Kanzhun Stock Price, News & Analysis

KANZHUN LIMITED (Nasdaq: BZ; HKEX: 2076) operates BOSS Zhipin, which the company describes as the leading online recruitment platform in China. According to its public disclosures, the platform connects job seekers and enterprise users through a highly interactive mobile app that emphasizes two-way communication, intelligent recommendations and new scenarios in the online recruiting process. Kanzhun’s American Depositary Shares (ADSs) trade in the United States under the symbol BZ.

The company states that BOSS Zhipin has developed powerful network effects based on a large and diverse user base. These network effects are intended to deliver higher recruitment efficiency and support rapid expansion of the platform. Kanzhun reports that it focuses on creating an efficient and seamless experience for both job seekers and enterprise users, with engagement taking place primarily via its mobile application.

Business model and revenue sources

According to Kanzhun’s financial disclosures, the company generates most of its revenues from online recruitment services to enterprise customers. These revenues are recognized from enterprise users and company accounts that pay for recruitment services on the BOSS Zhipin platform. Kanzhun also reports a smaller revenue contribution from other services, which it describes as paid value-added services offered to job seekers.

The company highlights two structural drivers of revenue growth in its results commentary: expansion of its user base and improved commercialization rates on the platform. Management also notes that marketing efficiency, operating leverage and the treatment of share-based compensation expenses affect profitability metrics that it reports under both GAAP and non-GAAP measures.

Platform characteristics and technology focus

Kanzhun describes its mobile app as a transformative product in the online recruitment process. The platform promotes direct, two-way communication between job seekers and enterprise users, rather than relying solely on traditional, one-way job postings. The company emphasizes the role of intelligent recommendations and the integration of AI technologies into its technologies, products, business and operations.

Management commentary in earnings releases states that Kanzhun is integrating AI into its technology stack, product features and operational systems with the goal of enhancing user experience, strengthening service capabilities and improving operating efficiency. The company also notes that it is cautiously exploring the potential for AI recruitment to evolve into more fully hosted or placement services in specific scenarios, while emphasizing that this exploration is limited to particular use cases.

User base and enterprise customers

In its periodic financial updates, Kanzhun reports metrics such as average monthly active users on the BOSS Zhipin app and the number of paid enterprise customers over a trailing twelve-month period. Monthly active users are defined as verified user accounts, including both job seekers and enterprise users, that log on to the mobile application at least once in a given month. Paid enterprise customers are defined as enterprise users and company accounts from which the company recognizes revenues for online recruitment services.

These metrics are used by Kanzhun to illustrate user engagement and the scale of its enterprise customer base. The company links growth in paid enterprise customers to increases in revenues from online recruitment services, and it associates user expansion with the strengthening of its platform ecosystem.

Geographic and industry focus

Kanzhun’s public communications describe BOSS Zhipin as an online recruitment platform in China. The company’s news releases and SEC filings are issued from Beijing, China, and repeatedly refer to BOSS Zhipin as operating in the Chinese job market. Earlier third-party descriptions also note that the platform has a particular focus on sectors such as transportation, logistics, construction and service-based industries, and that a significant portion of hiring companies on the platform are small and medium-size enterprises.

Within the broader communication services sector, Kanzhun is classified in the Internet Content & Information industry. Its business centers on digital recruitment content, matching and communication between job seekers and employers through an app-based interface.

Capital markets presence and shareholder returns

Kanzhun’s ADSs are listed on Nasdaq under the ticker BZ, and the company has also listed Class A ordinary shares on the Main Board of the Stock Exchange of Hong Kong, subject to the conditions described in its share offer announcement. The company has used a share offer of Class A ordinary shares in Hong Kong to broaden its shareholder base, enhance stock liquidity and support what it describes as healthy and sustainable development.

The board of directors has approved an annual dividend policy, under which it intends to declare and distribute a dividend each year in line with the company’s memorandum and articles of association and applicable laws and regulations. The determination to make dividend distributions and the amount of such distributions in any period is at the discretion of the board, based on factors such as operations, earnings, cash flow and financial condition. Kanzhun has also adopted and later upsized and extended a share repurchase program, authorizing repurchases of a specified aggregate amount of its shares, including ADSs, over defined periods.

Corporate governance and board structure

Public announcements from Kanzhun describe an active board and committee structure. The company reports the presence of executive directors, non-executive directors and independent non-executive directors, as well as board committees such as an audit committee, nomination committee, corporate governance committee and compensation committee. Shareholders have approved resolutions that include the re-election of various directors and mandates for directors to allot, issue and deal with additional Class A ordinary shares and to purchase the company’s own shares and/or ADSs.

Kanzhun also discloses changes in senior management and board composition, such as the appointment of a president role reporting to the founder, chairman and chief executive officer, and adjustments to committee chair and member positions. The company has highlighted its intention to promote young talents into key management positions.

Financial reporting and non-GAAP measures

As a foreign private issuer, Kanzhun files reports with the U.S. Securities and Exchange Commission on Form 20-F and Form 6-K. The company provides unaudited financial results for interim periods, including revenues, income from operations, net income, cash flows and other metrics. It also publishes interim reports and other disclosures that are furnished to the SEC as exhibits to Form 6-K filings.

Kanzhun uses several non-GAAP financial measures, such as adjusted income from operations, adjusted net income, adjusted net income attributable to ordinary shareholders and adjusted basic and diluted net income per ADS. These measures exclude the impact of share-based compensation expenses, which the company identifies as non-cash expenses. Kanzhun states that these non-GAAP measures are used to identify underlying trends and to facilitate investors’ assessment of operating performance, while emphasizing that non-GAAP measures have limitations and should not be considered in isolation from the most directly comparable GAAP measures.

Regulatory filings and ongoing disclosures

Kanzhun regularly furnishes Form 6-K reports under the Securities Exchange Act of 1934. Recent 6-K filings have included press releases on quarterly financial results, notices of board meetings, monthly returns for equity issuers and Hong Kong depositary receipts, next day disclosure returns, grants of share awards, and announcements on purchases of shares on market pursuant to post-IPO share schemes. The company also furnishes its interim report as an exhibit to a 6-K.

These filings provide investors with updates on financial performance, equity movements, share-based awards and other corporate actions. Kanzhun indicates in its safe harbor statements that some of its disclosures contain forward-looking statements, and it refers readers to its SEC and Hong Kong Stock Exchange filings for further information on risks and uncertainties.

Position within the online recruitment landscape

In its public communications, Kanzhun describes BOSS Zhipin as the leading online recruitment platform in China and refers to its industry-leading user growth momentum. Earlier third-party descriptions characterize BOSS Zhipin as China’s largest online recruitment platform based on monthly active users and note that the platform was established in 2014. The company attributes its position to strong network effects, a large and diverse user base, and the integration of AI and intelligent recommendation technologies into the recruitment process.

Kanzhun’s disclosures also mention that major internet and recruitment platforms in China operate in the same broad market, and that a large share of hiring companies using BOSS Zhipin are small and medium-size enterprises. In addition, previous descriptions have noted that a significant technology company holds a minority equity stake in Kanzhun.