EX-99.1 2 tm2531577d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

KANZHUN LIMITED Announces Third Quarter 2025 Financial Results

 

BEIJING, November 18, 2025 – 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 September 30, 2025.

 

Third Quarter 2025 Highlights

 

·Total paid enterprise customers1 in the twelve months ended September 30, 2025 were 6.8 million, an increase of 13.3% from 6.0 million in the twelve months ended September 30, 2024.

 

·Average monthly active users2 for the third quarter of 2025 were 63.8 million, an increase of 10.0% from 58.0 million for the same quarter of 2024.

 

·Revenues for the third quarter of 2025 were RMB2,163.3 million (US$303.9 million), an increase of 13.2% from RMB1,911.6 million for the same quarter of 2024.

 

·Income from operations for the third quarter of 2025 was RMB687.1 million (US$96.5 million), an increase of 108.1% from RMB330.2 million for the same quarter of 2024. Adjusted3 income from operations for the third quarter of 2025 was RMB903.5 million (US$126.9 million), an increase of 49.3% from RMB605.3 million for the same quarter of 2024.

 

·Net income for the third quarter of 2025 was RMB775.4 million (US$108.9 million), an increase of 67.2% from RMB463.8 million for the same quarter of 2024. Adjusted net income for the third quarter of 2025 was RMB991.8 million (US$139.3 million), an increase of 34.2% from RMB738.9 million for the same quarter of 2024.

 

Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, “In the third quarter of this year, the Company achieved high-quality business growth, with solid progress in user growth, commercialization, and the implementation of AI technologies. The recovery in enterprise recruitment demand drove an acceleration in revenue year-on-year, and while profitability improved, user numbers maintained a steady growth, further consolidating our industry-leading position as China’s largest online recruitment platform. We are committed to integrating AI into our technologies, products, and operational systems, gradually making it one of the driving forces for enhancing user experience, strengthening service capabilities, and achieving efficient operations. As a result, benefits are gradually being realized on both the job seeker and enterprise user sides. At the same time, we are cautiously exploring the potential for AI recruitment to evolve into fully hosted or placement services in more specific scenarios. The Company completed its annual dividend distribution in the third quarter, actively fulfilling its commitment to shareholder returns.”

 

Mr. Phil Yu Zhang, Chief Financial Officer of the Company, elaborated, “In the third quarter, we achieved a 13.2% year-on-year revenue growth, while the number of paid enterprise customers over the past 12 months as of September 30 also increased by 13.3% year-on-year to 6.8 million. This demonstrates that the Company’s structural drivers of revenue growth – namely, user expansion and improved commercialization rates – remain effective. Benefiting from enhanced marketing efficiency driven by the platform’s strong network effects, efficient operating leverage, and continued optimization of share-based compensation expenses, the Company’s net profit margin increased by 11.5 percentage points year-on-year, reaching a record high. This signifies our ability to maintain robust revenue growth while ensuring a high-quality and sustainable margin profile.”

 

 

1Paid enterprise customers are defined as enterprise users and company accounts from which the Company recognizes revenues for online recruitment services.
2Monthly 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.
3It 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.”

 

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Third Quarter 2025 Financial Results

 

Revenues

 

Revenues were RMB2,163.3 million (US$303.9 million) for the third quarter of 2025, representing an increase of 13.2% from RMB1,911.6 million for the same quarter of 2024.

 

·Revenues from online recruitment services to enterprise customers were RMB2,146.8 million (US$301.6 million) for the third quarter of 2025, representing an increase of 13.6% from RMB1,889.1 million for the same quarter of 2024. This increase was mainly driven by the paid enterprise customer growth.

 

·Revenues from other services, primarily comprising paid value-added services offered to job seekers, were RMB16.4 million (US$2.3 million) for the third quarter of 2025, decreasing from RMB22.5 million for the same quarter of 2024. The decrease was mainly driven by the optimization of certain value-added features. The Company simplified these offerings to enhance the value proposition for job seekers, prioritizing platform engagement and long-term ecosystem growth.

 

Operating cost and expenses

 

Total operating cost and expenses were RMB1,476.2 million (US$207.4 million) for the third quarter of 2025, representing a decrease of 7.0% from RMB1,586.9 million for the same quarter of 2024. Total share-based compensation expenses were RMB216.4 million (US$30.4 million) for the third quarter of 2025, representing a decrease of 21.3% from RMB275.1 million for the same quarter of 2024.

 

·Cost of revenues was RMB307.8 million (US$43.2 million) for the third quarter of 2025, representing a decrease of 2.0% from RMB314.0 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 RMB393.6 million (US$55.3 million) for the third quarter of 2025, representing a decrease of 24.6% from RMB522.3 million for the same quarter of 2024, primarily due to decreases in advertising and marketing expenses, employee-related expenses and rental expenses.

 

·Research and development expenses were RMB408.0 million (US$57.3 million) for the third quarter of 2025, representing a decrease of 12.1% from RMB464.2 million for the same quarter of 2024, primarily due to a decrease in employee-related expenses.

 

·General and administrative expenses were RMB366.8 million (US$51.5 million) for the third quarter of 2025, representing an increase of 28.1% from RMB286.4 million for the same quarter of 2024, primarily due to an impairment of intangible assets, partially offset by a decrease in employee-related expenses.

 

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Income from operations and adjusted income from operations

 

Income from operations was RMB687.1 million (US$96.5 million) for the third quarter of 2025, representing an increase of 108.1% from RMB330.2 million for the same quarter of 2024.

 

Adjusted income from operations was RMB903.5 million (US$126.9 million) for the third quarter of 2025, representing an increase of 49.3% from RMB605.3 million for the same quarter of 2024.

 

Net income and adjusted net income

 

Net income was RMB775.4 million (US$108.9 million) for the third quarter of 2025, representing an increase of 67.2% from RMB463.8 million for the same quarter of 2024.

 

Adjusted net income was RMB991.8 million (US$139.3 million) for the third quarter of 2025, representing an increase of 34.2% from RMB738.9 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 third quarter of 2025 were RMB1.75 (US$0.25) and RMB1.70 (US$0.24), respectively, compared to basic and diluted net income per ADS of RMB1.06 and RMB1.03 for the same quarter of 2024.

 

Adjusted basic and diluted net income per ADS attributable to ordinary shareholders for the third quarter of 2025 were RMB2.22 (US$0.31) and RMB2.16 (US$0.30), respectively, compared to adjusted basic and diluted net income per ADS of RMB1.68 and RMB1.64 for the same quarter of 2024.

 

Net cash provided by operating activities

 

Net cash provided by operating activities was RMB1,173.8 million (US$164.9 million) for the third quarter of 2025, representing an increase of 44.5% from RMB812.3 million for the same quarter of 2024.

 

Cash position

 

Balance of cash and cash equivalents, short-term time deposits and short-term investments was RMB19,214.4 million (US$2,699.0 million) as of September 30, 2025.

 

Share Repurchase Program

 

On August 20, 2025, the Company’s board of directors approved amendments to the 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 fourth quarter of 2025, the Company currently expects its total revenues to be between RMB2.05 billion and RMB2.07 billion, representing a year-on-year increase of 12.4% to 13.5%. 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.

 

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Conference Call Information

 

The Company will host a conference call at 7:00 AM U.S. Eastern Time on Tuesday, November 18, 2025 (8:00 PM Beijing Time on Tuesday, November 18, 2025) to discuss the financial results.

 

Participants are required to pre-register for the conference call at: 

https://register-conf.media-server.com/register/BI56c13f6314d2473a9a5dbda4ddfa36f0

 

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 RMB7.1190 to US$1.00 on September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ 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.

 

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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 LIMITED 

Investor Relations 

Email: ir@kanzhun.com

 

PIACENTE FINANCIAL COMMUNICATIONS 

Email: kanzhun@tpg-ir.com

 

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KANZHUN LIMITED 

Unaudited Condensed Consolidated Statements of Operations 

(All amounts in thousands, except share and per share data)

 

   For the three months ended September 30,  

For the nine months ended September 30,

 
   2024   2025   2024   2025 
   RMB   RMB   US$   RMB   RMB   US$ 
Revenues                        
Online recruitment services to enterprise customers   1,889,102    2,146,843    301,565    5,465,912    6,125,824    860,489 
Others   22,473    16,438    2,309    66,159    63,167    8,873 
Total revenues   1,911,575    2,163,281    303,874    5,532,071    6,188,991    869,362 
Operating cost and expenses                              
Cost of revenues(1)   (314,026)   (307,791)   (43,235)   (925,997)   (926,056)   (130,082)
Sales and marketing expenses(1)   (522,268)   (393,560)   (55,283)   (1,646,707)   (1,304,660)   (183,265)
Research and development expenses(1)   (464,151)   (408,019)   (57,314)   (1,375,449)   (1,247,633)   (175,254)
General and administrative expenses(1)   (286,432)   (366,828)   (51,528)   (818,114)   (943,313)   (132,506)
Total operating cost and expenses   (1,586,877)   (1,476,198)   (207,360)   (4,766,267)   (4,421,662)   (621,107)
Other operating income, net   5,485    40    6    26,581    10,780    1,514 
Income from operations   330,183    687,123    96,520    792,385    1,778,109    249,769 
Interest and investment income, net   158,948    227,956    32,021    468,818    534,417    75,069 
Foreign exchange (loss)/gain   (29)   3,805    534    64    3,859    542 
Other income, net   36,948    28,747    4,038    36,425    27,579    3,874 
Income before income tax expenses   526,050    947,631    133,113    1,297,692    2,343,964    329,254 
Income tax expenses   (62,223)   (172,211)   (24,190)   (174,891)   (345,276)   (48,501)
Net income   463,827    775,420    108,923    1,122,801    1,998,688    280,753 
Net loss attributable to non-controlling interests   4,545    31,213    4,384    12,255    42,477    5,967 
Net income attributable to ordinary shareholders of KANZHUN LIMITED   468,372    806,633    113,307    1,135,056    2,041,165    286,720 
Weighted average number of ordinary shares used in computing net income per share                              
— Basic   883,762,119    921,290,596    921,290,596    884,476,469    891,736,288    891,736,288 
— Diluted   906,841,729    949,391,068    949,391,068    912,733,094    917,288,385    917,288,385 
Net income per ordinary share attributable to ordinary shareholders                              
— Basic   0.53    0.88    0.12    1.28    2.29    0.32 
— Diluted   0.52    0.85    0.12    1.24    2.23    0.31 
Net income per ADS(2) attributable to ordinary shareholders                              
— Basic   1.06    1.75    0.25    2.57    4.58    0.64 
— Diluted   1.03    1.70    0.24    2.49    4.45    0.63 

 

(1) Include share-based compensation expenses as follows:

 

   For the three months ended September 30,  

For the nine months ended September 30,

 
   2024   2025   2024   2025 
   RMB   RMB   US$   RMB   RMB   US$ 
Cost of revenues   10,836    3,240    455    33,252    19,747    2,774 
Sales and marketing expenses   67,505    56,194    7,894    209,459    182,787    25,676 
Research and development expenses   102,659    76,820    10,791    315,332    243,418    34,193 
General and administrative expenses   94,067    80,142    11,257    307,444    251,933    35,389 
Total   275,067    216,396    30,397    865,487    697,885    98,032 

 

(2) Each ADS represents two Class A ordinary shares.

 

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KANZHUN LIMITED 

Unaudited Condensed Consolidated Balance Sheets 

(All amounts in thousands)

 

   As of 
   December 31, 2024   September 30, 2025 
   RMB   RMB   US$ 
ASSETS            
Current assets               
Cash and cash equivalents   2,553,090    4,698,085    659,936 
Short-term time deposits   5,488,631    5,274,619    740,921 
Short-term investments   6,639,389    9,241,724    1,298,177 
Accounts and notes receivable, net   40,713    33,427    4,695 
Inventories   3,042    2,533    356 
Amounts due from related parties   7,258    8,779    1,233 
Prepayments and other current assets   368,260    679,369    95,430 
Total current assets   15,100,383    19,938,536    2,800,748 
Non-current assets               
Long-term time deposits   -    730,300    102,585 
Long-term investments   1,914,530    1,784,747    250,702 
Property, equipment and software, net   1,733,786    1,420,577    199,547 
Right-of-use assets, net   302,856    170,296    23,921 
Intangible assets, net   252,589    105,560    14,828 
Goodwill   6,528    6,528    917 
Total non-current assets   4,210,289    4,218,008    592,500 
Total assets   19,310,672    24,156,544    3,393,248 
LIABILITIES AND SHAREHOLDERS’ EQUITY               
Current liabilities               
Accounts payable   110,668    78,799    11,069 
Deferred revenue   3,084,839    3,202,941    449,914 
Other payables and accrued liabilities   815,767    824,959    115,881 
Operating lease liabilities, current   180,782    104,515    14,681 
Dividends payable   -    553,844    77,798 
Total current liabilities   4,192,056    4,765,058    669,343 
Non-current liabilities               
Operating lease liabilities, non-current   121,345    61,332    8,615 
Deferred tax liabilities   34,451    44,867    6,302 
Total non-current liabilities   155,796    106,199    14,917 
Total liabilities   4,347,852    4,871,257    684,260 
Total shareholders’ equity   14,962,820    19,285,287    2,708,988 
Total liabilities and shareholders’ equity   19,310,672    24,156,544    3,393,248 

 

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KANZHUN LIMITED 

Unaudited Condensed Consolidated Statements of Cash Flows 

(All amounts in thousands)

 

   For the three months ended September 30,   For the nine months ended September 30, 
   2024   2025   2024   2025 
   RMB   RMB   US$   RMB   RMB   US$ 
Net cash provided by operating activities   812,290    1,173,795    164,882    2,586,387    3,228,800    453,547 
Net cash used in investing activities   (698,000)   (1,667,004)   (234,163)   (1,293,771)   (3,170,283)   (445,327)
Net cash (used in)/provided by financing activities   (753,763)   2,052,722    288,344    (940,188)   2,111,000    296,530 
Effect of exchange rate changes on cash and cash equivalents   (16,759)   (20,934)   (2,940)   (9,229)   (24,522)   (3,444)
Net (decrease)/increase in cash and cash equivalents   (656,232)   1,538,579    216,123    343,199    2,144,995    301,306 
Cash and cash equivalents at beginning of the period   3,472,390    3,159,506    443,813    2,472,959    2,553,090    358,630 
Cash and cash equivalents at end of the period   2,816,158    4,698,085    659,936    2,816,158    4,698,085    659,936 

 

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KANZHUN LIMITED 

Unaudited Reconciliation of GAAP and Non-GAAP Results 

(All amounts in thousands, except share and per share data)

 

   For the three months ended September 30,  

For the nine months ended September 30,

 
   2024   2025   2024   2025 
   RMB   RMB   US$   RMB   RMB   US$ 
Income from operations   330,183    687,123    96,520    792,385    1,778,109    249,769 
Add: Share-based compensation expenses   275,067    216,396    30,397    865,487    697,885    98,032 
Adjusted income from operations   605,250    903,519    126,917    1,657,872    2,475,994    347,801 
                               
Net income   463,827    775,420    108,923    1,122,801    1,998,688    280,753 
Add: Share-based compensation expenses   275,067    216,396    30,397    865,487    697,885    98,032 
Adjusted net income   738,894    991,816    139,320    1,988,288    2,696,573    378,785 
                               
Net income attributable to ordinary shareholders of KANZHUN LIMITED   468,372    806,633    113,307    1,135,056    2,041,165    286,720 
Add: Share-based compensation expenses   275,067    216,396    30,397    865,487    697,885    98,032 
Adjusted net income attributable to ordinary shareholders of KANZHUN LIMITED   743,439    1,023,029    143,704    2,000,543    2,739,050    384,752 
Weighted average number of ordinary shares used in computing adjusted net income per share (Non-GAAP)                              
— Basic   883,762,119    921,290,596    921,290,596    884,476,469    891,736,288    891,736,288 
— Diluted   906,841,729    949,391,068    949,391,068    912,733,094    917,288,385    917,288,385 
Adjusted net income per ordinary share attributable to ordinary shareholders                              
— Basic   0.84    1.11    0.16    2.26    3.07    0.43 
— Diluted   0.82    1.08    0.15    2.19    2.99    0.42 
Adjusted net income per ADS attributable to ordinary shareholders                              
— Basic   1.68    2.22    0.31    4.52    6.14    0.86 
— Diluted   1.64    2.16    0.30    4.38    5.97    0.84 

 

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