旺季的可比差異。展望未來，我們有信心第二季度及全年收入增長將強於第一季度的表現。

On the profit perspective, in the first quarter, the adjusted operating income, excluding share-based compensation expenses, reached over RMB810 million, up 17.8% year on year. The adjusted operating margin was 39.4%, up 3.4 percentage points year on year.

從利潤角度看，第一季度，剔除股份支付費用後的調整後營業利潤超過人民幣 8.10 億元，較去年同期成長 17.8%。調整後營業利潤率為 39.4%，較去年同期提升 3.4 個百分點。

Second, key trends among enterprise users and job seekers on our platform. As discussed multiple times earlier, our platform is suitable in different tier cities and different types of industries. Overall, our continued rapid user growth has driven sustained rapid growth among all 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.

第二部分，平台上企業用戶與求職者的關鍵趨勢。如我們此前多次討論，我們的平台適用於不同線級城市與不同類型的行業。整體而言，我們持續快速的用戶成長，帶動平台上藍領、低線城市以及中小企業的持續快速成長。同時，白領與大型企業的招聘需求也在持續改善。

From the user growth perspective, as of April 30, among the newly acquired users in this year, excluding fresh graduates, nearly two-thirds were blue-collar workers. From a revenue perspective, in the first quarter, blue-collar revenue exceeded 40% of our total revenue for the first time.

從用戶成長角度，截至 4 月 30 日，今年新增用戶中（不含應屆畢業生），近三分之二為藍領。從收入角度，第一季度藍領收入首次超過我們總收入的 40%。

White-collar recruitment demand has also accelerated at 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. This is consistent with the recent observations from our US peers. Referring to the 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 numbers.

與去年同期相比，白領招聘需求在農曆新年期間也有所加速。從具體子行業來看，1 月至 4 月軟體工程師的活躍職位發布量較 2025 年增加 10.9%。這與我們近期對美國同業的觀察一致。根據公開數據，其在美國的活躍軟體開發職位發布量於 2026 年 1 月至 4 月同比成長 9.1%，我們比其高出 2 個百分點。

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, or we have not yet seen a large decline in job postings.

在我們的平台上，我們尚未看到一些人所擔憂的那種令人警惕的大規模程式設計師職位縮減。同時，平台上 AI 相關職位帶來的收入已成長超過 100%。簡而言之，AI 的發展為我們帶來了更多收入，或者說，我們尚未看到職位發布量出現大幅下滑。

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.

在其他行業中，製造業、電子、電信、半導體、交通運輸與物流、城市服務以及各類專業服務，在我們平台上的同比增長領先。

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 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 users also increased modestly.

就大型企業而言，我們在今年春招季看到其招聘需求呈現明顯回升趨勢。第一季度，員工規模 1,000 人至不足 10,000 人的公司錄得最快的同比收入增長，其次為 500 人至不足 1,000 人的公司。每位用戶的平均職位發布數也小幅提升。

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, large enterprises are delivering our fastest revenue growth year on year. That concludes the recent trend on enterprise users and job seekers on our platform.

如果與上一季度相比，當時我們分享過招聘需求增長最強勁的是小微企業。本季度則不同：與上一季度相比，當時我們分享過招聘需求增長最強勁的是小微企業；但在本季度，大型企業帶來了我們最快的同比收入增長。以上即為我們平台上企業用戶與求職者的近期趨勢。

And with that, we will discuss two views and four strategic pillars on AI that we all are concerned. Since the ChatGPT 4.0 launched in March 2023, this AI paradigm has given us 38 transformative months. Meanwhile, recent government disclosures of unidentified aerial phenomenon have put our generation in unprecedented territory. Our perspectives are broadening. Our convictions are being reshaped. Civilization is facing new challenges, which is unavoidable. Many things that once were familiar are now becoming less so, including how we think about companies and how you think about the investment and competition.

接下來，我們將討論大家都關注的 AI 兩點觀點與四大策略支柱。自 2023 年 3 月 ChatGPT 4.0 發布以來，這一 AI 範式已為我們帶來 38 個具有變革性的月份。與此同時，近期政府披露的不明空中現象也將我們這一代置於前所未有的境地。我們的視野正在拓寬，我們的信念正在被重塑。文明正面臨新的挑戰，這是不可避免的。許多曾經熟悉的事物如今正變得不再那麼熟悉，包括我們如何看待公司，以及您如何看待投資與競爭。

As one of the leaders in the worldwide and Chinese recruitment industry and as an entrepreneur myself, I have 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 potential disruptive impact. I have been torn, yet hopeful, in continuously exploring all within the scope of my responsibilities.

作為全球及中國招募產業的領導者之一，同時我也是一名創業者，過去三年我一直在兩種心態之間穿梭：一方面期待新技術能解決重大問題；另一方面又擔心技術可能帶來顛覆性的影響。我在拉扯中仍抱持希望，並在自身職責範圍內持續探索一切可能。

Our shareholders and employees have also gone through ups and downs - concerned at times, excited at others. Sometimes they have been with us; Sometimes less so. We have all been on quite a roller coaster ride.

我們的股東與員工也經歷了起起伏伏——有時擔憂，有時興奮。有時他們與我們站在一起；有時則不盡然。我們都像坐了一趟雲霄飛車。

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.

回顧過去三年，我們認為公司是時候向股東、社會大眾以及員工提供一份進展報告。報告將圍繞兩項關鍵觀察與四項主要策略展開。

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. First, based on reliable 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. User achievement has continued to increase, and we have maintained steady growth surrounding by a challenging environment.

我們的第一項觀察是：截至目前，就公司的商業模式與產業地位而言，AI 技術帶來的機會已大於風險。首先，基於可靠的公開資料、上市公司發布的可信數據以及我們自身的內部數據，我們得出結論：在過去三年中，公司市場領先地位進一步鞏固。用戶成果持續提升，即使在充滿挑戰的環境中，我們仍保持穩健成長。

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 million of users on our platform to be able to access to AI services has been made possible by this reduction in cost.

第二，眾所周知，token 成本下降加速了 AI 應用在我們內部營運與用戶服務中的普及。在過去一個季度，正是因為成本降低，才使我們平台上超過 1,000 萬名用戶得以使用 AI 服務。

Third, extensive exploration in large model pretraining and application has accelerated growth of our young employees, including their sense of pride, cohesion and standing within 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.

第三，在大模型預訓練與應用方面的廣泛探索，加速了我們年輕員工的成長，包括他們的自豪感、凝聚力以及在公司內的地位。AI 技術使用得越廣、越能有說服力地解決真實問題，年輕人才崛起就越快，管理團隊年輕化（rejuvenation）的進程也會越順暢。長期而言，這有助於放緩企業熵增。

The growth of leaders within our organization is as 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 systems and stand out. This also explains why in every wave of technological and cognitive revolution, young people tend to emerge as leaders. Add to that, those technological oriented companies were enjoying the rise of young people and the reduce of corporate entropies.

我們組織內領導者的成長同樣是核心議題，其結果源於個人抱負與進步與公司共同願景的對齊。AI 加上年輕人才，本質上意味著年輕人能更快獲得組織共同體系的認可並脫穎而出。這也解釋了為何在每一波技術與認知革命中，年輕人往往會成為領導者。再加上，那些以技術為導向的公司，正享受年輕人崛起與企業熵降低所帶來的紅利。

Our second observation is that to date, neither enterprise side nor job seekers stand-alone agents have been capable of challenging the Company’s business model. 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.

我們的第二項觀察是：截至目前，無論是企業端還是求職者端的獨立代理（stand-alone agents），都尚未具備挑戰公司商業模式的能力。相反地，一旦代理被嵌入我們的雙邊網路生態系中，它們會利用公司累積的用戶基礎與數據，發揮正向且具建設性的作用。

Recruitment and job seeking is always a multiple people to multiple people game. Whether a labor contract should be signed or not, and whether every day thereafter will go smoothly, ultimately comes down to a many-to-many game between two large groups of people. The double-sided network that BOSS Zhipin has 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. In essence, embedding various AI agents into our double-sided network serves as a driving force that enhances information collection, processing and dissemination.

招募與求職始終是一個「多人對多人」的博弈。是否簽訂勞動契約，以及此後每天是否順利，最終都取決於兩大群體之間的多對多互動。BOSS 直聘在過去 12 年建立的雙邊網路，以及我們對用戶 12 年的理解，始終旨在反映人類社會中求職與招募的真實動態。本質上，將各類 AI 代理嵌入我們的雙邊網路，將成為提升資訊蒐集、處理與傳播的驅動力。

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 60%. Second, the large-scale application of AI may enable the user retention, which is at its highest level since the pandemic in 2020. Third, the average per- enterprise user achievement increased by a double-digit percentage. Overall, study in data and theories told us that AI is our friend instead of the enemy.

從我們第一季數據來看。第一，AI 代理的應用使從首次聊天到成功達成雙方同意的轉化效率提升了 60%。第二，AI 的大規模應用可能帶來用戶留存提升，並達到自 2020 年疫情以來的最高水準。第三，企業端用戶的平均成果以兩位數百分比成長。總體而言，數據與理論研究告訴我們：AI 是朋友，而不是敵人。

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. 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 candidates. We firmly believe that with the support of the AI technology, the result oriented business model is achievable on our platform.

接下來我將帶您了解我們在 AI 方面的四項策略考量。第一，投資 AI 以推進閉環商業模式。我們堅信，在招募產業中，關鍵在於我們能為企業用戶交付候選人的入職與到崗（onboarding and placement）。無論我們是否做調研，每一位企業用戶都願意為「交付候選人」付費，而不是為流量探索或點擊候選人付費。我們堅信，在 AI 技術的支持下，以結果為導向的商業模式可在我們平台上實現。

It is a very important part of our Company, and we will continue to allocate resources to this effort. And while we're 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.

這是公司非常重要的一部分，我們將持續為此投入資源。同時，在保護高端求職者體驗的前提下，我們也願意運用新技術與新作業系統，與專注於閉環服務的外部公司展開合作。

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-drive operations. Second, our another closed-loop pilot project, the combined productivity of human plus Agents increased by 4 times in the first quarter, already exceeding the average productivity level of headhunters in the industry. 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. Therefore, the AI-powered closed loop service is one of our core strategies.

我與大家分享三組數據。第一，在公司內部獵頭團隊中，對於經常使用 AI 的顧問而言，他們所交付的候選人推薦中，已有 20% 來自 AI 驅動的作業。第二，在我們另一個閉環試點專案中，「人 + Agents」的綜合生產力在第一季提升了 4 倍，已超過行業獵頭的平均生產力水準。第三，對外提供的「人 + Agent」校園招募服務，其第一季收入同比成長超過 50%。因此，AI 驅動的閉環服務是我們的核心策略之一。

Second, we are also maintaining a portion of our resources in AI science, currently focused primarily on the training and development of small models. There are five reasons for this.

第二，我們也會保留一部分資源投入 AI 科學研究，目前主要聚焦於小模型的訓練與開發。原因有五點。

First, small models are less expensive for us to use internally. Second, continuous in-house R&D helps us enhance the business controllability and enable the development of long-term technical capabilities tailored to vertical recruitment scenarios. Third, small models are increasingly gaining attention across the industry which helps ensure a sense of pride and recognition for our science team. 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. Last, under the current paradigm, the large models are too costly for us to pursue.

第一，小模型供我們內部使用的成本更低。第二，持續的內部研發有助於提升業務可控性，並形成面向垂直招募場景的長期技術能力。第三，小模型正日益受到全行業關注，這有助於提升我們科研團隊的自豪感與認同感。第四，我們自研小模型也已有效應用於搜尋與推薦功能，在效率與效果上相較大模型展現出優勢。最後，在當前範式下，大模型成本過高，並不適合我們投入追逐。

Our third strategy on AI is that, we will continue to invest heavily in AI applications. Our primary evaluation criteria is that how AI helps our double-sided job seeking and the recruitment network ecosystem. According to the investigation for the past 12 months, we have formed some, we have formed some logical and common sense on these. And we believe that we will treat AI technology as value-added tool for identifying and solving problems.

我們在 AI 上的第三項策略是：將持續大力投資 AI 應用。我們的首要評估標準是 AI 如何幫助我們的雙邊求職與招募網路生態系。根據過去 12 個月的調研，我們已形成一些邏輯與常識。我們相信，我們會把 AI 技術視為用於識別與解決問題的增值工具。

Regarding the reward and bonus on the related areas, the teams that use AI to discover and resolve issues will be generously rewarded by us. So far, we believe that our exploration and investments in AI will be based on our double-sided ecosystem, theoretical framework.

在相關領域的獎勵與獎金方面，能運用 AI 發現並解決問題的團隊，將獲得我們的慷慨獎勵。截至目前，我們相信對 AI 的探索與投入將以我們的雙邊生態系與理論框架為基礎。

Our fourth strategy is that we believe that AI driven revenue growth is a natural process and the natural results. As AI technology improves platform efficiency, it will lead to a higher user achievement 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. Investors who are familiar with us understand that we are very original self-developed monetization model, which we don't sell advertisement and we don't sell click. Our business model is based on protection of our double-sided network ecosystem.

我們的第四項策略是：我們認為 AI 驅動的收入成長是一個自然過程，也是自然結果。隨著 AI 技術提升平台效率，將帶來更高的用戶成果、更好的滿意度，以及在用戶中的更強品牌口碑，進而推動收入的持續成長。我們將其視為一條更平滑、風險更低且更可持續的路徑。熟悉我們的投資人都知道，我們擁有非常原創、自研的變現模式：我們不賣廣告，也不賣點擊。我們的商業模式建立在對雙邊網路生態系的保護之上。

So we believe that essentially to undergoing this current AI model is already a fully verified model and very functional method. So whether to grow by 50% for this year or 15% for the next five years, we chose the latter, and we believe the combination of our technology and our organization will support the second path very smoothly.

因此，我們認為，本質上目前所採用的這一套 AI 模型已經是一個充分驗證、且非常可行的方法。因此，無論是今年成長 50%，或是未來五年每年成長 15%，我們選擇後者；我們相信，我們的技術與組織的結合將能非常順暢地支撐第二條路徑。

So after three years of exploration, those two points and four strategies we just talked about it actually has been fully verified. It's not just our pride as we have been doing that for a long time. So for the investors who care about us, for the public who listen to us and our internal employees, I want to say that the strategies we just discussed is based on our real exploration, our employees who work on the front line of our AI development and all the team leaders of our core AI teams have all contributed to the points I just discussed.

因此，經過三年的探索，我們剛才談到的兩個重點與四項策略其實都已經得到充分驗證。這不只是我們因為長期投入而感到自豪。對於關心我們的投資人、聆聽我們的公眾以及公司內部員工，我想說，我們剛才討論的策略是建立在真實的探索之上；我們在 AI 開發第一線工作的員工，以及核心 AI 團隊的所有團隊負責人，都對我剛才提到的要點做出了貢獻。

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.

最後，關於股東回報，我們始終完全致力於兌現對股東回報的承諾。自今年年初以來，我們已回購超過 2 億美元的股份，約占我們已發行在外總股數的 3%。整體而言，自 2022 年以來，我們已回購接近總股數的 10%。

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, and we are following through on that commitment as we all see.

提醒一下，上個季度我們宣布了一項股東回報計畫，承諾在未來三年中，我們每年用於回購與股利的金額將不低於前一年度調整後淨利的 50%；正如大家所見，我們正在落實這項承諾。

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

接下來，我將把時間交給我們的副財務長王文蓓，請她回顧我們的財務表現。謝謝。

Thanks, Jonathan. Now let me walk you through the details of our financial results for the first quarter. We are delighted to report a solid start to this year characterized by continued 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 within this quarter, our revenue reached RMB2.1 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.

謝謝你，Jonathan。接下來我將帶各位了解我們第一季財務結果的細節。我們很高興報告今年有一個穩健的開局，特徵是用戶基礎與互動持續擴張，同時營收保持成長。儘管今年農曆新年較晚，意味著本季度的招聘旺季窗口較短，我們的營收仍達到人民幣 21 億元，年增 8%。在強勁的春季招聘季支持下，我們看到農曆新年後的營收與回款增速加快。

Our paid enterprise customers grew by 11% year on year to 7.1 million in the trailing 12 months ended March 31, 2026, primarily driven by the growth of enterprise users. Paying ratio among active enterprises increased on a sequential basis. Growth from key accounts and large size continues showed better trends compared to the same period last year, a more balanced structure. As a result, ARPU in the first quarter increased 2% year on year.

在截至 2026 年 3 月 31 日的過去 12 個月內，我們的付費企業客戶年增 11% 至 710 萬，主要由企業用戶成長所帶動。活躍企業中的付費率環比提升。關鍵客戶與大客戶的成長相較去年同期呈現更佳趨勢，結構更為均衡。因此，第一季 ARPU 年增 2%。

Moving to the cost side. Our total operating cost and expenses decreased by 3% year on year to RMB1.4 billion this quarter. Total share-based compensation expenses dropped by 24% year on year and 11% quarter on quarter to RMB191 million. As percentage of revenue wise, share-based 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. We expect SBC expenses as a percentage of revenue to stay around 9% in 2026. Excluding share-based compensation expenses, our adjusted operating costs and expenses were RMB1.3 billion, remaining relatively stable year on year. Our adjusted operating income increased RMB815 million, up 18% year on year, representing an adjusted operating margin of 39.4%. up by 3.4 percentage points year on year, despite first quarter normally having the lowest margin in the full year due to seasonality.

接著看成本端。本季度我們的總營運成本與費用年減 3% 至人民幣 14 億元。股權激勵（SBC）費用年減 24%、季減 11% 至人民幣 1.91 億元。以營收占比來看，本季度股權激勵占總營收的 9.2%，同比下降 3.9 個百分點、環比下降 1.1 個百分點。我們預期 2026 年 SBC 費用占營收比重將維持在約 9%。剔除股權激勵費用後，我們的調整後營運成本與費用為人民幣 13 億元，同比基本保持穩定。我們的調整後營業利益增加至人民幣 8.15 億元，年增 18%，對應調整後營業利益率為 39.4%，同比提升 3.4 個百分點；儘管第一季因季節性通常是全年毛利率最低的季度。

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. 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 for those new businesses, we can still expect a modest margin expansion for the coming years.

我們認為，由於商業模式具備強勁的營運槓桿，我們核心業務板塊的利潤率仍有相當大的進一步提升空間。但考量我們持續在 AI 上的投入、為長期品牌認知所需的行銷支出，以及對新業務的投資，並伴隨新業務帶來的相應利潤率稀釋，我們仍預期未來幾年利潤率將呈現溫和擴張。

Looking into each segment, cost of revenue decreased by 4% to RMB298 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 cost. 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.

分項來看，本季度營收成本下降 4% 至人民幣 2.98 億元。下降主要由於營運效率提升帶來的員工相關費用降低，但部分被伺服器與頻寬成本上升所抵銷。因此，我們的毛利率提升 1.8 個百分點至 85.6%。此外，自 3 月起應用商店佣金費率下調也促進了毛利率改善。

Sales and marketing expenses increased by 2% year on year to RMB502 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.

本季度銷售與行銷費用年增 2% 至人民幣 5.02 億元，主要由於廣告與行銷費用增加；但我們持續提升銷售效率，使銷售人員相關薪酬下降，部分抵銷了上述增幅。

R&D expenses were RMB424 million this quarter, remaining relatively stable year on year. Excluding SBC expenses, our adjusted R&D expenses increased by 5% year on year to RMB351 million, primarily due to higher cloud service fees and server depreciation expenses relating to AI infrastructure.

本季度研發費用為人民幣 4.24 億元，同比基本保持穩定。剔除 SBC 費用後，我們的調整後研發費用年增 5% 至人民幣 3.51 億元，主要由於與 AI 基礎設施相關的雲服務費用與伺服器折舊費用增加。

Our G&A expenses decreased by 15% year on year to RMB222 million this quarter, primarily driven by lower share-based compensation expenses. Our interest and investment income was RMB781 million in the quarter, up 422% year on year. This increase was primarily driven by investment income of RMB614 million arising from fair value changes of one of our invested companies, which went public in January 2026.

本季度一般及行政（G&A）費用年減 15% 至人民幣 2.22 億元，主要由於股權激勵費用降低。本季度利息及投資收益為人民幣 7.81 億元，年增 422%。增長主要來自人民幣 6.14 億元的投資收益，源於我們投資的一家公司公允價值變動；該公司於 2026 年 1 月上市。

Income tax expenses were RMB299 million this quarter, up 293% year on year. This increase was also primarily due to those tax impact from the aforementioned investment income of RMB154 million, as well as the provision of RMB16 million top-up tax under the Pillar 2 tax rules, and the withholding tax of RMB8 million, as well as higher income from operations.

本季度所得稅費用為人民幣 2.99 億元，年增 293%。增長也主要由於前述投資收益帶來的稅務影響人民幣 1.54 億元，以及依據第二支柱（Pillar 2）稅制規則計提的人民幣 1,600 萬補足稅（top-up tax）、人民幣 800 萬的預提所得稅，並且營運所得提高。

Our net income reached RMB1.1 billion this quarter. Excluding share-based compensations, net gains from the aforementioned investment, our adjusted net income increased by 12% to RMB856 million. Net margin improved to 54.4%, while adjusted net margin increased to 41.4%, up 1.7 percentage points year on year.

本季度淨利達人民幣 11 億元。剔除股權激勵、以及前述投資帶來的淨收益後，我們的調整後淨利年增 12% 至人民幣 8.56 億元。淨利率提升至 54.4%，調整後淨利率提升至 41.4%，同比上升 1.7 個百分點。

Net cash provided by operating activities reached RMB1.2 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 in securities, stood at RMB19.8 billion as of March 31, 2026.

本季度經營活動產生的淨現金流達人民幣 12 億元，年增 19%。截至 2026 年 3 月 31 日，我們的現金部位（包括現金、現金等價物、短期定期存款及短期投資，不含證券投資）為人民幣 198 億元。

Our strong cash position and cash generating capability will support us to continue to deliver our commitment in shareholder returns. As Jonathan just mentioned, we have purchased a total of over USD200 million worth of shares, representing approximately 3% of our total outstanding shares. We will continue to maintain substantial shareholder efforts. including share buyback and dividends, based on specific market and operating conditions. And now for our business outlook. For the second quarter of 2026, we expect our total revenues to be between RMB2.38 billion and RMB2.42 billion, a year-on-year increase of 13.2% to 15.1%.

我們強勁的現金部位與造現能力將支持我們持續兌現對股東回報的承諾。如 Jonathan 剛才提到，我們已累計回購超過 2 億美元的股份，約占已發行在外總股數的 3%。我們將根據具體市場與經營狀況，持續維持力度可觀的股東回報措施，包括股份回購與股利。接下來談我們的業務展望。對於 2026 年第二季，我們預期總營收介於人民幣 23.8 億元至人民幣 24.2 億元之間，同比增長 13.2% 至 15.1%。

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

以上是我們事先準備的發言，接下來我們想回答問題。接線員，請開始。

(Operator Instructions)

（接線員指示）

Wei Xiong, UBS.

UBS 的魏雄。

I have two questions. So 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 the first quarter post CNY as well as the second quarter based on our expectation？Do we see an improvement in the year growth rate and which industries or job posting have seen more notable improvement?

我有兩個問題。第一個，您提到今年農曆新年較晚對業務的影響。請問如果我們只考慮農曆新年後第一季的天數，以及基於我們的預期來看第二季，我們是否看到年增速有所改善？哪些產業或職缺發布出現了更明顯的改善？

And second, regarding the AI disruption, have we seen any impact on the job posting on our platform considering we already have a very mature white-collar business, but the AI disruption to blue collar is theoretically smaller, will we accelerate blue-collar business going forward? And 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? Thank you.

第二個，關於 AI 的衝擊，考慮到我們的平台白領業務已經非常成熟，但理論上 AI 對藍領的衝擊較小，我們未來是否會加速藍領業務？另外，關於 AI 驅動的閉環服務，管理層能否更新最新進展，以及來自行業參與者（如代理機構與獵頭）的回饋？謝謝。

I will take your second question first, about the closed loop service. Actually, we talked a lot about opinions and I will give you several numbers. The first number is among all of our different business in the first quarter, actually, the AI-supported closed-loop service is the fastest among different experimental groups. Some 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 closed-loop service have total revenue slightly around RMB50 million.

我先回答你的第二個問題，關於閉環服務。其實我們談了很多觀點，我給你幾個數字。第一個數字是，在第一季我們所有不同業務中，AI 支援的閉環服務在不同實驗組裡增長最快。有些增長率超過 100%，有些是 50%。但確實，整體營收規模相對較小。所以第一季，我們 AI 促成的閉環服務總收入大約略高於人民幣 5,000 萬元。

And about your first question regarding the school recruitment season, I also can support with some 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 also close to the number of March. So I think that's a very representing number that the overall industry have been rapidly robust after the spring season. And on a premises that the ratio between supply and demand, which is enterprise users and recruiters is healthy. So it's quite easy to understand is a very good spring recruitment season. The overall newly added posting number increased by 10% year on year. And even to be more practical, for the first half and overall this year, I think the growth rate of our cash collection will be accelerating compared to last year.

至於你第一個問題、關於校園招聘季，我也可以用一些數據來支持。我們第一季的月均活躍用戶（MAU）大約是 6,000 萬。不過 3 月的 MAU 超過 7,000 萬，4 月的 MAU 也接近 3 月的水平。所以我認為這是一個很具代表性的數字，說明整個行業在春季之後迅速恢復並保持強勁。同時在供需比（即企業用戶與招聘者）健康的前提下，很容易理解這是一個非常好的春招季。整體新增職位發布數同比增長 10%。更務實地說，對於上半年以及今年全年，我認為我們的現金回款增速會比去年加快。

So for the full year, we are looking at, at least a double-digit number of year on year growth. And about another question 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, our dear investors and Xiong Wei, I have been inputting serious resources into this matter and want to make our own conclusion, a very serious and scientific conclusion. And once we have our report, we will open to the public. But till today, our observation is that the software development engineer hasn't experienced any decline to the postings, on the contrary, the active number of job postings increased by 10.9%. So I will continue to welcome this topic and our team want to publish some papers, but I want to take more time. So just give me two quarters of time, and I'll maybe give you a more clear answer to this question. That's some of our views.

因此就全年而言，我們預期至少會有同比雙位數增長。至於另一個、或者說大家普遍很關心的問題：哪些工作會受到 AI 影響，甚至被 AI 取代？坦白說，親愛的投資人以及魏雄，我們已經在這件事上投入了大量資源，希望形成我們自己的結論——一個非常嚴肅且科學的結論。一旦我們完成報告，會對外公開。但截至今天，我們的觀察是：軟體開發工程師的職位發布並沒有出現下滑；相反，活躍職位發布數增長了 10.9%。所以我會持續歡迎這個話題，我們團隊也想發表一些文章，但我希望再多一些時間。給我兩個季度的時間，我可能會對這個問題給出更清晰的答案。以上是我們的一些看法。

Eddy Wang, Morgan Stanley.

摩根士丹利的 Eddy Wang。

Thank you management for taking my question. My question is also related to AI. We have noticed that the 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 for job listing with the help of AI as well? And how much can be enhanced and how can this be achieved?

謝謝管理層回答我的問題。我的問題也與 AI 有關。我們注意到海外同業 Recruit 在最新財報中提到，AI 對其營收增長貢獻很大，尤其是每個職位的平均收入。BOSS 直聘是否也能在 AI 的幫助下提升職位刊登的收入？能提升多少？又將如何實現？

And a follow-up question is that in the Chinese recruitment market, could there be recruitment platform with lower matching efficiency than ours that might benefit more from AI? How this company feel the changes in the future industry competition patterns.

追問一個問題：在中國招聘市場中，是否可能有匹配效率低於我們的平台，反而能從 AI 中獲得更大的收益？公司如何看待未來行業競爭格局的變化？

And thank you for your question. We also noticed that our predecessor who established in 1962 have been making some statements like you said, and we are quite happy for the progress that they have got. From our perspective, so the Chinese domestic market is our current and main focus area. How it can help us to achieve higher revenue growth, I think I will divide it by 3 points. So in the order of considering this, I think the first thing, we insist is still to first provide better value and then we charge higher price, so that the first part.

謝謝你的提問。我們也注意到你提到的那家成立於 1962 年的前輩公司發表了一些聲明，我們也很高興看到他們取得的進展。從我們的角度來看，中國國內市場是我們目前且主要的聚焦領域。AI 如何幫助我們實現更高的營收增長，我想分三點來說。按思考順序，第一點是：我們仍然堅持先提供更好的價值，然後再收取更高的價格，這是第一部分。

And second is, in China domestic market, there are over 40 million enterprises, which more than half of them have never used online recruitment services before. So I think there is a process that from a raw area, a raw land to a fully cultivated markets.

第二點是，在中國國內市場有超過 4,000 萬家企業，其中一半以上從未使用過線上招聘服務。我認為這是一個從原始地帶、從未開墾的土地，走向充分耕耘市場的過程。

So the third thing is that I have actually talked a lot, in our industry that are very basic contradictory or controversies that whether you are selling a 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 testing period is becoming a very good employees or even get promotions.

第三點是，我其實已經談了很多：在我們這個行業裡有一個非常基礎的矛盾或爭議——你到底是在賣給招聘方「曝光」，還是在賣「入職（onboarding）」。從曝光到入職是一段非常、非常長的旅程，中間有很多、很多不同的步驟。我們都在經歷從賣一個職位曝光，走向賣一位候選人，甚至到試用期後成為一名很好的員工，乃至獲得晉升。

So what are we providing to our customers? I think everybody is going through the exploration process. So in all those three points I just discussed, with our help where currently we are standing. 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, and that's the first thing we need to do. And now we are using to support our closed-loop services.

那我們到底在為客戶提供什麼？我認為大家都在探索的過程中。在我剛才談到的三點裡，結合我們目前所處的位置，毫無疑問，我們要做的第一件事，是幫助那些在中國從未使用過線上招聘服務的人，利用他們的數位化與網路數據，更好地幫助我們服務客戶；而現在我們也在用這些能力來支援我們的閉環服務。

So from the earliest online recruitment service in 1997， from selling advertisement exposure to some day in the future，with help of 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.

從 1997 年最早的線上招聘服務開始，從賣廣告曝光，到未來某一天，在技術的幫助下，我們可以告訴你：我可以幫你完成入職交付，而你可以基於這個結果向我付費。這就是我們一直堅持的方向。

And I also want to remind you with a number that the number of our paid enterprise customers is over 7.1 million by end of this quarter. So 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 services for to go step by step to a more civilized way for hiring a job seeker.

我也想用一個數字提醒你：截至本季末，我們的付費企業客戶數超過 710 萬，同比增長 10.9%，環比增長 4.4%。我之所以提這個數字，是因為這 10% 的增長不僅代表我們商業化的進展，也意味著我們正在幫助越來越多此前未使用線上服務的中國用戶，一步一步以更文明的方式來招聘求職者。

So now we are talking about price hike because for all the 7.1 million people, how much they are paying us by each user. Our revenue is around RMB8 billion per year. So on average, every paying customer is paying us around 1,000. So I think everybody can see there are huge potential in here for higher price. But between more paying customers, for example, we have 7.1 million today.

所以現在我們談到提價，是因為對這 710 萬人而言，他們每個用戶到底付給我們多少。我們的年收入大約是人民幣 80 億元。平均來看，每位付費客戶大約付給我們 1,000 元。我想大家都能看到，這裡有很大的提價潛力。但在更多付費客戶之間，例如我們今天有 710 萬。

In the future, we can have 9.1, or 19 million paying customers. So 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 is without a doubt. And my idea about growing paying users or the price might change for one day, and I will communicate with people for concern about us timely about changes. And then about whether there are potential for the AI empowering our peers who have maybe weaker technology than us to maybe exceeding us.

未來，我們可以有 910 萬，或 1,900 萬付費客戶。所以我選擇先把付費客戶數做大。到那個時候，我認為我們仍然有很大的潛力進一步提高價格。這是毫無疑問的。至於是先成長付費用戶還是先提高價格，我的想法也可能有一天會改變；若有變化，我會及時與關心我們的人溝通。然後關於是否存在 AI 賦能我們的同業——那些技術可能比我們弱——從而有可能超越我們的可能性。

I think the possibility is definitely exist. But based on my experience, when I have experiencing from maybe a little bit concerned about AI, and more curious, and less concerned, and now we have our own views and strategies and we are actually more practical people and solving questions together. So today, I'm not worried that in our peers in China's recruitment industry who have really weaker matching efficiency maybe one day to exceeding us or disrupt us, as I'm not that worried and it won't be quite sudden.

我認為這種可能性確實存在。但以我的經驗來看，我對 AI 的心態經歷了從有點擔心，到更好奇、沒那麼擔心；而現在我們有了自己的觀點與策略，實際上我們是更務實的一群人，一起把問題解決。所以今天，我不太擔心中國招聘行業裡那些匹配效率確實較弱的同業，某一天會超越我們或顛覆我們；我沒有那麼擔心，而且也不會是很突然的。

That's our answer to the question. Operator, please proceed to our last question.

以上是我們對這個問題的回答。接線員，請進行我們最後一個問題。

Timothy Zhao, Goldman Sachs.

高盛，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 especially on AI. Just wondering if you can share some more detailed color on what is your outlook for this year's overall profit margin. And also, I note that you have been increasing 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?

謝謝管理層回答我的問題。我第一個問題是關於你們的營運費用，主要是世界盃行銷費用以及研發費用，特別是 AI 方面。想請問能否分享更細節的資訊，關於今年整體利潤率的展望。另外，我注意到你們一直在公開市場加大回購。想請問今年以及中期的股東回報計畫是否有任何更新？

And secondly is regarding your overseas expansion. We note that OfferToday been growing very rapidly in the Hong Kong market. Just wondering if you can share us some color on the latest user base and monetization update in Hong Kong and any investments that you have made in Hong Kong in the first quarter? And do you have any other plan to further expand into new overseas markets? Thank you.

第二個問題是關於海外擴張。我們注意到 OfferToday 在香港市場成長非常快。想請問能否分享香港最新的用戶基礎與變現進展，以及你們在第一季於香港做了哪些投資？另外，你們是否有計畫進一步擴張到新的海外市場？謝謝。

Thank you for your question. So the World Cup is always a very good thing which we can communicate with a lot of viewers during very short period of time, whether how much we will invest on world cup depends on the ROI. So the advantage for this year is that there are more games and a longer period of the World Cup events, but the disadvantage is also quite clear because the time difference. So we are still under communication and looking at the final ROI, I will communicate once we have our results.

謝謝你的提問。世界盃一直都是一件很好的事情，因為我們可以在很短的時間內與大量觀眾溝通。至於我們會在世界盃上投入多少，取決於 ROI（投資回報）。今年的優勢是比賽更多、世界盃活動週期更長；但劣勢也很明顯，就是時差問題。所以我們仍在溝通並評估最終的 ROI；一旦有結果，我會再做溝通。

Secondly, about the AI, we will continue to invest. But this year, the one major change you have all witnessed is that for some companies and some very critical jobs the companies can offer very high salary for top tenants. So we should pay and find appropriate person to maintain our AI-related development capabilities. And another one is on the computing power, including rental service and referring cost. So we are also investing on that, maybe further expanding our expenses.

第二，關於 AI，我們會持續投入。但今年你們都看到的一個重大變化是：對於一些公司以及一些非常關鍵的職位，公司願意為頂尖人才提供非常高的薪資。因此，我們也需要付出相應成本、找到合適的人，來維持我們 AI 相關的研發能力。另一個是算力方面，包括租賃服務以及相關成本。所以我們也會在這方面投入，可能會進一步推高我們的費用。

So for our margin perspective, our core business margin is quite high at 50%, but considering all those investments, and world cup sponsorship, and the new business, I think it's just a similar expectation for us from the beginning of this year, we are expecting a smaller increase in our adjusted operating margin. And about shareholder returns and buyback, I want to reemphasize that year-to-date, we have spent more than USD200 million to buy over 3% of the total shares. If you're looking at the quarterly payout ratio is already exceeding what we planned in the first. And there are two reasons we are doing this.

從利潤率角度來看，我們核心業務的毛利率相當高，約 50%。但考慮到上述投入、世界盃贊助以及新業務，我認為整體仍與我們年初的預期相近：我們預期調整後營運利潤率的提升幅度會比較小。至於股東回報與回購，我想再次強調：年初至今，我們已花費超過 2 億美元回購，買回超過總股本 3% 的股份。若看季度派息/回購比例，已經超過我們最初的規劃。我們這麼做有兩個原因。

First is actually our valuation is quite good. So it's very efficient to spend money. And also, we want to provide more confidence. We have confidence in our company, and we want to spread that, share that view with all those employees and investors who have been standing with us, and we will continue to do that.

第一，其實是我們的估值相當不錯，所以花這筆錢很有效率。第二，我們希望提供更多信心。我們對公司有信心，也希望把這個觀點傳遞、分享給所有一路支持我們的員工與投資人；我們也會持續這麼做。

Thank you for asking about OfferToday. And actually, we did develop quite well in Hong Kong. Looking at the model side, which we have more advantages. So now currently, our daily active users are approximately 60,000 daily active users. So you can understand that this way., for the 3 million Hong Kong workers, the 1 out of 50 are using us every day. So actually, we are providing our enterprise customers a large amount of active, effective suppliers who can communicate today. So that's why the recruiters are using very efficient and new model to communicate with job seekers. So where more and more people can get OfferToday. So that's our current situation.

謝謝你問到 OfferToday。其實我們在香港發展得相當不錯。從模式端來看，我們更有優勢。目前我們的日活躍用戶大約是 60,000。你可以這樣理解：香港約 300 萬勞動人口中，每天大約有 50 人就有 1 人在使用我們。也就是說，我們正在為企業客戶提供大量活躍且有效、可以在當天就進行溝通的供給方。因此，招聘方正在用一種非常高效、全新的模式與求職者溝通，讓越來越多人使用 OfferToday。這就是我們目前的情況。

And there are two reasons we are developing our Hong Kong business. First is , whether our business model based on double-side ecosystems can get verified in the market quite clear close to the mainland, and another more important reason, when we are developing internationally, we want to cultivate a very important core team for us to go further. So that’s our purpose.

我們發展香港業務有兩個原因。第一，我們基於雙邊生態系的商業模式，能否在一個與內地距離很近的市場被清楚驗證。第二個更重要的原因是：在我們走向國際化的過程中，我們希望培養一支非常重要的核心團隊，讓我們能走得更遠。這就是我們的目的。

Revenue is not our current priority, and we are investing in a reasonable amount. I have been communicating with our employees and our investors that before and we still have done that today. And we have confidence that we can turn OfferToday to Hong Kong local most satisfied job seeking recruitment platform for both job seekers and recruiters, that OKR I have not changed for a day, and we will continue to invest and continue to make more efforts and hope you can keep following us.

營收不是我們當前的優先事項，我們會以合理的力度投入。我之前也一直在與員工和投資人溝通這一點，今天仍然如此。我們有信心把 OfferToday 打造成香港本地讓求職者與招聘方都最滿意的求職招聘平台；這個 OKR 我一天都沒有改變。我們會持續投入、持續加倍努力，也希望你們繼續關注我們。

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

以上就是我們今天對問題的全部回答。

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.

謝謝。由於時間限制，今天的問答環節到此結束。接下來我把會議交回給 Laura，請她做補充或結語。

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

再次感謝各位今天參與。如果你們還有任何進一步的問題，請直接聯繫我們的投資者關係（IR）團隊。謝謝。

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

感謝各位參與今天的會議。本次會議到此結束。各位現在可以掛線。

Statements in English on this transcript were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本逐字稿中的英文陳述由現場電話會議的口譯員口述。該口譯員由贊助本活動的公司提供。