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.” _____________________ 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 RelationsEmail: ir@kanzhun.com PIACENTE FINANCIAL COMMUNICATIONSEmail: kanzhun@tpg-ir.com 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 512,222 808,245 112,827 771,642 1,396,333 194,920 Income tax expenses (94,972) (97,071) (13,551) (112,668) (173,065) (24,159)Net income 417,250 711,174 99,276 658,974 1,223,268 170,761 Net loss attributable to non-controlling interests 4,483 5,224 729 7,710 11,264 1,572 Net income attributable to ordinary shareholders of KANZHUN LIMITED 421,733 716,398 100,005 666,684 1,234,532 172,333 Weighted average number of ordinary shares used in computing net income per share — Basic 888,934,440 882,926,914 882,926,914 884,833,645 876,959,135 876,959,135 — Diluted 924,052,158 906,887,558 906,887,558 915,678,778 901,237,045 901,237,045 Net income per ordinary share attributable to ordinary shareholders — Basic 0.47 0.81 0.11 0.75 1.41 0.20 — Diluted 0.46 0.79 0.11 0.73 1.37 0.19 Net income per ADS(2) attributable to ordinary shareholders — Basic 0.95 1.62 0.23 1.51 2.82 0.39 — Diluted 0.91 1.58 0.22 1.46 2.74 0.38 (1) Include share-based compensation expenses as follows: For the three months ended June 30, For the six months ended June 30, 2024 2025 2024 2025 RMB RMB US$ RMB RMB US$ Cost of revenues 11,499 6,896 963 22,416 16,507 2,304 Sales and marketing expenses 71,482 52,356 7,309 141,954 126,593 17,672 Research and development expenses 109,980 78,065 10,897 212,673 166,598 23,256 General and administrative expenses 108,482 92,409 12,900 213,377 171,791 23,981 Total 301,443 229,726 32,069 590,420 481,489 67,213 (2) Each ADS represents two Class A ordinary shares. KANZHUN LIMITEDUnaudited Condensed Consolidated Balance Sheets(All amounts in thousands) As of December 31, 2024 June 30, 2025 RMB RMB US$ASSETS Current assets Cash and cash equivalents 2,553,090 3,159,506 441,050Short-term time deposits 5,488,631 5,479,143 764,859Short-term investments 6,639,389 7,383,188 1,030,653Accounts and notes receivable, net 40,713 32,126 4,485Inventories 3,042 2,706 378Amounts due from related parties 7,258 9,789 1,366Prepayments and other current assets 368,260 561,419 78,371Total current assets 15,100,383 16,627,877 2,321,162 Non-current assets Long-term time deposits - 727,360 101,536Long-term investments 1,914,530 1,879,156 262,320Property, equipment and software, net 1,733,786 1,514,093 211,359Right-of-use assets, net 302,856 194,529 27,155Intangible assets, net 252,589 234,412 32,723Goodwill 6,528 6,528 911Total non-current assets 4,210,289 4,556,078 636,004 Total assets 19,310,672 21,183,955 2,957,166 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable 110,668 97,471 13,606Deferred revenue 3,084,839 3,301,486 460,870Other payables and accrued liabilities 815,767 708,757 98,939Operating lease liabilities, current 180,782 130,038 18,153Total current liabilities 4,192,056 4,237,752 591,568 Non-current liabilities Operating lease liabilities, non-current 121,345 69,448 9,694Deferred tax liabilities 34,451 39,792 5,555Total non-current liabilities 155,796 109,240 15,249 Total liabilities 4,347,852 4,346,992 606,817 Total shareholders’ equity 14,962,820 16,836,963 2,350,349 Total liabilities and shareholders’ equity 19,310,672 21,183,955 2,957,166 KANZHUN LIMITEDUnaudited Condensed Consolidated Statements of Cash Flows(All amounts in thousands) For the three months ended June 30, For the six months ended June 30, 2024 2025 2024 2025 RMB RMB US$ RMB RMB US$Net cash provided by operating activities 868,556 1,051,896 146,839 1,774,097 2,055,005 286,868 Net cash used in investing activities (72,309) (824,453) (115,089) (595,771) (1,503,279) (209,850)Net cash (used in)/provided by financing activities (81,847) 144,272 20,139 (186,425) 58,278 8,135 Effect of exchange rate changes on cash and cash equivalents 10,824 (2,629) (367) 7,530 (3,588) (501)Net increase in cash and cash equivalents 725,224 369,086 51,522 999,431 606,416 84,652 Cash and cash equivalents at beginning of the period 2,747,166 2,790,420 389,528 2,472,959 2,553,090 356,398 Cash and cash equivalents at end of the period 3,472,390 3,159,506 441,050 3,472,390 3,159,506 441,050 KANZHUN LIMITEDUnaudited Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands, except share and per share data) For the three months ended June 30, For the six months ended June 30, 2024 2025 2024 2025 RMB RMB US$ RMB RMB US$ Income from operations 358,609 651,201 90,905 462,202 1,090,986 152,295 Add: Share-based compensation expenses 301,443 229,726 32,069 590,420 481,489 67,213 Adjusted income from operations 660,052 880,927 122,974 1,052,622 1,572,475 219,508 Net income 417,250 711,174 99,276 658,974 1,223,268 170,761 Add: Share-based compensation expenses 301,443 229,726 32,069 590,420 481,489 67,213 Adjusted net income 718,693 940,900 131,345 1,249,394 1,704,757 237,974 Net income attributable to ordinary shareholders of KANZHUN LIMITED 421,733 716,398 100,005 666,684 1,234,532 172,333 Add: Share-based compensation expenses 301,443 229,726 32,069 590,420 481,489 67,213 Adjusted net income attributable to ordinary shareholders of KANZHUN LIMITED 723,176 946,124 132,074 1,257,104 1,716,021 239,546 Weighted average number of ordinary shares used in computing adjusted net income per share (Non-GAAP) — Basic 888,934,440 882,926,914 882,926,914 884,833,645 876,959,135 876,959,135 — Diluted 924,052,158 906,887,558 906,887,558 915,678,778 901,237,045 901,237,045 Adjusted net income per ordinary share attributable to ordinary shareholders — Basic 0.81 1.07 0.15 1.42 1.96 0.27 — Diluted 0.78 1.04 0.15 1.37 1.90 0.27 Adjusted net income per ADS attributable to ordinary shareholders — Basic 1.63 2.14 0.30 2.84 3.91 0.55 — Diluted 1.57 2.09 0.29 2.75 3.81 0.53

KANZHUN LIMITED Announces Second Quarter 2025 Financial Results

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