KANZHUN LIMITED Announces Second Quarter 2025 Financial Results
BEIJING, Aug. 20, 2025 (GLOBE NEWSWIRE) -- KANZHUN LIMITED ("BOSS Zhipin" or the "Company") (NASDAQ:BZ, HKEX: 2076)), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter ended June 30, 2025.
Second Quarter 2025 Highlights
Total paid enterprise customers1 in the twelve months ended June 30, 2025 were 6.5 million, an increase of 10.2% from 5.9 million in the twelve months ended June 30, 2024.
Average monthly active users2 for the second quarter of 2025 were 63.6 million, an increase of 16.5% from 54.6 million for the same quarter of 2024.
Revenues for the second quarter of 2025 were RMB2,102.4 million (US$293.5 million), an increase of 9.7% from RMB1,916.7 million for the same quarter of 2024.
Income from operations for the second quarter of 2025 was RMB651.2 million (US$90.9 million), an increase of 81.6% from RMB358.6 million for the same quarter of 2024. Adjusted income from operations3 for the second quarter of 2025 was RMB880.9 million (US$123.0 million), an increase of 33.4% from RMB660.1 million for the same quarter of 2024.
Net income for the second quarter of 2025 was RMB711.2 million (US$99.3 million), an increase of 70.4% from RMB417.3 million for the same quarter of 2024. Adjusted net income3 for the second quarter of 2025 was RMB940.9 million (US$131.3 million), an increase of 30.9% from RMB718.7 million for the same quarter of 2024.
Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, "In the second quarter of this year, we maintained our industry-leading user growth momentum. With the job market exhibiting a sustained recovery trend, our platform's user ecosystem has strengthened, and we have seen decent growth in both enterprise user engagement and the number of paying customers. We have also continued to advance the integration and application of AI across technology, products, business and operations, achieving positive progress in improving user experience, enhancing commercial product service capabilities and boosting platform operational efficiency.
The Company actively places importance on shareholder returns, the board of directors approved the Company's annual dividend policy, and determined this year's dividend amount to be approximately US$80 million; simultaneously announced a share repurchase plan up to US$250 million, hoping to share more benefits of the Company's growth with the market."
Mr. Phil Yu Zhang, Chief Financial Officer of the Company, elaborated, "In the second quarter, we continued to achieve high-quality growth, with both revenues and profit margins improving, underscoring the effectiveness of our efficient business model and cost management strategies. To enhance trading activity in the Hong Kong market, we completed a share offer in July, with net proceeds amounting to HK$2.2 billion, aiming to attract a more diversified investor base and create value for all our shareholders."
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1 Paid enterprise customers are defined as enterprise users and company accounts from which the Company recognizes revenues for online recruitment services.2 Monthly active users refer to the number of verified user accounts, including both job seekers and enterprise users, that logged on to the Company's mobile application in a given month at least once.3 It is a non-GAAP financial measure, excluding the impact of share-based compensation expenses. For more information about the non-GAAP financial measures, please see the section of "Non-GAAP Financial Measures."
Second Quarter 2025 Financial Results
Revenues
Revenues were RMB2,102.4 million (US$293.5 million) for the second quarter of 2025, representing an increase of 9.7% from RMB1,916.7 million for the same quarter of 2024.
Revenues from online recruitment services to enterprise customers were RMB2,077.6 million (US$290.0 million) for the second quarter of 2025, representing an increase of 9.8% from RMB1,892.7 million for the same quarter of 2024. This increase was mainly driven by the paid enterprise customer growth.
Revenues from other services, which mainly comprise paid value-added services offered to job seekers, were RMB24.8 million (US$3.5 million) for the second quarter of 2025, representing an increase of 3.3% from RMB24.0 million for the same quarter of 2024, mainly benefiting from expanded user base.
Operating cost and expenses
Total operating cost and expenses were RMB1,454.4 million (US$203.0 million) for the second quarter of 2025, representing a decrease of 7.2% from RMB1,566.6 million for the same quarter of 2024. Total share-based compensation expenses were RMB229.7 million (US$32.1 million) for the second quarter of 2025, representing a decrease of 23.8% from RMB301.4 million for the same quarter of 2024.
Cost of revenues was RMB307.5 million (US$42.9 million) for the second quarter of 2025, representing a decrease of 2.8% compared to RMB316.5 million for the same quarter of 2024. The decrease in employee-related expenses was offset by the increase in payment processing cost.
Sales and marketing expenses were RMB419.9 million (US$58.6 million) for the second quarter of 2025, representing a decrease of 23.0% from RMB545.2 million for the same quarter of 2024, primarily due to decreases in advertising and marketing expenses and employee-related expenses.
Research and development expenses were RMB416.0 million (US$58.1 million) for the second quarter of 2025, representing a decrease of 6.2% from RMB443.7 million for the same quarter of 2024, primarily due to a decrease in cloud service fee.
General and administrative expenses were RMB311.0 million (US$43.4 million) for the second quarter of 2025, representing an increase of 19.1% from RMB261.2 million for the same quarter of 2024, primarily due to an increase in employee-related expenses.
Income from operations and adjusted income from operations
Income from operations was RMB651.2 million (US$90.9 million) for the second quarter of 2025, representing an increase of 81.6% from RMB358.6 million for the same quarter of 2024.
Adjusted income from operations was RMB880.9 million (US$123.0 million) for the second quarter of 2025, representing an increase of 33.4% from RMB660.1 million for the same quarter of 2024.
Net income and adjusted net income
Net income was RMB711.2 million (US$99.3 million) for the second quarter of 2025, representing an increase of 70.4% from RMB417.3 million for the same quarter of 2024.
Adjusted net income was RMB940.9 million (US$131.3 million) for the second quarter of 2025, representing an increase of 30.9% from RMB718.7 million for the same quarter of 2024.
Net income per American depositary share ("ADS") and adjusted net income per ADS
Basic and diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2025 were RMB1.62 (US$0.23) and RMB1.58 (US$0.22), respectively, compared to basic and diluted net income per ADS of RMB0.95 and RMB0.91 for the same quarter of 2024.
Adjusted basic and diluted net income per ADS attributable to ordinary shareholders3 for the second quarter of 2025 were RMB2.14 (US$0.30) and RMB2.09 (US$0.29), respectively, compared to adjusted basic and diluted net income per ADS of RMB1.63 and RMB1.57 for the same quarter of 2024.
Net cash provided by operating activities
Net cash provided by operating activities was RMB1,051.9 million (US$146.8 million) for the second quarter of 2025, representing an increase of 21.1% from RMB868.6 million for the same quarter of 2024.
Cash position
Balance of cash and cash equivalents, short-term time deposits and short-term investments was RMB16,021.8 million (US$2,236.6 million) as of June 30, 2025.
Recent Developments
Share offer
In July 2025, the Company completed its share offer of an aggregate of 34,500,000 Class A ordinary shares at an offer price of HK$66.00 per share, comprising a Hong Kong public offering of 10,350,000 shares and an international offering of 24,150,000 shares. Net proceeds from this share offer, after deducting underwriting commissions and other offering expenses payable, were approximately HK$2.2 billion.
Adoption of annual dividend policy and declaration of cash dividend
On August 20, 2025, the Company's board of directors ("the Board") approved an annual dividend policy (the "Dividend Policy"), pursuant to which the Board intends to declare and distribute a dividend each year in accordance with the memorandum and articles of association of the Company and applicable laws and regulations. Under the Dividend Policy, the determination to make dividend distributions and the amount of such distributions in any particular annual period will be made at the discretion of the Board upon review of the Company's operations and earnings, cash flow, financial condition and other relevant factors.
Under the Dividend Policy, the Board has approved an annual cash dividend (the "Dividend") of US$0.084 per ordinary share, or US$0.168 per ADS, to holders of ordinary shares and holders of ADSs of record as of the close of business on October 8, 2025, Beijing Time and New York Time, respectively, payable in U.S. dollars. The ex-dividend date for holders of ordinary shares in Hong Kong will be October 6, 2025, and the ex-dividend date for holders of ADSs will be October 8, 2025. The aggregate amount of the Dividend to be paid will be approximately US$80 million, which will be funded by surplus cash on the Company's balance sheet. The payment date is expected to be on or around October 16, 2025 for holders of ordinary shares and on or around October 23, 2025 for holders of ADSs.
Share repurchase program
On August 20, 2025, the Board approved amendments to the existing share repurchase program adopted in August 2024, extending the program for a 12-month period through August 28, 2026 and authorizing repurchases of up to US$250 million of the Company's shares (including ADSs) during the extended 12-month period.
Outlook
For the third quarter of 2025, the Company currently expects its total revenues to be between RMB2.13 billion and RMB2.16 billion, representing a year-on-year increase of 11.4% to 13.0%. This forecast reflects the Company's current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.
Conference Call Information
The Company will host a conference call at 8:00 AM U.S. Eastern Time on Wednesday, August 20, 2025 (8:00 PM Beijing Time on Wednesday, August 20, 2025) to discuss the financial results.
Participants are required to pre-register for the conference call at:https://register-conf.media-server.com/register/BIff2de596ba4b435893f4fe392db1e741
Upon registration, participants will receive an email containing participant dial-in numbers and a unique personal PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhipin.com.
Exchange Rate
This press release contains translations of certain RMB amounts into U.S. dollar ("US$") amounts at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the exchange rate of RMB7.1636 to US$1.00 on June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income from operations, adjusted net income, adjusted net income attributable to ordinary shareholders, adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders and adjusted basic and diluted net income per ADS attributable to ordinary shareholders as supplemental measures to review and assess operating performance. The Company defines these non-GAAP financial measures by excluding the impact of share-based compensation expenses, which are non-cash expenses, from the related GAAP financial measures. The Company believes that these non-GAAP financial measures help identify underlying trends in the business and facilitate investors' assessment of the Company's operating performance.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP information used by other companies. The non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for most directly comparable GAAP financial measures. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table captioned "Unaudited Reconciliation of GAAP and Non-GAAP Results" at the end of this press release.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking" statements which are made pursuant to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "aims," "future," "intends," "plans," "believes," "estimates," "likely to," and similar statements. Among other things, the outlook and quotations from management in this press release contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited, in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company's beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company's filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About KANZHUN LIMITED
KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.
For investor and media inquiries, please contact:
KANZHUN LIMITEDInvestor
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KANZHUN LIMITEDUnaudited Condensed Consolidated Statements of Operations(All amounts in thousands, except share and per share data)
For the three months ended June 30,
For the six months ended June 30,
2024
2025
2024
2025
RMB
RMB
US$
RMB
RMB
US$
Revenues
Online recruitment services to enterprise customers
1,892,723
2,077,599
290,022
3,576,810
3,978,981
555,444
Others
24,020
24,834
3,467
43,686
46,729
6,523
Total revenues
1,916,743
2,102,433
293,489
3,620,496
4,025,710
561,967
Operating cost and expenses
Cost of revenues(1)
(316,532
)
(307,457
)
(42,919
)
(611,971
)
(618,265
)
(86,306
)
Sales and marketing expenses(1)
(545,169
)
(419,873
)
(58,612
)
(1,124,439
)
(911,100
)
(127,185
)
Research and development expenses(1)
(443,729
)
(416,046
)
(58,078
)
(911,298
)
(839,614
)
(117,206
)
General and administrative expenses(1)
(261,210
)
(310,974
)
(43,410
)
(531,682
)
(576,485
)
(80,474
)
Total operating cost and expenses
(1,566,640
)
(1,454,350
)
(203,019
)
(3,179,390
)
(2,945,464
)
(411,171
)
Other operating income, net
8,506
3,118
435
21,096
10,740
1,499
Income from operations
358,609
651,201
90,905
462,202
1,090,986
152,295
Interest and investment income, net
153,814
156,972
21,912
309,870
306,461
42,780
Foreign exchange gain
63
623
87
93
54
8
Other expenses, net
(264
)
(551
)
(77
)
(523
)
(1,168
)
(163
)
Income before income tax expenses
512,222
