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

Welcome to our third quarter 2025 earnings conference call. Joining me today are our founder, chairman, and CEO Mr.

Jonathan Peng Zhao, and our director and CFO Mr. Phil Yu Zhang.

Before we start, we would like to remind you that today's discussions 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 definition of non-GAAP financial measures and a 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. Now I will turn the call to Jonathan, our founder, chairman, and CEO.

大家好。欢迎参加我们公司2025年三季度业绩发布会。我谨代表公司全体员工、管理层和董事会，向长期信任我们的用户、持续支持我们的投资人，致以诚挚谢意。 Hello, everyone.

Thank you for joining our company's third quarter 2025 earnings conference call. On behalf of the company's employees, management team, and board of directors, I would like to extend our sincere gratitude to our users, investors, and friends who have continuously believed in and supported us.

我将简要介绍本季度的主要经营成果与业务进展，包括三个方面：第一，需求回暖带动三季度业绩加速增长；第二，在不同维度上，招聘需求的变化特点；第三，从产品、技术端角度，看AI融入公司业务的进展。 I will briefly walk through our key operational results and business progress this quarter, focusing on three areas: first, recovery in demand driven accelerated growth in our third quarter performance; second, the evolving characteristics of recruitment demand across different dimensions; third, progress in integrating AI into our products, technology, and overall business operations.

先说一下业绩的数据。三季度公司实现收入21.6亿元，同比增长13.2%，增速较上季度有所提升。扣除股权激励费用、及理财等非经常性收益后，经调整营业利润为9亿元，同比增长49.3%。 Let's start with the financial performance.

In the third quarter, we generated a total revenue of RMB2.16 billion, up 13.2% year-on-year, with growth accelerating from the previous quarter. Excluding share-based compensation expenses and other incomes such as investing gains, our adjusted operating profit reached RMB900 million, up 49.3% year-on-year.

GAAP净利润为7.8亿，同比增长67.2%，净利润率达到35.9%。其中一部分原因，是受益于股权激励费用的下降。本季度，股权激励费用为2.2亿元，已经连续三个季度环比减少，同比降幅也达到21%。 Our GAAP net profit was RMB780 million, up 67.2% year-on-year, with a net profit margin of 35.8%.

Partial of this improvement was attributable to a decrease in share-based compensation expenses, which was RMB220 million this quarter, marking the third consecutive quarter of sequential decline and a year-on-year drop of 21%. 三季度业绩的增长主要来自于两个驱动因素。首要因素仍然是公司渗透率和市场份额持续提升，而带来的用户增长。

The growth in the third quarter was driven by two key factors. The first and most important driver was continued user growth, supported by our increasing penetration and expanding market share.

1到10月累计新增的完善用户超过4,000万人。三季度，BOSS直聘APP端平均的月活跃用户规模，即MAU，达到了6,382万。 From January to October, we acquired over 40 million newly verified users.

In the third quarter, the average verified monthly active users, which is MAU, on the BOSS Zhipin app reached 63.82 million. 在用户规模增长的同时，用户活跃度也非常好。根据第三方数据，DAU跟MAU的比例关系，始终保持在一个较高的行业领先水平。

While the user scale is growing, user activity is also strong. According to third-party data, our DAU to MAU ratio has maintained a high industry-leading level.

第二个驱动因素是企业端需求的回暖，带动了公司在商业化侧数据向好。三季度新发布职位数同比，增长了25%。新发布职位的招聘者人数、以及人均发布的职位数，同比、环比均保持增长。 The second driver was the rebound in enterprise-side demand, which also has helped the number of improvement of data in the monetization side.

In the third quarter, the newly posted job positions increased 25% year-on-year, while both the number of recruiters posting new jobs and the average number of posts per recruiter grew steadily, compared to the previous quarter and the same period of last year. 7月到9月，在招聘者一侧的日均活跃用户环比增幅，超过了在求职者一侧。这在过去的三年是首次出现。

From July to September, the average number of daily active enterprise users grew at a faster pace sequentially than job seekers, marking the first time this has happened in three years. 平台的供求关系，也就是招聘者跟求职者之间的比例关系，从而得到了进一步改善。

The supply-demand balance on our platform, meaning the ratio of enterprise users to job seekers, continued to improve. 截止到9月30号，过去12个月付费企业侧的客户数，同比增长13.3%，达到了680万。

By September 30, the number of paid enterprise customers in the 12 months grew 13.3% year-on-year to 8. 6.8 million.

整个三季度，付费的用户的付费率，在同比跟环比上都有增加。 Over the entire quarter, the paying ratio among quarterly active users increased both year-on-year and quarter-on-quarter.

第二个报告事项，是从不同的维度看一下，本季度企业端招聘需求呈现的特点。 The second agenda item focuses on observing enterprise hiring demand in this quarter from multiple perspectives.

从行业的维度看，蓝领的收入增速持续领跑。三季度，蓝领的收入占比创历史同期的新高。其中，制造业的景气程度最好，已经连续五个季度在收入增速的维度看，居于我们细分各行业的首位。 From an industry perspective, blue-collar revenue growth continued to lead, with its revenue contribution reaching a record high in the third quarter.

Manufacturing industries remain the most robust sector, topping the industries in revenue growth for five consecutive quarters. 借此机会，我想稍微回顾一下，三年前，公司服务于制造业求职者跟招聘者的整个战略，在优先级上分为三个阶段。

Taking this opportunity, I would like to do a brief review. 3 years ago, the company's strategy for serving manufacturing job seekers and recruiters was divided into three stages in terms of priority.

第一个阶段，首先要改善蓝领工人网络求职环境。 The first stage is to improve online job search environment for blue-collar workers.

在先污染、后治理，还是先治理、后经营，我们选择了先治理后经营的路子。 Between the paths of pollution first then manage second, or manage first and profitable second, we choose the second path.

第二个阶段就是发展整个平台的制造业招聘者和求职者双端的用户规模。第三个阶段就是在合理的时候寻求商业利益。 The second stage is to develop the user scale of double-side users on the platform, and the third stage is to pursue commercial benefits in a reasonable scale.

2022年到现在，我们启动了净化蓝领工人求职环境的“海螺计划”，追求求职者、职位、待遇等真实性，打击虚假信息，增进用户的信任。三年以来，这个过程非常艰苦，它的成效也逐步的显现。 In 2022, we launched the Conch Project to purify the job search environment for blue-collar workers, pursuing the authenticity of recruiters, job positions, and compensation, combating false information, and improving user trust.

Over the past 3 years, the process has been extremely challenging, and the results have gradually emerged. 交通运输、物流仓储和服务业整体表现较好。白领行业当中，人工智能、互联网、生活服务、新零售和游戏行业的增速都较为靠前。

Meanwhile, transportation, logistics, and warehousing, and the service industries also delivered solid overall performance. Among the white-collar sectors, industries such as artificial intelligence, internet service, lifestyle service, new retail, and gaming experienced leading growth.

其中白领这部分有一件事值得提一下，就是中小企业的参与明显增多，即付费用户数的快速的增加、客单价的趋稳，呈现出与往常不太一样的特点。这反映出，这在一定程度上反映出，白领创业的生态有正在恢复的迹象。 One thing worth mentioning among the white-collar segment, which we have noticed a notable increase in participation from small- and medium-sized enterprises in the white-collar industry, with paying user numbers growing quickly, while the average spending per customer remains stable, which is an opposite trend to previous patterns.

This, in certain level, reflecting a revival of the white-collar entrepreneurship ecosystem. 从城市的线级跟企业的规模来看，一线城市的需求回暖，二线城市比较稳定，三线及三线以下的城市的收入占比仍然在持续提升。在不同的规模的企业中，中大型企业在三季度增速最快，也就是我们统计500人到1万人之间的这个企业规模。其次的增速是小微企业，再其次的是超大规模的企业。

From the perspective of city tiers and company size, demand in Tier 1 cities is rebounding, Tier 2 cities remain stable, and the revenue contribution from Tier 3 and Tier 3 below cities continued to rise. Among enterprises of different sizes, mid- to large enterprises, which means employee between 500 to 900 9,999, are growing the fastest, followed by small and micro enterprises, and then very large enterprises.

第三个报告事项，是从产品、技术等角度，看一下AI融入公司业务后的一些进展。为求职者服务侧，有两件事值得说一下。 The third agenda item reviews the progress we made since AI was integrated into the company's business from product and technology perspective.

On the job seeker service side, there are two things worth mentioning. 首先是经过一段时间的持续迭代，一个AI求职助手已经面向所有求职者全量上线服务。

First, after a period of continuous iteration, an AI job search assistant has been fully launched for all job seekers. 目前，它可以为用户推荐职位、解答疑问，也可以为用户提出关于如何优化简历的一些建议。

Currently, it can recommend position for users, answer questions, and also provide suggestions on how to optimize their resumes. 三季度不仅对这个工具实现了全量，而且使用AI求职助手的用户人均的互动次数，在环比上面的增长幅度比较大。

In the third quarter, not only was the full rollout of this product has been achieved, but the number of interactions per user with this AI job search assistant also showed a significant quarter-on-quarter increase. 然后是我们也在持续的优化做了一段时间的AI模拟面试。三季度的话，完成模拟面试的求职者数量变得更多。与此同时，这些求职者在活跃度和他们的达成量的环比上也持续的在提升。

Then we have also been continuously optimizing the AI interview coaching feature. In the third quarter, number of job seekers who completed mock interviews showed further improvement, and also their activity level and conversion rate continued to improve compared to the previous quarter.

为招聘者的服务侧，有多个AI产品逐步落地提供服务。今天来说四个方面。 On the recruiter service side, multiple AI products have been gradually launched to provide services.

There are four aspects to mention. 第一个是，一项名为沟通助手的AI产品，正在逐步的嵌入现有的商业产品道具当中。从结果来看，这些道具的平均的达成效率提高了7%。

First, an AI communication assistant feature is being gradually integrated into existing commercial value-added products. As a result, the average mutual achievement conversion ratio of these products have increased by 7%.

第二个是，一项名为AI速招的产品，经过持续的优化，目前已经处在一个灰度测验当中。实验表明，这个产品不仅可以帮助平台更好的理解招聘者的意图，而且可以在全平台的求职者当中进行比对，从而提高了匹配的准确度。目前，参与灰度测试的招聘者，他们的重复使用率在不断的提升。 Second, a product called AI Quick Hiring, after continuous optimization, is currently under phased rollout.

Experiments showed that this product not only helps the platform better understand recruiters' intentions, but also allows for comparison among all job seekers on the platform, thereby improving matching accuracy. Currently, the reuse rate among recruiters participating in the phased rollout testing is steadily increasing.

第三，我们为一部分在校园招聘侧的知名客户拓展了AI面试的功能。比如说，可以支持多轮的追问，比方说可以定制面试官形象等等。这些客户呢对学生的吸引力非常强，在短时间内投递量非常大。而作为雇主侧，他们在校园招聘活动中的压力就很大。这些发展了的AI服务缓解了压力。 Third, we have extended the AI interview feature to a number of well-known customers from the campus recruitment side.

For example, the AI interview can support multiple rounds of follow-up questions and customize interviewer profile. These clients have very strong appeal to students, leading to a high-volume application in a short time, which increases significantly pressure for recruiters during the campus recruiting activities.

The developing AI services have alleviated this pressure. 第四，我们在高端白领以及金领和蓝领餐饮业、制造业等等不同的招聘场景，分散的、谨慎的探索偏AI托管形态的招聘服务，以及探索偏AI主导向的批量交付服务，目前也取得了一些收益。

Fourth, we are cautiously exploring AI-hosted recruitment service and AI-powered bulk placement solutions in diverse recruitment scenarios, such as high-end white-collar and gold-collar positions, blue-collar roles in the catering and manufacturing industries. These initiatives are gradually generating benefits.

在以上的招聘者侧的AI服务当中，我们都非常注意的要告知求职者，你正在以及将与一个AI进行沟通。那么我们给求职者提供了选择关闭的入口、按钮。那实际上呢，有一些求职者会选择拒绝跟机器人进行沟通，也有求职者愿意跟机器进行沟通。这方面的例子我们也正在不断的收集。 Among all those enterprise-side AI services, we have been quite cautiously, which we allow the job seekers to know whenever they are communicating with an AI service.

They have the option to close the service. They have the button.

Sometimes someone might choose to close, but someone choose to continue the communication. We are continuously collecting related examples.

我们也不仅是简单的请求职者对于是否与AI进行沟通做一个选择来保障他的权利，不只如此。我们也持续观察在AI的介入之后，究竟对于双边的匹配会发生怎样的影响，尤其是不仅是发生在招聘者跟求职者个体之间，而是当双边大规模的使用了AI的帮助，究竟对招聘和求职这两侧的生态关系会产生什么影响，我们也在保持着谨慎的观察和数据的收集工作。 We not only simply provide the option for job seekers whether they can communicate with AI or not to guarantee their interest, but also we are continuously to observe with the intervention of AI, what kind of impact will affect the mutual matching, not only on an individual job seeker and recruiter perspective, but also from a scalable double-side situation, and what kind of impact of this will have to our ecosystem from a job seeking and recruitment perspective.

We are continuing observing and collecting data. 总结来看，三季度的业绩保持了高质量的增长，在用户增长、商业化与AI技术落地方面都取得了扎实的进展。公司在10月份完成了一个约8,000万美元的年度派息。未来，我们还会继续聚焦在核心业务能力的提高上，并且积极履行对股东的回报责任。我的部分就介绍到这里，接下来由我们的CFO Phil为大家介绍我们的财务情况。

In summary, the third quarter, we delivered a high-quality growth, with solid progress across user growth, commercialization, and AI technology implementation. In October, the company completed an annual dividend payment of approximately $80 million.

Looking ahead, we will continue to focus on strengthening our core business capability while actively fulfill our commitment to shareholders. That concludes my part of the call.

I will now turn it over to our CFO Phil for the review of our financials. Thank you.

Thanks, Jonathan. Hello, everyone.

Now let me walk through the details of our financial results for the third quarter of 2025. In this quarter, we delivered a high-quality and sustainable top-line and bottom-line growth.

Our revenue reached RMB2.2 billion this quarter, with growth accelerating to 13% year-on-year. The faster revenue growth this quarter was primarily driven by higher enterprise user growth as well as improved monetization level due to the recovering hiring demand.

Our commercialization strategy, grounded in ecological balance, enable us to effectively and sustainably improve user payment ratio within a relatively better hiring environment. The growth in paid enterprise customers, which grew by 13% to 6.8 million for the 12 months ended September 30, demonstrates our capability and potential to enhance monetization level.

Revenue from middle-sized as revenue from small-sized accounts showed continued growth momentum, with revenue contribution in this quarter up by 2.2 percentage points, while key accounts growth remained stable. As a result of the structural mix shifting, the overall ARPPU maintained stable.

Moving to the cost side, total operating costs and expenses decreased by 7% year-on-year to RMB1.5 billion in this quarter. Share-based compensation expenses dropped by 21% year-on-year and 6% quarter-on-quarter to RMB216 million, shrinking for the third consecutive quarters on both absolute amount and percentage of revenue.

Excluding share-based compensation expenses, adjusted income from operations grew by 49% to RMB904 million, and our adjusted operating margin reached 41.8%, up by 10.1 percentage points year-on-year and relatively flat quarter-on-quarter. Cost of revenues decreased by 2% year-on-year to RMB308 million in this quarter, mainly due to the decrease in operational employee-related expenses as a result of improved operational efficiency as we continue to engage AI in our daily operations.

Gross margin went up by 2.2 percentage points year-on-year and 0.4 percentage points quarter-on-quarter to 85.8%. Sales and marketing expenses decreased by 25% year-on-year to RMB394 million during this quarter, as we don't have sports events marketing campaigns this year.

Even if we exclude the sports sponsorship costs, our adjusted sales and marketing expenses in this quarter decreased 15% year-on-year, while we still maintain a robust user growth, double-confirm our sustainable increase of marketing efficiency due to our strong brand recognition and network effect. Our R&D expenses decreased by 12% year-on-year to RMB408 million in this quarter.

Excluding share-based compensation expenses, our adjusted R&D expenses decreased by 8% year-on-year to RMB331 million in this quarter, and stayed relatively flat sequentially. Our G&A expenses increased by 28% to RMB367 million in this quarter, primarily due to a one-off impairment of intangible assets, partially offset by a decrease in employee-related expenses.

Excluding the impairment, our G&A expenses decreased both year-on-year and sequentially. Our interest and investment income in the quarter increased by 43% year-on-year to RMB228 million in this year, primarily due to a partial disposal of an equity investment and the increased interest from Hong Kong dollar 2.2 billion Hong Kong share offering proceeds in early July.

Our net income increased by 67% to RMB775 million in this quarter, with adjusted net income increased by 34% to RMB992 million. Net margin improved by 11.6 percentage points year-on-year to 35.8%, while adjusted net margin reached 45.8%, up 7.2 percentage points year-on-year.

Both of them have maintained sustainable improvement over the past 6 consecutive quarters. Net cash provided by operating activities reached RMB1.2 billion in this quarter, up 45% year-on-year.

As of September 30, 2025, we continue to maintain a strong cash position of RMB19.2 billion. Now for our business outlook.

For the fourth quarter of 2025, we expect our total revenue to continue the growth momentum, and reach between RMB2.05 billion and RMB2.07 billion, with a year-on-year increase of 12.4% to 13.5%. With that concludes our prepared remarks, and now we would like to answer questions.

Operator, please go ahead with call.

赵总、宇哥、文贝，感谢接受我的提问。那我这边两个问题。第一个呢就是还想问一下近期整体的大盘的招聘需求是怎么样。看到9、10月份国家公布的失业率数据其实也是在改善的，那您觉得这个主要是因为季节性原因呢，还是这些作业改善的趋势是宏观经济改善的先行指标？然后公司三季度收入增速提高背后的驱动因素有哪些？这是第一个问题。然后第二个问题想问问就是现在我们临近年底，这KA客户的续约情况。我们现在有感觉客户的续约意愿大概是如何？然后呢客户在续约率、续约金额上的表现大概有呈现怎样的一个变化的趋势？我自己翻译一下。Thank you, management, for taking my question. I have two questions.

First is what's the overall recruitment demand recently? We noticed that the unemployment rate in September and October is improving.

Do you think this is mainly due to the seasonal factors or the improving trend is a leading indicator of macro recovery? What are the driving factors behind BOSS's accelerating growth in the third quarter?

My second question is that as we are approaching the end of the year, what's your perception of the KA renewal willingness right now? Are there any noticeable trends in customer renewal rates or the renewal amounts?

Thank you. 从我们的数据看，企业的招聘行为在今年三季度确实有较好的恢复。

From our data perspective, the recruitment activities from enterprises indeed recovered in the third quarter. 今年三季度，企业端的MAU的增长速度快于求职者端。

The growth rate of monthly active users of enterprise side is faster compared to job seeker side. 实际上求职者这一侧的压力给平台带来的压力也在减缓。

The pressure from the job seeker side to our platform have been alleviating. 但我们大家如果还记得的话，实际上21年、22年这两年，有一些毕业生不好找工作，在疫情期间遇到困难。如果我们记得的话，23年我们所期待的某种reopening没有如愿发生，有一些年轻人继续遇到困难。

If we can recall that back in 2021 and 2022, it was a little bit difficult for the fresh graduates to find a job. In 2023, the reopening which everybody was expecting was not happening as we expected.

Especially young people, it's a little bit difficult to find a job. 今年，今年去以7月份为例，应届生在平台表达找工作的需求，跟去年比有两位数的下降。

This year, take July for example, the fresh graduates, their expression for job seeking demand, compared to the same period of last year, have declined by double digits. 与此同时，企业侧发布职位、愿意招应届生，跟去年同期比，有两位数的百分比的提高。

Meanwhile, from the enterprise side, the company who have posted job opening to fresh graduates increased by double digits. 所以我们从BC两端的情况，特别是看了关于应届生的招聘和求职情况，我们比较明确的感到，我们比较明确的感到，积累了几年的压力，在今年的Q3看到了很大的好转。

From the situation from both job seeker and recruiter side, especially from the fresh graduates as an example, that we quite clearly felt that the pressure which have been accumulating for several years is release a lot in the third quarter. 那么整个三季度，不仅是活跃的用户的BC比比往年好，而且新增用户的BC比也持续改善，也比往年好，而且三季度好于二季度。所以这些信号我觉得都是让我们非常有信心。

In the third quarter, not only the ratio between job seekers and recruiters among active users improved compared to last year, the newly added user ratio also improved, and also the third quarter is better than the second quarter, which gives us continued confidence. 很容理解，这样一个供求关系的变化，对于我们来说，实际上公司看到企业的招聘需求在恢复，付费的情况在变好，付费率在变好。所以实际上，这样的恢复对于写做生意肯定是有帮助的。

It's quite easy to understand that based on the change, improving trend of supply and demand balance, we witness the recovery of the enterprise side and the improvement of the paying ratio, and it also helped with our overall business operation. 许多同仁都知道，去年的三季度啊，尤其是7、8月份的时候，实际上情况比较差，不太一样。所以我们还专门的也跟23年的情况审慎起见，跟23年的情况也做了一些比较。

Though the third quarter of last year was a relatively low base, from a cautious perspective, we also compared to 2023, the same period. 值得一说的就是白领的新增职位的情况。今年三季度跟二季度的环比，要显著的快于23年。

It was worth mentioning that the recovery of the white-collar, for example, the newly added number of job posting for the white-collar positions in the third quarter increased significantly compared to the second quarter, compared to 2023, same period of 2023. 所以经过这样的观察跟对比呢，我才在刚才的报告当中，才可以说明这样一个结论，叫做需求回暖带动三季度业绩加速增长。我是有这个依据的，Eddy。

Based on all these observations and kind of comparisons, I have the confidence to conclude in my prepared remarks that the improved hiring demand drove our accelerated revenue growth. That's where my confidence come from.

你关心的那个续约，四季度了是吧？你关心的续约的这个情况，我觉得我们请我们CFO Phil来说一下。 Now Phil will give you answers regarding the retention situation of the key

accounts. Eddy, companies renew their annual contract individually at different point of time, not only at the year-end.

Starting from the year, we have witnessed improving contract renewal rate, improving continuously, particularly in third quarter. In the past, actually for the first time in the past 2 years, company-level net dollar retention rate started to bottom out.

This signals a potential turning point from a previous downward trajectory. We believe this is driven primarily by improved company retention rate and their higher renewal spending.

We observed this situation not only at key accounts customers, but also at small, medium-sized enterprises. Simply speaking, that the company's annual contract renewal situation improved sequentially and annually.

This once again proved that the hiring demand in the economy has been recovering healthily.

That's our answer to your question, Eddy. Operator, let's move on to the next.

哎，谢谢。赵总、宇哥、文贝，各位晚上好，感谢接受我的提问。那我也有两个问题想请教公司。第一个是其实过去几年咱们的增速一直都是比同行好的，那现在从一个企业招聘预算分配的角度来说，咱们还能继续切走的份额可能还有多少？那未来怎么继续保持这种超越市场的增速？另外就是如果明年的宏观形势可以有改善的话，那咱们的领先地位是会进一步巩固呢，还是说有可能因为看到竞对更大程度来投入而带来更多的竞争压力？这是第一个问题。第二个问题是关于利润率方面，因为今年其实我们这个利润率又是进步得非常非常明显，那未来比方说名年的话，咱们应该怎么思考这个利润率提升的趋势？那要投入的一些重点的方向有哪些？比如说像营销获客方面的费用计划，费用计划能不能谈一谈？然后包括前两年其实宏观不明朗的时候，我们强调是要保利润嘛，那明年的话咱们的战略重点会是继续强调利润呢，还是会更多的用投入来换增长？那我对自己翻译一下。Thank you, management, for taking my question. Firstly, we observed that our company has continued outgrowing peers for the past few years.

If we look at the enterprise recruiting budget allocation, how much more share can we continue to gain over peers, and how do we sustain that above peers growth going forward? Looking at next year, if the macro situation improves, will we continue to solidify our leadership or is it possible to see higher competition pressure because the peers may step up investments?

Secondly, on margin side, given the high base this year, how do we think about the trend for our margin next year? What are the major investment areas, for example, in terms of sales, marketing, how do we think about the spending plan there?

Previously, given the macro uncertainty, we said we want to prioritize profitability. Looking at next year, are we going to continue prioritizing that profitability or leaning towards investing a little bit for growth?

Thank you for taking my question.

我们刚才报告过，过去12个月公司的付费客户数量增长13.3%，达到680万，我想从这说起。 I would like to start with our number of paid enterprise customers, which grew by 13.3% to 6.8 million by the trailing 12 months.

实际上，这些付费客户的绝大部分是小微客户、小微企业。是我们用BOSS直聘自己的模式和沟通发起的策略与努力，逐步发展成我们的使用者和付费者。 In a matter of fact, majority or maybe over 80% of these paid enterprise customers are small and micro enterprises, which we use our own business model and go-to-market strategy developed over the years.

我讲这件事呢，其实是想厘清两个概念。概念一，我们的主要付费客户是靠我们自己的独立的模式拓展出来的，并非切割了同行的市场份额。 By mentioning this, I would like to clarify on two of concept.

Firstly, majority of our main paid customers are developed by our own rather than gaining the shares from our peers. 另外一个概念就是，众所周知，中国有超过4,000万家中小型企业，所以我们目前的付费客户的市场占有率在其中的比例还很低。这也即是为什么在经济相对承压的时候，我们仍然还有非常广阔的市场去拓展。

The second concept is that it's public data that China has over 40 million, 4-0, 40 million small- and medium-sized enterprises, and our number of paid enterprise customers still a small percentage of that. That's why even under relatively tight macro situation, we still have ample room to grow in terms of our market share.

当然了，可以得出一个逻辑上的一个一个结论，就是当市场变好、需求回暖的时候，我们的增速会变得更好，我们的市场渗透的策略会变得更加有有成效，收入也会变得更好。 A logical conclusion is that when the market recovered, when the demand improved, we can enjoy better revenue and business growth rate.

那么谈到了竞争格局，我们也要我们也要承认这样一件事，就是对于同行也在服务、我们也在服务的客户，实际上在经济承压的情况之下，客户会倾向于选择性价比更好的产品和服务更好的商家。那么从这个意义上来讲，直接的竞争肯定也是存在的，我们也并未落于人后。 On a competitive landscape perspective, we need to admit that for the customers both we and our peers are serving, especially under economic pressure situation, then the client normally will tend to service provider who have better ROI and higher service capability, and we do have some advantages over that.

那么您您也您也很关心利润率的事情。利润率这个事情的话，跟我们目前比较好的这个利润情况有关的，公司层面的策略呢，回顾的话，就是在去年的时候，我们做了这么一个决定，面对一大堆的不确定性，想先拿住一个确定性，就是要保证利润。那么这一年当中的执行力得到了验证，所以现在看到一个不错的结果。 About the profitability which you concerned a lot, which the current profit margin you observed, which is actually a strategic selection from our company level.

Last year, we decided facing all of this uncertainties, we want to make sure the only certainty which is guarantee the profit. This year, we have seen our very strong implementation capabilities and realized profit number.

从本质上，公司现在的利润率水平体现的所体现的是公司的双边网络效应，是公司对于用户心智的渗透，以及公司在内部运转上形成了比较高效、顺畅的一个一个一个水平，这是一个综合的体现。 Essentially, this very strong margin profile actually reflects our effective double-side network effect, our further penetration into user mindset, and a very efficient and smooth internal management and operation.

All those result in this high margin profile. 因此我可以预测到，明年公司的利润率应该是一个继续提升的过程。

As a result, I can predict that the margin for next year will continue to improve. 但公司不会牺牲增长。明年的新增用户数量，我觉得仍然要在3,500万加这样的水平。

We will not sacrifice our revenue growth to achieve this profitability. For the next year, we still want to guarantee at least 35 million newly verified users.

公司在收入增长上的追求和服务用户、提高用户满意度上的追求，大于公司在利润率上增长的追求。 Our pursuit in better serve users in higher revenue growth actually has higher priority compared to our pursuing of the profitability.

这些是我们对于利润率这件事情的一些策略性的看法和初步的一些预测，我觉得希望能够对对熊总还有对我们投资人，让你们能够更清楚的看到利润率对我们来说意味着什么。 That's our strategic-level view on our profitability, and we hope you and our investors can better understand what is the profitability means to us.

这个供你参考，熊总。 That

for your reference. That's all of our answer to your question, Xiong Wei.

Operator, let's move on to the next one.

好的，感谢管理层接受我的提问，也恭喜公司非常强劲的一个业绩，特别是在利润端。那我这边有两条问题想要请教管理层。第一个是赵总也提到了我们在细分的一些招聘场景层面可能会做更谨慎，但同时也会更积极的尝试。那可否请管理层再分享一些具体的一些细节和进展，以及这些探索在未来可能会带来的一些对于公司的服务以及商业化的一些影响？那第二个是关于AI的部分，那因为我们注意到OpenAI在近期也宣布进军到这个照片招聘的行业，那海外的一些这个初创公司，比如说像Mercor，在业务上面也发生了很多的变化。那想请问一下管理层怎么看待BOSS直聘和其他的招聘的公司，相对于这种通用AI的公司在招聘行业的一个竞争状态呢？那我很快翻译一下。Thank you, management, for taking my question, and congrats on the solid results. Two questions from my side.

First, as Zhao Zong just mentioned that we are going to explore more in the different verticals within the recruitment industry, could management share more progress and the updates on this, and what are the potential impact to our services and monetization into a longer term? Secondly is on the AI-related question.

We noticed that OpenAI recently announced to enter the recruitment industry, and some other AI startups like Mercor also has been evolving its business model. Could management share your view on the competitive landscape between the traditional recruitment platforms as well as KANZHUN and the general AI companies in the recruitment industry?

Thank you.

在我们在我们尝试着把AI跟人结合起来，在业务当中做做科学实验的过程中，有一些很有意思的事。我我借此机会我说两件事吧。第一件事就是有些用户他很生气的时候，他会控制不住自己，他会说一些话伤害客服人员。但是当他知道对面是AI的时候，基本没有用户会骂人。就是人会人类会骂人类，但是人类知道对方是AI的时候，人类就不骂了。那么最狠的一句话，就是我们AI在跟人的交互中，被被被训斥的最狠的一句话就是：“你这个傻AI。” 啊，这是最厉害的一句。那么这是一个我们在一些场景上，用AI跟用户进行沟通的场景上的一个一个例子。

When we are trying to combine AI and human activities, we have found some very interesting findings under our scientific experiments. For example, when a customer who is quite angry and cannot contain his temper, when he's facing a customer service people, normally they could be quite aggressive.

When the customer know that the counterparty is a AI, nobody will take some very harsh words. The biggest complaint from the customer to an AI is, "You are very stupid AI."

然后我们做这个AI模拟面试这个辅助工具，来train求职者如何在不同的情况下模拟面试，也有一个有意思的发现。就是有些求职者呢，他会一遍又一遍的跟这个机器人对话，然后他会得到不同的scores。那么当他的下一个得分小于或者等于上一个得分的时候，很多人就会不再重复这个过程了。 The second example is for our AI interview coaching products.

A lot of job seekers who have used this service to repeatedly train their interview skills once and once again. We find out that when the job seeker, his second scoring is below the first one, then they will stop this repeat.

所以你看我平时遇到的很多例子啊，我说两个给你们听。一个就是人其实骂人的时候他可能会把他的那个不好的情绪得到宣泄，但是这个功能在面对AI的时候好像不存在了。另外一个就是，一个人如果麻烦一个他的coach两遍、三遍可能还行，但是20遍的同样的事情去麻烦一个coach他做不到，但是他可以很好意思的去麻烦一个AI 20次。 You can see some very interesting findings I share in our daily experiments.

People can well-controlled his temper when they're facing an AI. Also people who are smart want to bother a real human coach very frequently, but he can do that to an AI.

这是我们在过去的尝试当中遇到的一些事。这些事实际上是告诉我们说，用机器人、用AI技术在非常非常古老，但是又跟我们特别相关、跟我们每个人都相关的，人跟岗位的配置、上级跟下级的配置的这样一件非常serious的世上做做事，我觉得我们确实需要像面对一个全新的事情那样，极为谨慎的去尝试。 All these results is telling us that when we are applying AI technology to a very old, very ancient people and job matching, the superior and subordinate matching for this all the scenario, we need to very cautious when using the new technology.

所以两年多的尝试没有发生有因为大语言模型、多模态的大语言模型给整个招聘行业当中诞生一个killer级的应用。我倒反而不着急，我倒觉得给了我们更多时间去跟新的技术、跟这个不可思议的AI去共存，所以我还是说极其谨慎，更加谨慎的意思。 Now for more than 2 years, this really exciting large language model technology haven't be able to generate a killer-level application in our industry.

Actually, we are not in a hurry, and actually gave us more time to find a way to co-exist with all this development and the new technology. 那么刚才我做报告的时候提到了，我们在一些交付场景，不管蓝领还是金领，我们有一些类似于全托管式的、半托管式的招聘服务，那么这个地方呢是我们要积极尝试、又很小心的地方。然后so far有一些成绩，但是还远远不到大规模推广给所有用户的时候。

I just mentioned that on the certain placement scenarios, both in blue-collar and white-collar recruitment, such as full-cycle hosted recruitment service or semi-cycle hosted recruitment service, we have been very actively to try out new services, but also quite cautiously. Far, we have some achievement, but still not in a stage to massively roll out these new features.

对于最近有在AI能力加持之下有若干企业，尤其有一些巨头、海外巨头，表达说要在招聘领域进行一些尝试，我们也注意到。 We also notice that some leading technology companies who have been empowered by AI, who have expressed their interest in entering into recruitment industry.

新的技术跟老的课题相结合，很可能能够带来行业的革命。 The new technology combined with old industry questions, possibly can generate revolutionary-level industry change.

正如推荐技术和移动互联网技术与老的招聘的课题相结合，催生了BOSS直聘这样一个新的model。 Just like the mobile network and recommendation technology combined with the traditional recruitment demand have generated BOSS Zhipin app, this new generation of online recruitment model.

到今天为止，我觉得AI跟招聘行业相结合的主要课题不是算力。 Up to today, my thinking of that the combination of AI and recruitment service, the key bottleneck is actually not computing power.

Mercor组织专家进行标注，我们理解恰好体现了高质量数据的价值。 Mercor, who have gathered a lot of professionals to do the tagging, actually show the value of the high-quality data.

如果高质量的数据是如此重要的话，我倒觉得以BOSS直聘等等为代表的在招聘行业做事情的同行，反倒具备某种优势。 If the high-quality data is very critical, is very important, then with BOSS Zhipin, other peers within our industry actually have some certain level of advantages.

所以这个也不能说是能够很好的回答你的问题，我觉得就是借着你的问题说了一些我们平时注意到的一些事吧。 Just leverage your question, I want to express some observations we noticed from our daily operations.

That's all of our answer to your question, Timothy. Thank you.

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

Thank you.