KANZHUN LIMITED Announces Third Quarter 2025 Financial Results

Rhea-AI Summary

KANZHUN LIMITED (Nasdaq: BZ) reported third quarter 2025 results for the period ended September 30, 2025. Key metrics: revenue RMB2,163.3M (US$303.9M, +13.2% YoY), paid enterprise customers 6.8M (+13.3% YoY), and average monthly active users 63.8M (+10.0% YoY).

Profitability improved: income from operations RMB687.1M (+108.1% YoY), adjusted income from operations RMB903.5M (+49.3% YoY), and net income RMB775.4M (+67.2% YoY). Operating cash flow was RMB1,173.8M (+44.5% YoY). The board extended a share repurchase program authorizing up to US$250M through August 28, 2026. Q4 2025 revenue guidance: RMB2.05B–RMB2.07B (+12.4%–13.5% YoY).

Positive

• Revenue RMB2,163.3M (+13.2% YoY)
• Paid enterprise customers 6.8M (+13.3% YoY)
• Income from operations RMB687.1M (+108.1% YoY)
• Net cash from operations RMB1,173.8M (+44.5% YoY)
• Board authorized US$250M share repurchase through Aug 28, 2026

Negative

• General and administrative expenses +28.1% YoY (impairment of intangible assets)
• Revenues from other services RMB16.4M, down from RMB22.5M (≈27% decline)
• Research and development expenses decreased 12.1% YoY to RMB408.0M

Insights

Equity Analyst

Kanzhun delivered accelerating revenue and materially higher profitability with strong cash generation and an extended $250M repurchase authorization.

Revenues rose to RMB2,163.3 million in Q3 2025, up 13.2% year‑over‑year, driven by a 13.6% increase in online recruitment revenue and growth in paid enterprise customers to 6.8 million. Monthly active users reached 63.8 million, up 10.0%, supporting the company’s stated commercialization gains. Operating leverage compressed costs: total operating expenses fell 7.0%, and share‑based compensation declined 21.3%, contributing to income from operations of RMB687.1 million (up 108.1%) and adjusted income from operations of RMB903.5 million (up 49.3%

The company reported strong cash flow and balance sheet metrics: net cash from operations was RMB1,173.8 million (up 44.5%) and total cash-like holdings were RMB19,214.4 million as of September 30, 2025. Management disclosed an extension of the share repurchase program authorizing up to US$250 million through August 28, 2026 and guided Q4 2025 revenue to RMB2.05–2.07 billion (growth 12.4%–13.5% year‑over‑year). Watch the Q4 revenue realization, the impact of the reported intangible asset impairment in G&A, and any material changes to share‑based compensation trends over the next two quarters.

BEIJING, Nov. 18, 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 September 30, 2025.

Third Quarter 2025 Highlights

• Total paid enterprise customers¹ in the twelve months ended September 30, 2025 were 6.8 million, an increase of 13.3% from 6.0 million in the twelve months ended September 30, 2024.
• Average monthly active users² for the third quarter of 2025 were 63.8 million, an increase of 10.0% from 58.0 million for the same quarter of 2024.
• Revenues for the third quarter of 2025 were RMB2,163.3 million (US$303.9 million), an increase of 13.2% from RMB1,911.6 million for the same quarter of 2024.
• Income from operations for the third quarter of 2025 was RMB687.1 million (US$96.5 million), an increase of 108.1% from RMB330.2 million for the same quarter of 2024. Adjusted³ income from operations for the third quarter of 2025 was RMB903.5 million (US$126.9 million), an increase of 49.3% from RMB605.3 million for the same quarter of 2024.
• Net income for the third quarter of 2025 was RMB775.4 million (US$108.9 million), an increase of 67.2% from RMB463.8 million for the same quarter of 2024. Adjusted net income for the third quarter of 2025 was RMB991.8 million (US$139.3 million), an increase of 34.2% from RMB738.9 million for the same quarter of 2024.

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

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

^{_____________________________
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.”}

Third Quarter 2025 Financial Results

Revenues

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

• Revenues from online recruitment services to enterprise customers were RMB2,146.8 million (US$301.6 million) for the third quarter of 2025, representing an increase of 13.6% from RMB1,889.1 million for the same quarter of 2024. This increase was mainly driven by the paid enterprise customer growth.
• Revenues from other services, primarily comprising paid value-added services offered to job seekers, were RMB16.4 million (US$2.3 million) for the third quarter of 2025, decreasing from RMB22.5 million for the same quarter of 2024. The decrease was mainly driven by the optimization of certain value-added features. The Company simplified these offerings to enhance the value proposition for job seekers, prioritizing platform engagement and long-term ecosystem growth.

Operating cost and expenses

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

• Cost of revenues was RMB307.8 million (US$43.2 million) for the third quarter of 2025, representing a decrease of 2.0% from RMB314.0 million for the same quarter of 2024. The decrease in employee-related expenses was offset by the increase in payment processing cost.
• Sales and marketing expenses were RMB393.6 million (US$55.3 million) for the third quarter of 2025, representing a decrease of 24.6% from RMB522.3 million for the same quarter of 2024, primarily due to decreases in advertising and marketing expenses, employee-related expenses and rental expenses.
• Research and development expenses were RMB408.0 million (US$57.3 million) for the third quarter of 2025, representing a decrease of 12.1% from RMB464.2 million for the same quarter of 2024, primarily due to a decrease in employee-related expenses.
• General and administrative expenses were RMB366.8 million (US$51.5 million) for the third quarter of 2025, representing an increase of 28.1% from RMB286.4 million for the same quarter of 2024, primarily due to an impairment of intangible assets, partially offset by a decrease in employee-related expenses.

Income from operations and adjusted income from operations

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

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

Net income and adjusted net income

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

Adjusted net income was RMB991.8 million (US$139.3 million) for the third quarter of 2025, representing an increase of 34.2% from RMB738.9 million for the same quarter of 2024.

Net income per American depositary share (“ADS”) and adjusted net income per ADS

Basic and diluted net income per ADS attributable to ordinary shareholders for the third quarter of 2025 were RMB1.75 (US$0.25) and RMB1.70 (US$0.24), respectively, compared to basic and diluted net income per ADS of RMB1.06 and RMB1.03 for the same quarter of 2024.

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

Net cash provided by operating activities

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

Cash position

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

Share Repurchase Program

On August 20, 2025, the Company’s board of directors approved amendments to the share repurchase program adopted in August 2024, extending the program for a 12-month period through August 28, 2026 and authorizing repurchases of up to US$250 million of the Company’s shares (including ADSs) during the extended 12-month period.

Outlook

For the fourth quarter of 2025, the Company currently expects its total revenues to be between RMB2.05 billion and RMB2.07 billion, representing a year-on-year increase of 12.4% to 13.5%. This forecast reflects the Company’s current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

Conference Call Information

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

Participants are required to pre-register for the conference call at:
https://register-conf.media-server.com/register/BI56c13f6314d2473a9a5dbda4ddfa36f0

Upon registration, participants will receive an email containing participant dial-in numbers and a unique personal PIN. This information will allow you to gain immediate access to the call. Participants may pre-register at any time, including up to and after the call start time.

Additionally, a live and archived webcast of the conference call will be available on the Company’s investor relations website at https://ir.zhipin.com.

Exchange Rate

This press release contains translations of certain RMB amounts into U.S. dollar (“US$”) amounts at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the exchange rate of RMB7.1190 to US$1.00 on September 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Non-GAAP Financial Measures

In evaluating the business, the Company considers and uses non-GAAP financial measures, such as adjusted income from operations, adjusted net income, adjusted net income attributable to ordinary shareholders, adjusted basic and diluted net income per ordinary share attributable to ordinary shareholders and adjusted basic and diluted net income per ADS attributable to ordinary shareholders as supplemental measures to review and assess operating performance. The Company defines these non-GAAP financial measures by excluding the impact of share-based compensation expenses, which are non-cash expenses, from the related GAAP financial measures. The Company believes that these non-GAAP financial measures help identify underlying trends in the business and facilitate investors’ assessment of the Company’s operating performance.

The non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP information used by other companies. The non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for most directly comparable GAAP financial measures. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

A reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures has been provided in the table captioned “Unaudited Reconciliation of GAAP and Non-GAAP Results” at the end of this press release.

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 September 30,									For the nine months ended September 30,
		2024			2025						2024			2025
		RMB			RMB			US$			RMB			RMB			US$
Revenues
Online recruitment services to enterprise customers		1,889,102			2,146,843			301,565			5,465,912			6,125,824			860,489
Others		22,473			16,438			2,309			66,159			63,167			8,873
Total revenues		1,911,575			2,163,281			303,874			5,532,071			6,188,991			869,362
Operating cost and expenses
Cost of revenues(1)		(314,026	)		(307,791	)		(43,235	)		(925,997	)		(926,056	)		(130,082	)
Sales and marketing expenses(1)		(522,268	)		(393,560	)		(55,283	)		(1,646,707	)		(1,304,660	)		(183,265	)
Research and development expenses(1)		(464,151	)		(408,019	)		(57,314	)		(1,375,449	)		(1,247,633	)		(175,254	)
General and administrative expenses(1)		(286,432	)		(366,828	)		(51,528	)		(818,114	)		(943,313	)		(132,506	)
Total operating cost and expenses		(1,586,877	)		(1,476,198	)		(207,360	)		(4,766,267	)		(4,421,662	)		(621,107	)
Other operating income, net		5,485			40			6			26,581			10,780			1,514
Income from operations		330,183			687,123			96,520			792,385			1,778,109			249,769
Interest and investment income, net		158,948			227,956			32,021			468,818			534,417			75,069
Foreign exchange (loss)/gain		(29	)		3,805			534			64			3,859			542
Other income, net		36,948			28,747			4,038			36,425			27,579			3,874
Income before income tax expenses		526,050			947,631			133,113			1,297,692			2,343,964			329,254
Income tax expenses		(62,223	)		(172,211	)		(24,190	)		(174,891	)		(345,276	)		(48,501	)
Net income		463,827			775,420			108,923			1,122,801			1,998,688			280,753
Net loss attributable to non-controlling interests		4,545			31,213			4,384			12,255			42,477			5,967
Net income attributable to ordinary shareholders of KANZHUN LIMITED		468,372			806,633			113,307			1,135,056			2,041,165			286,720
Weighted average number of ordinary shares used in computing net income per share
— Basic		883,762,119			921,290,596			921,290,596			884,476,469			891,736,288			891,736,288
— Diluted		906,841,729			949,391,068			949,391,068			912,733,094			917,288,385			917,288,385
Net income per ordinary share attributable to ordinary shareholders
— Basic		0.53			0.88			0.12			1.28			2.29			0.32
— Diluted		0.52			0.85			0.12			1.24			2.23			0.31
Net income per ADS(2) attributable to ordinary shareholders
— Basic		1.06			1.75			0.25			2.57			4.58			0.64
— Diluted		1.03			1.70			0.24			2.49			4.45			0.63

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

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

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

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

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

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

FAQ

What were KANZHUN (BZ) third quarter 2025 revenues and YoY change?

KANZHUN reported Q3 2025 revenue RMB2,163.3M, a +13.2% YoY increase.

How many paid enterprise customers did BZ report for the 12 months ended Sept 30, 2025?

KANZHUN reported 6.8 million paid enterprise customers for the twelve months ended Sept 30, 2025 (+13.3% YoY).

What was KANZHUN's net income and margin improvement in Q3 2025?

Net income was RMB775.4M (+67.2% YoY); management said net profit margin rose by 11.5 percentage points YoY.

What guidance did KANZHUN give for Q4 2025 revenue (BZ)?

Q4 2025 revenue is expected between RMB2.05B and RMB2.07B, implying +12.4% to +13.5% YoY.

How large is KANZHUN's share repurchase authorization and its expiration date?

The board authorized repurchases of up to US$250 million during the extended 12‑month period through August 28, 2026.

Did KANZHUN report any cash flow or balance sheet figures for Sept 30, 2025?

Yes. Net cash provided by operations RMB1,173.8M in Q3 and cash, short-term deposits and investments totaled RMB19,214.4M as of Sept 30, 2025.