KANZHUN LIMITED Announces Second Quarter 2025 Financial Results
Rhea-AI Summary
KANZHUN (NASDAQ: BZ) reported strong Q2 2025 financial results, with revenues reaching RMB2,102.4 million (US$293.5 million), up 9.7% year-over-year. The company demonstrated significant profitability improvements with net income increasing 70.4% to RMB711.2 million (US$99.3 million).
Key operational metrics showed robust growth with monthly active users increasing 16.5% to 63.6 million and paid enterprise customers growing 10.2% to 6.5 million. The company announced three major shareholder initiatives: an annual dividend policy with US$80 million for 2025, a share repurchase program of up to US$250 million, and completion of a HK$2.2 billion share offer in Hong Kong.
For Q3 2025, KANZHUN expects revenues between RMB2.13-2.16 billion, representing 11.4-13.0% year-over-year growth.
Positive
- Net income surged 70.4% YoY to RMB711.2 million (US$99.3 million)
- Monthly active users grew 16.5% to 63.6 million
- Operating income increased 81.6% YoY to RMB651.2 million
- Operating costs decreased 7.2% YoY
- Announced US$80 million annual dividend
- Launched US$250 million share repurchase program
- Successfully raised HK$2.2 billion through Hong Kong share offering
Negative
- Revenue growth of 9.7% YoY shows deceleration
- General and administrative expenses increased 19.1% YoY
Insights
KANZHUN reports strong Q2 with 70.4% profit growth, announces first dividend and $250M buyback program.
KANZHUN LIMITED's Q2 2025 financial results demonstrate robust growth across all key metrics. The company delivered
What's particularly impressive is the substantial profit growth. Income from operations surged
The company achieved these results through effective cost management, with total operating costs decreasing
The user metrics are equally strong, with monthly active users increasing
In a significant move for shareholders, KANZHUN announced its first-ever dividend policy with an annual dividend of
The company also completed a secondary listing in Hong Kong, raising approximately
For Q3 2025, management forecasts revenue between
BEIJING, Aug. 20, 2025 (GLOBE NEWSWIRE) -- KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) (Nasdaq: BZ; HKEX: 2076), a leading online recruitment platform in China, today announced its unaudited financial results for the quarter ended June 30, 2025.
Second Quarter 2025 Highlights
- Total paid enterprise customers1 in the twelve months ended June 30, 2025 were 6.5 million, an increase of
10.2% from 5.9 million in the twelve months ended June 30, 2024. - Average monthly active users2 for the second quarter of 2025 were 63.6 million, an increase of
16.5% from 54.6 million for the same quarter of 2024. - Revenues for the second quarter of 2025 were RMB2,102.4 million (US
$293.5 million ), an increase of9.7% from RMB1,916.7 million for the same quarter of 2024. - Income from operations for the second quarter of 2025 was RMB651.2 million (US
$90.9 million ), an increase of81.6% from RMB358.6 million for the same quarter of 2024. Adjusted income from operations3 for the second quarter of 2025 was RMB880.9 million (US$123.0 million ), an increase of33.4% from RMB660.1 million for the same quarter of 2024. - Net income for the second quarter of 2025 was RMB711.2 million (US
$99.3 million ), an increase of70.4% from RMB417.3 million for the same quarter of 2024. Adjusted net income3 for the second quarter of 2025 was RMB940.9 million (US$131.3 million ), an increase of30.9% from RMB718.7 million for the same quarter of 2024.
Mr. Jonathan Peng Zhao, Founder, Chairman and Chief Executive Officer of the Company, remarked, “In the second quarter of this year, we maintained our industry-leading user growth momentum. With the job market exhibiting a sustained recovery trend, our platform’s user ecosystem has strengthened, and we have seen decent growth in both enterprise user engagement and the number of paying customers. We have also continued to advance the integration and application of AI across technology, products, business and operations, achieving positive progress in improving user experience, enhancing commercial product service capabilities and boosting platform operational efficiency.
The Company actively places importance on shareholder returns, the board of directors approved the Company's annual dividend policy, and determined this year's dividend amount to be approximately US
Mr. Phil Yu Zhang, Chief Financial Officer of the Company, elaborated, “In the second quarter, we continued to achieve high-quality growth, with both revenues and profit margins improving, underscoring the effectiveness of our efficient business model and cost management strategies. To enhance trading activity in the Hong Kong market, we completed a share offer in July, with net proceeds amounting to HK
_____________________
1 Paid enterprise customers are defined as enterprise users and company accounts from which the Company recognizes revenues for online recruitment services.
2 Monthly active users refer to the number of verified user accounts, including both job seekers and enterprise users, that logged on to the Company’s mobile application in a given month at least once.
3 It is a non-GAAP financial measure, excluding the impact of share-based compensation expenses. For more information about the non-GAAP financial measures, please see the section of “Non-GAAP Financial Measures.”
Second Quarter 2025 Financial Results
Revenues
Revenues were RMB2,102.4 million (US
- Revenues from online recruitment services to enterprise customers were RMB2,077.6 million (US
$290.0 million ) for the second quarter of 2025, representing an increase of9.8% from RMB1,892.7 million for the same quarter of 2024. This increase was mainly driven by the paid enterprise customer growth. - Revenues from other services, which mainly comprise paid value-added services offered to job seekers, were RMB24.8 million (US
$3.5 million ) for the second quarter of 2025, representing an increase of3.3% from RMB24.0 million for the same quarter of 2024, mainly benefiting from expanded user base.
Operating cost and expenses
Total operating cost and expenses were RMB1,454.4 million (US
- Cost of revenues was RMB307.5 million (US
$42.9 million ) for the second quarter of 2025, representing a decrease of2.8% compared to RMB316.5 million for the same quarter of 2024. The decrease in employee-related expenses was offset by the increase in payment processing cost. - Sales and marketing expenses were RMB419.9 million (US
$58.6 million ) for the second quarter of 2025, representing a decrease of23.0% from RMB545.2 million for the same quarter of 2024, primarily due to decreases in advertising and marketing expenses and employee-related expenses. - Research and development expenses were RMB416.0 million (US
$58.1 million ) for the second quarter of 2025, representing a decrease of6.2% from RMB443.7 million for the same quarter of 2024, primarily due to a decrease in cloud service fee. - General and administrative expenses were RMB311.0 million (US
$43.4 million ) for the second quarter of 2025, representing an increase of19.1% from RMB261.2 million for the same quarter of 2024, primarily due to an increase in employee-related expenses.
Income from operations and adjusted income from operations
Income from operations was RMB651.2 million (US
Adjusted income from operations was RMB880.9 million (US
Net income and adjusted net income
Net income was RMB711.2 million (US
Adjusted net income was RMB940.9 million (US
Net income per American depositary share (“ADS”) and adjusted net income per ADS
Basic and diluted net income per ADS attributable to ordinary shareholders for the second quarter of 2025 were RMB1.62 (US
Adjusted basic and diluted net income per ADS attributable to ordinary shareholders3 for the second quarter of 2025 were RMB2.14 (US
Net cash provided by operating activities
Net cash provided by operating activities was RMB1,051.9 million (US
Cash position
Balance of cash and cash equivalents, short-term time deposits and short-term investments was RMB16,021.8 million (US
Recent Developments
Share offer
In July 2025, the Company completed its share offer of an aggregate of 34,500,000 Class A ordinary shares at an offer price of HK
Adoption of annual dividend policy and declaration of cash dividend
On August 20, 2025, the Company’s board of directors (“the Board”) approved an annual dividend policy (the “Dividend Policy”), pursuant to which the Board intends to declare and distribute a dividend each year in accordance with the memorandum and articles of association of the Company and applicable laws and regulations. Under the Dividend Policy, the determination to make dividend distributions and the amount of such distributions in any particular annual period will be made at the discretion of the Board upon review of the Company’s operations and earnings, cash flow, financial condition and other relevant factors.
Under the Dividend Policy, the Board has approved an annual cash dividend (the “Dividend”) of US
Share repurchase program
On August 20, 2025, the Board approved amendments to the existing share repurchase program adopted in August 2024, extending the program for a 12-month period through August 28, 2026 and authorizing repurchases of up to US
Outlook
For the third quarter of 2025, the Company currently expects its total revenues to be between RMB2.13 billion and RMB2.16 billion, representing a year-on-year increase of
Conference Call Information
The Company will host a conference call at 8:00 AM U.S. Eastern Time on Wednesday, August 20, 2025 (8:00 PM Beijing Time on Wednesday, August 20, 2025) to discuss the financial results.
Participants are required to pre-register for the conference call at:
https://register-conf.media-server.com/register/BIff2de596ba4b435893f4fe392db1e741
Upon registration, participants will receive an email containing participant dial-in numbers and a unique personal PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.
Additionally, a live and archived webcast of the conference call will be available on the Company's investor relations website at https://ir.zhipin.com.
Exchange Rate
This press release contains translations of certain RMB amounts into U.S. dollar (“US$”) amounts at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the exchange rate of RMB7.1636 to US
Non-GAAP Financial Measures
In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income from operations, adjusted net income, adjusted net income attributable to ordinary shareholders, adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders and adjusted basic and diluted net income per ADS attributable to ordinary shareholders as supplemental measures to review and assess operating performance. The Company defines these non-GAAP financial measures by excluding the impact of share-based compensation expenses, which are non-cash expenses, from the related GAAP financial measures. The Company believes that these non-GAAP financial measures help identify underlying trends in the business and facilitate investors’ assessment of the Company’s operating performance.
The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP information used by other companies. The non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for most directly comparable GAAP financial measures. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.
A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.
Safe Harbor Statement
This press release contains statements that may constitute “forward-looking” statements which are made pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. Among other things, the outlook and quotations from management in this press release contain forward-looking statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission, in announcements made on the website of The Stock Exchange of Hong Kong Limited, in its interim and annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. Further information regarding these and other risks is included in the Company’s filings with the U.S. Securities and Exchange Commission and The Stock Exchange of Hong Kong Limited. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
About KANZHUN LIMITED
KANZHUN LIMITED operates the leading online recruitment platform BOSS Zhipin in China. The Company connects job seekers and enterprise users in an efficient and seamless manner through its highly interactive mobile app, a transformative product that promotes two-way communication, focuses on intelligent recommendations, and creates new scenarios in the online recruiting process. Benefiting from its large and diverse user base, BOSS Zhipin has developed powerful network effects to deliver higher recruitment efficiency and drive rapid expansion.
For investor and media inquiries, please contact:
KANZHUN LIMITED
Investor Relations
Email: ir@kanzhun.com
PIACENTE FINANCIAL COMMUNICATIONS
Email: kanzhun@tpg-ir.com
| KANZHUN LIMITED Unaudited Condensed Consolidated Statements of Operations (All amounts in thousands, except share and per share data) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| Revenues | ||||||||||||||||||
| Online recruitment services to enterprise customers | 1,892,723 | 2,077,599 | 290,022 | 3,576,810 | 3,978,981 | 555,444 | ||||||||||||
| Others | 24,020 | 24,834 | 3,467 | 43,686 | 46,729 | 6,523 | ||||||||||||
| Total revenues | 1,916,743 | 2,102,433 | 293,489 | 3,620,496 | 4,025,710 | 561,967 | ||||||||||||
| Operating cost and expenses | ||||||||||||||||||
| Cost of revenues(1) | (316,532 | ) | (307,457 | ) | (42,919 | ) | (611,971 | ) | (618,265 | ) | (86,306 | ) | ||||||
| Sales and marketing expenses(1) | (545,169 | ) | (419,873 | ) | (58,612 | ) | (1,124,439 | ) | (911,100 | ) | (127,185 | ) | ||||||
| Research and development expenses(1) | (443,729 | ) | (416,046 | ) | (58,078 | ) | (911,298 | ) | (839,614 | ) | (117,206 | ) | ||||||
| General and administrative expenses(1) | (261,210 | ) | (310,974 | ) | (43,410 | ) | (531,682 | ) | (576,485 | ) | (80,474 | ) | ||||||
| Total operating cost and expenses | (1,566,640 | ) | (1,454,350 | ) | (203,019 | ) | (3,179,390 | ) | (2,945,464 | ) | (411,171 | ) | ||||||
| Other operating income, net | 8,506 | 3,118 | 435 | 21,096 | 10,740 | 1,499 | ||||||||||||
| Income from operations | 358,609 | 651,201 | 90,905 | 462,202 | 1,090,986 | 152,295 | ||||||||||||
| Interest and investment income, net | 153,814 | 156,972 | 21,912 | 309,870 | 306,461 | 42,780 | ||||||||||||
| Foreign exchange gain | 63 | 623 | 87 | 93 | 54 | 8 | ||||||||||||
| Other expenses, net | (264 | ) | (551 | ) | (77 | ) | (523 | ) | (1,168 | ) | (163 | ) | ||||||
| Income before income tax expenses | 512,222 | 808,245 | 112,827 | 771,642 | 1,396,333 | 194,920 | ||||||||||||
| Income tax expenses | (94,972 | ) | (97,071 | ) | (13,551 | ) | (112,668 | ) | (173,065 | ) | (24,159 | ) | ||||||
| Net income | 417,250 | 711,174 | 99,276 | 658,974 | 1,223,268 | 170,761 | ||||||||||||
| Net loss attributable to non-controlling interests | 4,483 | 5,224 | 729 | 7,710 | 11,264 | 1,572 | ||||||||||||
| Net income attributable to ordinary shareholders of KANZHUN LIMITED | 421,733 | 716,398 | 100,005 | 666,684 | 1,234,532 | 172,333 | ||||||||||||
| Weighted average number of ordinary shares used in computing net income per share | ||||||||||||||||||
| — Basic | 888,934,440 | 882,926,914 | 882,926,914 | 884,833,645 | 876,959,135 | 876,959,135 | ||||||||||||
| — Diluted | 924,052,158 | 906,887,558 | 906,887,558 | 915,678,778 | 901,237,045 | 901,237,045 | ||||||||||||
| Net income per ordinary share attributable to ordinary shareholders | ||||||||||||||||||
| — Basic | 0.47 | 0.81 | 0.11 | 0.75 | 1.41 | 0.20 | ||||||||||||
| — Diluted | 0.46 | 0.79 | 0.11 | 0.73 | 1.37 | 0.19 | ||||||||||||
| Net income per ADS(2) attributable to ordinary shareholders | ||||||||||||||||||
| — Basic | 0.95 | 1.62 | 0.23 | 1.51 | 2.82 | 0.39 | ||||||||||||
| — Diluted | 0.91 | 1.58 | 0.22 | 1.46 | 2.74 | 0.38 | ||||||||||||
(1) Include share-based compensation expenses as follows:
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| Cost of revenues | 11,499 | 6,896 | 963 | 22,416 | 16,507 | 2,304 | ||||||||||||
| Sales and marketing expenses | 71,482 | 52,356 | 7,309 | 141,954 | 126,593 | 17,672 | ||||||||||||
| Research and development expenses | 109,980 | 78,065 | 10,897 | 212,673 | 166,598 | 23,256 | ||||||||||||
| General and administrative expenses | 108,482 | 92,409 | 12,900 | 213,377 | 171,791 | 23,981 | ||||||||||||
| Total | 301,443 | 229,726 | 32,069 | 590,420 | 481,489 | 67,213 | ||||||||||||
(2) Each ADS represents two Class A ordinary shares.
| KANZHUN LIMITED Unaudited Condensed Consolidated Balance Sheets (All amounts in thousands) | ||||||
| As of | ||||||
| December 31, 2024 | June 30, 2025 | |||||
| RMB | RMB | US$ | ||||
| ASSETS | ||||||
| Current assets | ||||||
| Cash and cash equivalents | 2,553,090 | 3,159,506 | 441,050 | |||
| Short-term time deposits | 5,488,631 | 5,479,143 | 764,859 | |||
| Short-term investments | 6,639,389 | 7,383,188 | 1,030,653 | |||
| Accounts and notes receivable, net | 40,713 | 32,126 | 4,485 | |||
| Inventories | 3,042 | 2,706 | 378 | |||
| Amounts due from related parties | 7,258 | 9,789 | 1,366 | |||
| Prepayments and other current assets | 368,260 | 561,419 | 78,371 | |||
| Total current assets | 15,100,383 | 16,627,877 | 2,321,162 | |||
| Non-current assets | ||||||
| Long-term time deposits | - | 727,360 | 101,536 | |||
| Long-term investments | 1,914,530 | 1,879,156 | 262,320 | |||
| Property, equipment and software, net | 1,733,786 | 1,514,093 | 211,359 | |||
| Right-of-use assets, net | 302,856 | 194,529 | 27,155 | |||
| Intangible assets, net | 252,589 | 234,412 | 32,723 | |||
| Goodwill | 6,528 | 6,528 | 911 | |||
| Total non-current assets | 4,210,289 | 4,556,078 | 636,004 | |||
| Total assets | 19,310,672 | 21,183,955 | 2,957,166 | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | 110,668 | 97,471 | 13,606 | |||
| Deferred revenue | 3,084,839 | 3,301,486 | 460,870 | |||
| Other payables and accrued liabilities | 815,767 | 708,757 | 98,939 | |||
| Operating lease liabilities, current | 180,782 | 130,038 | 18,153 | |||
| Total current liabilities | 4,192,056 | 4,237,752 | 591,568 | |||
| Non-current liabilities | ||||||
| Operating lease liabilities, non-current | 121,345 | 69,448 | 9,694 | |||
| Deferred tax liabilities | 34,451 | 39,792 | 5,555 | |||
| Total non-current liabilities | 155,796 | 109,240 | 15,249 | |||
| Total liabilities | 4,347,852 | 4,346,992 | 606,817 | |||
| Total shareholders’ equity | 14,962,820 | 16,836,963 | 2,350,349 | |||
| Total liabilities and shareholders’ equity | 19,310,672 | 21,183,955 | 2,957,166 | |||
| KANZHUN LIMITED Unaudited Condensed Consolidated Statements of Cash Flows (All amounts in thousands) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| Net cash provided by operating activities | 868,556 | 1,051,896 | 146,839 | 1,774,097 | 2,055,005 | 286,868 | ||||||||||||
| Net cash used in investing activities | (72,309 | ) | (824,453 | ) | (115,089 | ) | (595,771 | ) | (1,503,279 | ) | (209,850 | ) | ||||||
| Net cash (used in)/provided by financing activities | (81,847 | ) | 144,272 | 20,139 | (186,425 | ) | 58,278 | 8,135 | ||||||||||
| Effect of exchange rate changes on cash and cash equivalents | 10,824 | (2,629 | ) | (367 | ) | 7,530 | (3,588 | ) | (501 | ) | ||||||||
| Net increase in cash and cash equivalents | 725,224 | 369,086 | 51,522 | 999,431 | 606,416 | 84,652 | ||||||||||||
| Cash and cash equivalents at beginning of the period | 2,747,166 | 2,790,420 | 389,528 | 2,472,959 | 2,553,090 | 356,398 | ||||||||||||
| Cash and cash equivalents at end of the period | 3,472,390 | 3,159,506 | 441,050 | 3,472,390 | 3,159,506 | 441,050 | ||||||||||||
| KANZHUN LIMITED Unaudited Reconciliation of GAAP and Non-GAAP Results (All amounts in thousands, except share and per share data) | ||||||||||||||||||
| For the three months ended June 30, | For the six months ended June 30, | |||||||||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||||||||
| RMB | RMB | US$ | RMB | RMB | US$ | |||||||||||||
| Income from operations | 358,609 | 651,201 | 90,905 | 462,202 | 1,090,986 | 152,295 | ||||||||||||
| Add: Share-based compensation expenses | 301,443 | 229,726 | 32,069 | 590,420 | 481,489 | 67,213 | ||||||||||||
| Adjusted income from operations | 660,052 | 880,927 | 122,974 | 1,052,622 | 1,572,475 | 219,508 | ||||||||||||
| Net income | 417,250 | 711,174 | 99,276 | 658,974 | 1,223,268 | 170,761 | ||||||||||||
| Add: Share-based compensation expenses | 301,443 | 229,726 | 32,069 | 590,420 | 481,489 | 67,213 | ||||||||||||
| Adjusted net income | 718,693 | 940,900 | 131,345 | 1,249,394 | 1,704,757 | 237,974 | ||||||||||||
| Net income attributable to ordinary shareholders of KANZHUN LIMITED | 421,733 | 716,398 | 100,005 | 666,684 | 1,234,532 | 172,333 | ||||||||||||
| Add: Share-based compensation expenses | 301,443 | 229,726 | 32,069 | 590,420 | 481,489 | 67,213 | ||||||||||||
| Adjusted net income attributable to ordinary shareholders of KANZHUN LIMITED | 723,176 | 946,124 | 132,074 | 1,257,104 | 1,716,021 | 239,546 | ||||||||||||
| Weighted average number of ordinary shares used in computing adjusted net income per share (Non-GAAP) | ||||||||||||||||||
| — Basic | 888,934,440 | 882,926,914 | 882,926,914 | 884,833,645 | 876,959,135 | 876,959,135 | ||||||||||||
| — Diluted | 924,052,158 | 906,887,558 | 906,887,558 | 915,678,778 | 901,237,045 | 901,237,045 | ||||||||||||
| Adjusted net income per ordinary share attributable to ordinary shareholders | ||||||||||||||||||
| — Basic | 0.81 | 1.07 | 0.15 | 1.42 | 1.96 | 0.27 | ||||||||||||
| — Diluted | 0.78 | 1.04 | 0.15 | 1.37 | 1.90 | 0.27 | ||||||||||||
| Adjusted net income per ADS attributable to ordinary shareholders | ||||||||||||||||||
| — Basic | 1.63 | 2.14 | 0.30 | 2.84 | 3.91 | 0.55 | ||||||||||||
| — Diluted | 1.57 | 2.09 | 0.29 | 2.75 | 3.81 | 0.53 | ||||||||||||
FAQ
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