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

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

Jonathan Peng Zhao, 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 the reconciliation of GAAP to non-GAAP 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 ir.zhipin.com.

大家好，欢迎参加公司2026年一季度业绩发布会。我仅代表公司全体员工、管理层和董事会，向长期信任我们的用户、支持我们的投资人致以诚挚的谢意。

Hello, everyone. Welcome to our first quarter 2026 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 and our investors for their continuous support.

今天我的报告主要聚焦四个部分。一、一季度的增长；二、我平台求职者和招聘者的一些趋势；三、公司对AI的看法和战略；四、股东回报。

Today's presentation will cover four main parts: first, our growth in the first quarter; second, key trends among job seekers and enterprise users on our platform; third, the company's perspectives on AI and its strategic approach; and finally, the shareholder returns.

第一个话题，一季度的增长。作为一个双边平台，我们的C端求职者和B端招聘者保持了强劲的增长。今年回看1到4月，公司累计新增完善用户超过1,500万人。预计全年新增完善用户数超过4,000万人实现的难度不大。

Let me start with our first quarter growth. As a double-sided platform, we continue to see strong growth from both job seekers and enterprise users side.

Looking back to January to April this year, we acquired over 15 million newly verified users. Looking ahead, we believe that achieving over 40 million newly verified users for the full year should be achievable.

单独看一下付费客户的情况。截止到3月31日的过去12个月，企业端的付费客户数达到710万，同比增长10.09% 10.9%，环比增长4.4%。

Looking at paid enterprise customers' conditions, the number of paid enterprise customers reached 7.1 million for the 12 months ended March 31st, up 10.9% year on year and 4.4% quarter

on quarter. 一季度BOSS直聘APP端的平均月活规模，也就是MAU，达到6,090万，同比增长5.7%。3月份的MAU突破7,200万，同比增长12.6%。之所以3月份比一季度平均数高出1,000多万，是因为今年的春节晚，因此今年的招聘旺季也到来得晚。

In the first quarter, the average monthly active users, or MAU, on the BOSS Zhipin app reached 60.9 million, up 5.7% year on year. In March, MAU exceeded 72 million, up 12.6% year on year.

The reason our MAU in March was more than 10 million higher than the first quarter average is that the Chinese New Year occurred later this year, resulting in a later peak recruitment season.

2026年的春节是2月17号，2025年的春节是1月29号，所以从春节后的招聘旺季看，今年的招聘旺季roughly仅覆盖3月，2025年的春节后的旺季roughly覆盖2月和3月。

The 2026 Chinese New Year fell on February 17th, while the 2025 New Year was on January 29th. Hence, this year, the peak recruitment season only fell within March, whereas the peak recruitment season fell within both February and March in 2025.

说一下收入。一季度公司实现收入20.7亿元，同比增长7.6%。请各位留意，这个数字同样是2026年一个月的旺季versus 2025年两个月旺季的结果。我们很有信心地预计，今年二季度和全年的收入增长相比一季度都将更为强劲。

Let me discuss our revenues. In the first quarter, the company achieved revenue of RMB2.07 billion, up 7.6% year on year.

Please kindly note that this figure also reflects the comparison between one month of peak season in 2026 versus two months of peak season in 2025. Looking ahead, we are confident that our revenue growth in the second quarter and for the full year will be stronger than what we delivered in the first quarter.

利润方面的情况，一季度扣除股权激励后的经调整利润超过8.1亿元，同比增长17.8%，经调整后的营业利润率39.4%，同比提升了3.4个百分点。

On the profit perspective, in the first quarter, the adjusted operating income, excluding share-based compensation expenses, reached over RMB810 million, up 17.8% year on year. The adjusted operating margin was 39.4%, up 3.4 percentage points year

on year. 第二个话题，我平台招聘者和求职者的一些趋势。

Second, key trends among enterprise users and job seekers on our platform. 就我之前多次表达过的一个观点，我平台是对于不同的线级城市和不同类型的劳动者和不同的行业在中国具有广泛的适应性。

As discussed multiple times earlier, our platform is suitable in different-tier cities and different types of industries. 总体看，我们持续的高速的用户增长在今年一季度带动了蓝领、低线级城市和中小企业继续保持了快速增长。同时，白领和大型企业的招聘需求也得到持续改善。

Overall, our continued rapid user growth has driven sustained rapid growth among blue-collar workers, lower-tier cities, and small and medium-sized enterprises on our platform. At the same time, recruitment demand from white-collar workers and large enterprises has continued to improve.

从用户增长的角度看，截止到4月底，今年的新增用户当中，非应届生部分的大近2/3是蓝领。

From the user growth perspective, as of April 30th, among the newly acquired users in this year, excluding fresh graduates, nearly 2/3 were blue-collar workers.

从收入的角度看，一季度在蓝领的收入占比首次超过了全平台收入的40%。

From revenue perspective, in the first quarter, blue-collar revenue exceeded 40% of our total revenue for the first time.

白领行业在春节后至今相比去年同期亦有所加速。从细分的行业看，软件工程师的活跃招聘职位1到4月份与2025年相比同比增长10.9%。 White-collar

recruitment demand has also accelerated after Chinese New Year compared to the same period last year. Looking into the specific subsectors, active job postings for software engineers increased by 10.9% from January to April compared to 2025.

软件工程师的这组数据与我们的一些美国同行在近期的观察有相似之处。从他们的官方数据看，2026年1到4月，美国的活跃的软件工程师开发岗位同比增长是9.1%，我们比他们要高个大约两个点吧。

This is consistent with the recent observations from our US peers. Referring to their public data, their active software development job postings in the United States grew by 9.1% year on year from January to April 2026.

We are 2 percentage points higher than their number.

从我平台情况看，迄今没有出现程序员职位大规模减少这种令人恐慌的事情。与此同时，我平台人工智能相关的岗位带来的收入在涨幅上超过100%。所以简单的说，人工智能的发展给我们带来了更多的收入，但是呢，迄今尚未发现大规模的招聘职位下降。

On our platform, we have not seen the kind of alarming large-scale reduction in programmer positions that some had feared. At the same time, revenue from AI-related roles on our platform has grown by over 100%.

Simply put, the development of AI has brought us more revenue, but we have not yet seen a large decline in job postings. 从其他一些行业的情况看，制造业、电子通信与半导体、交通运输业、服务业和各类的专业服务在同比增速上相对领先。

Among other industries, manufacturing, electronics, telecommunications, semiconductors, transportation and logistics, urban services, and various professional services led in year-on-year growth on our platform.

说一下大企业的招聘需求。今年在春招当中能够看到大企业的招聘有明显的回暖。一季度1,000人到10,000人左右的规模的企业从我们的收入增速上同比是最快的，其次是500人到1,000人的企业。每个招聘者人均发布的职位数也有小幅的提升。

For large enterprises, their recruitment demand, we saw a notably recovering trend during this year's spring recruitment season. In the first quarter, companies with 1,000 to less than 10,000 employees recorded the fastest-growing year-on-year revenue growth, followed by those with 500 to less than 1,000 employees.

The average number of job postings per enterprise users also increased modestly. 这里可以做个比较啊。在上个季度的业绩会的时候，我们向大家报告了一下，实际上是小微企业的招聘需求增长相对是最快的。那么这个季度的话，大企业带给我们的收入增速是同比最快的。

If we

If we compare it to the last quarter, back then, we shared that the strongest growth in hiring demand was coming from small and micro enterprises. This quarter, however, if we compare it to last quarter, back then, we shared that the strong strong strong growth in hiring demand was coming from small and micro enterprises, and this quarter, however, it is large enterprises that are delivering our fastest revenue growth year

on year. 以上的是我们平台招聘者端跟求职者端一些趋势。那么接下来，我想报告一下大家也都挺关心很纠结，关于公司对AI的两个方面的看法和我们实际上做事情的四点战略。

That concludes the recent trend on enterprise users and job seekers on our platform. Then we will discuss two views and four strategic pillars on AI that we all concerned.

从2023年3月ChatGPT 4.0发布以来，这一范式的AI给我们带来了动人心的38个月。结合最近一些国家政府关于不明飞行物的官方的资料披露，这让我们这代人，我们这些活着的人处在一个前所未有的境地之下。视野日益广阔，内心的震荡日益强烈。实际上整个文明的挑战也是无法回避的话题。曾经很多熟悉的事情变得陌生，其中也包括我们如何看待公司，你们如何看待投资以及竞争。

Since the ChatGPT 4.0 launched in March 2023, this AI paradigm has given us 38 transformative months. Meanwhile, recent government disclosure of unidentified aerial phenomenon have put our generation in a unprecidented territory.

Our perspectives are broadening. Our convictions are being reshaped.

The civilization is facing new challenges, which is unavoidable. Many things that once thought familiar are now becoming less so, including how we think about our companies, and how you think about investment and competition.

我们公司作为全球招聘行业的一个模式创新者和中国的行业领导者，以及我本人作为一个创业者，围绕我们自己的职责，这三年以来一直在希望新技术可以解决重大的问题，和担心新技术会带来破坏性的冲击之间，一边纠结，一边期待，一边探索。 As one of the leaders in the worldwide and Chinese recruitment industry and as a entrepreneur myself, I have spent the past 3 years navigating between two mindsets: hoping that new technologies could solve major problems, while at the same time worrying about technology's potential disruptive impact.

I have been torn, yet hopeful and continuously exploring, all within the scope of my responsibilities. 我们的股东和我们的员工也是一会儿担心，一会儿高兴，一会儿爱我们，一会儿又不爱我们了。大家一起坐了一阵子的过山车。

Our shareholders and employees have also gone through ups and downs: concerned at all times, excited at others. Sometimes they have been with us, sometimes left us.

Together, we have all been on quite a roller coaster ride.

回顾这三年的经历，公司应该向股东和公众以及员工进行一次阶段性的汇报。我们关于AI的两个看法和四点战略如下。第一个看法，迄今为止，公司认为AI对于公司的商业模式和行业地位而言，带来的机会大于带来的风险。

Looking back on the past 3 years, we believe it is time for the company to provide a progress report to our shareholders, the public, and our employees. This will be organized around two key observations and four main strategies.

Our first observation is that, to date, for the company's business model and industry position, the opportunities brought by AI technology have outweighed the risks. 一、从数据上，第三方的公开数据、上市公司发布的数据，并结合我公司自己的数据，可以得出一个明确的结论：三年来，我公司的市场地位进一步提高，用户的收获进一步提升，在各类艰苦环境下保持了稳步增长。

First,

based on reliable third-party public data, credible data released by listed companies, and our own internal data, we have concluded that, over the past 3 years, the company's market-leading position has been further strengthened, user achievements have continued to increase, and we have maintained steady growth surrounded by challenging environments.

第二，众所周知，token成本的降低促进了AI的应用在公司内部运营和用户服务中的普及。对我们来说，今年一季度平均每个月平台超过1,000万人使用AI服务，它的前提是成本降低。

Second, as we know, lower token cost have accelerated the proliferation of AI applications in both our internal operations and user services. In the past quarter, the ability for over 10 millions of users on our platform to be able to access to AI services has been made possible by this reduction in cost.

第三，在大模型训练和应用上的广泛探索，加速了我公司年轻员工的成长，包括在荣誉感、凝聚力和公司内部的地位。AI技术用得越多，解决的问题越有说服力，则年轻人崛起的速度就越快，干部年轻化的过程就越顺利。从长远看，我觉得有利于公司的熵增会放缓。

Third, extensive exploration in large model pre-training and application has accelerated growth of our young employees, including their sense of pride, cohesion, and standing with the company. The more widely AI technology are used, the more convincingly they solve real problems, the faster young talent will rise, and the smoother the process of rejuvenation of our leadership team will become.

In the long term, this helps slow down the corporate entropy.

干部在组织体系中的成长，其本质上是一个个人的欲望和他的进步与这个企业组织已经形成的共识体系之间能够相一致的结果。那么AI加年轻人本质上是年轻人得以尽快取得了共识体系的认可，并且可以脱颖而出。实际上，这也是每一次技术革命和认知革命当中为什么年轻人容易很快冒出来的原因。

The growth of leaders within an organization is, at its core, a result of individual aspirations and progress aligning with the company's shared vision. AI plus young talent essentially means that young people can more quickly gain recognition from the organization's shared system and stand out.

This also explains why, in every wave of technological and cognitive revolution, young people tend to emerge as leaders.

补充一句，我觉得非常多的技术公司，非常多崇尚技术的公司，在这三次AI技术的洗礼下，都能够享受到年轻人快速成长和整个企业熵增放缓的红利。

Add to that, those technological-oriented companies will enjoying the rise of young people and the reduce of corporate entropy.

我们关于AI的第二个看法，迄今为止，不论是代表B端还是代表C端的单边的agent，都不足以挑战公司现有的模式。反之，将agent嵌入一个双边的网络生态后，基于平台的用户积累和长期的数据积累，却可以积极地发挥正面的作用。

Our second observation is that, to date, neither enterprise-side or job-seeker-side standalone agents have been capable of challenging the company's current model. On the contrary, once agents are embedded with our double-sided network ecosystem, they leverage company's accumulated user base and data to play a positive and constructive role.

求职和招聘从来都是一个多对多的游戏。 Recruitment and job seeking is always a multiple people to multiple people game.

这个劳动合同到底能不能签，未来在一起的每天是不是愉快，归根到底是两大部份人类之间最终两个人之间能够做决定的事情，是一副对手牌。 Whether a labor contract should be signed or not, or whether every day after work goes smoothly, ultimately comes down to a many-to-many game between two large groups of people.

BOSS直聘搭建12年以来的双边网络，基于12年对于双边数亿用户的了解和记忆，始终在反映着人类社会当中关于求职招聘这件事情的真实情况。

The double-sided network that BOSS Zhipin has been built for over past 12 years and our understanding on users for the past 12 years has always been designed to reflect the real dynamics of job seeking and recruitment in human society.

本质上，嵌入了各种各样的AI agent之后，在双边网络当中促进了信息的收集、处理和传播。

In essence, embedding various AI agents into our double-sided network serves as a driving force that enhance information collection, processing, and dissemination.

从今年一季度的数据看，第一个例子，agent的应用让参与实验的人从打一次招呼到获得一个双边的达成，时间效率提升了60%。

Looking at our first quarter data, first, the application of AI agents has improved the time efficiency from an initial chat to a successful mutual consent conversion rate by 60%.

第二，广泛的各类AI agent的应用，使得全平台的用户存留情况达到了2020年到现在的最高水平。

Second, the large-scale application of AI enabled the user retention reached its highest level since the pandemic in 2020.

第三，全平台的BOSS端人均收获提升了两位的百分比。

Third, the average per enterprise user achievements increased by a double-digit

percentage. 综上，我们的实验和数据以及我们对理论的研究告诉我们，AI agent是我们的朋友，而不是敌人。

Overall, our study in data and theories told us that AI is our friend, instead of the enemy.

说一下我们公司在AI这件事情上的四方面战略上的考虑。第一个战略，投入AI技术，促进闭环模式的实现。我们坚定地认为，我们这个招聘行业能够给每一个付费的BOSS提供的价值，实际上最终价值在于一个人入职。

Now let me walk you through our four strategic considerations of AI. First, investing in AI to advance the closed-loop business model.

We firmly believe that in the recruitment industry, the important thing is that we could deliver the onboarding and placement of candidates for enterprise users. 实际上，做调研或者不做调研，结果都一样。每一个招聘者其实都是愿意为结果付费，而不是为了职位曝光付费，而不是为了职位点击付费。

No matter we do survey or not to do the survey, every enterprise users is willing to pay for the delivering of candidates, instead of the traffic exploration or the click on the candidates.

我们坚定了认为，在AI技术的支持下，以交付结果为导向的商业模式是有机会在平台实现的。

We firmly believe that, within the support of the AI technology, a result-oriented business model is achievable on our platform.

这是公司AI战略的重要组成部分。我们会持续投入资源，一段一段去做。并且，我们愿意在保护好高端求职者感受的前提下，利用新的技术和新的作业系统与外部那些搞闭环服务的企业进行合作。

It is very important part of our company, and we will continue to allocate resources to this effort. While we protecting the experience of the high-end job seekers, we are also open to leverage new technologies and new operating systems to collaborate with the external companies that specialize in the closed-loop services.

好，我说三个数据来支撑我们说的第一件事。数据一，公司自建的一个猎头部，目前高频使用AI的顾问，其交付的推荐报告候选人当中有20%来自于AI的作业。

I will share three data with you. First, within the company's in-house headhunting team, for consultants who frequently use AI, 20% of the candidate recommendations they deliver already come from the AI-driven operations.

第二，公司另外一个闭环实验的项目上，人加agent的综合人效在今年一季度之内提升了4倍，这已经超过了行业内平均一个熟练猎头的水平。 Second,

on another closed-loop pilot project, the combined productivity of human plus agent increased by 4 times in the first quarter, already exceeding the average productivity level of headhunters in the industry.

第三，公司对外提供的一个人加agent的一个校园招聘的服务项，项目在一季度带来的同比收入已经超过50%的增长。

Third, for the human-plus-agent campus recruitment service the company offers externally, revenue grew by more than 50% year on year in the first quarter.

因此，AI加AI促进闭环是我们的第一个战略方向。第二个战略，是我们会保持一部分资源在AI science上，当前主要是聚焦在小模型的训练和开发。有以下五个方面的原因。

Therefore, the AI-powered closed-loop service is one of our core strategy. Second, we are also maintaining a proportion of our resources in AI science, currently focused primarily on the training and development of small models.

There are five reasons for this. 第一，小尺寸的模型我们自己用起来成本也比较低。

First, small models are less expensive for us to use internally. 第二，持续保持自研的话有助于我们提升业务的可控性，形成面向招聘垂直场景之下的我们长期的技术能力。

Second, continuous in-house R&D helps us enhance the business controllability and enables the development of long-term technical capabilities tailored to vertical recruitment scenarios. 第三，小尺寸的模型也日益受到了业界的重视，所以我们的科学家团队他们的荣誉感是有保障的。

Third, small models are increasingly gaining attention across the industry, which helps ensure a sense of pride and recognition for our science team. 第四，我们的自研的小模型在我们自己的搜索和推荐业务当中得到了已经得到了有效的应用，在效率层面和效果层面相比更大尺寸的模型都显现了优势。

Fourth,

our in-house small model has also been effectively applied to our search and recommendation functions, demonstrating advantages in both efficiency and effectiveness compared to large models. 第五，超大规模的模型弄不起。

The last,

under the current paradigm, the large models are too costly for us to pursue.

我们在AI方面的第三个战略就是继续保持继续保持大规模的在AI应用上的投入。主要的考察点主要的考察点是AI的应用对于双边的求职招聘网络生态是否有帮助。

Our third strategy on AI is that we will continue to invest heavily in AI applications. Our primary evaluation criterion is that how AI helps our double-sided job-seeking and recruitment network ecosystem.

根据过去12年的新模式探索当中已经形成了企业共识、常识和逻辑部分，根据这些作为基础，去年12月探索当中已经形成了企业共识、常识和逻辑部分作为基础，以此把AI技术作为进一步发现问题和解决现有问题的有力工具。

According to the investigation for the past 12 months, we have formed some logical and common sense on these, and we believe that we will treat AI technology as a value-added tool for identifying and solving problems.

从企业的奖励、荣誉和岗位资源的倾斜上看，对于小模型训练和对于用AI发现并解决重要问题，我们同样会给予倾斜。

Regarding the reward and bonus on the related areas, the teams that use AI to discover and resolve issues will be generally rewarded by us.

那么so far我们认为对AI技术的应用探索会坚持在双边生态的理论框架和数据基础之上进行。 Far,

we believe that our exploration, investigation in investment in AI will be based on our double-sided ecosystem theoretical framework.

我们在AI战略上的第四个部分，我们认为AI促进收入是一个自然的过程，是一个结果。

Our fourth strategy is that we believe that AI-driven revenue growth is a natural process and a natural result.

随着AI技术带来平台效能的提升，就会促进用户收获的提升，促进用户满意度的提升，促进用户口碑的提升，从而带来收入的持续提升。我们认为这样一个过程会更加顺滑、更加低风险和更加的可持续。

As AI technology improves platform efficiency, it will lead to a higher user achievements, better satisfaction, and stronger brand reputation among users. This in turn will drive sustained revenue growth.

We see this as a smoother, lower-risk, and more sustainable path. 熟悉我们的投资人了解我们的商业模式是一个原创的东西，我们不卖广告，我们也不卖位置。我们归根到底实际上是我们的商业产品是有利于保护我们的双边生态的。

Investors who are familiar with us understand that we are very original self-developed monetization model, which we don't sell advertisement, we don't sell clicks. Our business model is based on protection of our double-side network ecosystem.

所以我们认为本质上沿着已经充分验证了的收入模式来发挥AI的效能，是更为安全和更为可持续的一种方法。

We believe that essentially to undergoing this current AI-driven model is already fully verified this model and very functional method.

在今年涨50%还是5年每年涨15%上，我觉得我们愿意选择第二种。今天的AI跟我们的生态和组织的嵌入和互动，会非常的让我们有信心来实现第二种的选择。

Whether to grow by 50% for this year or 15% for the next 5 years, we choose the latter, and we believe the combination of our technology and our organization will support the second path very smoothly.

我们不能我们不能我们不能过于自满地认为我们进行了三年的探索之后，对于AI跟我们的生意之间的两个关系，以及我们自己在AI上的投入和期待的四个策略吧，我们我们不能骄傲地觉得自己有多么对。但是我想告诉尊敬的投资人、关心我们的公众和我们今天在听电话的员工，我想告诉你们，这些是我们自己实实在在探索出来的东西。我也一直在AI的一线跟我们同学们一起做事。同时来讲，刚才的这些观点也吸收了我们 也经过了我们团队内部 在AI上做事情的 有代表性的 几个团队长的看法，所以的话我觉得至少它是真实的、负责任的。

After 3 years of exploration, those two points and the four strategic strategies we just talked about actually have been fully verified. It's not that our pride, but we have been doing that for a long time.

For the investors who care about us, for the public who listen to us, and our internal employees, I want to say that the strategies we just discussed is based on our real exploration. Our employees work at the frontline of our AI development, and all the team leaders of our core AI team have all contributed to the point I just discussed.

所以我跟你们说的这些也就是我们其实在企业内部做的事情，就是一回事。那么接下来

接下来收第四个方面股东回报的事情。公司一如既往地落实对股东回报上的承诺。今年以来，公司已经累计回购了超过2亿美金，回购的股份占到公司总股本超过大- 大约3%吧，大约3%。总的来看，自2022年起到现在，我们累计回购了接近公司总股本10%的股份。

Finally, on shareholder returns, we have remained fully committed to delivering on our shareholder return promises. Since the start of this year, we have repurchased over $200 million in shares, or around 3% of our total outstanding shares.

In aggregate, since 2022, we have bought back close to 10% of our total shares.

上个季度我们公布了一个股东回报的计划，也就是在未来三年，每年用于股票回购和分红的金额不低于上一个年度经调整净利润的50%。大家看到我们正在一步一步地落实。

As a reminder, last quarter, we announced that a shareholder return plan committing that, over the next 3 years, the annual amount we allocate to buybacks and dividends will be no less than 50% of the prior year's adjusted net income, and we are following through on that commitment as we all see.

我的介绍就到这里。接下来请我们的Deputy CFO文蓓为大家介绍财务的情况。

With that, I will now turn to our Deputy CFO, Wenbei, to review our financials. Thank you.

Thanks, Jonathan. Now, let me quickly walk through the details of our financial results for the first quarter.

We are delighted to report a solid start to this year, characterized by continuous expansion in our user base and engagement, alongside sustained revenue growth. Despite a later Chinese New Year, which meant a shorter window of the peak recruitment season fell within this quarter, our revenue reached RMB2.1 billion, up 8% year on year.

We are witnessing accelerated revenue, as well as cash collection growth post-Chinese New Year, supported by robust spring recruitment season. Our paid enterprise customers grew by 11% year on year to 7.1 million in the trailing 12 months ended March 31st, 2026, primarily driven by the growth of enterprise users.

Paying ratio among active enterprise users increased on a sequential basis. Growth from key accounts and large-sized companies showed better trends compared to the same period last year, a more balanced structure.

As a result, ARPU in the first quarter increased 2% year on year. Moving to the cost side, our total operating costs and expenses decreased by 3% year on year to RMB1.4 billion this quarter.

Total share-based compensation expenses dropped by 24% year on year and 11% quarter on quarter to RMB181 million. As percentage of revenue-wise, share-based compensation accounted for 9.2% of total revenue for this quarter, went down by 3.9 percentage points year on year and 1.1 percentage points sequentially.

We expect SBC expenses as a percentage of revenue to stay around 9% in 2026. Excluding share-based compensation expenses, our adjusted operating costs and expenses were RMB1.3 billion, remaining relatively stable year on year.

Our adjusted operating income increased to RMB815 million, up 18% year on year, representing an adjusted operating margin of 39.4%, up by 3.4 percentage points year on year, despite first quarter normally having the lowest margin within the full year due to seasonality. We believe there remains substantial room for further margin improvement in our core business segment due to the robust operating leverage of our business model.

Considering our continued investment in AI, necessary marketing spending for long-term brand recognition, and investment in new businesses, along with the corresponding margin dilution brought by this new businesses, we can still expect a modest margin expansion for the coming year. Looking into each segment, cost of revenue decreased by 4% to RMB298 million this quarter.

This decrease was primarily due to lower employee-related expenses resulting from enhanced operating efficiency, and partially offset by higher server and bandwidth cost. As a result, our gross margin went up by 1.8 percentage points to 85.6%.

Additionally, the reduction in App Store commission fees starting in March also contributed to gross margin improvement. Sales and marketing expenses increased by 2% year on year to RMB502 million this quarter, primarily due to increase in advertising and marketing expenses, which partially offset by decrease in sales employee-related compensations as a result of our continued endeavor to improve sales efficiency.

R&D expenses were RMB424 million this quarter, remaining relatively stable year on year. Excluding SBC expenses, our adjusted R&D expenses increased by 5% year on year to RMB351 million, primarily due to higher cloud service fees and server depreciation expenses relating to AI infrastructure.

Our G&A expenses decreased by 16% year on year to RMB222 million this quarter, primarily driven by lower share-based compensation expenses. Our interest and investment income was RMB781 million this quarter, up 422% year on year.

This increase was primarily driven by investment income of RMB640 million arising from fair value changes of one of our invested companies, which went public in January 2026. Income tax expenses were RMB299 million this quarter, up 293% year on year.

This increase was also primarily due to the tax impact from the aforementioned investment income of RMB154 million, as well as the provision of RMB60 million top-up tax under the Pillar Two tax rules and the withholding tax of RMB8 million, as well as higher income from operations. Our net income reached RMB1.1 billion this quarter.

Excluding share-based compensations, net gains from the aforementioned investment, our adjusted net income increased by 12% to RMB856 million. Net margin improved to 54.4%, while the adjusted net margin increased to 41.4%, up 1.7 percentage points year on year.

Net cash provided by operating activities reached RMB1.2 billion this quarter, up 19% year on year. Our cash position, including cash, cash equivalent, short-term time deposits, and short-term investment by excluding investments in securities, stood at RMB19.8 billion as of March 31st, 2026.

Our strong cash position and cash-generative capability will support us to continue to deliver our commitment in shareholder returns. As Jonathan just mentioned, we have purchased a total of over US$200 million worth of shares, representing approximately 3% of our total outstanding shares.

We will continue to maintain substantial shareholder return efforts, including share buyback and dividend, based on specific market and operating conditions. Now for our business outlook.

For the second quarter of 2026, we expect our total revenues to be between RMB2.38 billion and RMB2.42 billion, a year-on-year increase of 13.2% to 15.1%. That concludes our prepared remarks, and now we would like to answer questions.

Operator, please go ahead.

We will now proceed to take our first question. The question comes from the line of Wei Xiong of UBS.

Please ask your question.

Wei, your line is open. 哎，好的。赵总、文蓓、Laura，晚上好。感谢接受我的提问。我有两个问题想请教。首先是咱们刚才有提到今年春节比较之后的这个季节性影响。那能不能请管理层介绍介绍一下，就如果我们只是考虑春节之后的这个一季度，然后也包括咱们二季度目前看到的这个情况，那我们同比的这个增速是不是有进一步的改善？如果有的话，那么哪些行业和岗位类型的改善是最明显的？第二个呢，是还想再请教一下，这个还是关于我们刚才已经介绍了很多的AI disruption哈。那目前咱们公司看到这个岗位发布的情况有没有受到潜在的影响？然后另外呢，如果考虑到咱们的白领业务已经比较成熟，那么蓝领其实潜在的这个AI disruption受影响是更小的，未来咱们是不是会加速拓展蓝领业务？那还有就是咱们其实也之前谈到想进一步的利用AI来拓展闭环服务的这个机会，那这方面最新的进展是什么样的？那如果像是中介啊、猎头啊这些传统的行业参与者的反馈是怎么样的？那我也可以翻译一下。Thank you, management, for taking my question.

I have two questions. First, you mentioned about the business impact from a delayed Chinese New Year this year.

May I ask if we only consider the days in first quarter post-CNY, as well as the second quarter based on our expectation, do we see an improvement in the year-on-year growth rate? Which industries or job postings have seen more notable improvement?

Second, regarding the AI disruption, have we seen any impact on the job postings on our platform? Considering we already have a very mature white-collar business, but the AI disruption to blue collar is theoretically smaller, will we accelerate blue-collar business going forward?

Also regarding the AI-powered closed-loop services, could management give an update on the latest progress, as well as the feedback from industry participants such as agencies and headhunters? Thank you.

我给你说几个数吧，然后再 观点刚才说了很多了哈。一个数就是

我倒着说啊，最后一个最后一个问题就是关于我们讲的这个AI支持闭环业务。就是 关于这件事情，我们在有一季度的所有的业务当中的增速，实际上在AI支持下的闭环业务的探索，各个实验组的增速都是最快的。那么有的呢就超过100%，刚才有的呢其实在50%，我已经说了。这个收入的规模呢还比较小。今年一季度，我们在AI辅助闭环的探索上的收入规模大概在人民币5,000万左右。这是关于我们 想坚定去的一个方向，关于闭环。

I will take your second question first about the closed-loop service. Actually, we talked a lot about opinions.

I will give you several numbers. The first number is among all of our different business in the first quarter, actually, the AI-supported closed-loop service is the fastest among different experimental groups.

Some have a growth rate over 100%, some have 50%. Yes, the overall revenue scale is relatively small.

For the first quarter, our AI-facilitated closed-loop service have a total revenue size of around RMB50 million. 然后你关心的这个今年春节之后春季之后的春招这个情况，也可以用数据说一下，就是

我们一季度的MAU在6,000万左右，3月份在7,000多万，那么4月份呢也是远超一季度平均，更接近于 3月份的这样情况。所以我觉得这个数据就比较明确的能够说了今年春节之后这个 这个行业比较兴旺。一个前提就是说它的新增用户的BC比是健康的，按照这个的话，就容易理解今年春节之后是很旺盛的。

About your first question regarding the spring recruitment season, I also can support you with data. Our average monthly active users for the first quarter is around 60 million.

However, the MAU for March is over 70 million, and MAU for April is also close to the number of March. I think that's a very representative number that the overall industry have been relatively robust after spring seasons, and on a premise that the ratio between supply and demand, which is enterprise users and recruiters, is healthy.

It's quite easy to understand it's a very good spring recruitment season.

这个时期的新增的职位数同比是长了10%左右。

The overall newly added job posting number increased by 10% year

on year. 然后我们看到上半年的情况的话 乃至于全年的情况的话，我觉得 说点实在的吧，就是我们上半年的情况、全年的情况，我觉得现金回款的情况都会比去年加速，全年至少要保持两位数以上的增长，这个是 很显然的。

Even to be more practical, for the first half and overall this year, I think the growth rate of our cash collection will be accelerating compared to last year. For the full year, we are looking at at least a double-digit number of year-on-year growth.

这个是你关心的就是春节之后的这个情况。然后

稍微说一下，就是关于AI会让什么样的岗位没了，然后会促进什么样的岗位。说实话呢，各位投资人那个 尊尊敬的雄伟同学，我们是真的很有严肃的 投入资源来 我们想做出自己的解读，关于一个严肃的实证的一个解读。也会及时的向公众包括 投资人来讲，就是到底这一波这个范式的AI因为什么原因让某一个role就怎么了这件事，我们是希望做出自己的解读。但是到今天为止，我们观察到的数据是 我们没有发现 软件开发工程师有任何职位新增活跃下降的情况，反而有10.9%的增长。我觉得 我我会继续努力，然后我会把这个课题继续做。我们有一些论文实际上是 他们想发，然后 说实话我所在推敲推敲吧，因为这个事情挺严肃的，我不想 这个别人说什么我就跟着说什么。毕竟我手里有 有资源、有数据，我也有兴趣做这个研究。所以 我觉得你在你们再给我 两个季度吧，我觉得你们再给我两个季度的时间，我能够关于 暴露在AI之下这件事情啊，我能够说得更清楚一些，会比别人说得更清楚一些，给点时间。

About another question almost everybody have been quite concerned about, which is what kind of jobs will be impacted by the AI or even replaced by AI. To be honest, our dear investors and Xiongwei, I have been input serious resources into this matter and want to make our own conclusion, a very serious and scientific conclusion.

Once we have our report, we will open to the public. Till today, our observation is that the software development engineer haven't experienced any decline in job posting.

On the contrary, the active number of job posting increased by 10.9%. I will continue to work on this topic, and our team want to publish some papers, but I want to take more time.

Just give me two quarters of time, and I maybe give you more clear answer to this question. 嗯。这这就是一些看法。

That's some of our views. Thank you.

赵总、文蓓、Laura，感谢接受我的提问。我这边的问题可能也是跟AI比较相关啊，因为最近也关注到我们国外的同行Recruit上周最新的业绩当中提到的AI对他们收入提升有非常大的帮助，尤其是对单位招聘职位带来的收入，这上涨趋势比较明显的。所以我想问一下赵总这边，就是说咱们是否能借助AI提升自身这个单位职位的价值吧，能提升多少以及如何才能做到这样的提升？然后可能要跟着这个这个问题再再问下去，就是说关于Recruit这个AI提升这个假设当中，那在中国招聘市场会不会出现那些比如匹配效率没有我们高的这个招聘平台，反而会受到就是AI，反而是就是大受更大地受益于AI，然后我们是怎么看待未来行业竞争格局的变化？那我可能自己翻译一下。Thank you, management, for taking my question. My question is also related to to AI.

We have noticed that Recruit, our offering peer company, mentioned in its latest earnings that AI has greatly contributed to the increase of their revenue, especially the average revenue per job. Can BOSS Zhipin enhance the revenue per job listing with the help of AI as well, and how much can it be enhanced, and how can this be achieved?

A follow-up question is that, in the Chinese recruitment market, could there be a recruitment platform with lower matching efficiency than ours that might benefit more from AI? How does company view the changing the future industry competition patterns?

Thank you.

OK，我也注意到我们的前辈啊，成立于1962年的Recruit最近的一些说法，我们也很也很也非常地为我们同行取得的进步高兴。从我们的角度看，中国的市场目前是我们主要服务的市场，我们觉得能够从AI的帮助下，能够获得更高的收入这件事情，我大概要把它分成这么三件事来谈。我们在顺序上，我觉得第一个顺序，我们坚持的还是先提供更高的价值，然后再charge更高的价格，这是第一个逻辑。第二呢，中国的市场4,000万家以上的企业，还有一多半从未使用过互联网招聘。所以我觉得还有一个从一片生地慢慢变成一片就是充分耕耘过的熟地这样一个过程。那么第三个第三个顺序呢，我觉得 实际上是我们这个行业 今天也说过好多次了，它的一个根本矛盾就是 你卖给这个招聘者到底是一个曝光还是一个入职。那么从曝光到入职，对吧，it's a long way, it's a long journey，中间其实有一段又一段的事。大家都在这个从卖了一个卖了一个职位曝光，到卖了一个求职者过了试用期，甚至于变成了一个优的员工，甚至于得到了提拔。我们到底在给客户提供什么？我觉得确实是大家都经历了探索的过程。那么 在这三个我认为的这个过程当中，我们在AI的帮助下，现在在哪呢？我觉得 我觉得毫无疑问AI可以帮助我们 让中国的 从未使用过互联网招聘服务的人，可以把他的 数字化、网络化和AI化三合一，所以可以更好地帮助好中国的客户，我觉得这是我们最先要做得。然后我们要去在AI的支持下做闭环服务。从最早的1997年的网络招聘就买一个广告曝光，到未来的某一天，我们在技术的帮助下跟你说，恭喜这个人可以入职了，你付我钱。这是我们所坚持的东西。

Thank you for your question. We also noticed that our predecessor, who established in 1962, have been making some statement like you said, and we are quite happy for the progress they have got.

From our perspective, the Chinese domestic market is our current main focused area, and how it can help us to achieve higher revenue growth, I will divide it by three point. In the order of considering this, I think the first thing we insist is still to first provide better value, and then we charge higher price.

That's the first path. A second is, in China domestic market, there are over 40 million enterprises, which more than half of them have never used online recruitment service before.

I think there is a process that from a raw land to a fully cultivated markets. The third thing is that I have actually talk a lot in our industry that a very basic controversies that whether you are selling an exposure to the recruiter or an onboarding.

From the exposure to onboarding, there are very, very long journey, and there are many, many different steps. We are all experiencing from selling one job exposure to selling one job candidate, and even after the testing period, you becoming a very good employees, or even get promotion.

What are we providing to our customers? I think everybody is going through this exploration process.

In all those three point I just discussed, with our help, where currently are we standing? I think, without a doubt, that can let us to help with all those people who haven't used the internet online recruitment service in China to use their digitalized and network data to better help us to serve our clients.

That's the first thing we need to do. Now we are using to support our closed-loop services.

From the earliest online recruitment service in 1997, from starting an advertisement exposure to someday in the future, with help of our technology, we can tell you, I can help you to deliver an onboarding and you can pay me based on that. That's what is we have been insisting.

然后我想我想跟你一起回顾一个数字，就是我们在截止到3月31号，我们的付费的bosses 710万人，同比涨了10%多，环比涨了4.4%。我我为什么想说这个数呢？因为 因为这个数的同比涨10%，上一次是600多万到710万，这其实不仅代表了我商业上的进步，而且代表了我用先进的技术和招聘求职的理念，和一个双边的平台，帮助中国从未使用过网络招聘服务，别说AI了， 的超过2,000万的enterprises在一步一步地走向一个 一个更加更加跟求职者充分沟通的一个更加文明的一种招聘方式。那么那么这个时候要讲一下涨价这个词，因为710万人付了我多少钱呢？那我一年80多个亿的revenue，是吧，平均一个 平均一个 付费的人付给我1,000多块钱一年。对，那么我觉得我觉得所有人都会看到这里面有巨大的 卖得更贵的潜力，但是我想说得不是今天。在我卖得更贵和有有710万，有910万，有1,900万个付费者当中，我今天选择 我从0个付费者、一个付费者走到710万付费者，我还要去1,900万个付费者。所以我今天选这条路。但是我觉得从这个 价格上来讲，我的潜力非常大，这是毫无疑问的，只是这不是我的优先级。

I also want to remind you with a number of that our paid enterprise number of paid enterprise customers is over 7.1 million by end of this quarter, grew by 10.9% year on year and 4.4% quarter on quarter. Why I want to talk about this number is because this 10% increase not only representing a progress of our commercialization, but also means for us, we are helping more and more users in China who have not used online service before to going step by step step to a more civilized way for hiring and job seeking.

Now we are talking about price hiking, because for all those 7.1 million people, how many they are paying us by each individual? Our revenue is around 8 8 billion per year.

On average, every paying customer is paying us around 1,000. I think everybody can see their huge potential in here for our for for higher price, but between more paying customers, for example, we have 7.1 million today, in the future, we can have 9.1 or even 19 million paying customers.

I choose to grow our number of paying customers first, and by that time, I think we still have huge potential to further increase our price. That's without a doubt.

我的这些看法 有一天也许会变，然后我会及时地跟 关心我们的人汇报 这些变化。然后但是迄今为止，我觉得我们会很有耐心地去做

我们认为正确的事情。然后关于你说会不会有一个人用AI来 在竞争当中取得优势，那我想怎么回答呢，就是这个可能性肯定是存在的。但是基于我自己 从非常害怕，有一点好奇，到有一点了解，没那么害怕，到今天有了一点自己的看法和strategy， 我觉得我们其实是更加务实的那种人，然后跟AI在一起解决问题。所以我现在不担心 在中国的 行业当中有人 他的匹配效率不如我，但是拿着AI有一天突然反超我们。我今天不是很担心，它也不会很突然。

My idea about growing paying users or the price might change for one day, and I will re-communicate with people who concern about us timely about the changes. Then about whether there are potential for the AI-empowered our peers who have maybe weaker technology than us to maybe exceeding us, I think the possibility definitely exist.

Based on my experience, when I have experiencing from maybe a little bit concerned about AI and more curious, and I'm less concerned, and now we have our own views and strategies. We are actually more practical people, and solving questions together.

Today, I'm not that worried that in our peers in China's recruitment industry, who have maybe weaker matching efficiency, maybe one day to exceeding us or disrupt us. I'm not that worried, and it won't be quite sudden.

That's our answers to the questions. Operator, let's proceed to our last questions.

好的。赵总、文蓓、Laura，感谢接受我的提问。那我这边有两条问题。那第一个问题是关于我们的费用情况。那想请教一下我们今年对于营销费用特别是世界杯相关的这个市场费用，以及研发费用是怎样去规划的？那我们对于全年的利润率的展望有哪些更新？同时我们也看到在今年以来公司在公开市场上加大了回购的力度，那想请教一下我们对于今年和中期的股东回报的政策有没有更新？这个是第一条问题。那第二条问题是关于我们的海外业务。那看到Offer Today在香港市场的发展其实很快。那可否分享一下我们现在Offer Today的用户量和商业化的最新进展，以及我们在这一季度投入的金额有多少？那我们在其他海外市场有没有更进一步的计划或者是打算？那我很快翻译一下。Thank you, management, for taking my question. My first question is regarding your operating expenses.

It's regarding the World Cup marketing expenses and the R&D expenses, especially on AI. Just wondering if you can share some more detailed color and what is your outlook for this year's overall profit margin.

Also, I note that you have been increased your buyback from the public market. Just wondering if there's any updates on your shareholder return plans for this year and in the midterm.

Secondly is regarding your overseas expansion. We note that Offer Today has been growing very rapidly in the Hong Kong market.

Just wondering if you can share some color on the latest user base and the monetization updates in Hong Kong, and any investments that you have made in Hong Kong in the first quarter, and do you have any other plan to further expand into new overseas markets? Thank you.

世界杯总是一个很好的一个在比较短的时间内可以跟比较多的用户有沟通的这么一个营销的一个机会。不过到底怎么弄呢，还是要看这个最后看这个性价比的情况如何。毕竟有利的地方在于场次多，时间长，并且这个不利的地方也很显著啊，因为美加墨世界杯跟我们的时差还是正好倒过来，差不多。所以的话这个我们还是在继续沟通的一个过程中，但是就是最终吧看性价比，所以其实我现在还不能确定的跟你说一个结果。然后这是关于你关心的世界杯的一个花不花钱的事，怎么花的事。第二个就是AI上面我们今年还是会继续的进行投入，主要是两个部分。第一个部分其实是 大家也知道现在因为各种原因吧，所以 某些AI的公司和一些AI的岗位，其实这个人的 收入 可以说是非常高啊，就是又进行了一轮这个变化。那么我们如果没有办法去match呢，就会导致团队不稳定，所以我们要想办法去 找到合适的人，并且把现在的人能够提高，所以这是一块花在人身上的钱。还有一个就是在云上面租算力了，这个包括应用当中 所以租这个推理用的钱也是要花的，所以这个今年还是会继续扩大的。这是关于花钱的 两件事。

Thank you for your question. The World Cup is always a very good thing which we can communicate with a lot of users during a very short period of time.

Whether how much we will invest on World Cup, it depends on the ROI. The advantage for this year is there are more games and a longer period of the World Cup events.

The disadvantage is also quite clear, because the time difference. We are still under communication and looking at the final ROI.

I will communicate once we have the results. Secondly is about the AI.

We will continue to invest, but this year the one major change you have all witnessed that, for some companies and some very critical jobs, companies can offer a very high salary for top talents. We should pay and find appropriate person to maintain our AI-related development capabilities.

Another one is on the computing power, including rental services and referring cost. We are also invest on that and maybe further expanding our expenses.

然后这些投入的话，应该不会对于整个公司今年 年初所计划的整个利润情况有这个很大的影响。我们目前的核心业务的利润率是

超过50%的，但是考虑到还是会有一些投入吧，所以我们会看到一个 利润小数提升，大概是这么一个预期。

For our margin perspective, our core business margin is quite high, it's over 50%. Considering all those investment on the World Cup sponsorship and the new business, I think it's just similar expectations for us from the beginning of this year.

We are expecting a smaller increase in our adjusted operating margin. 然后从这个股东回报这个地方再说一下，就是我们其实从年初到现在 不到 就是 对，年初到现在嘛，就是

不到半年的时间，我们的回购是2亿美元左右，总股本的3%。如果从每个季度看的话，这个回购力度是比较大的，也超过那个 我们当时的一个打算。两个原因，第一个原因主要还是因为这个价格还是我们愿意多回购一点， 花钱的效率比较高。还有一个原因也就是这个时候我觉得 公司自己对业务有信心，也应该有所表达。我觉得这个对于我们继续在一起的 员工、管理层和投资人来说都是一个比较好的做法，所以我们就继续会这么做。

About the shareholder return from buyback, I want to reemphasize that year to date, we have spent more than $200 million to bought over 3% of the total shares. If you looking at quarterly payout ratio, it's already exceeding what we planned in the first.

That there are two reasons we are doing this. First is actually our valuation is quite good, it's very efficient to spend money.

Also, we want to provide more confidence. We have confidence in our company, and we want to express that, share that view with all those employees and investors who have been standing with us.

We will continue to do that.

另外，谢谢你提到了我们在香港的业务的发展，Offer Today在香港市场发展很快。从它的用户服务规模情况看的话， 仅看这个APP吧，因为网站我们先不说，我们在香港还是小。 我们的优势跟声音还是更多在移动端，所以仅看这个APP的话，我们DAU 接近6万这样一个水平，这个也没什么不可说的说吧。

实际上你可以这样理解，就是300多万香港的上班族，平均每天有 每50个人就有一个人在使用 这个Offer Today。这样的话，我们给招聘者端提供了大量的、活跃的、有效的、今天就能沟通的供给。反向呢，那么这些招聘者 也是高效的用这个新模式跟求职者沟通，从而逐步趋向于越来越多的人可以获得offer today。 这是我们 的一个情况。然后发展香港这边的业务呢有两个核心原因。一个呢就是BOSS直聘业务模式 这个双边的生态模式的一个理解，是否可以 在我们相对离得近的地方， 虽然也有区别啊，能够得到验证。还有一个就是未来 我们真正要向国际化发展的时候， 实际上我觉得它的核心是 队伍，核心是队伍。那么我们也希望在香港能够逐渐强化一只更具国际化特点的队伍，所以这是我们目前的一个priority。那么从收入的角度，不是我们的priority。然后 投入的话，我觉得也so far是一个合理的投入吧。

这是我们在 香港这边的一个业务。 我们会以前说过，以前跟投资人说过， 跟员工也说过，我们现在还是这个说法，我们有能力， 也有决心， 能够把Offer Today变成一个 香港本地的 客户侧和用户侧 最满意的一个求职招聘的APP。这个OKR一天都没有变过，我们会继续投入，继续努力， 也希望 你继续关注吧。

Thank you for asking about Offer Today. Actually, we did developing quite well in Hong Kong.

Looking at the mobile side, which we have more advantages, currently, our daily active users is approximately 60,000 daily active users. You can understand like this way.

For the 3 million Hong Kong workers, one out of 50 are using us every day. Actually, we are providing our enterprise customer with a large amount of active, effective supplies who can communicate today.

That's why the recruiters are using very efficient and new model to communicate with job seekers. We're able more and more people can get Offer Today.

That's our current situation. There are two reasons we are developing our Hong Kong business.

First is whether our business model based on double-side ecosystem can get verified in market quite close to the mainland. Another more important reason, when we are developing internationally, we want to cultivate a very important and core team for us to go further.

That's our purpose. Revenue is not our current priority, and we are investing a reasonable amount.

I have been communicating with our employees and our investors that before, and we are still have that view today. We have confidence that we can turn Offer Today to a Hong Kong local most satisfied job-seeking and recruitment platform for both job seekers and recruiters.

That OKR has not changed for a day, and we'll continue to invest and continue to make more efforts and hope you can keep following on us. That's all of our answers to the questions today.

Operator.

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

Thank you.