Thank you, operator. Good evening and good morning, everyone.

Welcome to our second quarter 2026 earnings conference call. Joining me today are our Founder, Chairman and CEO, Mr.

Jonathan Peng Zhang, and our Deputy CFO, Ms. Wenbei Wang.

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-GAAP financial measures for comparison purpose only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial measures, please see the earnings release issued earlier today.

In addition, a webcast replay of this conference call will be available on our website at ir.zhipin.com. With that, I will now turn the call to Jonathan, our Founder, Chairman and CEO.

大家好。欢迎参加公司2026年二季度业绩发布会。我谨代表公司全体员工、管理层和董事会，向我们的用户和投资人致以诚挚感谢。

Hello, everyone, and welcome to the company's second quarter 2026 earnings call. On behalf of all our employees, management and the board of directors, I want to express our sincere gratitude to our users and investors.

今天主要跟大家报告三个方面的内容：二季度的业绩、公司的增长策略的变化和股东回报。 Today, I will mainly report on three areas: second quarter results, change in company's growth strategy, and shareholder returns.

先说一下业绩。二季度公司实现收入24亿元，同比增长14%。利润方面，二季度扣除股权激励费用后的经调整营业利润10.5亿元，同比增长19%，经调整营业利润率为43.8%，同比提升1.9个百分点。

In the second quarter, the company generated revenue of RMB2.4 billion, up 14% year-on-year. In terms of profitability, adjusted income from operations, excluding share-based compensation expenses, was RMB1.05 billion, up 19% year-on-year.

Our adjusted operating margin was 43.8%, up 1.9 percentage points year-on-year.

截止到6月30号，过去12个月付费企业端客户数达到720万，同比增长11%。

As of June 30, the total paid enterprise customers trailing past 12 months reached 7.2 million, up 11% year-on-year.

多项核心经营指标本季度创下历史新高。二季度BOSS直聘APP端平均月活跃用户规模即MAU突破了7,000万。

Several key operating metrics reached record highs in this quarter. Average monthly active users, or MAU, on our app exceeded 70 million in the second quarter.

平台每个求职者平均收获的达成次数同比、环比均实现增长。再一次地在用户规模增长的同时，用户收获也在提升。 The average number of matches received per job seeker increased both year-on-year and quarter-on-quarter.

Once again, even as our user base grew, user outcomes also improved. 接下来阐述一下公司增长策略在高线城市和低线城市的分化。

Next, I would like to present how the company's growth strategy differs for higher-tier and lower-tier cities.

今年二季度是公司IPO 5年。熟悉我们的投资人会记得，5年来公司一直坚持公司增长的核心驱动轮是用户增长。

The second quarter of this year marks the fifth anniversary of the company's IPO. Investors who are familiar with us will remember that throughout the past 5 years, we have consistently maintained that the core driver of the company's growth is user growth.

这是由市场空间决定的。中国有接近5亿城镇就业人口，有4,000万以上活跃经营的企业。BOSS直聘自创业以来，累计服务了约3亿用户，累计服务了约2,200万家企业。即使从今天看，也仍然有非常大的成长空间。

This is determined by the size of the market. China has nearly 500 million people in its urban workforce and more than 40 million active businesses.

Since its founding, BOSS Zhipin has cumulatively served approximately 300 million users and approximately 22 million employers. Even from where we stand today, there's still considerable room to grow.

其次，这是由我们的模式决定的。BOSS直聘独创了移动加推荐加直聊。它的第一性就在于极大地降低了招聘者和求职者的沟通成本。

Second, this is determined by our model. BOSS Zhipin pioneered the mobile recommendation and direct chat model.

At its core, this model substantially lowered the cost of communication between recruiters and job seekers. 这个低成本启动了中国上千万的企业从传统招聘转向了移动互联网招聘，从而大规模地实现了招聘的数字化和招聘的移动化。

This low-cost model enabled tens of millions of companies to shift from traditional recruitment to mobile internet recruitment, thereby digitizing and mobilizing recruitment on a large scale. 我们的绝大多数企业用户第一次使用我们的服务，也正是他们第一次使用网络招聘。

For the vast majority of our enterprise users, the first time they used our services was also the first time they used online recruitment. 第三，这是由我们的优势和需求决定的。双边网络效应给了公司强大的生命力。双边用户数量越大，种类越丰富，用户所表达的越多，用户的互动行为越多，我们就可以更好地服务用户。

Third, this is determined by our strength and user needs. Double-sided network effects give the company strong vitality.

The larger the user base on both sides, the greater the variety of users, the more users express themselves, and the more users interact, the better we can serve them. 推动用户增长的过程就是为推荐引擎源源不断地生产数字石油的过程。

The process of driving user growth is also the process of continuously producing digital oil for the recommendation engine. 过去几年我们连续看到，随着双边月活用户的增加，单个用户的收获也在增加。

Over the past several years, we have consistently seen that as monthly active users on both sides have increased, user outcomes per user have also improved.

AI加入推荐引擎工作以后，不仅可以看到AI帮助提升了引擎的效能，与此同时，引擎也帮助AI很快地找到了增长的数据飞轮。

With the engine supported by AI, we saw not only that AI improved the engine's efficiency, but also that the engine helped AI quickly establish its data flywheel.

接下来的5年，我们在三四五线城市和一二线城市将采取不同的增长策略。

Over the next 5 years, we will adopt different growth strategies for tier 3, 4 and tier 5 cities, and for tier 1 and tier 2 cities. 在三四五线城市，核心的增长驱动轮仍然是用户增长。最重要的追求仍然是提高用户渗透率。

In tier 3, tier 4 and tier 5 cities, the core driver of growth will continue to be user growth, and our most important objective will remain user penetration. 在一二线城市，核心的增长驱动轮将在保持用户增长的前提下，增加合理的价格增长的因素。

In tier 1 and tier 2 cities, while continuing to grow our user base, we will add reasonable price increases as a growth factor.

关于我们的服务价格，先看一下Q2的实际情况。

With regard to pricing of our services, let me first take a look at the actual situation in the second quarter.

这个Q2收入是24个亿，这个数字有10位数，还不错。但是，我们在北京，许多职位发布1个月的价格，就是买两杯咖啡的钱。

Revenue in the second quarter was RMB2.4 billion. That is a 10-digit number.

It looks good. Here in Beijing, for many jobs, the price of a 1-month job post is just the price of 2 cups of coffee.

而每个月所发生的许许多多的达成，它的单价只够买一瓶矿泉水。 The value of many, many mutual matches happening every month combined is only enough to buy 1 bottle of mineral water.

什么叫达成？对于不太熟悉的人，我还是想在这里解释一下。 What do we mean by mutual match?

For those who are less familiar with us, let me explain again. 我们平台上的一个达成，相当于在其他招聘平台上求职者对特定招聘者发起了一个投递，而该招聘者确认接受了这个投递。这样一个双边的确认，是我们这里所说的一个达成。

A mutual match on our platform is equivalent to a job seeker submitting an application to a specific recruiter on another recruitment platform and that recruiter also confirming the acceptance of the application. That is what we call a mutual match.

那么这样一个达成，在北京、上海、深圳、广州、杭州、成都，在许许多多的情况下，只能在7-Eleven买一瓶矿泉水。

It is a two-sided confirmation. In Beijing, in Shanghai, in Shenzhen, in Guangzhou, in Hangzhou, in Chengdu, in many cities, one such match is worth only 1 bottle of mineral water at a 7-Eleven store.

为了便于你们理解，我举一个成熟市场某头部招聘平台的数据。根据公开的资料，该平台一个click大约在25美分到1美元，转化成一个基础职位的投递大约在5美元到10美元之间。

To make it easier to understand, let's look at data from a leading recruitment platform in a mature market. According to publicly available information, 1 click on that platform costs approximately $0.25 to $1 to $1.

While generating 1 application for a basic role costs approximately $5

to $10. 那么对于这样一个基础基础职位，有多少个投递才能产生一个达成？我没有别人的内部数据，我假设，我假设效率比较高，每5个投递招聘者就愿意接受一个，那么一个达成的单价呢，就在25美元到50美元一个。

I do not have data on how many applications for such a base role result in 1 mutual match. If I assume a high-efficiency case, that a recruiter is willing to accept 1 out of every 5 applications, that would translate into $25 to $50 per mutual match.

这样，朋友们，我们可以直观地感受一下两件事情。 This might rest—gives you a intuitive sense of two things.

第一，与发达国家相比较，随着市场经济的发展，与此同时，随着对人才的重视程度的提高，随着人力资源服务行业的发展，中国企业服务的付费提升空间非常大。 First, compared with developed countries, as the importance placed on talent increases, the human resource services industry grows, there is considerable room for Chinese companies to increase what they pay for such services.

当然，这需要一个时间。时间的力量是很大的。比如有一个例子就是，今天在北京一个很好的软件开发工程师的薪资跟在硅谷是差不多的。 Of course, this will take time.

Time is a powerful force. One example is that today, the salary of a very good software engineer in China is roughly at the same salary as in Silicon Valley.

第二，在北京与一个企业其他方面的开销相比较，我看了一下，有不少企业获得一个达成的单价大概是1/10桶瓶，1/10一个桶装水的价格。

Second, compared with one aspect of enterprise spend in Beijing, I've seen that many or many enterprises have achieved a unit price which is about 1/10th—1/10th of a mineral water.

一个人力资源基础岗位的月综合人力成本，有时候可以换到1,000个达成。

The total monthly, including the cost of junior human resources personnel, could buy 1,000 mutual matches. 因此可以看到，与北京企业的其他开销相比，我们领域的服务价值也有一些可以提升的潜力。

Therefore, we can say that compared with in Beijing, the service price in our field also has some potential to improve. 我换一个角度说，如果这件事情不改革，人力资源服务行业注定不会被企业重视，注定得不到优质的资源，整个行业就有萎缩的可能性。

Put differently, if this—if we do not reform this, the human resource service industry is destined not to be valued by companies, is destined not to receive high-quality resources, and it might shrink.

因此，在IPO第二个5年开始的时候，公司的增长策略发生的变化就在于，对于成熟市场，即一线市场和部分二线城市，在提升用户体验的同时，逐步提升客户的付费金额，包括付费率的合理提升和达成单价的合理提升。

Therefore, at the beginning of the second 5 years, the company's growth strategy has changed, which is based on the first-tier market and some second-tier cities to improve the user experience while gradually increase the amount of customer payment in mature markets, including a reasonable increase in paying rate. 这个过程实际上已经进行了一段时间了。

Uh

this process has been under scan for a while. 实际上我们现在看到的增长，其中有一部分正是这个过程的结果。

The results of growth that we have seen, part of the reason is the—in fact, is because of that. 实际上这也是在上次季度我们预测二季度的增长和利润的增长会更好，这也是其中的一部分原因。

Uh

in fact, this is also that that in the last quarter uh and we predict that the growth and the profit growth in the second quarter would be better. That's part of the reason.

对于在合适的事机和合适的地方转变增长模式，AI的应用起到了催化剂的作用，主要体现在三个方面。 Uh

this is the right time, the right place to change the growth model. AI application has uh played a uh key role, which is mainly reflected in uh three areas.

第一，AI的大规模应用提升了平台的推荐效率。

First, the uh large-scale application of AI increased the platform's efficiency.

第二，参加我们服务试点的，一些白领和蓝领招聘的大客户，非常认同包括AI面试、AI辅助简历筛选等等在内的综合解决方案。 Uh

secondly, some big customers uh in the white collar or blue collar uh sectors uh agreed very much that um they they they believe that the AI-powered uh interview, AI uh assisting resume filters, and also uh and and other uh comprehensive solutions of it also help to them.

第三，AI跟我们平台生意的结合，实际上是与平台上的求职者跟招聘者的追求，一贯追求相一致的。也就是，获得达成不是目的，获得入职才是目的。 Third,

the combination uh with our platform's business is actually aligned with the pursuit of job seekers on the platform and with and the recruiters. That is to achieve not the goal to uh to to seek for to to do the recruitment, but to do a but to do the successful hires.

这其实也就谈到了我们的闭环生意。越是接近服务到入职的环节，越是接近于按照入职来收费，则服务模式和商业模式就越接近于闭环。公司将持续投入这部分探索。在二季度，AI赋能与闭环的业务，相关收益环比实现了快速增长。

This brings us to our closed-loop business. The closer our services get to the actual hiring stage and the closer we get to charging based on the successful based on a successful hire, the more that this model approaches a closed loop.

The company will continue to invest in exploring this area. One point worth mentioning is that the revenue which we received from our AI-enabled closed-loop business grew rapidly quarter-on-quarter in

the second quarter. 谈一下股东回报。

Let me discuss shareholder returns.

董事会今天通过决议，批准公司分派年度股息2.3亿美元。今年以来，公司已经累计回购约3亿美元，占总股本超过4.4.7%的股票。

The board today passed a resolution approving the distribution of an annual dividend of $230 million. Since the beginning of this year, the company has repurchased approximately $300 million worth of shares, representing more than 4.7% of its total share capital.

2026年公司回购和分红的股东回报总额3 5.3亿美元，已经略微超过上一年的经调整净利润的100%，也超过之前我们说过的50%。

In 2026, the company's total shareholder return through share repurchases and dividends amounted to uh $530 million, exceeding 100% of last year's adjusted net income and also exceeding the 50% we previously committed to. 我们和投资人一起分享公司成长的红利。

Uh

we share the benefits of the company's growth with shareholders.

我的介绍就到这里。接下来将由我们的Deputy CFO文蓓，为大家详细介绍一下财务情况。

That concludes my remarks. Now our Deputy CFO, Wenbei Wang, will walk you through the financial details.

Thanks, Jonathan. Hello, everyone.

Now let me walk through the details of financial results of the second quarter of 2026. We continue to deliver a high-quality set of financial results this quarter, marked by solid revenue growth and a further improved profitability.

Our revenue achieved accelerated trend reaching RMB2.4 billion, representing 14% year-on-year growth. Recruitment demand in the second quarter remained broadly stable.

We drove revenue and profit growth through user base expansion and improved monetization from higher-value services. The number of paid enterprise customers increased by 11% year-on-year to 7.2 million over the trailing 12 months ended June 30th, 2026.

Importantly, the paying ratio among active enterprise users improved for the fourth consecutive quarters, reflecting our sustained progress in monetization. ARPPU, or ARPU, for the quarter increased 7% year-on-year, driven by more efficient and valuable services, including an expanded suite of AI-powered features, which encouraged higher customer spending.

Revenue growth was broadly balanced across different account sizes this quarter, with both key accounts and small-sized accounts showing healthy momentum. Moving to the cost side, our total operating costs and expenses increased by 6% year-on-year to RMB1.5 billion this quarter.

Total share-based compensation expenses dropped by 19% year-on-year to RMB186 million. As percentage of revenue, share-based compensation expenses continue to continue its downward trend to 7.8% this quarter, down 3.1 percentage points year-on-year.

We expect share-based compensation expenses as a percentage of revenue to remain at a high single-digit level for the full year of 2026. In the second quarter, we sponsored the FIFA World Cup and increased our investment in AI-related cloud services.

Meanwhile, our head count grew sequentially, driven by stable growth in recruitment demand. Despite these investments, our profitability continue to improve.

Excluding share-based compensation expenses, our adjusted operating margin expanded by 1.9 percentage points year-on-year to a record high of 43.8%. This was primarily driven by our strong operating leverages, disciplined execution, and ongoing efforts to enhance operating efficiency through AI applications.

Looking into each segment, cost of revenues increased by 2% year-on-year to RMB312 million this quarter. This increase was was mainly due to higher server and bandwidth cost, partially offset by lower app store commission fees and improved operating efficiency as we widely leverage AI in our daily operations, verification, and customer services.

As a result, our gross margin went up by 1.6 percentage points year-on-year to 87%. Sales and marketing expenses increased by 38% year-on-year to RMB581 million this quarter, mainly due to the marketing campaign of 2026 FIFA World Cup as well as an increase in sales employee-related expenses related to higher cash revenues.

Our R&D expenses were RMB431 million this quarter, up 3% year-on-year. Excluding share-based compensation expenses, our adjusted R&D expenses increased by 7% year-on-year to RMB361 million, mainly due to higher cloud service fees and server depreciation expenses related to AI infrastructure investment.

Our G&A expenses decreased by 30% year-on-year to RMB219 million this quarter, mainly due to lower employee-related expenses. Interest and investment income reached RMB1.6 billion this quarter compared to RMB157 million for the same quarter last year.

This increase was mainly driven by investment income of around RMB1.5 billion arising from the value fair value changes of one of our invested company, which went public in January 2026. Income tax expenses were RMB515 million this quarter compared to RMB97 million the same quarter last year.

This increase was also mainly due to the RMB367 million tax impact from the aforementioned investment income, withholding tax of RMB20 million, as well as an RMB10 million provision for the top-up tax under the OECD Pillar Two rules and higher income from operations. Our net income reached RMB1.9 billion this quarter, up 173% year-on-year.

Excluding share-based compensation and net gains from the aforementioned investments, our adjusted net income increased by 9% to RMB1.03 billion. Net cash provided by operating activities was RMB945 million this quarter, down 10% year-on-year.

This decrease was mainly due to higher advertising and marketing expenditures and tax payments, as well as lower interest and investment income received, partially offset by increased cash collection from customers. As of June 30, 2026, our cash position, including cash, cash equivalents, short-term time deposits, and short-term investments, but excluding investments in securities, stood at RMB18.8 billion.

Our strong cash position and cash-generating capability enable us to sustainably deliver our shareholder return commitments. As Jonathan just mentioned, the board declared an annual cash dividend of approximately US$220 20 $230 million, combined with over US$300 million in share repurchase we have completed year-to-date, which represents roughly 4.6% of our total outstanding shares.

Our our total shareholder return so far this year is the exceed US$530 million, representing an over 100% shareholder return ratio compared to the adjusted net income last year. Cumulatively, we have now bought back over 10% of our total shares outstanding.

Now for our business outlook. For the third quarter of 2026, we expect our total revenues to be between RMB2.41 billion and RMB2.5 billion, a year-on-year increase of 11.4% to 15.6%.

That concludes our prepared remarks. Now we would like to take questions.

Operator, please go ahead.

好的。赵总、文蓓，晚上好。感谢接受我的提问。那我的问题是关于AI的。那首先，可否请管理层进一步分享一下我们目前AI的产品的一些最新进展？那刚刚我们谈到的这个闭环服务，那整体的收入规模是怎样的？那我们看到AI对于匹配效率的提升，可不可以分享有有一些量化的指标，然后包括用户的反馈是怎么样子的？那第二个问题是关于我们的大模型南北阁。那我们看到在这个最新的大模型南北阁4.2 3B这个模型上面，也取得了一个很好的成绩。那想请管理层再分享一下，我们相比于上一代模型，迭代模型想要解决问题有哪些？那我们对标的一些头部大模型来比的话，那我们的侧重点有哪些不同？那我很快翻译一下。Thank

you, management, for taking my question. My first question is regarding your AI monetization.

Could management share more color on the latest progress of your AI product? For the closed-loop services that you just mentioned, could you share any color on the overall revenue scale?

How do you think about the overall AI impact on the matching efficiency? Is there any quantitative metrics that you can share, that would be great.

Secondly, is on your Nanbeige large language model. I recently, I noticed that you recently launched Nanbeige 4.2 3B model.

Just wondering what is the improvement versus the last generation and how do you compare the latest model versus the top large language model in the market, and what is your differentiated value proposition? Thank you.

在AI的找人这件事情上，跟我们以前的找人的过程不太一样。归根到底就是，一部分用户在刚刚使用我们的推荐系统，我们对这个用户也不太认识的情况下，他会用一些搜索来帮助他自己。但是之前的搜索呢，众所周知，它的query是很短的。而这个大语言模型其实给了我们一个可能性，就是其实你可以用非常非常长的query。当然它还可以用多轮的对话的方法来物理上看你的query变得更长，那实际上呢，系统在逐步收敛，你到底想干嘛？这件事情是这一波大语言模型所固有的能力。所以很长的query，很长的上下文，以及多次的沟通形成的记忆与沉淀，确实就可以帮助我们来更好地服务于一些要求也比较高，那个用传统的推荐跟搜索不太能服务好，专业度相对高这样的人。

Thank you for your question. About the AI talent sourcing that we are try to use, there is something slightly different.

It is well known that when some of our customers started to use our recommendation system and we began to know them, he used some of the search functions to help himself. The search functions, as we all know, the problem is the query is relatively short, and the large language model just gave us a possibility that you can use a very long query and also you can use multiple rounds of conversations to make it look like long.

Actually the system is just coming back to understanding what you really want. That's the fundamental capability the large language large language model has.

A very long text and multiple rounds of communication that which can come come out to a understanding of a customer demand and better to serve some clients who have high requirements, who have the requirement for high professionalism, and which using better traditional recommendation search model cannot serve. That just bring us a bring our service capability to a next level.

然后在这个基础上就比较容易理解这个AI sourcing可以给我们产生的一个新的价值。众所周知，我们已经服务过超过3亿的中国用户，实际上上个月呢，活跃的用户只有7,000万。那么随着我们的覆盖的用户的渗透率越来越高，实际上7,000万比3个亿这样的数，有可能会变成1个亿比4个亿这样的一个可能性。那么实际上有很多的用户以某种形式沉淀在沉淀在月活用户之外，这个时候AI sourcing的价值就显得更加地突出。

Based on that fundamental we just discuss discussed about, it's quite easy to understand the new value AI sourcing has bring to us, which we have already served the more cumulatively more than 300 million users, but our monthly active users last month is just a 70 million. With as we further penetrate to new users, the 70 million monthly active users versus 300 million total users might turn into like a 100 million versus 400 million.

This creates a capability that we can expand our service to a lot of new users that not within the monthly active users scope.

那么实际上是谁最需要去联系到这个我们把它叫做沉在水底的，沉默的用户呢？那么实际上往往这样的用户他们是更资深的、更专业的人，比例会更高一些。所以实际上猎头是非常喜欢这部分用户，也是想方设法想联系到他们的。那么在这个过程中，这也就是我们可以用AI赋能于猎头这样一种作业其中的一个原因。 Some

the interesting parties who are the customer who would like to who have the most needs to contact contact this kind of silent customers. This kind of customers of this kind of job seekers actually is more senior, more professional, and more likely to be liked by the headhunters.

The headhunters always try to contact them. In this process, that's part of the reason we are applying this function to our both our own and third-party headhunter work work stream.

那么在这个地方就又涉及到了我们想的一个追求闭环的工作。我宁可我宁可理解闭环，我宁可理解成是一个一环扣一环的这么一个过程。实际上现在AI在我们平台上已经帮助到刚才提到的AI sourcing candidates，实际上我们也用AI帮助客户去筛选简历。实际上现在用AI面试的人在我们平台每天超过1万场的面试。实际上随着这个一环扣一环日益接近入职这一环，我相信我们在不断地在AI的帮助下有条不紊地推进这个过程。

This is more and more getting close to like our pursuant of closed-loop service. My understanding of the closed-loop service more like a just a one stage to another stage is the in the process of interlocking.

Like we are using AI to help us source help our customer to sourcing candidates, we are using AI function to help them to screening resumes, our AI interview functions are now working on more than 10,000 interviews everyday. This stage by stage, we are getting more and more close to onboarding, and AI is just helping us to accelerating this process and achieving our goal.

南北阁呢，南北阁4.2有一个3B的模型还挺巧的，就是在今天的凌晨，今天的凌晨有一个大家知道的有一个著名的机构，就是做做测评比较有名的一个机构。

For Nanbeige 4.2 3B, it's quite a coincident that early this today, a very well-known testing institution.

对。那个Artificial Analysis它是做测评比较有名，它联合一个叫Liquid AI，Liquid AI专门就是做小模型的这么一个机构。他们联合测评在选择了iPhone 17 Pro和三星Galaxy S26 进行测评。那么实际上 在工具调用、指令遵循、知识幻觉、科学推理和数学五个领域，南北阁的3B模型获得了一个五个第一这样的一个成绩。

A well-known very well-known testing institution Artificial Analysis, they combined with Liquid AI to do a drawing testing on small-sized model on both iPhone 17 Pro and Samsung Galaxy S26. Nanbeige 4.2 3B has achieved just number one in five areas, including following the two-transforming orders, scientific illusion, scientific interference, and mathematics theoretical areas.

Nanbeige has achieved number one in all those five areas.

上一版的南北阁4.1 3B实际上成绩也不错，它主要是在较好的推理、写作和基础工具的调用能力上。今天这个被人拿去测试的是南北阁4.2 3B，它进一步挑战了小模型处理更复杂的agent任务，比如说代码智能体、办公智能体等等多轮复杂工作的调用场景。

Actually our previous model 4.1 3B also achieved quite a nice result. This model has been quite good in inference, writing, fundamental advanced tools using.

On the contrary, 4.2 3B, this small-sized model better to handle more complicated agent tools and functions, including coding intelligence entity and maybe office working targets entity, etc. 我们相信就是

在AGI这样一个漫长的道路上吧，除了用超大模型烧到超多电力、花超多钱是 一件很多人做的事，另外就是 用小模型 也可以也可以解决具体的问题，产生产业的价值，比如在手机、智能手机、车辆、具身智能的机器人等等，它有很多的价值。那么so far呢，南北阁 已经多次证明了在小模型领域我们 处于领先的位置。所以我们还是会坚持在 这件事情上的投入。

We believe on the road to pursue AGI, there is one way's mega-sized models, super consuming of electronic powers, investing a lot of money that a lot of big company are doing. There's another way that maybe a smaller-sized model can help solving some some specific problems and also create its own value.

For example, the application in smartphones, in on mobile vehicles, on intelligent robots, etc. In those areas, those smaller-sized model, we are in the leading position and have prove have proven our value.

That's our answers to the first two questions. Operator, let's proceed to next one.

赵总、文蓓、Laura，大家晚上好。感谢接受我的提问。那我这边可能也是两个问题。第一个其实想请教一下就是最近宏观对我们的影响，特别是下半年。因为这次业绩期吧，大多数互联网公司的业绩似乎都受到了宏观和消这个消费的这个负面的影响，所以我想请教一下就是说从BOSS我们来看的话，这样的宏观情况下，我们会受多大的影响，以及我们如果通过自身运营上的调整，能多大程度上抵消比如说一些负面的宏观影响？这是第一个问题。第二个问题也是关于AI的。我想问一下就是说我们在AI应用与服务上，相关的这个未来的成本结构会不会影响我们整体的这个利润率的水平啊？此外可能还想确认一下就是说我们会不会像其某一些互联网公司一样吧，大幅地增加整个AI相关的这个资本投入？对，那我对自己翻译一下。Thank

you, management, for taking my question. My first first question is related to the macro impact.

What's your view on the macro impact on our company, especially for the second half of this year as most Internet company that has reported second-quarter results have mentioned that the macro overhangs and the weak consumption. To what extent will BOSS be affected under such a macro backdrop, and how much of this macro-driven pressure can be offset through our operation improvement?

The second question is related to the AI development, AI service, and the product we have launched and probably will launch. Do you expect they will have different cost structure, and will this affect our overall margin?

In addition, do we have plan to materially ramp up the CapEx as we have seen with some of the other Internet companies? Thank you.

关于宏观的情况，我觉得 我尊重你们的专业的观察，我就不再赘述。那么从我们的角度呢，就是

创业12年来，我们什么日子都见过。你们见过的，我们见过；你们没见过的，我们也见过。我们始终保持了公司一个 让投资人比较放心的这样一个 增长的态势和成恳的态度。所以我们会继续保持。

Thank you for your question. Regarding the macro situation, I actually respect your professional observation, and I won't talk too much about it.

I have been starting our business for more than 12 years, and we have experienced a lot whether you have experienced, there's not not experienced, we have all gone through that. We have always maintained to be a very stable and maybe trustworthy business to and we will continue to maintain this as our maintain this very stable operation.

我我说一下我的机会。我的一个机会还是

市场空间。So far我们服务了服务过，so far我们服务过 3亿用户和2,200万家公司。那么众所周知呢，中国企业的平均生命周期呢是比较短的，according to央行的数据，某一年的数据，中国企业的平均生命周期是小于3年的。所以我说我们服务过2,200万家中国公司，其实这里面相当多的已经 这个归于尘土， 变成了新的元素，参加了新的公司的 诞生。

We have big opportunity here, which is our potential market size. We have served over 300 million customers and more than 22 million enterprises, but it is well known that the average life cycle according to the central bank of China's enterprises less than 3 years.

Within all those 22 million company we have served, a lot of them are a lot of them are not active anymore. They have turning into new elements and beginning new companies.

即使即使我们为了便于计算，便于观察，我们把这个4,000万家企业 当作是一个 固态的一个存在，那我们其实仍然有一半的空间。何况说从未来发展看，每年都有新的企业诞生，而我们服务过的企业很多已经不存在了，所以这个空间会变得更大。

For ease of observation, even we consider those 40 million enterprises as a fixed situation, we have more than double of our of market to grow. On top of, a lot of new companies are emerging every year, our actual market size is even bigger.

与此同时就说这个paying ratio的事情。从全年来看看，我们一年服务的企业数量要超过1,000万家，但实际上呢，这个 这个 50%以上的企业是免费的，是不付钱的，我们是免费服务的。那么从这个意义上来讲呢，这个这也是我们的空间。

The second opportunity is in the paying ratio. Our actual annual served number of enterprises is more than 10 million, and over 50% of them are using our service for free.

From that perspective, that this is our second driver of second gross opportunities. 我以某一个某一个一线城市为例吧，因为这次的开会这次我们给大家报告了我们在高一线城市接下来有可能做的一些事。我以某一个一线城市为例，如果包括了这个免费的服务呢，那么实际上这个

这个城市的所有客户7月份获得的一个达成的单价 是一个一个等于等于X。但如果这部分免费的如果我们用最低的标准进行收费呢，那么实际上呢，整个城市的达成单价平均看会长15%。

I will use a like one first-tier city as an example. We just reported that we have some we we we intend to increase monetization for some for certain first-tier cities.

In this particular city, including both paid and free service, the average cost per mutual match our customers can get for this city, for example, is like X RMB. If we turn those free customers into our lowest level of paying customers, then those cost will grow by at least 15%.

说到这里呢，我觉得不论是投资人还是客户， 还是公众都不必担心这是一个什么涨价， 因为我们刚才描述过在这个一线城市

非常非常多的企业获得的一个达成的单价，就是在7-Eleven买一瓶矿泉水的价格。所以一瓶矿泉水和1.15瓶矿泉水， 对于一个企业经营者来讲，我觉得都是公平的。

Please rest assured, both our investors, clients, and public, that actually this is a very minimal changes. I just explained that for a lot of our customers, they the average cost to achieve a mutual matching is only the price of 1 mineral water at 7-Eleven.

Either 1 bottle of mineral water or 1.15 bottle of mineral water is a is a minimal, very minimal cost to every enterprises.

所以，Eddy，我想正如我们 这些年里一起见过的很多事，我想我们还是会 不仅是survive，而且我想我们还是会变得更好。

Eddy, just as we go through all these years, I I'm confident we are not only surviving, we should and we will be better and better.

Eddy，你问我一个问题，我特别感谢你看得起我，问我这个问题。因为那些因为那些成本就是投入巨大的AI的成本去搞军备竞赛，我想他们一定有他们的理想，他们的信仰。但是关键是他们有实力。我觉得我们当时选择了 这个follow先进的 大模型公司的所谓尾灯战略，然后在AI applications上选择了我们的优先级，以及在那个pre-train模型上面，我们的Lab选择了做小模型，这都是我们去面对AGI这样一场伟大的进军，我们选了我们可以做的事情。所以的话我想那个谢谢你信任我，我我们是不会有那个动到成本结构啊这种就是 然后影响那个公司的经营的这个程度的AI投入。我们会保持住 现在的投入，那随着我们的，你也知道我们的 盈利水平还不错，所以我们在产研上的投入，我们在产研上的投入一直是在20%到25% revenue的水平上。这里面我觉得我们还是会舍得花钱，在增量部分呢给予我们的 AI science团队更多的支持，但是你让我去 这个在这样的情况下把现金流 的安全感打掉，我是不会这么做的。

About the second question, thank you, Eddy, for asking me that. Actually the all those other companies who have invest a lot of CapEx for like arm race or things like that, I think they have their ambitions.

They have their beliefs. Most importantly, they have that financial capabilities.

For company like us, when we chose the pass of following or the of the taillight strategy, and we prioritize the AI applications and the smaller-set companies, that is our approach, our strategy to facing this AI maybe disruption or a AI impact, what we can do. Thank you for your trust.

I believe we will not our investment in the AI will not impact our overall cost structure and impact our operation capability and financial margins. We will maintain current level of investment.

As you've seen, as we have good profitability. We I we will maintain around like 20% to 25% of R&D expenses, and we will spend incremental money on the AI and to give more support.

I will not sacrifice our safety on on our cash flow. I won't do that.

Just don't worry. That's our question for answer to those two questions.

Thank you. 谢谢。

哎，好的。谢谢。赵总、文蓓、Laura，晚上好。感谢接受我的提问。我也有两个小问题想请教。首先是关于咱们公司的利润率一直都非常健康，那好奇能不能量化一下咱们内部使用AI对于降本增效的帮助，以及未来还有多少提升空间？另外展望下半年在世界杯的投入之后，咱们的投入计划、费用和利润率的展望是怎么样呢？那第二个也想请教一下海外业务的进展，包括OfferToday，及咱们是不是有计划拓展到其他的市场？那我来自己翻译一下。Thank

you, management, for taking my questions. First, it's encouraging to see our margins have been maintaining at a very healthy level.

Could we quantify the benefits from AI in our internal use to drive better efficiency and lower costs, and how much room of further investment improvement do we see? Also, after the investment in World Cup, how should we think about the investment plans, the expenses, and the margin trends in the second half?

Second, could we please get an update on your overseas business, including OfferToday, and how could how how should we think about if there is any plan to expand into other markets? Thank you.

Thank you. I will take the first question on margins.

Actually we have been leveraging AI in all aspects of our daily operations, including security, verifications, sales, and marketing, and operating, R&D, and everywhere. To quantify it, maybe it maybe more easier in the cost line.

Since 20 2023, we have been witnessing that alongside with our user growth, our overall headcount of operating employees maintained stable. As a result, the employee-related costs as a percentage of revenue continue to go down and help to contribute around 2 percentage point of our gross margin.

You can see our gross margin now stayed at a very healthy, high-80s level. We believe we still we at least we're going to maintain this very high gross margin level.

For our outlook for the second half, yes, we have sponsored the FIFA World Cup, but the cost will be evenly distributed or recognized within second quarter and third quarter. Apart from that, we will maintain our current investment level of the cloud service rental cost for our AI model training.

We are expecting maybe in the third quarter, the margin level should be similar to the second quarter. For the full year, as we expected at the beginning of this year, our overall adjusted operating margins can still slightly increase.

谢谢你关心OfferToday。OfferToday我们想在5年以后吧，今年再加5年，希望OfferToday能够给公司带来每年1到1.5亿美金的revenue。这个是我们对香港这个市场的一点信心吧。同时我们觉得这是一个 中菜，就是没有那么快，也没有那么慢。5年以后的那一年大概有1亿美金到1.5亿美金的revenue，这是对香港的看法。

Thank you for your concern about OfferToday. Our current goal for OfferToday is you know like maybe 5 years from today that it can bring the company with $100 to $150 million of revenue about that that's around the about the market size of Hong Kong.

We call it like maybe a middle dish, not too fast, not too low

to serve. 然后类似的這個middle呢，我觉得还是可以看一些大城市。OfferToday 在一个大城市如果能够适应，可能要两三年，然后成长大概要5年，那么5年以后的第6年，它能够带来1亿美金到1.5亿美金的revenue，我们会认为这是一个非常值得去投入的城市。这就是OfferToday要去的一些地方。我觉得它可能要去的地方，这种中菜吧，可能会是包括一些 发达的亚洲的大城市，避开这个 避开这个高风险的地缘政治的因素的亚洲的发达的大城市，以及呢我觉得是相对发达比较发达的欧洲的大城市。这个就是跟OfferToday给我们的启发，叫做，简单讲叫做，3年的适应期，5年的发展期，然后呢1到1.5亿美金的revenue，作为一个city market或者是一个city cluster market。这是我们的一个标准的一个想法。看看有多少这样的cities。

The

the lessons we learned from OfferToday is that it took around like 2, 3 years for for a new piece like OfferToday to enter into a market and then next additional 5 years to grow to let me achieve like a $100 to $150 million of revenue. We consider this kind of place or this kind of city worth investing.

Of course, that those cities are in like Asia and Europe. Of course, we need to avoid high geopolitical risk areas.

Just to sum up, like 2 to 3 years of adaption and which 5 years of development, there are still a lot of cities of this size and worth investing.

另外就是我们有一些叫慢菜，就是要看更很久时间，大概要看10年左右，10年到15年，也希望有类似刚才这样的收益。那么这样的市场画像大概就是 国民的平均年龄比较年轻，它是个年轻的国家；它是一个 比较有趣的一个发展中国家；它的人口接近 1个亿左右规模或者小一点。所以按这个画像去看的话就应该像比如越南，然后比方向阿根廷，比方向巴西。按这个画像去看，就是 这个就是10年到15年以后，我们寄希望于这样的市场能够更多接纳 我们所创造的这种模式，并且能够在那个时候给给公司带来一个 不错的收益。所以这个是 关于我们大的话题叫 OfferToday启发我们的海外业务发展。

Also we have some market we call the slow dish, maybe take a longer term, around 10 to 15 years, which also achieve a a revenue like $100 to $150 million. The profile of this kind of market is like maybe generally younger in the average age of the citizens, and it's a developing country, but develop is developing quite orderly.

Its total population is around slightly less than 100 million. Someplace like Vietnam, Argentina, or Brazil.

In like 10 to 15 years, we are hoping this kind of city can accept the new model like we have created and bring about nice profit or revenue to company by then. This topic is about of today and what it lessons it can give us to developing our overseas business.

That's our answers to all the questions today. Thank you.

Thank you once again for joining us today. If you have any further questions, please contact our IR team directly.

Thank you.