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KANZHUN LIMITED 3Q 2025 Results Presentation
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1 1 The following document has been prepared by KANZHUN LIMITED (“BOSS Zhipin” or the “Company”) solely for informational purposes and should not be construed to be, directly or indirectly, in whole or in part, an offer to buy or sell and/or an invitation and/or a recommendation and/or a solicitation of an offer to buy or sell any security or instrument or to participate in any investment or trading strategy, nor shall any part of it form the basis of, or be relied on in connection with, any contract or investment decision in relation to any securities or otherwise. This document does not contain all relevant information relating to the Company or its securities, particularly with respect to the risks and special considerations involved with an investment in the securities of the Company. Nothing contained in this document shall be relied upon as a promise or representation as to the past or future performance of the Company. Past performance does not guarantee or predict future performance. You acknowledge that any assessment of the Company that may be made by you will be independent of this document and that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the business of the Company. This document 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. 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 of the Company, 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 herein is as of the date of this document, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law. This document also contains non-GAAP financial measures, the document of which is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America. In addition, the Company’s calculation of these non-GAAP financial measures may be different from the calculation used by other companies, and therefore comparability may be limited. The reconciliation of those measures to the most comparable GAAP measures is contained within this document or available at our website https://ir.zhipin.com. Disclaimer
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Company Overview
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3 3 Strong growth momentum, far outpacing the industry Notes: 1. In terms of average MAU and online recruitment revenues, CIC & QM data 2. Average MAU lines before 2019 are for illustrative purpose only and do not reflect actual performance 3. Enterprise users and company accounts from which we recognize revenues for our online recruitment services for the 12 months ended September 30, 2025 4. Excluding the impact of share-based compensation expenses We are the Largest Online Recruitment Platform1 in China Our Fast Growing MAU2 63.8MM Avg MAU in 2025Q3 10.0% YoY Growth RMB 2.16BN Revenues in 2025Q3 6.8MM Paid Enterprise Customers3 RMB 991.8MM Adjusted Net Income4 in 2025Q3 34.2% YoY Growth 45.8% Adjusted Net Margin4 MAU MM
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4 4 We introduce a disruptive mobile-native direct recruitment model with better convenience, accuracy, efficiency and transparency A New Way of Hiring – the Next Gen Online Recruitment Platform… Download ResumeWeb Platform Job Seekers Employers Submit Resume Traditional Job Board Model One-way Resume Upload & Download Service Recommendation-based Direct Chat & Engagement Job Seekers Boss/ Professional Employers APP Our Direct Recruitment Model Two-way Communication Platform Convenience Accuracy Efficiency Transparency + = Communication Chat between job seekers and employers, like using WeChat and WhatsApp BOSS Zhipin Information Browse feed-streams of job opportunities and candidates, like using Facebook and Toutiao A disruptive model Combine instant messaging with recommendation feeds, powered by big data and AI technologies Recommendation Feeds Direct Chat Mobile-native Search for Candidates Search for Jobs
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5 5 We capture incremental market opportunities and serve more users in the online recruitment industry … Result in Reaching Full-spectrum of Job-seekers and Employers 30.2MM Verified Enterprise Users1,2 211.9MM Verified Job Seekers1 Recruiting Professionals White and Gold-collar Blue-collar College Students Focus of Traditional Players Notes: 1. As of December 31, 2024 2. Enterprise users include professional recruiters and bosses in enterprises 3. SMEs are small and medium size enterprises with fewer than 100 employees Bosses SMEs Incremental Market Previously Underserved 35% of Job Seekers are Blue-collar1 ü Accurate job and candidate recommendation ü Massive scale ü Fairer traffic distribution ü Expanded user reach capturing underserved market 66% of Enterprise Users are Bosses1 88% of Enterprises are SMEs1,3
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6 6 Our Innovative Technology Reinforces Strong Network Effects Innovative Technology Superior Services More Choices More Opportunities More Interaction Higher Accuracy Better Experience More Job Seekers More Data Insights More Employers Double-sided user ecosystem, accumulated data and advanced technology enhance our competitive advantage
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Financial Highlights
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8 8 1,911.6 2,163.3 5,532.1 6,189.0 2024Q3 2025Q3 2024.1-9 2025.1-9 Our Solid Revenue Growth Revenues RMB MM Long-term Growth Drivers Notes: 1. Average revenue per paying enterprise user 2. Representing year-on-year growth rate Driven by continued user growth, improved paying ratio and stable ARPPU1 Robust enterprise user growth supported by our strong network effect and full spectrum of user coverage Improved paying ratio back by our highly efficient monetization model Long-term ARPPU growth potential with best value for money 13.2%2 11.9%2
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9 9 192.4 286.7 510.7 691.4361.5 331.2 1,060.1 1,004.2 454.8 337.4 1,437.2 1,121.9 303.2 304.6 892.7 906.3 2024Q3 2025Q3 2024.1-9 2025.1-9 … with Enhanced Operating Efficiency… Adjusted Operating Cost and Expenses1 RMB MM Note: 1. Excluding share-based compensation expenses Improving operating efficiency testifies the effectiveness of our business model Adjusted gross margin1 84.1% Adjusted cost of revenues Adjusted sales and marketing expenses Adjusted research and development expenses Adjusted general and administrative expenses as % of Revenues 85.4% 23.8% 18.9% 10.1% 15.9% 18.1% 16.2% 11.2% 14.6% 85.9% 83.9% 15.6% 15.3% 13.3% 14.1% 26.0% 19.2% 9.2% 16.1%
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10 10 738.9 991.8 1,988.3 2,696.6 2024Q3 2025Q3 2024.1-9 2025.1-9 605.3 903.5 1,657.9 2,476.0 2024Q3 2025Q3 2024.1-9 2025.1-9 … Lead to Improving Profitability Capability Adjusted Income From Operations1 RMB MM Adjusted Net Income1 Notes: 1. Excluding share-based compensation expenses 2. Representing year-on-year growth rate Proven and continuously improved profitability RMB MM Adjusted operating margin1 Adjusted net margin1 38.7%31.7% 30.0% 43.6% 49.3%2 49.3%2 40.0%41.8% 45.8% 35.9% 34.2%2 35.6%2
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11 11 812.3 1,173.8 2,586.4 3,228.8 2024Q3 2025Q3 2024.1-9 2025.1-9 Our Robust Operating Cash Flow and Strong Cash Position Operating Cash Flow RMB MM Strong cash generation capability and ample cash on hand Notes: 1. Representing year-on-year growth rate 2. Including cash and cash equivalents, short-term time deposits and short-term investments 3. Defined as operating cash flow less capital expenditures 4. The annual cash dividend declared and distributed in the third quarter of 2025 under the dividend policy adopted in August 2025 5. The share repurchase program adopted in August 2024 and upsized and extended in August 2025 RMB 19.21BN Cash Position2 As of September 30, 2025 RMB 3.12BN Free Cash Flow3 For the nine months ended September 30, 2025 USD 78MM Annual Cash Dividend4 Cash Position & Cash Management Capital Allocation 44.5%1 24.8%1 USD 250MM Share Repurchase Program5
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Appendix
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13 13 Unaudited Selected Income Statement Data For the three months ended September 30, For the nine months ended September 30, 2024 2025 2024 2025 (All amounts in thousands, except for percentages) RMB RMB RMB RMB Revenues 1,911,575 2,163,281 5,532,071 6,188,991 Operating cost and expenses Cost of revenues (314,026) (307,791) (925,997) (926,056) Sales and marketing expenses (522,268) (393,560) (1,646,707) (1,304,660) Research and development expenses (464,151) (408,019) (1,375,449) (1,247,633) General and administrative expenses (286,432) (366,828) (818,114) (943,313) Total operating cost and expenses (1,586,877) (1,476,198) (4,766,267) (4,421,662) Income from operations 330,183 687,123 792,385 1,778,109 Net income 463,827 775,420 1,122,801 1,998,688 Gross margin 83.6% 85.8% 83.3% 85.0% Operating margin 17.3% 31.8% 14.3% 28.7% Net margin 24.3% 35.8% 20.3% 32.3% Non-GAAP Financial Measures Adjusted operating cost and expenses Cost of revenues (303,190) (304,551) (892,745) (906,309) Sales and marketing expenses (454,763) (337,366) (1,437,248) (1,121,873) Research and development expenses (361,492) (331,199) (1,060,117) (1,004,215) General and administrative expenses (192,365) (286,686) (510,670) (691,380) Total adjusted operating cost and expenses (1,311,810) (1,259,802) (3,900,780) (3,723,777) Adjusted income from operations 605,250 903,519 1,657,872 2,475,994 Adjusted net income 738,894 991,816 1,988,288 2,696,573 Adjusted gross margin 84.1% 85.9% 83.9% 85.4% Adjusted operating margin 31.7% 41.8% 30.0% 40.0% Adjusted net margin 38.7% 45.8% 35.9% 43.6%
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14 14 Unaudited Selected Cash Flow Data For the three months ended September 30, For the nine months ended September 30, 2024 2025 2024 2025 (All amounts in thousands) RMB RMB RMB RMB Net cash provided by operating activities 812,290 1,173,795 2,586,387 3,228,800 Net cash used in investing activities (698,000) (1,667,004) (1,293,771) (3,170,283) Net cash (used in)/provided by financing activities (753,763) 2,052,722 (940,188) 2,111,000 Effect of exchange rate changes on cash and cash equivalents (16,759) (20,934) (9,229) (24,522) Net (decrease)/increase in cash and cash equivalents (656,232) 1,538,579 343,199 2,144,995 Cash and cash equivalents at beginning of the period 3,472,390 3,159,506 2,472,959 2,553,090 Cash and cash equivalents at end of the period 2,816,158 4,698,085 2,816,158 4,698,085
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15 15 Unaudited Selected Balance Sheet Data As of December 31, 2024 September 30, 2025 (All amounts in thousands) RMB RMB ASSETS Current assets Cash and cash equivalents 2,553,090 4,698,085 Short-term time deposits 5,488,631 5,274,619 Short-term investments 6,639,389 9,241,724 Other current assets 419,273 724,108 Total current assets 15,100,383 19,938,536 Non-current assets Long-term time deposits and investments 1,914,530 2,515,047 Property, equipment and software, net 1,733,786 1,420,577 Other non-current assets 561,973 282,384 Total non-current assets 4,210,289 4,218,008 Total assets 19,310,672 24,156,544 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Deferred revenue 3,084,839 3,202,941 Other payables and accrued liabilities 815,767 824,959 Dividends payable - 553,844 Other current liabilities 291,450 183,314 Total current liabilities 4,192,056 4,765,058 Total non-current liabilities 155,796 106,199 Total liabilities 4,347,852 4,871,257 Total shareholders’ equity 14,962,820 19,285,287 Total liabilities and shareholders’ equity 19,310,672 24,156,544
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16 16 THANK YOU! Contact Us: ir@kanzhun.com https://ir.zhipin.com BOSS直聘