Eddy Wang • Morgan Stanley

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Simon Chong Cai, Chief Financing & Investment Officer, attributed the strong performance to three factors: rapid expansion of both the shipper and trucker user bases, optimization of the shipper structure with direct shippers now contributing 53% of orders, and product upgrades like the 'close-to-far' intelligent matching system. Mr. Cai expressed confidence for continued growth in the second half, citing the company's market leadership and the low online penetration rate in the freight industry.

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Chief Financing and Investment Officer Chong Cai attributed the improved fulfillment rate to a combination of user structure optimization, with direct shippers now contributing 51% of orders, refined operational strategies like clearer pricing, and enhanced matching efficiency, which reduced average order matching time by over 35% YoY.

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CFO Chong Cai explained that the record-high fulfillment rate was primarily driven by a structural shift in the user base, with direct shippers now contributing nearly 49% of orders. These shippers tend to place orders in higher-fulfillment categories. Operationally, Mr. Cai highlighted a renewed focus on foundational data, improved trucker profiling at registration, and the expansion of the premium cargo bidding logic to all freight postings, which better incentivizes truckers through the credit rating system.

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Wenbei Wang, Head of Investor Relations, relayed that the recovery is driven by small and micro-sized enterprises and a rebound in the internet sector. The trend is considered sustainable, with Q3 growth expected to accelerate. Regarding AI, she explained that while hiring for entry-level programmers is slowing, the focus is shifting to higher-skilled senior talent, which may increase hiring costs for those roles but has a limited overall impact on the white-collar market.

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CEO Peng Zhao explained that the tariff war's impact on the overall job market is limited due to the company's diversified industry and location distribution. He noted that while export-related jobs saw a brief slowdown, they recovered by mid-May. Zhao confirmed that the overall recruitment trend continues to improve, with April and May showing stronger sequential growth than last year, particularly in the blue-collar urban services sector. He also expressed personal optimism for the upcoming graduation season.

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Founder, Chairman and CEO Peng Zhao responded that the AI boom has significantly increased demand, with AI-related job postings surging over 64%. He noted AI's dual impact: positively, it enhances the understanding of resumes and job descriptions, but negatively, it creates challenges with a massive influx of AI-generated content. Mr. Zhao stated BOSS Zhipin's advantages lie in its prior AI investments, proprietary models, and unique user data. He explained that open-source models like DeepSeek allow the company to focus on application layers and AI agents rather than competing on raw computing power, and hinted at a new paid AI product for recruiters that could improve efficiency by 60%.

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CEO Peng Zhao observed positive signs from government policies, such as an increase in new enterprise users since late October and an improving job seeker-to-recruiter ratio, but cautioned that a full recovery will take time. For 2025 growth, he highlighted several drivers: targeting at least 15% user growth, an expected rebound in the paying ratio as the economy stabilizes, stable ARPU, and continued expansion of the blue-collar business, which now contributes over 38% of total revenue.

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Alex Peng, President & CFO, stated that Q1 is a seasonal low for devices but still saw healthy year-over-year growth. He detailed the strategy for the new P, S, and T series models, which aim to reach a broader user base with varied price points and features, from value-focused to high-end. Peng emphasized the long-term goal of integrating TAL's teaching expertise with AI and technology, viewing the intensifying competition as a positive catalyst for industry-wide improvement and innovation.

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President and CFO Alex Peng stated that the Peiyou business continues to see steady year-over-year growth and expects this positive momentum to continue, driven by market demand and product quality. Peng emphasized that technology, such as dual-screen smart classrooms, will play a larger role. Expansion of learning centers will remain prudent, balancing local demand with operational efficiency. He anticipates the growth rate will gradually moderate from its current high baseline, with a focus on sustainable, healthy growth rather than hyper-growth.

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CEO Eric Shen (interpreted by Jessie Fan) clarified that the trade-in program's impact is minimal, contributing around 1% of total GMV, as it focuses on home appliances, a non-core category. CFO Mark Wang explained that the Shanshan REIT is a financing platform that will help the company efficiently expand its offline outlet business through reinvestment in new projects and potential M&A.

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Tao Xu, Executive Director and CFO, attributed the 135% YoY revenue growth to the 'Carefree Rent' service, which exceeded 420,000 units. He explained that operational efficiency is driven by role specialization and AI-powered systems that have improved property turnover. Financially, Xu highlighted improved tenant renewal rates and reduced vacancy periods as key to enhancing resilience. The 2025 plan involves balancing scale with operational improvements to boost service quality and leasing efficiency.

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CEO Yongdong Peng detailed a dual strategy of promoting growth and fostering a harmonious ecosystem. He reported a net increase of 2,400 active stores and 40,000 active agents since year-end 2023, with new stores achieving positive ROI. For Lianjia, innovations include a 'large store model' to improve agent retention, new store formats like low-cost convenience stations in Shanghai to increase service density, and integrating home renovation experts into stores to advance the 'one-stop' residential service model.

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