Ladies and gentlemen, thank you for standing by, and welcome to Kanzhun Limited fourth quarter and fiscal year 2025 financial results conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there will be a Q&A session. Today's conference is being recorded. At this time, I'd like to turn the conference over to Ms. Laura Chan, Senior Manager of Investor Relations. Please go ahead, ma'am. Thank you, operator. Good evening. Good morning, everyone. Welcome to our fourth quarter and fiscal year 2025 earnings conference call. Joining me today are our Founder, Chairman, and CEO, Mr. Jonathan Peng Zhao, and our Deputy CFO, Ms. Wenbei Wang. Before we start, we would like to remind you that today's discussion 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 does not undertake any obligation to update its forward-looking information except as required by law. During today's call, management will also discuss certain non-GAAP financial measures for comparison purposes only. For a definition of non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial measures, 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. With that, I will now turn the call to Jonathan, our Founder, Chairman, and CEO. Hello, everyone. Thank you for joining our company's fourth quarter and full year 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 and investors who have continuously believed in and supported us. On behalf of the company's employees, management team, and board of directors, I would like to extend our sincere gratitude to our users and investors who have continuously believed in and supported us. Today's presentation will cover four main parts. First, our financial results for the fourth quarter and full year of 2025. Second, the robust growth momentum we are seeing in both supply and demand during the spring recruitment season this year. Third, an update on our AI progress. Fourth, further strengthen our commitment to shareholder returns. First, let me briefly review the company's performance for the fourth quarter and full year of 2025. In the fourth quarter, we generated a total revenue of RMB 2.08 billion, up 14% year-on-year. Excluding share-based compensation expenses, our adjusted operating profit reached RMB 900 million, up 37% year-on-year. The fourth quarter is traditionally a low season for recruitment in China. However, after adjusting for seasonality, the hiring demand for enterprises continued the steady recovery trend since the beginning of this year. The supply and demand ratio also remained within a healthy range. By sector, manufacturing, electronics, communications, and semiconductors industries stood out. Urban service, automotive, and consumer retail industries saw faster growth. The internet technology industry achieved a faster year-on-year growth rate in the fourth quarter compared to the third quarter. In full year 2025, the company generated a total revenue of RMB 8.27 billion, up 12.4% year-on-year. Net income reached RMB 2.7 billion. Excluding other income such as investment gains and share-based compensation expenses, our adjusted operating profit reached RMB 3.38 billion, up 45.7% year-on-year. Our adjusted operating profit margin reached 40.8%. 公司的用户增长的趋势仍在持续。2025年全年新增完善用户接近4,600万人。截止至2025年末，平台累计服务超过2.5亿求职者，3,600万招聘者，服务企业总数突破2,000万家。 The upward growth momentum in users continues. In 2025, the company acquired nearly 46 million newly verified users. As of the end of 2025, the platform had cumulatively served over 250 million job seekers and 36 million enterprise users, with the total number of enterprises served exceeding 20 million. 2025年全年，BOSS直聘APP端平均月活用户规模超过6,070万，同比增长14.5%。平台全年为超过22.7亿人次的用户提供了基于双方同意的简历或者联系方式的交换，也就是我们在日常经营中所说的达成。这一数字同比增长22.4%。求职者人均收获的达成同比增长7%。这一切都显示了平台强大的双边网络效应。 In 2025, the average monthly active users, the MAU of the BOSS Zhipin app, reached over 60.7 million, representing a year-on-year increase of 14.5%. In 2025, the platform facilitated over 2.27 billion instances of mutually consented exchanges of resume or contact information, what we commonly refer to as mutual consent, representing a year-on-year growth of 22.4%. The average number of mutual consent per job seeker also rose by 7% year-on-year. This demonstrates our strong double-sided network effect on our platform. 2025年，公司持续保持向蓝领、低线级城市和中小企业的渗透。蓝领用户的增速领跑大盘，蓝领收入的占比进一步提升。白领招聘需求也稳步回暖。互联网技术、通讯、半导体等行业增速较2024年显著提升，呈现出结构性的改善。 In 2025, the company continued its momentum in penetrating the blue-collar sector, lower-tier cities, and small and medium-sized enterprises. The growth rate of blue-collar users led the overall user base, with their contribution to revenue further increasing. Meanwhile, white-collar recruitment demand also recovered steadily, with sectors such as internet technology and communications semiconductors achieved higher growth rates compared to 2024, reflecting a structural improvement. 从城市的层级看，四季度三线以及以下的城市收入占比已经接近25%。可以说是四年的时间实现了翻番吧。这充分说明我们在下沉市场的用户渗透策略正在稳步见效，公司的品牌认知度在进一步打开。从企业规模看，2025年一百人以下的中小企业所贡献的收入首次突破50%。中小企业的贡献大，成为平台持续增长的动力。 From cities tier perspective, revenue contribution from third-tier and lower-tier cities approached 25% in fourth quarter, doubling compared to 4 years ago. This clearly demonstrates that our user penetration strategy in lower-tier markets is steadily gaining traction while our brand awareness has continued to expand. In 2025, revenue contributed by enterprises with fewer than 100 employees exceeded 50% for the first time. The substantial contribution from SMEs become a key driver of the platform's continuous growth. 在商业化方面，截止到2025年底的过去的十二个月，也就是2025年的全年，我们付费的企业端用户数达到683万，同比增长11.6%，季度环比增长1.3%。活跃用户付费率保持小幅增长。受中小企业收入占比提高等影响，单个客户的付费金额，也就是ARPU，总体保持稳定。 On the monetization front, in the 12 months ended December 31, 2025, which is full year 2025, the number of paid enterprise customers reached 6.83 million, up 11.6% year-on-year, and 1.3% quarter-on-quarter. The paying user amount active users continued to see modest growth. Due to the increased revenue contribution from SMEs, the average revenue per paying user, which is the ARPPU, remained broadly stable. 接下来说第二个方面，今年我们看到春招呈现出一个供需两旺的良好势头。 Second, we are seeing robust momentum in both supply and demand sides during the spring recruitment season this year. 众所周知，研究行业的人都知道，中国的这个求职招聘的旺季每年就是在春节之后发生。 As we know, the peak season for recruitment in China is after Spring Festival every year. 所以我们呢，按照农历对齐的方法进行了研究。今年春节之后日新增的用户规模，包括招聘者和求职者均好于去年同期水平。APP端的活跃用户达到新的一个历史新高。 Adjusted for the Chinese New Year holiday, the average daily newly verified users, including both job seekers and enterprise users, exceeded the same period last year, and active users upwards after Spring Festival, which at a record high. 春节复工之后的十五天日均看新增的职位数同比增长超过两位数%。从供需关系来看，平台求职者与招聘者的比例，也就是CB比，持续保持在一个合理健康的区间。 The average daily job postings in the 15 days after the Spring Festival grew by a double-digit% year-on-year. In terms of supply and demand dynamics, the ratio of job seekers to enterprise users, which is the C to B ratio on our platform, remained within a healthy and reasonable range. 从行业维度上来看，制造业、电子通讯、半导体、汽车、广告传媒业、服务业等领域的活跃职位数增速领先于其他行业。考虑到今年的春节时间比较晚，跟去年比，那么目前距离节后复工也就小几周时间。通常看白领以及大型企业复工的节奏会略晚于蓝领和小型企业。但从目前数据看，互联网、AI技术等等领域的新增和活跃职位同比增速于去年同期已呈现出加快的迹象。 By industry sector, active job postings in areas such as manufacturing, electronics and communication, semiconductors, automotive, advertising and media, and urban services grew at a faster pace compared to other industries. Given that the Spring Festival fell later this year compared to last year, and it has been only a few weeks since the holiday period ended. White-collar and large enterprises typically resume operations slightly later than blue-collar and SMEs. However, based on our current data, both newly added and active job postings in fields such as internet, AI, and technology are already showing signs of accelerated year-on-year growth compared to the same period last year. 第三项内容，公司在AI上的进展。首先，在AI的赋能之下，公司提供闭环服务的机会显著增强。招聘者的目的，是有合适的人入职。求职者的目的，是能够入职合适的岗位。从这个意义上来讲，互联网招聘自诞生以来所提供的价值，迄今为止是整个事情的一小部分。 Third, our AI progress. First, with the empowerment of AI, the company now has significantly greater opportunities to deliver closed-loop services. For enterprise users, the goal is to bring the right people on board. For job seekers, it's about securing a suitable position. In this sense, the value that online recruitment has provided since its inception represents only a small part of the big picture so far. 过去互联网的招聘广告平台提供的价值主要是供求双方的信息传递。现在，BOSS直聘和一些类似模式的players提供的主要价值是在BC之间提供缔结劳动合约的概率和机会。那么接下来互联网招聘行业在AI的帮助下，有机会进化到闭环服务。AI可以帮助公司完成最后一公里的劳动。 In the past, online recruitment advertising platforms primarily offered value through information dissemination between supply and demand side. Now, platforms like BOSS Zhipin focus on increasing the profitability and opportunity of establishing labor contracts between enterprise users and job seekers. Moving forward, the online recruitment industry has the opportunity to evolve toward a closed-loop model. AI can assist companies in completing the last mile of work. 2025年，公司在AI能力的支持下尝试开展闭环业务服务，营收已经达到亿这样的数量级。迄今为止，这部分业务在发展速度上超过我们平台的其他业务。实际上，AI可以帮助，就不只是我们公司，宏观地看，AI其实可以帮助整个经济运行过程中任何一个岗位跟人的匹配效率，这是大家都看得到的。从我们做业务的角度来讲，AI可以通过更好地数字化双边的需求，更好地提高基层人员的工作效率，更好地降低大团队同质性的管理成本，从而能够让大规模的闭环服务对于互联网招聘平台来说成为一种现实。 By 2025, with the support of AI capabilities, the revenue from closed-loop services has already reached the scale of hundreds of millions RMB. To date, this segment has been growing faster than other businesses on our platform. In fact, many have recognized that AI can improve matching efficiency for any roles in the economy. In simple terms, AI enables large scale closed-loop services by better digitalizing both sides of demand, enhancing the efficiency of frontline workers, and reducing the management costs of large teams. 另外一项AI上的进展，我分两部分讲，一个对B说一下，一个对C说一下。B端来说呢，就是基于一部分有更高的招聘要求，同时也有更高的付费能力的用户，我们一直在迭代的AI速招这样一个工具，取得了较好的效果，目前正在扩大实验范围。该功能的本质可以简单地解释为更好地记忆和分析特定的客户招聘者的需求和喜好，自动地在我们两点五亿求职者的大库当中开展搜索。然后这个搜索的过程就是一个相对反反复复的过程。与此同时，持续与我们的特定的用户进行交互，从而提升命中率。目前，这个服务AI速招的复用率极高，我认为它具备很好的商业化前景。 Another progress I will describe between the enterprise user side and job seeker side. The AI quick hiring tool developed for high-end users with demanding recruitment requirements and strong willingness to pay has achieved positive results, and is now being scaled up for broader trials. The core function of the tool is to better remember and understand the specific needs and preferences of targeted clients, automatically conduct searches within a database of 250 million job seekers, and through continuous interaction with users to improve hit rates. The feature demonstrates high reusability, and we believe that it holds strong commercial potential. 对于C端来说，我们一项实验就是在BOSS直聘的面试间的用户，我们提供AI辅助面试功能，促进了我们的面试间的用户使用率。我指的就是它的复用比例在明显地提升。这件事情还有一个价值，当然就是帮助平台通过参与这个过程，回收了非常多的高价值的面试数据，从而能够对用户提供帮助。 From the job seeker side, our AI assisted interview feature experiment has been fully rolled out to users within BOSS Zhipin's interview rooms. This has significantly increased both the usage and reusability of the company's proprietary interview rooms while also enabling the platform to collect a greater volume of high-value interview data. 第三个方面的进展其实跟我们的一个策略有关，就是最近我们在使用AI Agent帮助特定的招聘者的过程当中，采取了更加激进的态度。简单地讲，就是比如批量招聘普工、批量招聘主播等等。在类似的场景当中，我们扩大了使用AI Agent的全面托管和筛选功能。对于招聘者来说，效率有显著的提高。与此同时，我们还是在坚持，要告诉求职者，你面对的是一个智能体。迄今为止反响还可以，招聘者的满意度很高。 The third progress is that the company has adopted a proactive approach in applying AI agent to assist the specific enterprise users by leveraging AI sourcing and screening capabilities. Categorically, efficiency has significantly improved in a situation like bulk hiring scenarios such as for manufacturing workers and live streamers. These progress make a business model based on successful hires or interviews viable on a large scale. We consistently inform job seekers that they are interacting with AI agent, and we believe that the job seekers' response is quite positive and enterprise users' satisfaction rate is high. 我们在AI的进展上，最后一个我报告一下我们在AI science上的一项进展。在科研上，我们公司的南北格实验室的科学家在小模型的智力和能力上限上取得了一些行业领先的探索，其中前段时间开源的南北阁4.1-3B模型仅用3B的参数在多个测评任务上越级超越了千问三系列，从4B到32B的模型，没有非要跟谁比，就是超越了一下。二月下旬在Hugging Face全球模型趋势榜当中，我们开源的这款模型有一段时间站在文本模型榜的榜一，这是一个我们在科研上的一个成绩。 The last approach in terms of scientific research, the scientists at our company's Nanbeige Lab have made some industry-leading exploration into the intelligence and the capability ceiling of small models. Among these, the recently open-sourced Nanbeige 4.1/3B model with only 3 billion parameters surpassed models from the Qwen3 series, ranging from 4 billion-32 billion parameters on multiple evaluation tasks. We do not intend to compare with others on this scale. In late February, it ranked first in Hugging Face trending list for the text generation models. 最后一项，我汇报一下，就是在股东回报方面，我们一些打算。今天董事会通过一项决议，公司计划从2026年起未来三年，每年用于股票回购和分红的金额不低于上一个年度经调整净利润的50%。同时，我们将2025年8月通过的一项2.5亿美元的回购额度上限提升至4亿美元。公司将视情况加大回购的力度，应对市场环境的变化。我想说这体现了我们公司对于自身的信心，以及在一些特殊的情况下，甚至于就是从长期看，我们也愿意以更大的力度和诚意来回报支持和相信公司的股东。 Fourth, our plan for shareholder returns. Today, the board passed a resolution approving a plan to allocate no less than 50% of the prior year's adjusted net income for dividends and share repurchase over the 3-year period starting from 2026. Meanwhile, the company will increase the share repurchase program upper limit from $250 million to $400 million, initially approved in August in 2025. We will scale up repurchase as appropriate in response to changing market conditions, and we believe that it fully demonstrates our confidence in the company's long-term growth, as well as our long-run commitment to delivering value to our shareholders and friends who supported and believe in us. 我的介绍就到这。接下来由我们的Deputy CFO文蓓为大家详细介绍一下财务情况。 That concludes my part of the call. I will now turn it over to our Deputy CFO, Wenbei, for the review of our financials. Thank you. Thanks, Jonathan. Hello, everyone. Now let me walk through the details of our financial results of the fourth quarter and full year of 2025. We are pleased to deliver a quality set of financial results for the fourth quarter and the full year, with revenue growth continued its accelerating momentum and enlarged profitability. In the fourth quarter, the recruitment market sustained its steady recovery trend throughout the year. Under such condition, our revenues reached RMB 2.1 billion during this quarter, with growth rate accelerating to 14% year-on-year, and grew by 12.4% to RMB 8.3 billion for the full year. Our number of paid enterprise customers for 2025 expanded to 6.8 million, marking a 12% year-on-year growth and one point three percentage increase compared to the trailing twelve months ending September 30. We witnessed a more balanced growth this year, with faster revenue growth from both key accounts and small-sized accounts. In the fourth quarter, in particular, revenue from small-sized accounts grew 21% year-over-year, outpacing mid-sized accounts and key accounts. As a result of this structural impact, overall ARPU remained stable, but ARPU for each segment all showed increasing trend. Moving to the cost and expenses side, our total operating cost and expenses decreased by 7% year-over-year to RMB 1.4 billion during the fourth quarter, and by 7% to RMB 5.8 billion for the full year. Total share-based compensation expenses decreased by 23% and 20% year-over-year respectively in this quarter and the full year. As percentage of revenue-wise, SBC went down by 5 percentage points year on year, both for the quarter and the full year, and we also expect this trend to continue. Excluding share-based compensation expenses, our adjusted income from operations grew by 37% to RMB 900 million, and 46% to RMB 3.5 billion respectively for the quarter and the full year. The adjusted operating margin for the fourth quarter reached a quarterly historical high of 43.3%, while the annual adjusted operating margin improved by 9 percentage points to 40.8% in 2025, continuing to demonstrate our strong operating leverage and unwavering commitment to financial discipline. Cost of revenues decreased by 1% year-on-year to RMB 309 million during the fourth quarter, and decreased by 0.4% to RMB 1.2 billion for the full year. This decrease was primarily due to decrease in employee related expenses and rental expenses, partially offset by an increase in payment processing cost. As a result, our gross margin went up by two percentage point to 85.1% in 2025, marking the second year of increasing. Sales and marketing expenses decreased by 9% year-on-year to RMB 389 million during this quarter, and decreased by 18% to RMB 1.7 billion for the full year. The decrease for the quarter was primarily due to improved sales efficiency, which led to a decrease in employee-related expenses. No major market campaign in this year also further decreased sales and marketing expenses for the full year. R&D expenses decreased by 8% year-on-year to RMB 406 million this quarter, and decreased by 9% to RMB 1.7 billion for the full year. Excluding share-based compensation expenses, our adjusted R&D expenses decreased by 4% year-on-year to RMB 1.3 billion for the full year and stayed relatively flat year-on-year and sequentially for this quarter. G&A expenses decreased by 7% year-on-year to RMB 256 million during this quarter, which was mainly due to decreased employee related expenses. G&A expenses increased by 10% to RMB 1.2 billion for the full year, primarily due to a one-off impairment of intangible asset booked in the third quarter. Income tax expenses were RMB 165 million this quarter, up 81% year-on-year. This was primarily driven by higher income before income tax expenses, as well as the provision of a top-up tax of RMB 38 million related to the OECD Pillar Two global minimum tax rules. Our net income reached RMB 682 million in the quarter and RMB 2.7 billion in 2025. Our adjusted net income increased by 25% year-on-year to RMB 906 million in the fourth quarter, and 33% year-on-year to RMB 3.6 billion for the full year. Adjusted net margin continued to expand in 2025 and reached a historical high of 43.6%. Net cash provided by operating activities amounted to RMB 1.3 billion during the fourth quarter, and increased by 29% year-on-year to RMB 4.6 billion for the full year. Our cash position stood at RMB 19.9 billion as of December 31, 2025. We will leverage our strong cash position and profitability to invest in future growth initiatives as well as shareholder returns. In 2025, we declared a dividend of $80 million, and as of year to date in 2026, we have already repurchased a total of $50 million worth of shares. Furthermore, as Jonathan just announced, the board has approved a new shareholder return policy that for each year in next 3 years, starting from 2026, we will allocate no less than 50% of the company's adjusted net income of the preceding fiscal year for dividend distribution and share repurchases, and upsize our share repurchase program to a total of $400 million through August 28, 2027. Now for our business outlook. For the first quarter of 2026, we expect our total revenues to be between RMB 2.050 billion and RMB 2.085 billion, a year-on-year increase of 6.6% to 8.4%. This Q1 figure reflects a different seasonality in this year, as the later Chinese New Year meant a shorter window of the peak recruitment season fell within this quarter. This timing difference aside, our underlying momentum remains strong. With the strong demand we are seeing throughout the spring season, we expect a clear acceleration in revenues over the coming quarters. That concludes our prepared remarks, and now we'd like to answer questions. Operator, please go ahead. Operator, please open for questions. Hello? Hello, operator. Hello. Hello, Eddie. Are you able to speak now? Okay. Eddy, I think your line is open. You can start asking questions. Our first question comes from Eddy Wang from Morgan Stanley. Eddy, you may now speak. 谢谢赵总，感谢接受我的提问。那我的提问可能还是跟AI相关的。因为最近可能不管是中国还是美国吧，就是关于整个AI替代叙事有非常多的讨论，我相信投资人和市场对于AI整个对公司的影响，其实我觉得主要集中在两方面，所以就想请管理层share一下自己的看法。第一方面呢，就是说这个AI Agent应用的普及是否会导致未来白领招聘的需求大幅减少，从而影响招聘市场长期的这个增长的空间。这个想请赵总就是share一下你的想法。第二个问题，是关于AI技术这个发展很快，对于我们公司本身的这个竞争优势和业务的壁垒，会不会形成一个比较大的挑战。好，那我自己翻译一下。Thank you management for taking my question. I have, you know, recently we have seen very extensive debate around the narratives of AI disruption and substitution. I think the market investor have two key concerns regarding the impact of AI on the industry and on our company. I would appreciate your insights on two questions. First is that will the adoption of AI agents significantly reduce the future demand of the white collar hiring and the jobs and affecting the long term growth potential of the recruitment market in China? The second question is, does the development of AI technology pose a very big challenge to BOSS直聘's competitive advantage and the business model in the future? Thank you. 我也做了一些观察和思考，我也注意到在美国有一些关于AI替代劳动者岗位，尤其是白领，特别是最近龙虾比较火，言必称龙虾。提到这个对人类的工作机会的侵夺，我也注意到了这些。 Thank you for your question. I also made certain observation and consideration that I noticed in America both domestically some discussions about AI capability to replace human labor force, especially for white collar. You know the OpenAI is quite popular recently everybody's talking about OpenAI, so that might taken some opportunities for human work. I noticed that. 然而我自己的思考，我觉得我还是会更多基于我这个面临的市场来看。我想说的第一个观点是，我认为AI的发展，AI对于人类劳动效率的这个帮助，我认为对中国来说，未来的十到二十年是一个劳动力人口的一个补充。 My own thinking is that more based on the market we are facing. My first opinion is that the development of AI, the improvement AI can have to the human labor efficiency, I think is a very good supplement to the overall labor force in the coming 20 years. 我们找了一些数据，一些彼此可以印证的，我们获得了一些公开发表的数据，然后做了一个简单的计算。那么按照16到59岁这个比较宽泛的劳动人口年龄的话，在2026年大概在8.8亿左右。那么按照今年的实际情况推算，到2036年这个数据会下降9%左右，到2046年这个数据会下降20%左右，到6.9亿人。这是我们根据这些数据和一个推算的结果。而实际上，十到二十年大概9%到20%这个数据的下降，我觉得是一个挺大的、挺严峻的挑战。那么目前指得上的倒还真的是AI的发展，尤其是AI在人类实际工作当中的落地。 We have made some quite reasonable and practical calculation that if we consider age between 16 and 59, a broader age for labor force, that number in 2026 is about 880 million. According to the current situation, we infer that in 2036, that number will go down by around 9%, and till 2046, the number will further go down by 20% to 690 million. This is the result based on our calculation and some factual data. In fact, this 9%-20% in the coming 10-20 years, that decrease in the number I think is a quite challenging, quite a severe challenge. What we can see can help with this situation is actually the application of AI in this daily work. 另外我们也想说一下，就是美国关于AI替代劳动者的这个叙事跟中国还有两个挺不一样的地方。首先就是蓝领跟白领的这个比例关系不太一样，美国大概一亿五六千万人，白领呢就要占到一个亿，这样它是一个二比一的关系。那么从中国的角度来讲呢，是反过来的，就是我们的蓝领人口更多一些。 Another thing different about this AI discussion that two different points between the U.S. and China. First is the ratio between blue collar and white collar is different. There are around like 150 or 160 million labor force in the U.S., and white collar has around 100 million, so it's like a 2-to-1 ratio. From China's perspective, it is at the other way around, which is we have more blue collar population. 另外一点不一样的就是我们看一下企业的状况，就是雇主的情况。那么中国这边的就是我们大家共识吧，就是活跃的正在经营的企业，那么至少是在四千万往上这样一个水平。那么根据我们可以获得的公开数据看，98%以上的企业是中小微企业。那么从一个中小微企业的角度来讲，也许大家还记得之前为什么很多非常成功的SAAS，那么在中国这样一个以98%以上的中小微企业不容易能够得到认可，因为就是雇八个人跟雇九个人相比，可能并没有多大的困难。那么我觉得同理可证，我四千多万个企业雇用了四点二个亿左右的城镇劳动人口，平均一个企业雇十多个人。因为AI的发展，我要从雇十个人变成雇九个人，我觉得这件事情可以参照为什么过去很多的企业服务软件在中国其实并不成功，我觉得这是由我们的企业雇员规模、企业发展阶段所决定的。 Another different point between U.S. and China is the situation of the enterprises, which is employers. There is a commonly agreed that in China, the number of active operational enterprises is around 40 million. According to the public data, we can get 98% of which are mid, small or even micro size enterprises. From SMBs perspective, maybe you can recall that a lot of very successful SaaS companies are not that easy to achieve same kind of success in China, because where in China, 98% of companies are SMBs, when they are hiring people, like for example, they are hiring 8 person compared to 9 person, the difference is not that huge and it's not that difficult. It's the same situation here. Around 40 million enterprises in China hired around 420 million urban employees. On average, one company hire around 10 person. Because the development AI, the company might hire 9 person instead of 10. I think that can explain why a lot of software or SaaS company not that successful in China, but that is actually determined by the size of the company and the different stage of the development of the companies. 当然，刚才这个讨论是我心里在想，在这个AI——这一代AI的发展和AI Agent的发展会所谓大规模侵夺白领劳动者这么一个假设的情况下进行了讨论。那接下来我想说我看到的实际的数据。一个数据呢，就是众所周知，AI的发展带来了中国一大波科技企业创业的热潮，我们实际上看到的是招聘AI相关的人才的增量需求。春节后看岗位需求，人工智能的新增岗位同比涨了172%，这是新增。然后在线的职位，招人工智能的在线的职位同比涨了80%，这个是一个挺大的一个变化。 Of course, the discussion before was based on the assumption that the AIs are largely taking jobs from the human beings. Now I will share another real data I have observed recently that this AI development has brought about a very good influence about the entrepreneurs of technology companies and also a surge in demand from AI related talents. This year, after the Spring Festival, from the demand of the enterprise customers, the AI related artificial intelligence related newly posted jobs grew by 172%, 72% year-on-year and the active online jobs increased by 80%. That's a very huge improvement. 说完这个直截了当地招AI人才以后，说一下这个AI Plus，这个词也不算我发明的，大家可以回忆一下互联网+这个词，就是非常多的企业，包括目前我们看到已经不仅是一线城市，现在到很多省会城市的很多企业，它都在招一些有相关AI技能要求或者背景要求的人，在增加一些新的岗位。那么我现在反正就先把它叫AI加，那么实际上这个岗位是越来越普世化，在县级城市上越来越下沉，在salary上越来越不是那么贵。 Now about the direct AI up, beyond direct AI related jobs. We have another concept about AI Plus if you can recall the concept of Internet Plus. More and more companies, not only in the first-tier cities, but also more and more like second-tier cities in the center of the provinces. These companies are recruiting talents or background related to AI and increasingly creating new roles. Now we can call that AI Plus for now. Actually those jobs are more and more commonly adopted and more and more further going into lower-tier cities and more and more common or lower in the salary range. 另外就是白领职位，总的白领职位，我刚才其实在我那个汇报里面说了，就是我们其实看到总的职位是在增加的，而且我还特别看到像互联网行业，像信息半导体，像汽车这些领域，其实它的增加速度还领先于整个平台岗位的增加速度。另外，我也看到有研究者拿这个大洋彼岸的数据，拿这个Indeed的数据或者谁的数据看，白领的岗位也是增加的。所以的话，说完刚才的那个对比的理论，我就说一下我看到的这个数据，我们整个白领的岗位so far是增加的。 Now for the overall number of jobs for the white-collar, I actually mentioned in my report earlier that this year, the overall number of white-collar jobs increased, especially like Internet, like information communications and contractors and automobiles, they actually are outgrowing the overall platform. If you compare to the like other side, in the U.S., from Indeed, their data also show that the number of white-collar jobs increased this year. 非常感谢您关心AI技术的发展对我们公司的处境的影响。这也是我们自己从2023年初ChatGPT 3.5 moment开始到现在，持续注意的一件事。 I quite appreciate your concern about our own challenge arisen by the AI itself. We have been paying a lot of attention to this since beginning of 2023, since ChatGPT 3.5 moment. 首先我觉得我们一个不变的事情，AI没有办法改变的事情，就是BOSS直聘其实是一个人的游戏，是一个碳基人类的游戏，双边都是活人，活人要找份工作，然后养家糊口，活人要请一个兄弟回来干活，那么双边都是活人，供求双方都是活人，这是一个活人的double side的一个marketplace。这件事情我觉得从根本上是没有变化的。 First, one thing has not changed, the AI also cannot change that BOSS直聘 is actually a platform for the game of people, for a commonplace human being. The both side are live people who are looking for a job to provide for his family. The person need somebody to help him to do the job and both sides need to be real person from the supply side and demand side. That's a marketplace for real person of majority of the population. 此外，熟悉我们的分析师跟投资人了解，我们其实有一个，过去是个预言，现在是个现实，就是我们已经有很大的一个双边的网络效应，这导致我们的用户在增加的过程当中，单用户的收获也同时在增加。这个我觉得，目前我们没有感到我们本身的这个优势，没有感到任何是会被AI挑战，甚至于其实AI技术我觉得是会帮助我们来巩固这个优势。 Another point that analyst and investor who have known us quite well knows that one point, which is a prediction in the past, but it's a reality now, that we have a very strong bilateral network effect, which cause that, in addition of our users continue to grow, the individual achievement a user can get also increases. Until now, we haven't felt any challenge arise that posed to ourselves. On the contrary, due to our unique data, I think AI can help us to better solidify these advantages. 还有一个，其实我在汇报的内容当中说了，就是我们其实已经看到，已经明确看到，在AI的赋能之下，我们可以大踏步地进入一个大几百亿的交付市场，也就是实际上从1997年开始有online招聘产业到如今，第一次online recruiting platform有机会去挣到结果收费。我觉得我在这个里面其实看到的，也是AI在帮忙。 Another point is, as I mentioned in my prepared remarks, that we now can clearly see that with the empowerment of AI, we can move forward very aggressively into this placement market with a multi-hundreds of billions of market size, which is actually since the beginning of online recruitment industry in 1997. Now the first time for the online recruitment platform to have opportunity to achieve like a business model based on results. AI is actually helping us with that. 所以，Eddie，你看我其实没有太多去，我觉得我也不是特别合适去有独有的见解，或者有很多研究去谈这个对于未来的这个预言，预言到底这波AI能给我们globally给我们这些white collar带来什么样的灭顶之灾，我没有办法去预言这件事情。我的答案都是基于我实在做的工作和我每天看见的事情，仅以此作为这个对你的回答吧，Eddie。 Eddy, you can see I don't have any like unique point, I'm not well-positioned to predict what kind of influence or might even disastrous AI can have on the real world. I just provide you some observations based on current data, based on our daily work. That's my answer to your question. Thank you for the question. 谢谢大家。 One moment for the next question. Our next question comes from Timothy Zhao of Goldman Sachs. Please go ahead. 好的，赵总、文蓓、Laura，感谢接受我的提问。那我这边有两条问题，第一个可能还是关于AI的一些跟进的问题。那刚刚赵总也分享了我们关于AI的在去年的一些动作，那想请教一下，第一个就是我们在AI产品方面，今年的测试和推出的计划是什么样子的，那我们在什么时候可以看到AI产品的货币化上面有更多的成效。那另外我们也关注到南北格的模型最近也取得了不错的进展，那请教一下，我们持续投入和更新南北格作为一个小尺寸模型的原因是什么？那我们想通过这个模型做到的目标和应用是哪些？这个可能是第一个问题。第二个问题是想再详细请教一下，我们看到春节之后的这个招聘的趋势，那可否请各位再分享一些更多的细节，特别是与往年相比，那我们在今年有哪些特别值得注意的一些特点呢？那我很快翻译一下。Uh, thank you very much for taking my question. The first question is a follow-up question on the AI progress. Could management share what is your plan for the AI product in terms of testing, in terms of new product launch? Regarding the AI product monetization, what kind of expectations that we should have for this year? We also note that for your Nanbeige large language model, just wondering what is the rationale behind your consistent investments and what is your expectations in terms of the Nanbeige large language model application this year? Secondly is regarding the recruitment demand or the recruitment trend after Chinese New Year. Just wondering if you can elaborate more details and especially compared to the previous years, what are the special points about the recruitment demand for this year after Chinese New Year? Thank you. 对，我们今年通过AI能力放到生产环节上能够产生什么钱，我说还是比较明确的，还是去年我们在闭环服务上有达到亿这样数量级的收入，那么今年我们觉得是会有个几倍的增长吧，这个是我觉得比较确定的。然后另外就是，其实这也不能说它是个AI产品，就它其实只是AI能力帮助下的。那么如果把讨论的范畴拉回到在AI能力的帮助下，我们有没有一些就是变现的货币化的这个产品呢？这个也是有的，我宁可把它说成是一个，它是一个就是在各个生产环节广泛在用的东西，就是非常多的生产环节看到AI在帮忙，我没有，我还是掏不出来一个说这就是一个native AI online recruitment product并且赚了钱。So far我还是没有这个，但是我们生产里面有很多，这是关于AI赚钱这个事。 About AI commercialization. The first thing is about the closed-loop placement service, which last year we have already made like millions level, hundred millions level of revenue. This year we expect that number to double or triple even multiple growth. That's quite sure. Another thing is not like a native AI product, but I would rather say is AI is empowering all aspects of our operation and technology and the product to help us to provide better solutions and better user experience to our customers. 然后南北格这个事儿嘛，我们心里面还是觉得我们应该保持在科研上的一些投入。公司有大规模的AI applications的投入，包括资源、产品经理、分析师。同时在AI science上也有一个小团队，这个团队人不多，我们也没有那么多芯片。然后南北格的这个事儿，我觉得它的合理性就在于，我觉得我们有必要在一个AI发展如此迅速的过程中，保持住我们所谓的尾灯战略，就是一定要有一支团队清醒地、彻底地盯着最先进的公司，他们怎么了，在干什么。这是南北格实验室存在的一个原因。我们不能只是变成一个下载别人开源的东西。然后我们家的科学家告诉我说，如果你只是能下载别人的东西，如果你没有自己在比较前沿的领域做训练的话，那么实际上有一天你可能会下载下来一个你不太看得懂的东西。这是我为什么会保持一个尾灯的，我们叫尾灯战略，就是不求超越，但是不要跟丢了。 Actually company has made a very significant investment in like AI applications, including resources, product managers and the technology team. In the meanwhile, we also kept a relatively smaller science team to develop our Nanbeige model. The thing about keeping our own proprietary pre-training model, the reason is that I feel that we are necessary to keep our so-called tail light strategy during a world that AI is developing very, very fast. We must have a team who can clearly follow the most advanced leading company to see what they are doing. That's the reason why the Nanbeige science lab exists. We cannot only becoming the company to only download open source platform. Sometimes some friends tell us if we can only download other people's stuff, then we might not understand what is happening, and download something we cannot properly use that. That's why we kept this taillight strategy. We don't want to exceed, we just don't want to be left. 另外做这个小模型呢，我觉得也很容易看得懂，就是它的训练和推理成本是低的，然后它需要更多，就是你有一些聪明的想法，然后这个对于我们自己在实际工作当中肯定是有价值的。我们显然做小模型是为了自己在工业上要用得到的时候的方便，这是毫无疑问的。另外就是我们家的科学家人很少啊，就是非常年轻，非常少的人。我想借这个机会说一下他们跟我说的话，他们说，有一天不是比谁更耗电，然后更消耗算力，谁有更多数据，然后谁开得出更高的年薪。这个通过比这四件事情，恐怕恰好是这一个范式的大语言模型遇到的一个障碍，发展的障碍。而实际上科学它从来不属于金钱，它应该是属于那些极具探索精神的人。所以其实我们，我们家的科学家说要弄小模型的时候，我也没有说你赶紧明天弄个模型出来，我工业上要用。我想说，我们不是那种特别有钱的公司，Timothy，我们不是。但是在这一场人类技术革命的进军当中，我们的Hugging Face站到文本的榜一这件事情，代表了说就是很小的公司在一次大的技术革命的进军中也可以表达自己的声音。 Okay. Another point that is quite easy to understand why we are doing this smaller scale model. Because it has a relatively very low cost for training and reasoning, and it needs more smart or intelligent ideas, which is quite useful to our daily work. Apparently we are doing this smaller size model to further help our industrial applications. That's undoubtedly. Another thing is our scientists, which number is relatively smaller, but they are very young and talented. I would like to take this opportunity to tell you something they are sharing with me that they say that one day, there is one day. It's not that compared to who can consume more electricity, who can consume more computing power, who have more data, who can give a higher salary compared to all those four things. Actually, it's the obstacle that current paradigm is facing for the current model. Actually the science is not belong to the money, it belong to the people who have very strong exploring spirits. Actually when our scientists talking about developing a smaller model, I didn't tell them to do it by tomorrow for my industrial application. I want to say that we are not a very wealthy company. We are not. In this process of human technology revolution, we once have taken the number one of the Hugging Face text ranking. It means that a smaller size company can express their own voice during this huge technology revolution. 对，这个就是...对，AI吧，我们因为都在其中，然后那个季节的，就是春节之后的这个数，我觉得...请我们的CFO文蓓来给你说一下。 Yes, about the spring recruitment, spring festival recruitment season this year, as Jonathan just mentioned, this year we actually saw very strong recruitment demand with both new and active enterprise data showing significant year-on-year growth and the situation remains stable. I'd like to point out there is one difference this year that the later Chinese New Year actually will result in a weaker year-on-year data for the fourth quarter, especially on a GAAP basis, because there are actually, if you count, there are 20 fewer days for revenue recognition after the holiday compared to last year, 14 in the first quarter. That might have a bigger impact on the GAAP numbers fourth quarter. On the full year, if you're looking at the lunar calendar alignment, our cash collection growth is positive and we are expecting to accelerate further throughout the year compared to 2025. Yeah, that's the answer to the question. Given the time constraint, I think we can take the last question. Certainly. Allow me to open up the last question. The last question comes from Wei Xiong of UBS. Please go ahead. 赵总、文蓓、Laura 晚上好。感谢接受我的提问。那我也有两个问题想请教。第一个是能不能请管理层更新一下咱们今年的用户增长目标，然后考虑到今年额外的这个营销和 AI 方面的投入，咱们应该怎么看二六年的利润率的展望，包括未来的利润率提高的节奏和空间，我们应该怎么去想？那第二个我也想请教一下咱们海外业务的进展，因为最近我们也看到 OfferToday 在香港的用户增长是很快的，那咱们下一步的计划是什么？我也来自己翻译一下。Thank you management for taking my question. Firstly, could management update our user growth target for 2026? Considering the additional investment in sales, marketing, and AI this year, how should we think about the margin trend as well as the future room for margin expansion? Secondly, regarding our overseas business, could management please give an update there as well? We know there's very rapid user growth of OfferToday in Hong Kong. What's our plan for the next stage of development? Thank you. Thank you for your question. I will answer the first one regarding margin and then Jonathan will take the overseas question. For 2026, we are still looking at a very robust user growth. At least we want to add at least 40 million newly well-referred users this year. In terms of investment, as you said, we might further invest in AI like computing powers, buying servers and maybe renting some computing power. About the workup, we have not decided yet, but even considering those, we expect that given our strong leverage of our operations, we expect the overall adjusted operating profit operating margin can slightly increase compared to last year, even taking consideration of the workup and AI investment. From the long term, we still have quite a huge upside potential for our main recruitment and domestic business, and we'll maintain a steady growth of year-over-year going forward. However, as Jonathan just mentioned, we have if we have opportunities in new initiatives like closed-loop placement, AI overseas, we will not hesitate to invest and we will communicate with the market if that impact timely. At least till now, we are expecting our margin to improve slightly in the coming years. 谢谢你注意到OfferToday的发展。其实这几次来香港会跟以前有一点不一样的地方，感觉就是，特别是现在说吧，OfferToday在移动端的DAU，我们比较下来看目前已经是香港第一。如果多端加起来的话，香港三百多万劳动人口，我们可以说每五十个香港的劳动者，每天就有一个人在OfferToday在看机会。那么其中，这些人当中的一部分人已经通过OfferToday找到了新的工作机会。我觉得这个让我觉得，我走在路上，看着，感觉到处都是我的用户，我觉得很开心。 Thank you for noticing OfferToday. This time why coming to Hong Kong to do the earnings, I have a slightly different feelings, especially now OfferToday has ranked number one in Hong Kong in terms of daily active users on the mobile end. If you compare different platforms like mobile and PC, among the 3 million workforce in Hong Kong, I can say every 50 Hong Kong workers, one of them is using OfferToday daily to looking for opportunities. Some of them have already secured new work opportunities through OfferToday. Now when we are working on the road, I am looking at all the potential users for me, I felt quite happy. OfferToday 不是照搬了一个 BOSS Zhipin 的模式，但是它有一些 BOSS Zhipin 就是比较信奉的东西，所以一定程度上说 BOSS Zhipin 这样一个 native app 在香港市场上是得到了认可的，这是一定程度上。那么接下来我们的工作呢，其实是要在本地化上面下功夫，包括两部分，第一部分呢，就是产品还是要进一步的本地化。第二部分呢，就是团队要进一步的本地化，尤其是我们盼望有更多土生土长的香港年轻人成为这个产品跟团队里的 leader、manager、director 等等。 OfferToday is not a simple replica of BOSS Zhipin in M ainland China, but the core is actually the same. In some way, the BOSS Zhipin as a native app has received a certain recognition in the Hong Kong market. Our follow-up job is to further push forward the localization, including two parts. First is the localization of our product, and the second is the localization of our team. Especially, we are expecting more and more native Hong Kong young talents to join us, becoming the leaders, managers of this product. 说完OfferToday以后，说一下我们的国际化业务。这块的话我其实只能这么说吧，就是我们会更加积极地寻找跟当地机构合作的机会，寻求这样的机会。我觉得我们其实也有进展了，但是还不到能报告的时候。 Move beyond OfferToday about our other international approaches. I can say that we will be more active in looking for opportunities to cooperate locally with local institutions for offices like that. Actually, we are making some progress, but it's still not the time yet to make the report. I just want to clarify Hong Kong is part of China, so beyond Hong Kong, the overseas market. That's all the answers for the question. Thank you. Due to time constraint, that concludes today's question and answer session. At this time, I will turn the conference back to Laura for any additional or closing remarks. Thank you once again for joining us today. If you have any further questions, please feel free to contact us. Thank you. That concludes today's conference call. Thank you for your participation. You may now disconnect your line.