Kanzhun - Earnings Call - Q3 2025
November 18, 2025
Transcript
Speaker 3
Ladies and gentlemen, thank you for standing by, and welcome to Kanzhun Limited's third quarter 2025 financial results conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. 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.
Speaker 2
Thank you, Operator. Good evening and good morning, everyone. Welcome to our third quarter 2025 earnings conference call. Joining me today are our Founder, Chairman, and CEO, Mr. Jonathan Peng Zhao, and our Director and CFO, Mr. Fuyu Zhang. 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. 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-debt financial measures for comparison purposes only.
For definition of non-debt financial measures and the reconciliation of debt to non-debt 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 irzhipin.com. Now, I will turn the call to Jonathan, our Founder, Chairman, and CEO.
Speaker 5
大家好，欢迎参加我们公司2025年三季度业绩发布会。我仅代表公司全体员工、管理层和董事会，向长期信赖我们的用户、持续支持我们的投资人致以诚挚谢意。
Speaker 2
Hello everyone, thank you for joining our company's third 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 in and supported us.
Speaker 5
我将简要介绍本季度的主要经营成果与业务进展，包括三个方面：第一，需求回暖带动三季度业绩加速增长；第二，在不同维度上招聘需求的变化特点；第三，从产品技术等角度看AI融入公司业务的进展。
Speaker 2
I will briefly walk through our key operational results and the business progress this quarter, focusing on three areas. First, recovery in demand through accelerated growth in our third quarter performance. Second, the evolving characteristics of recruitment demands across different dimensions. Third, progress in integrating AI into our products, technology, and overall business operations.
Speaker 5
先说一下业绩的数据。三季度公司实现收入21.6亿元，同比增长13.2%。增速较上季度有所提升。扣除股权激励费用及理财等非经常性收益后，经调整营业利润为9亿元，同比增长49.3%。
Speaker 2
Let's start with the financial performance. In the third quarter, we generated a total revenue of RMB 2.16 billion, up 13.2% year on year, with growth accelerated from the previous quarter. Excluding share-based compensation expenses and other incomes, such as investing rates, our adjusted operating profit reached RMB 900 million, up 49.3% year on year.
Speaker 5
GAAP净利润为7.8亿，同比增长67.2%。净利润率达到35.9%。其中一部分原因是受益于股权激励费用的下降。本季度股权激励费用为2.2亿元，已经连续三个季度环比减少，同比降幅也达到21%。
Speaker 2
Our GAAP net profit was RMB 780 million, up 67.2% year on year, with a net profit margin of 35.8%. Partial of this improvement was attributable to a decrease in share-based compensation expenses, which was RMB 220 million this quarter, marking the third consecutive quarter of sequential decline and a year-on-year drop of 21%.
Speaker 5
三季度业绩的增长主要来自于两个驱动因素。首要因素仍然是公司渗透率和市场份额持续提升而带来的用户增长。
Speaker 2
The growth in the third quarter was driven by two key factors. The first and most important driver was continued user growth, supported by our increasing penetration and expanding market share.
Speaker 5
1到10月累计新增的完善用户超过4,000万人。三季度BOSS直聘APP端平均的月活跃用户规模（即MAU）达到了6,382万。
Speaker 2
From January to October, we acquired over 40 million newly verified users. In the third quarter, the average verified monthly active users, which is MAU on the BOSS Zhipin app, reached 63.82 million.
Speaker 5
在用户规模增长的同时，用户活跃度也非常好。根据第三方数据，DAU跟MAU的比例关系始终保持在一个较高的行业领先水平。
Speaker 2
While the user scale is growing, user activity is also strong. According to third-party data, our DAU to MAU ratio has maintained at high industry-level.
Speaker 5
第二个驱动因素是企业端需求的回暖，带动了公司在商业化侧数据向好。三季度新发布职位数同比增长了25%。新发布职位的招聘者人数，以及人均发布的职位数同比环比均保持增长。
Speaker 2
The second driver was the rebound in enterprise-side demand, which also has helped the number of improvements of data in the monetization side. In the third quarter, the newly posted job positions increased 25% year on year, while both the number of recruiters posting new jobs and the average number of posts per recruiters grew steadily compared to the previous quarter and the same period last year.
Speaker 5
7月到9月，在招聘者一侧的日均活跃用户环比增幅超过了在求职者一侧。这在过去的三年是首次出现。
Speaker 2
From July to September, the average number of daily active enterprise users grew at a faster pace sequentially than job seekers, marking the first time this has happened in three years.
Speaker 5
平台的供求关系，也就是招聘者跟求职者之间的比例关系，从而得到了进一步改善。
Speaker 2
The supply-demand balance on our platform, meaning the ratio of enterprise users to job seekers, continued to improve.
Speaker 5
截止到9月30号，过去12个月付费企业侧的客户数同比增长13.3%，达到了680万。
Speaker 2
By September 30, the number of paid enterprise customers in the 12 months grew 13.3% year on year to 6.8 million.
Speaker 5
整个三季度付费的用户的付费率在同比跟环比上都有增加。
Speaker 2
Over the entire quarter, the paying ratio among quarterly active users increased both year on year and quarter on quarter.
Speaker 5
第二个报告事项是从不同的维度看一下本季度企业端招聘需求呈现的特点。
Speaker 2
The second agenda item focuses on observing enterprise hiring demand in this quarter from multiple perspectives.
Speaker 5
从行业的维度看，蓝领的收入增速持续领跑。三季度蓝领的收入占比创历史同期的新高，其中制造业的景气程度最好，已经连续五个季度在收入增速的维度看居于我们细分各行业的首位。
Speaker 2
From an industry perspective, blue-collar revenue growth continued to lead, with its revenue contribution reaching a record high in the third quarter. Manufacturing industries remain the most revised sector, topping the industries in revenue growth for five consecutive quarters.
Speaker 5
借此机会，我想稍微回顾一下三年前公司服务于制造业求职者跟招聘者的整个战略，在优先级上分为三个阶段。
Speaker 2
Taking this opportunity, I would like to do a brief review. Three years ago, the company's strategy for serving manufacturing job seekers and recruiters was divided into three stages in terms of priority.
Speaker 5
第一个阶段，首先要改善蓝领工人网络求职环境。
Speaker 2
The first stage is to improve the online job search environment for blue-collar workers.
Speaker 5
在先污染后治理还是先治理后经营，我们选择了先治理后经营的路子。
Speaker 2
Between the pathways of pollution-first and managed second, or managed first and profitable second, we choose the second path.
Speaker 5
第二个阶段就是发展整个平台的制造业招聘者和求职者双端的用户规模。第三个阶段就是在合理的时候寻求商业利益。
Speaker 2
The second stage is to develop the user scale of double-sided users on the platform, and the third stage is to pursue commercial benefits in a reasonable scale.
Speaker 5
2022年到现在，我们启动了净化蓝领工人求职环境的海螺计划，追求求职者职位待遇等真实性，打击虚假信息，增进用户的信任。三年以来，这个过程非常艰苦，它的成效也逐步显现。
Speaker 2
In 2022, we launched the KONGE Project to purify the job search environment for blue-collar workers, pursuing the authenticity of recruiters, job positions, and compensation, combating false information, and improving user trust. Over the past three years, the process has been extremely challenging, and the results have gradually emerged.
Speaker 5
交通运输、物流仓储和服务业整体表现较好。白领行业当中，人工智能、互联网、生活服务、新零售和游戏行业的增速都较为靠前。
Speaker 2
Meanwhile, transportation, logistics, warehousing, and the service industries also delivered solid overall performance. Among the white-collar sectors, industries such as artificial intelligence, internet service, lifestyle service, new retail, and gaming are experiencing leading growth.
Speaker 5
其中白领这部分有一件事值得提一下，就是中小企业的参与明显增多，即付费用户数的快速增加，客单价的趋稳，呈现出与往常不太一样的特点。这在一定程度上反映出白领创业的生态有正在恢复的迹象。
Speaker 2
One thing worth mentioning about the white-collar segment, which we have noticed a notable increase in participation from small and medium-sized enterprises in the white-collar industry, with paying user numbers growing quickly while the average spending per customer remained stable, which is an opposite trend to previous patterns. This, in a certain level, reflects a revival of the white-collar entrepreneurial ecosystem.
Speaker 5
从城市的县级跟企业的规模来看，一线城市的需求回暖，二线城市比较稳定，三线及三线以下的城市的收入占比仍然在持续提升。在不同的规模的企业中，中大型企业在三季度增速最快，也就是我们统计500人到1万人之间的企业规模，其次的增速是小微企业，再其次的是超大规模的企业。
Speaker 2
From the perspective of city tiers and country size, demand in tier-one cities is rebounding. Tier-2 cities remain stable, and the revenue contribution from tier-3 and tier-3 below cities continues to rise. Among enterprises of different sizes, mid-to-large enterprises, which means employee levels between 500-9,999, are growing the fastest, followed by small and micro enterprises and then very large enterprises.
Speaker 5
第三个报告事项是从产品技术等角度看一下AI融入公司业务后的一些进展。为求职者服务侧有两件事值得说一下。
Speaker 2
The third agenda item will use the progress we made since AI was integrated into the company's business from product and technology perspective. On the job seeker service side, there are two things worth mentioning.
Speaker 5
首先是经过一段时间的持续迭代，一个AI求职助手已经面向所有求职者全量上线服务。
Speaker 2
First, after a period of continuous iteration, an AI Job Search Assistant has been fully launched for all job seekers.
Speaker 5
目前它可以为用户推荐职位，解答疑问，也可以为用户提出关于如何优化简历的一些建议。
Speaker 2
Currently, it can recommend positions for users, answer questions, and also provide suggestions on how to optimize their resumes.
Speaker 5
三季度不仅对这个工具实现了全量，而且使用AI求职助手的用户人均的互动次数在环比上面的增长幅度比较大。
Speaker 2
In the third quarter, not only was the full rollout of this product achieved, but the number of interactions per user with this AI Job Search Assistant also showed a significant increase.
Speaker 5
然后是我们也在持续的优化，做了一段时间的AI模拟面试。三季度的话，完成模拟面试的求职者数量变得更多，与此同时，这些求职者在活跃度和他们的达成量的环比上也持续的在提升。
Speaker 2
We have also been continuously optimizing the AI interview culture feature. In the third quarter, the number of job seekers who completed the mock interviews showed further improvement, and also their activity level and conversion rates continued to improve compared to the previous quarter.
Speaker 5
对招聘者的服务侧有多个AI产品逐步落地提供服务，今天来说四个方面。
Speaker 2
On the recruiter service side, multiple AI products have been gradually launched to provide services. There are four aspects to mention.
Speaker 5
第一个是一项名为沟通助手的AI产品，正在逐步的嵌入现有的商业产品道具当中。从结果来看，这些道具的平均达成效率提高了7%。
Speaker 2
First, AI communication assistant feature is being gradually integrated into existing commercial value-added products. As a result, the average mutual achievement conversion ratio of these products has increased by 7%.
Speaker 5
第二个是一项名为AI塑招的产品，经过持续的优化，目前已经处在一个灰度测验当中。实验表明，这个产品不仅可以帮助平台更好地理解招聘者的意图，而且可以在全平台的求职者当中进行比对，从而提高了匹配的准确度。目前参与灰度测试的招聘者，他们的重复使用率在不断提升。
Speaker 2
Second, a product called AI Quick Hiring, after continuous optimization, is currently under phased rollout. Experiments show that this product not only helps the platform better understand recruiters' intentions, but also allows for comparison among all job seekers on the platform, thereby improving matching accuracy. Currently, the reuse rate among recruiters participating in the phased rollout testing is steadily increasing.
Speaker 5
第三，我们为一部分在校园招聘侧的知名客户拓展了AI面试的功能，比如说可以支持多轮的追问，比方说可以定制面试官形象等等。这些客户对学生的吸引力非常强，在短时间内投递量非常大。而作为雇主侧，他们在校园招聘活动中的压力就很大。这些发展了的AI服务缓解了压力。
Speaker 2
Third, we have extended the AI interview feature to a number of well-known customers from the campus recruitment side. For example, the AI interview can support multiple rounds of follow-up questions and customize interviewer profiles. These clients have very strong appeal to students, leading to a high volume application in a short time, which increases significant pressure for recruiters during the campus recruiting activities. The developing AI services have alleviated this pressure.
Speaker 5
第四，我们在高端白领以及金领和蓝领餐饮业、制造业等等不同的招聘场景，分散的谨慎的探索偏AI托管形态的招聘服务，以及探索AI支持下的批量交付服务，目前也取得了一些收益。
Speaker 2
Fourth, we are cautiously exploring AI hosting recruitment service and AI-powered bulk placement solutions in diverse recruitment scenarios, such as high-end white-collar and gold-collar positions, blue-collar roles in the catering and manufacturing industries. These initiatives are gradually generating benefits.
Speaker 5
在以上的招聘者侧的AI服务当中，我们都非常注意的要告知求职者，你正在以及将与一个AI进行沟通。那么我们给求职者提供了选择关闭的入口按钮。实际上有一些求职者会选择拒绝跟机器人进行沟通，也有求职者愿意跟机器人进行沟通。这方面的例子我们也正在不断收集。
Speaker 2
Among all those enterprise-side AI services, we have been quite cautiously, which we allow the job seekers to know whenever they are communicating with an AI service, and they have the option to close the service. They have the button. Sometimes someone might choose to close and someone chooses to continue the communication, and we are continuously collecting related examples.
Speaker 5
我们也不仅是简单的请求职者对于是否与AI进行沟通做一个选择来保障他的权利。不止如此，我们也持续观察在AI的介入之后，究竟对于双边的匹配会发生怎样的影响，尤其是不仅是发生在招聘者跟求职者个体之间，而是当双边大规模的使用了AI的帮助，究竟对招聘和求职这两侧的生态关系会产生什么影响。我们也在保持着谨慎的观察和数据的收集工作。
Speaker 2
We not only simply provide the option for job seekers whether they can communicate with AI or not to guarantee their interest, but also we are continuously observing with the intervention of AI what kind of impact will affect the mutual matching, not only on an individual job seeker or recruiter perspective, but also from a scalable double-sided situation. What kind of impact this will have to our ecosystem from a job seeking and recruitment perspective, we are continually observing and collecting data.
Speaker 5
introduce our financial situation.
Speaker 2
In February, the third quarter, we delivered high-quality growth with solid progress across user growth, commercialization, and AI technology implementation. In October, the company completed an annual dividend payment of approximately $80 million. Looking ahead, we will continue to focus on strengthening our core business capability while actively fulfilling our commitment to shareholders. That concludes my part of the call. I will now turn it over to our Kanzhun Peng Zhao for the review of our financials. Thank you.
Speaker 4
Thanks, Zhang. Hello, everyone. Now let me walk through the details of our financial results for the third quarter of 2025. In this quarter, we delivered high-quality and sustainable top-line and bottom-line growth. Our revenue reached RMB 2.2 billion this quarter, with growth accelerating to 13% year-on-year. The faster revenue growth this quarter was primarily driven by higher enterprise user growth, as well as improved monetization levels due to the recovering hiring demand. Our commercialization strategy, grounded in ecological balance, enables us to effectively and sustainably improve user payment ratio within a relatively better hiring environment. The growth in paid enterprise customers, which grew by 13% to 6.8 million for the 12 months ended September 30, demonstrates our capability and potential to enhance monetization levels. Revenue from small-sized accounts showed continued growth momentum, with revenue contribution in this quarter up by 2.2 percentage points, while key accounts' growth remained stable.
As a result of the structural mix shifting, the overall ARPPU maintained stable. Moving to the cost side, total operating costs and expenses decreased by 7% year-on-year to RMB 1.5 billion in this quarter. Share-based compensation expenses dropped by 21% year-on-year and 6% quarter-on-quarter to RMB 216 million, shrinking for the third consecutive quarters on both absolute amount and percentage of revenue. Excluding share-based compensation expenses, adjusted income from operations grew by 49% to RMB 904 million, and our adjusted operating margin reached 41.8%, up by 10.1 percentage points year-on-year and a relatively flat quarter-on-quarter. Cost of revenues decreased by 2% year-on-year to RMB 308 million in this quarter, mainly due to the decrease in operational employee-related expenses as a result of improved operational efficiency as we continue to engage AI in our daily operations.
Gross margin went up by 2.2 percentage points year-on-year and 0.4 percentage points quarter-on-quarter to 85.8%. Sales and marketing expenses decreased by 25% year-on-year to RMB 394 million during this quarter, as we don't have sports events marketing campaigns this year. Even if we exclude the sports sponsorship costs, our adjusted sales and marketing expenses in this quarter decreased 15% year-on-year, while we still maintain robust user growth. Double-confirmed our sustainable increase of marketing efficiency due to our strong brand recognition and network effect. Our R&D expenses decreased by 12% year-on-year to RMB 408 million in this quarter. Excluding share-based compensation expenses, our adjusted R&D expenses decreased by 8% year-on-year to RMB 331 million in this quarter, and they stayed relatively flat sequentially.
Our G&A expenses increased by 28% to RMB 367 million in this quarter, primarily due to a one-off impairment of intangible assets, partially offset by a decrease in employee-related expenses. Excluding the impairment, our G&A expenses decreased both year-on-year and sequentially. Our interest and investment income in the quarter increased by 43% year-on-year to RMB 228 million in this year, primarily due to a partial disposal of equity investment and the increased interest from HKD 2.2 billion Hong Kong share offering proceeds in early July. Our net income increased by 67% to RMB 775 million in this quarter, with adjusted net income increased by 34% to RMB 992 million. Net margin improved by 11.6 percentage points year-on-year to 35.8%, while adjusted net margin reached 45.8%, up 7.2 percentage points year-on-year. Both of them have maintained sustainable improvement over the past six consecutive quarters.
Net cash provided by operating activities reached RMB 1.2 billion in this quarter, up 45% year-on-year. As of September 30, 2025, we continue to maintain a strong cash position of RMB 19.2 billion. For our business outlook, for the fourth quarter of 2025, we expect our total revenue to continue the growth momentum and reach between RMB 2.05 billion and RMB 2.07 billion, with a year-on-year increase of 12.4%-13.5%. That concludes our prepared remarks. We would now like to answer questions. Operator, please go ahead with the call.
Speaker 3
Thank you. We will now begin the question and answer session. To ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. We will now take our first question from the line of Eddie Wang from Morgan Stanley. Please go ahead, Eddie.
Speaker 6
赵总，宇哲，文贝，感谢接受我的提问。那我这边两个问题。第一个就是还是想问一下近期整体的大盘的招聘需求是怎么样的。看到9、10月份其实国家公布的失业率数据其实也是在改善的。那您觉得这个主要是因为季节性原因，还是这些就业改善的趋势是宏观经济改善的先行指标？然后公司三季度这个收入增速提高背后的驱动因素有哪些？这是第一个问题。然后第二个问题想问问就是现在我们临近年底，这KA客户的续约情况，我们现在有感觉客户的续约的意愿大概是如何？然后客户在续约率、续约金额上的表现大概有呈现怎样的一个变化的趋势？我自己翻译一下。 Thank you, management, for taking my question. I have two questions. First is, what's the overall recruitment demand recently? We noticed that the unemployment rate in September and October is improving. Do you think this is mainly due to the seasonal factors or the improving trend is a leading indicator of macro recovery? What are the driving factors behind BOSS accelerating growth in the third quarter? My second question is that as we are approaching the end of the year, what's your perception of the KA renewal willingness right now? Are there any noticeable trends in customer renewal rates or the renewal amounts? Thank you. 从我们的数据看，企业的招聘行为在今年三季度确实有较好的恢复。
Speaker 2
From our data perspective, the recruitment activities from enterprises indeed recovered in the third quarter.
Speaker 6
今年三季度，企业端的MAO的增长速度快于求职者端。
Speaker 2
The growth rate of monthly active users of enterprise side is faster compared to the job seeker side.
Speaker 6
实际上求职者这一侧的压力，给平台带来的压力也在减缓。
Speaker 2
The pressure from the job seeker side to our platform has been alleviated.
Speaker 6
我们大家如果还记得的话，实际上21年、22年这两年有一些毕业生不好找工作，在疫情期间遇到困难。如果我们记得的话，23年我们所期待的某种reopening没有如愿发生，有一些年轻人继续遇到困难。
Speaker 2
If we can recall that back in 2021 and 2022, it was a little bit difficult for the fresh graduates to find a job. In 2023, the reopening which everybody was expecting was not happening as we expected. Young people, especially young people, it's a little bit difficult to find a job.
Speaker 6
今年以7月份为例，应届生在平台表达找工作的需求跟去年比有两位数的下降。
Speaker 2
This year, take July, for example, the fresh graduates, their expression for job seeking demand compared to the same period of last year has declined by double digits.
Speaker 6
与此同时，企业侧发布职位愿意招应届生跟去年同期比有两位数的百分比的提高。
Speaker 2
Meanwhile, from the enterprise side, the companies who have posted jobs openly to fresh graduates increased by double digits.
Speaker 6
所以我们从BC两端的情况，特别是看了关于应届生的招聘和求职情况，我们比较明确地感到，我们比较明确地感到，积累了几年的压力，在今年的Q3看到了很大的好转。
Speaker 2
From the situation from both job seeker and recruiter side, especially from the fresh graduates as an example, we quite clearly felt that the pressure which had been accumulating for several years is reduced a lot in the third quarter.
Speaker 6
那么整个三季度不仅是活跃的用户的BC比比往年好，而且新增用户的BC比也持续改善，也比往年好，而且三季度好于二季度。所以这些信号我觉得都是让我们非常有信心。
Speaker 2
In the third quarter, returning the ratio between job seekers and recruiters among active users improved compared to last year. The newly added user ratio also improved. The third quarter is better than the second quarter, which gives us continued confidence.
Speaker 6
很容易理解这样一个供求关系的变化，对于我们来说，实际上公司看到企业的招聘需求在恢复，付费的情况在变好，付费率在变好。所以实际上这样的恢复对于企业做生意肯定是有帮助的。
Speaker 2
It's quite easy to understand that based on the improving trend of supply and demand balance, which is the recovery of the enterprise side and the improvement of the pay ratio, and it also helped with our overall business operation.
Speaker 6
许多同仁都知道去年的三季度，尤其是七八月份的时候，实际上情况比较差，不太一样。所以我们还专门的也跟23年的情况，审慎起见，跟23年的情况也做了一些比较。
Speaker 2
The third quarter last year was a relatively low base. From a cautious perspective, we also compared to 2023, the same period.
Speaker 6
值得一说的就是白领的新增职位的情况，今年的三季度跟二季度的环比要显著的快于23年。
Speaker 2
It was worth mentioning that the recovery of the white collar, for example, the newly added number of job postings for the white collar position in the third quarter increased significantly compared to the second quarter, compared to the same period of 2023.
Speaker 6
所以经过这样的观察跟对比，我才在刚才的报告当中才可以说这样一个结论，叫做需求回暖带动三季度业绩加速增长。我是有这个依据的，Eddie。
Speaker 2
Based on all these observations and comparisons, I have the confidence to conclude in my prepared map that the improved hiring demand drove our accelerated revenue growth. That's where my confidence comes from.
Speaker 6
你关心的那个续约，四季度了是吧？你关心的续约的这个情况，我觉得我们请我们CFO Phil来说一下。
Speaker 2
Phil will give you answers regarding the retention situation that you confirmed.
Speaker 4
Eddie, companies renew their any contract individually at different points of time, not only at the year end. Starting from the year, we have witnessed improving contract renewal rate, improving continuously, particularly in third quarter. In the past, actually for the first time in the past two years, company-level net dollar retention rate started to bottom out. This signals a potential turning point from a previous downward trajectory. We believe this is driven primarily by improved company retention rate and their higher renewal spending. We observed this situation not only at the key account customers, but also at the small, medium-sized enterprises. Simply speaking, the company's annual contract renewal situation improved sequentially and annually. This once again proved that the hiring demand in the economy has been recovering healthily.
Speaker 2
That's our answer to your question, Eddie. Open to ask, move on to the next question.
Speaker 4
Thank you.
Speaker 3
Thank you. Our next question comes from Wei Xiong from UBS. Please ask your question, Wei.
Speaker 1
哎，谢谢。赵总，宇哥，文贝，各位晚上好。感谢接受我的提问。那我也有两个问题想请教公司。第一个是，其实过去几年咱们的增速一直是比同行好的。那现在从一个企业招聘预算分配的角度来说，咱们还能继续切走的份额可能还有多少？那未来怎么继续保持这种超越市场的增速？另外就是如果明年的宏观形势可以有改善的话，那咱们的领先地位是会进一步巩固呢？还是说有可能因为看到竞对更大程度来投入而带来更多的竞争压力？那这是第一个问题。第二个问题是关于利润率方面，因为今年其实我们这个利润率又是进步的非常明显。那未来比方说明年的话，咱们应该怎么思考这个利润率提升的趋势？那要投入的一些重点的方向有哪些？比如说像是营销获客方面的费用计划，能不能谈一谈？然后包括前两年其实宏观不明朗的时候，我们强调说要保利润。那明年的话，咱们的战略重点会是继续强调利润呢？还是会更多的用投入来换增长？那我也自己翻译一下。 Thank you, Manchun, for taking my question. Firstly, we observe that our company has continued outgrowing peers for the past few years. So if we look at the enterprise recruiting budget allocation, how much more share can we continue to gain over peers? How do we sustain that above peers' growth going forward? Looking at next year, if the macro situation improves, will we continue to solidify our leadership? Is it possible to see higher competition pressure because the peers may step up investments? Secondly, on margin side, given the high base this year, how do we think about the trend for our margin next year? What are the major investment areas? For example, in terms of sales marketing, how do we think about the spending plan there? Previously, given the macro uncertainty, we said we want to prioritize profitability.
Looking at next year, are we going to continue prioritizing that profitability or leaning towards investing a little bit for growth? Thank you for taking my question.
Speaker 6
我们刚才报告过，过去12个月公司的付费客户数量增长13.3%，达到680万。我想从这儿说起。
Speaker 2
I would like to start with our number of paid enterprise customers, which grew by 13.3% to 6.8 million by the 12 months.
Speaker 6
实际上，这些付费客户的绝大部分是小微客户，小微企业，是我们用BOSS Zhipin用自己的模式和Go-to-Market的策略与努力逐步发展成我们的使用者和付费者。
Speaker 2
In the matter of fact, majority or maybe over 80% of these paid enterprise customers are small and micro enterprises, which we use our own business model and Go-to-Market strategy developed over the years.
Speaker 6
我讲这件事其实是想厘清两个概念。概念一，我们的主要付费客户是靠我们自己的独立的模式拓展出来的，并非切割了同行的市场份额。
Speaker 2
By mentioning this, I would like to clarify on two opposite concepts. First is, majority of our main payment customers are developed by our own rather than gaining the shares from our peers.
Speaker 6
另外一个概念就是，众所周知，中国有超过4000万家中小企业，所以我们目前的付费客户的市场占有率在其中的比例还很低。这也就是为什么在经济相对承压的时候，我们仍然还有非常广阔的市场去拓展。
Speaker 2
The second concept is that it's public data that China has over 40 million small and medium-sized enterprises. And our number of paid enterprise customers is still a small percentage of that. That's why even under relatively tight macro situation, we still have ample room to grow in terms of our market share.
Speaker 6
当然了，可以得出一个逻辑上的一个结论，就是当市场变好，需求回暖的时候，我们的增速会变得更好，我们的市场渗透的策略会变得更加有成效，收入也会变得更好。
Speaker 2
The logical conclusion is that when the market recovers, when the demand improves, we can enjoy better revenue and business growth rate.
Speaker 6
那么谈到了竞争格局，我们也要承认这样一件事，就是对于同行也在服务，我们也在服务的客户，实际上在经济承压的情况下，客户会倾向于选择性价比更好的产品和服务更好的商家。那么从这个意义上来讲，直接的竞争肯定也是存在的，我们也并未落于人后。
Speaker 2
On a competitive landscape perspective, we need to admit that for the customers, both we and our peers are serving, especially under economic pressure situations, the client normally will tend to service providers who have better ROI and higher service availability. We do have some advantages over that.
Speaker 6
那么您也很关心利润率的事情。利润率这个事情的话，跟我们目前比较好的利润情况有关的公司层面的策略，回顾的话，就是在去年的时候，我们做了这么一个决定，面对一大堆的不确定性，想先拿住一个确定性，就是要保证利润。那么这一年当中的执行力得到了验证，所以现在看到一个不错的结果。
Speaker 2
About the profitability, which you concerned a lot, the current profit margin you observed, which is actually a strategic selection from our company level. Last year, we decided that facing all of these uncertainties, we want to make sure that only certainty, which is guaranteed the profit. This year, you have seen our very strong implementation capability and realized profit numbers.
Speaker 6
从本质上，公司现在的利润率水平所体现的是公司的双边网络效应，是公司对于用户心智的渗透，以及公司在内部运转上形成了比较高效顺畅的一个水平。这是一个综合的体现。
Speaker 2
Essentially, this very strong margin profile actually reflects our effective double-sided natural effect, our further penetration into user mindset, and very efficient and smooth internal management and operation. All those result in this high margin profile.
Speaker 6
因此我可以预测到明年公司的利润率应该是一个继续提升的过程。
Speaker 2
As a result, I can predict that the profit, the margin for next year will continue to improve.
Speaker 6
但公司不会牺牲增长。明年的新增用户数量我觉得仍然要在3500万加这样的水平。
Speaker 2
We will not sacrifice our revenue growth to achieve this profitability. For the next year, we still want to guarantee at least 35 million newly verified users.
Speaker 6
公司在收入增长上的追求和服务用户、提高用户满意度上的追求大于公司在利润率上增长的追求。
Speaker 2
Our pursuit in better serve users in higher revenue growth actually has higher priority compared to our pursuit of profitability.
Speaker 6
这些是我们对于利润率这件事情的一些策略级的看法和初步的一些预测。我觉得希望能够对熊总还有对我们投资人，让你们能够更清楚地看到利润率对我们来说意味着什么。
Speaker 2
That is our strategic level view on our profitability, and we hope you and our investors can better understand what profitability means to us.
Speaker 6
这个供你参考，熊总。
Speaker 2
For your reference. That is all of our answer to your question, Xiaowei and operator. Let's move on to the next one.
Speaker 1
Thank you. Our next question comes from Timothy Zhao from Goldman Sachs. Please go ahead.
Speaker 0
Zhipin和其他的招聘的公司，相对于这种通用AI的公司在招聘行业的一个竞争状态呢？那我很快翻译一下。 Thank you, Manchun, for taking my question and congrats on the solid results. Two questions from my side. First, as Zhao总 just mentioned that we are going to explore more in the different verticals within the recruitment industry. Could Manchun share more progress and updates on this? And what are the potential impact to our services and monetization into a longer term? Secondly, it's on the AI-related question. We noticed that OpenAI recently announced to enter the recruitment industry, and some other AI startups like Merkur also have been evolving its business model. Could Manchun share your view on the competitive landscape between the traditional recruitment platforms as well as Kanzhun and the general AI companies in the recruitment industry? Thank you.
Speaker 6
在我们尝试着把AI跟人结合起来，在业务当中做科学实验的过程中有一些很有意思的事。我借此机会我说两件事吧。第一件事就是，有些用户他很生气的时候，他会控制不住自己，他会说一些话伤害客服人员。但是当他知道对面是AI的时候，基本没有用户会骂人。就是人类会骂人类，但是人类知道对方是AI的时候，人类就不骂了。那么最狠的一句话，就是我们的AI在跟人的交互中被训斥的最狠的一句话就是："你这个傻AI。"这是最厉害的一句。那么这是一个我们在一些场景上用AI跟用户进行沟通的场景上的一个例子。
Speaker 2
When we are trying to combine AI and human activities, we have some very interesting findings under our scientific experiment. For example, when a customer who is quite angry and cannot contain his temper, when he is facing a customer service people, normally they could be quite aggressive. When the customer knows that the counterpart is AI, normally they will take some very harsh words. The biggest complaint from the customer to AI is: "You are very stupid, AI.
Speaker 6
然后我们做这个AI面试这个辅助工具，来train求职者如何在不同的情况下面试，也有一个有意思的发现。就是有些求职者，他会一遍又一遍地跟这个机器人对话，然后他会得到不同的scores。那么当他的下一个得分小于或者等于上一个得分的时候，很多人就会停止这个，不再重复这个过程了。
Speaker 2
The second example is for our AI interview coaching products. A lot of job seekers who have used this service repeatedly to train their interview skills once again. We find out that when the job seeker, his second scoring is below the first one, they will stop this repeat.
Speaker 6
所以你看我平时遇到的很多例子，我说两个给你们听。一个就是人其实骂人的时候，他可能会把他的不好的情绪得到宣泄，但是这个功能在面对AI的时候好像不存在了。另外一个就是一个人如果麻烦一个他的coach两遍三遍可能还行，但是20遍的同样的事情去麻烦一个coach他做不到，但是他可以很好意思地去麻烦一个AI 20次。
Speaker 2
You can see some very interesting findings I can actually see in our daily experiment. People can control well, control his temper when they are facing an AI, and also people who do not want to bother a real human coach very frequently, but he can do that to an AI.
Speaker 6
这是我们在过去的尝试当中遇到的一些事。这些事实际上是告诉我们说，用机器人用AI技术在非常古老，但是又跟我们特别相关，跟我们每个人都相关的人跟岗位的配置，上级跟下级的配置的这样一件非常serious的事上做事。我觉得我们确实需要像面对一个全新的事情那样极为谨慎地去尝试。
Speaker 2
All these results are telling us that when we are applying AI technology to very old, very ancient people and the job matching, the superior and the subordinate matching for this older scenario, we need to be very cautious while using the new technology.
Speaker 6
所以两年多的尝试没有发生有因为大语言模型，多模态的大语言模型给整个招聘行业当中诞生一个killer级的应用。我倒反而不着急。我倒觉得给了我们更多时间去跟新的技术，跟这个不可思议的AI去共存。所以我还是说极其谨慎，更加谨慎的意思。
Speaker 2
Now, over more than two years, this very exciting large language model technology has been able to generate a killer level application in our industry. Actually, we are not in a hurry, and it actually gave us more time to find a way to how coexist with all this development and the new technologies.
Speaker 6
那么刚才我在做报告的时候提到了我们在一些交付场景，不管蓝领还是青领，我们有一些类似于全托管式的半托管式的招聘服务。那么这个地方是我们又要积极尝试，又要很小心的地方。然后so far有一些成绩，但是还远远不到大规模推广给所有用户的时候。
Speaker 2
I just mentioned that on the certain placement scenario, both in blue-collar and white-collar recruitment, such as full-cycle hosted recruitment service or semi-cycle hosted recruitment service, we have been very active to try out new services, but also quite cautiously. So far we have some achievement, but still not in a stage to massively roll out these new features.
Speaker 6
对于最近有在AI能力加持之下，有若干企业，尤其有一些巨头，海外巨头表达说要在招聘领域进行一些尝试，我们也注意到。
Speaker 2
We also noticed that some leading technology companies who have been empowered by AI who have expressed their interest in entering into the recruitment industry.
Speaker 6
新的技术跟老的课题相结合，很可能能够带来行业的革命。
Speaker 2
The new technology combined with old industry questions possibly can generate revolutionary level industry change.
Speaker 6
正如推荐技术和移动互联网技术与老的招聘的课题相结合，催生了Boss直聘这样一个新的model。
Speaker 2
Just like the mobile network and the recommendation technology combined with the traditional recruitment demand have generated BOSS Zhipin as this new generation of online recruitment model.
Speaker 6
到今天为止，我觉得AI跟招聘行业相结合的主要课题不是算力。
Speaker 2
Up to today, my thinking of that the combination of AI and the recruitment service, the key bottleneck is actually not computing power.
Speaker 6
猫口组织专家进行标注，我们理解恰好体现了高质量数据的价值。
Speaker 2
Merkur, who have gathered a lot of professionals to do the tagging, actually show the value of the high-quality data.
Speaker 6
如果高质量的数据是如此重要的话，我倒觉得以Boss直聘等等为代表的在招聘行业做事情的同行反倒具备某种优势。
Speaker 2
If the high-quality data is very critical, is very important, then with BOSS Zhipin, other peers within our industry actually have some certain level of advantages.
Speaker 6
所以这个也不能说是能够很好地回答你的问题。我觉得就是借着你的问题说了一些我们平时注意到的一些事吧。
Speaker 2
Just to leverage your question, I want to express some observations we noticed from our daily operations. That is all of our answer to your question, Tingzi. Thank you.
Speaker 4
Thank you.
Speaker 1
Due to time constraints, that concludes today's question and answer session. At this time, I'll turn the conference back to Wenbei for any additional or closing remarks.
Speaker 2
Thank you once again for joining us today. If you have any further questions, please contact us directly. Thank you.
Speaker 1
Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.